JOHNSTOWN, Pa., April 18, 2017 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported first quarter 2017 net
income available to common shareholders of $1,348,000, or $0.07 per diluted common share. This
represents a significant improvement of $2.6
million from the first quarter of 2016 net loss available to
common shareholders of $1,282,000, or
($0.07) per diluted common
share. The following table highlights the Company's financial
performance for the quarters ended March 31,
2017 and 2016:
|
First Quarter
2017
|
First Quarter
2016
|
$ Change
|
% Change
|
|
|
|
|
|
Net income
(loss)
|
$1,348,000
|
($1,267,000)
|
$2,615,000
|
206.4%
|
Net income (loss)
available to common shareholders
|
$1,348,000
|
($1,282,000)
|
$2,630,000
|
205.1%
|
Diluted earnings per
share
|
$ 0.07
|
($ 0.07)
|
$ 0.14
|
200.0%
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the first quarter 2017
financial results: "Our improved earnings in the first quarter of
2017 resulted from growth in total revenue, a reduction in
non-interest expense and a controlled loan loss provision due to
outstanding asset quality. Our balance sheet is well
positioned for higher interest rates and we began to see some of
that benefit in the form of increased net interest income in the
first quarter of 2017. Additionally, I was pleased to see the
tangible benefit from several profitability improvement initiatives
that we executed last year as each of our reported non-interest
expense categories favorably declined in the first quarter of
2017."
The Company's net interest income in the first quarter of 2017
increased by $163,000, or 1.9%, when
compared to the first quarter of 2016. The Company's net
interest margin of 3.27% for the first quarter of 2017 was three
basis points lower than the net interest margin of 3.30% for the
first quarter 2016 but improved by nine basis points from the 3.18%
margin reported for the more recent fourth quarter 2016
performance. The improvement in net interest income is a
result of a higher volume of total earning assets which more than
offset the lower net interest margin. The Company continues
to grow earning assets while also controlling its cost of funds
through disciplined deposit pricing. Specifically, the
earning asset growth occurred in, both, the investment securities
portfolio and the loan portfolio. Total investment securities
averaged $168 million in the first
quarter of 2017 which is $26.1
million or 18.4% higher than the $142
million average for the first quarter of 2016 while total
loans averaged $890 million in the
first quarter of 2017 which is $8.8
million, or 1.0%, higher than the $881 million average for the first quarter of
2016. The growth in the investment securities portfolio is
the result of management electing to diversify the mix of the
investment securities portfolio through purchases of high quality
corporate and taxable municipal securities. This revised
strategy for securities purchases was facilitated by the increase
in national interest rates and the steepening yield curve that
resulted in improved opportunities to purchase additional
securities and grow the portfolio. As a result, interest on
investments increased between years by $235,000 or 24.6%. The growth in the loan
portfolio 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. The year over year loan
growth was lower in comparison to what the Company has recently
experienced due to a slowdown in production during the second half
of 2016 that was caused by uncertainty in the economy because of
the Presidential election. Loan production has since returned
to more normal and higher levels. Loan interest income
increased by $91,000, or 1.0% even
though prepayment fee income on early loan payoffs were
approximately $110,000 lower in the
first quarter of 2017 when compared to the first quarter of
2016. Overall, total interest income increased by
$326,000, or 3.1%, between
years.
