JOHNSTOWN, Pa., Oct. 18, 2011 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) continued its positive earnings
momentum in the third quarter of 2011 by reporting net income of
$1,566,000 or $0.05 per diluted common share. This
represents significant improvement of $957,000 from the third quarter 2010 net income
of $609,000 or $0.02 per diluted common share. For the
nine month period ended September 30,
2011, the Company reported net income of $4,767,000 or $0.17
per diluted share, a $4.6 million
improvement over the net income of $168,000 or ($0.03)
per diluted share reported for the same nine month period in 2010.
The following table highlights the Company's financial
performance for both the three and nine month periods ended
September 30, 2011 and 2010:
|
|
|
Third
Quarter 2011
|
Third
Quarter 2010
|
|
Nine Months
Ended
September
30, 2011
|
Nine Months
Ended
September
30, 2010
|
|
|
|
|
|
|
|
|
Net income
|
$1,566,000
|
$609,000
|
|
$4,767,000
|
$168,000
|
|
Diluted earnings per
share
|
$ 0.05
|
$ 0.02
|
|
$ 0.17
|
($0.03)
|
|
|
|
|
|
|
|
|
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the third quarter 2011
financial results: "Continued improvements in asset quality were a
key factor contributing to our strong growth in earnings in 2011.
Non-performing assets again declined as a result of our
successful problem credit resolution efforts and now total
$5.3 million or only 0.80% of total
loans. I was also pleased with the growth in non-interest
revenue, particularly within our trust and wealth management
business, and our overall expense control. Our stable net
interest margin performance during periods of market volatility
reflects the benefit of growth in both loans and deposits this
year. Overall, AmeriServ Financial was able to achieve
significantly improved earnings while further strengthening our
balance sheet as evidenced by a tier one capital to assets ratio of
11.70% and loan loss reserve coverage of non-performing assets of
301% at September 30, 2011."
The Company's net interest income has been relatively stable.
It increased in the third quarter of 2011 by $95,000 or 1.2% from the prior year's third
quarter and for the first nine months of 2011 it decreased by
$182,000 or 0.7% when compared to the
first nine months of 2010. The Company's 2011 net interest
margin of 3.70% was seven basis points lower than the net interest
margin for the first nine months of 2010 but the net interest
margin has now operated near the 3.70% level for the past five
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
$658 million in 2011, a decrease of
$47 million or 6.7% from the same
nine month period in 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.
However, total loan balances appear to have bottomed in the
first quarter of 2011. Loans have increased by $23 million over the past two quarters reflecting
the successful results of the Company's more intensive sales
calling efforts. The Company has strengthened its excellent
liquidity position by reinvesting excess cash in high quality
investment securities and short-term investments whose average
balance increased by $47 million in
the first nine months of 2011. Careful management of funding
costs allowed the Company to mitigate a significant portion of the
drop in interest revenue during the past twelve months.
Specifically, interest expense in the third quarter of 2011
declined by $663,000 from the same
prior year quarter due to reduced deposit costs. This
reduction in deposit costs has not negatively impacted deposit
balances which have increased by $26
million or 3.3% since December 31,
2010.
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 the coverage ratio. During the
first nine months of 2011, total non-performing assets decreased by
$9.0 million or 62.8% to $5.3 million or 0.80% of total loans as a result
of successful resolution efforts. Classified loans rated
substandard or doubtful also dropped by $13.1 million or 33.1% during this same period.
