JOHNSTOWN, Pa., July 20, 2021
/PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported
second quarter 2021 net income of $1,708,000, or $0.10 per diluted common share. This
earnings performance was a $289,000,
or 20.4%, increase from the second quarter of 2020 when net income
totaled $1,419,000, or $0.08 per diluted common share. For the
six-month period ended June 30, 2021,
the Company reported net income of $3,789,000, or $0.22 per diluted common share. This
represents a 29.4% increase in earnings per share from the
six-month period of 2020 when net income totaled $2,828,000, or $0.17 per diluted common share. The
following table highlights the Company's financial performance for
both the three- and six-month periods ended June 30, 2021 and 2020:
|
|
Second
Quarter
2021
|
|
Second
Quarter
2020
|
|
Six Months
Ended
June 30,
2021
|
|
Six Months
Ended
June 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,708,000
|
|
$
|
1,419,000
|
|
$
|
3,789,000
|
$
|
2,828,000
|
|
Diluted earnings per
share
|
|
$
|
0.10
|
|
$
|
0.08
|
|
$
|
0.22
|
$
|
0.17
|
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2021 financial results:
"Highlights of our second quarter included the successful
completion of our Somerset County branch acquisition which provided
AmeriServ Financial with $42 million
of low cost core deposits. The Company will be able to utilize
$33 million of these deposits to
replace higher cost institutional deposits that mature during the
third quarter of 2021, which will result in a meaningful reduction
in our future interest expense. On the asset side of our balance
sheet, I was also encouraged by our loan performance so far this
year. Excluding Paycheck Protection Program (PPP) loan
activity, good growth in both commercial real estate loans and
residential mortgage loans caused our total loan portfolio to
increase by $25 million, or 2.8%,
during the second quarter of 2021. Additionally, the
diversification of our revenue streams continues to be a strength
for our Company as 32% of our total year-to-date 2021 revenue came
from non-interest income sources, which included record
contributions from our strong wealth management businesses.
As a result of this good earnings momentum and our diligent and
continuing focus on our asset quality, I believe that AmeriServ
Financial is well positioned to take advantage of opportunities
that should result from the continued improvement in the economy
during the second half of 2021."
The Company's net interest income in the second quarter of 2021
increased by $394,000, or 4.2%, from
the prior year's second quarter and, for the first six months of
2021, increased by $1.3 million, or
7.3%, when compared to the first six months of 2020. The
Company's net interest margin of 3.13% for the second quarter of
2021 and 3.18% for the six-month timeframe was 17 basis points
lower for the quarter and was 8 basis points lower for the
six-month period. Financial results were indicative of the
Company's effective execution of strategies as a solid economic
recovery is underway in our core markets and we work to meet the
challenges of the current low interest rate environment. The
economy continued to demonstrate improvement during the second
quarter as the COVID-19 vaccine was more widely distributed and
some businesses began to operate at full capacity while consumers
also experienced more normalcy as social restrictions
dissipate. The Company continued to experience robust balance
sheet growth as both total loans and total deposits again reached
new record levels due to business development efforts and the
impact from the government stimulus programs. Total deposit
volumes were also positively impacted from the previously disclosed
Somerset County branch acquisition which the Company successfully
completed in May 2021. Net interest income improved as fee
income from PPP loan forgiveness and new fee income from the most
recently completed second round of this program, that was
implemented earlier in 2021, more than offset net interest margin
pressure from the low interest rate environment. The low
interest rate environment is also positively impacting deposit and
borrowings interest expense cost. Overall, total interest expense
decreased significantly more than the decrease in total interest
income, resulting in net interest income increasing for both the
second quarter and year to date time periods of 2021, compared to
last year. Overall, the increase to net interest income, a
higher level of non-interest income, and a reduced loan loss
provision more than offset a higher level of non-interest expense
resulting in an improved earnings performance for the second
quarter and first six months of 2021.
The solid economic recovery was evident in our lending activity
as we continued to experience commercial loan growth throughout the
first six months of 2021. Commercial loan pipelines returned
to pre-COVID levels early this year and remained at that level
through the end of this reporting period. Strong residential
mortgage loan production continued through the first half of
2021. Additionally, loan volumes were positively impacted by
the previously mentioned second round of the 100% guaranteed PPP
loans, which was announced in late December
2020 as part of the Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act and implemented during the
middle of January 2021. Residential mortgage loan production
totaled $57.7 million in the first
six months of 2021 and improved by 4.3% from the production level
of $55.3 million achieved in the
first half of 2020. The Company revised strategy in 2021 and
retained a higher percentage of our residential mortgage loan
production in the loan portfolio as opposed to selling into the
secondary market. This strategic change allowed us to more
profitably deploy a portion of the increased liquidity that we have
on our balance sheet. The combination of growth in
traditional loan products and our participation in the latest round
of the PPP resulted in total loans reaching a record
level.
