JOHNSTOWN, Pa., April 14, 2015 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported first quarter 2015 net
income available to common shareholders of $1,316,000, or $0.07 per diluted common share. This
represented a 40% increase in earnings per share from the first
quarter of 2014 where net income available to common shareholders
totaled $877,000 or $0.05 per diluted common share. The
following table highlights the Company's financial performance for
the quarters ended March 31, 2015 and
2014:
|
First Quarter
2015
|
First Quarter
2014
|
$ Change
|
% Change
|
|
|
|
|
|
Net income
|
$1,369,000
|
$930,000
|
$439,000
|
47.2%
|
Net income available
to
common shareholders
|
$1,316,000
|
$877,000
|
$439,000
|
50.1%
|
Diluted earnings per
share
|
$ 0.07
|
$ 0.05
|
$ 0.02
|
40.0%
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the first quarter 2015
financial results: "Our improved financial performance in the first
quarter of 2015 resulted from a combination of revenue growth and
non-interest expense reduction. Specifically, solid loan and
deposit growth in our community banking business contributed to an
increase of $409,000, or 4.8%, in net
interest income. Non-interest expense in the first quarter of
2015 declined as expected by $328,000
or 3.1% as we are realizing the savings from several profitability
improvement initiatives that were implemented in late 2014.
We will focus on successfully executing our business plans to
further improve profitability in 2015 while continuing to maintain
excellent asset
quality."
The Company's net interest income in the first quarter of 2015
increased by $409,000, or 4.8%, when
compared to the first quarter of 2014. The Company's net
interest margin of 3.57% for the first quarter of 2015 was
comparable with the net interest margin of 3.56% for the first
quarter 2014 and eight basis points better than the 3.49% margin
reported for the more recently reported fourth quarter 2014
performance. The Company has been able to increase net
interest income and modestly improve its net interest margin by
both growing its earning assets and controlling its cost of funds
through disciplined deposit pricing. Specifically, the earning
asset growth has occurred in the loan portfolio as total loans
averaged $842 million in the first
quarter of 2015 which is $54 million,
or 6.9%, higher than the $787 million
average for the first quarter of 2014. This loan growth
reflects the successful results of the Company's sales calling
efforts, with an emphasis on generating commercial loans and owner
occupied commercial real estate loans particularly through its loan
production offices. Interest income in 2015 has also
benefitted from an increased dividend from the FHLB of Pittsburgh and reduced premium amortization on
mortgage backed securities due to slower mortgage prepayment
speeds. Overall, total interest income has increased by
$428,000, or 4.2%, in the first
quarter of 2015. Total interest expense for the first quarter
of 2015 has been well controlled as it increased by only
$19,000, or 1.2%, due to the
Company's proactive efforts to reduce deposit costs. Even
with this reduction in deposit costs, the Company still experienced
growth in deposits which we believe reflects the loyalty of our
core deposit base and ongoing efforts to cross sell new loan
customers into deposit products. Specifically, total deposits
averaged a record level of $897
million for the first quarter of 2015 which is $41 million, or 4.8%, higher than the
$856 million average for the first
quarter of 2014. The Company is pleased that a meaningful
portion of this deposit growth occurred in non-interest bearing
demand deposit accounts. This decreased interest expense for
deposits has been offset by a $56,000
increase in the interest cost for borrowings as the Company has
utilized more FHLB term advances to extend borrowings and provide
protection against rising interest
rates.
The Company recorded a $250,000
provision for loan losses in the first quarter of 2015 compared to
no provision for loan losses in the first quarter of 2014.
This provision in the first quarter of 2015 was needed to support
the continuing growth of the loan portfolio and cover net loan
charge-offs. The Company experienced net loan charge-offs of
$184,000, or 0.09% of total loans, in
the first quarter of 2015 compared to modest net loan recoveries of
$5,000 in the first quarter of
2014. Overall, the Company continued to maintain outstanding
asset quality in the first quarter of 2015. At March 31, 2015, non-performing assets totaled
$3.0 million, or only 0.36% 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 a strong 390% coverage of
non-performing loans, and 1.14% of total loans, at March 31, 2015, compared to 400% coverage of
non-performing loans, and 1.16% of total loans, at December 31, 2014.
Total non-interest income in the first quarter of 2015 increased
by $180,000, or 5.1%, from the first
quarter of 2014. Increased revenue from bank owned life
insurance, mortgage loan sales, and trust and investment advisory
fees were the main factors causing the increase.