As a result of this improvement, the Company recorded a
negative provision for loan losses of $550,000 in the third quarter of 2011 compared to
a $1.0 million provision in the third
quarter of 2010. For the nine month period in 2011 the
negative provision has amounted to $2,325,000 compared to a $5,250,000 provision in the first nine months of
2010. Actual credit losses realized through net charge-offs
have also declined sharply on both a quarterly and year-to-date
basis in 2011. For the first nine months of 2011, net
charge-offs totaled $1.4 million or
0.28% of total loans which represents a decrease from the first
nine months of 2010 when net charge-offs totaled $4.2 million or 0.79% 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 asset 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 301% coverage of non-performing loans and was 2.41%
of total loans at September 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 third quarter of 2011
increased by $11,000 from the prior
year's third quarter and for the first nine months of 2011
decreased by $118,000 or 1.2% when
compared to the first nine 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 $214,000 for the
third quarter and $602,000 or 12.8%
for the nine month period as these wealth management businesses
benefited from the implementation of new fee schedules and higher
equity values in the first half of 2011. When compared to the
prior year, gains realized on residential mortgage loan sales into
the secondary market were down by $92,000 for the third quarter due to less
refinance activity but have increased by $35,000 for the nine month period due to
increased mortgage loan production in the first quarter of 2011.
The largest item causing the 2011 decline in non-interest
income for the nine 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 Company
recognized $157,000 of investment
security gains in 2010. Other income in 2011 also decreased
by $103,000 in the third quarter and
by $42,000 for the nine month period
due to fewer letter of credit fees and a $26,000 loss realized on the sale of an OREO
property in the third quarter of 2011.
Total non-interest expense in the third quarter of 2011
increased by $108,000 from the prior
year's third quarter and for the first nine months of 2011
increased by $354,000 or 1.2% when
compared to the first nine months of 2010. Salaries and
employee benefits increased by $287,000 for the third quarter and $926,000 or 5.8% for the nine month period due to
higher medical insurance costs, increased pension expense, and
greater incentive compensation expense. Professional fees
dropped by $51,000 in the third
quarter and $376,000 or 11.6% for the
first nine months of 2011 due to reduced legal fees, recruitment
fees, and lower consulting expenses in the Trust Company.
Other expenses also declined by $54,000 for the third quarter and $491,000 for the nine 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 $2.1 million for the first nine months of 2011
compared to an income tax benefit of $189,000 recorded in the first nine months of
2010 due to the sharply higher pre-tax earnings in 2011 compared to
a modest pretax loss in the first nine months of last year.
ASRV had total assets of $973
million and shareholders' equity of $114 million or a book value of $4.39 per common share at September 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 17.31%, an asset leverage ratio of 11.70% and a
tangible common equity to tangible assets ratio of 8.38% at
September 30, 2011. In the