During the first quarter, the President signed into law another
round of economic stimulus as part of the American Rescue Plan Act
of 2021. The stimulus checks delivered to most Americans and the
financial assistance provided to municipalities and school
districts as part of this program contributed to total deposits
increasing significantly and, similar to the loan portfolio,
reaching a record level. Our deposit balances were also
positively impacted in the second quarter of 2021 by the Somerset
County branch acquisition, which provided approximately
$42 million of additional deposits.
The completion of this branch acquisition is described in our press
release and Current Report on Form 8-K filed on May 24, 2021, which can be found on our website.
As a result of this robust deposit growth, the Company's liquidity
position has been increasing and is currently at a very strong
level. Overall, the Company's loan to deposit ratio averaged
85.1% in the second quarter of 2021, which we believe indicates
that the Company has ample capacity to continue to grow its loan
portfolio and is strongly positioned to provide the necessary
assistance to our customers and our community as they recover from
the COVID-19 pandemic and respond to an improving economy.
The average balance of total interest earning assets for the second
quarter of 2021 continued to grow and is now $114 million, or 10.0%, higher than the second
quarter of 2020. Likewise, on the liability side of the
balance sheet, total average deposits for the second quarter
increased by $129 million, or 12.5%,
since last year.
As stated previously, total loans reached a new record level and
averaged $991.5 million in the second
quarter of 2021 which is $79.0
million, or 8.7%, higher than the $912.5 million average for the second quarter of
2020, while total average loans for the first six months of 2021
were $91.9 million, or 10.3%, higher
than the 2020 six-month level. The growth experienced in our
commercial real estate portfolio resulted in traditional loan fee
income increasing by $244,000 for the
quarter and by $180,000, or 39.4%,
for the six months when compared to the same time periods from last
year. Along with continued robust residential mortgage loan
production and solid normal commercial loan growth, the Company
processed 264 PPP loans totaling $32.3
million from the second round of this program which ended in
May 2021. Also, the Company recorded a total of $1.7 million of processing fee income and
interest income from PPP lending activity through six months of
2021, which is $637,000 higher than
the 2020 level. Finally, on an end of period basis, excluding
total PPP loans, the total loan portfolio grew by approximately
$83.4 million, or 9.7%, since the end
of the second quarter of 2020.
The Company remains committed to prudently working with and
supporting our borrowers that have been hardest hit by the pandemic
by granting them loan payment modifications. All of these
borrowers are those that have requested more than one payment
deferral plan. Borrower requested modifications primarily
consist of the deferral of principal and/or interest payments for a
period of three to six months. On June
30, 2021, loans totaling approximately $26.7 million, or 2.7% of total loans, were on a
payment modification plan. These loans include 11 commercial
borrowers primarily in the hospitality industry. This current
level of borrowers requesting payment deferrals is down sharply
from its peak level of approximately $200
million as of June 30, 2020.
Management continues to carefully monitor asset quality with a
particular focus on these customers that have requested payment
deferrals. Deferral extension requests are considered based
upon the customer's needs and their impacted industry, borrower and
guarantor capacity to service debt and issued regulatory
guidance.
Total investment securities averaged $201.4 million for the first six months of 2021,
which is $14.9 million, or 8.0%,
higher than the $186.5 million
average for first six months from last year. The Company
continues to be selective in 2021 when purchasing securities due to
the low interest rate environment. However, the yield curve
began to steepen during the latter part of the first quarter and
held this position through the end of May as the long end of the
U.S. Treasury yield curve increased while the short end of the
curve remained relatively stable. This resulted in improved yields
for federal agency mortgage-backed securities and federal agency
bonds, and management decided to add more of these investments to
our portfolio. Similar to our change in strategy to retain
more residential mortgage loan production in our loan portfolio,
the steeper yield curve provided the opportunity to more profitably
deploy a portion of the increased liquidity on our balance sheet
into the securities portfolio as opposed to leaving these funds in
low yielding federal funds sold. This redeployment of funds
also resulted in securities growing between years. The
Company continued to purchase corporate securities, particularly
subordinated debt issued by other financial institutions, along
with taxable municipal
securities.
Similar to what is occurring across the financial services
industry, our liquidity position continues to be very strong due to
the significant influx of deposits. The challenges this increased
liquidity presents are twofold. First, there is the
uncertainty regarding the duration that these increased funds will
remain on the balance sheet which will be determined by customer
behavior as economic conditions change. The second challenge
is to profitably deploy this increased liquidity given the current
low yields on short term investment products. As a result,
short-term investment balances averaged $50.4 million in the second quarter of 2021 and
$40.6 million for the six months,
which remains high by historical standards. Management
expects to utilize $33 million of
this short-term liquidity during the third quarter of 2021 to repay
maturing institutional deposits that have an interest cost of
2.95%. Continued loan growth and prudent investment in
securities are critical to achieve the best return on the remaining
excess funds. Overall, for the first half of 2021, total
interest income on both loans and investments decreased by
$398,000, or 1.7%, between years
despite the increased volumes.
