JOHNSTOWN, Pa., July 19, 2011 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) continued its positive earnings
momentum in the second quarter of 2011 by reporting net income of
$1,938,000 or $0.08 per diluted common share. This
represents a significant improvement of $1.5
million from the second quarter 2010 net income of
$477,000 or $0.01 per diluted common share. For the six
month period ended June 30, 2011, the
Company reported net income of $3,201,000 or $0.12
per diluted share, a $3.6 million
improvement over the net loss of $441,000 or $0.05
per diluted share reported for the same six month period in 2010.
The following table highlights the Company's financial
performance for both the three and six month periods ended
June 30, 2011 and 2010:
|
|
|
Second
Quarter
2011
|
Second
Quarter
2010
|
|
Six Months
Ended
June 30,
2011
|
Six Months
Ended
June 30,
2010
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$1,938,000
|
$477,000
|
|
$3,201,000
|
($441,000)
|
|
Diluted earnings per
share
|
$ 0.08
|
$ 0.01
|
|
$ 0.12
|
($0.05)
|
|
|
|
|
|
|
|
|
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the second quarter 2011
financial results: "Our strong increase in earnings reflects
continued improvement in asset quality as a result of our diligent
focus on promptly identifying and resolving problem credits.
Non-performing assets again declined in the second quarter of
2011 and now total $7.4 million or
1.13% of total loans. Our net income also benefitted from continued
stable net interest margin performance and increasing non-interest
revenue, particularly within our trust and wealth management
business. With excellent liquidity, strong capital and loan
loss reserve coverage of non-performing loans of 235%, AmeriServ
Financial has a high quality balance sheet that is well positioned
for the second half of 2011."
The Company's net interest income in the second quarter of 2011
decreased by $122,000 from the prior
year's second quarter and for the first six months of 2011
decreased by $277,000 or 1.7% when
compared to the first six months of 2010. The Company's 2011
net interest margin of 3.71% was 10 basis points lower than the net
interest margin for the first half of 2010 but the net interest
margin has now operated near the 3.70% level for the past four
consecutive quarters. Reduced loan balances were the primary
factor causing the drop in both net interest income and net
interest margin in 2011. Specifically, total loans averaged
$656 million in the first half of
2011, a decrease of $55 million or
7.8% from the first half of 2010. The lower balances reflect
the results of the Company's focus on reducing its commercial real
estate exposure and problem loans during this period along with
weak commercial loan demand. However, the Company has
recently seen some improvement in loan pipelines and did experience
$12 million of net loan growth
between the end of the first and second quarters of 2011. The
Company has strengthened its excellent liquidity position by
electing to reinvest any net loan paydowns in high quality
investment securities and fed funds sold whose balance has
increased by $55 million on average
in the first half of 2011. Careful management of funding
costs has allowed the Company to mitigate a significant portion of
the drop in interest revenue during the past twelve months.
Specifically, interest expense in the second quarter of 2011
has declined by $798,000 from the
same prior year quarter due to reduced deposit costs and a lower
borrowed funds position. This reduction in deposit costs has
not negatively impacted deposit balances which have increased on
average by $19 million or 2.4% since
June 30, 2010. The Company is
pleased that $13 million of this
deposit growth has occurred in non-interest bearing demand deposit
accounts whose balances have grown by 10.7% during the same period.
The improvements in asset quality evidenced by lower levels of
non-performing assets and classified loans allowed the Company to
reverse a portion of the allowance for loan losses into earnings in
2011 while still increasing coverage ratios. During the first
six months of 2011, total non-performing assets decreased by
$6.9 million or 48.3% to $7.4 million or 1.13% of total loans as a result
of successful resolution efforts. Classified loans rated
substandard or doubtful also dropped by $11.2 million or 28.3% during this same period.
As a result of this improvement, the Company recorded a
negative provision for loan losses of $1,175,000 in the second quarter of 2011 compared
to a $1.2 million provision in the
second quarter of 2010. For the six month period in 2011 the
negative provision has amounted to $1,775,000 compared to a $4,250,000 provision in the first six months of
2010. Actual credit losses realized through net charge-offs
have also declined sharply in 2011 with the Company even
experiencing net loan recoveries of $108,000 in the second quarter of 2011. For
the first six months of 2011, net charge-offs totaled $1.0 million or 0.32% of total loans which
represents a decrease from the first six months of 2010 when net
charge-offs totaled $3.2 million or
0.91% of total loans. When determining the provision for loan
losses, the Company considers a number of factors some of which
include periodic credit reviews, non-performing assets, loan
delinquency and charge-off trends, concentrations of credit, loan
volume trends and broader local and national economic trends.
