JOHNSTOWN, Pa., April 17, 2018 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported first quarter 2018 net
income of $1,767,000, or $0.10 per diluted common share. This
represented a $0.03, or 42.9%,
increase in earnings per share from the first quarter of 2017 where
net income totaled $1,348,000 or
$0.07 per diluted common share.
The following table highlights the Company's financial performance
for the quarters ended March 31, 2018
and 2017:
|
First
Quarter 2018
|
First Quarter
2017
|
|
$ Change
|
% Change
|
|
|
|
|
|
|
Net income
|
$1,767,000
|
$1,348,000
|
|
$419,000
|
31.1%
|
Diluted earnings per
share
|
$ 0.10
|
$ 0.07
|
|
$ 0.03
|
42.9%
|
COMMON STOCK DIVIDEND INCREASE
The Company also announced that its Board of Directors declared
a $0.02 per share quarterly common
stock cash dividend. This new quarterly dividend amount
represents a 33% increase from the previous $0.015 per share quarterly dividend. The
cash dividend is payable May 21, 2018
to shareholders of record on May 7,
2018. This increased cash dividend represents an approximate
2.0% annualized yield using a recent common stock price of
$4.10 and represents a payout ratio
of 20% based upon the Company's reported first quarter 2018
earnings per share of $0.10.
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2018 first quarter
financial results: "I was pleased with the strong growth in
earnings per share (EPS) that our Company achieved in the first
quarter of 2018. This EPS growth resulted from a combination of
lower income tax expense, positive operating leverage, and
effective capital management. As a result of the confidence
that our Board of Directors has in AmeriServ Financial Inc.'s
improved earnings power that was demonstrated in our first quarter
results, we are pleased to return more capital to our shareholders
through an increased common stock cash dividend."
The Company's net interest income in the first quarter of 2018
increased by $27,000, or 0.3%, from
the prior year's first quarter. The Company's net interest
margin of 3.29% for the first quarter of 2018 was two basis points
higher than the net interest margin of 3.27% for the first quarter
2017. The 2018 increase in net interest income and the
improved net interest margin performance are the result of
continued growth of the investment securities portfolio, a change
in the mix of total investment securities and the positive impact
from the higher interest rate environment. The growth of
investment securities offset a decrease in the balance of total
loans as total average earning assets were relatively stable
compared to the first quarter of 2017. Specifically, total
investment securities averaged $177
million in the first quarter of 2018 which was $8.9 million, or 5.3%, higher than the
$168 million average for the first
quarter of 2017. Total loans averaged $881 million for the first quarter of 2018 which
was $8.4 million, or 0.9%, lower than
the 2017 first quarter average. Also favorably impacting net
interest income was the Company continuing to limit increases in
its cost of funds through controlled but competitive deposit
pricing.
The growth in the investment securities portfolio is the result
of a continuation of the strategy that management implemented last
year, which included the diversification of the mix of the
investment securities 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 resulted in improved opportunities to purchase
additional securities and grow the portfolio. As a result,
interest on investments increased between the first quarter of 2018
and the first quarter of 2017 by $207,000, or 17.4%. The combination of a
higher level of early loan payoffs and a slowdown in loan
production resulted in the decrease in the loan portfolio.
Total loan production was negatively impacted in the fourth quarter
of 2017 because of the uncertainty that existed in the market
during this time from potential borrowers regarding the timing that
corporate tax reform would be enacted. Although loan
pipelines grew and are currently strong, the fourth quarter 2017
slowdown in loan production carried forward into the first quarter
of 2018 and, along with the increased loan pre-payment activity,
resulted in the total portfolio demonstrating a decrease since last
year's first quarter. The Company expects that its loan
portfolio will resume growth in the second quarter of 2018.
However, even with the decrease in total loan volume, loan interest
income increased by $262,000, or
2.7%, between the first quarter of 2018 and the first quarter of
2017. The higher loan interest income resulted from new loans
originating at higher yields due to the higher interest rates and
also reflected 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. Overall, total interest income increased by
$469,000, or 4.4%, between years.
Total interest expense for the first quarter of 2018 increased
by $442,000, or 21.8%, due to higher
levels of both deposit and borrowing interest expense. The
Company experienced a decrease in total deposits which was
reflective of the rising national interest rates as the decline
occurred in money market deposit accounts. It was anticipated
that as interest rates rise a portion of these funds would move
into other higher rate alternative bank deposit products having a
stated maturity or leave for other non-banking products. We
have indeed experienced growth in our term deposit products due to
some of these deposit funds shifting into CDs or IRAs. Growth
in these accounts also reflects our ongoing business development
efforts as well as the loyalty of our core deposit base that
provides a strong foundation to support our balance sheet.
