JOHNSTOWN, Pa., July 18, 2017 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported second quarter 2017 net
income available to common shareholders of $1,389,000, or $0.07 per diluted common share. This
earnings performance was consistent with the second quarter of 2016
where net income available to common shareholders totaled
$1,362,000, or $0.07 per diluted common share. For the six
month period ended June 30, 2017, the
Company reported net income available to common shareholders of
$2,737,000, or $0.15 per diluted common share. This
represents a significant improvement of $2.7
million from the six month period of 2016 where net income
available to common shareholders totaled $80,000, which rounds to $0.00 per diluted common share. The
following table highlights the Company's financial performance for
both the three and six month periods ended June 30, 2017 and 2016:
|
Second Quarter
2017
|
Second Quarter
2016
|
|
Six Months
Ended June 30, 2017
|
Six Months
Ended June 30, 2016
|
|
|
|
|
|
|
Net income
|
$1,389,000
|
$1,362,000
|
|
$2,737,000
|
$95,000
|
Net income available
to common shareholders
|
$1,389,000
|
$1,362,000
|
|
$2,737,000
|
$80,000
|
Diluted earnings per
share
|
$ 0.07
|
$ 0.07
|
|
$ 0.15
|
$ 0.00
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2017 financial results:
"In the first half of 2017, we have carefully managed our balance
sheet to achieve controlled growth which provides us with the
flexibility to return more capital to our shareholders. This
growth in earning assets, combined with favorable positioning for
higher interest rates, contributed to a 3.4% increase in net
interest income which helped support earnings per share
growth. As a result of our improved net income, we returned
89% of our earnings for the first six months of 2017 to our
shareholders through accretive stock buybacks and cash
dividends."
The Company's net interest income in the second quarter of 2017
increased by $413,000, or 4.9%, from
the prior year's second quarter and for the first six months of
2017 increased by $576,000, or 3.4%,
when compared to the first six months of 2016. The Company's
net interest margin was 3.27% for both the second quarter and for
the first six months of 2017 representing an improvement of four
basis points from the prior year's second quarter while matching
the level achieved in the first six months of 2016. The
quarter versus quarter improvement in net interest income is a
result of a higher level of total earning assets and the improved
net interest margin performance. 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 $173 million in the second
quarter of 2017 which is $28.1
million, or 19.4%, higher than the $145 million average for the second quarter of
2016. Investment securities have also averaged $171 million for the six month time period which
is $27.1 million, or 18.9%, higher
than the six month 2016 average. Total loans averaged
$900 million in the second quarter of
2017 which is $11.3 million, or 1.3%,
higher than the $889 million average
for the second quarter of 2016. Total loans averaged
$895 million in the first half of
2017 which is $10.1 million, or 1.1%,
higher than the 2016 first six month average.
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 that resulted in improved opportunities to purchase
additional securities and grow the portfolio. As a result,
interest on investments increased between the second quarter of
2017 and the second quarter of 2016 by $293,000 or 29.9% and increased in the first half
of 2017 from the first half of 2016 by $528,000 or 27.3%. 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 commercial real estate loans particularly through its
loan production offices. Loan interest income increased by
$369,000, or 3.9%, between the second
quarter of 2017 and the second quarter of 2016 and also increased
by $460,000, or 2.4%, in the first
six months of 2017 when compared to last year. The higher
loan interest income also reflects the upward repricing of certain
loans tied to LIBOR or the prime rate as both of these indices have
moved up with the Federal Reserve's decision to increase the target
federal funds interest rate by 25 basis points in December of 2016,
March of 2017, and again in June of 2017. Overall, total interest
income increased by $988,000, or
4.7%, in the first half of 2017.
