JOHNSTOWN, Pa., Oct. 18, 2016 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported net income available to
common shareholders of $1,065,000, or
$0.06 per diluted common share, in
the third quarter of 2016. This earnings performance was
lower than the third quarter of 2015 where net income available to
common shareholders totaled $1,781,000, or $0.09 per diluted common share. For the
nine month period ended September 30,
2016, the Company reported net income available to common
shareholders of $1,145,000, or
$0.06 per diluted share. This
represented a decrease in earnings per share from the first nine
months of 2015 where net income available to common shareholders
totaled $4,466,000, or $0.24 per diluted common share, due largely to an
increased provision for loan losses that was recorded in the first
quarter of 2016. The following table highlights the Company's
financial performance for both the three and nine month periods
ended September 30, 2016 and
2015:
|
Third Quarter
2016
|
Third Quarter
2015
|
|
Nine Months
Ended
September 30,
2016
|
Nine Months
Ended
September 30,
2015
|
|
|
|
|
|
|
Net income
|
$1,065,000
|
$1,833,000
|
|
$1,160,000
|
$4,623,000
|
Net income available
to
common shareholders
|
$1,065,000
|
$1,781,000
|
|
$1,145,000
|
$4,466,000
|
Diluted earnings per
share
|
$ 0.06
|
$ 0.09
|
|
$ 0.06
|
$0.24
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2016 financial results:
"AmeriServ Financial Inc. has achieved several positive
accomplishments in 2016 which have included the pay-off of
$21 million of SBLF preferred stock,
an increase in our common stock cash dividend, and continued solid
growth in both loans and deposits. Our balance sheet remains
strong with good capital levels, ample liquidity and excellent
asset quality. We are well positioned to continue to
strategically focus on growing both our community banking and
wealth management businesses in a disciplined manner."
The Company's net interest income in the third quarter of 2016
decreased by $529,000, or 5.9%, from
the prior year's third quarter and for the first nine months of
2016 decreased by $1,219,000, or
4.6%, when compared to the first nine months of 2015. The
Company's net interest margin of 3.23% for the first nine months of
2016 was 29 basis points lower than the net interest margin of
3.52% for the first nine months of 2015. There was also a net
interest margin decline of 37 basis points between the third
quarter of 2016 and the prior year's third quarter. The
reduction in net interest income has been significantly impacted by
the following three factors: 1.) a significantly lower level
of loan prepayment fee income, which decreased by approximately
$400,000 for the third quarter and
$500,000 for the nine month period,
2.) additional interest expense that was associated with the
Company's late fourth quarter 2015 issuance of subordinated debt,
and 3.) net interest margin compression that results from the
prolonged low interest rate environment that exists in the economy
and is pressuring community bank net interest margins. These
factors more than offset the Company
continuing to grow earning assets
and control its cost of funds through disciplined
deposit pricing. Specifically, the earning asset growth
occurred in the loan portfolio as total loans averaged $888 million in the first nine months of
2016 which is $35 million, or 4.1%,
higher than the $853 million average for
the first nine months of 2015. This loan growth reflects the
successful results of the Company's business development efforts,
with an emphasis on generating commercial loans and owner occupied
commercial real estate loans particularly through its loan
production offices. Despite this loan growth experienced
between years, loan interest income decreased by $318,000, or 1.1%, due primarily to the
previously mentioned decline in loan prepayment fees.
Interest income on investments grew in the third quarter of 2016
and is also slightly higher for the nine month period as the
Company benefited from a higher balance of investment securities in
2016. Overall, total interest income decreased by
$312,000, or 1.0%, in the first nine
months of 2016.
Total interest expense for the first nine months of 2016
increased by $907,000, or 18.8%, due
to higher levels of both borrowings and deposit interest
expense. The Company experienced a $451,000 increase in the interest cost for
borrowings in the first nine months of 2016 with $389,000 of this increase attributable to the
Company's recent subordinated debt issuance. Specifically,
the Company issued $7.65 million of
subordinated debt which has a 6.50% fixed interest rate in late
December 2015. The proceeds from the subordinated debt
issuance, along with other cash on hand, was used to redeem all
$21 million of our outstanding SBLF
preferred stock on January 27,
2016. The remainder of the increase in borrowings interest
expense was due to a greater utilization of FHLB term advances to
extend borrowings for interest rate risk management purposes.
