JOHNSTOWN, Pa., July 19, 2016 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) returned to more typical
profitability levels in the second quarter of 2016 by reporting net
income available to common shareholders of $1,362,000, or $0.07 per diluted common share. This
earnings performance was consistent with the second quarter of 2015
where net income available to common shareholders totaled
$1,369,000, or $0.07 per diluted common share. For the six
month period ended June 30, 2016, the
Company reported net income available to common shareholders of
$80,000, which rounds to $0.00 per diluted share. This represented a
decrease in earnings per share from the first half of 2015 where
net income available to common shareholders totaled $2,685,000, or $0.14 per diluted common share, due primarily to
an increased provision for loan losses that was recorded in the
first quarter of 2016. The following table highlights the
Company's financial performance for both the three and six month
periods ended June 30, 2016 and
2015:
|
Second Quarter
2016
|
Second Quarter
2015
|
|
Six Months
Ended
June 30,
2016
|
Six Months
Ended
June 30,
2015
|
|
|
|
|
|
|
Net income
|
$1,362,000
|
$1,421,000
|
|
$95,000
|
$2,790,000
|
Net income available
to
common shareholders
|
$1,362,000
|
$1,369,000
|
|
$80,000
|
$2,685,000
|
Diluted earnings per
share
|
$ 0.07
|
$ 0.07
|
|
$ 0.00
|
$0.14
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2016 second quarter
financial results: "I was pleased with the solid growth in both
loan and deposits that AmeriServ Financial achieved in the second
quarter as customers are responding positively to our banking for
life focus. Additionally, our previously announced expense
reduction measures are taking hold as the second quarter 2016
non-interest expense is at its lowest level since the third quarter
of 2011. This expense discipline is necessary as we continue
to operate in a challenging interest rate environment that
pressures our net interest margin. Finally, our asset quality
continues to be very strong, with non-performing assets amounting
to only 0.25% of total loans at June 30,
2016."
The Company's net interest income in the second quarter of 2016
decreased by $314,000, or 3.6%, from
the prior year's second quarter and for the first six months of
2016 decreased by $690,000, or 3.9%,
when compared to the first six months of 2015. The Company's
net interest margin of 3.27% for the first six months of 2016 was
24 basis points lower than the net interest margin of 3.51% for the
first half of 2015. There was a similar net interest margin
decline of 22 basis points between the second quarter of 2016 and
the prior year's second quarter. The reduction in net
interest income is a direct result of net interest margin
compression that is prevalent in the banking industry as well as
additional interest expense that is associated with the Company's
late fourth quarter 2015 issuance of subordinated debt. The
prolonged low interest rate environment that exists
in the economy, along with intense market competition
for loans, more than offset the Company continuing to grow earning
assets and control its cost of funds through disciplined deposit
pricing. Specifically, the earning asset growth occurred in
the loan portfolio as total loans averaged $885 million in the first half of
2016 which is $35.5
million, or 4.2%, higher than the
$849 million average for the first half of 2015.
This loan growth reflects the successful results of the Company's
business development efforts, with an emphasis on generating
commercial loans and owner occupied commercial real estate loans
particularly through its loan production offices. Despite
this meaningful loan growth experienced between years, loan
interest income decreased by $62,000,
or 0.3%. Interest income on investments showed some growth in
the second quarter of 2016 but is down for the six month period as
the Company benefited from a special dividend from the FHLB of
Pittsburgh in the first half of
2015. Overall, total interest income decreased by
$121,000, or 0.6%, in the first half
of 2016.
Total interest expense for the first half of 2016 increased by
$569,000, or 17.8%, due to higher
levels of both borrowings and deposit interest expense. The
Company experienced a $330,000
increase in the interest cost for borrowings in the first half of
2016 with $258,000 of this increase
attributable to the Company's recent subordinated debt
issuance. Specifically, the Company issued $7.65 million of subordinated debt which has a
6.50% fixed interest rate in late December 2015. The proceeds
from the subordinated debt issuance, along with other cash on hand,
was used to redeem all $21 million of
our outstanding SBLF preferred stock on January 27, 2016. The remainder of the
increase in borrowings interest expense was due to a greater
utilization of FHLB term advances to extend borrowings for interest
rate risk management purposes.
