JOHNSTOWN, Pa., Jan. 24, 2017 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported net income available to
common shareholders of $1,150,000, or
$0.06 per diluted common share, in
the fourth quarter of 2016. This earnings performance was
lower than the fourth quarter of 2015 where net income available to
common shareholders totaled $1,321,000, or $0.07 per diluted common share. For the
year ended December 31, 2016, the
Company reported net income available to common shareholders of
$2,295,000, or $0.12 per diluted share. This represented a
decrease in earnings per share from the full year 2015 where net
income available to common shareholders totaled $5,787,000, or $0.31 per diluted common share, due largely 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 quarters and years ended
December 31, 2016 and 2015:
|
Fourth Quarter
2016
|
Fourth Quarter
2015
|
|
Year Ended
December 31,
2016
|
Year Ended
December 31,
2015
|
|
|
|
|
|
|
Net income
|
$1,150,000
|
$1,374,000
|
|
$2,310,000
|
$5,997,000
|
Net income available
to
common shareholders
|
$1,150,000
|
$1,321,000
|
|
$2,295,000
|
$5,787,000
|
Diluted earnings per
share
|
$ 0.06
|
$ 0.07
|
|
$ 0.12
|
$ 0.31
|
Additionally, the Company's Board of Directors approved a new
common stock repurchase program which calls for AmeriServ
Financial, Inc. to buy back up to 5%, or approximately 945,000
shares, of its outstanding common stock during the next 18
months. The authorized repurchases will be made from time to
time in either the open market or through privately negotiated
transactions. The timing, volume and nature of share
repurchases will be at the sole discretion of management, dependent
on market conditions, applicable securities laws, and other
factors, and may be suspended or discontinued at any time. No
assurance can be given that any particular amount of common stock
will be repurchased. This repurchase program may be modified,
extended or terminated by the Board of Directors at any time.
As of December 31, 2016, the Company
had approximately 18.9 million shares of its common stock
outstanding.
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2016 financial results
and common stock repurchase program: "AmeriServ Financial, Inc.
enters 2017 with improving earnings momentum and a strong balance
sheet evidenced by good capital levels, deep liquidity, and
excellent asset quality. The announcement of this new common
stock repurchase program reflects our belief that the current ASRV
stock price does not fully reflect the value of some of the key
strategic initiatives that we accomplished in 2016 which included:
the pay-off of $21 million of Small
Business Lending Fund (SBLF) preferred stock, an increase in our
common stock cash dividend, and continued solid growth in our
community banking business. Accordingly, we believe that the
return of capital to our shareholders through a common stock
buyback program is an appropriate capital management strategy at
this time."
The Company's net interest income in the fourth quarter of 2016
decreased by only $8,000 from the
prior year's fourth quarter and for the full year of 2016 decreased
by $1,227,000, or 3.5%, when compared
to the full year of 2015. The Company's net interest margin
of 3.26% for the full year of 2016 was 23 basis points lower than
the net interest margin of 3.49% for the full year of 2015.
There was also a net interest margin decline of 12 basis points
between the fourth quarter of 2016 and the prior year's fourth
quarter although the net interest margin did demonstrate some
modest improvement of three basis points between the third and
fourth quarters of 2016. The 2016 reduction in net interest
income has been significantly impacted by the following three
factors: 1.) net interest margin compression that results
from the prolonged low interest rate environment that exists in the
economy and is pressuring community bank net interest margins, 2.)
additional interest expense that was associated with the Company's
late fourth quarter 2015 issuance of subordinated debt, and 3.) a
significantly lower level of loan prepayment fee income, which
decreased by approximately $300,000
for full year of 2016. These factors more than
offset the Company's continued growth in
earning assets and control of its cost of
funds through disciplined deposit pricing. Specifically, the
earning asset growth occurring in the loan portfolio as total loans
averaged $888 million for both the
fourth quarter and the full year of 2016, which is $17 million, or 2.0%, higher than $870 million average for the fourth quarter of
2015 and $31 million, or 3.6%, higher
than the $857 million average for the
full year 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. Loan interest income increased by
$184,000, or 2.0%, in the fourth
quarter of 2016 when compared to the fourth quarter of 2015 as loan
growth more than offset the negative impact from net interest
margin compression. However, loan interest income is
$134,000, or 0.4%, lower for the full
year of 2016 when compared to the full year of 2015 due primarily
to the previously mentioned decline in loan prepayment fees between
years. Interest income on investments grew in the fourth
quarter of 2016 and is also higher by $122,000 or 3.1% for the full year as the Company
benefited from a higher balance of investment securities in
2016. Overall, total interest income decreased by
$12,000, or 0.03%, in 2016.
