AmeriServ Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Net Loan Charge-Offs for the Fourth Quarter of 2016
January 24, 2017 at 06:30 pm IST
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AmeriServ Financial, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net income available to common shareholders of $1,150,000, or $0.06 per diluted common share compared to $1,321,000 or $0.07 per diluted common share. Total interest income was $10,582,000 compared to $10,282,000 a year ago. Return on average assets was 0.40% compared to 0.49% a year ago. Pretax income was $1,573,000 compared to $1,770,000 a year ago. Book value as on December 31, 2016 was $5.05 per share compared to $5.19 per share as on December 31, 2015. Net interest income was $8,584,000 compared to $8,592,000 for the same period a year ago. Return on average equity was 4.58% compared to 4.56% a year ago.
For the year ended December 31, 2016, the company reported net income available to common shareholders of $2,295,000 or $0.12 per diluted share compared to $5,787,000 or $0.31 per diluted common share. Total interest income was $41,869,000 compared to $41,881,000 a year ago. Return on average assets was 0.20% compared to 0.54% a year ago. Pretax income of $3,207,000 compared to $8,340,000 a year ago. Net interest income was $34,134,000 compared to $35,361,000 for the same period a year ago. Return on average equity was 2.30% compared to 5.10% a year ago.
For the fourth quarter of 2016, the company experienced net loan charge-offs of $94,000 or 0.04% of total loans compared to net loan charge-offs of $351,000 or 0.16% of total loans, in the fourth quarter of 2015.
AmeriServ Financial, Inc. is a bank holding company of AmeriServ Financial Bank (the Bank). The Bank provides a range of services, including retail banking services and lending, depository, and related financial services. Its retail banking services include demand, savings, and time deposits, checking accounts, money market accounts, secured and unsecured consumer loans, mortgage loans, safe deposit boxes, holiday club accounts, and money order. It provides lending, depository, and related financial services to commercial, industrial, financial, and governmental customers, such as commercial real estate mortgage loans (CRE), short and medium-term loans, revolving credit arrangements, lines of credit, inventory and accounts receivable financing, real estate construction loans, business savings accounts, certificates of deposit, wire transfers, night depository, and lock box services. The Bank also operates 18 automated bank teller machines (ATMs) through its 24-hour banking network.
AmeriServ Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Net Loan Charge-Offs for the Fourth Quarter of 2016