Total interest expense for the second quarter of 2017 increased
by $249,000, or 13.1%, and increased
by $412,000, or 10.9%, in the first
six months of 2017 when compared to 2016, due to higher levels of
both deposit and borrowing 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 $975 million for the first half of 2017 which is
$42.9 million, or 4.6%, higher than
the $933 million average for the
first half of 2016. Deposit interest expense through six
months in 2017 increased by $356,000,
or 13.8%, due to the higher balance of deposits along with certain
indexed money market accounts repricing upward after the Federal
Reserve interest rate increases. As a result of the strong
deposit growth, the Company's loan to deposit ratio averaged 91.8%
in the first half of 2017 which indicates that the Company has
ample room to further grow its loan portfolio in 2017. The
Company experienced a $56,000
increase in the interest cost for borrowings in the first six
months of 2017 due to the immediate impact that the increases in
the Federal Funds Rate had on the cost of borrowed funds. In
the first half of 2017, total average FHLB borrowed funds of
$62 million decreased slightly by
$3.5 million, or 5.3%.
The Company recorded a $325,000
provision for loan losses in the second quarter of 2017 compared to
a $250,000 provision for loan losses
in the second quarter of 2016. For the six month period in
2017, the Company recorded a $550,000
provision for loan losses compared to $3,350,000 provision for loan losses in 2016 or a
decrease of $2.8 million between
years. Both, the loan loss provision and net charge-offs were
at more typical levels this year than the substantially higher
levels that were necessary early last year to resolve a troubled
loan exposure to the energy industry. The provision recorded
in 2017 supported the continuing loan growth, a higher level of
criticized loans and more than covered the low level of net loan
charge-offs incurred in the first six months of 2017. For the
six month timeframe, the Company experienced net loan charge-offs
of $91,000, or 0.02% of total loans
in 2017 compared to net loan charge-offs of $3.5 million, or 0.80%, of total loans in
2016. Overall, the Company continued to maintain strong asset
quality as its non-performing assets totaled $2.4 million, or 0.26%, of total loans, at
June 30, 2017. In summary, the
allowance for loan losses provided a strong 440% coverage of
non-performing loans, and 1.16% of total loans, at June 30, 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 second quarter of 2017
increased by $13,000, or 0.3%, from
the prior year's second quarter, and for the first six months of
2017 increased by $138,000, or 1.9%,
when compared to the first six months of 2016. For the second
quarter of 2017, the increase was due to higher revenue from bank
owned life insurance (BOLI) by $141,000 due to the receipt of a death
claim. This more than offset lower trust and investment
advisory fees by $43,000, service
charges on deposits declining by $19,000 due to reduced overdraft fee income and a
lower level of mortgage related fees by $15,000. For the six month period, a
$115,000 increase in revenue from
BOLI as well as a greater level of other income by $88,000 and trust and investment advisory fees
increasing by $48,000 more than
offset lower levels of service charges on deposits by $60,000 and a reduced recognition of gains from
security sales by $58,000.
Within other income there was an increase in revenue from our
financial services business unit by $153,000 as wealth management continues to be an
important strategic focus of the Company.
The Company's total non-interest expense in the second quarter
of 2017 increased by $278,000, or
2.8%, when compared to the second quarter of 2016, and for the
first half of 2017 decreased by $348,000, or 1.7%. The increase in the
second quarter of 2017 is attributed to a higher level of
professional fees by $223,000 and
salaries & employee benefits by $111,000. The increase to professional fees
was due to higher legal costs and additional professional services
expenses that were related to technology improvements. These
items more than offset reduced occupancy expense by $51,000 due to improved efficiencies and lower
FDIC insurance expense by $36,000. For the six month period, the
$348,000 decrease in non-interest
expense in 2017 was primarily attributable to the Company's ongoing
profitability improvement initiatives. Specifically, salaries
and employee benefits were down by $45,000 as there were seven fewer full time
equivalent employees in the first half 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 occupancy expense, which decreased by
$114,000, or 8.0% and other expenses
which decreased by $100,000 or 2.9%
in the first half of 2017. Finally, reduced FDIC insurance by
$55,000 also contributed to the
favorable six month comparison. Overall, the continued focus
on expense control and rationalization results in the efficiency
ratio improving through six months from 85.61% in 2016 to 81.75% in
2017. The Company recorded an income tax expense of
$1,248,000, or an effective tax rate
of 31.3%, in the first half of 2017. This compares to an
income tax expense of $28,000, or an
effective tax rate of 22.8%, for the first half of 2016.
