JOHNSTOWN, Pa., Jan. 21, 2014 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2013 net income available to common shareholders of $1,789,000 or $0.09 per diluted common share. This represented a 125% increase in earnings per share from the fourth quarter of 2012 where net income available to common shareholders totaled $683,000 or $0.04 per diluted common share. For the year ended December 31, 2013, the Company reported net income available to common shareholders of $4,984,000 or $0.26 per diluted common share. This represented a 23.8% increase in earnings per share from the full year 2012 where net income available to common shareholders totaled $4,211,000 or $0.21 per diluted common share. The following table highlights the Company's financial performance for both the quarters and years ended December 31, 2013 and 2012:
Glenn L. Wilson, President and Chief Executive Officer, commented on the 2013 financial results: "I was pleased that AmeriServ Financial finished 2013 with a strong fourth quarter that demonstrated both increased revenue and improved asset quality. This performance contributed to 23.8% earnings per share growth and 5.7% tangible book value per share growth during the full year of 2013. Specifically, an increase in net interest income resulted from continued strong growth of our loan portfolio, as total loans grew by $55 million, or 7.5%, during the past year. Non-interest income also increased by $801,000 or 5.4% between years, due largely to fee growth within our trust and wealth management businesses as a result of increased assets under management. Finally, we ended 2013 with excellent asset quality as our non-performing assets are only 0.52% of total loans and our allowance for loan losses provided 327% coverage of non-performing loans, even after a negative loan loss provision during the fourth quarter. "
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The Company grew its total assets during 2013 by 5.5% to $1.056 billion at year end. Additionally, the Company had shareholders' equity of $113 million, a book value of $4.91 per common share and a tangible book value of $4.24 per common share at December 31, 2013.
*The bad news is this report is 3 months late being posted on the board..the good news is - it's an excellent report. We've had nice increase in YoY earnings and book value.
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