JOHNSTOWN, Pa., Jan. 23, 2018 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported a fourth quarter 2017 net
loss available to common shareholders of $995,000, or ($0.05) per diluted common share, due to the
enactment into law of "H.R.1.", known as the "Tax Cuts and Jobs
Act", which necessitated the revaluation of the Company's deferred
tax asset because of the new lower corporate tax rate. This
revaluation required that the Company recognize additional income
tax expense of $2.6 million, which is
consistent with the information previously disclosed in an 8-K
filed on January 11, 2018. In
the fourth quarter of 2016, net income available to common
shareholders totaled $1,150,000, or
$0.06 per diluted common share.
For the year ended December 31, 2017,
the Company reported net income available to common shareholders of
$3,293,000, or $0.18 per diluted common share. This
represents an improvement of $998,000
from the full year of 2016 where net income available to common
shareholders totaled $2,295,000, or
$0.12 per diluted common share.
The additional income tax expense negatively impacted diluted
earnings per share by $0.14 for both
the fourth quarter and full year of 2017. The following table
highlights the Company's financial performance for both the three
month and twelve month periods ended December 31, 2017 and 2016:
|
Fourth
Quarter
2017
|
Fourth Quarter
2016
|
|
Year Ended
December 31, 2017
|
Year Ended
December 31, 2016
|
|
|
|
|
|
|
Net income
(loss)
|
($995,000)
|
$1,150,000
|
|
$3,293,000
|
$2,310,000
|
Net income (loss)
available to common
shareholders
|
($995,000)
|
$1,150,000
|
|
$3,293,000
|
$2,295,000
|
Diluted earnings
per
share
|
($ 0.05)
|
$ 0.06
|
|
$ 0.18
|
$ 0.12
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2017 financial results:
"I was particularly pleased with our quarterly trend of increasing
pre-tax income and strong capital returns to our shareholders in
2017. The growth in earnings resulted from a favorable combination
of increased revenue, reduced non-interest expense and a lower loan
loss provision due to good asset quality. We are entering
2018 with good momentum in our community banking and wealth
management businesses. When this positive business momentum
is combined with an improving economy and a lower effective
corporate tax rate, we believe AmeriServ Financial is well
positioned to achieve meaningful earnings growth in
2018."
The Company's net interest income in the fourth quarter of 2017
increased by $420,000, or 4.9%, from
the prior year's fourth quarter and for the full year of 2017
increased by $1.4 million, or 4.2%,
when compared to the full year of 2016. The Company's net
interest margin was 3.31% for the quarter and 3.32% for the full
year of 2017 representing an improvement of 13 basis points from
the prior year's fourth quarter and a six basis point improvement
from the full year of 2016. The 2017 increase in net interest
income is a result of a higher level of total earning assets and
favorable balance sheet positioning which has contributed to the
improved net interest margin performance. The Company
continues to grow earning assets while also limiting increases in
its cost of funds through disciplined deposit pricing.
Specifically, for the quarter, the earning asset growth occurred in
both the loan and investment securities portfolios. Total
investment securities averaged $175
million in the fourth quarter of 2017 which is $21 million, or 13.7%, higher than the
$154 million average for the fourth
quarter of 2016. Investment securities have also averaged
$173 million for the full year of
2017 which is $25.3 million, or
17.2%, higher than the full year 2016 average. Total loans
averaged $894 million for the full
year 2017 which is $6.2 million, or
0.7%, higher than the 2016 full year 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 fourth quarter of
2017 and the fourth quarter of 2016 by $285,000 or 27.0% and increased for the full year
of 2017 from 2016 by $1,131,000 or
28.2%. Even though loan production slowed somewhat during the
fourth quarter because of the uncertainty in the market from
potential borrowers of the timing that corporate tax reform would
be enacted, the loan portfolio still demonstrated an increase for
both time periods. This increase was the result of the
successful results of the Company's business development efforts,
with an emphasis on generating all types of commercial business
loans particularly through its loan production offices. Loan
interest income increased by $503,000, or 5.3%, between the fourth quarter of
2017 and the fourth quarter of 2016 and also increased by
$1,356,000, or 3.6%, for the full
year of 2017 when compared to last year. The higher loan
interest income also results from new loans originating at higher
yields due to the higher interest rates and 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 three times in 2017. Overall, total interest income
increased by $2.5 million, or 5.9%,
for the full year of 2017.
Total interest expense for the fourth quarter of 2017 increased
by $368,000, or 18.4%, and increased
by $1,060,000, or 13.7%, for the full
year 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 $976 million for the full year of 2017 which is
$20.8 million, or 2.2%,
higher than the $956 million
average for the full year of 2016.
