JOHNSTOWN, Pa., April 16, 2019 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported first quarter 2019 net
income of $1,878,000, or $0.11 per diluted common share. This
represented a $0.01, or 10.0%,
increase in earnings per share from the first quarter of 2018 where
net income totaled $1,767,000, or
$0.10 per diluted common share.
The following table highlights the Company's financial performance
for the quarters ended March 31, 2019
and 2018:
|
First
Quarter
2019
|
First
Quarter
2018
|
|
$ Change
|
% Change
|
|
|
|
|
|
|
Net income
|
$1,878,000
|
$1,767,000
|
|
$111,000
|
6.3%
|
Diluted earnings per
share
|
$ 0.11
|
$ 0.10
|
|
$ 0.01
|
10.0%
|
COMMON STOCK REPURCHASE PROGRAM
The Company's Board of Directors approved a new common stock
repurchase program which calls for AmeriServ Financial Inc. to buy
back up to 3%, or approximately 526,000 shares, of its outstanding
common stock during the next 12 months. The authorized
repurchases will be made from time to time in either the open
market or through privately negotiated transactions. The
timing, volume and nature of share repurchases will be at the sole
discretion of management, dependent on market conditions,
applicable securities laws, and other factors, and may be suspended
or discontinued at any time. No assurance can be given that
any particular amount of common stock will be repurchased.
This buyback program may be modified, extended or terminated by the
Board of Directors at any time. At March 31, 2019, the Company had approximately
17.5 million common shares outstanding. In the first quarter
of 2019, the Company completed a common stock repurchase program
where it bought back 540,000 shares, or 3% of its common stock,
over a 9-month period at a total cost of $2.38 million.
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2019 first quarter
financial results: "I was pleased with the growth in earnings per
share (EPS) that our Company achieved in the first quarter of 2019.
This EPS growth resulted from a combination of strong asset
quality, good expense control and effective capital
management. As a result of the confidence that our Board of
Directors has in AmeriServ Financial Inc.'s earnings power, we
believe that the continued return of capital to our shareholders
through a new common stock buyback program is an appropriate
capital management strategy."
The Company's net interest income in the first quarter of 2019
decreased by $91,000, or 1.0%, from
the prior year's first quarter. The Company's net interest
margin of 3.24% for the first quarter of 2019 was five basis points
lower than the net interest margin of 3.29% for the first quarter
2018 but two basis points better than the more recent fourth
quarter 2018 performance. The 2019 decrease in net interest
income and the reduced net interest margin performance are the
result of a lower level of total loans between years. The
decrease in the balance of total loans was offset by growth in
total investment securities resulting in total average interest
earning assets remaining relatively stable between years,
increasing modestly by $550,000, or
0.1%. Also contributing to net interest income decreasing was
the upward repricing of interest bearing liabilities combined with
a higher balance of average interest bearing liabilities.
Total investment securities averaged $198
million in the first quarter of 2019 which is $21.2 million, or 12.0%, higher than the
$177 million average for the first
quarter of 2018. In addition to the lower level of total
loans, the growth in the investment securities portfolio is the
result of the rising interest rate environment experienced during
2018 which provided an attractive market for additional security
purchases. Purchases primarily focused on federal agency
mortgage backed securities due to the ongoing cash flow that these
securities provide. Also, management continued its portfolio
diversification strategy through purchases of high quality
corporate and taxable municipal securities. Investment security
purchases continued during the first quarter of 2019, but were more
selective as the market was less favorable as the yield curve
flattened and at times became inverted in the short to mid-term
portion of the curve. Overall, interest income on investments
increased between the first quarter of 2019 and the first quarter
of 2018 by $347,000, or
24.8%.
Total loans averaged $860 million
in the first quarter of 2019 which is $21.3
million, or 2.4%, lower than the $881
million average for the first quarter of 2018. The
impact from total loan payoffs exceeding loan originations that was
experienced during most of 2018 was still evident in the total loan
portfolio average balance during the first quarter of 2019.
Loan payoffs slowed during the first quarter of this year and were
matched by loan originations resulting in the total loan portfolio
remaining relatively consistent with the year end 2018 level.