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 upon 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 offer new loan customers deposit
products were the primary reasons for this growth.
Specifically, total deposits averaged $956
million for the full year of 2016 which is $63 million, or 7.0%, higher than the
$893 million average for the full
year 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 for the
full year of 2016 increased by $648,000, or 13.6%, due to the higher balance of
deposits along with certain money market accounts repricing upward
after Federal Reserve fed funds interest rate
increases. As a result of this strong deposit growth,
the Company's loan to deposit ratio ended the year at 91.6% which
indicates that the Company has ample room to further grow its loan
portfolio in 2017.
Total interest expense increased by $308,000 in the fourth quarter of 2016 and for
the full year of 2016 increased by $1,215,000, or 18.6%, each as compared to 2015
periods due to higher levels of both borrowings and deposit
interest expense. The Company experienced a $567,000 increase in the interest cost for
borrowings in 2016 with $515,000 of
this increase attributable to the Company's subordinated debt
issuance which occurred late in December of 2015.
Specifically, the Company issued $7.65
million of subordinated debt which has a 6.50% fixed
interest rate. 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 recorded a $300,000
provision for loan losses in the fourth quarter of 2016 compared to
a $500,000 provision in the fourth
quarter of 2015. For the full year of 2016, the Company
recorded a $3,950,000 provision for
loan losses compared to a $1,250,000
provision for loan losses for the full year of 2015 or an increase
of $2.7 million between years.
A substantially higher than typical provision and net loan
charge-offs were recorded in the first quarter of 2016 and were
necessary to resolve a 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 fourth 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 $94,000, or 0.04% of
total loans, in the fourth quarter of 2016, compared to net loan
charge-offs of $351,000, or 0.16% of
total loans, in the fourth quarter of 2015. For the full year
periods, there were net loan charge-offs of $3.9 million, or 0.44%, of total loans in 2016,
compared to net loan charge-offs of $952,000, or 0.11% of total loans, in 2015.
Overall, the Company continued to maintain outstanding asset
quality in the fourth quarter of 2016. At December 31, 2016, non-performing assets totaled
$1.6 million, or only 0.18% of total
loans, which is down by $4.7 million
from the prior year-end and is one of the lowest levels ever
reported by the Company. In summary, the allowance for loan
losses provided a strong 612%
coverage of non-performing loans, and
1.12% of total loans, at December 31, 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 fourth quarter of 2016
decreased by $50,000, or 1.3%, from
the prior year's fourth quarter, and for the year of 2016 decreased
by $629,000, or 4.1%, when compared
to the full year of 2015. Revenue from bank owned life
insurance decreased by $229,000 for
the quarter and $942,000 for the full
year and was the primary factor contributing to the non-interest
income decline as there were no death claims received in 2016
compared to four claims in 2015. Slightly offsetting these
unfavorable variances for the quarter and full year was increased
revenue from mortgage loan sales and mortgage related fee income in
the fourth quarter of 2016 by $153,000, or 60%, when compared to the fourth
quarter of 2015 and for the full year of 2016 by $93,000, or 8.0%, when compared to the full year
of 2015. This higher level of revenue from residential
mortgage lending was due to increased refinance activity and a
comparable level of new mortgage loan originations when compared to
last year. Other income was higher by $113,000, or 19.2%, for the quarter and by
$201,000, or 8.6%, for the full year
as the Company benefited from additional revenue resulting from a
more aggressive business development strategy within its Financial
Services Division. There were no net gains recognized on the
sale of investment securities during the fourth quarter of 2016
after a $79,000 gain was recognized
in the fourth quarter of 2015. For the full year, however,
net gains recognized on investment security sales were $177,000 in 2016, which was $106,000, or 149%, higher than the 2015 level as
the Company sold certain rapidly pre-paying mortgage backed
securities in this low interest rate environment. Trust and
investment advisory fees decreased slightly by $11,000, or 0.1%, for the full year as the loss
of certain client accounts through normal attrition more than
offset continued successful new business development activities as
well as effective management of existing customer accounts in this
volatile market environment. However, Trust and investment
advisory fees increased by $31,000,
or 1.5%, for the fourth quarter. Trust assets under
administration totaled $2.0 billion
as of December 31, 2016.