The Company experienced significant growth in deposits between
years which is a reflection of the loyalty and stability of our
core deposit base that provides a strong foundation from which this
growth builds. Management's ability to acquire new core
deposit funding from outside of our traditional market areas as
well as our ongoing efforts to offer new loan customers deposit
products were the primary reasons for this growth.
Specifically, total deposits averaged $947
million for the first nine months of 2016 which is
$60 million, or 6.8%, higher than the
$887 million average for the first
nine months of 2015. The Company is also pleased that a
meaningful portion of this deposit growth occurred in non-interest
bearing demand deposit accounts. Deposit interest expense
through nine months of 2016 increased by $456,000, or 13.0%, due to the higher balance of
deposits along with certain money market accounts repricing upward
after the December 2015 Federal
Reserve fed funds interest rate increase.
The Company recorded a $300,000
provision for loan losses in the third quarter of 2016 which
matched the provision for loan losses in the third quarter of
2015. For the nine month period in 2016, the Company recorded
a $3,650,000 provision for loan
losses compared to a $750,000
provision for loan losses in the first nine months of 2015. A
substantially higher than typical provision and net loan
charge-offs were recorded in the first quarter of 2016 and were
necessary to resolve the Company's only meaningful direct loan
exposure to the energy industry, the specifics of which were
discussed in detail in the Company's first quarter results.
The provision recorded in the third quarter of 2016 was more
typical of what is required to support the continuing growth of the
loan portfolio and approximated net loan charge-offs. The
Company experienced net loan charge-offs of $320,000, or 0.14% of total loans, in the third
quarter of 2016, compared to net loan charge-offs of $245,000, or 0.11% of total loans, in the third
quarter of 2015. For the nine month periods, there were net
loan charge-offs of $3.8 million, or
0.58%, of total loans in 2016, compared to net loan charge-offs of
$601,000, or 0.09% of total loans, in
2015. Overall, the Company continued to maintain outstanding
asset quality in the third quarter of 2016. At September 30, 2016, non-performing assets totaled
$1.9 million, or only 0.21% of total
loans. In summary, the allowance for loan losses
provided a strong 510% coverage
of non-performing loans, and 1.10%
of total loans, at September 30,
2016, compared to 158% coverage of non-performing loans, and
1.13% of total loans, at December 31,
2015.
Total non-interest income in the third quarter of 2016 decreased
by $354,000, or 8.8%, from the prior
year's third quarter, and for the first nine months of 2016
decreased by $579,000, or 5.1%, when
compared to the first nine months of 2015. Revenue from bank
owned life insurance decreased by $515,000 for the quarter and $713,000 for the nine month period and was the
primary factor contributing to the non-interest income decline as
there were no death claims received in 2016 compared to three
claims in the first nine months of 2015. Trust and investment
advisory fees decreased by $50,000,
or 2.4%, for the quarter and $42,000,
or 0.7%, for the nine months as the loss of certain client accounts
through normal attrition more than offset continued successful new
business development activities as well as effective management of
existing customer accounts in this volatile market
environment. Trust assets under administration totaled
$2.0 billion as of September 30, 2016. Partially offsetting
these reductions was a greater recognition of gains from investment
security sale transactions by $96,000
for the quarter and $185,000 for the
nine months of 2016 as the Company has sold certain rapidly
pre-paying mortgage backed securities in this low interest rate
environment. Finally, although revenue from mortgage
loan sales and mortgage related fee income is lower through nine
months of 2016 by a combined $60,000,
this unfavorable comparison to last year narrowed in the third
quarter. Increased refinance activity and a higher level of
new mortgage loan originations resulted in higher revenue from
mortgage loan sales by $82,000 and
increased fees from residential mortgage lending activity by
$45,000 in the third quarter of
2016.