The Company had total assets of $1.17
billion, shareholders' equity of $96.3 million, a book value of $5.21 per common share and a tangible book value
of $4.57 per common share at
June 30, 2017. In accordance
with the common stock buyback program announced on January 24, 2017, the Company returned
$1,870,000 of capital to its
shareholders through the repurchase of 465,956 shares of its common
stock in the first half 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
|
|
|
June 30,
2017
|
|
(Dollars in
thousands, except per share and ratio data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
1,348
|
1,389
|
2,737
|
|
Net income available
to common shareholders
|
|
1,348
|
1,389
|
2,737
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
0.47%
|
0.48%
|
0.47%
|
|
Return on average
equity
|
|
5.74
|
5.81
|
5.77
|
|
Net interest
margin
|
|
3.27
|
3.27
|
3.27
|
|
Net charge-offs as a
percentage of average loans
|
|
0.04
|
0.01
|
0.02
|
|
Loan loss provision
as a percentage of average loans
|
|
0.10
|
0.14
|
0.12
|
|
Efficiency
ratio
|
|
82.04
|
81.47
|
81.75
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
0.07
|
0.07
|
0.15
|
|
Average number of
common shares outstanding
|
|
18,814
|
18,580
|
18,696
|
|
Diluted
|
|
0.07
|
0.07
|
0.15
|
|
Average number of
common shares outstanding
|
|
18,922
|
18,699
|
18,808
|
|
Cash dividends
declared
|
|
0.015
|
0.015
|
0.03
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
(loss)
|
|
(1,267)
|
1,362
|
95
|
|
Net income (loss)
available to common shareholders
|
|
(1,282)
|
1,362
|
80
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
(0.45%)
|
0.48%
|
0.02%
|
|
Return on average
equity
|
|
(4.86)
|
5.60
|
2.66
|
|
Net interest
margin
|
|
3.30
|
3.23
|
3.27
|
|
Net charge-offs as a
percentage of average loans
|
|
1.60
|
0.01
|
0.80
|
|
Loan loss provision
as a percentage of average loans
|
|
1.42
|
0.11
|
0.76
|
|
Efficiency
ratio
|
|
89.24
|
82.05
|
85.61
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
Basic
|
|
(0.07)
|
0.07
|
-
|
|
Average number of
common shares outstanding
|
|
18,884
|
18,897
|
18,890
|
|
Diluted
|
|
(0.07)
|
0.07
|
-
|
|
Average number of
common shares outstanding
|
|
18,884
|
18,948
|
18,943
|
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.02
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
2QTR
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,172,127
|
1,171,962
|
|
|
Short-term
investments/overnight funds
|
|
8,320
|
8,389
|
|
|
Investment
securities
|
|
165,781
|
168,367
|
|
|
Loans and loans held
for sale
|
|
899,456
|
897,876
|
|
|
Allowance for loan
losses
|
|
10,080
|
10,391
|
|
|
Goodwill
|
|
11,944
|
11,944
|
|
|
Deposits
|
|
964,776
|
956,375
|
|
|
FHLB
borrowings
|
|
79,718
|
87,143
|
|
|
Subordinated debt,
net
|
|
7,447
|
7,453
|
|
|
Shareholders'
equity
|
|
95,604
|
96,277
|
|
|
Non-performing
assets
|
|
1,488
|
2,362
|
|
|
Tangible common
equity ratio
|
|
7.21
|
7.27
|
|
|
Total capital (to
risk weighted assets) ratio
|
|
13.03
|
13.13
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book
