JOHNSTOWN, Pa., Jan. 24, 2012 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) continued its positive earnings
momentum in the fourth quarter of 2011 by reporting net income of
$1,770,000 or $0.07 per diluted common share. This
represents an increase of $656,000 or
58.9% from the fourth quarter 2010 net income of $1,114,000 or $0.04
per diluted common share. For the year ended December 31, 2011, the Company reported net
income of $6,537,000 or $0.24 per diluted share, a $5.3 million improvement over the net income of
$1,282,000 or $0.01 per diluted share reported for the full
year of 2010. The following table highlights the Company's
financial performance for both the quarters and years ended
December 31, 2011 and
2010:
|
Fourth
Quarter
2011
|
Fourth
Quarter
2010
|
|
Year
Ended
December
31, 2011
|
Year
Ended
December
31, 2010
|
|
|
|
|
|
|
Net
income
|
$1,770,000
|
$1,114,000
|
|
$6,537,000
|
$1,282,000
|
Diluted
earnings per share
|
$
0.07
|
$
0.04
|
|
$
0.24
|
$0.01
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the 2011 financial results:
"I was pleased with the strong growth in earnings that AmeriServ
Financial achieved in 2011. A significant and sustained improvement
in asset quality was an important factor contributing to our
financial success in 2011. Specifically, non-performing
assets again declined as a result of our successful problem credit
resolution efforts and now total $5.2
million, or only 0.77% of total loans, while net charge-offs
dropped to 0.24% of total loans for all of 2011. I was also
pleased with the growth in revenue within our trust and wealth
management business, and our overall non-interest expense control.
AmeriServ Financial enters 2012 with good momentum and an updated
strategic plan that focuses on growing revenue by leveraging our
strong balance sheet and capital position."
The Company's net interest income performance has been
relatively stable throughout 2011. It increased in the fourth
quarter of 2011 by $123,000, or 1.5%,
from the prior year's fourth quarter and for the full year of 2011
it decreased by only $59,000, or
0.2%, when compared to the entire year of 2010. The Company's
2011 fourth quarter net interest margin of 3.64 % was down four
basis points from the most recent third quarter 2011 performance
and for the full year 2011 averaged 3.72%, which was seven basis
points lower than the 2010 net interest margin of 3.79%.
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 $663
million for the full year 2011, a decrease of $39 million or 5.5% from the 2010 year. The
lower balances reflect the results of the Company's focus on
reducing its commercial real estate exposure and problem loans,
particularly during the first half of 2011. However, total
loan balances appear to have bottomed in the first quarter of 2011.
Loans have increased by $26 million
over the past three quarters reflecting the successful results of
the Company's more intensive sales calling efforts for commercial
loans and growth in home equity loans. 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 $42 million in 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 fourth quarter
of 2011 declined by $633,000 from the
same prior year quarter and for the full year 2011 decreased by
$2.8 million both due to reduced
deposit costs. This reduction in deposit costs has not
negatively impacted deposit balances which have increased by
$15 million or 1.9% since
December 31, 2010. The Company
is particularly pleased with the growth achieved in non-interest
bearing demand deposits in 2011 whose balances on average increased
by $12 million or
10.0%.
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 non-performing assets coverage
ratio. During the full year of 2011, total non-performing
assets decreased by $9.2 million or
63.8% to $5.2 million or 0.77% of
total loans as a result of successful resolution efforts.
Classified loans rated substandard or doubtful also dropped by
$21.1 million or 53.2% during this
same period. As a result of this improvement, the Company
recorded a negative provision for loan losses of $1,250,000 in the fourth quarter of 2011 compared
to no provision in the fourth quarter of 2010. For the full
year 2011 the negative provision amounted to $3,575,000 compared to a $5,250,000 provision for all of 2010.
