JOHNSTOWN, Pa., July 16, 2019 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported second quarter 2019 net
income of $1,792,000, or $0.10 per diluted common share. This
earnings performance was a $48,000,
or 2.8%, improvement from the second quarter of 2018 when net
income totaled $1,744,000, or
$0.10 per diluted common share.
For the six-month period ended June 30,
2019, the Company reported net income of $3,670,000, or $0.21 per diluted common share. This
represents an improvement of $159,000, or 4.5%, from the six-month period of
2018 when net income totaled $3,511,000, or $0.19 per diluted common share. Earnings
per share grew at a faster rate of 10.5% over this six month period
due to a lower share count as a result of the success of the
Company's ongoing common stock buyback program. The following
table highlights the Company's financial performance for both the
three and six month periods ended June 30,
2019 and 2018:
|
Second
Quarter
2019
|
Second Quarter
2018
|
|
Six Months Ended
June 30, 2019
|
Six Months Ended
June 30, 2018
|
|
|
|
|
|
|
Net income
|
$1,792,000
|
$1,744,000
|
|
$3,670,000
|
$3,511,000
|
Diluted earnings per
share
|
$ 0.10
|
$ 0.10
|
|
$ 0.21
|
$ 0.19
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2019 financial results:
"Solid growth in both loans and deposits contributed to an improved
net interest margin in the second quarter of 2019 and positions the
Company well for the second half of this year. Specifically,
loans have grown by $27 million, or
3.1%, while deposits have increased by $19
million, or 2.0%, in the first six months of 2019.
Additionally, our tangible book value per share over the past 12
months has increased by 9.3% to $5.15
due to a combination of improved earnings, accretive common stock
buybacks, and effective management of our investment securities
portfolio. We continue to believe that earnings per share
growth and disciplined capital management are important
contributors to shareholder value."
The Company's net interest income in the second quarter of 2019
increased by $203,000, or 2.3%, from
the prior year's second quarter and, for the first six months of
2019, increased by $112,000, or 0.6%,
when compared to the first six months of 2018. The Company's
net interest margin of 3.30% for the second quarter of 2019 and
3.27% for the six-month timeframe was two basis points higher for
the quarter but one basis point lower for the six months when
compared to the net interest margin of 3.28% for both time periods
in 2018. The net interest margin in the second quarter of
2019 was also six basis points better than the more recent first
quarter 2019 performance. The increase in net interest income
for both time periods in 2019 is the result of an increase in total
earning assets. Compared to the same time periods of 2018,
total average earning assets increased in the second quarter of
2019 by $16.7 million, or 1.6%, and
increased by $8.6 million, or 0.8%,
for the six-month time period. The increase in earning assets
in both time periods occurred primarily in the investment
securities portfolio, while total loans increased modestly for the
quarterly comparison but demonstrated a decline for the six-month
average comparison. Also contributing to the net interest
income increase in both time periods was a favorable shift in the
mix of total average interest bearing liabilities as total interest
bearing deposits increased and resulted in less reliance on higher
cost borrowings to fund earning asset growth.
Total loans averaged $872 million
in the first six months of 2019 which is $10.3 million, or 1.2%, lower than the
$882 million average for the first
six months of 2018, reflecting the high level of loan payoffs
received during the fourth quarter of 2018 as explained in our
first quarter 2019 earnings press release. During the first
quarter of 2019, the total average loan portfolio balance remained
relatively consistent with the year end 2018 level. Loan
growth returned during the second quarter of 2019 as loan
originations exceeded loan payoffs by $27
million resulting in the 2019 second quarter average total
loan portfolio balance exceeding the 2018 second quarter average
balance. The increase between years occurred primarily in the
commercial real estate and commercial & industrial loan
portfolios. Loan interest income increased by $1.5 million, or 7.4%, between the first half of
2019 and last year's first six-months. Included in this
increase was a higher level of loan fee income by $235,000, due primarily to prepayment fees
collected on certain early loan pay-offs in addition to the
increased fees from greater new loan origination activity.