value
|
|
5.12
|
5.21
|
|
|
Tangible book
value
|
|
4.48
|
4.57
|
|
|
Market
value
|
|
3.75
|
4.15
|
|
|
Trust assets - fair
market value (A)
|
|
2,025,304
|
2,070,212
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
307
|
308
|
|
|
Branch
locations
|
|
16
|
16
|
|
|
Common shares
outstanding
|
|
18,666,520
|
18,461,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2QTR
|
|
YEAR
|
|
|
|
|
|
|
|
TO DATE
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,556
|
|
9,778
|
|
19,334
|
|
Interest on
investments
|
|
1,192
|
|
1,273
|
|
2,465
|
|
Total Interest
Income
|
|
10,748
|
|
11,051
|
|
21,799
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
Deposits
|
|
1,436
|
|
1,504
|
|
2,940
|
|
All
borrowings
|
|
591
|
|
648
|
|
1,239
|
|
Total Interest
Expense
|
|
2,027
|
|
2,152
|
|
4,179
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,721
|
|
8,899
|
|
17,620
|
|
Provision for loan
losses
|
|
225
|
|
325
|
|
550
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,496
|
|
8,574
|
|
17,070
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,166
|
|
2,081
|
|
4,247
|
|
Service charges on
deposit accounts
|
|
374
|
|
385
|
|
759
|
|
Net realized gains on
loans held for sale
|
|
114
|
|
186
|
|
300
|
|
Mortgage related
fees
|
|
75
|
|
83
|
|
158
|
|
Net realized gains on
investment securities
|
|
27
|
|
32
|
|
59
|
|
Bank owned life
insurance
|
|
141
|
|
310
|
|
451
|
|
Other
income
|
|
665
|
|
678
|
|
1,343
|
|
Total Non-Interest
Income
|
|
3,562
|
|
3,755
|
|
7,317
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,010
|
|
5,979
|
|
11,989
|
|
Net occupancy
expense
|
|
674
|
|
639
|
|
1,313
|
|
Equipment
expense
|
|
419
|
|
434
|
|
853
|
|
Professional
fees
|
|
1,200
|
|
1,415
|
|
2,615
|
|
FDIC deposit
insurance expense
|
|
160
|
|
152
|
|
312
|
|
Other
expenses
|
|
1,622
|
|
1,698
|
|
3,320
|
|
Total Non-Interest
Expense
|
|
10,085
|
|
10,317
|
|
20,402
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,973
|
|
2,012
|
|
3,985
|
|
Income tax
expense
|
|
625
|
|
623
|
|
1,248
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,348
|
|
1,389
|
|
2,737
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
YEAR
|
|
|
|
|
|
|
|
TO DATE
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,465
|
|
9,409
|
|
18,874
|
|
Interest on
investments
|
|
957
|
|
980
|
|
1,937
|
|
Total Interest
Income
|
|
10,422
|
|
10,389
|
|
20,811
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
Deposits
|
|
1,254
|
|
1,330
|
|
2,584
|
|
All
borrowings
|
|
610
|
|
573
|
|
1,183
|
|
Total Interest
Expense
|
|
1,864
|
|
1,903
|
|
3,767
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,558
|
|
8,486
|
|
17,044
|
|
Provision for loan
losses
|
|
3,100
|
|
250
|
|
3,350
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
5,458
|
|
8,236
|
|
13,694
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,075
|
|
2,124
|
|
4,199
|
|
Service charges on
deposit accounts
|
|
415
|
|
404
|
|
819
|
|
Net realized gains on
loans held for sale
|
|
107
|
|
185
|
|
292
|
|
Mortgage related
fees
|
|
63
|
|
98
|
|
161
|
|