Total non-interest expense in the third quarter of 2016
increased by $137,000, or 1.3%, from
the prior year's third quarter and for the first nine months of
2016 increased by $238,000, or 0.8%,
when compared to the first nine months of 2015. As noted in
our previously disclosed first quarter financial results,
non-recurring costs for legal and accounting services were
necessary to address a trust operations trading error and are the
reasons for the negative comparisons for both the quarter and nine
month time periods. Additionally, in the third quarter of 2016,
another $250,000 of expenses were
required to resolve this issue. The impact of the additional
expenses were clearly evident in higher levels of total
professional fees and other expenses. Professional fees
continue to compare unfavorably, increasing by $124,000, or 10.3%, for the quarter and by
$295,000, or 8.0%, for the nine month
time period, while other expenses compare unfavorably, increasing
by $203,000, or 17.1%, for the
quarter and by $322,000, or 9.0%, for
the nine months. Partially offsetting these additional
expenses were our continued cost control efforts that are
demonstrated, both, for the quarter and nine month time period
comparisons. Occupancy and equipment related expenses are
lower by $26,000, or 2.4%, for the
third quarter and lower by $259,000,
or 7.2%, for the nine months. Salaries and employee benefits
were down by $178,000, or 2.9%, in
the third quarter and $161,000, or
0.9%, in the first nine months of 2016. The favorable
comparisons are due to the previously disclosed branch
consolidation in the State College
market and reduction of staff in the executive office.
Finally, the Company recorded an income tax expense of $474,000, or an effective tax rate of 29.0%, in
the first nine months of 2016 which is lower when compared to the
income tax expense of $1,947,000, or
an effective tax rate of 29.6%, for the first nine months of
2015. The lower income tax expense and effective tax rate are
due to the first quarter 2016 loss recognized by the Company.
However, as we have demonstrated in the second and third quarters
of 2016 our actions taken for an immediate improvement to more
typical and expected profitability levels have proven
successful. We anticipate that our earnings momentum will
increase in the fourth quarter of the year.
The Company had total assets of $1.146
billion, shareholders' equity of $100
million, a book value of $5.29
per common share and a tangible book value of $4.66 per common share at September 30, 2016. The Company continued
to maintain strong capital ratios that exceed the regulatory
defined well capitalized status and had a tangible common equity to
tangible assets ratio of 7.77% at September
30, 2016.
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
|
|
|
September 30,
2016
|
|
|
(Dollars in
thousands, except per share and ratio data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
(1,267)
|
1,362
|
1,065
|
1,160
|
Net income available
to common shareholders
|
|
(1,282)
|
1,362
|
1,065
|
1,145
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
(0.45%)
|
0.48%
|
0.37%
|
0.14%
|
Return on average
equity
|
|
(4.86)
|
5.60
|
4.27
|
1.54
|
Net interest
margin
|
|
3.30
|
3.23
|
3.15
|
3.23
|
Net charge-offs as a
percentage of average loans
|
|
1.60
|
0.01
|
0.14
|
0.58
|
Loan loss provision
as a percentage of average loans
|
|
1.42
|
0.11
|
0.13
|
0.55
|
Efficiency
ratio
|
|
89.24
|
82.05
|
85.07
|
85.43
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
(0.07)
|
0.07
|
0.06
|
0.06
|
Average number of
common shares outstanding
|
|
18,884
|
18,897
|
18,899
|
18,893
|
Diluted
|
|
(0.07)
|
0.07
|
0.06
|
0.06
|
Average number of
common shares outstanding
|
|
18,884
|
18,948
|
18,957
|
18,947
|
Cash dividends
declared
|
|
0.010
|
0.010
|