Deposit interest expense in 2017 increased by $855,000, or 15.8%, 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 solid deposit growth, the Company's loan to deposit
ratio averaged 91.5% in 2017 which we believe indicates that the
Company has ample capacity to further grow its loan
portfolio. The Company experienced a $205,000 increase in the interest cost for
borrowings in 2017 primarily due to the immediate impact that the
increases in the Federal Funds Rate had on the cost of overnight
borrowed funds. For the full year of 2017, total average FHLB
borrowed funds of $62.6 million,
increased by $4.9 million, or
8.4%.
The Company recorded a $50,000
provision for loan losses in the fourth quarter of 2017 compared to
a $300,000 provision for loan losses
in the fourth quarter of 2016. The lower provision during the
fourth quarter of 2017 reflects the payoff of one large criticized
commercial real estate credit exposure that had exhibited chronic
delinquency. For the full year of 2017, the Company recorded
an $800,000 provision for loan losses
compared to a $3,950,000 provision
for loan losses in 2016 or a decrease of $3.2 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 commercial
loan growth and more than covered the low level of net loan
charge-offs in 2017. The Company experienced net loan
charge-offs of $518,000, or 0.06% of
total loans in 2017 compared to net loan charge-offs of
$3.9 million, or 0.44%, of total
loans in 2016. Overall, the Company continued to maintain
strong asset quality as its nonperforming assets declined during
the fourth quarter and totaled $3.0
million, or 0.34%, of total loans, at December 31, 2017. In summary, the
allowance for loan losses provided 337% coverage of non-performing
loans, and 1.14% of total loans, at December
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 fourth quarter of 2017
decreased by $99,000, or 2.6%, from
the prior year's fourth quarter, and for the full year of 2017 was
relatively consistent with last year, increasing slightly by
$7,000. For the fourth quarter
of 2017, the decrease was due to lower revenue from residential
mortgage loan sales into the secondary market ($170,000) and mortgage related fee income
($16,000) as a result of reduced
residential mortgage refinance activity and a lower level of
residential mortgage production. The reduced mortgage related
revenue more than offset a greater level of revenue, primarily from
our trust and wealth management company, by $125,000 as this area benefitted from increasing
market values for assets under management in 2017.
Non-interest income for the full year of 2017 was also positively
impacted by higher revenue from our wealth management operation
including a $294,000 increase in
financial services revenue, and a greater level of trust and
investment advisory fees by $129,000. Wealth management continues to be
an important strategic focus as it contributes to non-interest
revenue comprising over 29% of the Company's total revenue in
2017. There was also a $62,000
increase in revenue from bank owned life insurance in 2017 due to
the second quarter receipt of a death claim. These favorable
items more than offset lower levels of service charges on deposits
by $93,000, reduced mortgage related
fees and residential mortgage loan sale gains by $287,000, and fewer gains realized from security
sales by $62,000 in 2017.
The Company's total non-interest expense in the fourth quarter
of 2017 decreased by $259,000, or
2.5%, when compared to the fourth quarter of 2016, and for the full
year of 2017 decreased by $849,000,
or 2.0%. The $849,000 full year
decrease in non-interest expense was attributable to the Company's
ongoing efforts to control costs. Specifically, a branch
consolidation and closure of an unprofitable loan production office
were the primary reasons for occupancy expense decreasing by
$182,000, or 6.5%, and equipment
costs declining by $103,000.
Other expense is lower by $354,000
while professional fees declined by $222,000 due to lower legal fees and litigation
costs, the non-recurrence of costs related to resolving a trust
operations trading error in 2016, and declines in several other
expense categories. Reduced FDIC insurance by $81,000 also contributed to the favorable full
year expense comparison. Additionally, this ongoing cost
control focus limited the full year increase in salary and employee
benefits expense to $93,000, or 0.4%,
despite additional investment in talent, particularly in our wealth
management division. Similar trends were apparent in the
previously noted decline in non-interest expense for the fourth
quarter of 2017. Overall, the Company's full year efficiency
ratio improved from 85.27% in 2016 to 81.13% in 2017 due to
increased total revenue and reduced non-interest
expenses.
Finally, the Company recorded an income tax expense of
$5.3 million, or an effective tax
rate of 61.9%, in 2017. The higher income tax expense results
from the impact of the additional income tax charge of $2.6 million recorded in the fourth quarter and
is related to corporate income tax reform which is described in the
beginning of this press release. Without this charge, the
Company's effective tax rate would have approximated 31.5% in 2017.
In 2016, income tax expense totaled $897,000, or an effective tax rate of
28.0%. Beginning in 2018, we expect a reduction in the
Company's effective tax rate to approximately 20% which we believe
will provide a meaningful boost to future earnings.