Actual credit losses realized through net charge-offs also declined
sharply for both the fourth quarter and full year 2011. Net
charge-offs in the fourth quarter of 2011 totaled only $196,000 or 0.12% of total loans compared to net
charge-offs of $988,000 or 0.57% of
total loans in the fourth quarter of 2010. For the full year
2011, net charge-offs totaled $1.6
million or 0.24% of total loans which represents a decrease
from the entire year of 2010 when net charge-offs totaled
$5.2 million or 0.74% 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 288% coverage of non-performing
loans and was 2.18% of total loans at December 31, 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 fourth quarter of 2011
decreased by $280,000 from the prior
year's fourth quarter and for the full year 2011 decreased by
$398,000 or 2.8% when compared to the
entire year of 2010. The largest factor contributing to the
decline was reduced revenue from bank owned life insurance as the
quarterly revenue dropped by $231,000
and the annual revenue decreased by $342,000. Note that the 2010 revenue was
enhanced by the receipt of a death benefit. When compared to
the prior year, gains realized on residential mortgage loan sales
into the secondary market were down by $181,000 for the fourth quarter and $146,000 for the full year due to less refinance
activity in 2011. Another item causing the full year 2011
decline in non-interest income 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. The largest positive item in 2011 was
increased trust and investment advisory fees. Specifically,
trust and investment advisory fees increased by $41,000 for the fourth quarter and $643,000 or 10.2% for the full year as our wealth
management businesses benefited from the implementation of new fee
schedules in 2011.
Total non-interest expense in the fourth quarter of 2011
decreased modestly by $14,000 from
the prior year's fourth quarter and for the full year 2011
increased by $340,000 or 0.9% when
compared to all of 2010. The Company's 2011 fourth quarter
performance was impacted by a $240,000 prepayment penalty realized on the early
retirement of $5.7 million of FHLB
term advances. The Company elected to utilize its strong
liquidity to prepay all of its FHLB term advances with maturities
greater than two years in order to reduce future interest
expense. Salaries and employee benefits increased by
$88,000 for the fourth quarter and
$1.0 million or 4.7% for the full
year 2011 due to higher medical insurance costs, increased pension
expense, and greater incentive compensation expense. These
negative items were partially offset by lower professional fees
which dropped by $112,000 in the
fourth quarter and $488,000, or
11.2%, for the full year 2011 due to reduced legal fees,
recruitment fees, and lower consulting expenses in the Trust
Company. FDIC deposit insurance expense also declined by
$319,000 in the fourth quarter and
$237,000 for the full year due to a
change in the calculation methodology in 2011. Other expenses
were up modestly in the fourth quarter of 2011 but decreased by
$404,000 for the full year 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 $2.9 million for the full year 2011 compared to a
modest income tax expense of $80,000
for 2010 due to the sharply higher pre-tax earnings in 2011 and
reduced tax free earnings from bank owned life insurance.