Total non-interest expense in the fourth quarter of 2016
increased by $339,000, or 3.3%, from
the prior year's fourth quarter and for the full year of 2016
increased by $577,000, or 1.4%, when
compared to the full year of 2015. As noted in our previously
disclosed first quarter financial results, non-recurring costs for
legal and accounting services were necessary to address a trust
operations trading error and are the primary reasons for the
negative comparison for full year time period while an unrelated
litigation settlement and higher pension costs contributed to the
negative comparison for the fourth quarter. The impact of
these trust operations expenses were clearly evident for the full
year of 2016 in higher levels of total professional fees and other
expenses. Professional fees were $277,000, or 5.5%, higher and other
expenses also compare unfavorably by
$512,000 for the
full year time period. Salaries and
employee benefits were higher by $153,000, or 2.6%, in the fourth quarter but were
slightly lower by $8,000 for the full
year of 2016. The unfavorable comparison for the quarter was
due to additional expense related to the Company's defined pension
benefit plan which results from the prolonged low interest rate
environment. Partially offsetting these additional expenses
were our continued cost control efforts as occupancy and equipment
related expenses are lower by $244,000, or 5.2%, for the full year.
Finally, the Company recorded an income tax expense of $897,000, or an effective tax rate of 28.0%, in
2016 which is lower when compared to the income tax expense of
$2,343,000, or an effective tax rate
of 28.1%, for 2015. The lower income tax expense and
effective tax rate are due to the first quarter 2016 loss
recognized by the Company. However, as we have demonstrated
in the remaining three quarters of 2016 our actions taken for an
immediate improvement to more typical and expected profitability
levels have proven successful. We anticipate that our
earnings momentum will increase in 2017.
The Company had total assets of $1.154
billion, shareholders' equity of $95.4 million, a book value of $5.05 per common share and a tangible book value
of $4.41 per common share at
December 31, 2016. The decline
in the book value and tangible book value per share in the fourth
quarter of 2016 was due to a decrease in the value of the Company's
available for sale investment securities and an increase in the
defined benefit pension obligation as changes in both of these
items flow through the equity section of the balance sheet but do
not impact regulatory capital. The Company continued to
maintain strong capital ratios that exceed the regulatory defined
well capitalized status.
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,
2016
|
(In thousands, except
per share and ratio data)
|
(Unaudited)
|
|
2016
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
(loss)
|
$(1,267)
|
$1,362
|
$1,065
|
$1,150
|
$2,310
|
Net income (loss)
available to common shareholders
|
(1,282)
|
1,362
|
1,065
|
1,150
|
2,295
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
(0.45)%
|
0.48%
|
0.37%
|
0.40%
|
0.20%
|
Return on average
equity
|
(4.86)
|
5.60
|
4.27
|
4.58
|
2.30
|
Net interest
margin
|
3.30
|
3.23
|
3.15
|
3.18
|
3.26
|