Total interest expense for the first quarter of 2017 increased
by $163,000, or 8.7%, due to a higher
level of deposit interest expense. The Company experienced
growth in deposits which we believe reflects the loyalty of our
core deposit base that provides a strong foundation upon 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 $976
million for the first quarter of 2017 which is $66.0 million, or 7.3%, higher than the
$910 million average for the first
quarter of 2016. The Company is also pleased that a
meaningful portion of this deposit growth occurred in non-interest
bearing demand deposit accounts. Deposit interest expense in
2017 increased by $182,000, or 14.5%,
due to the higher balance of deposits along with certain money
market accounts repricing upward after the Federal Reserve elected
to increase the overnight fed funds interest rate in December of
2016 and again in March of 2017. As a result of the strong
deposit growth, the Company's loan to deposit ratio averaged 91.2%
in the first quarter of 2017 which indicates that the Company has
ample room to further grow its loan portfolio in 2017. The
Company experienced a $19,000
decrease in the interest cost for borrowings in the first quarter
of 2017 because there was a lower level of total borrowed funds due
to the deposit growth. Total borrowings decreased by
$24.2 million or 24.4% and more than
offset the immediate impact that the increases in the Federal Funds
Rate had on the cost of borrowed
funds.
The Company recorded a $225,000
provision for loan losses in the first quarter of 2017 compared to
a $3.1 million provision for loan
losses in the first quarter of 2016, or a decrease of $2.875 million between periods. Both, the
loan loss provision and net charge-offs were at more typical levels
this year than the substantially higher levels that were necessary
last year to resolve a troubled loan exposure to the energy
industry. The provision recorded in the first quarter of 2017
supported the continuing loan growth and more than covered the low
level of net loan charge-offs incurred in the first quarter of
2017. The Company experienced net loan charge-offs of
$77,000, or 0.04% of total loans, in
the first quarter of 2017 compared to net loan charge-offs of
$3.4 million, or 1.60% of total
loans, in the first quarter of 2016. Overall, the Company
continued to maintain excellent asset quality as its non-performing
assets totaled $1.5 million, or only
0.17% of total loans, at March 31,
2017. In summary, the allowance for loan losses provided a
strong 677% coverage of non-performing loans, and 1.12% of total
loans, at March 31, 2017, compared to
612% coverage of non-performing loans, and 1.12% of total loans, at
December 31, 2016.
Total non-interest income in the first quarter of 2017 increased
by $125,000, or 3.6%, from the first
quarter of 2016. Trust and investment advisory fees increased
by $91,000 due to a higher level of
fee income that resulted from the effective management of client
accounts as asset market values improved. Other income was
also higher due to an increase in income from our Financial
Services business unit by $57,000 as
wealth management continues to be an important strategic focus of
the Company. These positive items were partially offset by
service charges on deposits declining by $41,000 due to a reduced level of overdraft fee
income. The Company did recognize a $27,000 gain from an investment security sale
transaction in the first quarter of 2017. However, the amount
of the gain was $30,000 less than
what was recognized last year.
The Company's total non-interest expense in the first quarter of
2017 decreased significantly by $626,000, or 5.8%, when compared to the first
quarter of 2016. This decrease was primarily attributable to
two factors. First, as noted in previously disclosed
financial results, the Company incurred $366,000 of non-recurring costs for legal and
accounting services that were necessary in 2016 to resolve a trust
operations trading error. There were no such costs in
2017. Second, improved efficiencies contributed to the
remainder of this positive comparison between quarters.
Specifically, salaries and employee benefits were down by
$156,000, or 2.5%, as there were 10
fewer full time equivalent employees in the first quarter of 2017
due primarily to a branch consolidation and closure of an
unprofitable loan production office. This ongoing focus to
reduce and control non-interest expense was also evident in net
occupancy expense and equipment expense, which decreased by a
combined $80,000, or 6.8% in the
first quarter of 2017. The Company also recorded an income
tax expense of $625,000, or an
effective tax rate of 31.7%, in the first quarter of 2017.
This compares to an income tax benefit of $549,000, or an effective tax rate of -30.2%, for
the first quarter of 2016.
The Company had total assets of $1.17
billion, shareholders' equity of $95.6 million, a book value of $5.12 per common share and a tangible book value
of $4.48 per common share at
March 31, 2017. In accordance
with the common stock buyback program announced on January 24, 2017, the Company returned
$992,000 of capital to its
shareholders through the repurchase of 251,800 shares of its common
stock in the first quarter of 2017. The Company continued to
maintain strong capital ratios that exceed the regulatory defined
well capitalized status.
