AmeriServ Financial Reports Earnings For The Fourth Quarter And
Full Year Of 2012
JOHNSTOWN, Pa., Jan. 22, 2013 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2012 net
income available to common shareholders of $683,000 or $0.04
per diluted common share. This represented a 42.9% decrease
in earnings per share from the fourth quarter of 2011 where net
income available to common shareholders totaled $1,505,000 or $0.07
per diluted common share. For the year ended December 31, 2012, the Company reported net
income available to common shareholders of $4,211,000 or $0.21
per diluted share. This represented a 12.5% decline in
earnings per share from the full year 2011 where net income
available to common shareholders totaled $5,153,000 or $0.24
per diluted share. The largest factor causing the reduction
in net income for both the fourth quarter and full year of 2012 was
the provision for loan losses. The Company recorded a
$550,000 loan loss provision in the
fourth quarter of 2012 compared to a negative loan loss provision
of $1,250,000 in the fourth quarter
of 2011. For the full year 2012, the Company recorded a
negative provision of $775,000 but
this was at a lesser level than the $3,575,000 negative provision for the 2011 year.
The following table highlights the Company's financial
performance for both the quarters and years ended December 31, 2012 and
2011:
|
Fourth
Quarter 2012
|
Fourth
Quarter 2011
|
|
Year
Ended
December 31, 2012
|
Year
Ended
December 31, 2011
|
|
|
|
|
|
|
Net
income
|
$735,000
|
$1,770,000
|
|
$5,039,000
|
$6,537,000
|
Net income
available to
common shareholders
|
$683,000
|
$1,505,000
|
|
$4,211,000
|
$5,153,000
|
Diluted
earnings per share
|
$
0.04
|
$
0.07
|
|
$
0.21
|
$0.24
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the 2012 financial results:
"AmeriServ Financial was able to accomplish several important
strategic initiatives during 2012. We have now reported seven
consecutive quarters of loan growth which has caused our total loan
portfolio to increase by $61 million
or 9.1% for the full year 2012. Our new loan production
offices contributed to this growth in loan categories that qualify
for the Small Business Lending Fund (SBLF) and as a result we will
continue to pay the lowest preferred share dividend rate available
under the program. I was also pleased with our strong growth
in non-interest revenue in 2012 which reflected a record year in
residential mortgage related revenues and a second consecutive year
of double digit growth in the net income contribution from our
wealth management businesses. Finally, we are well positioned
for further growth in 2013 which will be supported by our strong
and conservative balance sheet. We ended 2012 with our
allowance for loan losses providing 210% coverage of non-performing
loans and a tier one capital to average assets ratio of 11.44%."
The Company's net interest income has been relatively stable
this year as it decreased by $31,000
or 0.4% in the fourth quarter of 2012 from the prior year's fourth
quarter and for the full year 2012 decreased by only $80,000 or 0.2% when compared to the full year
2011. The Company's full year 2012 net interest margin of
3.65% was seven basis points lower than the net interest margin of
3.72% for the 2011 year. The decreased net interest margin
reflects the challenges of a flatter yield curve which has
pressured interest revenue in 2012 and demonstrates the impact of
Federal Reserve low interest rate policies. The Company has
been able to overcome this net interest margin pressure and keep
net interest income relatively constant by reducing its cost of
funds and growing its earning assets, particularly loans.
Specifically, total loans outstanding have increased for seven
consecutive quarters and now are $61
million or 9.1% higher than they were at December 31, 2011. This loan growth
reflects the successful results of the Company's more intensive
sales calling efforts with an emphasis on generating commercial
loans and owner occupied commercial real estate loans which qualify
as Small Business Lending Fund loans, particularly through its new
loan production offices. Despite this growth in loans, total
interest revenue dropped by $2,047,000 between years and reflects the lower
interest rate environment and flatter yield curve. Interest
revenue has also been negatively impacted by increased premium
amortization on mortgage backed securities due to faster mortgage
prepayment speeds. However, careful management of funding
costs has allowed the Company to mitigate a significant portion of
this drop in interest revenue during the past year.
Specifically, total interest expense for the full year of 2012
declined by $1,967,000 from the 2011
year due to the Company's proactive efforts to reduce deposit and
borrowing costs. Even with this reduction in deposit costs,
the Company still experienced solid growth in deposits which
increased by $19 million or 2.4% over
the past year. The Company continues to maintain strong
liquidity as evidenced by a loan to deposit ratio of 87.6% at
December 31, 2012.