Net charge-offs as a
percentage of average loans
|
1.60
|
0.01
|
0.14
|
0.04
|
0.44
|
Loan loss provision
as a percentage of
average loans
|
1.42
|
0.11
|
0.13
|
0.13
|
0.44
|
Efficiency
ratio
|
89.24
|
82.05
|
85.07
|
84.82
|
85.27
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
Basic
|
$(0.07)
|
$0.07
|
$0.06
|
$0.06
|
$0.12
|
Average number of
common shares outstanding
|
18,884
|
18,897
|
18,899
|
18,903
|
18,896
|
Diluted
|
(0.07)
|
0.07
|
0.06
|
0.06
|
0.12
|
Average number of
common shares outstanding
|
18,884
|
18,948
|
18,957
|
18,990
|
18,955
|
Cash dividends
declared
|
$0.010
|
$0.010
|
$0.015
|
$0.015
|
$0.050
|
|
|
|
|
|
|
2015
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
|
$1,369
|
$1,421
|
$1,833
|
$1,374
|
$5,997
|
Net income available
to common shareholders
|
1,316
|
1,369
|
1,781
|
1,321
|
5,787
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
0.51%
|
0.52%
|
0.66%
|
0.49%
|
0.54%
|
Return on average
equity
|
4.80
|
4.88
|
6.15
|
4.56
|
5.10
|
Net interest
margin
|
3.57
|
3.45
|
3.52
|
3.30
|
3.49
|
Net charge-offs as a
percentage of average loans
|
0.09
|
0.08
|
0.11
|
0.16
|
0.11
|
Loan loss provision
as a percentage of
average loans
|
0.12
|
0.09
|
0.14
|
0.23
|
0.15
|
Efficiency
ratio
|
82.29
|
81.93
|
78.25
|
81.69
|
81.01
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
$0.07
|
$0.07
|
$0.09
|
$0.07
|
$0.31
|
Average number of
common shares outstanding
|
18,851
|
18,859
|
18,869
|
18,871
|
18,863
|
Diluted
|
0.07
|
0.07
|
0.09
|
0.07
|
0.31
|
Average number of
common shares outstanding
|
18,909
|
18,941
|
18,951
|
18,950
|
18,933
|
Cash dividends
declared
|
$0.01
|
$0.01
|
$0.01
|
$0.01
|
$0.04
|
AMERISERV FINANCIAL,
INC.
|
(In thousands, except
per share, statistical, and ratio data)
|
(Unaudited)
|
|
|
2016
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT
PERIOD END
|
|
|
|
|
Assets
|
$1,121,701
|
$1,142,492
|
$1,145,655
|
$1,153,780
|
Short-term
investments/overnight funds
|
5,556
|
6,836
|
8,279
|
8,966
|
Investment
securities
|
139,000
|
145,753
|
145,609
|
157,742
|
Loans and loans held
for sale
|
882,410
|
895,513
|
896,301
|
886,858
|
Allowance for loan
losses
|
9,520
|
9,746
|
9,726
|
9,932
|
Goodwill
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
906,773
|
940,931
|
962,736
|
967,786
|
FHLB
borrowings
|
88,952
|
72,617
|
56,943
|
58,296
|
Subordinated debt,
net
|
7,424
|
7,430
|
7,435
|
7,441
|
Shareholders'
equity
|
97,589
|
99,232
|
100,044
|
95,395
|
Non-performing
assets
|
3,007
|
2,230
|
1,907
|
1,624
|
Tangible common
equity ratio
|
7.72
|
7.72
|
7.77
|
7.31
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
(A)
|
$5.16
|
$5.25
|
$5.29
|
$5.05
|
Tangible book value
(A)
|
4.53
|
4.62
|
4.66
|
4.41
|
Market
value
|
2.99
|
3.02
|
3.32
|
3.70
|
Trust assets – fair
market value (B)
|
$1,974,180
|
$1,982,868
|
$2,011,344
|
$1,992,978
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
317
|
311
|
310
|
305
|
Branch
locations
|
16
|
16
|
16
|
16
|
Common shares
outstanding
|
18,894,561
|
18,896,876
|
18,903,472
|
18,903,472
|
|
|
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
|
|
|
NOTES:
|
|
(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
|
(In
thousands)
|
(Unaudited)
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
INTEREST