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
|
|
|
|
|
|
March 31,
2017
|
|
|
|
|
|
(Dollars in
thousands, except per share and ratio data)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
1,348
|
|
|
|
|
Net income available
to common shareholders
|
|
1,348
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.47%
|
|
|
|
|
Return on average
equity
|
|
5.74
|
|
|
|
|
Net interest
margin
|
|
3.27
|
|
|
|
|
Net charge-offs as a
percentage of average loans
|
|
0.04
|
|
|
|
|
Loan loss provision
as a percentage of average loans
|
|
0.10
|
|
|
|
|
Efficiency
ratio
|
|
82.04
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.07
|
|
|
|
|
Average number of
common shares outstanding
|
|
18,814
|
|
|
|
|
Diluted
|
|
0.07
|
|
|
|
|
Average number of
common shares outstanding
|
|
18,922
|
|
|
|
|
Cash dividends
declared
|
|
0.015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
TO DATE
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net income
(loss)
|
|
(1,267)
|
1,362
|
1,065
|
1,150
|
2,310
|
Net income (loss)
available to common shareholders
|
|
(1,282)
|
1,362
|
1,065
|
1,150
|
2,295
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
(0.45%)
|
0.48%
|
0.37%
|
0.40%
|
0.20%
|
Return on average
equity
|
|
(4.86)
|
5.60
|
4.27
|
4.58
|
2.30
|
Net interest
margin
|
|
3.30
|
3.23
|
3.15
|
3.18
|
3.26
|
Net charge-offs as a
percentage of average loans
|
|
1.60
|
0.01
|
0.14
|
0.04
|
0.44
|
Loan loss provision
as a percentage of average loans
|
|
1.42
|
0.11
|
0.13
|
0.13
|
0.44
|
Efficiency
ratio
|
|
89.24
|
82.05
|
85.07
|
84.82
|
85.27
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
|
Basic
|
|
(0.07)
|
0.07
|
0.06
|
0.06
|
0.12
|
Average number of
common shares outstanding
|
|
18,884
|
18,897
|
18,899
|
18,903
|
18,896
|
Diluted
|
|
(0.07)
|
0.07
|
0.06
|
0.06
|
0.12
|
Average number of
common shares outstanding
|
|
18,884
|
18,948
|
18,957
|
18,990
|
18,955
|
Cash dividends
declared
|
|
0.010
|
0.010
|
0.015
|
0.015
|
0.050
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,172,127
|
|
|
|
Short-term
investments/overnight funds
|
|
8,320
|
|
|
|
Investment
securities
|
|
165,781
|
|
|
|
Loans and loans held
for sale
|
|
899,456
|
|
|
|
Allowance for loan
losses
|
|
10,080
|
|
|
|
Goodwill
|
|
11,944
|
|
|
|
Deposits
|
|
964,776
|
|
|
|
FHLB
borrowings
|
|
79,718
|
|
|
|
Subordinated debt,
net
|
|
7,447
|
|
|
|
Shareholders'
equity
|
|
95,604
|
|
|
|
Non-performing
assets
|
|
1,488
|
|
|
|
Tangible common
equity ratio
|
|
7.21
|
|
|
|
Total capital (to
risk weighted assets) ratio
|
|
13.03
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book
value
|
|
5.12
|
|
|
|
Tangible book
value
|
|
4.48
|
|
|
|
Market
value
|
|
3.75
|
|
|
|
Trust assets - fair
market value (A)
|
|
2,025,304
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
307
|
|
|
|
Branch
locations
|
|
16
|
|
|
|
Common shares
outstanding
|
|
18,666,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,121,701
|
1,142,492
|
1,145,655
|
1,153,780
|
Short-term
investments/overnight funds
|
|
5,556
|
6,836
|
8,279
|
8,966
|
Investment
securities
|
|
139,000
|
145,753
|
145,609
|
157,742
|
Loans and loans held