The higher loan interest income also reflects new loans originating
at higher yields as well as the upward repricing of certain loans
tied to LIBOR or the prime rate as both of these indices moved up
with the Federal Reserve's decision to increase the target federal
funds interest rate in 2018.
Total investment securities averaged $199
million in the first six months of 2019 which is
$19.1 million, or 10.6%, higher than
the $180 million average for the
first six months of 2018. The growth in the investment
securities portfolio is the result of management taking advantage
of the rising interest rate environment experienced during 2018
which provided an attractive market for additional security
purchases. Purchases primarily focused on federal agency
mortgage backed securities due to the ongoing cash flow that these
securities provide. Also, management continued its portfolio
diversification strategy through purchases of high quality
corporate and taxable municipal securities. Investment security
purchase activity slowed significantly during the second quarter of
2019 and was more selective as the market was less favorable with
the U.S. Treasury yield curve flattening and becoming inverted at
times in the short to mid-term portion of the curve. Interest
income on investments increased between the second quarter of 2019
and the second quarter of 2018 by $293,000, or 19.8%, and increased in the first
half of 2019 from the first half of 2018 by $640,000, or 22.2%. Overall, total interest
income increased by $2.1 million, or
9.2%, between years.
Total interest expense for the first six months of 2019
increased by $2.0 million, or 38.3%,
when compared to 2018, due to higher levels of both deposit and
borrowing interest expense. Deposit interest expense in 2019
was higher by $1.8 million, or 49.1%,
for the first half of the year which reflects the higher level of
total average interest bearing deposits and certain indexed money
market accounts repricing upward due to the impact of the Federal
Reserve increasing interest rates during 2018. The Company
also experienced increasing market competitive pressure to retain
existing deposit customers and attract new customer deposits.
Customer product preference changed as well resulting in movement
of funds from lower yielding money market accounts into higher
yielding certificates of deposits. Overall, total deposits
continued to grow for a fourth consecutive quarter and averaged
$975 million in the first half of
2019, which was $16.6 million, or
1.7%, higher than the 2018 first half of the year average.
The Company's loan to deposit ratio averaged 90.1% in the second
quarter of 2019, which we believe indicates that the Company has
ample capacity to grow its loan portfolio. Even though total
average borrowings decreased between years, the Company experienced
a $154,000, or 10.5%, increase in the
interest cost for borrowings in the first half of 2019 due to the
impact that the 2018 increases in the federal funds rate had on the
cost of overnight borrowed funds and the replacement of matured
FHLB term advances. Also, due to a new accounting
pronouncement that became effective January
1, 2019, the Company recognized additional interest expense
on its financing property leases. The 2019 six-month average
of FHLB borrowed funds was $66.7
million, which represented a decrease of $6.7 million, or 9.2%, due to the increase in
total average deposits.
The Company did not record a provision for loan losses in the
second quarter of 2019 as compared to a $50,000 provision recorded in the second quarter
of 2018. For the first six months of 2019, the Company
recorded a $400,000 provision
recovery for loan losses compared to a $100,000 provision expense recorded in first six
months of 2018. The 2019 provision recovery reflects our
overall excellent asset quality, reduced level of criticized loans
and net loan charge-offs and the lower six-month average balance of
total loans. The Company experienced net loan charge-offs of
$169,000, or 0.04% of total loans, in
the first half of 2019 compared to net loan charge-offs of
$793,000, or 0.18% of total loans, in
the first half of 2018. Overall, the Company continued to
maintain outstanding asset quality as its nonperforming assets
totaled $1.7 million, or only 0.19%
of total loans, at June 30,
2019. In summary, the allowance for loan losses provided 482%
coverage of non-performing assets, and 0.91% of total loans, at
June 30, 2019, compared to 629%
coverage of non-performing assets, and 1.00% of total loans, at
December 31, 2018.
