JOHNSTOWN, Pa., April 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first quarter 2020 net income of $1,409,000, or $0.08 per diluted common share.  This earnings performance represented a $469,000, or 25.0%, decrease from the first quarter of 2019 when net income totaled $1,878,000, or $0.11 per diluted common share.  The following table highlights the Company's financial performance for the quarters ended March 31, 2020 and 2019: 


First
Quarter
2020

First
Quarter
2019


$ Change

% Change







Net income

$1,409,000

$1,878,000


($469,000)

(25.0%)

Diluted earnings per
share

 

$ 0.08

 

$ 0.11


 

($0.03)

 

(27.3%)

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2020 first quarter financial results: "AmeriServ Financial Inc. reported sound earnings in the first quarter of 2020 while taking the necessary actions to begin to position our Company for the economic uncertainty created by the coronavirus pandemic.  We are entering the second quarter of 2020 with strong liquidity, good capital and an increased allowance for loan losses.  However, I am most proud of how the AmeriServ team has stepped up and worked tirelessly with customers to provide them with resources to address the financial challenges that they are experiencing as a result of the pandemic.  Specifically, in regards to the Paycheck Protection Program (PPP), we have received approval from the Small Business Administration (SBA) for more than 250 loans totaling over $43 million which will fund in the second quarter and provide meaningful financial support to the small businesses in the communities in which we operate. We have also prudently executed numerous loan modifications and payment deferrals for our existing loan customers which will give them some financial flexibility during a period in which their business has been negatively impacted by the shutdown of the economy." 

The Company's net interest income in the first quarter of 2020 increased by $94,000, or 1.1%, from the prior year's first quarter.  The Company's net interest margin of 3.21% for the first quarter of 2020 was three basis points lower than the net interest margin of 3.24% for the first quarter of 2019.  The change in the U.S. Treasury yield curve between years impacted the Company's net interest margin. The overall U.S. Treasury yield curve shifted downward since last year while the shape of the curve remained relatively flat, demonstrating inversion in certain segments at various times during the first quarter of 2020.  Late in the quarter, the outbreak of the COVID-19 pandemic caused the yield curve to move down further.  Correspondingly, the Federal Reserve's actions to lower the fed funds rate by 150 basis points in March, caused the short end of the yield curve to decrease and result in the curve exhibiting a more normal steeper shape.  Total earning assets increased in the first quarter of 2020 and partially offset the unfavorable impact that the lower level of national interest rates had on total interest income.  The increase in total average earning assets was due to growth in total loans and short-term investments while total investment securities decreased.  Interest bearing deposits increased and resulted in less reliance on higher cost borrowed funds.  Effective management of our funding costs along with the downward repricing of certain interest bearing liabilities tied to market indexes resulted in total interest expense decreasing between years.  The decrease to total interest expense more than offset the decrease in total interest income resulting in net interest income increasing between years.

Total loans averaged $877 million in the first quarter of 2020 which was $16.9 million, or 2.0%, higher than the $860 million average for the first quarter of 2019.  The impact from the strong level of loan production in 2019 was still evident in the increased total loan portfolio average balance during the first quarter of 2020.  Also, residential mortgage loan production in the first quarter of 2020 nearly tripled the level of production experienced during the first quarter of 2019 due to the significantly lower level of national interest rates.  However, loan payoff activity exceeded total new loan originations in the first quarter of 2020 resulting in a $10 million decline in the total loan portfolio balance since December 31, 2019.  Even though total average loans increased compared to the same period last year, loan interest and fee income decreased by $86,000, or 0.8%, between the first quarter of 2020 and last year's first quarter.  The lower loan interest income reflects the impact of the lower interest rate environment as new loans originated at lower yields and certain loans tied to LIBOR or the prime rate repriced downward as both of these indices have moved down with the Federal Reserve's decision to decrease the target federal funds interest rate three times in the second half of 2019, and more significantly, twice in March of this year. 