Even though total average loans decreased since last year, loan
interest income increased by $600,000, or 6.1%, between the first quarter of
2019 and last year's first quarter. The higher loan interest
income reflects new loans originating at higher yields as well as
the upward repricing of certain loans tied to LIBOR or the prime
rate as both of these indices have moved up with the Federal
Reserve's decision to increase the target federal funds interest
rate in 2018. Overall, total interest income increased by
$947,000, or 8.4%, between years.
Total interest expense for the first quarter of 2019 increased
by $1.0 million, or 42.0%, when
compared to 2018, due to higher levels of both deposit and
borrowing interest expense. Deposit interest expense in 2019
was higher by $949,000, or 53.3%, for
the first quarter which reflects certain indexed money market
accounts repricing upward due to the impact of the Federal Reserve
increasing interest rates during 2018. The Company also has
experienced increasing market competitive pressure to retain
existing deposit customers and attract new customer deposits.
Customer product preference changed as well since last year as
movement of funds occurred from lower yielding money market
accounts into higher yielding certificates of deposits.
Overall, total deposits continued to grow for a third consecutive
quarter and averaged $969 million in
the first quarter of 2019 which was $8.7
million, or 0.9%, higher than the 2018 first quarter
average. The Company's loan to deposit ratio averaged 88.8%
in the first quarter of 2019 which we believe indicates that the
Company has ample capacity to grow its loan portfolio. The
Company experienced an $89,000, or
12.9%, increase in the interest cost for borrowings in the first
quarter of 2019 due to the impact that the 2018 increases in the
federal funds rate had on the cost of overnight borrowed funds and
the replacement of matured FHLB term advances. Also, due to a
new accounting pronouncement that became effective January 1, 2019, the Company recognized
additional interest expense on its financing property leases.
The 2019 first quarter average of FHLB borrowed funds was
$62.4 million, which represented a
decrease of $5.7 million, or 8.4%,
due to the increase in total average deposits.
The Company recorded a $400,000
negative provision for loan losses in the first quarter of 2019 as
compared to a $50,000 provision
recorded in the first quarter of 2018. The negative 2019
provision reflects our overall excellent asset quality, reduced
criticized loans and lower total loans outstanding in the first
quarter of 2019. The Company experienced net loan charge-offs
of $164,000, or 0.08% of total loans,
in the 2019 first quarter compared to net loan charge-offs of
$333,000, or 0.15% of total loans, in
the first quarter of 2018. Overall, the Company continued to
maintain outstanding asset quality as its nonperforming assets
totaled $1.2 million, or only 0.14%
of total loans, at March 31,
2019. In summary, the allowance for loan losses provided 694%
coverage of non-performing assets, and 0.94% of total loans, at
March 31, 2019, compared to 629%
coverage of non-performing assets, and 1.00% of total loans, at
December 31, 2018.
Total non-interest income in the first quarter of 2019 decreased
by $30,000, or 0.8%, from the prior
year's first quarter. There was no investment security sale
activity during the first quarter of 2019 after the Company
recognized a $148,000 loss in the
corresponding quarter of 2018 on the sale of several low balance,
low yielding securities. Revenue from service charges on
deposits decreased by $73,000, or
19.1%, due to the lower overdraft fees as the bank is no longer
charging a fee on overdrafts that result from signature based point
of sale debit card transactions. Income from residential
mortgage loan sales into the secondary market decreased by
$36,000, or 36.7%, due to lower
residential mortgage loan production in the first quarter of
2019. Finally, wealth management fees decreased by
$30,000, or 1.2%, after the equity
market declined late in 2018 and negatively impacted market values
for assets under management in the first quarter of 2019.
The Company's total non-interest expense in the first quarter of
2019 increased by $173,000, or only
1.7%, when compared to the first quarter of 2018. The
increase was due to a higher level of salaries & benefits
expense by $208,000, or 3.4%, and a
greater level of other expense by $153,000, or 9.4%. These increases more
than offset reductions to FDIC deposit insurance expense of
$82,000, professional fees of
$64,000, or 5.4%, and occupancy &
equipment costs of $42,000, or
4.0%. Within salaries & benefits, higher salaries expense
was due to annual merit increases, four additional employees at our
new financial banking center in Hagerstown, Maryland and higher health care
costs which more than offset reduced levels of pension expense and
incentive compensation. The increase to other expense is due
to higher website costs and an increase to the unfunded commitment
reserve. Professional fees declined in the first quarter of
2019 due to reduced costs from other professional services and
lower legal fees. Also, the lower level of occupancy &
equipment expenses since last year resulted from the Company's
ongoing focus to reduce and control expenses. Finally, the
Company recorded an income tax expense of $491,000, or an effective tax rate of 20.7%, in
the first quarter of 2019. This compares to an income tax
expense of $446,000, or an effective
tax rate of 20.1%, for the first quarter of 2018.
