AmeriServ Financial, Inc. reported a net income of $1.9 million for the first quarter of 2025, reflecting a slight increase from $1.9 million in the same period of 2024. Earnings per diluted share rose to $0.12, up from $0.11 year-over-year. The company experienced a 13.5% increase in net interest income, totaling $9.9 million, driven by a higher net interest margin of 3.01%, which improved by 31 basis points compared to the previous year. This growth in net interest income was attributed to a combination of increased loan volumes and favorable interest rate conditions, despite a decrease in non-interest income, which fell to $4.1 million from $4.9 million in the prior year.
In terms of operational metrics, total loans decreased by $6.1 million, or 0.6%, since December 31, 2024, primarily due to higher payoff activity outpacing new loan originations. The company’s total assets increased to $1.43 billion, a rise of $9.2 million from the end of 2024, largely due to a $12 million increase in investment securities and a $5.9 million rise in cash and cash equivalents. Total deposits also grew by $15.8 million, or 1.3%, indicating strong customer confidence and loyalty.
The company’s allowance for credit losses on loans decreased slightly to $13.8 million, representing 1.30% of total loans, maintaining solid coverage of non-performing loans. Non-performing loans increased to $13.7 million, or 1.29% of total loans, primarily due to a $3.3 million commercial real estate loan being transferred to non-accrual status. The company recorded a provision for credit losses recovery of $97,000, a decrease from the $557,000 recovery in the first quarter of 2024, reflecting improved historical loss rates and a decrease in loan balances.
Strategically, AmeriServ Financial continues to focus on enhancing shareholder value through improved financial performance and customer service. The company is committed to maintaining a strong capital position, with a common equity tier 1 capital ratio of 11.07% and a total capital ratio of 12.27% as of March 31, 2025. The management anticipates further growth in net interest income and margin, supported by effective pricing strategies and a strong core deposit base. The company remains well-capitalized and is positioned to navigate potential economic challenges while continuing to serve its customers and communities effectively.
About AMERISERV FINANCIAL INC /PA/
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