AmeriServ Financial Q3 net income rises 22%
ASRV•AmeriServ Financial said third-quarter net income rose 22% year over year, with EPS of $0.18, and declared a quarterly dividend of $0.03 per share.
1. Quarterly results
AmeriServ Financial said higher net interest income and an improved net interest margin drove its third-quarter results. A lower provision for credit losses contributed to improved earnings, while higher wealth management fees boosted non-interest revenue.
2. Outlook and dividend
The company expects favorable net interest margin performance to continue into the fourth quarter and said it has capacity to grow its loan portfolio amid economic volatility. It also expects continued positive results from its reengineered wealth management business and declared a quarterly dividend of $0.03 per share.
