JOHNSTOWN, Pa., April 17, 2012 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) continued its positive earnings
momentum in the first quarter of 2012 by reporting net income of
$1,565,000 or $0.06 per diluted common share. This
represents an increase of $302,000,
or 23.9%, from the first quarter 2011 net income of $1,263,000 or $0.05
per diluted common share. There was a greater percentage
increase in earnings per share due to the success of the Company's
common stock repurchase program as the Company's increased 2012
earnings are being spread over a smaller number of shares
outstanding. The following table highlights the Company's
financial performance for the quarters ended March 31, 2012 and 2011:
|
First
Quarter
2012
|
First
Quarter
2011
|
|
Dollar
Change
|
Percentage
Change
|
|
|
|
|
|
|
Net
income
|
$1,565,000
|
$1,263,000
|
|
$302,000
|
23.9%
|
Diluted
earnings per share
|
$
0.06
|
$
0.05
|
|
$
0.01
|
37.0%
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the first quarter 2012
financial results: "I was pleased that our growth in earnings was
driven by increased non-interest revenue and stable net interest
margin performance. Our non-interest revenue benefitted from
good fee growth in our trust and wealth management business along
with another strong quarter of residential mortgage loan
production. This improved revenue growth combined with our
continued excellent asset quality, and strong capital and
loan loss reserve, positions us well to execute our growth oriented
strategic plan."
The Company's net interest income in the first quarter of 2012
increased by $92,000, or 1.2%, when
compared to the first quarter of 2011. The first quarter 2012
net interest margin of 3.70% was consistent with last year's first
quarter. The increased net interest income and overall stable
net interest margin performance reflects the benefits of a lower
cost of funds and moderate loan growth. Specifically, total
loans outstanding have increased for four consecutive quarters and
now are $26.5 million or 4.1% higher
than they were at March 31, 2011.
This loan growth reflects the successful results of the
Company's more intensive sales calling efforts with a particular
emphasis on generating commercial loans and owner occupied
commercial real estate loans which qualify as Small Business
Lending Fund loans. Despite this growth in loans, total
interest revenue dropped by $472,000
between years and reflects the lower interest rate environment and
flatter yield curve. However, careful management of funding
costs allowed the Company to mitigate this drop in interest revenue
during the past year. Specifically, interest expense in the
first quarter of 2012 declined by $564,000 from the same prior year quarter due to
the Company's proactive efforts to reduce deposit and borrowing
costs. This reduction in deposit costs has not negatively
impacted deposit balances which have increased by $3.6 million over the past 12 months.
Sustained improvements in asset quality evidenced by lower
levels of non-performing assets and criticized loans allowed the
Company to reverse a portion of the allowance for loan losses into
earnings in the first quarter of 2012 while still maintaining
especially strong coverage ratios. During the first quarter
of 2012, total non-performing assets again declined to $4.8 million or 0.72% of total loans as a result
of successful ongoing resolution efforts. Criticized loans
also dropped by $10 million or 20.4%
during this same period. As a result of this improvement, the
Company again recorded a negative provision for loan losses of
$625,000 in the first quarter of 2012
compared to a similar credit provision of $600,000 in the first quarter of 2011.
Actual credit losses realized through net charge-offs also declined
sharply in the first quarter of 2012. Net charge-offs in the
first quarter of 2012 totaled only $220,000, or 0.13% of total loans, compared to
net charge-offs of $1.1 million, or
0.70% of total loans, in the first quarter of 2011. 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 296% coverage of non-performing loans, and was
2.05% of total loans, at March 31,
2012, compared to 288% of non-performing loans, and 2.18% of
total loans, at December 31,
2011.
The Company's non-interest income in the first quarter of 2012
increased by $569,000 or 18.3% from
the prior year's first quarter. In the first quarter of 2011,
the Company realized a $358,000
investment security loss on a portfolio repositioning strategy
where we sold $17 million of lower
yielding, longer duration securities in the portfolio and replaced
them with higher yielding securities with a shorter duration.
There were no investment security gains or losses in the first
quarter of 2012. Trust and investment advisory
fees increased by $136,000 or 7.8%
over the prior year first quarter as our wealth management
businesses benefited from the implementation of new fee schedules
and improved asset values in the first quarter of 2012.
