JOHNSTOWN, Pa., Jan. 21, 2014 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2013 net
income available to common shareholders of $1,789,000 or $0.09
per diluted common share. This represented a 125% increase in
earnings per share from the fourth quarter of 2012 where net income
available to common shareholders totaled $683,000 or $0.04
per diluted common share. For the year ended December 31, 2013, the Company reported net
income available to common shareholders of $4,984,000 or $0.26
per diluted common share. This represented a 23.8% increase
in earnings per share from the full year 2012 where net income
available to common shareholders totaled $4,211,000 or $0.21
per diluted common share. The following table highlights the
Company's financial performance for both the quarters and years
ended December 31, 2013 and
2012:
|
Fourth Quarter
2013
|
Fourth Quarter
2012
|
|
Year Ended
December 31,
2013
|
Year Ended
December 31,
2012
|
|
|
|
|
|
|
Net income
|
$1,841,000
|
$735,000
|
|
$5,193,000
|
$5,039,000
|
Net income available
to common shareholders
|
$1,789,000
|
$683,000
|
|
$4,984,000
|
$4,211,000
|
Diluted earnings per
share
|
$ 0.09
|
$ 0.04
|
|
$ 0.26
|
$0.21
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the 2013 financial results:
"I was pleased that AmeriServ Financial finished 2013 with a strong
fourth quarter that demonstrated both increased revenue and
improved asset quality. This performance contributed to 23.8%
earnings per share growth and 5.7% tangible book value per share
growth during the full year of 2013. Specifically, an
increase in net interest income resulted from continued strong
growth of our loan portfolio, as total loans grew by $55 million, or 7.5%, during the past year.
Non-interest income also increased by $801,000 or 5.4% between years, due largely to
fee growth within our trust and wealth management businesses as a
result of increased assets under management. Finally, we
ended 2013 with excellent asset quality as our non-performing
assets are only 0.52% of total loans and our allowance for loan
losses provided 327% coverage of non-performing loans, even after a
negative loan loss provision during the fourth quarter. "
The Company's net interest income in the fourth quarter of 2013
increased by $516,000 or 6.4% from
the prior year's fourth quarter, and for the full year 2013
increased by $658,000 or 2.0% when
compared to the full year 2012. The Company's net interest
margin of 3.56% for the full year 2013 was nine basis points lower
than the net interest margin of 3.65% for the full year 2012, even
though the Company did experience increased net interest margin
performance during the fourth quarter of 2013 due to strong loan
growth, greater loan prepayment fees and reduced premium
amortization on mortgage backed securities compared to last year's
fourth quarter. The lower net interest margin for the full
year 2013 demonstrates the impact of the Federal Reserve's low
interest rate policies which has pressured community banks interest
revenue. The Company has been able to mitigate this net interest
margin pressure and increase net interest income by both reducing
its cost of funds and growing its earning assets, particularly
loans. Specifically, these efforts have resulted in total
loans averaging $746 million for the
full year 2013, which is $58 million
or 8.4% higher than the $689 million
average for the 2012 year. This loan growth reflects the
successful results of the Company's more intensive sales calling
efforts, with an emphasis on generating commercial loans and owner
occupied commercial real estate loans, which qualify as Small
Business Lending Fund (SBLF) loans, particularly through its loan
production offices. As a result of this growth in SBLF
qualified loans, the Company has locked in the lowest preferred
dividend rate available under the program of 1% until the first
quarter of 2016. This lower rate has saved the Company
$619,000 in preferred stock dividend
payments in 2013 and is a key factor responsible for the previously
mentioned growth in earnings per share this year. Total
interest expense for the full year 2013 also declined by
$1.2 million from the 2012 year due
to the Company's proactive efforts to reduce deposit costs.
Even with this reduction in deposit costs, the Company still
experienced growth in deposits which reflects the loyalty of our
core deposit base and ongoing efforts to cross sell new loan
customers into deposit products. Specifically, total deposits
have averaged $847 million for the
full year 2013 which is a record level for the Company. The
Company is pleased that the majority of the deposit growth has
occurred in non-interest bearing demand deposit accounts.
