JOHNSTOWN, Pa., Jan. 24, 2018 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) announced that its Board of
Directors declared a $0.015 per share
quarterly common stock cash dividend. The cash dividend is
payable February 20, 2018 to
shareholders of record on February 5,
2018. This cash dividend represents an approximate
1.5% annualized yield using the January 19,
2018 closing common stock price of $4.05. For the full year 2017, the
Company's common stock dividend payout ratio approximated 33% based
upon the reported 2017 EPS of $0.18. Note that the Company's 2017
earnings were negatively impacted by a previously disclosed
$2.6 million charge to revalue its
deferred tax asset which reduced 2017 EPS by $0.14. The Company's 2017 dividend payout
ratio, adjusted for this tax related charge, would have
approximated of 19%.
AmeriServ Financial, Inc. is the parent of AmeriServ Financial
Bank and AmeriServ Trust and Financial Services Company in
Johnstown. The Company's subsidiaries provide full-service
banking and trust and wealth management services through fifteen
community offices in southwestern Pennsylvania. At
December 31, 2017, AmeriServ had
total assets of $1.17 billion, a book
value of $5.25 per common share and a
tangible book value of $4.59 per
common share.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
AmeriServ's dividend program and future payment obligations. These
forward-looking statements involve risks and uncertainties that
could cause AmeriServ's results to differ materially from
management's current expectations. Such risks and uncertainties are
detailed in AmeriServ's filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2016.
Forward-looking statements are based on the beliefs and assumptions
of AmeriServ's management and on currently available information.
The statements in this press release are made as of the date of
this press release, even if subsequently made available by
AmeriServ on its website or otherwise. AmeriServ undertakes no
responsibility to publicly update or revise any forward-looking
statement.
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SOURCE AmeriServ Financial, Inc.