JOHNSTOWN, Pa., April 18,
2023 /PRNewswire/
-- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first
quarter 2023 net income of $1,515,000, or $0.09 per diluted common share.
This earnings performance represented a
$903,000, or 37.3%, decrease
from the first quarter
of 2022 when net income
totaled $2,418,000, or $0.14 per diluted common share.
The following table highlights the
Company's financial performance for the
quarters ended March 31, 2023 and 2022:
|
|
First
Quarter
2023
|
|
First
Quarter
2022
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,515,000
|
|
$
|
2,418,000
|
|
$
|
(903,000)
|
|
(37.3)
|
%
|
Diluted earnings per
share
|
|
$
|
0.09
|
|
$
|
0.14
|
|
$
|
(0.05)
|
|
(35.7)
|
%
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2023 first quarter
financial results: "The benefits of maintaining a strong
relationship focused community bank are evident during periods of
market volatility and financial uncertainty. Since the end of
2022, we have seen an increase of $23.3
million, or 2.1%, in deposits which demonstrates customer
confidence and the strength and loyalty of our core deposit base.
As a result, our bank's liquidity position continues to be
strong. Additionally, during the first quarter of 2023, we
further increased our already sound level of regulatory capital and
continued to maintain high asset quality supported by appropriate
reserves. We believe that our balance sheet is well positioned for
unexpected challenges that we may face through the remainder of
2023."
All first quarter of 2023 financial performance metrics within
this document are compared to the first quarter of 2022 unless
otherwise noted.
The Company's net interest income in the first quarter of 2023
decreased by $245,000, or 2.5%, from
the prior year's first quarter while the net interest margin of
3.03% for the first quarter of 2023 represents an eleven-basis
point decrease from the first quarter of 2022. The decrease
in net interest income reflects total interest expense increasing
to a higher level than the increase in interest income. The
Company continues to benefit from increased yields on total loans
and investment securities due to a higher U.S. Treasury yield curve
and the Federal Reserve's action to tighten monetary policy in
their effort to tame decades high inflation. But, similar to
what is occurring across the banking industry, the increased
national interest rates have recently caused total deposit and
borrowing costs to increase to a higher degree, resulting in lower
net interest income and net interest margin compression.
First quarter 2023 financial results also reflect an increase in
the Company's provision for credit losses to $1.2 million after a $400,000 benefit was recognized in the first
quarter of 2022. The increased provision primarily relates to
the recognition of a credit loss on one subordinated debt
instrument in the investment securities portfolio which is believed
to be other than temporarily impaired. More than offsetting
this unfavorable event was the Company recognizing a gain from the
sale of Class B common stock shares of Visa Inc. that the bank
owned. Both of these items will be discussed later in this
press release. Overall, the decrease to net interest income,
along with a higher provision for credit losses and increased
non-interest expense, more than offset a greater level of
non-interest income resulting in the lower level of earnings in the
first quarter of 2023.
Total average loans in the first quarter of 2023 compare
favorably to the 2022 first quarter average by $6.9 million, or 0.7%. Excluding PPP loans,
which still existed on the balance sheet in 2022, total average
loans in the first quarter of 2023 exceeded last year's first
quarter by $19.0 million, or
2.0%. First quarter 2023 loan production has been slower than
the more recent 2022 fourth quarter but is consistent with the
level of production experienced during the first quarter of 2022.
Loan pipelines continue to be strong, but customers have delayed
fundings which are expected to increase in the second
quarter. Overall, the strong level of production experienced
throughout 2022, which more than offset a higher than typical level
of payoff activity, resulted in total average loans comparing
favorably to the first quarter of 2022. Growth in commercial
& industrial loans (C&I) and home equity loans more than
offset decreased residential mortgage and consumer loans.
Commercial real estate (CRE) volume remained relatively consistent,
increasing slightly. Overall, the higher interest rate environment
along with the higher average volumes of C&I and home equity
loans, resulted in total loan interest income improving by
$2.8 million, or 29.3%, for the first
quarter of 2023 when compared to the first quarter of last
year. This increase occurred despite a $240,000 reduction in PPP related
income.