Total interest expense for the first six months of 2021
decreased by $1.7 million, or 30.0%,
when compared to 2020, due to lower levels of both deposit and
borrowing interest expense. Through six months, deposit
interest expense in 2021 is lower by $1.6
million, or 37.4%, despite the previously mentioned record
increase in deposits that occurred. The deposit growth
reflects new deposit inflows as well as the loyalty of the bank's
core deposit base. Management continues to effectively
execute several deposit product pricing reductions to address the
net interest margin challenges presented by the low interest rate
environment. As a result, the Company experienced deposit
cost relief. Specifically, our total deposit cost averaged
0.48% in the first half of 2021 compared to 0.86% in the first half
of 2020, representing a meaningful decrease of 38 basis
points. As previously mentioned, the Company is planning to
use a significant portion of the additional deposits from the
branch acquisition to replace higher cost funds later during the
third quarter of 2021, which will result in further deposit
interest cost savings. Total borrowings interest expense in
2021 is lower by $114,000, or 7.8%,
compared to the same time frame in 2020. The current strong
liquidity position has allowed the Company to paydown Federal Home
Loan Bank (FHLB) advances, which typically cost more than similar
term deposit products. On an end of period basis, at
June 30, 2021, total FHLB advances
were $48.1 million, which is
$14.2 million, or 22.8%, lower than
the June 30, 2020 level.
The Company recorded a $100,000
provision expense for loan losses in the second quarter of 2021 as
compared to a $450,000 provision
expense recorded in the second quarter of 2020. For the first
six months of 2021, the Company recorded a $500,000 provision expense for loan losses
compared to a $625,000 provision
expense recorded in the first six months of 2020. The 2021
provision for both time periods reflects an improved credit quality
outlook for the overall portfolio as both classified and criticized
assets levels as well as non-accrual loan balances have
demonstrated improvement during the second quarter. This is a
reflection of the Company's loan officers working effectively with
our customers as the economy improves and as businesses begin to
open to full capacity. The Company continues to believe that
a strong allowance for loan losses is needed until certain
borrowers have fully recovered from the COVID-19 pandemic.
Overall, non-performing assets remain well controlled and total
$3.7 million, or 0.38% of total
loans, on June 30, 2021 compared to
$3.3 million, or 0.34% of total
loans, at December 31, 2020.
The Company experienced low net loan charge-offs of $92,000, or 0.02% of total loans, in the first
half of 2021 which compare favorably to net loan charge-offs of
$205,000, or 0.05% of total loans,
for the first half of 2020. Since the end of the second
quarter of 2020, the balance of the allowance for loan losses
increased by $2.1 million, or 21.2%,
to $11.8 million at June 30, 2021. Management continues to carefully
monitor asset quality with a particular focus on loan customers
that have requested an additional payment deferral. The Asset
Quality Task Force is meeting at least monthly to review these
particular relationships, receiving input from the business lenders
regarding their ongoing discussions with the borrowers. In
summary, the allowance for loan losses provided 315% coverage of
non-performing assets, and 1.18% of total loans, on June 30, 2021, compared to 341% coverage of
non-performing assets, and 1.16% of total loans, on December 31, 2020. Note that the reserve
coverage of total loans, excluding PPP loans, is
1.24%(1) on June 30,
2021. The Small Business Administration guarantees 100% of
the PPP loans made to eligible borrowers which minimizes the level
of credit risk associated with these loans.
Total non-interest income in the second quarter of 2021
increased by $632,000, or 16.8%, from
the prior year's second quarter, and increased by $1.4 million, or 18.6%, in the first half of 2021
when compared to the first half of 2020. Wealth management
fees increased by $551,000, or 22.3%,
in the second quarter of 2021 and by $869,000, or 17.3%, for the first half of 2021
compared to the same time periods in 2020. The entire wealth
management group has performed exceptionally well through the
pandemic, actively working with clients to increase the value of
their holdings in the financial markets and adding new
business. The fair market value of wealth management assets
has increased for the fifth consecutive quarter and is now in
excess of $2.6 billion and improved
from the early pandemic fair market value low point at March 31, 2020, exceeding by 31.8%. Other
income improved by $142,000, or
29.1%, for the quarter and also improved by $222,000, or 22.4%, for the six months when
compared to 2020 primarily due to higher interchange fee income
that resulted from increased usage of debit cards as the pandemic
caused consumers to increase online purchases and many businesses
to implement contactless services by not accepting cash due to
health safety concerns. Another indication that consumers are
becoming more active and increasing their spending habits is
service charges on deposit accounts comparing favorably for the
quarter by $48,000, or 27.3%.
Revenue from bank owned life insurance increased by $66,000, or 43.4%, for the quarter and by
$273,000, or 98.6%, for the six
months due to the receipt of a $159,000 death claim early in the year and 2021
income being positively impacted by a financial floor taking hold
which caused increased earnings and a higher rate of return on
certain policies. Finally, the Company recognized an
$84,000 gain on investment security
sales in 2021 as compared to last year when no securities were
sold. Partially offsetting these favorable items was net
realized gains on loans held for sale decreasing for the quarter by
$213,000, or 63.6%, due to the
previously mentioned shift in strategy to retain more residential
mortgage loan production in the loan portfolio.