ASRV had total assets of $979
million and shareholders' equity of $112 million or a book value of $4.37 per common share at December 31, 2011. During the fourth
quarter of 2011, the Company repurchased 287,000 shares of its
common stock at an average price of $2.03 in conjunction with the terms of the
Company's stock buyback program that was announced on November 9, 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 17.60%, an asset leverage ratio of 11.66% and a
tangible common equity to tangible assets ratio of 8.15% at
December 31, 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
|
|
December
31, 2011
|
|
(In
thousands, except per share and ratio data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
|
|
TO
DATE
|
PERFORMANCE DATA FOR THE PERIOD:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
1,263
|
$
|
1,938
|
$
|
1,566
|
$
|
1,770
|
$
|
6,537
|
Net income
available to common shareholders
|
|
|
973
|
|
1,648
|
|
1,027
|
|
1,505
|
|
5,153
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
|
0.54%
|
|
0.81%
|
|
0.64%
|
|
72.00%
|
|
0.68%
|
Return on
average equity
|
|
|
4.77
|
|
7.11
|
|
5.52
|
|
6.19
|
|
5.90
|
Net
interest margin
|
|
|
3.70
|
|
3.71
|
|
3.68
|
|
3.64
|
|
3.72
|
Net
charge-offs (recoveries) as a percentage of average
loans
|
|
|
0.70
|
|
(0.07)
|
|
0.20
|
|
0.12
|
|
0.24
|
Loan loss
provision as a percentage of average loans
|
|
|
(0.37)
|
|
(0.72)
|
|
(0.33)
|
|
(0.73)
|
|
(0.54)
|
Efficiency
ratio
|
|
|
89.53
|
|
85.53
|
|
84.83
|
|
89.26
|
|
87.26
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.05
|
$
|
0.08
|
$
|
0.05
|
$
|
0.07
|
$
|
0.24
|
Average
number of common shares outstanding
|
|
|
21,208
|
|
21,208
|
|
21,208
|
|
21,114
|
|
21,184
|
Diluted
|
|
|
0.05
|
|
0.08
|
|
0.05
|
|
0.07
|
|
0.24
|
Average
number of common shares outstanding
|
|
|
21,230
|
|
21,236
|
|
21,227
|
|
21,128
|
|
21,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
|
|
TO
DATE
|
PERFORMANCE DATA FOR THE PERIOD:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(918)
|
$
|
477
|
$
|
609
|
$
|
1,114
|
$
|
1,282
|
Net income
(loss) available to common shareholders
|
|
|
(1,209)
|
|
187
|
|
318
|
|
825
|
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
|
(0.39)%
|
|
0.20%
|
|
0.25%
|
|
0.46%
|
|
0.13%
|
Return on
average equity
|
|
|
(3.47)
|
|
1.79
|
|
2.24
|
|
4.06
|
|
1.19
|
Net
interest margin
|
|
|
3.78
|
|
3.83
|
|
3.70
|
|
3.70
|
|
3.79
|
Net
charge-offs as a percentage of average loans
|
|
|
0.69
|
|
1.13
|
|
0.56
|
|
0.57
|
|
0.74
|
Loan loss
provision as a percentage of average loans
|
|
|
1.72
|
|
0.68
|
|
0.57
|
|
-
|
|
0.75
|
Efficiency
ratio
|
|
|
85.42
|
|
84.33
|
|
84.67
|
|
88.18
|
|
85.66
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
$
|
0.01
|
$
|
0.02
|
$
|
0.04
|
$
|
0.01
|
Average
number of common shares outstanding
|
|
|
21,224
|
|
21,224
|
|
21,224
|
|
21,224
|
|
21,224
|
Diluted
|
|
|
(0.06)
|
|
0.01
|
|
0.02
|
|
0.04
|
|
0.01
|
Average
number of common shares outstanding
|
|
|
21,224
|
|
21,245
|
|
21,225
|
|
21,224
|
|
21,226
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
(In
