AmeriServ Financial Q3 net income rises 22%

Overview

• US community bank's Q3 net income rose 22% yr/yr

• Q3 results driven by higher net interest income and improved net interest margin

• Company declared $0.03 per share quarterly dividend

Outlook

• Company expects favorable net interest margin performance to continue into fourth quarter

• AmeriServ says it has capacity to grow loan portfolio amid economic volatility

• Company expects continued positive results from reengineered wealth management business

Result Drivers

• NET INTEREST INCOME - Co said higher net interest income and improved net interest margin drove Q3 results

• CREDIT LOSS PROVISION - Lower provision for credit losses contributed to improved earnings, per co

• WEALTH MANAGEMENT FEES - Co said higher wealth management fees contributed to growth in non-interest revenue

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)