The Company recorded a $550,000
provision for loan losses in the fourth quarter of 2012 compared to
a $1,250,000 negative provision
recorded in the fourth quarter of 2011. The $550,000 provision was needed to address a
$1.9 million increase in
non-performing assets that occurred during the fourth quarter of
2012. This increase largely relates to one problem commercial
real estate loan which had been on our watch list and reflects the
Company's consistent practice of quickly identifying and managing
problem credits in order to minimize losses during the workout
process. Even with this uptick, non-performing assets are
still at a very manageable level at December
31, 2012, as they now total $7.2
million or 0.99% of total loans. For the full year
2012, the Company was able to reverse a portion of the allowance
for loan losses into earnings while still maintaining strong
coverage ratios. For the 2012 year, the negative loan loss
provision amounted to $775,000
compared to a $3,575,000 negative
provision for the 2011 year. Consequently, there has been
$2.8 million less earnings benefit
from negative loan loss provisions in 2012. The Company
continued to realize overall low levels of net charge-offs during
2012, despite an increase in the fourth quarter.
Specifically, net charge-offs for the 2012 year totaled
$1.3 million or 0.19% of total loans
which represents a decrease from the 2011 year when net charge-offs
totaled $1.6 million or 0.24% of
total loans. Criticized and classified loans also dropped by
$4.2 million or 8.5% during the past
12 months. 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 210% coverage of non-performing
loans, and was 1.72% of total loans, at December 31, 2012, compared to 288% of
non-performing loans, and 2.18% of total loans, at December 31, 2011.
The Company's strong growth in non-interest income has also been
a financial performance highlight in 2012. Total non-interest
income in the fourth quarter of 2012 increased by $401,000 or 11.5% from the prior year's fourth
quarter and for the full year 2012 increased by $1.4 million or 10.1% when compared to the 2011
year. The 2012 non-interest income increase was driven by
increased revenue from residential mortgage banking activities and
our Trust Company's wealth management businesses.
Specifically, gains realized on residential mortgage loan sales
into the secondary market increased by $134,000 for the fourth quarter and by
$320,000 or 39.4% for the full year
due to increased mortgage loan production in 2012. The higher
residential mortgage loan production reflected both increased
purchase and refinance activity. Trust fees also increased by
$239,000 for the fourth quarter and
by $354,000 for the full year as our
wealth management businesses benefited from the implementation of
new fee schedules and improved asset values under management in
2012. Higher fees related to residential mortgage banking
activities along with increased revenue from financial services
(annuity and mutual funds sales) were the key factors responsible
for the $34,000 quarterly increase
and $411,000 full year increase in
other income in 2012. Finally, the Company realized a modest
$12,000 investment security gain in
2012 compared to a $358,000
investment security loss in the first quarter of 2011 that resulted
from a portfolio repositioning strategy.
Total non-interest expense in the fourth quarter of 2012
increased by only $14,000 from the
prior year's fourth quarter and for the full year 2012 increased by
$604,000 or 1.5% when compared to the
2011 year. Salaries and employee benefits increased by
$490,000 for the fourth quarter and
$1.8 million or 8.0% for the 2012
year due to higher salaries expense, incentive compensation, and
pension expense. The 2012 personnel expenses also reflect the
staffing costs associated with new loan production offices in
Altoona, Harrisburg and Hagerstown, Maryland. These negative
items were partially offset by a $60,000 reduction in FDIC deposit insurance
expense for the fourth quarter of 2012 and an $897,000 reduction for the full year. 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. Additionally, the Company incurred a
$240,000 prepayment penalty on the
early retirement of $5.7 million of
FHLB term advances in the fourth quarter of 2011. There was
no such prepayment charge in 2012. Finally, the Company
recorded an income tax expense for the full year of 2012 of
$2.2 million which was lower than the
2011 full year tax expense of $2.9
million due to reduced pre-tax earnings in 2012. The
2012 effective tax rate of 30.8% was comparable with the 2011
effective tax rate of 30.4%.