The Company had total assets of $1.17
billion, shareholders' equity of $99.1 million, a book value of $5.65 per common share and a tangible book value
of $4.97 per common share at
March 31, 2019. In accordance
with the common stock buyback program announced on July 17, 2018, the Company returned an additional
$476,000 of capital to its
shareholders through the repurchase of 112,311 shares of its common
stock in the first quarter of 2019 to complete this program.
The Company continued to maintain strong capital ratios that exceed
the regulatory defined well capitalized status.
This news release may contain forward-looking statements that
involve risks and uncertainties, as defined in the Private
Securities Litigation Reform Act of 1995, including the risks
detailed in the Company's Annual Report and Form 10-K to the
Securities and Exchange Commission. Actual results may differ
materially.
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
SUPPLEMENTAL
FINANCIAL PERFORMANCE DATA
March 31,
2019
(Dollars in
thousands, except per share and ratio data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
|
|
Net income
|
$1,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.66%
|
|
|
|
|
|
|
|
Return on average
equity
|
7.84
|
|
|
|
|
|
|
|
Net interest
margin
|
3.24
|
|
|
|
|
|
|
|
Net charge-offs as a
percentage of average loans
|
0.08
|
|
|
|
|
|
|
|
Loan loss provision
(credit) as a percentage of
average loans
|
(0.19)
|
|
|
|
|
|
|
|
Efficiency
ratio
|
83.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
|
|
Basic
|
$0.11
|
|
|
|
|
|
|
|
Average number of
common shares outstanding
|
17,578
|
|
|
|
|
|
|
|
Diluted
|
0.11
|
|
|
|
|
|
|
|
Average number of
common shares outstanding
|
17,664
|
|
|
|
|
|
|
|
Cash dividends
declared
|
$0.020
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
|
$1,767
|
$1,744
|
$2,329
|
$1,928
|
$7,768
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
0.62%
|
0.60%
|
0.79%
|
0.66%
|
0.67%
|
Return on average
equity
|
7.55
|
7.30
|
9.54
|
7.89
|
8.08
|
Net interest
margin
|
3.29
|
3.28
|
3.31
|
3.22
|
3.31
|
Net charge-offs as a
percentage of average loans
|
0.15
|
0.21
|
0.04
|
0.03
|
0.11
|
Loan loss provision
(credit) as a percentage of
average loans
|
0.02
|
0.02
|
0.00
|
(0.32)
|
(0.07)
|
Efficiency
ratio
|
81.69
|
82.19
|
79.64
|
85.84
|
82.30
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
$0.10
|
$0.10
|
$0.13
|
$0.11
|
$0.43
|
Average number of
common shares outstanding
|
18,079
|
18,038
|
17,924
|
17,697
|
17,933
|
Diluted
|
0.10
|
0.10
|
0.13
|
0.11
|
0.43
|
Average number of
common shares outstanding
|
18,181
|
18,140
|
18,036
|
17,801
|
18,037
|
Cash dividends
declared
|
$0.015
|
$0.020
|
$0.020
|
$0.020
|
$0.075
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
(Dollars in
thousands, except per share, statistical, and ratio
data)
(Unaudited)
|
|
2019
|
|
|
|
1QTR
|
FINANCIAL
CONDITION DATA AT PERIOD END
|
|
Assets
|
$1,167,682
|
Short-term
investments/overnight funds
|
7,996
|
Investment
securities
|
194,553
|
Loans and loans held
for sale
|
863,134
|
Allowance for loan
losses
|
8,107
|
Goodwill
|
11,944
|
Deposits
|
957,779
|
FHLB
borrowings
|
79,483
|
Subordinated debt,
net
|
7,493
|
Shareholders'
equity
|
99,061
|
Non-performing
assets
|
1,168
|
Tangible common
equity ratio
|
7.54%
|
Total capital (to
risk weighted assets) ratio
|
13.37
|
PER COMMON
SHARE:
|
|
Book value
|
$5.65
|
Tangible book
value
|
