AmeriServ Financial (NASDAQ:ASRV)
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1 Year : From Apr 2019 to Apr 2020
JOHNSTOWN, Pa., April 22, 2019 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) announced that its Board of Directors declared a $0.025 per share quarterly common stock cash dividend. This new quarterly dividend amount represents a 25% increase from the previous $0.02 per share quarterly dividend. The cash dividend is payable May 20, 2019 to shareholders of record on May 6, 2019. This cash dividend represents a 2.46% annualized yield using the April 18, 2019 closing common stock price of $4.06 and represents an approximate payout ratio of 23% based upon the Company's recently reported first quarter 2019 earnings per share of $0.11.
Jeffrey A. Stopko, President and Chief Executive Officer, commented on the increased common stock cash dividend: "This represents the third consecutive year that we have increased our common stock dividend. Our Board of Directors believes that strong capital returns to our shareholders are an important component of total shareholder return. This increased cash dividend, along with our recently announced common stock repurchase program, indicate their confidence in the earnings power of AmeriServ Financial, Inc."
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 wealth management services through sixteen community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville, Pennsylvania. At March 31, 2019, AmeriServ had total assets of $1.17 billion, a book value of $5.65 per common share and a tangible book value of $4.97 per common share.
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, 2018. 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.