Total investment securities averaged $189 million in the first quarter of 2020 which is $9.5 million, or 4.8%, lower than the $198 million average for the first quarter of 2019. Investment security purchases in 2020 have been more selective as the market is less favorable for purchasing activity given the difference in the position and shape of the U.S. Treasury yield curve from the prior year.  The limited level of purchases that did occur during the first quarter of 2020 primarily focused on federal agency mortgage backed securities due to the ongoing cash flow that these securities provide.  Purchases also included high quality corporate and taxable municipal securities.  The Company also responded to the uncertain economic environment by maintaining a strong liquidity position as average short-term investments in money market funds increased by $9.7 million in the first quarter of 2020. Interest income on investments decreased between the first quarter of 2020 and the first quarter of 2019 by $134,000, or 7.7%.  Overall, total interest income decreased by $220,000, or 1.8%, between years.

Total interest expense for the first quarter of 2020 decreased by $314,000, or 9.0%, when compared to 2019, due to lower levels of both deposit and borrowing interest expense.  Deposit interest expense in 2020 was lower by $272,000, or 10.0%.  Overall, the Company's loyal core deposit base continues to be a source of strength for the Company during periods of market volatility. Total average deposits grew since the first quarter of 2019 and totaled $983 million in the first quarter of 2020 which was $13.8 million, or 1.4%, higher than the 2019 first quarter average. This represents the fourth consecutive quarter that total deposits have averaged in a relatively narrow range of $980 to $985 million.  Management prudently and effectively executed several deposit product pricing decreases given the declining interest rate environment and the corresponding downward pressure that these falling interest rates have on the net interest margin. As a result, the Company experienced deposit cost relief.  Specifically, the Company's average cost of interest bearing deposits declined by 17 basis points between the first quarter of 2020 and the first quarter of 2019.  The Company's loan to deposit ratio averaged 89.2% in the first quarter of 2020 which we believe indicates that the Company has ample capacity to grow its loan portfolio and is positioned well to assist our customers and the community given the impact that the COVID-19 pandemic is having on the economy.

The Company experienced a $42,000, or 5.4%, decrease in the interest cost of borrowings in the first quarter of 2020 when compared to the first quarter of 2019.  The decline is a result of lower total average borrowings between years combined with the impact from the Federal Reserve's actions to decrease interest rates since the middle of 2019 and the impact that these rate decreases had on the cost of overnight borrowed funds and the replacement of matured FHLB term advances.  The total 2020 first quarter average term advance borrowings balance increased by approximately $8.3 million, or 17.7%, when compared to the first quarter of 2019 as the Company took advantage of yield curve inversions to prudently extend borrowings.  As a result, the combined growth of average FHLB term advances and total average deposits resulted in total average overnight borrowed funds decreasing between years by $12.5 million, or 81.1%. Overall, the 2020 first quarter average of FHLB borrowed funds was $58.2 million, which represents a decrease of $4.2 million, or 6.7%. 

The Company recorded a $175,000 provision expense for loan losses in the first quarter of 2020 as compared to a $400,000 provision recovery recorded in the first quarter of 2019, which represents a net unfavorable shift of $575,000.  The 2020 provision reflects the loan growth experienced since last year along with our decision to strengthen certain qualitative factors within our allowance for loan losses calculation due to the economic uncertainty caused by the COVID-19 pandemic. The Company's current asset quality remains strong as evidenced by low levels of loan delinquency, net loan charge-offs and non-performing assets.  The Company experienced net loan charge-offs of $120,000, or 0.06% of total loans, in the 2020 first quarter compared to net loan charge-offs of $164,000, or 0.08% of total loans, in the first quarter of 2019.  Non-performing assets totaled $2.2 million, or only 0.26% of total loans, at March 31, 2020.  In summary, the allowance for loan losses provided 416% coverage of non-performing assets, and 1.06% of total loans, at March 31, 2020, compared to 397% coverage of non-performing assets, and 1.05% of total loans, at December 31, 2019.