INCOME
|
|
|
|
|
TO DATE
|
Interest and fees on
loans
|
$9,465
|
$9,409
|
$9,462
|
$9,525
|
$37,861
|
Interest on
investments
|
957
|
980
|
1,014
|
1,057
|
4,008
|
Total Interest
Income
|
10,422
|
10,389
|
10,476
|
10,582
|
41,869
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,254
|
1,330
|
1,391
|
1,425
|
5,400
|
All
borrowings
|
610
|
573
|
579
|
573
|
2,335
|
Total Interest
Expense
|
1,864
|
1,903
|
1,970
|
1,998
|
7,735
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,558
|
8,486
|
8,506
|
8,584
|
34,134
|
Provision for loan
losses
|
3,100
|
250
|
300
|
300
|
3,950
|
NET INTEREST INCOME
AFTER
PROVISION FOR LOAN LOSSES
|
5,458
|
8,236
|
8,206
|
8,284
|
30,184
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Trust and investment
advisory fees
|
2,075
|
2,124
|
2,035
|
2,099
|
8,333
|
Service charges on
deposit accounts
|
415
|
404
|
433
|
422
|
1,674
|
Net realized gains on
loans held for sale
|
107
|
185
|
260
|
332
|
884
|
Mortgage related
fees
|
63
|
98
|
132
|
74
|
367
|
Net realized gains on
investment securities
|
57
|
60
|
60
|
-
|
177
|
Bank owned life
insurance
|
167
|
169
|
169
|
170
|
675
|
Other
income
|
553
|
702
|
572
|
701
|
2,528
|
Total Non-Interest
Income
|
3,437
|
3,742
|
3,661
|
3,798
|
14,638
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
6,166
|
5,868
|
5,901
|
6,099
|
24,034
|
Net occupancy
expense
|
737
|
690
|
656
|
699
|
2,782
|
Equipment
expense
|
436
|
409
|
419
|
424
|
1,688
|
Professional
fees
|
1,465
|
1,192
|
1,330
|
1,293
|
5,280
|
FDIC deposit
insurance expense
|
179
|
188
|
189
|
153
|
709
|
Other
expenses
|
1,728
|
1,692
|
1,861
|
1,841
|
7,122
|
Total Non-Interest
Expense
|
10,711
|
10,039
|
10,356
|
10,509
|
41,615
|
|
|
|
|
|
|
PRETAX INCOME
(LOSS)
|
(1,816)
|
1,939
|
1,511
|
1,573
|
3,207
|
Income tax expense
(benefit)
|
(549)
|
577
|
446
|
423
|
897
|
NET INCOME
(LOSS)
|
(1,267)
|
1,362
|
1,065
|
1,150
|
2,310
|
Preferred stock
dividends
|
15
|
-
|
-
|
-
|
15
|
NET INCOME (LOSS)
AVAILABLE TO
COMMON SHAREHOLDERS
|
$(1,282)
|
$1,362
|
$1,065
|
$1,150
|
$2,295
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
INTEREST
INCOME
|
|
|
|
|
TO DATE
|
Interest and fees on
loans
|
$9,456
|
$9,480
|
$9,718
|
$9,341
|
$37,995
|
Interest on
investments
|
1,067
|
929
|
949
|
941
|
3,886
|
Total Interest
Income
|
10,523
|
10,409
|
10,667
|
10,282
|
41,881
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,174
|
1,171
|
1,174
|
1,233
|
4,752
|
All
borrowings
|
415
|
438
|
458
|
457
|
1,768
|
Total Interest
Expense
|
1,589
|
1,609
|
1,632
|
1,690
|
6,520
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,934
|
8,800
|
9,035
|
8,592
|
35,361
|
Provision for loan
losses
|
250
|
200
|
300
|
500
|
1,250
|
NET INTEREST INCOME
AFTER
PROVISION FOR LOAN LOSSES
|
8,684
|
8,600
|
8,735
|
8,092
|
34,111
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Trust and investment
advisory fees
|
2,056
|
2,135
|
2,085
|
2,068
|
8,344
|
Service charges on
deposit accounts
|
419
|
429
|
441
|
461
|
1,750
|
Net realized gains on
loans held for sale
|
191
|
225
|
178
|
173
|
767
|
Mortgage related
fees
|
115
|
109
|
87
|
80
|
391
|
Net realized gains
(losses) on investment
securities
|
-
|
28
|
(36)
|
79
|
71
|
Bank owned life
insurance
|
363
|
171
|
684
|
399
|
1,617
|
Other
