AmeriServ Financial Q1 Profit Rises

(RTTNews) - Bank holding company AmeriServ Financial Inc. (ASRV) on Tuesday reported higher earnings in the first quarter, helped by improved net interest income and lower total interest expenses. The company's total interest income, however, saw a decline this quarter.

The company posted first-quarter net income of $2.08 million or $0.12 per share, higher than $1.41 million or $0.08 per share in the year-ago quarter. During the quarter, the company's total interest income declined to $11.8 million from $12 million in the same period last year.

AmeriServ's net interest income rose to $9.7 million from $8.7 million in the prior-year quarter.

The company's total non-interest income was up 20 percent to $4.6 million from $3.8 million in the comparable quarter a year ago.

In the first quarter, total interest expenses declined to $2.07 million from $3.2 million in the previous-year period.

Additionally, the Board of Directors declared a $0.025 per share quarterly common stock cash dividend, payable on May 17 to shareholders of record on May 3.