The Company recorded a $1.0
million negative provision for loan losses in the fourth
quarter of 2013 as compared to a $550,000 provision recorded in the fourth quarter
of 2012. For the full year 2013, the Company recorded a
negative loan loss provision of $1.1
million compared to a $775,000
negative provision for the 2012 year. There has been
$325,000 more earnings benefit from
negative loan loss provisions in 2013. The fourth quarter
2013 negative provision largely resulted from the release of
reserves due to the pay-off of the Company's largest classified
loan and a continued reduction in the level of criticized loans and
non-performing assets. At December 31,
2013, non-performing assets are at their lowest point since
the financial crisis and totaled $4.1
million or 0.52% of total loans which is $3.1 million lower than they were at the end of
2012. Net loan charge-offs were also lower in the fourth quarter of
2013 as they totaled $80,000 or 0.04%
of total loans compared to net charge-offs of $808,000 or 0.45% of total loans in the fourth
quarter of 2012. For the full year 2013, actual credit losses
realized through net charge-offs totaled $1.4 million or 0.18% of total loans which is
comparable with the full year 2012 when net charge-offs totaled
$1.3 million or 0.19% of total
loans. When determining the provision for loan losses, the
Company considers a number of factors some of which include
periodic credit reviews, non-performing assets, loan delinquency
and charge-off trends, concentrations of credit, loan volume trends
and broader local and national economic trends. In summary,
the allowance for loan losses provided a strong 327% coverage of
non-performing loans, and was 1.29% of total loans, at December 31, 2013, compared to 210% of
non-performing loans, and 1.74% of total loans, at December 31, 2012.
Total non-interest income in the fourth quarter of 2013
decreased by only $20,000, or 0.5%,
from the prior year's fourth quarter but for the full year 2013
increased by $801,000, or 5.4%, when
compared to the full year 2012. Increased fees from our trust
and wealth management businesses were basically offset by reduced
revenue from our mortgage banking business to cause the fourth
quarter total non-interest income to be relatively flat.
Specifically, trust and investment advisory fees increased by
$181,000, or 9.7%, for the fourth
quarter 2013 and $544,000, or 7.5%,
for the full year 2013 due to increased assets under management
which reflects both successful new business development activities
and market appreciation of existing assets. After little activity
in 2012, the Company did realize investment security gains of
$67,000 in the fourth quarter and
$204,000 for the full year of 2013
due to the sale of certain rapidly prepaying mortgage backed
securities. These positive items were partially offset by
decreased revenue from residential mortgage banking activities in
the second half of 2013. Specifically, gains realized on
residential mortgage loan sales into the secondary market declined
by $166,000 in the fourth quarter and
$43,000 for the full year 2013 due to
reduced mortgage loan production, particularly refinance activity
as a result of higher mortgage rates in the second half of
2013. Finally, income from bank owned life insurance
increased by $135,000 for the full
year 2013 due to the receipt of a death claim payment in the second
quarter.
Total non-interest expense in the fourth quarter of 2013
increased by $373,000, or 3.6%, from
the prior year's fourth quarter and for the full year 2013
increased by $1.6 million, or 3.9%,
when compared to the full year 2012. Salaries and employee
benefits increased by $27,000, or
0.4%, for the fourth quarter and $691,000, or 2.8%, for the full year due to
higher salaries expense and pension expense. Professional
fees also increased by $75,000 in the
fourth quarter and $457,000 for the
full year due largely to higher legal costs, recruitment fees, and
increases in several other professional fee categories. FDIC
insurance expense increased by $80,000 in the fourth quarter and $170,000 for the full year due largely to the
bank's increased asset size. Also, an increase in the reserve
for unfunded commitments, which is reflected in the other expense
category, increased 2013 fourth quarter expense by $112,000 and full year expense by $238,000 due to increased loan approval
activity. Finally, the Company recorded an income tax expense
of $2.3 million for an effective tax
rate of 30.6%, for the full year 2013, which is comparable to an
income tax expense of $2.2 million
for an effective tax rate of 30.8%, for the 2012 year.