thousands, except per share, statistical, and ratio
data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
PERFORMANCE DATA AT PERIOD END:
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
961,067
|
$
|
954,893
|
$
|
973,439
|
$
|
979,076
|
Short-term
investments
|
|
|
4,094
|
|
4,338
|
|
17,941
|
|
6,129
|
Investment
securities
|
|
|
195,272
|
|
198,770
|
|
195,784
|
|
195,203
|
Loans
|
|
|
644,836
|
|
656,838
|
|
667,409
|
|
670,847
|
Allowance
for loan losses
|
|
|
18,025
|
|
16,958
|
|
16,069
|
|
14,623
|
Goodwill
|
|
|
12,613
|
|
12,613
|
|
12,613
|
|
12,613
|
Deposits
|
|
|
816,528
|
|
810,082
|
|
827,358
|
|
816,420
|
FHLB
borrowings
|
|
|
9,736
|
|
9,722
|
|
9,707
|
|
21,765
|
Shareholders' equity
|
|
|
108,170
|
|
111,410
|
|
114,164
|
|
112,352
|
Non-performing assets
|
|
|
9,328
|
|
7,433
|
|
5,344
|
|
5,199
|
Asset
leverage ratio
|
|
|
11.40%
|
|
11.60%
|
|
11.70%
|
|
11.66%
|
Tangible
common equity ratio
|
|
|
7.89
|
|
8.29
|
|
8.38
|
|
8.15
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Book value
(A)
|
|
$
|
4.12
|
$
|
4.28
|
$
|
4.39
|
$
|
4.37
|
Market
value
|
|
|
2.37
|
|
1.95
|
|
1.90
|
|
1.95
|
Trust
assets - fair market value (B)
|
|
$
|
1,410,755
|
$
|
1,390,534
|
$
|
1,313,440
|
$
|
1,382,745
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD END:
|
|
|
|
|
|
|
|
|
|
Full-time
equivalent employees
|
|
|
351
|
|
352
|
|
342
|
|
347
|
Branch
locations
|
|
|
18
|
|
18
|
|
18
|
|
18
|
Common
shares outstanding
|
|
|
21,207,670
|
|
21,208,421
|
|
21,208,421
|
|
20,921,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
4QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
|
|
TO
DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans
|
|
$
|
9,083
|
$
|
8,804
|
$
|
8,888
|
$
|
8,924
|
$
|
35,699
|
Total
investment portfolio
|
|
|
1,513
|
|
1,726
|
|
1,604
|
|
1,422
|
|
6,265
|
Total
Interest Income
|
|
|
10,596
|
|
10,530
|
|
10,492
|
|
10,346
|
|
41,964
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,294
|
|
2,106
|
|
2,038
|
|
1,897
|
|
8,335
|
All
borrowings
|
|
|
336
|
|
338
|
|
336
|
|
336
|
|
1,346
|
Total
Interest Expense
|
|
|
2,630
|
|
2,444
|
|
2,374
|
|
2,233
|
|
9,681
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
|
7,966
|
|
8,086
|
|
8,118
|
|
8,113
|
|
32,283
|
Provision
(credit) for loan losses
|
|
|
(600)
|
|
(1,175)
|
|
(550)
|
|
(1,250)
|
|
(3,575)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION (CREDIT)
|
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
|
8,566
|
|
9,261
|
|
8,668
|
|
9,363
|
|
35,858
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Trust
fees
|
|
|
1,556
|
|
1,617
|
|
1,570
|
|
1,430
|
|
6,173
|
Investment
advisory fees
|
|
|
198
|
|
198
|
|
172
|
|
186
|
|
754
|
Net
realized gains (losses) on investment securities available for
sale
|
|
|
(358)
|
|
-
|
|
-
|
|
-
|
|
(358)
|
Net
realized gains on loans held for sale
|
|
|
262
|
|
155
|
|
186
|
|
209
|
|
812
|
Service
charges on deposit accounts
|
|
|
472
|
|
549
|
|
640
|
|
580
|
|
2,241
|
Bank owned
life insurance
|
|
|
216
|
|
218
|
|
227
|
|
224
|
|
885
|
Other
income
|
|
|
759
|
|
717
|
|
729
|
|