for sale
|
|
882,410
|
895,513
|
896,301
|
886,858
|
Allowance for loan
losses
|
|
9,520
|
9,746
|
9,726
|
9,932
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
|
906,773
|
940,931
|
962,736
|
967,786
|
FHLB
borrowings
|
|
88,952
|
72,617
|
56,943
|
58,296
|
Subordinated debt,
net
|
|
7,424
|
7,430
|
7,435
|
7,441
|
Shareholders'
equity
|
|
97,589
|
99,232
|
100,044
|
95,395
|
Non-performing
assets
|
|
3,007
|
2,230
|
1,907
|
1,624
|
Tangible common
equity ratio
|
|
7.72
|
7.72
|
7.77
|
7.31
|
Total capital (to
risk weighted assets) ratio
|
|
13.11
|
13.04
|
13.17
|
13.15
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
|
|
5.16
|
5.25
|
5.29
|
5.05
|
Tangible book
value
|
|
4.53
|
4.62
|
4.66
|
4.41
|
Market
value
|
|
2.99
|
3.02
|
3.32
|
3.70
|
Trust assets - fair
market value (A)
|
|
1,974,180
|
1,982,868
|
2,011,344
|
1,992,978
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
317
|
311
|
310
|
305
|
Branch
locations
|
|
16
|
16
|
16
|
16
|
Common shares
outstanding
|
|
18,894,561
|
18,896,876
|
18,903,472
|
18,903,472
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
(A) Not
recognized on the consolidated balance sheets.
|
|
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL, INC.
|
|
|
|
|
CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,556
|
|
|
|
|
Interest on
investments
|
|
1,192
|
|
|
|
|
Total Interest
Income
|
|
10,748
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,436
|
|
|
|
|
All
borrowings
|
|
591
|
|
|
|
|
Total Interest
Expense
|
|
2,027
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,721
|
|
|
|
|
Provision for loan
losses
|
|
225
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,496
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,166
|
|
|
|
|
Service charges on
deposit accounts
|
|
374
|
|
|
|
|
Net realized gains on
loans held for sale
|
|
114
|
|
|
|
|
Mortgage related
fees
|
|
75
|
|
|
|
|
Net realized gains on
investment securities
|
|
27
|
|
|
|
|
Bank owned life
insurance
|
|
141
|
|
|
|
|
Other
income
|
|
665
|
|
|
|
|
Total Non-Interest
Income
|
|
3,562
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,010
|
|
|
|
|
Net occupancy
expense
|
|
674
|
|
|
|
|
Equipment
expense
|
|
419
|
|
|
|
|
Professional
fees
|
|
1,200
|
|
|
|
|
FDIC deposit
insurance expense
|
|
160
|
|
|
|
|
Other
expenses
|
|
1,622
|
|
|
|
|
Total Non-Interest
Expense
|
|
10,085
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,973
|
|
|
|
|
Income tax
expense
|
|
625
|
|
|
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,348
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,465
|
9,409
|
9,462
|
9,525
|
37,861
|
Interest on
investments
|
|
957
|
980
|
1,014
|
1,057
|
4,008
|
Total Interest
Income
|
|
10,422
|
10,389
|
10,476
|
10,582
|
41,869
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,254
|
1,330
|
1,391
|
1,425
|
5,400
|
All
borrowings
|
|
610
|
573
|
579
|
573
|
2,335
|
Total Interest
Expense
|
|
1,864
|
1,903
|
1,970
|
1,998
|
7,735
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,558
|
8,486
|
8,506
|
8,584
|
34,134
|
Provision for loan
losses
|
|
3,100
|
250
|
300
|
300
|
3,950