The Company grew its total assets during 2013 by 5.5% to
$1.056 billion at year end.
Additionally, the Company had shareholders' equity of $113 million, a book value of $4.91 per common share and a tangible book value
of $4.24 per common share at
December 31, 2013. The Company
continued to maintain strong capital ratios that exceed the
regulatory defined well capitalized status with a risk based
capital ratio of 15.28%, an asset leverage ratio of 11.45% and a
tangible common equity to tangible assets ratio of 7.64% at
December 31, 2013.
QUARTERLY COMMON STOCK DIVIDEND
The Company also announced that its Board of Directors declared
a $0.01 per share quarterly common
stock cash dividend. The cash dividend is payable
February 18, 2014 to shareholders of
record on February 3, 2014.
This cash dividend represents a 1.3% annualized yield using the
January 17, 2014 closing common stock
price of $3.11 and represents an
approximate payout ratio of 11% based upon the Company's fourth
quarter 2013 earnings per share of $0.09.
This news release may contain forward-looking statements that
involve risks and uncertainties, as defined in the Private
Securities Litigation Reform Act of 1995, including the risks
detailed in the Company's Annual Report and Form 10-K to the
Securities and Exchange Commission. Actual results may differ
materially.
NASDAQ:
ASRV
|
SUPPLEMENTAL
FINANCIAL PERFORMANCE DATA
|
December 31,
2013
|
(Dollars in
thousands, except per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
1,056
|
1,070
|
1,226
|
1,841
|
5,193
|
Net income available
to common shareholders
|
|
1,004
|
1,018
|
1,173
|
1,789
|
4,984
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.43%
|
0.43%
|
0.47%
|
0.70%
|
0.51%
|
Return on average
equity
|
|
3.86
|
3.86
|
4.44
|
6.57
|
4.69
|
Net interest
margin
|
|
3.59
|
3.50
|
3.46
|
3.57
|
3.56
|
Net charge-offs
(recoveries) as a percentage of average loans
|
0.76
|
(0.02)
|
(0.02)
|
0.04
|
0.18
|
Loan loss provision
(credit) as a percentage of average loans
|
(0.14)
|
0.08
|
-
|
(0.51)
|
(0.15)
|
Efficiency
ratio
|
|
89.52
|
86.28
|
85.41
|
86.17
|
86.83
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.05
|
0.05
|
0.06
|
0.10
|
0.26
|
Average number of
common shares outstanding
|
|
19,168
|
19,039
|
18,784
|
18,784
|
18,942
|
Diluted
|
|
0.05
|
0.05
|
0.06
|
0.09
|
0.26
|
Average number of
common shares outstanding
|
|
19,257
|
19,128
|
18,878
|
18,879
|
19,034
|
Cash dividends
declared
|
|
-
|
0.01
|
0.01
|
0.01
|
0.03
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
1,565
|
1,432
|
1,307
|
735
|
5,039
|
Net income available
to common shareholders
|
|
1,302
|
1,170
|
1,056
|
683
|
4,211
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.65%
|
0.59%
|
0.52%
|
0.29%
|
0.51%
|
Return on average
equity
|
|
5.60
|
5.19
|
4.66
|
2.60
|
4.51
|
Net interest
margin
|
|
3.70
|
3.59
|
3.59
|
3.55
|
3.65
|
Net charge-offs
(recoveries) as a percentage of average loans
|
0.13
|
(0.02)
|
0.16
|
0.45
|
0.19
|
Loan loss provision
(credit) as a percentage of average loans
|
(0.38)
|
(0.30)
|
(0.11)
|
0.30
|
(0.11)
|
Efficiency
ratio
|
|
86.17
|
86.34
|
85.50
|
86.61
|
86.16
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.06
|
0.06
|
0.05
|
0.04
|
0.21
|
Average number of
common shares outstanding
|
|
20,679
|
19,584
|
19,275
|
19,209
|
19,685
|
Diluted
|
|
0.06
|
0.06
|
0.05
|
0.04
|
0.21
|
Average number of
common shares outstanding
|
|
20,722
|
19,652
|
19,351
|
19,289
|
19,747
|
Cash dividends
declared
|
|
-
|
-
|
-
|
-
|
-
|
AMERISERV FINANCIAL,
INC.
