The board of Johnstown, Penn.-based AmeriServ Financial Inc. approved the repurchase of up to 5% of the company's approximately 18.9 million outstanding common shares, as of Dec. 31, 2016.

AmeriServ Financial plans to buy back up to around 945,000 shares in the next 18 months.

The company on Jan. 24 reported net income available to common shareholders of $1.2 million, or 6 cents per diluted common share for the fourth quarter of 2016, compared to net income available to common shareholders $1.3 million, or 7 cents per diluted share, in the year-ago period. For the full year, net income available to common shareholders was $2.3 million, or 12 cents per diluted share, compared to $5.8 million or 31 cents per diluted share in 2015.