Total investment securities averaged $266.0 million for first quarter of 2023 which is
$44.5 million, or 20.1%, higher than
the $221.5 million average for the
first quarter of last year. The increase reflects additional
securities purchased primarily during 2022 as the increased U.S.
Treasury yield curve resulted in a more favorable market for
securities purchasing activity. Overall, the higher rates
resulted in yields for new federal agency mortgage-backed
securities and federal agency bonds improving and exceeding the
overall average yield of the existing securities portfolio causing
interest income from the securities portfolio to increase by
$766,000, or 50%, this year. So far
in 2023, purchases of securities have slowed as more funds have
been allocated to the loan portfolio and we have been controlling
the amount of overnight borrowed funds. The rising national
interest rates caused the rate on overnight borrowed funds to be in
line with or exceed the yield on the typical types of federal
agency mortgage-backed securities that we normally purchase.
While yields on new security purchases still exceed the overall
average yield of the existing securities portfolio, the shrinking
and in some cases negative spread between overnight borrowings and
the yield on new securities caused the slowdown in purchasing
activity. Overall, the 2023 first quarter average balance of
total interest earning assets increased since last year's first
quarter average by $9.3 million, or
0.7%, while total interest income increased by $3.5 million, or 32.2%, since the first quarter
of 2022.
Since the end of the first quarter of 2022 and due to a
combination of increased investment in securities, loan growth and
total deposits modestly declining, short-term investments and bank
deposits demonstrate a lower average balance in the first quarter
of 2023 compared to last year's first quarter by $42.2 million, 90.6%. Despite this decline,
the Company's liquidity position remains strong. We will
continue to carefully monitor our liquidity position and short-term
investments as we expect deposits related to government stimulus
programs to continue to decline during 2023.
On the liability side of the balance sheet, total average
deposits for the first quarter of 2023 are $9.7 million, or 0.8%, lower than the 2022 first
quarter average. The modest decrease since last year's first
quarter is reflective of a portion of the funds from the government
stimulus programs leaving the balance sheet and also reflects
greater pricing competition in the market to retain deposits
because of the increasing national interest rates. Since
early March 2023 when two large bank
failures occurred, customer fear of contagion within the industry
caused deposit flight, especially uninsured deposits, from certain
banks to other financial services providers. Despite this
turmoil, AmeriServ Financial's core deposit base continued to
demonstrate the strength and stability that has been experienced
for many years. Total deposits in fact grew during the first
quarter of 2023 by $23.3 million, or
2.1%, on an end of period basis since December 31, 2022 demonstrating customer
confidence in our bank. In addition to its strong, loyal core
deposit base, the Company has several other sources of liquidity
including a significant unused borrowing capacity at the Federal
Home Loan Bank, overnight lines of credit at correspondent banks
and access to the Federal Reserve Discount Window. The loan
to deposit ratio averaged 85.8% in the first quarter of 2023, which
indicates that the Company has ample capacity to continue to grow
its loan portfolio and is strongly positioned to support our
customers and our community during times of economic
volatility.
Total interest expense in the first quarter of 2023 increased by
$3.8 million, or 300.6%, when
compared to the first quarter of 2022, due to higher deposit and
short-term borrowings interest expense. Deposit interest
expense was higher by $3.4 million,
or 426.3%, despite the first quarter 2023 average volume of total
interest bearing deposits remaining relatively consistent with the
2022 first quarter average, growing by $5.3
million, or 0.6%. The impact that the higher national
interest rates had on deposit costs combined with increased market
competition to retain and attract deposits contributes to net
interest margin compression. The rising national interest
rates resulted in certain deposit products, particularly public
funds, that are tied to a market index, repricing upward with the
move in national interest rates causing interest expense to
increase. For interest rate risk management purposes and in
an effort to offset a portion of the unfavorable impact that rising
funding costs are having on net interest income, management
executed a $50 million interest rate
hedge in February 2023 to fix the
cost of certain deposits that are indexed and move with short-term
interest rates. We expect that this transaction will bring
the Company's variability of net interest income to a more neutral
position. Overall, total deposit cost averaged 1.48% in the
first quarter of 2023, which is 120 basis points higher than total
deposit cost of 0.28% in the first quarter of 2022.