Specifically, revenue from bank owned life insurance increased by
$176,000 due to the receipt of a
death claim while gains realized on residential mortgage loan sales
into the secondary market increased by $90,000 due to increased refinance
activity. Trust and investment advisory fees increased by
$24,000 due to successful new
business development efforts. These positive items were
partially offset by a $59,000
reduction in deposit service charges due to fewer overdraft fees
and a $57,000 decrease in gains
realized on investment security transactions as the Company did not
execute any sale transactions in the first quarter of
2015.
The Company's total non-interest expense in the first quarter of
2015 decreased by $328,000, or 3.1%,
when compared to the first quarter of 2014. Salaries and
employee benefits were down by $241,000, or 3.8%, due to 29 fewer full time
equivalent employees as certain employees who elected to
participate in an early retirement program in late 2014 were not
replaced in order to achieve efficiencies identified as part of a
profitability improvement program. Professional fees also
declined by $97,000 due to lower
legal fees and recruitment costs in the first quarter of
2015. The remainder of the key non-interest expense
categories were relatively consistent between years reflecting the
Company's focus on reducing and controlling costs. Finally,
the Company recorded an income tax expense of $617,000, or an effective tax rate of 31.1%, in
the first quarter of 2015 which is higher when compared to the
income tax expense of $389,000, or an
effective tax rate of 29.5%, for the first quarter of 2014.
The higher income tax expense and effective tax rate is due
to the Company's increased earnings in the first quarter of
2015.
The Company had total assets of $1.1
billion, shareholders' equity of $116
million, a book value of $5.06
per common share and a tangible book value of $4.42 per common share at March 31, 2015. The Company continued to
maintain strong capital ratios that exceed the regulatory defined
well capitalized status and had a tangible common equity to
tangible assets ratio of 7.64% at March
31, 2015.
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,
2015
|
(Dollars in
thousands, except per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
1,369
|
|
|
|
|
Net income available
to common shareholders
|
|
1,316
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.51%
|
|
|
|
|
Return on average
equity
|
|
4.80
|
|
|
|
|
Net interest
margin
|
|
3.57
|
|
|
|
|
Net charge-offs as a
percentage of average loans
|
|
0.09
|
|
|
|
|
Loan loss provision
as a percentage of average loans
|
|
0.12
|
|
|
|
|
Efficiency
ratio
|
|
82.29
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.07
|
|
|
|
|
Average number of
common shares outstanding
|
|
18,851
|
|
|
|
|
Diluted
|
|
0.07
|
|
|
|
|
Average number of
common shares outstanding
|
|
18,909
|
|
|
|
|
Cash dividends
declared
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
930
|
979
|
365
|
749
|
3,023
|
Net income available
to common shareholders
|
|
877
|
927
|
312
|
697
|
2,813
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.36%
|
0.37%
|
0.14%
|
0.28%
|
0.29%
|
Return on average
equity
|
|
3.30
|
3.41
|
1.25
|
2.54
|
2.61
|
Net interest
margin
|
|
3.56
|
3.47
|
3.42
|
3.49
|
3.52
|
Net charge-offs
(recoveries) as a percentage of average loans
|
-
|
(0.02)
|
0.28
|
0.16
|
0.11
|
Loan loss provision
as a percentage of average loans
|
|
-
|
-
|
-
|
0.18
|
0.05
|
Efficiency
ratio
|
|
89.02
|
88.29
|
93.68
|
87.58
|
89.63
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.05
|
0.05
|
0.02
|
0.04
|
0.15
|
Average number of
common shares outstanding
|
|
18,786
|
18,795
|
18,795
|
18,795
|
18,793
|
Diluted
|
|
0.05
|
0.05
|
0.02
|
0.04
|
0.15
|
Average number of
common shares outstanding
|
|
18,904
|
18,936
|
18,908
|
18,887
|
18,908
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.01
|
0.01
|
0.04
|
AMERISERV FINANCIAL,
INC.