The Company had total assets of $1.17
billion, shareholders' equity of $95.1 million, a book value of $5.25 per common share and a tangible book value
of $4.59 per common share at
December 31, 2017. The
additional income tax expense negatively impacted both book value
per common share and tangible book value per common share by
$0.14. In accordance with the
common stock buyback program announced on January 24, 2017, the Company returned
$3.4 million of capital to its
shareholders through the repurchase of 839,337 shares of its common
stock in 2017. This represents approximately 89% of the
authorized common stock repurchase program. 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
|
|
|
|
|
|
December 31,
2017
|
|
|
|
|
(Dollars in
thousands, except per share and ratio data)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR**
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
1,348
|
1,389
|
1,551
|
(955)
|
3,293
|
Net income available
to common shareholders
|
|
1,348
|
1,389
|
1,551
|
(955)
|
3,293
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.47%
|
0.48%
|
0.53%
|
(0.34%)
|
0.28%
|
Return on average
equity
|
|
5.74
|
5.81
|
6.37
|
(4.07)
|
3.42
|
Net interest
margin
|
|
3.27
|
3.27
|
3.28
|
3.31
|
3.32
|
Net charge-offs as a
percentage of average loans
|
|
0.04
|
0.01
|
0.11
|
0.08
|
0.06
|
Loan loss provision
as a percentage of average loans
|
|
0.10
|
0.14
|
0.09
|
0.02
|
0.09
|
Efficiency
ratio
|
|
82.04
|
81.47
|
80.42
|
80.63
|
81.13
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.07
|
0.07
|
0.08
|
(0.05)
|
0.18
|
Average number of
common shares outstanding
|
|
18,814
|
18,580
|
18,380
|
18,226
|
18,498
|
Diluted
|
|
0.07
|
0.07
|
0.08
|
(0.05)
|
0.18
|
Average number of
common shares outstanding
|
|
18,922
|
18,699
|
18,481
|
18,226
|
18,600
|
Cash dividends
declared
|
|
0.015
|
0.015
|
0.015
|
0.015
|
0.060
|
|
|
|
|
|
|
|
|
|
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
|
|
0.01
|
0.01
|
0.015
|
0.015
|
0.050
|
|
** - The fourth
quarter 2017 results were impacted by a $2.6 million increase of
tax expense because of the new tax law that caused
|
the revaluation of the
Company's deferred tax assets from 34% to 21%.
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,172,127
|
1,171,962
|
1,170,916
|
1,167,655
|
Short-term
investments/overnight funds
|
|
8,320
|
8,389
|
8,408
|
7,954
|
Investment
securities
|
|
165,781
|
168,367
|
168,443
|
167,890
|
Loans and loans held
for sale
|
|
899,456
|
897,876
|
897,990
|
892,758
|
Allowance for loan
losses
|
|
10,080
|
10,391
|
10,346
|
10,214
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
|
964,776
|
956,375
|
966,921
|
947,945
|
FHLB
borrowings
|
|
79,718
|
87,143
|
77,635
|
95,313
|
Subordinated debt,
net
|
|
7,447
|
7,453
|
7,459
|
7,465
|
Shareholders'
equity
|
|
95,604
|
96,277
|
97,110
|
95,102
|
Non-performing
assets
|
|
1,488
|
2,362
|
5,372
|
3,034
|
Tangible common
equity ratio
|
|
7.21
|
7.27
|
7.35
|
7.20
|
Total capital (to
risk weighted assets) ratio
|
|
13.03
|
13.13
|
13.08
|
13.21
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book
value
|
|
5.12
|
5.21
|
5.31
|
5.25
|
Tangible book
value
|
|
4.48
|
4.57
|
4.66
|
4.59
|
Market
value
|
|
3.75
|
4.15
|
4.00
|
4.15
|
Trust assets - fair
market value (A)
|
|
2,025,304
|
2,070,212
|
2,119,371
|
2,186,393
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
307
|
308
|
307
|
302
|
Branch
locations
|
|
16
|
16
|
16
|
15
|
Common shares
outstanding
|
|
18,666,520
|
18,461,628
|
18,281,224
|
18,128,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
3QTR
|
|
4QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,556
|
|
9,778
|
|
9,855
|
|
10,028
|
|
39,217
|
Interest on
investments
|
|
1,192
|
|
1,273
|
|
1,332
|
|
1,342
|
|
5,139
|
Total Interest
Income
|
|
10,748
|
|
11,051
|
|
11,187
|
|
11,370
|
|
44,356
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,436
|
|
1,504
|
|
1,618
|
|
1,697
|
|
6,255
|
All