third quarter, the Company also participated in the U.S. Treasury's
Small Business Lending Fund by selling $21
million in preferred stock to the Treasury and using all the
proceeds to redeem preferred stock issued to the Treasury as part
of the TARP program. The initial interest rate on the SBLF funds
will be 5% and may be decreased to as low as 1% if growth
thresholds are met for increasing small business loans.
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
|
|
|
|
September
30, 2011
|
|
|
|
(In
thousands, except per share and ratio data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR THE
PERIOD:
|
|
|
|
|
|
|
Net income
|
|
$
1,263
|
$
1,938
|
$
1,566
|
$
4,767
|
|
Net income available to common
shareholders
|
|
973
|
1,648
|
1,027
|
3,648
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.54%
|
0.81%
|
0.64%
|
0.66%
|
|
Return on average
equity
|
|
4.77
|
7.11
|
5.52
|
5.81
|
|
Net interest margin
|
|
3.70
|
3.71
|
3.68
|
3.70
|
|
Net charge-offs (recoveries) as
a percentage of average loans
|
|
0.70
|
(0.07)
|
0.20
|
0.28
|
|
Loan loss provision as a
percentage of average loans
|
|
(0.37)
|
(0.72)
|
(0.33)
|
(0.47)
|
|
Efficiency ratio
|
|
89.53
|
85.53
|
84.83
|
86.59
|
|
|
|
|
|
|
|
|
PER COMMON SHARE:
|
|
|
|
|
|
|
Net income:
|
|
|
|
|
|
|
Basic
|
|
$
0.05
|
$
0.08
|
$
0.05
|
$
0.17
|
|
Average number of common shares
outstanding
|
|
21,208
|
21,208
|
21,208
|
21,208
|
|
Diluted
|
|
0.05
|
0.08
|
0.05
|
0.17
|
|
Average number of common shares
outstanding
|
|
21,230
|
21,236
|
21,227
|
21,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR THE
PERIOD:
|
|
|
|
|
|
|
Net income (loss)
|
|
$
(918)
|
$
477
|
$
609
|
$
168
|
|
Net income (loss) available to
common shareholders
|
|
(1,209)
|
187
|
318
|
(704)
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
(0.39)%
|
0.20%
|
0.25%
|
0.02%
|
|
Return on average
equity
|
|
(3.47)
|
1.79
|
2.24
|
0.21
|
|
Net interest margin
|
|
3.78
|
3.83
|
3.70
|
3.77
|
|
Net charge-offs as a percentage
of average loans
|
|
0.69
|
1.13
|
0.56
|
0.79
|
|
Loan loss provision as a
percentage of average loans
|
|
1.72
|
0.68
|
0.57
|
0.99
|
|
Efficiency ratio
|
|
85.42
|
84.33
|
84.67
|
84.81
|
|
|
|
|
|
|
|
|
PER COMMON SHARE:
|
|
|
|
|
|
|
Net income (loss):
|
|
|
|
|
|
|
Basic
|
|
$
(0.06)
|
$
0.01
|
$
0.02
|
$
(0.03)
|
|
Average number of common shares
outstanding
|
|
21,224
|
21,224
|
21,224
|
21,224
|
|
Diluted
|
|
(0.06)
|
0.01
|
0.02
|
(0.03)
|
|
Average number of common shares
outstanding
|
|
21,224
|
21,245
|
21,225
|
21,229
|
|
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
|
(In
thousands, except per share, statistical, and ratio
data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
|
|
PERFORMANCE DATA AT PERIOD
END:
|
|
|
|
|
|
|
Assets
|
|
$
961,067
|
$
954,893
|
$
973,439
|
|
|
Short-term
investments
|
|
4,094
|
4,338
|
17,941
|
|
|
Investment securities
|
|
195,272
|
198,770
|
195,784
|
|
|
Loans
|
|
644,836
|
656,838
|
667,409
|
|
|
Allowance for loan
losses
|
|
18,025
|
16,958
|
16,069
|
|
|
Goodwill
|
|
12,613
|
12,613
|
12,613
|
|
|
Deposits
|
|
816,528
|
810,082
|
827,358
|
|
|
FHLB borrowings
|
|
9,736
|
9,722
|
9,707
|
|
|
Shareholders' equity
|
|
108,170
|
111,410
|
114,164
|
|
|
Non-performing assets
|
|
9,328
|
7,433
|
5,344
|
|
|
Asset leverage ratio
|
|
11.40%
|
11.60%
|
11.70%
|
|
|
Tangible common equity
ratio
|
|
7.89
|
8.29
|
8.38
|
|
|
PER COMMON SHARE:
|
|
|
|
|
|
|
Book value (A)
|
|
$
4.12
|
$
4.28
|
$
4.39
|
|
|
Market value
|
|
2.37
|
1.95
|
1.90
|
|
|
Trust assets - fair market value