The Company experienced significant growth in deposits between
years which is a reflection of the loyalty and stability of our
core deposit base that provides a strong foundation from which this
growth builds. Management's ability to acquire new core
deposit funding from outside of our traditional market areas as
well as our ongoing efforts to cross sell new loan customers into
deposit products were the primary reasons for this growth.
Specifically, total deposits averaged $933
million for the first half of 2016 which is $38.9 million, or 4.4%, higher than the
$894 million average for the first
half of 2015. The Company is also pleased that a meaningful
portion of this deposit growth occurred in non-interest bearing
demand deposit accounts. Deposit interest expense through six
months of 2016 increased by $239,000,
or 10.2%, due to the higher balance of deposits along with certain
money market accounts repricing upward after the December 2015 Federal Reserve fed funds interest
rate increase.
The Company recorded a $250,000
provision for loan losses in the second quarter of 2016 compared to
a $200,000 provision for loan losses
in the second quarter of 2015. For the six month period in
2016, the Company recorded a $3,350,000 provision for loan losses compared to
a $450,000 provision for loan losses
in the first six months of 2015. The substantially higher
than typical provision and net loan charge-offs recorded in the
first quarter of 2016 were necessary to resolve the Company's only
meaningful direct loan exposure to the energy industry, the
specifics of which were discussed in detail in the Company's first
quarter results. The provision recorded in the second quarter
of 2016 was more typical of what is required to support the
continuing growth of the loan portfolio and cover net loan
charge-offs. The Company experienced net loan charge-offs of
$24,000, or 0.01% of total loans, in
the second quarter of 2016, compared to net loan charge-offs of
$172,000, or 0.08% of total loans, in
the second quarter of 2015. For the six month periods, there
were net loan charge-offs of $3.5
million, or 0.80%, of total loans, in first half of 2016,
compared to net loan charge-offs of $356,000, or 0.08% of total loans, in
2015. Overall, the Company continued to maintain outstanding
asset quality in the first half of 2016. At June 30, 2016, non-performing assets totaled
$2.2 million, or only 0.25% of total
loans. In summary, the allowance for loan losses
provided a strong 437% coverage
of non-performing loans, and 1.09%
of total loans, at June 30,
2016, compared to 158% coverage of non-performing loans, and
1.13% of total loans, at December 31,
2015.
Total non-interest income in the second quarter of 2016
increased by $50,000, or 1.4%, from
the prior year's second quarter, and for the first six months of
2016 decreased by $225,000, or 3.0%,
when compared to the first six months of 2015. For the second
quarter, the increase was primarily due to a higher level of other
income by $107,000 and gains from
investment security sales transactions by $32,000, both of which more than offset decreased
revenue from mortgage loan sales by $40,000 and reduced fees from service charges on
deposit accounts by $25,000.
For the six month period, a greater recognition of gains from
investment security sale transactions by $89,000 along with a higher level of other income
by $92,000 was more than offset by
lower levels of revenue from bank owned life insurance by
$198,000 after the Company received a
death claim in 2015 and no such claim occurred in 2016. Also,
decreased refinance activity and a reduced level of new mortgage
loan originations in the first six months of 2016 resulted in lower
revenue from mortgage loan sales by $124,000 and reduced fees from residential
mortgage lending activity by $63,000. Finally despite the volatility in
the equity and bond markets in 2016, trust and investment advisory
fees were relatively consistent increasing modestly by $8,000 for the six month period.
Total non-interest expense in the second quarter of 2016
decreased by $200,000, or 2.0%, from
the prior year's second quarter and for the first six months of
2016 increased by $101,000, or 0.5%,
when compared to the first six months of 2015. As noted in
our first quarter 2016 earnings release, the non-recurring costs
for legal and accounting services that were necessary to resolve a
trust operations trading error are the reasons for the negative
comparison for the six month period. With those particular
expenses now largely behind us, the second quarter of 2016
non-interest expense comparison to 2015 is favorable and reflective
of the Company's ongoing focus and successful efforts to reduce and
control non-interest expenses. Professional fees continue to
compare unfavorably by increasing $171,000, or 6.9%, for the six month time period,
but compare favorably by decreasing $83,000, or 6.5%, for the second quarter.
