AmeriServ Financial, Inc. Announces Quarterly Common Stock Cash Dividend

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.