4.97
|
Market
value
|
4.02
|
Wealth management
assets – fair market value (A)
|
$2,229,860
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
Full-time equivalent
employees
|
309
|
Branch
locations
|
16
|
Common shares
outstanding
|
17,540,676
|
|
2018
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL
CONDITION DATA AT PERIOD END
|
|
|
|
|
Assets
|
$1,151,160
|
$1,180,510
|
$1,168,806
|
$1,160,680
|
Short-term
investments/overnight funds
|
7,796
|
8,050
|
7,428
|
6,924
|
Investment
securities
|
171,053
|
174,771
|
177,426
|
187,491
|
Loans and loans held
for sale
|
875,716
|
895,162
|
884,374
|
863,129
|
Allowance for loan
losses
|
9,932
|
9,521
|
9,439
|
8,671
|
Goodwill
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
944,206
|
928,176
|
944,213
|
949,171
|
FHLB
borrowings
|
82,864
|
126,901
|
103,799
|
87,750
|
Subordinated debt,
net
|
7,470
|
7,476
|
7,482
|
7,488
|
Shareholders'
equity
|
95,810
|
96,883
|
97,179
|
97,977
|
Non-performing
assets
|
2,157
|
1,160
|
1,067
|
1,378
|
Tangible common
equity ratio
|
7.36%
|
7.27%
|
7.37%
|
7.49%
|
Total capital (to
risk weighted assets) ratio
|
13.45
|
13.01
|
13.13
|
13.53
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
|
$5.31
|
$5.37
|
$5.47
|
$5.56
|
Tangible book
value
|
4.65
|
4.71
|
4.80
|
4.88
|
Market
value
|
4.00
|
4.10
|
4.30
|
4.03
|
Wealth management
assets – fair market value (A)
|
$2,175,538
|
$2,201,565
|
$2,258,108
|
$2,106,172
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
304
|
295
|
296
|
303
|
Branch
locations
|
15
|
15
|
15
|
16
|
Common shares
outstanding
|
18,033,401
|
18,044,692
|
17,767,313
|
17,619,303
|
|
|
|
|
|
NOTES:
|
|
|
|
|
(A) Not recognized on the consolidated balance
sheets.
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
CONSOLIDATED
STATEMENT OF INCOME
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
1QTR
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans
|
$10,418
|
|
|
|
|
Interest on
investments
|
1,746
|
|
|
|
|
Total Interest
Income
|
12,164
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
2,730
|
|
|
|
|
All
borrowings
|
777
|
|
|
|
|
Total Interest
Expense
|
3,507
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,657
|
|
|
|
|
Provision (credit)
for loan losses
|
(400)
|
|
|
|
|
NET INTEREST INCOME
AFTER
PROVISION (CREDIT) FOR LOAN LOSSES
|
9,057
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Wealth management
fees
|
2,396
|
|
|
|
|
Service charges on
deposit accounts
|
310
|
|
|
|
|
Net realized gains on
loans held for sale
|
62
|
|
|
|
|
Mortgage related
fees
|
44
|
|
|
|
|
Net realized gains
(losses) on investment securities
|
0
|
|
|
|
|
Bank owned life
insurance
|
128
|
|
|
|
|
Other
income
|
665
|
|
|
|
|
Total Non-Interest
Income
|
3,605
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
6,301
|
|
|
|
|
Net occupancy
expense
|
658
|
|
|
|
|
Equipment
expense
|
361
|
|
|
|
|
Professional
fees
|
1,120
|
|
|
|
|
FDIC deposit
insurance expense
|
80
|
|
|
|
|
Other
expenses
|
1,773
|
|
|
|
|
Total Non-Interest
Expense
|
10,293
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
2,369
|
|
|
|
|
Income tax
expense
|
491
|
|
|
|
|
NET INCOME
|
$1,878
|
|
|
|
|
2018
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
INTEREST
INCOME
|
|
|
|
|
TO DATE
|
Interest and fees on
loans
|
$9,818
|
$10,125
|
$10,607
|
$10,478
|
$41,028
|
Interest on
investments
|
1,399
|
1,478
|
1,542
|
1,647
|
6,066
|
Total Interest
Income
|