Overall, however, the runoff of money market deposits has more than
offset the growth of term deposit products and resulted in the
decrease in the balance of total deposits. Specifically,
total deposits averaged $960 million
in the first quarter of 2018 which was $15.5
million, or 1.6%, lower than the $976
million average for the first quarter of 2017. Deposit
interest expense in 2018 increased by $345,000, or 24.0%, due to the higher interest
rate environment as deposit pricing increased in a controlled
manner and certain indexed money market accounts repriced upward
after the Federal Reserve interest rate increases. Overall,
the Company's loan to deposit ratio averaged 91.78% in the first
quarter of 2018 which we believe indicates that the Company has
ample capacity to grow its loan portfolio. The Company
experienced a $97,000, or 16.4%,
increase in the interest cost for borrowings in first quarter of
2018 due to the immediate impact that the increases in the Federal
Funds Rate had on the cost of overnight borrowed funds. Also,
a higher level of total borrowed funds, which were necessary to
offset the decrease in total deposits caused borrowings interest
expense to increase. For the first quarter of 2018, total
average FHLB borrowed funds of $68.1
million, increased by $13.7
million, or 25.2%, when compared to the first quarter of
2017.
The Company recorded a $50,000
provision for loan losses in the first quarter of 2018 compared to
a $225,000 provision for loan losses
in the first quarter of 2017. The lower 2018 provision
reflects our overall strong asset quality, the successful workout
of several criticized loans, and reduced loan portfolio
balances. The Company experienced net loan charge-offs of
$333,000, or 0.15% of total loans, in
2018 compared to net loan charge-offs of $77,000, or 0.04% of total loans, in 2017.
Overall, the Company continued to maintain strong asset quality as
its nonperforming assets totaled $2.2
million, or only 0.25% of total loans, at March 31, 2018. In summary, the allowance
for loan losses provided 460% coverage of non-performing loans, and
1.13% of total loans, at March 31,
2018, compared to 337% coverage of non-performing loans, and
1.14% of total loans, at December 31,
2017.
Total non-interest income in the first quarter of 2018 increased
by $73,000, or 2.0%, from the prior
year's first quarter. Trust and investment advisory fees
increased by $112,000, or 5.2%, as
the Company benefited from increased market values for assets under
management in the first quarter of 2018. 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 the first quarter of 2018. Also increasing since
last year's first quarter was other income by $32,000, or 4.8%, due to higher interchange fees
and additional income from greater debit card usage. These
favorable comparisons more than offset reductions in revenue from
mortgage related fee income of $36,000 and lower income from residential
mortgage loan sales into the secondary market of $16,000 due to lower residential mortgage loan
production in the first quarter of 2018. Also, there were
fewer gains realized from security sales which decreased by
$19,000 in the first quarter of
2018.
The Company's total non-interest expense in the first quarter of
2018 increased by $35,000, or only
0.4%, when compared to the first quarter of 2017 as a result of the
Company's ongoing efforts to carefully manage and contain
non-interest expense. The increase was primarily due to a
higher level of salaries & benefits expense of $145,000, or 2.4%, which more than offset
reductions in other expenses of $64,000, or 3.8%, equipment costs of $28,000, or 6.7%, and professional fees of
$16,000, or 1.3%. Within
salaries & benefits, higher salaries expense and incentive
compensation more than offset reduced levels of pension expense and
lower health care costs due to our union employees changing
healthcare providers as per terms of the new collective bargaining
agreement. The reduction to other expense is due to reduced
check card processing costs, supplies usage, armored transport
costs and telephone expense. The lower level of equipment
expense since last year resulted from the Company's ongoing focus
to reduce and control expenses. Finally, professional fees
declined in the first quarter of 2018 due to reduced costs from
outsourced professional services.
The Company recorded an income tax expense of $446,000, or an effective tax rate of 20.1%, in
the first quarter of 2018. This compares to an income tax
expense of $625,000, or an effective
tax rate of 31.7%, for the first quarter of 2017. The lower
effective tax rate and income tax expense in the first quarter of
2018 reflects the benefits of corporate tax reform as a result of
the enactment of the "Tax Cuts and Jobs Act" late in the fourth
quarter of 2017.