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
1QTR
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,103,416
|
|
|
|
Short-term
investments/overnight funds
|
|
10,127
|
|
|
|
Investment
securities
|
|
142,010
|
|
|
|
Loans and loans held
for sale
|
|
853,972
|
|
|
|
Allowance for loan
losses
|
|
9,689
|
|
|
|
Goodwill
|
|
11,944
|
|
|
|
Deposits
|
|
892,676
|
|
|
|
FHLB
borrowings
|
|
71,219
|
|
|
|
Shareholders'
equity
|
|
116,328
|
|
|
|
Non-performing
assets
|
|
3,046
|
|
|
|
Tangible common
equity ratio
|
|
7.64
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
5.06
|
|
|
|
Tangible book value
(A)
|
|
4.42
|
|
|
|
Market
value
|
|
2.98
|
|
|
|
Trust assets - fair
market value (B)
|
|
1,932,894
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
318
|
|
|
|
Branch
locations
|
|
17
|
|
|
|
Common shares
outstanding
|
|
18,855,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,051,108
|
1,063,717
|
1,070,431
|
1,089,263
|
Short-term
investments/overnight funds
|
|
9,019
|
8,013
|
6,662
|
9,092
|
Investment
securities
|
|
154,754
|
153,603
|
150,471
|
146,950
|
Loans and loans held
for sale
|
|
789,620
|
804,675
|
817,887
|
832,131
|
Allowance for loan
losses
|
|
10,109
|
10,150
|
9,582
|
9,623
|
Goodwill
|
|
12,613
|
12,613
|
11,944
|
11,944
|
Deposits
|
|
875,333
|
873,908
|
872,170
|
869,881
|
FHLB
borrowings
|
|
40,483
|
52,677
|
63,438
|
80,880
|
Shareholders'
equity
|
|
114,590
|
115,946
|
116,146
|
114,407
|
Non-performing
assets
|
|
3,274
|
4,469
|
3,897
|
2,917
|
Tangible common
equity ratio
|
|
7.80
|
7.83
|
7.86
|
7.56
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
4.97
|
5.05
|
5.06
|
4.97
|
Tangible book value
(A)
|
|
4.31
|
4.38
|
4.43
|
4.33
|
Market
value
|
|
3.85
|
3.48
|
3.30
|
3.13
|
Trust assets - fair
market value (B)
|
|
1,693,663
|
1,778,522
|
1,774,988
|
1,784,278
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
347
|
345
|
341
|
314
|
Branch
locations
|
|
18
|
17
|
17
|
17
|
Common shares
outstanding
|
|
18,793,388
|
18,794,888
|
18,794,888
|
18,794,888
|
|
|
|
|
|
|
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
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,456
|
|
|
|
|
|
|
|
|
Interest on
investments
|
|
1,067
|
|
|
|
|
|
|
|
|
Total Interest
Income
|
|
10,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,174
|
|
|
|
|
|
|
|
|
All
borrowings
|
|
415
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
|
1,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,934
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,056
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
419
|
|
|
|
|
|
|
|
|
Net realized gains on
loans held for sale
|
|
191
|
|
|
|
|
|
|
|
|
Mortgage related
fees
|
|
115
|
|
|
|
|
|
|
|
|
Net realized gains on
investment securities
|
|
-
|
|
|
|
|
|
|
|
|
Bank owned life
insurance
|
|
363
|
|
|
|
|
|
|
|
|
Other
income
|
|
568
|
|
|
|
|
|
|
|
|
Total Non-Interest
Income
|
|
3,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,073
|
|
|
|
|
|
|
|
|
Net occupancy
expense
|
|
841
|
|
|
|
|
|
|
|
|
Equipment
expense
|
|
466
|
|
|
|
|
|
|
|
|
Professional
fees
|
|
1,211
|
|
|
|
|
|
|
|
|
FDIC deposit
insurance expense
|
|
167
|
|
|
|
|
|
|
|
|
Other
expenses
|
|
1,652
|
|
|
|
|
|
|
|
|
Total Non-Interest
Expense
|
|
10,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,986
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
617
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
1,369
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
53
|
|
|
|
|
|
|
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,032
|
|
8,939
|
|
9,019
|
|
9,352
|
|
36,342
|
Interest on
investments
|
|
1,063
|
|
1,044
|
|
1,000
|
|
992
|
|
4,099
|
Total Interest
Income
|
|
10,095
|
|
9,983
|
|