Our cost control efforts are also clearly evident, both, for the
quarter and six month time period comparisons as occupancy and
equipment related expenses are lower by $99,000, or 8.3%, for the second quarter and
lower by $233,000, or 9.3%, for the
six months. Salaries and employee benefits were down by
$76,000, or 1.3%, in the second
quarter but are up slightly by $17,000, or 0.1%, in the first half of
2016. The favorable comparison between the second quarter of
2016 and the second quarter of 2015 is due to the previously
disclosed branch consolidation in the State College Market and
reduction of staff in the executive office. Finally, the
Company recorded an income tax expense of $28,000, or an effective tax rate of 22.8%, in
the first six months of 2016 which is lower when compared to the
income tax expense of $1,249,000, or
an effective tax rate of 30.9%, for the first six months of
2015. The lower income tax expense and effective tax rate is
due to the first quarter 2016 loss recognized by the Company.
However, as described throughout this release, we are pleased to
report that the actions taken for an immediate improvement in the
second quarter of 2016 to a more typical and expected profitability
level have proven successful. We anticipate this to continue
in the second half of the year.
The Company had total assets of $1.1
billion, shareholders' equity of $99.2 million, a book value of $5.25 per common share and a tangible book value
of $4.62 per common share at
June 30, 2016. 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 7.72% at June 30, 2016.
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
|
|
June 30,
2016
|
|
(Dollars In
Thousands, Except Per Share And Ratio Data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
(1,267)
|
1,362
|
95
|
|
Net income available
to common shareholders
|
|
(1,282)
|
1,362
|
80
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
(0.45%)
|
0.48%
|
0.02%
|
|
Return on average
equity
|
|
(4.86)
|
5.60
|
2.66
|
|
Net interest
margin
|
|
3.30
|
3.23
|
3.27
|
|
Net charge-offs as a
percentage of average loans
|
|
1.60
|
0.01
|
0.80
|
|
Loan loss provision
as a percentage of average loans
|
|
1.42
|
0.11
|
0.76
|
|
Efficiency
ratio
|
|
89.24
|
82.05
|
85.61
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
(0.07)
|
0.07
|
-
|
|
Average number of
common shares outstanding
|
|
18,884
|
18,897
|
18,890
|
|
Diluted
|
|
(0.07)
|
0.07
|
-
|
|
Average number of
common shares outstanding
|
|
18,884
|
18,948
|
18,943
|
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.02
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
1,369
|
1,421
|
2,790
|
|
Net income available
to common shareholders
|
|
1,316
|
1,369
|
2,685
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
0.51%
|
0.52%
|
0.51%
|
|
Return on average
equity
|
|
4.80
|
4.88
|
4.84
|
|
Net interest
margin
|
|
3.57
|
3.45
|
3.51
|
|
Net charge-offs as a
percentage of average loans
|
|
0.09
|
0.08
|
0.08
|
|
Loan loss provision
as a percentage of average loans
|
|
0.12
|
0.09
|
0.11
|
|
Efficiency
ratio
|
|
82.29
|
81.93
|
82.11
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
0.07
|
0.07
|
0.14
|
|
Average number of
common shares outstanding
|
|
18,851
|
18,859
|
18,855
|
|
Diluted
|
|
0.07
|
0.07
|
0.14
|
|
Average number of
common shares outstanding
|
|
18,909
|
18,941
|
18,923
|
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.02
|
|
AMERISERV FINANCIAL,
INC.