0.015
|
0.035
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
1,369
|
1,421
|
1,833
|
4,623
|
Net income available
to common shareholders
|
|
1,316
|
1,369
|
1,781
|
4,466
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
0.51%
|
0.52%
|
0.66%
|
0.56%
|
Return on average
equity
|
|
4.80
|
4.88
|
6.15
|
5.29
|
Net interest
margin
|
|
3.57
|
3.45
|
3.52
|
3.52
|
Net charge-offs as a
percentage of average loans
|
|
0.09
|
0.08
|
0.11
|
0.09
|
Loan loss provision
as a percentage of average loans
|
|
0.12
|
0.09
|
0.14
|
0.12
|
Efficiency
ratio
|
|
82.29
|
81.93
|
78.25
|
80.79
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
0.07
|
0.07
|
0.09
|
0.24
|
Average number of
common shares outstanding
|
|
18,851
|
18,859
|
18,869
|
18,860
|
Diluted
|
|
0.07
|
0.07
|
0.09
|
0.24
|
Average number of
common shares outstanding
|
|
18,909
|
18,941
|
18,951
|
18,928
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.01
|
0.03
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
|
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
Assets
|
|
1,121,701
|
1,142,492
|
1,145,655
|
|
|
|
|
Short-term
investments/overnight funds
|
|
5,556
|
6,836
|
8,279
|
|
|
|
|
Investment
securities
|
|
139,000
|
145,753
|
145,609
|
|
|
|
|
Loans and loans held
for sale
|
|
882,410
|
895,513
|
896,301
|
|
|
|
|
Allowance for loan
losses
|
|
9,520
|
9,746
|
9,726
|
|
|
|
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
|
|
|
|
Deposits
|
|
906,773
|
940,931
|
962,736
|
|
|
|
|
FHLB
borrowings
|
|
88,952
|
72,617
|
56,943
|
|
|
|
|
Subordinated debt,
net
|
|
7,424
|
7,430
|
7,435
|
|
|
|
|
Shareholders'
equity
|
|
97,589
|
99,232
|
100,044
|
|
|
|
|
Non-performing
assets
|
|
3,007
|
2,230
|
1,907
|
|
|
|
|
Tangible common
equity ratio
|
|
7.72
|
7.72
|
7.77
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
Book value
(A)
|
|
5.16
|
5.25
|
5.29
|
|
|
|
|
Tangible book value
(A)
|
|
4.53
|
4.62
|
4.66
|
|
|
|
|
Market
value
|
|
2.99
|
3.02
|
3.32
|
|
|
|
|
Trust assets - fair
market value (B)
|
|
1,974,180
|
1,982,868
|
2,011,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
317
|
311
|
310
|
|
|
|
|
Branch
locations
|
|
16
|
16
|
16
|
|
|
|
|
Common shares
outstanding
|
|
18,894,561
|
18,896,876
|
18,903,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
Assets
|
|
1,103,416
|
1,112,934
|
1,110,843
|
1,148,922
|
|
|
|
Short-term
investments/overnight funds
|
|
10,127
|
9,843
|
14,966
|
25,067
|
|
|
|
Investment
securities
|
|
142,010
|
142,448
|
135,013
|
140,886
|
|
|
|
Loans and loans held
for sale
|
|
853,972
|
866,243
|
868,213
|
883,987
|
|
|
|
Allowance for loan
losses
|
|
9,689
|
9,717
|
9,772
|
9,921
|
|
|
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
11,944
|
|
|
|
Deposits
|
|
892,676
|
862,902
|
869,899
|
903,294
|
|
|
|
FHLB
borrowings
|
|
71,219
|
109,430
|
100,988
|
96,748
|
|
|
|
Subordinated debt,
net
|
|
-
|
-
|
-
|
7,418
|
|
|
|
Shareholders'
equity
|
|
116,328
|
117,305
|
119,408
|
118,973
|
|
|
|
Non-performing
assets
|
|
3,046
|
2,565
|
2,294
|
6,297
|
|
|
|
Tangible common
equity ratio
|
|
7.64
|
7.66
|
7.87
|
7.57
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
Book value
(A)
|
|
5.06
|
5.11
|
5.21
|
5.19
|
|
|
|
Tangible book value
(A)
|
|
4.42
|
4.47
|
4.58
|
4.56
|
|
|
|
Market
value
|
|
2.98
|
3.33
|
3.24
|
3.20
|
|
|
|
Trust assets - fair
market value (B)
|
|
2,033,573
|
2,012,358
|
1,935,495
|
1,974,882
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
318
|
318
|
318
|
318
|
|
|
|
Branch
locations
|
|
17
|
17
|
17
|
17
|
|
|
|
Common shares
outstanding
|
|
18,855,021
|
18,861,811
|
18,870,811
|
18,870,811
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
(A) For 2015,
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. The Company repaid the
US Treasury for the SBLF funds on January 27, 2016.