Total non-interest income in the second quarter of 2019
decreased by $24,000, or 0.7%, from
the prior year's second quarter, and compared similarly for the six
months, decreasing by $54,000, or
0.7%. For the quarter, revenue from service charges on
deposits decreased by $40,000, or
11.2%, due to the lower overdraft fees as the bank is no longer
charging a fee on overdrafts that result from signature based point
of sale debit card transactions. Wealth management fees also
decreased by $28,000, or 1.1%,
primarily due to a lower level of fee revenue from our Financial
Services division because of fewer life insurance related sales in
2019. The Company did recognize a $30,000 investment security sale gain in the
second quarter of 2019 after no security sale activity occurred in
the corresponding quarter of 2018. For the six-month period,
similar comparisons for the same line items resulted in the
unfavorable variance when comparing 2019 to 2018. Unfavorable
comparisons included service charges on deposits by $113,000, or 15.3%, and wealth management fees by
$58,000, or 1.2%. Additionally,
net realized gains on loans held for sale declined by $48,000, or 22.1%, due to management's decision
to retain more of the residential mortgage loan production in our
loan portfolio earlier in the year when market conditions were more
favorable to adjust strategy. These unfavorable items were
nearly offset by a favorable change in investment security sales
activity by $178,000 after the
Company sold a portion of low balance, low yielding securities at a
loss in 2018 to reposition the investment portfolio for stronger
future returns.
The Company's total non-interest expense in the second quarter
of 2019 increased by $164,000, or
only 1.6%, when compared to the second quarter of 2018, and
increased in the first half of 2019 by $346,000, or 1.7%, when compared to 2018.
The increase in the second quarter of 2019 was due to a
higher level of salaries & benefits expense by $130,000, or 2.1%, and a greater level of other
expense by $92,000, or
5.5%. These increases more than offset a reduction to
FDIC deposit insurance expense by $75,000, or 48.4%. Within salaries &
benefits, higher salaries expense was due to annual merit
increases, four additional employees at our new financial banking
center in Hagerstown, Maryland and
higher health care costs which more than offset reduced levels of
pension expense and incentive compensation. The increase to other
expense is due to higher website costs and additional
telecommunications expense. For the first six months of 2019,
salaries & benefits expense is $338,000, or 2.7%, higher for similar reasons as
the quarterly variance. Other expenses are higher by
$254,000, or 7.7%, also for similar
reasons as the quarterly variance in addition to a higher level of
funding for the unfunded commitment reserve due to increased loan
approvals in 2019. Slightly offsetting these unfavorable
comparisons are lower FDIC deposit insurance expense by
$157,000, or 49.5%, and professional
fees by $67,000, or 2.8% due to lower
legal fees and other professional fees.
The Company recorded an income tax expense of $470,000, or an effective tax rate of 20.8%, in
the second quarter of 2019. This compares to an income tax
expense of $453,000, or an effective
tax rate of 20.6%, for the second quarter of 2018. Similarly,
for the first six months of 2019, the Company recorded income tax
expense of $961,000, or an effective
tax rate of 20.8%, compared to income tax expense of $908,000 in 2018, or an effective tax rate of
20.5%.
The Company had total assets of $1.19
billion, shareholders' equity of $101.5 million, a book value of $5.84 per common share and a tangible book value
of $5.15 per common share at
June 30, 2019. In accordance
with the common stock buyback program announced on April 16, 2019, the Company returned an
additional $686,000 of capital to its
shareholders through the repurchase of 161,554 shares of its common
stock in the second quarter of 2019. Overall in 2019, this
latest common stock buyback program, combined with the first
quarter completion of the previously authorized common stock
buyback program, resulted in the Company returning $1.2 million to its shareholders through the
repurchase of 273,865 shares of its common stock in the first half
of 2019. When including our increased cash dividend payments
on our common stock, total capital returned to our shareholders
exceeded 53% of net income for the first six months of 2019.
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.