857
|
|
3,062
|
Total
Non-Interest Income
|
|
|
3,105
|
|
3,454
|
|
3,524
|
|
3,486
|
|
13,569
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
|
5,500
|
|
5,574
|
|
5,702
|
|
5,840
|
|
22,616
|
Net
occupancy expense
|
|
|
757
|
|
742
|
|
680
|
|
721
|
|
2,900
|
Equipment
expense
|
|
|
429
|
|
411
|
|
435
|
|
411
|
|
1,686
|
Professional fees
|
|
|
980
|
|
911
|
|
983
|
|
1,001
|
|
3,875
|
FDIC
deposit insurance expense
|
|
|
462
|
|
460
|
|
262
|
|
154
|
|
1,338
|
FHLB
prepayment penalty
|
|
|
-
|
|
-
|
|
-
|
|
240
|
|
240
|
Other
expenses
|
|
|
1,791
|
|
1,779
|
|
1,820
|
|
1,992
|
|
7,382
|
Total
Non-Interest Expense
|
|
|
9,919
|
|
9,877
|
|
9,882
|
|
10,359
|
|
40,037
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
|
1,752
|
|
2,838
|
|
2,310
|
|
2,490
|
|
9,390
|
Income tax
expense
|
|
|
489
|
|
900
|
|
744
|
|
720
|
|
2,853
|
NET
INCOME
|
|
|
1,263
|
|
1,938
|
|
1,566
|
|
1,770
|
|
6,537
|
Preferred
stock dividends and accretion of preferred stock
discount
|
|
|
290
|
|
290
|
|
539
|
|
265
|
|
1,384
|
NET INCOME
AVAILABLE TO COMMON SHAREHOLDERS
|
|
$
|
973
|
$
|
1,648
|
$
|
1,027
|
$
|
1,505
|
$
|
5,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
|
|
TO
DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans
|
|
$
|
10,020
|
$
|
9,984
|
$
|
9,592
|
$
|
9,500
|
$
|
39,096
|
Total
investment portfolio
|
|
|
1,445
|
|
1,466
|
|
1,468
|
|
1,356
|
|
5,735
|
Total
Interest Income
|
|
|
11,465
|
|
11,450
|
|
11,060
|
|
10,856
|
|
44,831
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,927
|
|
2,833
|
|
2,668
|
|
2,517
|
|
10,945
|
All
borrowings
|
|
|
417
|
|
409
|
|
369
|
|
349
|
|
1,544
|
Total
Interest Expense
|
|
|
3,344
|
|
3,242
|
|
3,037
|
|
2,866
|
|
12,489
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
|
8,121
|
|
8,208
|
|
8,023
|
|
7,990
|
|
32,342
|
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
|
|
7,990
|
|
27,092
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Trust
fees
|
|
|
1,454
|
|
1,373
|
|
1,357
|
|
1,387
|
|
5,571
|
Investment
advisory fees
|
|
|
187
|
|
167
|
|
171
|
|
188
|
|
713
|
Net
realized gains on investment securities available for
sale
|
|
|
65
|
|
42
|
|
50
|
|
-
|
|
157
|
Net
realized gains on loans held for sale
|
|
|
131
|
|
159
|
|
278
|
|
390
|
|
958
|
Service
charges on deposit accounts
|
|
|
572
|
|
611
|
|
565
|
|
536
|
|
2,284
|
Bank owned
life insurance
|
|
|
254
|
|
258
|
|
260
|
|
455
|
|
1,227
|
Other
income
|
|
|
637
|
|
778
|
|
832
|
|
810
|
|
3,057
|
Total
Non-Interest Income
|
|
|
3,300
|
|
3,388
|
|
3,513
|
|
3,766
|
|
13,967
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
|
5,199
|
|
5,236
|
|
5,415
|
|
5,752
|
|
21,602
|
Net
occupancy expense
|
|
|
736
|
|
639
|
|
620
|
|
696
|
|
2,691
|
Equipment
expense
|
|
|
418
|
|
427
|
|
401
|
|
434
|
|
1,680
|
Professional fees
|
|
|
1,102
|
|
1,114
|
|
1,034
|
|
1,113
|
|
4,363
|
FDIC
deposit insurance expense
|
|
|
331
|
|
341
|
|
430
|
|
473
|
|
1,575
|
Other
expenses
|
|
|
1,978
|
|
2,029
|
|
1,874
|
|
1,905
|
|
7,786
|
Total
Non-Interest Expense
|
|
|
9,764
|
|
9,786
|
|
9,774
|
|
10,373
|
|
39,697