Total borrowings interest expense increased by $398,000, or 85.6%, between the first quarter of
2023 and the first quarter of 2022. The increase results from
the impact that the higher national interest rates had on overnight
borrowings cost as well as the Company utilizing more overnight
borrowed funds so far in 2023. Total overnight borrowings
averaged $40.7 million in the first
quarter of 2023 after no overnight borrowings were utilized during
the first quarter of 2022. Borrowings interest expense was
favorably impacted by reduced interest expense from Federal Home
Loan Bank (FHLB) term borrowings, which declined by $92,000, or 52.7%. The average balance of
FHLB term borrowings was lower in the first quarter of 2023 by
$23.5 million, or 57.1%, as the
strength of the Company's liquidity position allowed management to
let FHLB term advances mature during 2022 and not be
replaced. However, given the inversion in the yield curve,
FHLB term advances have rates that are lower than the cost of
overnight borrowed funds. Therefore, management began
replacing matured FHLB term advances during the first quarter of
2023.
The Company adopted ASU 2016-13: Accounting for Current Expected
Credit Loss (CECL) as of January 1,
2023. The adoption of this accounting standard necessitated
that a day one increase of $1.2
million be made to the allowance for credit losses on our
loan portfolio. Furthermore, ASU 2016-13 necessitated that
the Company establish an allowance for expected credit losses for
held to maturity (HTM) debt securities. Based upon the credit
quality of the Company's HTM debt securities portfolio, the day one
allowance for credit losses on our HTM securities portfolio totaled
$114,000. Both of these day one
adjustments are consistent with the estimates that management
disclosed in the Company's 2022 Form 10-K.
The Company recorded a $1,179,000
expense for the provision for credit losses in the first quarter of
2023 after recognizing a $400,000
benefit in the first quarter of 2022 resulting in a net unfavorable
change of $1.6 million.
Included in the 2023 provision expense was the recognition of a
$926,000 loss from a subordinated
debt investment with Signature Bank which was closed by banking
regulators on March 12, 2023.
In a press release issued by the Federal Deposit Insurance
Corporation (FDIC), it was disclosed that unsecured debt holders of
the institution will not be protected. Management reviewed
the Form 10-K for the year ended December
31, 2022 filed by Signature Bank, which was filed on
March 1, 2023, and determined that no
circumstances existed to indicate that the debt security held by
the Company was impaired as of year-end. Specifically, as of
December 31, 2022, Signature Bank had
total assets of $110.4 billion, net
income of $1.3 billion for the year
then ended, and demonstrated strong regulatory capital ratios.
The remainder of the increase in the provision for credit losses
was due to the recognition of a $301,000 provision for credit losses for the loan
portfolio which more than offset a $31,000 provision recovery for credit losses in
the HTM securities portfolio. A $17,000 provision recovery for credit losses
related to unfunded commitments was also recorded. The first
quarter 2023 provision for credit losses in the loan portfolio was
necessary due to risk rating, non-accrual and charge-off
activity. Total classified asset levels exhibited an increase
during the first quarter of 2023 due to the downgrade of one
commercial real estate loan. Non-performing assets decreased
from $5.2 million at December 31, 2022 to $4.6
million at March 31, 2023
primarily due to a decrease in non-accrual residential mortgage
loans. Overall, non-performing assets remain well controlled
at 0.47% of total loans. The Company experienced net loan
charge-offs of $116,000, or 0.05% of
total average loans, in the first quarter of 2023 which is only
slightly higher than net charge-offs of $76,000, or 0.03% of total average loans, in
first quarter of 2022. In summary, the allowance for loan
losses provided 264% coverage of non-performing assets, and 1.24%
of total loans, on March 31, 2023,
compared to 207% coverage of non-performing assets, and 1.08% of
total loans, on December 31,
2022.