(B)
|
|
$
1,410,755
|
$
1,390,534
|
$
1,313,440
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD
END:
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
351
|
352
|
342
|
|
|
Branch locations
|
|
18
|
18
|
18
|
|
|
Common shares
outstanding
|
|
21,207,670
|
21,208,421
|
21,208,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
|
PERFORMANCE DATA AT PERIOD
END:
|
|
|
|
|
|
|
Assets
|
|
$
960,817
|
$
962,282
|
$
963,169
|
$
948,974
|
|
Short-term
investments
|
|
3,816
|
5,929
|
5,326
|
5,177
|
|
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 of $21
million received through the Small Business Lending Fund 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
|
3QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
9,083
|
$
8,804
|
$
8,888
|
$
26,775
|
|
Total investment
portfolio
|
|
1,513
|
1,726
|
1,604
|
4,843
|
|
Total Interest Income
|
|
10,596
|
10,530
|
10,492
|
31,618
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
2,294
|
2,106
|
2,038
|
6,438
|
|
All borrowings
|
|
336
|
338
|
336
|
1,010
|
|
Total Interest
Expense
|
|
2,630
|
2,444
|
2,374
|
7,448
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
7,966
|
8,086
|
8,118
|
24,170
|
|
Provision (credit) for loan
losses
|
|
(600)
|
(1,175)
|
(550)
|
(2,325)
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION (CREDIT)
|
|
|
|
|
|
|
FOR LOAN LOSSES
|
|
8,566
|
9,261
|
8,668
|
26,495
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
Trust fees
|
|
1,556
|
1,617
|
1,570
|
4,743
|
|
Investment advisory
fees
|
|
198
|
198
|
172
|
568
|
|
Net realized gains (losses) on
investment securities available for sale
|
(358)
|
-
|
-
|
(358)
|
|
Net realized gains on loans held
for sale
|
|
262
|
155
|
186
|
603
|
|
Service charges on deposit
accounts
|
|
472
|
549
|
640
|
1,661
|
|
Bank owned life
insurance
|
|
216
|
218
|
227
|
661
|
|
Other income
|
|
759
|
717
|
729
|
2,205
|
|
Total Non-Interest
Income
|
|
3,105
|
3,454
|
3,524
|
10,083
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
5,500
|
5,574
|
5,702
|
16,776
|
|
Net occupancy expense
|
|
757
|
742
|
680
|
2,179
|
|
Equipment expense
|
|
429
|
411
|
435
|
1,275
|
|
Professional fees
|
|
980
|
911
|
983
|
2,874
|
|
FDIC deposit insurance
expense
|
|
462
|
460
|
262
|
1,184
|
|
Other expenses
|
|
1,791
|
1,779
|
1,820
|
5,390
|
|
Total Non-Interest
Expense
|
|
9,919
|
9,877
|
9,882
|
29,678
|
|
|
|
|
|
|
|
|
PRETAX INCOME
|
|
1,752
|
2,838
|
2,310
|
6,900
|
|
Income tax expense
|
|
489
|
900
|
744
|
2,133
|
|
NET INCOME
|
|
1,263
|
1,938
|
1,566
|
4,767
|
|
Preferred stock dividends and
accretion of preferred stock discount
|
290
|
290
|
539
|
1,119
|
|
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS
|
|
$
973
|
$
1,648
|
$
1,027
|
$
3,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
10,020
|
$
9,984
|
$
9,592
|
$
29,596
|
|
Total investment
portfolio
|
|
1,445
|
1,466
|
1,468
|
4,379
|
|
Total Interest Income
|
|
11,465
|
11,450
|
11,060
|
33,975
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
2,927
|
2,833
|
2,668
|
8,428
|
|
All borrowings
|
|
417
|
409
|
369
|
1,195
|
|
Total Interest
Expense
|
|
3,344
|
3,242
|
3,037
|
9,623
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
8,121
|
8,208
|
8,023
|
24,352
|
|
Provision for loan
losses
|
|
3,050
|
1,200
|
1,000
|
5,250
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION
|
|
|
|
|
|
|
FOR LOAN LOSSES
|
|
5,071
|
7,008
|
7,023
|
19,102
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
Trust fees
|
|
1,454
|
1,373
|
1,357
|
4,184
|
|
Investment advisory
fees