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME (LOSS)
|
|
|
(1,393)
|
|
610
|
|
762
|
|
1,383
|
|
1,362
|
Income tax
expense (benefit)
|
|
|
(475)
|
|
133
|
|
153
|
|
269
|
|
80
|
NET INCOME
(LOSS)
|
|
|
(918)
|
|
477
|
|
609
|
|
1,114
|
|
1,282
|
Preferred
stock dividends and accretion of preferred stock
discount
|
|
|
291
|
|
290
|
|
291
|
|
289
|
|
1,161
|
NET INCOME
(LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
|
$
|
(1,209)
|
$
|
187
|
$
|
318
|
$
|
825
|
$
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
|
|
AVERAGE
BALANCE SHEET DATA
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
|
|
|
|
TWELVE
|
|
|
|
TWELVE
|
|
|
|
4QTR
|
|
MONTHS
|
|
4QTR
|
|
MONTHS
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets:
|
|
|
|
|
|
|
|
|
|
Loans and
loans held for sale, net of unearned income
|
|
$
|
675,657
|
$
|
662,746
|
$
|
689,041
|
$
|
701,502
|
Deposits
with banks
|
|
|
9,961
|
|
6,853
|
|
1,790
|
|
1,795
|
Short-term
investment in money market funds
|
|
|
2,355
|
|
2,224
|
|
4,631
|
|
4,375
|
Federal
funds sold
|
|
|
-
|
|
5,838
|
|
4,073
|
|
3,834
|
Total
investment securities
|
|
|
195,925
|
|
197,916
|
|
171,379
|
|
161,265
|
Total
interest earning assets
|
|
|
883,898
|
|
875,577
|
|
870,914
|
|
872,771
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning assets:
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks
|
|
|
16,779
|
|
15,893
|
|
16,331
|
|
15,297
|
Premises
and equipment
|
|
|
10,539
|
|
10,513
|
|
10,813
|
|
10,212
|
Other
assets
|
|
|
79,201
|
|
79,293
|
|
80,402
|
|
80,206
|
Allowance
for loan losses
|
|
|
(16,155)
|
|
(17,771)
|
|
(20,828)
|
|
(21,218)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
974,262
|
|
963,505
|
|
957,632
|
|
957,268
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing liabilities:
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits:
|
|
|
|
|
|
|
|
|
|
Interest
bearing demand
|
|
|
59,707
|
|
57,784
|
|
57,732
|
|
58,118
|
Savings
|
|
|
82,238
|
|
81,490
|
|
76,419
|
|
77,381
|
Money
market
|
|
|
202,220
|
|
193,536
|
|
187,550
|
|
186,560
|
Other
time
|
|
|
337,730
|
|
348,915
|
|
362,396
|
|
358,472
|
Total
interest bearing deposits
|
|
|
681,895
|
|
681,725
|
|
684,097
|
|
680,531
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
Federal
funds purchased, securities sold under
|
|
|
|
|
|
|
|
|
|
agreements to repurchase, and other short-term
|
|
|
|
|
|
|
|
|
|
borrowings
|
|
|
3,343
|
|
1,216
|
|
3,586
|
|
3,119
|
Advanced
from Federal Home Loan Bank
|
|
|
9,888
|
|
9,769
|
|
10,521
|
|
18,694
|
Guaranteed
junior subordinated deferrable interest debentures
|
|
|
13,085
|
|
13,085
|
|
13,085
|
|
13,085
|
Total
interest bearing liabilities
|
|
|
708,211
|
|
705,795
|
|
711,289
|
|
715,429
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
140,797
|
|
135,298
|
|
126,718
|
|
122,963
|
Other
liabilities
|
|
|
11,721
|
|
11,699
|
|
10,882
|
|
11,188
|
Shareholders' equity
|
|
|
113,533
|
|
110,713
|
|
108,743
|
|
107,688
|
Total
liabilities and shareholders' equity
|
|
$
|
974,262
|
$
|
963,505
|
$
|
957,632
|
$
|
957,268
|
SOURCE AmeriServ Financial, Inc.