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
5,458
|
8,236
|
8,206
|
8,284
|
30,184
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,075
|
2,124
|
2,035
|
2,099
|
8,333
|
Service charges on
deposit accounts
|
|
415
|
404
|
433
|
422
|
1,674
|
Net realized gains on
loans held for sale
|
|
107
|
185
|
260
|
332
|
884
|
Mortgage related
fees
|
|
63
|
98
|
132
|
74
|
367
|
Net realized gains on
investment securities
|
|
57
|
60
|
60
|
-
|
177
|
Bank owned life
insurance
|
|
167
|
169
|
169
|
170
|
675
|
Other
income
|
|
553
|
702
|
572
|
701
|
2,528
|
Total Non-Interest
Income
|
|
3,437
|
3,742
|
3,661
|
3,798
|
14,638
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,166
|
5,868
|
5,901
|
6,099
|
24,034
|
Net occupancy
expense
|
|
737
|
690
|
656
|
699
|
2,782
|
Equipment
expense
|
|
436
|
409
|
419
|
424
|
1,688
|
Professional
fees
|
|
1,465
|
1,192
|
1,330
|
1,293
|
5,280
|
FDIC deposit
insurance expense
|
|
179
|
188
|
189
|
153
|
709
|
Other
expenses
|
|
1,728
|
1,692
|
1,861
|
1,841
|
7,122
|
Total Non-Interest
Expense
|
|
10,711
|
10,039
|
10,356
|
10,509
|
41,615
|
|
|
|
|
|
|
|
PRETAX INCOME
(LOSS)
|
|
(1,816)
|
1,939
|
1,511
|
1,573
|
3,207
|
Income tax expense
(benefit)
|
|
(549)
|
577
|
446
|
423
|
897
|
NET INCOME
(LOSS)
|
|
(1,267)
|
1,362
|
1,065
|
1,150
|
2,310
|
Preferred stock
dividends
|
|
15
|
-
|
-
|
-
|
15
|
NET INCOME (LOSS)
AVAILABLE TO COMMON SHAREHOLDERS
|
(1,282)
|
1,362
|
1,065
|
1,150
|
2,295
|
|
|
AMERISERV FINANCIAL, INC.
|
|
|
AVERAGE BALANCE SHEET DATA
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
1QTR
|
|
1QTR
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
889,908
|
|
881,063
|
Short-term investment
in money market funds
|
|
7,940
|
|
3,484
|
Deposits with
banks
|
|
1,030
|
|
7,955
|
Total investment
securities
|
|
168,261
|
|
142,161
|
Total interest
earning assets
|
|
1,067,139
|
|
1,034,663
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
Cash and due from
banks
|
|
22,330
|
|
18,739
|
Premises and
equipment
|
|
11,804
|
|
12,090
|
Other
assets
|
|
67,794
|
|
67,751
|
Allowance for loan
losses
|
|
(10,053)
|
|
(9,886)
|
|
|
|
|
|
Total
assets
|
|
1,159,014
|
|
1,123,357
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
Interest bearing
demand
|
|
127,531
|
|
101,293
|
Savings
|
|
97,254
|
|
95,303
|
Money
market
|
|
278,811
|
|
264,433
|
Other time
|
|
288,830
|
|
267,805
|
Total interest
bearing deposits
|
|
792,426
|
|
728,834
|
Borrowings:
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
8,863
|
|
29,449
|
Advances from Federal
Home Loan Bank
|
|
45,535
|
|
49,135
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
13,085
|
Subordinated
debt
|
|
7,650
|
|
7,650
|
Total interest
bearing liabilities
|
|
867,559
|
|
828,153
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
Demand
deposits
|
|
183,532
|
|
181,096
|
Other
liabilities
|
|
12,613
|
|
9,370
|
Shareholders'
equity
|
|
95,310
|
|
104,738
|
Total liabilities and
shareholders' equity
|
|
1,159,014
|
|
1,123,357
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameriserv-financial-reports-earnings-for-the-first-quarter-of-2017-300440820.html
SOURCE AmeriServ Financial, Inc.