Total non-interest income in the first quarter of 2020 increased by $227,000, or 6.3%, from the prior year's first quarter.  Income from residential mortgage loan sales into the secondary market increased by $175,000, or 282.3%, due to the strong level of residential mortgage loan production in the first quarter of 2020.  The higher level of residential mortgage loan production also resulted in mortgage related fees increasing by $82,000, or 186.4%.  Wealth management fees increased by $158,000, or 6.6%, due to an improved equity market which positively impacted market values for assets under management in the first two months of the first quarter of 2020.  The late first quarter 2020 negative impact to the equity market from the COVID-19 pandemic and the pandemic's impact on the Company's wealth management fees will be more evident in this year's second quarter financial results.  Other income declined by $161,000, or 24.2%, after the Company recognized a gain in 2019 on the sale of equity shares from a previous acquisition.    

The Company's total non-interest expense in the first quarter of 2020 increased by $340,000, or 3.3%, when compared to the first quarter of 2019.  The increase was due to higher salaries & benefits expense of $403,000, or 6.4%, and increased occupancy & equipment costs of $47,000, or 4.6%.  These increases more than offset reductions to other expense of $90,000, or 5.1%, and FDIC deposit insurance expense of $54,000, or 67.5%.  Within salaries & benefits, pension expense increased by $188,000, or 53.0% between years.  This significant increase results from the unfavorable impact that the lower interest rate environment has on the discount rates that are used to revalue the defined benefit pension obligation each year.  In addition, the higher salaries & benefits expense is also due to increased health care costs, greater incentive compensation as a result of increased residential mortgage loan production, and increased salaries expense.  The higher salaries expense reflects annual merit increases and the addition of several employees to address management succession planning.  The greater level of occupancy & equipment expenses since last year resulted largely from higher depreciation costs.  The decrease to other expense resulted from the Company recognizing a reduction in the unfunded commitment reserve while the lower FDIC deposit insurance expense was due to the Company applying the remaining portion of the credit from the application of the Small Bank Assessment Credit regulation.  Finally, the Company recorded an income tax expense of $366,000, or an effective tax rate of 20.6%, in the first quarter of 2020.  This compares to an income tax expense of $491,000, or an effective tax rate of 20.7%, for the first quarter of 2019. 

The Company had total assets of $1.17 billion, shareholders' equity of $100.8 million, a book value of $5.92 per common share and a tangible book value(1) of $5.22 per common share at March 31, 2020.  In accordance with the common stock buyback program announced on April 16, 2019, the Company returned an additional $151,000 of capital to its shareholders through the repurchase of 35,962 shares of its common stock in the first quarter of 2020 to complete this program.  The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status.

QUARTERLY COMMON STOCK CASH DIVIDEND

The Company's Board of Directors declared a $0.025 per share quarterly common stock cash dividend.  The cash dividend is payable May 18, 2020 to shareholders of record on May 4, 2020.  This cash dividend represents a 3.6% annualized yield using the April 17, 2020 closing stock price of $2.76.  For the first quarter of 2020, the Company's dividend payout ratio amounted to 31.3%.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, market conditions, dividend program and future payment obligations. These statements may be identified by such forward-looking terminology as "continuing," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy," or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects of our new banking platform; risks and uncertainties relating to the duration of the COVID-19 pandemic, and actions that may be taken by governmental authorities to contain the pandemic or to treat its impact; and the inability to successfully implement or expand new lines of business or new products and services.  These forward-looking statements involve risks and uncertainties that could cause AmeriServ's results to differ materially from management's current expectations. Such risks and uncertainties are detailed in AmeriServ's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Forward-looking statements are based on the beliefs and assumptions of AmeriServ's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement.

(1)    Non-GAAP Financial Information.  See "Reconciliation of Non-GAAP Financial Measures" at end of release.