|
|
187
|
167
|
171
|
525
|
|
Net realized gains on investment
securities available for sale
|
|
65
|
42
|
50
|
157
|
|
Net realized gains on loans held
for sale
|
|
131
|
159
|
278
|
568
|
|
Service charges on deposit
accounts
|
|
572
|
611
|
565
|
1,748
|
|
Bank owned life
insurance
|
|
254
|
258
|
260
|
772
|
|
Other income
|
|
637
|
778
|
832
|
2,247
|
|
Total Non-Interest
Income
|
|
3,300
|
3,388
|
3,513
|
10,201
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
5,199
|
5,236
|
5,415
|
15,850
|
|
Net occupancy expense
|
|
736
|
639
|
620
|
1,995
|
|
Equipment expense
|
|
418
|
427
|
401
|
1,246
|
|
Professional fees
|
|
1,102
|
1,114
|
1,034
|
3,250
|
|
FDIC deposit insurance
expense
|
|
331
|
341
|
430
|
1,102
|
|
Other expenses
|
|
1,978
|
2,029
|
1,874
|
5,881
|
|
Total Non-Interest
Expense
|
|
9,764
|
9,786
|
9,774
|
29,324
|
|
|
|
|
|
|
|
|
PRETAX INCOME (LOSS)
|
|
(1,393)
|
610
|
762
|
(21)
|
|
Income tax expense
(benefit)
|
|
(475)
|
133
|
153
|
(189)
|
|
NET INCOME (LOSS)
|
|
(918)
|
477
|
609
|
168
|
|
Preferred stock dividends and
accretion of preferred stock discount
|
291
|
290
|
291
|
872
|
|
NET INCOME (LOSS) AVAILABLE TO
COMMON SHAREHOLDERS
|
|
$
(1,209)
|
$
187
|
$
318
|
$
(704)
|
|
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
|
AVERAGE
BALANCE SHEET DATA
|
|
|
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
NINE
|
|
|
NINE
|
|
|
|
3QTR
|
MONTHS
|
|
3QTR
|
MONTHS
|
|
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
|
Loans and loans held for sale,
net of unearned income
|
|
$
663,230
|
$
658,442
|
|
$
694,432
|
$
705,656
|
|
Deposits with banks
|
|
9,861
|
4,546
|
|
1,781
|
1,785
|
|
Short-term investment in money
market funds
|
|
3,547
|
3,451
|
|
5,075
|
4,301
|
|
Federal funds sold
|
|
-
|
7,784
|
|
6,184
|
3,754
|
|
Total investment
securities
|
|
199,228
|
198,580
|
|
167,892
|
157,894
|
|
Total interest earning
assets
|
|
875,866
|
872,803
|
|
875,364
|
873,390
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
16,228
|
15,598
|
|
14,889
|
14,952
|
|
Premises and
equipment
|
|
10,535
|
10,504
|
|
10,645
|
10,011
|
|
Other assets
|
|
79,342
|
79,323
|
|
80,888
|
80,141
|
|
Allowance for loan
losses
|
|
(17,032)
|
(18,309)
|
|
(21,173)
|
(21,347)
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
964,939
|
959,919
|
|
960,613
|
957,147
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
Interest bearing
demand
|
|
59,099
|
57,143
|
|
59,014
|
58,247
|
|
Savings
|
|
83,280
|
81,241
|
|
79,038
|
77,701
|
|
Money market
|
|
193,921
|
190,642
|
|
187,563
|
186,229
|
|
Other time
|
|
346,639
|
352,643
|
|
363,327
|
357,165
|
|
Total interest bearing
deposits
|
|
682,939
|
681,669
|
|
688,942
|
679,342
|
|
Borrowings:
|
|
|
|
|
|
|
|
Federal funds purchased,
securities sold under
|
|
|
|
|
|
|
|
agreements to repurchase,
and other short-term
|
|
|
|
|
|
|
|
borrowings
|
|
227
|
507
|
|
1,258
|
2,963
|
|
Advanced from Federal Home Loan
Bank
|
|
9,715
|
9,729
|
|
13,434
|
21,419
|
|
Guaranteed junior subordinated
deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
|
Total interest bearing
liabilities
|
|
705,966
|
704,990
|
|
716,719
|
716,809
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
Demand deposits
|
|
134,767
|
133,465
|
|
125,117
|
121,712
|
|
Other
liabilities
|
|
11,634
|
11,691
|
|
10,624
|
11,290
|
|
Shareholders' equity
|
|
112,572
|
109,773
|
|
108,153
|
107,336
|
|
Total liabilities and
shareholders' equity
|
|
$
964,939
|
$
959,919
|
|
$
960,613
|
$
957,147
|
|
|
|
|
|
|
|
|
SOURCE AmeriServ Financial, Inc.