ASRV had total assets of $1.0
billion and shareholders' equity of $110 million or a book value of $4.67 per common share and a tangible book value
of $4.01 per common share at
December 31, 2012. During the full
year 2012, the Company repurchased 1,758,000 shares or 8.4% of its
outstanding common stock at an average price of $2.51 in conjunction with the terms of its
recently completed common stock repurchase program. This was
a key factor contributing to a 6.6% growth in tangible book value
per share since the end of 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 15.92%, an asset leverage ratio of 11.44% and a
tangible common equity to tangible assets ratio of 7.74% at
December 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
|
December
31, 2012
|
(In
thousands, except per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
TO
DATE
|
PERFORMANCE DATA FOR THE PERIOD:
|
|
|
|
|
|
Net
income
|
$
1,565
|
$
1,432
|
$
1,307
|
$
735
|
$
5,039
|
Net income
available to common shareholders
|
1,302
|
1,170
|
1,056
|
683
|
4,211
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES (annualized):
|
|
|
|
|
|
Return on
average assets
|
0.65%
|
0.59%
|
0.52%
|
0.29%
|
0.51%
|
Return on
average equity
|
5.60
|
5.19
|
4.66
|
2.60
|
4.51
|
Net
interest margin
|
3.70
|
3.59
|
3.59
|
3.55
|
3.65
|
Net
charge-offs (recoveries) as a percentage of average
loans
|
0.13
|
(0.02)
|
0.16
|
0.45
|
0.19
|
Loan loss
provision (credit) as a percentage of average loans
|
(0.38)
|
(0.30)
|
(0.11)
|
0.30
|
(0.11)
|
Efficiency
ratio
|
86.17
|
86.34
|
85.50
|
86.61
|
86.16
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
$
0.06
|
$
0.06
|
$
0.05
|
$
0.04
|
$
0.21
|
Average
number of common shares outstanding
|
20,679
|
19,584
|
19,275
|
19,209
|
19,685
|
Diluted
|
0.06
|
0.06
|
0.05
|
0.04
|
0.21
|
Average
number of common shares outstanding
|
20,722
|
19,652
|
19,351
|
19,289
|
19,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (credit) 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
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL
CONDITION DATA AT PERIOD END:
|
|
|
|
|
Assets
|
$
967,401
|
$
997,102
|
$
1,002,281
|
$
1,005,828
|
Short-term
investments/overnight funds
|
7,398
|
14,158
|
14,210
|
9,012
|
Investment
securities
|
190,089
|
191,791
|
181,319
|
165,261
|
Loans and
loans held for sale
|
671,328
|
690,815
|
706,624
|
731,741
|
Allowance
for loan losses
|
13,778
|
13,317
|
12,829
|
12,571
|
Goodwill
|
12,613
|
12,613
|
12,613
|
12,613
|
Deposits
|
820,105
|
854,017
|
850,125
|
835,734
|
FHLB
borrowings
|
6,390
|
3,000
|
12,000
|
28,660
|
Shareholders' equity
|
112,270
|
110,810
|
112,311
|
110,468
|
Non-performing assets
|
4,801
|
5,077
|
5,372
|
7,224
|
Asset
leverage ratio
|
11.83%
|
11.60%
|
11.45%
|
11.44%
|
Tangible
common equity ratio
|
8.24
|
7.84
|
7.95
|
7.74
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
(A)
|
$
4.46
|
$
4.66
|
$
4.74
|
$
4.67
|
Tangible
book value
|
3.84
|
4.00
|
4.09
|
4.01
|
Market
value
|
2.74
|
2.82
|
2.97
|
3.01
|
Trust
assets - fair market value (B)
|
$
1,469,789
|
$
1,447,877
|
$
1,511,012
|
$
1,512,387
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD END:
|
|
|
|
|
Full-time
equivalent employees
|
353
|
353
|
355
|
350
|
Branch
locations
|
18
|
18
|
18
|
18
|
Common
shares outstanding
|
20,465,521
|
19,284,521
|
19,255,221
|
19,164,721
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL
CONDITION DATA AT PERIOD END:
|
|
|
|
|
Assets
|
$
961,067
|
$
954,893
|
$
973,439
|
$
979,076
|
Short-term
investments/overnight funds
|
26,769
|
4,338
|
17,941
|
7,845
|
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 consolidated balance sheets.
|
AMERISERV
FINANCIAL, INC.