 

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

SUPPLEMENTAL FINANCIAL PERFORMANCE DATA

March 31, 2020

(Dollars in thousands, except per share and ratio data)

(Unaudited)



2020










1QTR









PERFORMANCE DATA FOR THE PERIOD:










Net income

$1,409



















PERFORMANCE PERCENTAGES (annualized):










Return on average assets

0.48%









Return on average equity

5.69









Return on average tangible common equity (B)

6.46









Net interest margin

3.21









Net charge-offs (recoveries) as a percentage of 
    average loans

 

0.06









Loan loss provision (credit) as a percentage of

    average loans

 

0.08









Efficiency ratio

84.46



















EARNINGS PER COMMON SHARE:










Basic

$0.08









Average number of common shares outstanding

17,043









Diluted

0.08









Average number of common shares outstanding

17,099









Cash dividends paid per share

$0.025









                                      


2019






1QTR

2QTR

3QTR

4QTR

FULL YEAR
2019

PERFORMANCE DATA FOR THE PERIOD:






Net income

$1,878

$1,792

$1,689

$669

$6,028







PERFORMANCE PERCENTAGES (annualized):






Return on average assets

0.66%

0.61%

0.57%

0.23%

0.51%

Return on average equity

7.84

7.24

6.60

2.59

6.02

Return on average tangible common equity (B)

8.94

8.22

7.48

2.93

6.84

Net interest margin

3.24

3.30

3.18

3.26

3.29

Net charge-offs (recoveries) as a percentage of
    average loans

 

0.08

 

0.00

 

(0.01)

 

0.02

 

0.02

Loan loss provision (credit) as a percentage of

    average loans

 

(0.19)

 

0.00

 

0.10

 

0.44

 

0.09

Efficiency ratio

83.90

82.18

81.65

85.30

83.23







EARNINGS PER COMMON SHARE:






Basic

$0.11

$0.10

$0.10

$0.04

$0.35

Average number of common shares outstanding

17,578

17,476

17,278

17,111

17,359

Diluted

0.11

0.10

0.10

0.04

0.35

Average number of common shares outstanding

17,664

17,560

17,360

17,193

17,440

Cash dividends paid per share

$0.020

$0.025

$0.025

$0.025

$0.095

                                   

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

(Dollars in thousands, except per share, statistical, and ratio data)

(Unaudited)



2020





1QTR




FINANCIAL CONDITION  DATA AT PERIOD END:





Assets

$1,168,355




Short-term investments/overnight funds

6,431




Investment securities

184,784




Loans and loans held for sale

877,399




Allowance for loan losses

9,334




Goodwill

11,944




Deposits

957,593




FHLB borrowings

74,572




Subordinated debt, net

7,517




Shareholders' equity

100,840




Non-performing assets

2,244




Tangible common equity ratio (B)

7.69%




Total capital (to risk weighted assets) ratio

13.41




PER COMMON SHARE:





Book value

$5.92




Tangible book value (B)

5.22




Market value (C)

2.62




Wealth management assets – fair market value (A)

 

$1,983,952









STATISTICAL DATA AT PERIOD END:





Full-time equivalent employees

306




Branch locations

16




Common shares outstanding

17,043,644





                                   


2019





1QTR

2QTR

3QTR

4QTR

FINANCIAL CONDITION  DATA AT PERIOD END:





Assets

$1,167,682

$1,190,583

$1,171,426

$1,171,184

Short-term investments/overnight funds

7,996

6,532

6,039

6,526

Investment securities

194,553

191,168

182,699

181,685

Loans and loans held for sale

863,134

890,081

875,082

887,574

Allowance for loan losses

8,107

8,102

8,345

9,279

Goodwill

11,944

11,944

11,944

11,944

Deposits

957,779

968,480

969,989

960,513

FHLB borrowings

79,483

88,314

66,905

76,080

Subordinated debt, net

7,493

7,499

7,505

7,511

Shareholders' equity

99,061

101,476

102,460

98,614

Non-performing assets

1,168

1,681

1,957

2,339

Tangible common equity ratio (B)

7.54%

7.60%

7.81%

7.48%

Total capital (to risk weighted assets) ratio

13.37

13.14

13.33

13.49

PER COMMON SHARE:





Book value

$5.65

$5.84

$5.98

$5.78

Tangible book value (B)

4.97

5.15

5.28

5.08

Market value (C)

4.02

4.15

4.14

4.20

Wealth management assets – fair market value (A)

 

$2,229,860

 

$2,288,576

 

$2,142,513

 

$2,237,898






STATISTICAL DATA AT PERIOD END:





Full-time equivalent employees

309

309

308

309

Branch locations

16

16

16

16

Common shares outstanding

17,540,676

17,384,355

17,146,714

17,057,871


NOTES:

(A)

Not recognized on the consolidated balance sheets.