Total non-interest expense in the first quarter of 2012
increased by $195,000 or 2.0% from
the prior year's first quarter. Salaries and employee
benefits increased by $486,000 or
8.8% due to higher salaries expense, incentive compensation, and
pension expense in the first quarter of 2012. The 2012
personnel expenses also reflect the staffing costs associated with
new loan production offices in Altoona and Harrisburg for the full quarter and
Hagerstown, Maryland for part of
the quarter. Other expenses also increased by $105,000 due to an increase in the reserve for
unfunded loan commitments as result of increased commercial loan
origination activity in the first quarter of 2012. These
negative items were partially offset by a $333,000 reduction in FDIC deposit insurance
expense in the first quarter of 2012. This reduction resulted from
a change in the calculation methodology which took effect in the
second half of 2011 and the Company's improved risk profile which
is evidenced by better asset quality and increased
profitability. Finally, the Company recorded an income tax
expense of $678,000 or an effective
tax rate of 30.2% for the first quarter of 2012 compared to an
income tax expense of $489,000 or an
effective tax rate of 27.9% for the first quarter of 2011.
The higher income tax expense and effective rate in 2012 reflects
the Company's increased pre-tax earnings combined with a relatively
consistent level of tax free earnings from bank owned life
insurance.
ASRV had total assets of $967
million and shareholders' equity of $112 million or a book value of $4.46 per common share at March 31, 2012. During the first quarter of
2012, the Company repurchased 456,000 shares of its common stock at
an average price of $2.38 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 17.22%, an asset leverage
ratio of 11.83% and a tangible common equity to tangible assets
ratio of 8.24% at March 31,
2012.
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,
2012
|
(In
thousands, except per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR THE PERIOD:
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
1,565
|
|
|
|
|
|
|
Net income
available to common shareholders
|
|
1,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES (annualized):
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
0.65%
|
|
|
|
|
|
|
Return on
average equity
|
|
5.60
|
|
|
|
|
|
|
Net
interest margin
|
|
3.70
|
|
|
|
|
|
|
Net
charge-offs (recoveries) as a percentage of average
loans
|
|
0.13
|
|
|
|
|
|
|
Loan loss
provision as a percentage of average loans
|
|
(0.38)
|
|
|
|
|
|
|
Efficiency
ratio
|
|
86.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.06
|
|
|
|
|
|
|
Average
number of common shares outstanding
|
|
20,679
|
|
|
|
|
|
|
Diluted
|
|
0.06
|
|
|
|
|
|
|
Average
number of common shares outstanding
|
|
20,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%
|
0.72%
|
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 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
(In
thousands, except per share, statistical, and ratio
data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
1QTR
|
|
|
|
PERFORMANCE DATA AT PERIOD END:
|
|
|
|
|
|
Assets
|
|
$
967,401
|
|
|
|
Short-term
investments
|
|
4,689
|
|
|
|
Investment
securities
|
|
190,089
|
|
|
|
Loans and
loans held for sale
|
|
671,328
|
|
|
|
Allowance
for loan losses
|
|
13,778
|
|
|
|
Goodwill
|
|
12,613
|
|
|
|
Deposits
|
|
820,105
|
|
|
|
FHLB
borrowings
|
|
6,390
|
|
|
|
Shareholders' equity
|
|
112,270
|
|
|
|
Non-performing assets
|
|
4,801
|
|
|
|
Asset
leverage ratio
|
|
11.83%
|
|
|
|
Tangible
common equity ratio
|
|
8.24
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
$
4.46
|
|
|
|
Tangible
book value
|
|
3.84
|
|
|
|
Market
value
|
|
2.74
|
|
|
|
Trust
assets - fair market value (B)
|
|
$
1,469,789
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD END:
|
|
|
|
|
|
Full-time
equivalent employees
|
|
353
|
|
|
|
Branch
locations
|
|
18
|
|
|
|
Common
shares outstanding
|
|
20,465,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and
loans held for sale
|
|
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
|
Tangible
book value
|
|
3.53
|
3.68
|
3.80
|
3.76
|
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
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
(A) Preferred
stock of $21 million received through the Small Business Lending
Fund is excluded from the book value per common share
and
|
tangible book
value per common share calculations.