Total non-interest income in the first quarter of 2023 increased
by $1.2 million, or 27.0%, from the
prior year's first quarter. In March
2023, AmeriServ Financial Bank sold all 7,859 shares of the
Class B common stock of Visa Inc. that the bank owned for a sale
price of $1.7 million. The shares had
no carrying value on the Bank's balance sheet and, as the Bank had
no historical cost basis in the shares, the entire sale was
recognized as a gain. The Company believes that this was an
appropriate time to capture the gain on these shares due to the
current volatility and future uncertainty in the financial
markets. Wealth management fees decreased by $427,000, or 13.5%, for the first quarter of 2023
as unfavorable market conditions for both equity securities and
bonds have reduced the market value of wealth management assets
when compared to the first quarter of 2022. Also, new
customer business growth has only partially offset the unfavorable
impact of market conditions on fee income. The fair market
value of wealth management assets declined since the first quarter
of 2022 by $278.6 million, or 10.6%,
and totaled $2.4 billion at
March 31, 2023. Other income is
$104,000, or 18.5%, lower for the
first quarter of 2023 due to the recognition of a credit valuation
adjustment to the market value of the interest rate swap contracts
that the Company executed to accommodate the needs of certain
borrowers while managing our interest rate risk position. Net
realized gains on loans held for sale decreased by $69,000, or 72.6%, for the first quarter of 2023,
as the limited housing supply along with rate volatility continues
to unfavorably impact residential mortgage loan production.
Over the course of the past 18 months, mortgage rates have doubled,
which has adversely affected affordability for borrowers across all
income and housing pricing levels. Mortgage pipelines continue to
be well below pre-pandemic and historic low interest rate
levels.
Total non-interest expense in the first quarter of 2023
increased by $484,000, or 4.2%, when
compared to the first quarter of 2022. Salaries &
employee benefits declined by $230,000, or 3.1%, in the first quarter of
2023. Within total salaries & benefits expense, salaries
costs are higher by $235,000, or
5.0%, due to merit increases and a higher level of full-time
equivalent employees (FTEs) as the Company filled certain open
positions that were vacant in the first quarter of last year.
The higher salaries cost was more than offset by reduced pension
expense by $289,000, or 52.8%, and
lower incentive compensation by $167,000, or 38.0%. The reduced pension expense
reflects the retirement of many employees over the past two years
who chose to take a lump sum payment instead of receiving future
monthly annuity payments. These individuals are no longer
included in the pension plan which therefore favorably impacts the
Company's basic pension expense. Professional fees were
$678,000, or 107.6%, higher in the
first quarter of 2023 primarily due to $599,000 of additional costs related to an
ongoing proxy contest with an activist shareholder. Data processing
and IT expense increased by $125,000,
or 13.1%, due to increased software costs from our core data
provider and additional expenses related to monitoring our
computing and network environment. Finally, the Company
recorded income tax expense of $372,000, or an effective tax rate of 19.7%, in
the first quarter of 2023, which compares to income tax expense of
$605,000, or an effective tax rate of
20.0%, for the first quarter of 2022.
The Company had total assets of $1.346
billion, shareholders' equity of $105.9 million, a book value of $6.18 per common share and a tangible book
value(1) of $5.38 per
common share on March 31, 2023.
The decline in the Company's book value and tangible book value per
share in the first quarter of 2023 compared to last year's first
quarter reflects a decrease in the fair value of the Company's
available for sale investment securities by $12.7 million due to higher interest rates. Note
that there was a slight decrease to accumulated other comprehensive
loss within total equity since December 31,
2022, as an improvement in market value of the Company's
available for sale investment securities portfolio was more than
offset by a negative market value adjustment for an interest rate
hedge. There was no required revaluation of the net pension
liability during the first quarter of 2023. The Company
continued to maintain strong capital ratios that exceed the
regulatory defined well capitalized status.