The Company's total non-interest expense in the second quarter
of 2021 increased by $1.0 million, or
9.4%, when compared to the second quarter of 2020 and increased in
the first half of 2021 by $1.7
million, or 7.9%, when compared to 2020. Other
expenses increased by $637,000, or
33.0%, for the quarter and increased by $779,000, or 21.6%, for the first six
months. The primary reason for the increase in both time
periods was the Company having to recognize an $851,000 settlement charge in connection with its
defined benefit pension plan in the second quarter of 2021. A
settlement charge must be recognized when the total dollar amount
of lump sum distributions paid from the pension plan to retired
employees exceed a threshold of expected annual service and
interest costs in the current year. So far in 2021, all
employees that retired have elected to take a lump sum distribution
as opposed to collecting future monthly annuity payments since the
value of the lump sums is elevated due to the historically low
interest rates. It is anticipated that the Company will be
required to recognize additional settlement charges through year
end as more people retire. However, the amounts of these
future settlement charges are difficult to estimate but management
believes that, in aggregate, they will not be at the high level of
this initial charge. It is important to note that since the
retired employees have chosen to take the lump sum payments, these
individuals are no longer included in the pension plan.
Therefore, the Company's normal annual pension expense should be
lower in the future. Other items that contributed to the
higher level of other expense were costs for the branch acquisition
which totaled $303,000 for the
six-month time period in 2021 and the Company recognizing
$56,000 of expense associated with
the unfunded commitment reserve so far in 2021 which represents a
$223,000 unfavorable shift from a
credit balance of $167,000 in
2020. Salaries & employee benefits increased by
$248,000, or 3.7%, for the quarter
and by $485,000, or 3.6%, for the
first six months of 2021. Factors causing the increase
included greater incentive compensation primarily due to
commissions earned as a result of the strong residential mortgage
loan production and incentives earned from the good performance in
the wealth management division. Also contributing to the
higher salaries & employee benefits expense was increased
health care costs and the normal employee merit salary
increases. Professional fees are higher by $65,000, or 4.9%, for the quarter and by
$225,000, or 9.1%, for the six months
due to an increased level of outside professional services related
costs and increased fees due to the PPP lending activity.
FDIC deposit insurance expense increased by $25,000, or 19.2%, for the quarter and by
$154,000, or 98.7%, for the six
months due to an increase in the asset assessment base, which
impacted both time periods, and the benefit of the Small Bank
Assessment Credit being fully utilized in the first quarter of 2020
which impacted the six-month comparison. Slightly offsetting
these increased items and favorably impacting non-interest expenses
was a lower level of supplies costs by approximately $75,000 in both time periods as the majority of
the personal protective equipment (PPE) to protect our employees
and customers during the pandemic was purchased last
year.
The Company recorded an income tax expense of $420,000, or an effective tax rate of 19.7%, in
the second quarter of 2021. This compares to an income tax
expense of $365,000, or an effective
tax rate of 20.5%, for the second quarter of 2020. Similarly,
for the first six months of 2021, the Company recorded income tax
expense of $940,000, or an effective
tax rate of 19.9%, compared to income tax expense of $731,000 in 2020, or an effective tax rate of
20.5%.
The Company had total assets of $1.36
billion, shareholders' equity of $111.3 million, a book value of $6.52 per common share and a tangible book
value(1) of $5.71 per
common share on June 30, 2021.
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 August 16, 2021 to shareholders of record on
August 2, 2021. This cash
dividend represents a 2.7% annualized yield using the July 14, 2021 closing stock price of $3.75. For the first half of 2021, the
Company's dividend payout ratio amounted to 22.7%.