In summary, the allowance for loan losses provided 235%
coverage of non-performing loans and was 2.58% of total loans at
June 30, 2011, compared to 145% of
non-performing loans and 2.91% of total loans at December 31, 2010.
The Company's non-interest income in the second quarter of 2011
increased by $66,000 from the prior
year's second quarter and for the first six months of 2011
decreased by $129,000 when compared
to the first six months of 2010. The largest positive item in
2011 has been increased trust and investment advisory fees.
Specifically, trust and investment advisory fees increased by
$275,000 for the second quarter and
$388,000 or 12.2% for the six month
period as these wealth management businesses benefited from the
implementation of new fee schedules and higher equity values in
2011. When compared to the prior year, gains realized on
residential mortgage loan sales into the secondary market were
relatively consistent for the second quarter but have increased by
$127,000 for the six month period due
to increased mortgage loan production in the first quarter of 2011.
The largest negative item in 2011 causing the decline for the
six month period was a $358,000 loss
realized on the sale of $17 million
of investment securities in the first quarter of 2011. The
Company took advantage of a steeper yield curve to position the
investment portfolio for better future earnings by selling some of
the lower yielding, longer duration securities in the portfolio and
replacing them with higher yielding securities with a shorter
duration. The other item contributing to lower non-interest
income was a reduced level of deposit service charges which were
down by $62,000 for the second
quarter and $162,000 for the first
six months of 2011. Deposit service charges were negatively
impacted by provisions of the Dodd-Frank legislation which took
effect in mid-2010 and were designed to limit customer overdraft
fees on debit card transactions. Also, customers have
maintained higher balances in their checking accounts which have
contributed to fewer overdraft fees in 2011.
Total non-interest expense in the second quarter of 2011
increased by $91,000 or less than 1%
from the prior year's second quarter and for the first six months
of 2011 increased by $246,000 or 1.3%
when compared to the first six months of 2010. Salaries and
employee benefits increased by $338,000 for the second quarter and
$639,000 for the six month period due
to higher medical insurance costs, increased pension expense, and
greater incentive compensation expense. Professional fees
dropped by $203,000 in the second
quarter and $325,000 for the first
six months of 2011 due to reduced legal fees and lower consulting
expenses in the Trust Company. Other expenses also declined
by $250,000 for the second quarter
and $437,000 for the six month period
due to a reduction in costs associated with the reserve for
unfunded loan commitments and lower telephone expense resulting
from the implementation of technology enhancements. Finally,
the Company recorded an income tax expense of $1.4 million for the first six months of 2011
compared to an income tax benefit of $342,000 recorded in the first half of 2010 due
to the pretax loss in the first six months of last year.
ASRV had total assets of $955
million and shareholders' equity of $111 million or a book value of $4.28 per common share at June 30, 2011. The Company continued to
maintain strong capital ratios that considerably exceed the
regulatory defined well capitalized status with a risk based
capital ratio of 17.04%, an asset leverage ratio of 11.60% and a
tangible common equity to tangible assets ratio of 8.29% at
June 30, 2011.