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, the level of
inflation, 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; expense and
reputational impact on the Company as a result of its ongoing proxy
contest and related litigation; 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,
2022. 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, 2023
(Dollars in thousands, except per share and ratio data)
(Unaudited)
|
|
2023
|
|
|
|
1QTR
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
Net income
|
|
$
|
1,515
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
Return on average
assets
|
|
|
0.45
|
%
|
Return on average
equity
|
|
|
5.85
|
|
Return on average
tangible common equity (1)
|
|
|
6.73
|
|
Net interest
margin
|
|
|
3.03
|
|
Net charge-offs as a
percentage of average loans
|
|
|
0.05
|
|
Efficiency ratio
(3)
|
|
|
79.58
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
Average number of
common shares outstanding
|
|
|
17,131
|
|
Diluted
|
|
|
0.09
|
|
Average number of
common shares outstanding
|
|
|
17,155
|
|
Cash dividends paid per
share
|
|
$
|
0.030
|
|
2022
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
|
|
4QTR
|
|
|
|
FULL
YEAR
2022
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,418
|
|
$
|
1,981
|
|
$
|
2,102
|
|
|
$
|
947
|
|
|
$
|
7,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.73
|
%
|
|
0.59
|
%
|
|
0.62
|
%
|
|
|
0.28
|
%
|
|
|
0.55
|
%
|
Return on average
equity
|
|
|
8.48
|
|
|
7.10
|
|
|
7.81
|
|
|
|
3.70
|
|
|
|
6.83
|
|
Return on average
tangible common equity (1)
|
|
|
9.62
|
|
|
8.10
|
|
|
8.97
|
|
|
|
4.27
|
|
|
|
7.82
|
|
Net interest
margin
|
|
|
3.14
|
|
|
3.23
|
|
|
3.35
|
|
|
|
3.21
|
|
|
|
3.27
|
|
Net charge-offs as a
percentage of average loans
|
|
|
0.03
|
|
|
0.01
|
|
|
0.57
|
|
|
|
0.08
|
|
|
|
0.17
|
|
Efficiency ratio
(3)
|
|
|
81.38
|
|
|
84.89
|
|
|
78.93
|
|
|
|
90.37
|
|
|
|
83.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.14
|
|
$
|
0.12
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.44
|
|
Average number of
common shares outstanding
|
|
|
17,094
|
|
|
17,109
|
|
|
17,111
|
|
|
|
17,115
|
|
|
|
17,107
|
|
Diluted
|
|
|
0.14
|
|
|
0.12
|
|
|
0.12
|
|
|
|
0.06
|
|
|
|
0.43
|
|
Average number of
common shares outstanding
|
|
|
17,146
|
|
|
17,149
|
|
|
17,145
|
|
|
|
17,150
|
|
|
|
17,146
|
|
Cash dividends paid per
share
|
|
$
|
0.025
|
|
$
|
0.030
|
|
$
|
0.030
|
|
|
$
|
0.030
|
|
|
$
|
0.115
|
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
--CONTINUED--
(Dollars in thousands, except per share, statistical, and ratio
data)
(Unaudited)
|
|
2023
|
|
|
|
1QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
$
|
1,345,957
|
|
Short-term
investments/overnight funds
|
|
|
4,116
|
|
Investment securities,
net of allowance for credit losses -
securities
|
|
|
238,613
|
|
Total loans and loans
held for sale, net of unearned income
|
|
|
980,877
|
|
Paycheck Protection
Program (PPP) loans (4)
|
|
|
19
|
|
Allowance for credit
losses - loans
|
|
|
12,132
|
|
Intangible
assets
|
|
|
13,731
|
|
Deposits
|
|
|
1,131,789
|
|
Short-term and FHLB
borrowings
|
|
|
69,124
|
|
Subordinated debt,
net
|
|
|
26,654
|