|
|
|
(B) Not
recognized on the consolidated balance sheets.
|
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
TO DATE
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,465
|
|
9,409
|
|
9,462
|
|
28,336
|
|
Interest on
investments
|
|
957
|
|
980
|
|
1,014
|
|
2,951
|
|
Total Interest
Income
|
|
10,422
|
|
10,389
|
|
10,476
|
|
31,287
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,254
|
|
1,330
|
|
1,391
|
|
3,975
|
|
All
borrowings
|
|
610
|
|
573
|
|
579
|
|
1,762
|
|
Total Interest
Expense
|
|
1,864
|
|
1,903
|
|
1,970
|
|
5,737
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,558
|
|
8,486
|
|
8,506
|
|
25,550
|
|
Provision for loan
losses
|
|
3,100
|
|
250
|
|
300
|
|
3,650
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
5,458
|
|
8,236
|
|
8,206
|
|
21,900
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,075
|
|
2,124
|
|
2,035
|
|
6,234
|
|
Service charges on
deposit accounts
|
|
415
|
|
404
|
|
433
|
|
1,252
|
|
Net realized gains on
loans held for sale
|
|
107
|
|
185
|
|
260
|
|
552
|
|
Mortgage related
fees
|
|
63
|
|
98
|
|
132
|
|
293
|
|
Net realized gains on
investment securities
|
57
|
|
60
|
|
60
|
|
177
|
|
Bank owned life
insurance
|
|
167
|
|
169
|
|
169
|
|
505
|
|
Other
income
|
|
553
|
|
702
|
|
572
|
|
1,827
|
|
Total Non-Interest
Income
|
|
3,437
|
|
3,742
|
|
3,661
|
|
10,840
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,166
|
|
5,868
|
|
5,901
|
|
17,935
|
|
Net occupancy
expense
|
|
737
|
|
690
|
|
656
|
|
2,083
|
|
Equipment
expense
|
|
436
|
|
409
|
|
419
|
|
1,264
|
|
Professional
fees
|
|
1,465
|
|
1,192
|
|
1,330
|
|
3,987
|
|
FDIC deposit
insurance expense
|
|
179
|
|
188
|
|
189
|
|
556
|
|
Other
expenses
|
|
1,728
|
|
1,692
|
|
1,861
|
|
5,281
|
|
Total Non-Interest
Expense
|
|
10,711
|
|
10,039
|
|
10,356
|
|
31,106
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
-1,816
|
|
1,939
|
|
1,511
|
|
1,634
|
|
Income tax
expense
|
|
-549
|
|
577
|
|
446
|
|
474
|
|
NET
INCOME
|
|
-1,267
|
|
1,362
|
|
1,065
|
|
1,160
|
|
Preferred stock
dividends
|
|
15
|
|
-
|
|
-
|
|
15
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
-1,282
|
|
1,362
|
|
1,065
|
|
1,145
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
TO DATE
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,456
|
|
9,480
|
|
9,718
|
|
28,654
|
|
Interest on
investments
|
|
1,067
|
|
929
|
|
949
|
|
2,945
|
|
Total Interest
Income
|
|
10,523
|
|
10,409
|
|
10,667
|
|
31,599
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,174
|
|
1,171
|
|
1,174
|
|
3,519
|
|
All
borrowings
|
|
415
|
|
438
|
|
458
|
|
1,311
|
|
Total Interest
Expense
|
|
1,589
|
|
1,609
|
|
1,632
|
|
4,830
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,934
|
|
8,800
|
|
9,035
|
|
26,769
|
|
Provision for loan
losses
|
|
250
|
|
200
|
|
300
|
|
750
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,684
|
|
8,600
|
|
8,735
|
|
26,019
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,056
|
|
2,135
|
|
2,085
|
|
6,276
|
|
Service charges on
deposit accounts
|
|
419
|
|
429
|
|
441
|
|
1,289
|
|
Net realized gains on
loans held for sale
|
|
191
|
|
225
|
|
178
|
|