borrowings
|
|
591
|
|
648
|
|
632
|
|
669
|
|
2,540
|
Total Interest
Expense
|
|
2,027
|
|
2,152
|
|
2,250
|
|
2,366
|
|
8,795
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,721
|
|
8,899
|
|
8,937
|
|
9,004
|
|
35,561
|
Provision for loan
losses
|
|
225
|
|
325
|
|
200
|
|
50
|
|
800
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,496
|
|
8,574
|
|
8,737
|
|
8,954
|
|
34,761
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,166
|
|
2,081
|
|
2,045
|
|
2,170
|
|
8,462
|
Service charges on
deposit accounts
|
|
374
|
|
385
|
|
409
|
|
413
|
|
1,581
|
Net realized gains on
loans held for sale
|
|
114
|
|
186
|
|
217
|
|
162
|
|
679
|
Mortgage related
fees
|
|
75
|
|
83
|
|
69
|
|
58
|
|
285
|
Net realized gains on
investment securities
|
|
27
|
|
32
|
|
56
|
|
-
|
|
115
|
Bank owned life
insurance
|
|
141
|
|
310
|
|
143
|
|
143
|
|
737
|
Other
income
|
|
665
|
|
678
|
|
690
|
|
753
|
|
2,786
|
Total Non-Interest
Income
|
|
3,562
|
|
3,755
|
|
3,629
|
|
3,699
|
|
14,645
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,010
|
|
5,979
|
|
6,005
|
|
6,133
|
|
24,127
|
Net occupancy
expense
|
|
674
|
|
639
|
|
634
|
|
653
|
|
2,600
|
Equipment
expense
|
|
419
|
|
434
|
|
343
|
|
389
|
|
1,585
|
Professional
fees
|
|
1,200
|
|
1,415
|
|
1,213
|
|
1,230
|
|
5,058
|
FDIC deposit
insurance expense
|
|
160
|
|
152
|
|
156
|
|
160
|
|
628
|
Other
expenses
|
|
1,622
|
|
1,698
|
|
1,763
|
|
1,685
|
|
6,768
|
Total Non-Interest
Expense
|
|
10,085
|
|
10,317
|
|
10,114
|
|
10,250
|
|
40,766
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,973
|
|
2,012
|
|
2,252
|
|
2,403
|
|
8,640
|
Income tax
expense
|
|
625
|
|
623
|
|
701
|
|
3,398
|
|
5,347
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,348
|
|
1,389
|
|
1,551
|
|
(995)
|
|
3,293
|
|
|
|
|
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)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4QTR
|
|
TWELVE
|
|
4QTR
|
|
TWELVE
|
|
|
|
|
MONTHS
|
|
|
|
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
893,134
|
|
893,849
|
|
887,671
|
|
887,679
|
Short-term investment
in money market funds
|
|
7,839
|
|
7,996
|
|
21,663
|
|
15,156
|
Deposits with
banks
|
|
1,025
|
|
1,028
|
|
1,059
|
|
1,668
|
Total investment
securities
|
|
174,507
|
|
172,615
|
|
153,539
|
|
147,279
|
Total interest
earning assets
|
|
1,076,505
|
|
1,075,488
|
|
1,063,932
|
|
1,051,782
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
22,931
|
|
22,393
|
|
22,854
|
|
20,626
|
Premises and
equipment
|
|
12,806
|
|
12,273
|
|
11,772
|
|
11,930
|
Other
assets
|
|
66,352
|
|
67,169
|
|
67,137
|
|
68,046
|
Allowance for loan
losses
|
|
(10,430)
|
|
(10,241)
|
|
(9,829)
|
|
(9,790)
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
1,168,164
|
|
1,167,082
|
|
1,155,866
|
|
1,142,594
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
|
128,589
|
|
129,589
|
|
112,451
|
|
108,350
|
Savings
|
|
96,064
|
|
97,405
|
|
95,494
|
|
95,986
|
Money
market
|
|
271,672
|
|
275,636
|
|
286,187
|
|
277,967
|
Other time
|
|
294,099
|
|
291,475
|
|
301,555
|
|
290,612
|
Total interest
bearing deposits
|
|
790,424
|
|
794,105
|
|
795,687
|
|
772,915
|
Borrowings:
|
|
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
21,719
|
|
16,972
|
|
1,685
|
|
9,030
|
Advances from Federal
Home Loan Bank
|
|
45,273
|
|
45,657
|
|
46,810
|
|
48,720
|
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
|
|
878,151
|
|
877,469
|
|
864,917
|
|
851,400
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
183,430
|
|
182,301
|
|
184,920
|
|
182,732
|
Other
liabilities
|
|
9,591
|
|
11,119
|
|
6,241
|
|
8,074
|
Shareholders'
equity
|
|
96,992
|
|
96,193
|
|
99,788
|
|
100,388
|
Total liabilities and
shareholders' equity
|
|
1,168,164
|
|
1,167,082
|
|
1,155,866
|
|
1,142,594
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/ameriserv-financial-reports-earnings-for-the-fourth-quarter-and-full-year-of-2017-300586589.html
SOURCE AmeriServ Financial, Inc.