|
Shareholders'
equity
|
|
|
105,899
|
|
Non-performing
assets
|
|
|
4,599
|
|
Tangible common equity
ratio (1)
|
|
|
6.92
|
%
|
Total capital (to risk
weighted assets) ratio
|
|
|
14.17
|
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
|
|
$
|
6.18
|
|
Tangible book value
(1)
|
|
|
5.38
|
|
Market value
(2)
|
|
|
3.05
|
|
Wealth management
assets – fair market value (5)
|
|
$
|
2,354,498
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
|
|
308
|
|
Branch
locations
|
|
|
17
|
|
Common shares
outstanding
|
|
|
17,147,270
|
|
2022
|
|
|
|
1QTR
|
|
|
2QTR
|
|
|
3QTR
|
|
|
4QTR
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,331,265
|
|
$
|
1,321,402
|
|
$
|
1,350,048
|
|
$
|
1,363,874
|
|
|
Short-term
investments/overnight funds
|
|
|
13,588
|
|
|
10,714
|
|
|
4,133
|
|
|
4,132
|
|
|
Investment securities,
net of allowance for credit losses -
securities
|
|
|
223,286
|
|
|
231,255
|
|
|
236,867
|
|
|
241,386
|
|
|
Total loans and loans
held for sale, net of unearned income
|
|
|
978,692
|
|
|
965,587
|
|
|
979,450
|
|
|
990,825
|
|
|
Paycheck Protection
Program (PPP) loans (4)
|
|
|
7,835
|
|
|
2,242
|
|
|
24
|
|
|
22
|
|
|
Allowance for credit
losses - loans
|
|
|
11,922
|
|
|
11,568
|
|
|
10,672
|
|
|
10,743
|
|
|
Intangible
assets
|
|
|
13,761
|
|
|
13,753
|
|
|
13,746
|
|
|
13,739
|
|
|
Deposits
|
|
|
1,140,889
|
|
|
1,142,756
|
|
|
1,152,813
|
|
|
1,108,537
|
|
|
Short-term and FHLB
borrowings
|
|
|
37,863
|
|
|
34,028
|
|
|
54,796
|
|
|
108,406
|
|
|
Subordinated debt,
net
|
|
|
26,613
|
|
|
26,624
|
|
|
26,634
|
|
|
26,644
|
|
|
Shareholders'
equity
|
|
|
113,692
|
|
|
106,392
|
|
|
101,587
|
|
|
106,178
|
|
|
Non-performing
assets
|
|
|
3,401
|
|
|
3,240
|
|
|
4,596
|
|
|
5,200
|
|
|
Tangible common equity
ratio (1)
|
|
|
7.58
|
%
|
|
7.08
|
%
|
|
6.57
|
%
|
|
6.85
|
%
|
|
Total capital (to risk
weighted assets) ratio
|
|
|
14.01
|
|
|
14.33
|
|
|
13.92
|
|
|
13.87
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
$
|
6.65
|
|
$
|
6.22
|
|
$
|
5.94
|
|
$
|
6.20
|
|
|
Tangible book value
(1)
|
|
|
5.84
|
|
|
5.41
|
|
|
5.13
|
|
|
5.40
|
|
|
Market value
(2)
|
|
|
4.04
|
|
|
3.94
|
|
|
3.80
|
|
|
3.94
|
|
|
Wealth management
assets – fair market value (5)
|
|
$
|
2,633,096
|
|
$
|
2,372,772
|
|
$
|
2,290,678
|
|
$
|
2,314,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
|
301
|
|
|
310
|
|
|
306
|
|
|
315
|
|
|
Branch
locations
|
|
|
17
|
|
|
17
|
|
|
17
|
|
|
17
|
|
|
Common shares
outstanding
|
|
|
17,109,084
|
|
|
17,109,097
|
|
|
17,112,617
|
|
|
17,117,617
|
|
|
_________________________________
|
NOTES:
|
|
(1)
|
Non-GAAP Financial
Information. See "Reconciliation of Non-GAAP Financial
Measures" at end of release.
|
(2)
|
Based on closing price
reported by the principal market on which the share is traded on
the last business day of the corresponding reporting
period.
|
(3)
|
Ratio calculated by
dividing total non-interest expense by tax equivalent net interest
income plus total non-interest income.
|
(4)
|
Paycheck Protection
Program (PPP) loans are included in total loans and loans held for
sale, net of unearned income.
|
(5)
|
Not recognized on the
consolidated balance sheets.
