AmeriServ Financial in Johnstown, Pa., lost money in the second quarter after addressing its biggest problem asset.
The $1.5 billion-asset company lost $282,000 in the quarter after recording a $3.1 million loan-loss provision.
The provision came after the company charged off $2.8 million tied to a mixed-use commercial real estate retail/office property in the Pittsburgh market. AmeriServ said the chargeoff was necessary to write the property down to a court-approved sales price at a hearing held in late June.