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
SUPPLEMENTAL
FINANCIAL PERFORMANCE DATA
June 30,
2019
(Dollars in
thousands, except per share and ratio data)
(Unaudited)
|
|
2019
|
|
1QTR
|
2QTR
|
YEAR
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
Net income
|
$1,878
|
$1,792
|
$3,670
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
Return on average
assets
|
0.66%
|
0.61%
|
0.63%
|
Return on average
equity
|
7.84
|
7.24
|
7.53
|
Net interest
margin
|
3.24
|
3.30
|
3.27
|
Net charge-offs as a
percentage of average loans
|
0.08
|
0.00
|
0.04
|
Loan loss provision
(credit) as a percentage of
average loans
|
(0.19)
|
0.00
|
(0.09)
|
Efficiency
ratio
|
83.90
|
82.18
|
83.02
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
Basic
|
$0.11
|
$0.10
|
$0.21
|
Average number of
common shares outstanding
|
17,578
|
17,476
|
17,527
|
Diluted
|
0.11
|
0.10
|
0.21
|
Average number of
common shares outstanding
|
17,664
|
17,560
|
17,611
|
Cash dividends paid
per share
|
$0.020
|
$0.025
|
$0.045
|
|
|
|
|
|
|
|
|
2018
|
|
1QTR
|
2QTR
|
YEAR
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
Net income
|
$1,767
|
$1,744
|
$3,511
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
Return on average
assets
|
0.62%
|
0.60%
|
0.61%
|
Return on average
equity
|
7.55
|
7.30
|
7.42
|
Net interest
margin
|
3.29
|
3.28
|
3.28
|
Net charge-offs as a
percentage of average loans
|
0.15
|
0.21
|
0.18
|
Loan loss provision
(credit) as a percentage of
average loans
|
0.02
|
0.02
|
0.02
|
Efficiency
ratio
|
81.61
|
82.04
|
81.83
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
Basic
|
$0.10
|
$0.10
|
$0.19
|
Average number of
common shares outstanding
|
18,079
|
18,038
|
18,058
|
Diluted
|
0.10
|
0.10
|
0.19
|
Average number of
common shares outstanding
|
18,181
|
18,140
|
18,158
|
Cash dividends paid
per share
|
$0.015
|
$0.020
|
$0.035
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
(Dollars in
thousands, except per share, statistical, and ratio
data)
(Unaudited)
|
|
2019
|
|
1QTR
|
2QTR
|
|
|
FINANCIAL
CONDITION DATA AT PERIOD END:
|
|
|
|
|
Assets
|
$1,167,682
|
$1,190,583
|
|
|
Short-term
investments/overnight funds
|
7,996
|
6,532
|
|
|
Investment
securities
|
194,553
|
191,168
|
|
|
Loans and loans held
for sale
|
863,134
|
890,081
|
|
|
Allowance for loan
losses
|
8,107
|
8,102
|
|
|
Goodwill
|
11,944
|
11,944
|
|
|
Deposits
|
957,779
|
968,480
|
|
|
FHLB
borrowings
|
79,483
|
88,314
|
|
|
Subordinated debt,
net
|
7,493
|
7,499
|
|
|
Shareholders'
equity
|
99,061
|
101,476
|
|
|
Non-performing
assets
|
1,168
|
1,681
|
|
|
Tangible common
equity ratio
|
7.54%
|
7.60%
|
|
|
Total capital (to
risk weighted assets) ratio
|
13.37
|
13.14
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
|
$5.65
|
$5.84
|
|
|
Tangible book
value
|
4.97
|
5.15
|
|
|
Market
value
|
4.02
|
4.15
|
|
|
Wealth management
assets – fair market value (A)
|
$2,229,860
|
$2,288,576
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
309
|
309
|
|
|
Branch
locations
|
16
|
16
|
|
|
Common shares
outstanding
|
17,540,676
|
17,384,355
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL
CONDITION DATA AT PERIOD END:
|
|
|
|
|
Assets
|
$1,151,160
|
$1,180,510
|
$1,168,806
|
$1,160,680
|
Short-term
investments/overnight funds
|
7,796
|
8,050
|
7,428
|
6,924
|
Investment
securities
|
171,053
|
174,771
|
177,426
|
187,491
|
Loans and loans held
for sale
|
875,716
|
895,162
|
884,374
|
863,129
|
Allowance for loan
losses
|
9,932
|
9,521
|
9,439
|
8,671
|
Goodwill
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
944,206
|
928,176
|
944,213
|
949,171
|
FHLB
borrowings
|
82,864
|
126,901
|
103,799
|
87,750
|
Subordinated debt,
net
|
7,470
|
7,476
|
7,482
|
7,488
|
Shareholders'
equity
|
95,810
|
96,883
|
97,179
|
97,977
|
Non-performing
assets
|
2,157
|
1,160
|
1,067
|
1,378
|
Tangible common
equity ratio
|
7.36%
|
7.27%
|
7.37%
|
7.49%
|
Total capital (to
risk weighted assets) ratio
|
13.45
|
13.01
|
13.13
|
13.53
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
|
$5.31
|
$5.37
|
$5.47
|
$5.56
|
Tangible book
value
|
4.65
|
4.71
|
4.80
|
4.88
|
Market
value
|
4.00
|
4.10
|
4.30
|
4.03
|
Wealth management
assets – fair market value (A)
|
$2,175,538
|
$2,201,565
|
$2,258,108
|
$2,106,172
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
304
|
295
|
296
|
303
|
Branch
locations
|
15
|
15
|
15
|
16
|
Common shares
outstanding
|
18,033,401
|
18,044,692
|
17,767,313
|
17,619,303
|
|
NOTES:
|
|
(A) Not
recognized on the consolidated balance sheets.