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,121,701
|
1,142,492
|
|
|
Short-term
investments/overnight funds
|
|
5,556
|
6,836
|
|
|
Investment
securities
|
|
139,000
|
145,753
|
|
|
Loans and loans held
for sale
|
|
882,410
|
895,513
|
|
|
Allowance for loan
losses
|
|
9,520
|
9,746
|
|
|
Goodwill
|
|
11,944
|
11,944
|
|
|
Deposits
|
|
906,773
|
940,931
|
|
|
FHLB
borrowings
|
|
88,952
|
72,617
|
|
|
Subordinated debt,
net
|
|
7,424
|
7,430
|
|
|
Shareholders'
equity
|
|
97,589
|
99,232
|
|
|
Non-performing
assets
|
|
3,007
|
2,230
|
|
|
Tangible common
equity ratio
|
|
7.72
|
7.72
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
5.16
|
5.25
|
|
|
Tangible book value
(A)
|
|
4.53
|
4.62
|
|
|
Market
value
|
|
2.99
|
3.02
|
|
|
Trust assets - fair
market value (B)
|
|
1,974,180
|
1,982,868
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
317
|
311
|
|
|
Branch
locations
|
|
16
|
16
|
|
|
Common shares
outstanding
|
|
18,894,561
|
18,896,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,103,416
|
1,112,934
|
1,110,843
|
1,148,922
|
Short-term
investments/overnight funds
|
|
10,127
|
9,843
|
14,966
|
25,067
|
Investment
securities
|
|
142,010
|
142,448
|
135,013
|
140,886
|
Loans and loans held
for sale
|
|
853,972
|
866,243
|
868,213
|
883,987
|
Allowance for loan
losses
|
|
9,689
|
9,717
|
9,772
|
9,921
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
|
892,676
|
862,902
|
869,899
|
903,294
|
FHLB
borrowings
|
|
71,219
|
109,430
|
100,988
|
96,748
|
Subordinated debt,
net
|
|
-
|
-
|
-
|
7,418
|
Shareholders'
equity
|
|
116,328
|
117,305
|
119,408
|
118,973
|
Non-performing
assets
|
|
3,046
|
2,565
|
2,294
|
6,297
|
Tangible common
equity ratio
|
|
7.64
|
7.66
|
7.87
|
7.57
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
5.06
|
5.11
|
5.21
|
5.19
|
Tangible book value
(A)
|
|
4.42
|
4.47
|
4.58
|
4.56
|
Market
value
|
|
2.98
|
3.33
|
3.24
|
3.20
|
Trust assets - fair
market value (B)
|
|
2,033,573
|
2,012,358
|
1,935,495
|
1,974,882
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
318
|
318
|
318
|
318
|
Branch
locations
|
|
17
|
17
|
17
|
17
|
Common shares
outstanding
|
|
18,855,021
|
18,861,811
|
18,870,811
|
18,870,811
|
|
|
|
|
|
|
Note:
|
(A) For 2015,
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. The Company repaid the US Treasury
for the SBLF funds on January 27, 2016.
|
(B) Not
recognized on the consolidated balance sheets.
|
AMERISERV FINANCIAL,
INC.
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
(Dollars in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,465
|
9,409
|
18,874
|
|
|
Interest on
investments
|
|
957
|
980
|
1,937
|
|
|
Total Interest
Income
|
|
10,422
|
10,389
|
20,811
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,254
|
1,330
|
2,584
|
|
|
All
borrowings
|
|
610
|
573
|
1,183
|
|
|
Total Interest
Expense
|
|
1,864
|
1,903
|
3,767
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,558
|
8,486
|
17,044
|
|
|
Provision for loan
losses
|
|
3,100
|
250
|
3,350
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
5,458
|
8,236
|
13,694
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,075
|
2,124
|
4,199
|
|
|
Service charges on
deposit accounts
|
|
415
|
404
|
819
|
|
|
Net realized gains on
loans held for sale
|
|
107
|
185
|
292
|
|
|
Mortgage related
fees
|
|
63
|
98
|
161
|
|
|
Net realized gains on
investment securities
|
|
57
|
60
|
117
|
|
|
Bank owned life
insurance
|
|
167
|
169
|
336
|
|
|
Other
income
|
|
553
|
702
|
1,255
|
|
|
Total Non-Interest
Income
|
|
3,437
|
3,742
|
7,179
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,166
|
5,868
|
12,034
|
|
|
Net occupancy
expense
|
|
737
|
690
|
1,427
|
|
|
Equipment
expense
|
|
436
|
409
|
845
|
|
|
Professional
fees
|
|
1,465
|
1,192
|
2,657
|
|
|
FDIC deposit
insurance expense
|
|
179
|
188
|
367
|
|
|
Other
expenses
|
|
1,728
|
1,692
|
3,420
|
|
|
Total Non-Interest
Expense
|
|
10,711
|
10,039
|
20,750
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
(1,816)
|
1,939
|
123
|
|
|
Income tax