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,
2011
|
|
|
(In
thousands, except per share and ratio data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR THE
PERIOD:
|
|
|
|
|
Net income
|
$ 1,263
|
$ 1,938
|
$ 3,201
|
|
Net income available to common
shareholders
|
973
|
1,648
|
2,621
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
Return on average
assets
|
0.54%
|
0.81%
|
0.67%
|
|
Return on average
equity
|
4.77
|
7.11
|
5.96
|
|
Net interest margin
|
3.70
|
3.71
|
3.71
|
|
Net charge-offs (recoveries) as
a percentage of average loans
|
0.70
|
(0.07)
|
0.32
|
|
Loan loss provision as a
percentage of average loans
|
(0.37)
|
(0.72)
|
(0.55)
|
|
Efficiency ratio
|
89.53
|
85.53
|
87.49
|
|
|
|
|
|
|
PER COMMON SHARE:
|
|
|
|
|
Net income:
|
|
|
|
|
Basic
|
$ 0.05
|
$ 0.08
|
$ 0.12
|
|
Average number of common shares
outstanding
|
21,208
|
21,208
|
21,208
|
|
Diluted
|
0.05
|
0.08
|
0.12
|
|
Average number of common shares
outstanding
|
21,230
|
21,236
|
21,233
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR THE
PERIOD:
|
|
|
|
|
Net income (loss)
|
$ (918)
|
$ 477
|
$ (441)
|
|
Net income (loss) available to
common shareholders
|
(1,209)
|
187
|
(1,022)
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
Return on average
assets
|
(0.39)%
|
0.20%
|
(0.09)%
|
|
Return on average
equity
|
(3.47)
|
1.79
|
(0.83)
|
|
Net interest margin
|
3.78
|
3.83
|
3.81
|
|
Net charge-offs as a percentage
of average loans
|
0.69
|
1.13
|
0.91
|
|
Loan loss provision as a
percentage of average loans
|
1.72
|
0.68
|
1.20
|
|
Efficiency ratio
|
85.42
|
84.33
|
84.87
|
|
|
|
|
|
|
PER COMMON SHARE:
|
|
|
|
|
Net income (loss):
|
|
|
|
|
Basic
|
$ (0.06)
|
$ 0.01
|
$ (0.05)
|
|
Average number of common shares
outstanding
|
21,224
|
21,224
|
21,224
|
|
Diluted
|
(0.06)
|
0.01
|
(0.05)
|
|
Average number of common shares
outstanding
|
21,224
|
21,245
|
21,231
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
(In
thousands, except per share, statistical, and ratio
data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
1QTR
|
2QTR
|
|
|
|
PERFORMANCE DATA AT PERIOD
END:
|
|
|
|
|
|
Assets
|
$
961,067
|
$
954,893
|
|
|
|
Short-term investment in money
market funds
|
2,379
|
2,617
|
|
|
|
Investment securities
|
195,272
|
198,770
|
|
|
|
Loans
|
644,836
|
656,838
|
|
|
|
Allowance for loan
losses
|
18,025
|
16,958
|
|
|
|
Goodwill
|
12,613
|
12,613
|
|
|
|
Deposits
|
816,528
|
810,082
|
|
|
|
FHLB borrowings
|
9,736
|
9,722
|
|
|
|
Shareholders' equity
|
108,170
|
111,410
|
|
|
|
Non-performing assets
|
9,328
|
7,433
|
|
|
|
Asset leverage ratio
|
11.40%
|
11.60%
|
|
|
|
Tangible common equity
ratio
|
7.89
|
8.29
|
|
|
|
PER COMMON SHARE:
|
|
|
|
|
|
Book value (A)
|
$
4.12
|
$
4.28
|
|
|
|
Market value
|
2.37
|
1.95
|
|
|
|
Trust assets - fair market value
(B)
|
$ 1,410,755
|
$ 1,390,534
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD
END:
|
|
|
|
|
|
Full-time equivalent
employees
|
351
|
352
|
|
|
|
Branch locations
|
18
|
18
|
|
|
|
Common shares
outstanding
|
21,207,670
|
21,208,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
|
PERFORMANCE DATA AT PERIOD
END:
|
|
|
|
|
|
Assets
|
$
960,817
|
$
962,282
|
$
963,169
|
$
948,974
|
|
Short-term investment in money
market funds
|
2,105
|
4,216
|
3,611
|
3,461
|
|
Investment securities
|
150,073
|
157,057
|
165,291
|
172,635
|
|
Loans
|
712,929
|
693,988
|
699,394
|
678,181
|
|
Allowance for loan
losses
|
21,516
|
20,737
|
20,753
|
19,765
|
|
Goodwill and core deposit
intangibles
|
12,950
|
12,950
|
12,950
|
12,950
|
|
Deposits
|
802,201
|
809,177
|
818,150
|
801,216
|
|
FHLB borrowings
|
25,296
|
17,777
|
13,119
|
14,300
|
|
Shareholders' equity
|
106,393
|
108,023
|
108,391
|
107,058
|
|
Non-performing assets
|
20,322
|
19,815
|
25,267
|
14,364
|
|
Asset leverage ratio
|
11.01%
|
11.08%
|
11.07%
|
11.20%
|
|
Tangible common equity
ratio
|
7.70
|
7.83
|
7.86
|
7.85
|
|
PER COMMON SHARE:
|
|
|
|
|
|
Book value (A)
|
$
4.04
|
$
4.11
|
$
4.13
|
$
4.07
|
|
Market value
|
1.67
|
1.61
|
1.81
|
1.58
|
|
Trust assets - fair market value
(B)
|
$ 1,398,215
|
$ 1,329,495
|
$ 1,341,699
|
$ 1,366,929
|
|
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD
END:
|
|
|
|
|
|
Full-time equivalent
employees
|
353
|
355
|
355
|
348
|
|
Branch locations
|
18
|
18
|
19
|
18
|
|
Common shares
outstanding
|
21,223,942
|
21,223,942
|
21,223,942
|
21,207,670
|
|
|
|
|
|
|
|
Note:
|
|
(A) Preferred stock
received through the Capital Purchase Program is excluded from the
book value per common share calculation.