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
CONSOLIDATED
STATEMENT OF INCOME
(Dollars in
thousands)
(Unaudited)
|
|
2019
|
|
1QTR
|
2QTR
|
YEAR
TO DATE
|
INTEREST
INCOME
|
|
|
|
Interest and fees on
loans
|
$10,418
|
$10,994
|
$21,412
|
Interest on
investments
|
1,746
|
1,771
|
3,517
|
Total Interest
Income
|
12,164
|
12,765
|
24,929
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
Deposits
|
2,730
|
2,867
|
5,597
|
All
borrowings
|
777
|
837
|
1,614
|
Total Interest
Expense
|
3,507
|
3,704
|
7,211
|
|
|
|
|
NET INTEREST
INCOME
|
8,657
|
9,061
|
17,718
|
Provision (credit)
for loan losses
|
(400)
|
0
|
(400)
|
NET INTEREST INCOME
AFTER
PROVISION (CREDIT) FOR LOAN LOSSES
|
9,057
|
9,061
|
18,118
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
Wealth management
fees
|
2,396
|
2,419
|
4,815
|
Service charges on
deposit accounts
|
310
|
317
|
627
|
Net realized gains on
loans held for sale
|
62
|
107
|
169
|
Mortgage related
fees
|
44
|
77
|
121
|
Net realized gains
(losses) on investment securities
|
0
|
30
|
30
|
Bank owned life
insurance
|
128
|
129
|
257
|
Other
income
|
665
|
578
|
1,243
|
Total Non-Interest
Income
|
3,605
|
3,657
|
7,262
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
Salaries and employee
benefits
|
6,301
|
6,348
|
12,649
|
Net occupancy
expense
|
658
|
622
|
1,280
|
Equipment
expense
|
361
|
387
|
748
|
Professional
fees
|
1,120
|
1,249
|
2,369
|
FDIC deposit
insurance expense
|
80
|
80
|
160
|
Other
expenses
|
1,773
|
1,770
|
3,543
|
Total Non-Interest
Expense
|
10,293
|
10,456
|
20,749
|
|
|
|
|
PRETAX
INCOME
|
2,369
|
2,262
|
4,631
|
Income tax
expense
|
491
|
470
|
961
|
NET INCOME
|
$1,878
|
$1,792
|
$3,670
|
|
|
|
|
|
|
|
|
2018
|
|
1QTR
|
2QTR
|
YEAR
TO DATE
|
INTEREST
INCOME
|
|
|
|
Interest and fees on
loans
|
$9,818
|
$10,125
|
$19,943
|
Interest on
investments
|
1,399
|
1,478
|
2,877
|
Total Interest
Income
|
11,217
|
11,603
|
22,820
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
Deposits
|
1,781
|
1,973
|
3,754
|
All
borrowings
|
688
|
772
|
1,460
|
Total Interest
Expense
|
2,469
|
2,745
|
5,214
|
|
|
|
|
NET INTEREST
INCOME
|
8,748
|
8,858
|
17,606
|
Provision (credit)
for loan losses
|
50
|
50
|
100
|
NET INTEREST INCOME
AFTER
PROVISION (CREDIT) FOR LOAN LOSSES
|
8,698
|
8,808
|
17,506
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
Wealth management
fees
|
2,426
|
2,447
|
4,873
|
Service charges on
deposit accounts
|
383
|
357
|
740
|
Net realized gains on
loans held for sale
|
98
|
119
|
217
|
Mortgage related
fees
|
39
|
72
|
111
|
Net realized gains
(losses) on investment securities
|
(148)
|
0
|
(148)
|
Bank owned life
insurance
|
132
|
133
|
265
|
Other
income
|
705
|
553
|