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
999,718
|
1,025,084
|
1,038,144
|
1,056,036
|
Short-term
investments/overnight funds
|
|
23,995
|
9,291
|
8,646
|
9,778
|
Investment
securities
|
|
162,866
|
168,284
|
167,110
|
160,165
|
Loans and loans held
for sale
|
|
717,852
|
751,522
|
763,681
|
786,748
|
Allowance for loan
losses
|
|
10,960
|
11,145
|
11,183
|
10,104
|
Goodwill
|
|
12,613
|
12,613
|
12,613
|
12,613
|
Deposits
|
|
847,189
|
840,272
|
852,211
|
854,522
|
FHLB
borrowings
|
|
16,000
|
50,292
|
52,096
|
66,555
|
Shareholders'
equity
|
|
111,445
|
109,282
|
110,370
|
113,307
|
Non-performing
assets
|
|
4,387
|
5,027
|
5,037
|
4,109
|
Asset leverage
ratio
|
|
11.58%
|
11.52%
|
11.44%
|
11.45%
|
Tangible common
equity ratio
|
|
7.88
|
7.47
|
7.48
|
7.64
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
4.72
|
4.70
|
4.76
|
4.91
|
Tangible book value
(A)
|
|
4.06
|
4.03
|
4.09
|
4.24
|
Market
value
|
|
3.13
|
2.74
|
3.15
|
3.03
|
Trust assets - fair
market value (B)
|
|
1,566,236
|
1,562,366
|
1,599,402
|
1,668,654
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
357
|
360
|
358
|
352
|
Branch
locations
|
|
18
|
18
|
18
|
18
|
Common shares
outstanding
|
|
19,168,188
|
18,784,188
|
18,784,188
|
18,784,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
967,401
|
997,102
|
1,002,281
|
1,000,991
|
Short-term
investments/overnight funds
|
|
7,398
|
14,158
|
14,210
|
9,012
|
Investment
securities
|
|
190,089
|
191,791
|
181,319
|
165,261
|
Loans and loans held
for sale
|
|
671,328
|
690,815
|
706,624
|
731,741
|
Allowance for loan
losses
|
|
13,778
|
13,317
|
12,829
|
12,571
|
Goodwill
|
|
12,613
|
12,613
|
12,613
|
12,613
|
Deposits
|
|
820,105
|
854,017
|
850,125
|
835,734
|
FHLB
borrowings
|
|
6,390
|
3,000
|
12,000
|
28,660
|
Shareholders'
equity
|
|
112,270
|
110,810
|
112,311
|
110,468
|
Non-performing
assets
|
|
4,801
|
5,077
|
5,372
|
7,224
|
Asset leverage
ratio
|
|
11.83%
|
11.60%
|
11.45%
|
11.44%
|
Tangible common
equity ratio
|
|
8.24
|
7.84
|
7.95
|
7.78
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
4.46
|
4.66
|
4.74
|
4.67
|
Tangible book value
(A)
|
|
3.84
|
4.00
|
4.09
|
4.01
|
Market
value
|
|
2.74
|
2.82
|
2.97
|
3.01
|
Trust assets - fair
market value (B)
|
|
1,469,789
|
1,447,877
|
1,511,012
|
1,512,387
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
353
|
353
|
355
|
350
|
Branch
locations
|
|
18
|
18
|
18
|
18
|
Common shares
outstanding
|
|
20,465,521
|
19,284,521
|
19,255,221
|
19,164,721
|
Note:
|
|
|
|
|
|
|
|
(A) Preferred
stock of $21 million received through the Small Business Lending
Fund is excluded from the book value per common share
and
|
tangible book
value per common share calculations.
|
|
(B) Not
recognized on the consolidated balance sheets.
