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AmeriServ Reports Rise In Q3 Profit

AmeriServ Financial, Inc. (ASRV), a bank holding company, on Tuesday, posted a rise in its profit for the third quarter of 2021, mainly driven by an increase in total interest and non-interest incomes.

The Johnstown-headquartered financial firm reported a net income of $1.43 million or $0.08 per share for the September quarter, compared to a net income of $1.07 million or $0.06 per share reported for the same quarter last year.

The lender generated a total interest income of $11.37 million for the thirteen-week period, versus $11.23 million recorded for the same period ended in September 2020. Also, the total interest expense of the company declined to $2.14 million from $2.44 million.

In addition, the total non-interest income of the bank was reported at $4.41 million, versus $4.30 million, of the last fiscal. Also, the total non-interest expense rose to $11.52 million from $11.10 million a year ago.

Despite Covid-19 pandemic and other headwinds, the provision for the loan loss decreased to $350 thousand from $675 thousand recorded for the third-quarter of last fiscal.

The total loans of the company continue to be significantly higher than historical levels and averaged $989.2 million in the third quarter of 2021, which is $56.0 million, or six percent, higher than the $933.1 million average for the third quarter of 2020, AmeriServ said in a statement.

Excluding Paycheck Protection Program (PPP) loan activity, good growth in both commercial real estate loans and residential mortgage loans has supported the total loan portfolio to increase by $22 million, or 2.3 percent, during the third quarter of 2021. As a result of these items, the company believes that its net interest margin is well positioned to expand in the fourth quarter of 2021.

On NasdaqGM, AmeriServ Financial, Inc was seen trading up by 1.54 percent at $3.94 per share on Tuesday.

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