|
(B) Not
recognized on the balance sheet
|
|
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
CONSOLIDATED STATEMENT OF INCOME
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans
|
|
$
8,729
|
|
|
|
|
|
|
Total
investment portfolio
|
|
1,395
|
|
|
|
|
|
|
Total
Interest Income
|
|
10,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,762
|
|
|
|
|
|
|
All
borrowings
|
|
304
|
|
|
|
|
|
|
Total
Interest Expense
|
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
8,058
|
|
|
|
|
|
|
Provision
(credit) for loan losses
|
|
(625)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION (CREDIT)
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
Trust
fees
|
|
1,697
|
|
|
|
|
|
|
Investment
advisory fees
|
|
193
|
|
|
|
|
|
|
Net
realized gains (losses) on investment securities available for
sale
|
|
-
|
|
|
|
|
|
|
Net
realized gains on loans held for sale
|
|
276
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
535
|
|
|
|
|
|
|
Bank owned
life insurance
|
|
215
|
|
|
|
|
|
|
Other
income
|
|
758
|
|
|
|
|
|
|
Total
Non-Interest Income
|
|
3,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
5,986
|
|
|
|
|
|
|
Net
occupancy expense
|
|
729
|
|
|
|
|
|
|
Equipment
expense
|
|
451
|
|
|
|
|
|
|
Professional fees
|
|
923
|
|
|
|
|
|
|
FDIC
deposit insurance expense
|
|
129
|
|
|
|
|
|
|
Other
expenses
|
|
1,896
|
|
|
|
|
|
|
Total
Non-Interest Expense
|
|
10,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
2,243
|
|
|
|
|
|
|
Income tax
expense
|
|
678
|
|
|
|
|
|
|
NET
INCOME
|
|
1,565
|
|
|
|
|
|
|
Preferred
stock dividends
|
|
263
|
|
|
|
|
|
|
NET INCOME
AVAILABLE TO COMMON SHAREHOLDERS
|
|
$
1,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
AMERISERV
FINANCIAL, INC.
|
AVERAGE
BALANCE SHEET DATA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
1QTR
|
|
1QTR
|
|
|
|
|
|
Interest
earning assets:
|
|
|
|
|
Loans and
loans held for sale, net of unearned income
|
|
$
666,575
|
|
$
661,061
|
Deposits
with banks
|
|
4,027
|
|
1,786
|
Short-term
investment in money market funds
|
|
5,168
|
|
3,855
|
Federal
funds sold
|
|
-
|
|
14,178
|
Total
investment securities
|
|
194,576
|
|
188,537
|
Total
interest earning assets
|
|
870,346
|
|
869,417
|
|
|
|
|
|
Non-interest earning assets:
|
|
|
|
|
Cash and
due from banks
|
|
17,163
|
|
15,555
|
Premises
and equipment
|
|
10,826
|
|
10,483
|
Other
assets
|
|
82,302
|
|
79,615
|
Allowance
for loan losses
|
|
(14,486)
|
|
(19,834)
|
|
|
|
|
|
Total
assets
|
|
966,151
|
|
955,236
|
|
|
|
|
|
Interest
bearing liabilities:
|
|
|
|
|
Interest
bearing deposits:
|
|
|
|
|
Interest
bearing demand
|
|
56,346
|
|
55,092
|
Savings
|
|
83,678
|
|
78,545
|
Money
market
|
|
202,156
|
|
185,933
|
Other
time
|
|
327,680
|
|
360,137
|
Total
interest bearing deposits
|
|
669,860
|
|
679,707
|
Borrowings:
|
|
|
|
|
Federal
funds purchased, securities sold under
|
|
|
|
|
agreements to repurchase, and other short-term
|
|
|
|
|
borrowings
|
|
4,233
|
|
424
|
Advanced
from Federal Home Loan Bank
|
|
8,493
|
|
9,743
|
Guaranteed
junior subordinated deferrable interest debentures
|
|
13,085
|
|
13,085
|
Total
interest bearing liabilities
|
|
695,671
|
|
702,959
|
|
|
|
|
|
Non-interest bearing liabilities:
|
|
|
|
|
Demand
deposits
|
|
142,106
|
|
133,049
|
Other
liabilities
|
|
16,067
|
|
11,859
|
Shareholders' equity
|
|
112,307
|
|
107,369
|
Total
liabilities and shareholders' equity
|
|
$ 966,151
|
|
$ 955,236
|
SOURCE AmeriServ Financial, Inc.