The Company had total assets of $1.15
billion, shareholders' equity of $95.8 million, a book value of $5.31 per common share and a tangible book value
of $4.65 per common share at
March 31, 2018. In accordance
with the common stock buyback program announced on January 24, 2017, the Company returned an
additional $445,000 of capital to its
shareholders through the repurchase of 105,663 shares of its common
stock in the first quarter of 2018. This represented the
completion of the most recently authorized buyback program as all
945,000 common stock shares have been repurchased and a total of
$3.8 million was returned to our
shareholders over the past 14 months. 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,
2018
|
(Dollars in
thousands, except per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
1,767
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
0.62%
|
|
|
|
|
Return on average
equity
|
7.55
|
|
|
|
|
Net interest
margin
|
3.29
|
|
|
|
|
Net charge-offs as a
percentage of average loans
|
0.15
|
|
|
|
|
Loan loss provision
as a percentage of average loans
|
0.02
|
|
|
|
|
Efficiency
ratio
|
81.69
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
0.10
|
|
|
|
|
Average number of
common shares outstanding
|
18,079
|
|
|
|
|
Diluted
|
0.10
|
|
|
|
|
Average number of
common shares outstanding
|
18,181
|
|
|
|
|
Cash dividends
declared
|
0.015
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR**
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
(loss)
|
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
(loss):
|
|
|
|
|
|
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
|
** - 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)
|
|
|
|
|
|
|
2018
|
|
|
|
|
1QTR
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
1,151,160
|
|
|
|
Short-term
investments/overnight funds
|
7,796
|
|
|
|
Investment
securities
|
171,053
|
|
|
|
Loans and loans held
for sale
|
875,716
|
|
|
|
Allowance for loan
losses
|
9,932
|
|
|
|
Goodwill
|
11,944
|
|
|
|
Deposits
|
944,206
|
|
|
|
FHLB
borrowings
|
82,864
|
|
|
|
Subordinated debt,
net
|
7,470
|
|
|
|
Shareholders'
equity
|
95,810
|
|
|
|
Non-performing
assets
|
2,157
|
|
|
|
Tangible common
equity ratio
|
7.36
|
|
|
|
Total capital (to
risk weighted assets) ratio
|
13.45
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
Book
value
|
5.31
|
|
|
|
Tangible book
value
|
4.65
|
|
|
|
Market
value
|
4.00
|
|
|
|
Trust assets - fair
market value (A)
|
2,175,538
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
304
|
|
|
|
Branch
locations
|
15
|
|
|
|
Common shares
outstanding
|
18,033,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
Note:
|
|
|
|
|
(A) Not
recognized on the consolidated balance sheets.
|
AMERISERV FINANCIAL,
INC.
|
CONSOLIDATED
STATEMENT OF INCOME
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
9,818
|
|
|
|
|
Interest on
investments
|
1,399
|
|
|
|
|
Total Interest
Income
|
11,217
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,781
|
|
|
|
|
All
borrowings
|
688
|
|
|
|
|
Total Interest
Expense
|
2,469
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,748
|
|
|
|
|
Provision for loan
losses
|
50
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
FOR LOAN
LOSSES
|
8,698
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Trust and investment
advisory fees
|
2,278
|
|
|
|
|
Service charges on
deposit accounts
|
383
|
|
|
|
|
Net realized gains on
loans held for sale
|
98
|
|
|
|
|
Mortgage related
fees
|
39
|
|
|
|
|
Net realized gains on
investment securities
|
8
|
|
|
|
|
Bank owned life
insurance
|
132
|
|
|
|
|
Other
income
|
697
|
|
|
|
|
Total Non-Interest
Income
|
3,635
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
6,093
|
|
|
|
|
Net occupancy
expense
|
670
|
|
|
|
|
Equipment
expense
|
391
|
|
|
|
|
Professional
fees
|
1,184
|
|
|
|
|
FDIC deposit
insurance expense
|
162
|
|
|
|
|
Other
expenses
|
1,620
|
|
|
|
|
Total Non-Interest
Expense
|
10,120
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
2,213
|
|
|
|
|
Income tax
expense
|
446
|
|
|
|
|
NET
INCOME
|
1,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
5,948
|
5,917
|
5,943
|
6,112
|
23,920
|
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
|
1,684
|
1,760
|
1,825
|
1,706
|
6,975
|
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
(LOSS)
|
1,348
|
1,389
|
1,551
|
(995)
|
3,293
|
AMERISERV FINANCIAL,
INC.
|
AVERAGE BALANCE SHEET
DATA
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
1QTR
|
|
1QTR
|
|
|
|
|
Interest earning
assets:
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
881,485
|
|
889,908
|
Short-term investment
in money market funds
|
7,133
|
|
7,940
|
Deposits with
banks
|
1,025
|
|
1,030
|
Total investment
securities
|
177,133
|
|
168,261
|
Total interest
earning assets
|
1,066,776
|
|
1,067,139
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
Cash and due from
banks
|
21,859
|
|
22,330
|
Premises and
equipment
|
12,623
|
|
11,804
|
Other
assets
|
62,374
|
|
67,794
|
Allowance for loan
losses
|
(10,251)
|
|
(10,053)
|
|
|
|
|
Total
assets
|
1,153,381
|
|
1,159,014
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
Interest bearing
deposits:
|
|
|
|
Interest bearing
demand
|
133,379
|
|
127,531
|
Savings
|
97,304
|
|
97,254
|
Money
market
|
253,665
|
|
278,811
|
Other time
|
293,858
|
|
288,830
|
Total interest
bearing deposits
|
778,206
|
|
792,426
|
Borrowings:
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
22,261
|
|
8,863
|
Advances from Federal
Home Loan Bank
|
45,838
|
|
45,535
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
13,085
|
Subordinated
debt
|
7,650
|
|
7,650
|
Total interest
bearing liabilities
|
867,040
|
|
867,559
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
Demand
deposits
|
182,215
|
|
183,532
|
Other
liabilities
|
9,170
|
|
12,613
|
Shareholders'
equity
|
94,956
|
|
95,310
|
Total liabilities and
shareholders' equity
|
1,153,381
|
|
1,159,014
|
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SOURCE AmeriServ Financial, Inc.