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, branch acquisition, including the anticipated
benefits and financial impact thereof, 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 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; expected benefits of the branch acquisition; estimates of
deposits and other assets to be acquired; settlement charges
related to the defined benefit pension plan; 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, 2020. 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
June 30,
2021
(Dollars in
thousands, except per share and ratio data)
(Unaudited)
|
|
2021
|
|
|
|
|
|
|
|
YEAR TO
|
|
|
|
1QTR
|
|
2QTR
|
|
DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,081
|
|
$
|
1,708
|
|
$
|
3,789
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.65
|
%
|
|
0.51
|
%
|
|
0.58
|
%
|
Return on average
equity
|
|
|
8.04
|
|
|
6.46
|
|
|
7.24
|
|
Return on average
tangible common equity (B)
|
|
|
9.08
|
|
|
7.30
|
|
|
8.18
|
|
Net interest
margin
|
|
|
3.23
|
|
|
3.13
|
|
|
3.18
|
|
Net charge-offs
(recoveries) as a percentage of average loans
|
|
|
0.05
|
|
|
(0.01)
|
|
|
0.02
|
|
Loan loss provision
as a percentage of average loans
|
|
|
0.17
|
|
|
0.04
|
|
|
0.10
|
|
Efficiency ratio
(D)
|
|
|
79.00
|
|
|
84.35
|
|
|
81.67
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.12
|
|
$
|
0.10
|
|
$
|
0.22
|
|
Average number of
common shares outstanding
|
|
|
17,064
|
|
|
17,073
|
|
|
17,068
|
|
Diluted
|
|
|
0.12
|
|
|
0.10
|
|
|
0.22
|
|
Average number of
common shares outstanding
|
|
|
17,101
|
|
|
17,131
|
|
|
17,114
|
|
Cash dividends paid
per share
|
|
$
|
0.025
|
|
$
|
0.025
|
|
$
|
0.050
|
|
|
|
2020
|
|
|
|
|
|
|
|
YEAR TO
|
|
|
|
1QTR
|
|
2QTR
|
|
DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,409
|
|
$
|
1,419
|
|
$
|
2,828
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.48
|
%
|
|
0.46
|
%
|
|
0.47
|
%
|
Return on average
equity
|
|
|
5.69
|
|
|
5.63
|
|
|
5.66
|
|
Return on average
tangible common equity (B)
|
|
|
6.46
|
|
|
6.38
|
|
|
6.42
|
|
Net interest
margin
|
|
|
3.21
|
|
|
3.30
|
|
|
3.26
|
|
Net charge-offs
(recoveries) as a percentage of average loans
|
|
|
0.06
|
|
|
0.04
|
|
|
0.05
|
|
Loan loss provision
as a percentage of average loans
|
|
|
0.08
|
|
|
0.20
|
|
|
0.14
|
|
Efficiency ratio
(D)
|
|
|
84.46
|
|
|
83.09
|
|
|
83.76
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.08
|
|
$
|
0.08
|
|
$
|
0.17
|
|
Average number of
common shares outstanding
|
|
|
17,043
|
|
|
17,052
|
|
|
17,047
|
|
Diluted
|
|
|
0.08
|
|
|
0.08
|
|
|
0.17
|
|
Average number of
common shares outstanding
|
|
|
17,099
|
|
|
17,056
|
|
|
17,070
|
|
Cash dividends paid
per share
|
|
$
|
0.025
|
|
$
|
0.025
|
|
$
|
0.050
|
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
--CONTINUED--
(Dollars in
thousands, except per share, statistical, and ratio
data)
(Unaudited)
|
|
2021
|
|
|
|
1QTR
|
|
2QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,311,412
|
|
$
|
1,360,583
|
|
Short-term
investments/overnight funds
|
|
|
18,025
|
|
|
45,459
|
|
Investment
securities
|
|
|
204,193
|
|
|
219,395
|
|
Total loans and loans
held for sale, net of unearned income
|
|
|
986,557
|
|
|
992,865
|
|
Paycheck Protection
Program (PPP) loans
|
|
|
67,253
|
|
|
48,098
|
|
Allowance for loan
losses
|
|
|
11,631
|
|
|
11,752
|
|
Intangible
assets
|
|
|
11,944
|
|
|
13,785
|
|
Deposits
|
|
|
1,117,091
|
|
|
1,168,742
|
|
Short-term and FHLB
borrowings
|
|
|
55,149
|
|
|
48,149
|
|
Subordinated debt,
net
|
|
|
7,540
|
|
|
7,546
|
|
Shareholders'
equity
|
|
|
105,331
|
|
|
111,272
|
|
Non-performing
assets
|
|
|
4,245
|
|
|
3,727
|
|
Tangible common
equity ratio (B)
|
|
|
7.19
|
%
|
|
7.24
|
%
|
Total capital (to
risk weighted assets) ratio
|
|
|
13.03
|
|
|
12.79
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
Book value
|
|
$
|
6.17
|
|
$
|
6.52
|
|
Tangible book value
(B)
|
|
|
5.47
|
|
|
5.71
|
|
Market value
(C)
|
|
|
4.06
|
|
|
3.93
|
|
Wealth management
assets – fair market value (A)
|
|
$
|
2,517,810
|
|
$
|
2,614,898
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
|
301
|
|
|
300
|
|
Branch
locations
|
|
|
16
|
|
|
17
|
|
Common shares
outstanding
|
|
|
17,069,000
|
|
|
17,075,000
|
|
|
2020
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,168,355
|
|
$
|
1,242,074
|
|
$
|
1,258,131
|