income
|
568
|
595
|
576
|
588
|
2,327
|
Total Non-Interest
Income
|
3,712
|
3,692
|
4,015
|
3,848
|
15,267
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
6,073
|
5,944
|
6,079
|
5,946
|
24,042
|
Net occupancy
expense
|
841
|
718
|
692
|
690
|
2,941
|
Equipment
expense
|
466
|
480
|
409
|
418
|
1,773
|
Professional
fees
|
1,211
|
1,275
|
1,206
|
1,311
|
5,003
|
FDIC deposit
insurance expense
|
167
|
164
|
174
|
164
|
669
|
Other
expenses
|
1,652
|
1,658
|
1,659
|
1,641
|
6,610
|
Total Non-Interest
Expense
|
10,410
|
10,239
|
10,219
|
10,170
|
41,038
|
|
|
|
|
|
|
PRETAX
INCOME
|
1,986
|
2,053
|
2,531
|
1,770
|
8,340
|
Income tax
expense
|
617
|
632
|
698
|
396
|
2,343
|
NET INCOME
|
1,369
|
1,421
|
1,833
|
1,374
|
5,997
|
Preferred stock
dividends
|
53
|
52
|
52
|
53
|
210
|
NET INCOME AVAILABLE
TO
COMMON SHAREHOLDERS
|
$1,316
|
$1,369
|
$1,781
|
$1,321
|
$5,787
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
Average Balance Sheet Data (In thousands)
(Unaudited)
|
|
|
|
2016
|
|
2015
|
|
|
|
|
TWELVE
|
|
TWELVE
|
|
|
4QTR
|
MONTHS
|
4QTR
|
MONTHS
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
Loans and loans held for sale, net of unearned income
|
|
$887,671
|
$887,679
|
$870,400
|
$857,015
|
Short-term Investment in money market funds
|
|
21,663
|
15,156
|
12,116
|
10,700
|
Deposits with banks
|
|
1,059
|
1,668
|
5,086
|
2,198
|
Total investment securities
|
|
153,539
|
147,279
|
140,794
|
144,959
|
Total interest
earning assets
|
|
1,063,932
|
1,051,782
|
1,028,396
|
1,014,872
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
Cash and due from banks
|
|
22,854
|
20,626
|
17,525
|
17,312
|
Premises and equipment
|
|
11,772
|
11,930
|
12,282
|
12,617
|
Other assets
|
|
67,137
|
68,046
|
67,605
|
69,201
|
Allowance for loan losses
|
|
(9,829)
|
(9,790)
|
(9,808)
|
(9,766)
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$1,155,866
|
$1,142,594
|
$1,116,000
|
$1,104,236
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
Interest bearing deposits:
|
|
|
|
|
|
Interest
bearing demand
|
|
$112,451
|
$108,350
|
$92,800
|
$97,201
|
Savings
|
|
95,494
|
95,986
|
92,550
|
94,425
|
Money
market
|
|
286,187
|
277,967
|
269,251
|
242,298
|
Other
time
|
|
301,555
|
290,612
|
276,134
|
287,783
|
Total interest bearing deposits
|
|
795,687
|
772,915
|
730,735
|
721,707
|
Borrowings:
|
|
|
|
|
|
Federal
funds purchased and other short-term borrowings
|
|
1,685
|
9,030
|
16,650
|
24,582
|
Advances
from Federal Home Loan Bank
|
|
46,810
|
48,720
|
48,763
|
46,166
|
Guaranteed
junior subordinated deferrable interest debentures
|
|
13,085
|
13,085
|
13,085
|
13,085
|
Subordinated debt
|
|
7,650
|
7,650
|
247
|
62
|
Total interest
bearing liabilities:
|
|
864,917
|
851,400
|
809,480
|
805,602
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
Demand deposits
|
|
184,920
|
182,732
|
178,801
|
171,175
|
Other liabilities
|
|
6,241
|
8,074
|
8,157
|
9,871
|
Shareholders'
equity
|
|
99,788
|
100,388
|
119,562
|
117,588
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$1,155,866
|
$1,142,594
|
$1,116,000
|
$1,104,236
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameriserv-financial-reports-2016-earnings-and-announces-a-new-common-stock-repurchase-program-300395506.html
SOURCE AmeriServ Financial, Inc.