expense
|
|
(549)
|
577
|
28
|
|
|
NET
INCOME
|
|
(1,267)
|
1,362
|
95
|
|
|
Preferred stock
dividends
|
|
15
|
-
|
15
|
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
(1,282)
|
1,362
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
|
|
|
TO DATE
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,456
|
9,480
|
18,936
|
|
|
Interest on
investments
|
|
1,067
|
929
|
1,996
|
|
|
Total Interest
Income
|
|
10,523
|
10,409
|
20,932
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,174
|
1,171
|
2,345
|
|
|
All
borrowings
|
|
415
|
438
|
853
|
|
|
Total Interest
Expense
|
|
1,589
|
1,609
|
3,198
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,934
|
8,800
|
17,734
|
|
|
Provision for loan
losses
|
|
250
|
200
|
450
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,684
|
8,600
|
17,284
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,056
|
2,135
|
4,191
|
|
|
Service charges on
deposit accounts
|
|
419
|
429
|
848
|
|
|
Net realized gains on
loans held for sale
|
|
191
|
225
|
416
|
|
|
Mortgage related
fees
|
|
115
|
109
|
224
|
|
|
Net realized gains on
investment securities
|
|
-
|
28
|
28
|
|
|
Bank owned life
insurance
|
|
363
|
171
|
534
|
|
|
Other
income
|
|
568
|
595
|
1,163
|
|
|
Total Non-Interest
Income
|
|
3,712
|
3,692
|
7,404
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,073
|
5,944
|
12,017
|
|
|
Net occupancy
expense
|
|
841
|
718
|
1,559
|
|
|
Equipment
expense
|
|
466
|
480
|
946
|
|
|
Professional
fees
|
|
1,211
|
1,275
|
2,486
|
|
|
FDIC deposit
insurance expense
|
|
167
|
164
|
331
|
|
|
Other
expenses
|
|
1,652
|
1,658
|
3,310
|
|
|
Total Non-Interest
Expense
|
|
10,410
|
10,239
|
20,649
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,986
|
2,053
|
4,039
|
|
|
Income tax
expense
|
|
617
|
632
|
1,249
|
|
|
NET
INCOME
|
|
1,369
|
1,421
|
2,790
|
|
|
Preferred stock
dividends
|
|
53
|
52
|
105
|
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,316
|
1,369
|
2,685
|
|
|
AMERISERV FINANCIAL,
INC.
|
AVERAGE BALANCE SHEET
DATA
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
2QTR
|
SIX
|
|
2QTR
|
SIX
|
|
|
|
MONTHS
|
|
|
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
888,839
|
884,951
|
|
857,294
|
849,453
|
Short-term investment
in money market funds
|
|
10,208
|
9,082
|
|
9,108
|
10,593
|
Deposits with
banks
|
|
1,065
|
2,275
|
|
1,235
|
1,235
|
Total investment
securities
|
|
144,808
|
143,484
|
|
146,434
|
147,043
|
Total interest
earning assets
|
|
1,044,920
|
1,039,792
|
|
1,014,071
|
1,008,324
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
|
19,235
|
18,987
|
|
18,067
|
17,680
|
Premises and
equipment
|
|
11,969
|
12,030
|
|
12,725
|
12,839
|
Other
assets
|
|
68,640
|
68,195
|
|
69,880
|
70,091
|
Allowance for loan
losses
|
|
(9,652)
|
(9,769)
|
|
(9,744)
|
(9,709)
|
|
|
|
|
|
|
|
Total
assets
|
|
1,135,112
|
1,129,235
|
|
1,104,999
|
1,099,225
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
Interest bearing
demand
|
|
108,615
|
104,954
|
|
101,586
|
97,256
|
Savings
|
|
96,551
|
95,927
|
|
96,694
|
94,592
|
Money
market
|
|
275,888
|
270,161
|
|
231,814
|
232,178
|
Other time
|
|
290,482
|
279,143
|
|
291,270
|
298,660
|
Total interest
bearing deposits
|
|
771,536
|
750,185
|
|
721,364
|
722,686
|
Borrowings:
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
3,682
|
16,565
|
|
27,771
|
20,628
|
Advances from Federal
Home Loan Bank
|
|
49,081
|
49,108
|
|
45,933
|
44,757
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
Subordinated
debt
|
|
7,650
|
7,650
|
|
-
|
-
|
Total interest
bearing liabilities
|
|
845,034
|
836,593
|
|
808,153
|
801,156
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
Demand
deposits
|
|
183,547
|
182,322
|
|
169,250
|
170,904
|
Other
liabilities
|
|
8,752
|
9,061
|
|
10,741
|
10,897
|
Shareholders'
equity
|
|
97,779
|
101,259
|
|
116,855
|
116,268
|
Total liabilities and
shareholders' equity
|
|
1,135,112
|
1,129,235
|
|
1,104,999
|
1,099,225
|
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SOURCE AmeriServ Financial, Inc.