|
$
|
1,279,713
|
|
Short-term
investments/overnight funds
|
|
|
6,431
|
|
|
30,219
|
|
|
23,222
|
|
|
11,077
|
|
Investment
securities
|
|
|
184,784
|
|
|
184,908
|
|
|
184,352
|
|
|
188,387
|
|
Total loans and loans
held for sale, net of unearned income
|
|
|
877,399
|
|
|
928,350
|
|
|
949,367
|
|
|
978,345
|
|
Paycheck Protection
Program (PPP) loans
|
|
|
0
|
|
|
66,956
|
|
|
68,460
|
|
|
58,344
|
|
Allowance for loan
losses
|
|
|
9,334
|
|
|
9,699
|
|
|
10,284
|
|
|
11,345
|
|
Intangible
assets
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
Deposits
|
|
|
957,593
|
|
|
1,033,033
|
|
|
1,042,235
|
|
|
1,054,920
|
|
Short-term and FHLB
borrowings
|
|
|
74,572
|
|
|
69,894
|
|
|
80,230
|
|
|
89,691
|
|
Subordinated debt,
net
|
|
|
7,517
|
|
|
7,522
|
|
|
7,528
|
|
|
7,534
|
|
Shareholders'
equity
|
|
|
100,840
|
|
|
102,604
|
|
|
103,369
|
|
|
104,399
|
|
Non-performing
assets
|
|
|
2,244
|
|
|
3,122
|
|
|
2,603
|
|
|
3,331
|
|
Tangible common
equity ratio (B)
|
|
|
7.69
|
%
|
|
7.37
|
%
|
|
7.34
|
%
|
|
7.29
|
%
|
Total capital (to
risk weighted assets) ratio
|
|
|
13.41
|
|
|
13.18
|
|
|
13.02
|
|
|
12.93
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
$
|
5.92
|
|
$
|
6.01
|
|
$
|
6.06
|
|
$
|
6.12
|
|
Tangible book value
(B)
|
|
|
5.22
|
|
|
5.31
|
|
|
5.36
|
|
|
5.42
|
|
Market value
(C)
|
|
|
2.62
|
|
|
3.08
|
|
|
2.81
|
|
|
3.13
|
|
Wealth management
assets – fair market value (A)
|
|
$
|
1,983,952
|
|
$
|
2,193,504
|
|
$
|
2,289,948
|
|
$
|
2,481,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
|
306
|
|
|
305
|
|
|
306
|
|
|
299
|
|
Branch
locations
|
|
|
16
|
|
|
16
|
|
|
16
|
|
|
16
|
|
Common shares
outstanding
|
|
|
17,043,644
|
|
|
17,058,644
|
|
|
17,058,644
|
|
|
17,060,144
|
|
|
|
|
|
|
|
|
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.
|
|
(D)
|
Ratio calculated by
dividing total non-interest expense by tax equivalent net interest
income plus total non-interest income.
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
CONSOLIDATED
STATEMENT OF INCOME
(Dollars in
thousands)
(Unaudited)
|
|
2021
|
|
|
|
|
|
|
|
YEAR TO
|
|
|
|
1QTR
|
|
2QTR
|
|
DATE
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,327
|
|
$
|
10,283
|
|
$
|
20,610
|
|
Interest on
investments
|
|
|
1,442
|
|
|
1,555
|
|
|
2,997
|
|
Total Interest
Income
|
|
|
11,769
|
|
|
11,838
|
|
|
23,607
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,402
|
|
|
1,306
|
|
|
2,708
|
|
All
borrowings
|
|
|
675
|
|
|
665
|
|
|
1,340
|
|
Total Interest
Expense
|
|
|
2,077
|
|
|
1,971
|
|
|
4,048
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
9,692
|
|
|
9,867
|
|
|
19,559
|
|
Provision for loan
losses
|
|
|
400
|
|
|
100
|
|
|
500
|
|
NET INTEREST INCOME
AFTER PROVISION FOR LOAN LOSSES
|
|
|
9,292
|
|
|
9,767
|
|
|
19,059
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Wealth management
fees
|
|
|
2,872
|
|
|
3,022
|
|
|
5,894
|
|
Service charges on
deposit accounts
|
|
|
201
|
|
|
224
|
|
|
425
|
|
Net realized gains on
loans held for sale
|
|
|
495
|
|
|
122
|
|
|
617
|
|
Mortgage related
fees
|
|
|
130
|
|
|
99
|
|
|
229
|
|
Net realized gains on
investment securities
|
|
|
0
|
|
|
84
|
|
|
84
|
|
Bank owned life
insurance
|
|
|
332
|
|
|
218
|
|
|
550
|
|
Other
income
|
|
|
584
|
|
|
630
|
|
|
1,214
|
|
Total Non-Interest
Income
|
|
|
4,614
|
|
|
4,399
|
|
|
9,013
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,941
|
|
|
6,867
|
|
|
13,808
|
|
Net occupancy
expense
|
|
|
680
|
|
|
649
|
|
|
1,329
|
|
Equipment
expense
|
|
|
390
|
|
|
403
|
|
|
793
|
|
Professional
fees
|
|
|
1,314
|
|
|
1,396
|
|
|
2,710
|
|
FDIC deposit
insurance expense
|
|
|
155
|
|
|
155
|
|
|
310
|
|
Other
expenses
|
|
|
1,825
|
|
|
2,568
|
|
|
4,393
|
|
Total Non-Interest
Expense
|
|
|
11,305
|
|
|
12,038
|
|
|
23,343
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
|
2,601
|
|
|
2,128
|
|
|
4,729
|
|
Income tax
expense
|
|
|
520
|
|
|
420
|
|
|
940
|
|
NET INCOME
|
|
$
|
2,081
|
|
$
|
1,708
|
|
$
|
3,789
|
|
|
|
2020
|
|
|
|
|
|
|
|
YEAR TO
|
|
|
|
1QTR
|
|
2QTR
|
|
DATE
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,332
|
|
$
|
10,448
|
|
$
|
20,780
|
|
Interest on
investments
|
|
|
1,612
|
|
|
1,613
|
|
|
3,225
|
|
Total Interest
Income
|
|
|
11,944
|
|
|
12,061
|
|
|
24,005
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,458
|
|
|
1,869
|