|
|
(B) Not recognized on the
balance sheet
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
9,083
|
$
8,804
|
$
17,887
|
|
|
|
Total investment
portfolio
|
1,513
|
1,726
|
3,239
|
|
|
|
Total Interest Income
|
10,596
|
10,530
|
21,126
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Deposits
|
2,294
|
2,106
|
4,400
|
|
|
|
All borrowings
|
336
|
338
|
674
|
|
|
|
Total Interest
Expense
|
2,630
|
2,444
|
5,074
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
7,966
|
8,086
|
16,052
|
|
|
|
Provision (credit) for loan
losses
|
(600)
|
(1,175)
|
(1,775)
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION (CREDIT)
|
|
|
|
|
|
|
FOR LOAN LOSSES
|
8,566
|
9,261
|
17,827
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
Trust fees
|
1,556
|
1,617
|
3,173
|
|
|
|
Net realized gains (losses) on
investment securities available for sale
|
(358)
|
-
|
(358)
|
|
|
|
Net realized gains on loans held
for sale
|
262
|
155
|
417
|
|
|
|
Service charges on deposit
accounts
|
472
|
549
|
1,021
|
|
|
|
Investment advisory
fees
|
198
|
198
|
396
|
|
|
|
Bank owned life
insurance
|
216
|
218
|
434
|
|
|
|
Other income
|
759
|
717
|
1,476
|
|
|
|
Total Non-Interest
Income
|
3,105
|
3,454
|
6,559
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,500
|
5,574
|
11,074
|
|
|
|
Net occupancy expense
|
757
|
742
|
1,499
|
|
|
|
Equipment expense
|
429
|
411
|
840
|
|
|
|
Professional fees
|
980
|
911
|
1,891
|
|
|
|
FDIC deposit insurance
expense
|
462
|
460
|
922
|
|
|
|
Other expenses
|
1,791
|
1,779
|
3,570
|
|
|
|
Total Non-Interest
Expense
|
9,919
|
9,877
|
19,796
|
|
|
|
|
|
|
|
|
|
|
PRETAX INCOME
|
1,752
|
2,838
|
4,590
|
|
|
|
Income tax expense
|
489
|
900
|
1,389
|
|
|
|
NET INCOME
|
1,263
|
1,938
|
3,201
|
|
|
|
Preferred stock dividends and
accretion of preferred stock discount
|
290
|
290
|
580
|
|
|
|
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS
|
$ 973
|
$ 1,648
|
$ 2,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
10,020
|
$
9,984
|
$
20,004
|
|
|
|
Total investment
portfolio
|
1,445
|
1,466
|
2,911
|
|
|
|
Total Interest Income
|
11,465
|
11,450
|
22,915
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Deposits
|
2,927
|
2,833
|
5,760
|
|
|
|
All borrowings
|
417
|
409
|
826
|
|
|
|
Total Interest
Expense
|
3,344
|
3,242
|
6,586
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
8,121
|
8,208
|
16,329
|
|
|
|
Provision for loan
losses
|
3,050
|
1,200
|
4,250
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION
|
|
|
|
|
|
|
FOR LOAN LOSSES
|
5,071
|
7,008
|
12,079
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
Trust fees
|
1,454
|
1,373
|
2,827
|
|
|
|
Net realized gains on investment
securities available for sale
|
65
|
42
|
107
|
|
|
|
Net realized gains on loans held
for sale
|
131
|
159
|
290
|
|
|
|
Service charges on deposit
accounts
|
572
|
611
|
1,183
|
|
|
|
Investment advisory
fees
|
187
|
167
|
354
|
|
|
|
Bank owned life
insurance
|
254
|
258
|
512
|
|
|
|
Other income
|
637
|
778
|
1,415
|
|
|
|