1,258
|
Total Non-Interest
Income
|
3,635
|
3,681
|
7,316
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
Salaries and employee
benefits
|
6,093
|
6,218
|
12,311
|
Net occupancy
expense
|
670
|
611
|
1,281
|
Equipment
expense
|
391
|
378
|
769
|
Professional
fees
|
1,184
|
1,252
|
2,436
|
FDIC deposit
insurance expense
|
162
|
155
|
317
|
Other
expenses
|
1,611
|
1,678
|
3,289
|
Total Non-Interest
Expense
|
10,111
|
10,292
|
20,403
|
|
|
|
|
PRETAX
INCOME
|
2,222
|
2,197
|
4,419
|
Income tax
expense
|
455
|
453
|
908
|
NET INCOME
|
$1,767
|
$1,744
|
$3,511
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
Average Balance Sheet
Data
(Dollars in
thousands)
(Unaudited)
|
|
|
2019
|
2018
|
|
2QTR
|
SIX MONTHS
|
2QTR
|
SIX MONTHS
|
Interest earning
assets:
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
$883,315
|
$871,742
|
$882,675
|
$882,080
|
Short-term investment
in money market funds
|
5,813
|
6,793
|
6,645
|
6,889
|
Deposits with
banks
|
1,020
|
1,020
|
1,025
|
1,025
|
Total investment
securities
|
199,561
|
198,962
|
182,621
|
179,877
|
Total interest
earning assets
|
1,089,709
|
1,078,517
|
1,072,966
|
1,069,871
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
Cash and due from
banks
|
19,367
|
20,633
|
21,857
|
21,858
|
Premises and
equipment
|
18,795
|
17,053
|
12,345
|
12,484
|
Other
assets
|
63,251
|
62,667
|
62,406
|
62,390
|
Allowance for loan
losses
|
(8,184)
|
(8,425)
|
(10,035)
|
(10,143)
|
|
|
|
|
|
Total
assets
|
$1,182,938
|
$1,170,445
|
$1,159,539
|
$1,156,460
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
Interest bearing
demand
|
$169,029
|
$166,461
|
$129,026
|
$131,202
|
Savings
|
97,884
|
97,867
|
99,268
|
98,286
|
Money
market
|
235,058
|
238,393
|
248,983
|
251,325
|
Other time
|
323,080
|
319,235
|
295,164
|
294,510
|
Total interest
bearing deposits
|
825,051
|
821,956
|
772,441
|
775,323
|
Borrowings:
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
20,363
|
17,888
|
33,731
|
27,996
|
Advances from Federal
Home Loan Bank
|
50,571
|
48,777
|
44,998
|
45,418
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
13,085
|
13,085
|
13,085
|
Subordinated
debt
|
7,650
|
7,650
|
7,650
|
7,650
|
Lease
liabilities
|
4,188
|
2,797
|
0
|
0
|
Total interest
bearing liabilities
|
920,908
|
912,153
|
871,905
|
869,472
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
Demand
deposits
|
155,250
|
152,748
|
183,323
|
182,769
|
Other
liabilities
|
7,409
|
7,276
|
8,471
|
8,821
|
Shareholders'
equity
|
99,371
|
98,268
|
95,840
|
95,398
|
Total liabilities and
shareholders' equity
|
$1,182,938
|
$1,170,445
|
$1,159,539
|
$1,156,460
|
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SOURCE AmeriServ Financial, Inc.