|
|
4,327
|
|
All
borrowings
|
|
|
735
|
|
|
719
|
|
|
1,454
|
|
Total Interest
Expense
|
|
|
3,193
|
|
|
2,588
|
|
|
5,781
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
8,751
|
|
|
9,473
|
|
|
18,224
|
|
Provision for loan
losses
|
|
|
175
|
|
|
450
|
|
|
625
|
|
NET INTEREST INCOME
AFTER PROVISION FOR LOAN LOSSES
|
|
|
8,576
|
|
|
9,023
|
|
|
17,599
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
Wealth management
fees
|
|
|
2,554
|
|
|
2,471
|
|
|
5,025
|
|
Service charges on
deposit accounts
|
|
|
286
|
|
|
176
|
|
|
462
|
|
Net realized gains on
loans held for sale
|
|
|
237
|
|
|
335
|
|
|
572
|
|
Mortgage related
fees
|
|
|
126
|
|
|
145
|
|
|
271
|
|
Net realized gains on
investment securities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Bank owned life
insurance
|
|
|
125
|
|
|
152
|
|
|
277
|
|
Other
income
|
|
|
504
|
|
|
488
|
|
|
992
|
|
Total Non-Interest
Income
|
|
|
3,832
|
|
|
3,767
|
|
|
7,599
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,704
|
|
|
6,619
|
|
|
13,323
|
|
Net occupancy
expense
|
|
|
671
|
|
|
606
|
|
|
1,277
|
|
Equipment
expense
|
|
|
395
|
|
|
389
|
|
|
784
|
|
Professional
fees
|
|
|
1,154
|
|
|
1,331
|
|
|
2,485
|
|
FDIC deposit
insurance expense
|
|
|
26
|
|
|
130
|
|
|
156
|
|
Other
expenses
|
|
|
1,683
|
|
|
1,931
|
|
|
3,614
|
|
Total Non-Interest
Expense
|
|
|
10,633
|
|
|
11,006
|
|
|
21,639
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
|
1,775
|
|
|
1,784
|
|
|
3,559
|
|
Income tax
expense
|
|
|
366
|
|
|
365
|
|
|
731
|
|
NET INCOME
|
|
$
|
1,409
|
|
$
|
1,419
|
|
$
|
2,828
|
|
AMERISERV FINANCIAL,
INC.
NASDAQ:
ASRV
AVERAGE BALANCE SHEET
DATA
(Dollars in
thousands)
(Unaudited)
|
|
|
|
2021
|
|
2020
|
|
|
2QTR
|
|
|
SIX
MONTHS
|
|
2QTR
|
|
|
SIX
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
|
$
|
991,527
|
|
$
|
986,702
|
|
$
|
912,541
|
|
$
|
894,819
|
Short-term
investments and bank deposits
|
|
|
50,357
|
|
|
40,605
|
|
|
40,446
|
|
|
29,486
|
Total investment
securities
|
|
|
212,332
|
|
|
201,389
|
|
|
187,288
|
|
|
186,538
|
Total interest
earning assets
|
|
|
1,254,216
|
|
|
1,228,696
|
|
|
1,140,275
|
|
|
1,110,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
17,770
|
|
|
17,921
|
|
|
17,586
|
|
|
18,337
|
Premises and
equipment
|
|
|
17,805
|
|
|
17,894
|
|
|
18,545
|
|
|
18,569
|
Other
assets
|
|
|
75,267
|
|
|
72,763
|
|
|
70,657
|
|
|
69,447
|
Allowance for loan
losses
|
|
|
(11,876)
|
|
|
(11,729)
|
|
|
(9,373)
|
|
|
(9,345)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
1,353,182
|
|
$
|
1,325,545
|
|
$
|
1,237,690
|
|
$
|
1,207,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
|
$
|
213,968
|
|
$
|
204,970
|
|
$
|
172,786
|
|
$
|
169,926
|
Savings
|
|
|
125,545
|
|
|
120,588
|
|
|
102,505
|
|
|
99,836
|
Money market
|
|
|
269,814
|
|
|
263,548
|
|
|
230,863
|
|
|
230,350
|
Other time
|
|
|
339,331
|
|
|
339,275
|
|
|
346,314
|
|
|
344,131
|
Total interest
bearing deposits
|
|
|
948,658
|
|
|
928,381
|
|
|
852,468
|
|
|
844,243
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased
and other short-term borrowings
|
|
|
0
|
|
|
590
|
|
|
4,245
|
|
|
3,576
|
Advances from Federal
Home Loan Bank
|
|
|
50,469
|
|
|
54,709
|
|
|
59,786
|
|
|
57,539
|
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
|
|
|
3,766
|
|
|
3,803
|
|
|
3,977
|
|
|
3,985
|
Total interest
bearing liabilities
|
|
|
1,023,628
|
|
|
1,008,218
|
|
|
941,211
|
|
|
930,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
216,223
|
|
|
205,764
|
|
|
183,352
|
|
|
165,096
|
Other
liabilities
|
|
|
7,322
|
|
|
6,093
|
|
|
11,791
|
|
|
12,203
|
Shareholders'
equity
|
|
|
106,009
|
|
|
105,470
|
|
|
101,336
|
|
|
100,474
|
Total liabilities and
shareholders' equity
|
|
$
|
1,353,182
|
|
$
|
1,325,545
|
|
$
|
1,237,690
|
|
$
|
1,207,851
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY
RATIO, TANGIBLE BOOK VALUE PER SHARE, AND LOAN LOSS RESERVE
COVERAGE TO TOTAL LOANS EXCLUDING PPP LOANS
(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", "tangible book value per share", and "loan loss
reserve coverage to total loans excluding PPP loans." 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. These non-GAAP measures are
used by management in their analysis of the Company's performance
or, management believes, facilitate an understanding of the
Company's performance.