Total Non-Interest
Income
|
3,300
|
3,388
|
6,688
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,199
|
5,236
|
10,435
|
|
|
|
Net occupancy expense
|
736
|
639
|
1,375
|
|
|
|
Equipment expense
|
418
|
427
|
845
|
|
|
|
Professional fees
|
1,102
|
1,114
|
2,216
|
|
|
|
FDIC deposit insurance
expense
|
331
|
341
|
672
|
|
|
|
Other expenses
|
1,978
|
2,029
|
4,007
|
|
|
|
Total Non-Interest
Expense
|
9,764
|
9,786
|
19,550
|
|
|
|
|
|
|
|
|
|
|
PRETAX INCOME (LOSS)
|
(1,393)
|
610
|
(783)
|
|
|
|
Income tax expense
(benefit)
|
(475)
|
133
|
(342)
|
|
|
|
NET INCOME (LOSS)
|
(918)
|
477
|
(441)
|
|
|
|
Preferred stock dividends and
accretion of preferred stock discount
|
291
|
290
|
581
|
|
|
|
NET INCOME (LOSS) AVAILABLE TO
COMMON SHAREHOLDERS
|
$ (1,209)
|
$ 187
|
$ (1,022)
|
|
|
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
AVERAGE
BALANCE SHEET DATA
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
2010
|
|
|
|
|
SIX
|
|
|
SIX
|
|
|
2QTR
|
MONTHS
|
|
2QTR
|
MONTHS
|
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
Loans and loans held for sale,
net of unearned income
|
$ 651,036
|
$ 656,048
|
|
$ 705,288
|
$ 711,267
|
|
Deposits with banks
|
1,701
|
1,616
|
|
1,743
|
1,776
|
|
Short-term investment in money
market funds
|
3,243
|
3,676
|
|
3,403
|
3,925
|
|
Federal funds sold
|
9,173
|
11,676
|
|
2,683
|
2,539
|
|
Total investment
securities
|
207,975
|
198,256
|
|
157,390
|
152,894
|
|
Total interest earning
assets
|
873,128
|
871,272
|
|
870,507
|
872,401
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
15,012
|
15,283
|
|
14,534
|
14,984
|
|
Premises and
equipment
|
10,494
|
10,489
|
|
9,940
|
9,694
|
|
Other assets
|
79,008
|
79,313
|
|
79,894
|
79,769
|
|
Allowance for loan
losses
|
(18,061)
|
(18,948)
|
|
(22,075)
|
(21,434)
|
|
|
|
|
|
|
|
|
Total assets
|
959,581
|
957,409
|
|
952,800
|
955,414
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
Interest bearing
demand
|
57,237
|
56,164
|
|
58,361
|
57,863
|
|
Savings
|
81,898
|
80,221
|
|
78,778
|
77,032
|
|
Money market
|
192,072
|
189,003
|
|
183,850
|
185,563
|
|
Other time
|
351,153
|
355,646
|
|
357,938
|
354,084
|
|
Total interest bearing
deposits
|
682,360
|
681,034
|
|
678,927
|
674,542
|
|
Borrowings:
|
|
|
|
|
|
|
Federal funds purchased,
securities sold under agreements to repurchase, and other
short-term borrowings
|
869
|
646
|
|
2,140
|
3,815
|
|
Advanced from Federal Home Loan
Bank
|
9,729
|
9,736
|
|
18,332
|
25,413
|
|
Guaranteed junior subordinated
deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
|
Total interest bearing
liabilities
|
706,043
|
704,501
|
|
712,484
|
716,855
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
Demand deposits
|
132,578
|
132,814
|
|
123,064
|
120,009
|
|
Other
liabilities
|
11,583
|
11,721
|
|
10,625
|
11,623
|
|
Shareholders' equity
|
109,377
|
108,373
|
|
106,627
|
106,927
|
|
Total liabilities and
shareholders' equity
|
$
959,581
|
$
957,409
|
|
$
952,800
|
$
955,414
|
|
|
|
|
|
|
|
SOURCE AmeriServ Financial, Inc.