594
|
|
Mortgage related
fees
|
|
115
|
|
109
|
|
87
|
|
311
|
|
Net realized gains on
investment securities
|
|
-
|
|
28
|
|
-36
|
|
-8
|
|
Bank owned life
insurance
|
|
363
|
|
171
|
|
684
|
|
1,218
|
|
Other
income
|
|
568
|
|
595
|
|
576
|
|
1,739
|
|
Total Non-Interest
Income
|
|
3,712
|
|
3,692
|
|
4,015
|
|
11,419
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,073
|
|
5,944
|
|
6,079
|
|
18,096
|
|
Net occupancy
expense
|
|
841
|
|
718
|
|
692
|
|
2,251
|
|
Equipment
expense
|
|
466
|
|
480
|
|
409
|
|
1,355
|
|
Professional
fees
|
|
1,211
|
|
1,275
|
|
1,206
|
|
3,692
|
|
FDIC deposit
insurance expense
|
|
167
|
|
164
|
|
174
|
|
505
|
|
Other
expenses
|
|
1,652
|
|
1,658
|
|
1,659
|
|
4,969
|
|
Total Non-Interest
Expense
|
|
10,410
|
|
10,239
|
|
10,219
|
|
30,868
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,986
|
|
2,053
|
|
2,531
|
|
6,570
|
|
Income tax
expense
|
|
617
|
|
632
|
|
698
|
|
1,947
|
|
NET
INCOME
|
|
1,369
|
|
1,421
|
|
1,833
|
|
4,623
|
|
Preferred stock
dividends
|
|
53
|
|
52
|
|
52
|
|
157
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,316
|
|
1,369
|
|
1,781
|
|
4,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
3QTR
|
NINE
|
|
3QTR
|
NINE
|
|
|
|
MONTHS
|
|
|
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
893,143
|
887,681
|
|
858,752
|
852,553
|
Short-term investment
in money market funds
|
|
20,797
|
12,987
|
|
9,496
|
10,228
|
Deposits with
banks
|
|
1,065
|
1,871
|
|
1,235
|
1,235
|
Total investment
securities
|
|
148,608
|
145,192
|
|
144,958
|
146,348
|
Total interest
earning assets
|
|
1,063,613
|
1,047,731
|
|
1,014,441
|
1,010,364
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
|
21,675
|
19,883
|
|
16,362
|
17,241
|
Premises and
equipment
|
|
11,887
|
11,982
|
|
12,508
|
12,729
|
Other
assets
|
|
68,660
|
68,351
|
|
69,021
|
69,732
|
Allowance for loan
losses
|
|
(9,794)
|
(9,777)
|
|
(9,837)
|
(9,751)
|
|
|
|
|
|
|
|
Total
assets
|
|
1,156,041
|
1,138,170
|
|
1,102,495
|
1,100,315
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
Interest bearing
demand
|
|
111,040
|
106,983
|
|
101,494
|
98,668
|
Savings
|
|
96,593
|
96,149
|
|
95,968
|
95,050
|
Money
market
|
|
285,358
|
275,226
|
|
235,578
|
233,311
|
Other time
|
|
302,610
|
286,966
|
|
277,680
|
291,668
|
Total interest
bearing deposits
|
|
795,601
|
765,324
|
|
710,720
|
718,697
|
Borrowings:
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
1,309
|
11,480
|
|
40,427
|
27,228
|
Advances from Federal
Home Loan Bank
|
|
49,852
|
49,356
|
|
46,386
|
45,300
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
Subordinated
debt
|
|
7,650
|
7,650
|
|
-
|
-
|
Total interest
bearing liabilities
|
|
867,497
|
846,895
|
|
810,618
|
804,310
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
Demand
deposits
|
|
181,365
|
182,003
|
|
164,092
|
168,634
|
Other
liabilities
|
|
7,931
|
8,683
|
|
9,531
|
10,442
|
Shareholders'
equity
|
|
99,248
|
100,589
|
|
118,254
|
116,929
|
Total liabilities and
shareholders' equity
|
|
1,156,041
|
1,138,170
|
|
1,102,495
|
1,100,315
|
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SOURCE AmeriServ Financial, Inc.