|
|
|
|
|
|
AMERISERV FINANCIAL, INC.
|
CONSOLIDATED STATEMENT OF INCOME
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
8,628
|
8,590
|
8,765
|
9,137
|
35,120
|
Interest on
investments
|
|
1,074
|
1,037
|
1,046
|
1,066
|
4,223
|
Total Interest
Income
|
|
9,702
|
9,627
|
9,811
|
10,203
|
39,343
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,350
|
1,288
|
1,274
|
1,252
|
5,164
|
All
borrowings
|
|
310
|
318
|
337
|
353
|
1,318
|
Total Interest
Expense
|
|
1,660
|
1,606
|
1,611
|
1,605
|
6,482
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,042
|
8,021
|
8,200
|
8,598
|
32,861
|
Provision (credit)
for loan losses
|
|
(250)
|
150
|
-
|
(1,000)
|
(1,100)
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT)
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,292
|
7,871
|
8,200
|
9,598
|
33,961
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust fees
|
|
1,667
|
1,779
|
1,668
|
1,803
|
6,917
|
Investment advisory
fees
|
|
214
|
220
|
225
|
236
|
895
|
Net realized gains on
investment securities
|
|
71
|
-
|
66
|
67
|
204
|
Net realized gains on
loans held for sale
|
|
386
|
241
|
285
|
177
|
1,089
|
Service charges on
deposit accounts
|
|
511
|
538
|
560
|
564
|
2,173
|
Bank owned life
insurance
|
|
201
|
388
|
204
|
205
|
998
|
Other
income
|
|
766
|
909
|
978
|
815
|
3,468
|
Total Non-Interest
Income
|
|
3,816
|
4,075
|
3,986
|
3,867
|
15,744
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,331
|
6,176
|
6,251
|
6,357
|
25,115
|
Net occupancy
expense
|
|
773
|
751
|
694
|
719
|
2,937
|
Equipment
expense
|
|
455
|
455
|
429
|
512
|
1,851
|
Professional
fees
|
|
1,035
|
1,150
|
1,034
|
1,108
|
4,327
|
FDIC deposit
insurance expense
|
|
134
|
151
|
152
|
174
|
611
|
Other
expenses
|
|
1,894
|
1,759
|
1,853
|
1,876
|
7,382
|
Total Non-Interest
Expense
|
|
10,622
|
10,442
|
10,413
|
10,746
|
42,223
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,486
|
1,504
|
1,773
|
2,719
|
7,482
|
Income tax
expense
|
|
430
|
434
|
547
|
878
|
2,289
|
NET
INCOME
|
|
1,056
|
1,070
|
1,226
|
1,841
|
5,193
|
Preferred stock
dividends
|
|
52
|
52
|
53
|
52
|
209
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,004
|
1,018
|
1,173
|
1,789
|
4,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
8,729
|
8,552
|
8,807
|
8,727
|
34,815
|
Interest on
investments
|
|
1,395
|
1,333
|
1,223
|
1,151
|
5,102
|
Total Interest
Income
|
|
10,124
|
9,885
|
10,030
|
9,878
|
39,917
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,762
|
1,668
|
1,587
|
1,485
|
6,502
|
All
borrowings
|
|
304
|
296
|
301
|
311
|
1,212
|
Total Interest
Expense
|
|
2,066
|
1,964
|
1,888
|
1,796
|
7,714
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,058
|
7,921
|
8,142
|
8,082
|
32,203
|
Provision (credit)
for loan losses
|
|
(625)
|
(500)
|
(200)
|
550
|
(775)
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT)
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,683
|
8,421
|
8,342
|
7,532
|
32,978
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust fees
|
|
1,697
|
1,628
|
1,533
|
1,669
|
6,527
|
Investment advisory
fees
|
|
193
|
177
|
182
|
189
|
741
|
Net realized gains on
investment securities
|