|
|
2021
|
|
|
|
|
|
|
YEAR TO
|
|
|
|
1QTR
|
|
2QTR
|
|
DATE
|
|
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,081
|
|
$
|
1,708
|
|
$
|
3,789
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
104,931
|
|
|
106,009
|
|
|
105,470
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
12,194
|
|
|
12,069
|
|
Average tangible
common equity
|
|
|
92,987
|
|
|
93,815
|
|
|
93,401
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (annualized)
|
|
|
9.08
|
%
|
|
7.30
|
%
|
|
8.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
|
|
|
TANGIBLE COMMON
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
105,331
|
|
$
|
111,272
|
|
|
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
13,785
|
|
|
|
|
Tangible common
equity
|
|
|
93,387
|
|
|
97,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
1,311,412
|
|
|
1,360,583
|
|
|
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
13,785
|
|
|
|
|
Tangible
assets
|
|
|
1,299,468
|
|
|
1,346,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio
|
|
|
7.19
|
%
|
|
7.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
17,069,000
|
|
|
17,075,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share
|
|
$
|
5.47
|
|
$
|
5.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
1QTR
|
|
2QTR
|
|
YEAR TO
DATE
|
|
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,409
|
|
$
|
1,419
|
|
$
|
2,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
99,612
|
|
|
101,336
|
|
|
100,474
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
Average tangible
common equity
|
|
|
87,668
|
|
|
89,392
|
|
|
88,530
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (annualized)
|
|
|
6.46
|
%
|
|
6.38
|
%
|
|
6.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
TANGIBLE COMMON
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
100,840
|
|
$
|
102,604
|
|
$
|
103,369
|
|
$
|
104,399
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
Tangible common
equity
|
|
|
88,896
|
|
|
90,660
|
|
|
91,425
|
|
|
92,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
1,168,355
|
|
|
1,242,074
|
|
|
1,258,131
|
|
|
1,279,713
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
|
11,944
|
|
Tangible
assets
|
|
|
1,156,411
|
|
|
1,230,130
|
|
|
1,246,187
|
|
|
1,267,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio
|
|
|
7.69
|
%
|
|
7.37
|
%
|
|
7.34
|
%
|
|
7.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
17,043,644
|
|
|
17,058,644
|
|
|
17,058,644
|
|
|
17,060,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share
|
|
$
|
5.22
|
|
$
|
5.31
|
|
$
|
5.36
|
|
$
|
5.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
NASDAQ:
ASRV
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, TANGIBLE BOOK
VALUE PER SHARE, AND LOAN LOSS RESERVE COVERAGE TO TOTAL LOANS
EXCLUDING PPP LOANS
|
--CONTINUED--
|
(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", "tangible book value per share", and "loan loss
reserve coverage to total loans excluding PPP loans." 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. These non-GAAP measures are
used by management in their analysis of the Company's performance
or, management believes, facilitate an understanding of the
Company's performance.
|
|
|
|
|
|
|
|
|
June
30, 2021
|
|
ALLOWANCE RESERVE
COVERAGE
|
|
|
|
|
Allowance for loan
losses
|
|
$
|
11,752
|
|
|
|
|
|
|
Total loans, net of
unearned income
|
|
|
992,712
|
|
|
|
|
|
|
Reserve
coverage
|
|
|
1.18
|
%
|
|
|
|
|
|
Reserve coverage
to total loans, excluding PPP loans:
|
|
|
|
|
Allowance for loan
losses
|
|
$
|
11,752
|
|
|
|
|
|
|
Total loans, net of
unearned income
|
|
|
992,712
|
|
PPP loans
|
|
|
(48,098)
|
|
|
|
|
944,614
|
|
|
|
|
|
|
Non-GAAP reserve
coverage
|
|
|
1.24
|
%
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ameriserv-financial-reports-increased-earnings-for-the-second-quarter-and-first-six-months-of-2021-and-announces-quarterly-common-stock-cash-dividend-301336767.html
SOURCE AmeriServ Financial, Inc.