|
CONSOLIDATED STATEMENT OF INCOME
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
TO
DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans
|
$
8,729
|
$
8,552
|
$
8,807
|
$
8,727
|
$
34,815
|
Total
investment portfolio
|
1,395
|
1,333
|
1,223
|
1,151
|
5,102
|
Total
Interest Income
|
10,124
|
9,885
|
10,030
|
9,878
|
39,917
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,762
|
1,668
|
1,587
|
1,485
|
6,502
|
All
borrowings
|
304
|
296
|
301
|
311
|
1,212
|
Total
Interest Expense
|
2,066
|
1,964
|
1,888
|
1,796
|
7,714
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
8,058
|
7,921
|
8,142
|
8,082
|
32,203
|
Provision
(credit) for loan losses
|
(625)
|
(500)
|
(200)
|
550
|
(775)
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION (CREDIT)
|
|
|
|
|
|
FOR LOAN
LOSSES
|
8,683
|
8,421
|
8,342
|
7,532
|
32,978
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
Trust
fees
|
1,697
|
1,628
|
1,533
|
1,669
|
6,527
|
Investment
advisory fees
|
193
|
177
|
182
|
189
|
741
|
Net
realized gains on investment securities available for
sale
|
-
|
12
|
-
|
-
|
12
|
Net
realized gains on loans held for sale
|
276
|
251
|
262
|
343
|
1,132
|
Service
charges on deposit accounts
|
535
|
517
|
567
|
576
|
2,195
|
Bank owned
life insurance
|
215
|
212
|
217
|
219
|
863
|
Other
income
|
758
|
936
|
888
|
891
|
3,473
|
Total
Non-Interest Income
|
3,674
|
3,733
|
3,649
|
3,887
|
14,943
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
Salaries
and employee benefits
|
5,986
|
5,976
|
6,132
|
6,330
|
24,424
|
Net
occupancy expense
|
729
|
702
|
698
|
671
|
2,800
|
Equipment
expense
|
451
|
473
|
395
|
445
|
1,764
|
Professional fees
|
923
|
937
|
977
|
1,033
|
3,870
|
FDIC
deposit insurance expense
|
129
|
114
|
104
|
94
|
441
|
Other
expenses
|
1,896
|
1,865
|
1,781
|
1,800
|
7,342
|
Total
Non-Interest Expense
|
10,114
|
10,067
|
10,087
|
10,373
|
40,641
|
|
|
|
|
|
|
PRETAX
INCOME
|
2,243
|
2,087
|
1,904
|
1,046
|
7,280
|
Income tax
expense
|
678
|
655
|
597
|
311
|
2,241
|
NET
INCOME
|
1,565
|
1,432
|
1,307
|
735
|
5,039
|
Preferred
stock dividends
|
263
|
262
|
251
|
52
|
828
|
NET INCOME
AVAILABLE TO COMMON SHAREHOLDERS
|
$
1,302
|
$
1,170
|
$
1,056
|
$
683
|
$
4,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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
|
|
|
|
TWELVE
|
|
|
TWELVE
|
|
4QTR
|
MONTHS
|
|
4QTR
|
MONTHS
|
|
|
|
|
|
|
Interest
earning assets:
|
|
|
|
|
|
Loans and
loans held for sale, net of unearned income
|
$
717,959
|
$
688,736
|
|
$
675,657
|
$
662,746
|
Deposits
with banks
|
5,064
|
10,634
|
|
9,961
|
6,853
|
Short-term
investment in money market funds
|
4,716
|
1,889
|
|
2,355
|
2,224
|
Federal
funds sold
|
-
|
-
|
|
-
|
5,838
|
Total
investment securities
|
175,114
|
186,775
|
|
195,925
|
197,916
|
Total
interest earning assets
|
902,853
|
888,034
|
|
883,898
|
875,577
|
|
|
|
|
|
|
Non-interest earning assets:
|
|
|
|
|
|
Cash and
due from banks
|
18,219
|
17,136
|
|
16,779
|
15,893
|
Premises
and equipment
|
11,446
|
11,055
|
|
10,539
|
10,513
|
Other
assets
|
81,804
|
81,796
|
|
79,201
|
79,293
|
Allowance
for loan losses
|
(12,511)
|
(13,500)
|
|
(16,155)
|
(17,771)
|
|
|
|
|
|
|
Total
assets
|
1,001,811
|
984,521
|
|
974,262
|
963,505
|
|
|
|
|
|
|
Interest
bearing liabilities:
|
|
|
|
|
|
Interest
bearing deposits:
|
|
|
|
|
|
Interest
bearing demand
|
64,131
|
60,810
|
|
59,707
|
57,784
|
Savings
|
84,995
|
85,112
|
|
82,238
|
81,490
|
Money
market
|
221,732
|
211,744
|
|
202,220
|
193,536
|
Other
time
|
320,007
|
327,557
|
|
337,730
|
348,915
|
Total
interest bearing deposits
|
690,865
|
685,223
|
|
681,895
|
681,725
|
Borrowings:
|
|
|
|
|
|
Federal
funds purchased and other short-term borrowings
|
7,005
|
5,342
|
|
3,343
|
1,216
|
Advances
from Federal Home Loan Bank
|
11,478
|
5,661
|
|
9,888
|
9,769
|
Guaranteed
junior subordinated deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
Total
interest bearing liabilities
|
722,433
|
709,311
|
|
708,211
|
705,795
|
|
|
|
|
|
|
Non-interest bearing liabilities:
|
|
|
|
|
|
Demand deposits
|
152,861
|
147,887
|
|
140,797
|
135,298
|
Other liabilities
|
14,156
|
15,517
|
|
11,721
|
11,699
|
Shareholders' equity
|
112,361
|
111,806
|
|
113,533
|
110,713
|
Total
liabilities and shareholders' equity
|
$ 1,001,811
|
$ 984,521
|
|
$ 974,262
|
$ 963,505
|
|
|
|
|
|
|
SOURCE AmeriServ Financial, Inc.