Net realized gains on
investment securities
|
|
57
|
|
60
|
|
117
|
|
Bank owned life
insurance
|
|
167
|
|
169
|
|
336
|
|
Other
income
|
|
553
|
|
702
|
|
1,255
|
|
Total Non-Interest
Income
|
|
3,437
|
|
3,742
|
|
7,179
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,166
|
|
5,868
|
|
12,034
|
|
Net occupancy
expense
|
|
737
|
|
690
|
|
1,427
|
|
Equipment
expense
|
|
436
|
|
409
|
|
845
|
|
Professional
fees
|
|
1,465
|
|
1,192
|
|
2,657
|
|
FDIC deposit
insurance expense
|
|
179
|
|
188
|
|
367
|
|
Other
expenses
|
|
1,728
|
|
1,692
|
|
3,420
|
|
Total Non-Interest
Expense
|
|
10,711
|
|
10,039
|
|
20,750
|
|
|
|
|
|
|
|
|
|
PRETAX INCOME
(LOSS)
|
|
(1,816)
|
|
1,939
|
|
123
|
|
Income tax expense
(benefit)
|
|
(549)
|
|
577
|
|
28
|
|
NET INCOME
(LOSS)
|
|
(1,267)
|
|
1,362
|
|
95
|
|
Preferred stock
dividends
|
|
15
|
|
-
|
|
15
|
|
NET INCOME (LOSS)
AVAILABLE TO COMMON SHAREHOLDERS
|
(1,282)
|
|
1,362
|
|
80
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2QTR
|
|
SIX
|
|
2QTR
|
|
SIX
|
|
|
|
|
MONTHS
|
|
|
|
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
900,156
|
|
895,032
|
|
888,839
|
|
884,951
|
Short-term investment
in money market funds
|
|
7,285
|
|
7,613
|
|
10,208
|
|
9,082
|
Deposits with
banks
|
|
1,030
|
|
1,030
|
|
1,065
|
|
2,275
|
Total investment
securities
|
|
172,908
|
|
170,585
|
|
144,808
|
|
143,484
|
Total interest
earning assets
|
|
1,081,379
|
|
1,074,260
|
|
1,044,920
|
|
1,039,792
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
22,231
|
|
22,280
|
|
19,235
|
|
18,987
|
Premises and
equipment
|
|
12,013
|
|
11,909
|
|
11,969
|
|
12,030
|
Other
assets
|
|
67,628
|
|
67,710
|
|
68,640
|
|
68,195
|
Allowance for loan
losses
|
|
(10,281)
|
|
(10,167)
|
|
(9,652)
|
|
(9,769)
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
1,172,970
|
|
1,165,992
|
|
1,135,112
|
|
1,129,235
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
|
130,744
|
|
129,138
|
|
108,615
|
|
104,954
|
Savings
|
|
98,119
|
|
97,686
|
|
96,551
|
|
95,927
|
Money
market
|
|
274,116
|
|
276,464
|
|
275,888
|
|
270,161
|
Other time
|
|
290,910
|
|
289,869
|
|
290,482
|
|
279,143
|
Total interest
bearing deposits
|
|
793,889
|
|
793,157
|
|
771,536
|
|
750,185
|
Borrowings:
|
|
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
24,127
|
|
16,495
|
|
3,682
|
|
16,565
|
Advances from Federal
Home Loan Bank
|
|
45,824
|
|
45,679
|
|
49,081
|
|
49,108
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
13,085
|
|
13,085
|
|
13,085
|
Subordinated
debt
|
|
7,650
|
|
7,650
|
|
7,650
|
|
7,650
|
Total interest
bearing liabilities
|
|
884,575
|
|
876,066
|
|
845,034
|
|
836,593
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
180,885
|
|
182,209
|
|
183,547
|
|
182,322
|
Other
liabilities
|
|
11,646
|
|
12,130
|
|
8,752
|
|
9,061
|
Shareholders'
equity
|
|
95,864
|
|
95,587
|
|
97,779
|
|
101,259
|
Total liabilities and
shareholders' equity
|
|
1,172,970
|
|
1,165,992
|
|
1,135,112
|
|
1,129,235
|
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SOURCE AmeriServ Financial, Inc.