(B)

Non-GAAP Financial Information.  See "Reconciliation of Non-GAAP Financial Measures" at end of release.

(C)

Based on closing price reported by the principal market on which the security is traded last business day of the corresponding reporting period.


                                                                                                    

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

CONSOLIDATED STATEMENT OF INCOME

(Dollars in thousands)

(Unaudited)



2020










1QTR









INTEREST INCOME










Interest and fees on loans

$10,332









Interest on investments

1,612









Total Interest Income

11,944



















INTEREST EXPENSE










Deposits

2,458









All borrowings

735









Total Interest Expense

3,193



















NET INTEREST INCOME

8,751









Provision (credit) for loan losses

175









NET INTEREST INCOME AFTER

   PROVISION (CREDIT) FOR LOAN LOSSES

 

8,576



















NON-INTEREST INCOME










Wealth management fees

2,554









Service charges on deposit accounts

286









Net realized gains on loans held for sale

237









Mortgage related fees

126









Net realized gains on investment securities

0









Impairment charge on other investments

0









Bank owned life insurance

125









Other income

504









Total Non-Interest Income

3,832



















NON-INTEREST EXPENSE










Salaries and employee benefits

6,704









Net occupancy expense

671









Equipment expense

395









Professional fees

1,154









FDIC deposit insurance expense

26









Other expenses

1,683









Total Non-Interest Expense

10,633



















PRETAX INCOME

1,775









Income tax expense

366









NET INCOME

$1,409










                                    


2019








1QTR

2QTR

3QTR

4QTR

FULL YEAR
2019

INTEREST INCOME







Interest and fees on loans


$10,418

$10,994

$10,737

$10,784

$42,933

Interest on investments


1,746

1,771

1,696

1,621

6,834

Total Interest Income


12,164

12,765

12,433

12,405

49,767








INTEREST EXPENSE







Deposits


2,730

2,867

2,895

2,697

11,189

All borrowings


777

837

774

748

3,136

Total Interest Expense


3,507

3,704

3,669

3,445

14,325








NET INTEREST INCOME


8,657

9,061

8,764

8,960

35,442

Provision (credit) for loan losses


(400)

0

225

975

800

NET INTEREST INCOME AFTER

   PROVISION (CREDIT) FOR LOAN LOSSES


 

9,057

 

9,061

 

8,539

 

7,985

 

34,642








NON-INTEREST INCOME







Wealth management fees


2,396

2,419

2,431

2,484

9,730

Service charges on deposit accounts


310

317

321

323

1,271

Net realized gains on loans held for sale


62

107

405

291

865

Mortgage related fees


44

77

97

84

302

Net realized gains on investment securities


0

30

88

0

118

Impairment charge on other investments


0

0

0

(500)

(500)

Bank owned life insurance


128

129

131

133

521

Other income


665

578

622

601

2,466

Total Non-Interest Income


3,605

3,657

4,095

3,416

14,773








NON-INTEREST EXPENSE







Salaries and employee benefits


6,301

6,348

6,324

6,456

25,429

Net occupancy expense


658

622

599

618

2,497

Equipment expense


361

387

333

429

1,510

Professional fees


1,120

1,249

1,276

1,240

4,885

FDIC deposit insurance expense


80

80

0

(60)

100

Other expenses


1,773

1,770

1,971

1,880

7,394

Total Non-Interest Expense


10,293

10,456

10,503

10,563

41,815








PRETAX INCOME


2,369

2,262

2,131

838

7,600

Income tax expense


491

470

442

169

1,572

NET INCOME


$1,878

$1,792

$1,689

$669

$6,028


                                                              