10,019
|
|
10,344
|
|
40,441
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,211
|
|
1,240
|
|
1,237
|
|
1,201
|
|
4,889
|
All
borrowings
|
|
359
|
|
359
|
|
379
|
|
411
|
|
1,508
|
Total Interest
Expense
|
|
1,570
|
|
1,599
|
|
1,616
|
|
1,612
|
|
6,397
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,525
|
|
8,384
|
|
8,403
|
|
8,732
|
|
34,044
|
Provision for loan
losses
|
|
-
|
|
-
|
|
-
|
|
375
|
|
375
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,525
|
|
8,384
|
|
8,403
|
|
8,357
|
|
33,669
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,032
|
|
1,948
|
|
1,807
|
|
1,978
|
|
7,765
|
Service charges on
deposit accounts
|
|
478
|
|
501
|
|
507
|
|
471
|
|
1,957
|
Net realized gains on
loans held for sale
|
|
101
|
|
171
|
|
275
|
|
201
|
|
748
|
Mortgage related
fees
|
|
117
|
|
160
|
|
190
|
|
123
|
|
590
|
Net realized gains on
investment securities
|
|
57
|
|
120
|
|
-
|
|
-
|
|
177
|
Bank owned life
insurance
|
|
187
|
|
185
|
|
188
|
|
189
|
|
749
|
Other
income
|
|
560
|
|
553
|
|
626
|
|
598
|
|
2,337
|
Total Non-Interest
Income
|
|
3,532
|
|
3,638
|
|
3,593
|
|
3,560
|
|
14,323
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,314
|
|
6,107
|
|
6,139
|
|
6,400
|
|
24,960
|
Net occupancy
expense
|
|
839
|
|
717
|
|
709
|
|
699
|
|
2,964
|
Equipment
expense
|
|
470
|
|
494
|
|
468
|
|
460
|
|
1,892
|
Professional
fees
|
|
1,308
|
|
1,464
|
|
1,360
|
|
1,277
|
|
5,409
|
FDIC deposit
insurance expense
|
|
160
|
|
154
|
|
159
|
|
163
|
|
636
|
Goodwill impairment
charge
|
|
-
|
|
-
|
|
669
|
|
-
|
|
669
|
Other
expenses
|
|
1,647
|
|
1,684
|
|
1,739
|
|
1,771
|
|
6,841
|
Total Non-Interest
Expense
|
|
10,738
|
|
10,620
|
|
11,243
|
|
10,770
|
|
43,371
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,319
|
|
1,402
|
|
753
|
|
1,147
|
|
4,621
|
Income tax
expense
|
|
389
|
|
423
|
|
388
|
|
398
|
|
1,598
|
NET
INCOME
|
|
930
|
|
979
|
|
365
|
|
749
|
|
3,023
|
Preferred stock
dividends
|
|
53
|
|
52
|
|
53
|
|
52
|
|
210
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
877
|
|
927
|
|
312
|
|
697
|
|
2,813
|
AMERISERV FINANCIAL,
INC.
|
AVERAGE BALANCE SHEET
DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
1QTR
|
|
1QTR
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
841,612
|
|
787,306
|
Deposits with
banks
|
|
11,296
|
|
5,881
|
Short-term investment
in money market funds
|
|
2,017
|
|
4,272
|
Total investment
securities
|
|
147,652
|
|
162,789
|
Total interest
earning assets
|
|
1,002,577
|
|
960,248
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
Cash and due from
banks
|
|
17,293
|
|
15,970
|
Premises and
equipment
|
|
12,953
|
|
13,149
|
Other
assets
|
|
70,301
|
|
69,840
|
Allowance for loan
losses
|
|
(9,673)
|
|
(10,142)
|
|
|
|
|
|
Total
assets
|
|
1,093,451
|
|
1,049,065
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
Interest bearing
demand
|
|
92,926
|
|
82,617
|
Savings
|
|
92,490
|
|
88,535
|
Money
market
|
|
232,542
|
|
228,715
|
Other time
|
|
306,050
|
|
303,140
|
Total interest
bearing deposits
|
|
724,008
|
|
703,007
|
Borrowings:
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
13,484
|
|
29,633
|
Advances from Federal
Home Loan Bank
|
|
43,581
|
|
26,710
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
13,085
|
Total interest
bearing liabilities
|
|
794,158
|
|
772,435
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
Demand
deposits
|
|
172,559
|
|
152,811
|
Other
liabilities
|
|
11,052
|
|
9,459
|
Shareholders'
equity
|
|
115,682
|
|
114,360
|
Total liabilities and
shareholders' equity
|
|
1,093,451
|
|
1,049,065
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameriserv-financial-reports-earnings-for-the-first-quarter-of-2015-300065411.html
SOURCE AmeriServ Financial, Inc.