11,217
|
11,603
|
12,149
|
12,125
|
47,094
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,781
|
1,973
|
2,164
|
2,525
|
8,443
|
All
borrowings
|
688
|
772
|
876
|
821
|
3,157
|
Total Interest
Expense
|
2,469
|
2,745
|
3,040
|
3,346
|
11,600
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,748
|
8,858
|
9,109
|
8,779
|
35,494
|
Provision (credit)
for loan losses
|
50
|
50
|
0
|
(700)
|
(600)
|
NET INTEREST INCOME
AFTER
PROVISION (CREDIT) FOR LOAN LOSSES
|
8,698
|
8,808
|
9,109
|
9,479
|
36,094
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Wealth management
fees
|
2,426
|
2,447
|
2,359
|
2,427
|
9,659
|
Service charges on
deposit accounts
|
383
|
357
|
326
|
354
|
1,420
|
Net realized gains on
loans held for sale
|
98
|
119
|
176
|
96
|
489
|
Mortgage related
fees
|
39
|
72
|
54
|
31
|
196
|
Net realized gains
(losses) on investment securities
|
(148)
|
0
|
0
|
(291)
|
(439)
|
Bank owned life
insurance
|
132
|
133
|
135
|
136
|
536
|
Other
income
|
705
|
553
|
536
|
569
|
2,363
|
Total Non-Interest
Income
|
3,635
|
3,681
|
3,586
|
3,322
|
14,224
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
6,093
|
6,218
|
5,815
|
6,232
|
24,358
|
Net occupancy
expense
|
670
|
611
|
585
|
596
|
2,462
|
Equipment
expense
|
391
|
378
|
335
|
360
|
1,464
|
Professional
fees
|
1,184
|
1,252
|
1,321
|
1,282
|
5,039
|
FDIC deposit
insurance expense
|
162
|
155
|
140
|
100
|
557
|
Other
expenses
|
1,620
|
1,696
|
1,918
|
1,822
|
7,056
|
Total Non-Interest
Expense
|
10,120
|
10,310
|
10,114
|
10,392
|
40,936
|
|
|
|
|
|
|
PRETAX
INCOME
|
2,213
|
2,179
|
2,581
|
2,409
|
9,382
|
Income tax
expense
|
446
|
435
|
252
|
481
|
1,614
|
NET INCOME
|
$1,767
|
$1,744
|
$2,329
|
$1,928
|
$7,768
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
Average Balance Sheet
Data
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
1QTR
|
|
1QTR
|
|
Interest earning
assets:
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
$860,169
|
|
$881,485
|
|
Short-term investment
in money market funds
|
7,773
|
|
7,133
|
|
Deposits with
banks
|
1,020
|
|
1,025
|
|
Total investment
securities
|
198,364
|
|
177,133
|
|
Total interest
earning assets
|
1,067,326
|
|
1,066,776
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
Cash and due from
banks
|
21,899
|
|
21,859
|
|
Premises and
equipment
|
15,312
|
|
12,623
|
|
Other
assets
|
62,081
|
|
62,374
|
|
Allowance for loan
losses
|
(8,665)
|
|
(10,251)
|
|
|
|
|
|
|
Total
assets
|
$1,157,953
|
|
$1,153,381
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
Interest bearing
demand
|
$163,893
|
|
$133,379
|
|
Savings
|
97,851
|
|
97,304
|
|
Money
market
|
241,727
|
|
253,665
|
|
Other time
|
315,389
|
|
293,858
|
|
Total interest
bearing deposits
|
818,860
|
|
778,206
|
|
Borrowings:
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
15,413
|
|
22,261
|
|
Advances from Federal
Home Loan Bank
|
46,984
|
|
45,838
|
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
13,085
|
|
Subordinated
debt
|
7,650
|
|
7,650
|
|
Lease
liabilities
|
1,408
|
|
0
|
|
Total interest
bearing liabilities
|
903,400
|
|
867,040
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
Demand
deposits
|
150,246
|
|
182,215
|
|
Other
liabilities
|
7,141
|
|
9,170
|
|
Shareholders'
equity
|
97,166
|
|
94,956
|
|
Total liabilities and
shareholders' equity
|
$1,157,953
|
|
$1,153,381
|
|
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SOURCE AmeriServ Financial, Inc.