|
-
|
12
|
-
|
-
|
12
|
Net realized gains on
loans held for sale
|
|
276
|
251
|
262
|
343
|
1,132
|
Service charges on
deposit accounts
|
|
535
|
517
|
567
|
576
|
2,195
|
Bank owned life
insurance
|
|
215
|
212
|
217
|
219
|
863
|
Other
income
|
|
758
|
936
|
888
|
891
|
3,473
|
Total Non-Interest
Income
|
|
3,674
|
3,733
|
3,649
|
3,887
|
14,943
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
5,986
|
5,976
|
6,132
|
6,330
|
24,424
|
Net occupancy
expense
|
|
729
|
702
|
698
|
671
|
2,800
|
Equipment
expense
|
|
451
|
473
|
395
|
445
|
1,764
|
Professional
fees
|
|
923
|
937
|
977
|
1,033
|
3,870
|
FDIC deposit
insurance expense
|
|
129
|
114
|
104
|
94
|
441
|
Other
expenses
|
|
1,896
|
1,865
|
1,781
|
1,800
|
7,342
|
Total Non-Interest
Expense
|
|
10,114
|
10,067
|
10,087
|
10,373
|
40,641
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
2,243
|
2,087
|
1,904
|
1,046
|
7,280
|
Income tax
expense
|
|
678
|
655
|
597
|
311
|
2,241
|
NET
INCOME
|
|
1,565
|
1,432
|
1,307
|
735
|
5,039
|
Preferred stock
dividends
|
|
263
|
262
|
251
|
52
|
828
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,302
|
1,170
|
1,056
|
683
|
4,211
|
AMERISERV FINANCIAL,
INC.
|
AVERAGE BALANCE SHEET
DATA
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
TWELVE
|
|
|
TWELVE
|
|
|
4QTR
|
MONTHS
|
|
4QTR
|
MONTHS
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
775,273
|
746,490
|
|
717,959
|
688,736
|
Deposits with
banks
|
|
6,504
|
8,027
|
|
5,064
|
10,634
|
Short-term investment
in money market funds
|
|
2,709
|
3,260
|
|
4,716
|
1,889
|
Fed
funds sold
|
|
-
|
79
|
|
-
|
-
|
Total investment
securities
|
|
168,084
|
168,521
|
|
175,114
|
186,775
|
Total interest
earning assets
|
|
952,570
|
926,377
|
|
902,853
|
888,034
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
|
17,022
|
16,795
|
|
18,219
|
17,136
|
Premises and
equipment
|
|
13,389
|
12,839
|
|
11,446
|
11,055
|
Other
assets
|
|
71,386
|
75,360
|
|
81,804
|
81,796
|
Allowance for loan
losses
|
|
(11,020)
|
(11,434)
|
|
(12,511)
|
(13,500)
|
|
|
|
|
|
|
|
Total
assets
|
|
1,043,347
|
1,019,937
|
|
1,001,811
|
984,521
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
Interest bearing
demand
|
|
83,582
|
75,126
|
|
64,131
|
60,810
|
Savings
|
|
86,892
|
87,819
|
|
84,995
|
85,112
|
Money
market
|
|
217,966
|
212,735
|
|
221,732
|
211,744
|
Other time
|
|
311,731
|
312,741
|
|
320,007
|
327,557
|
Total interest
bearing deposits
|
|
700,171
|
688,421
|
|
690,865
|
685,223
|
Borrowings:
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
31,121
|
17,973
|
|
7,005
|
5,342
|
Advances from Federal
Home Loan Bank
|
|
23,069
|
18,170
|
|
11,478
|
5,661
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
Total interest
bearing liabilities
|
|
767,446
|
737,649
|
|
722,433
|
709,311
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
Demand
deposits
|
|
154,026
|
158,169
|
|
152,861
|
147,887
|
Other
liabilities
|
|
10,619
|
13,378
|
|
14,156
|
15,517
|
Shareholders'
equity
|
|
111,256
|
110,741
|
|
112,361
|
111,806
|
Total liabilities and
shareholders' equity
|
|
1,043,347
|
1,019,937
|
|
1,001,811
|
984,521
|
SOURCE AmeriServ Financial, Inc.