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

Average Balance Sheet Data

(Dollars in thousands)

(Unaudited)



2020


2019



1QTR


1QTR


Interest earning assets:





Loans and loans held for sale, net of unearned income

$877,097


$860,169


Short-term investment in money market funds

17,512


7,773


Deposits with banks

1,015


1,020


Total investment securities

188,880


198,364


Total interest earning assets

1,084,504


1,067,326







Non-interest earning assets:





Cash and due from banks

19,087


21,899


Premises and equipment

18,593


15,312


Other assets

65,146


62,081


Allowance for loan losses

(9,317)


(8,665)







Total assets

$1,178,013


$1,157,953







Interest bearing liabilities:





Interest bearing deposits:





Interest bearing demand

$167,066


$163,893


Savings

97,166


97,851


Money market

229,838


241,727


Other time

341,948


315,389


Total interest bearing deposits

836,018


818,860


Borrowings:





Federal funds purchased and other short-term borrowings

2,908


15,413


Advances from Federal Home Loan Bank

55,292


46,984


Guaranteed junior subordinated deferrable interest debentures

13,085


13,085


Subordinated debt

7,650


7,650


Lease liabilities

3,993


1,408


Total interest bearing liabilities

918,946


903,400







Non-interest bearing liabilities:





  Demand deposits

146,840


150,246


  Other liabilities

12,615


7,141


Shareholders' equity

99,612


97,166


 

Total liabilities and shareholders' equity

 

$1,178,013


 

$1,157,953


 


AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO AND TANGIBLE BOOK VALUE PER SHARE

(Dollars in thousands, except per share and ratio data)

(Unaudited)


The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting policies in the United States (GAAP).  These non-GAAP financial measures are "return on average tangible common equity", "tangible common equity ratio" and "tangible book value per share."  This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.  Our management uses these non-GAAP measures in its analysis of our performance because it believes these measures are material and will be used as a measure of our performance by investors.

                                   



2020












1QTR











Net income

$1,409











Average shareholders' equity

99,612





Less:  Goodwill

11,944





Average tangible common equity

87,668











Return on average tangible common
   equity (annualized)

 

6.46%

















1QTR





TANGIBLE COMMON EQUITY






Total shareholders' equity

$100,840





Less:  Goodwill

11,944





Tangible common equity

88,896











TANGIBLE ASSETS






Total assets

1,168,355





Less:  Goodwill

11,944





Tangible assets

1,156,411











Tangible common equity ratio

7.69%











Total shares outstanding

17,043,644











Tangible book value per share

$5.22











                                   


2019






1QTR

2QTR

3QTR

4QTR

FULL YEAR
2019







Net income

$1,878

$1,792

$1,689

$669

$6,028









Average shareholders' equity

97,166

99,371

101,566

102,391

100,123


Less:  Goodwill

11,944

11,944

11,944

11,944

11,944


Average tangible common equity

85,222

87,427

89,622

90,447

88,179









Return on average tangible common
   equity (annualized)

 

8.94%

 

8.22%

 

7.48%

 

2.93%

 

6.84%















1QTR

2QTR

3QTR

4QTR


TANGIBLE COMMON EQUITY






Total shareholders' equity

$99,061

$101,476

$102,460

$98,614


Less:  Goodwill

11,944

11,944

11,944

11,944


Tangible common equity

87,117

89,532

90,516

86,670








TANGIBLE ASSETS






Total assets

1,167,682

1,190,583

1,171,426

1,171,184


Less:  Goodwill

11,944

11,944

11,944

11,944


Tangible assets

1,155,738

1,178,639

1,159,482

1,159,240








Tangible common equity ratio

7.54%

7.60%

7.81%

7.48%








Total shares outstanding

17,540,676

17,384,355

17,146,714

17,057,871








Tangible book value per share

$4.97

$5.15

$5.28

$5.08








 

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SOURCE AmeriServ Financial, Inc.

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