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands)
(Unaudited)
|
|
2023
|
|
|
|
1QTR
|
INTEREST
INCOME
|
|
|
|
Interest and fees on
loans
|
|
$
|
12,276
|
Interest on
investments
|
|
|
2,298
|
Total Interest
Income
|
|
|
14,574
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
Deposits
|
|
|
4,189
|
All
borrowings
|
|
|
863
|
Total Interest
Expense
|
|
|
5,052
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
9,522
|
Provision (credit) for
credit losses
|
|
|
1,179
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT) FOR
CREDIT LOSSES
|
|
|
8,343
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
Wealth management
fees
|
|
|
2,738
|
Service charges on
deposit accounts
|
|
|
266
|
Net realized gains on
loans held for sale
|
|
|
26
|
Mortgage related
fees
|
|
|
33
|
Gain on sale of Visa
Class B shares
|
|
|
1,748
|
Bank owned life
insurance
|
|
|
239
|
Other income
|
|
|
457
|
Total Non-Interest
Income
|
|
|
5,507
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
Salaries and employee
benefits
|
|
|
7,175
|
Net occupancy
expense
|
|
|
772
|
Equipment
expense
|
|
|
415
|
Professional
fees
|
|
|
1,308
|
Data processing and IT
expense
|
|
|
1,078
|
FDIC deposit insurance
expense
|
|
|
125
|
Other
expenses
|
|
|
1,090
|
Total Non-Interest
Expense
|
|
|
11,963
|
|
|
|
|
PRETAX
INCOME
|
|
|
1,887
|
Income tax
expense
|
|
|
372
|
NET INCOME
|
|
$
|
1,515
|
2022
|
|
|
|
1QTR
|
|
2QTR
|
|
|
|
|
3QTR
|
|
4QTR
|
|
|
FULL
YEAR
2022
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
9,496
|
|
$
|
9,725
|
|
|
$
|
|
10,691
|
|
$
|
11,572
|
|
$
|
41,484
|
Interest on
investments
|
|
|
1,532
|
|
|
1,802
|
|
|
|
|
2,009
|
|
|
2,231
|
|
|
7,574
|
Total Interest
Income
|
|
|
11,028
|
|
|
11,527
|
|
|
|
|
12,700
|
|
|
13,803
|
|
|
49,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
796
|
|
|
956
|
|
|
|
|
1,720
|
|
|
2,952
|
|
|
6,424
|
All
borrowings
|
|
|
465
|
|
|
447
|
|
|
|
|
451
|
|
|
708
|
|
|
2,071
|
Total Interest
Expense
|
|
|
1,261
|
|
|
1,403
|
|
|
|
|
2,171
|
|
|
3,660
|
|
|
8,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
9,767
|
|
|
10,124
|
|
|
|
|
10,529
|
|
|
10,143
|
|
|
40,563
|
Provision (credit) for
credit losses
|
|
|
(400)
|
|
|
(325)
|
|
|
|
|
500
|
|
|
275
|
|
|
50
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT) FOR CREDIT LOSSES
|
|
|
10,167
|
|
|
10,449
|
|
|
|
|
10,029
|
|
|
9,868
|
|
|
40,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management
fees
|
|
|
3,165
|
|
|
2,976
|
|
|
|
|
2,813
|
|
|
2,666
|
|
|
11,620
|
Service charges on
deposit accounts
|
|
|
272
|
|
|
263
|
|
|
|
|
289
|
|
|
284
|
|
|
1,108
|
Net realized gains on
loans held for sale
|
|
|
95
|
|
|
35
|
|
|
|
|
53
|
|
|
25
|
|
|
208
|
Mortgage related
fees
|
|
|
33
|
|
|
32
|
|
|
|
|
27
|
|
|
23
|
|
|
115
|
Gain on sale of Visa
Class B shares
|
|
|
0
|
|
|
0
|
|
|
|
|
0
|
|
|
0
|
|
|
0
|
Bank owned life
insurance
|
|
|
209
|
|
|
231
|
|
|
|
|
329
|
|
|
320
|
|
|
1,089
|
Other income
|
|
|
561
|
|
|
601
|
|
|
|
|
815
|
|
|
575
|
|
|
2,552
|
Total Non-Interest
Income
|
|
|
4,335
|
|
|
4,138
|
|
|
|
|
4,326
|
|
|
3,893
|
|
|
16,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
7,405
|
|
|
6,963
|
|
|
|
|
7,071
|
|
|
7,053
|
|
|
28,492
|
Net occupancy
expense
|
|
|
741
|
|
|
697
|
|
|
|
|
698
|
|
|
747
|
|
|
2,883
|
Equipment
expense
|
|
|
397
|
|
|
415
|
|
|
|
|
393
|
|
|
431
|
|
|
1,636
|
Professional
fees
|
|
|
630
|
|
|
838
|
|
|
|
|
948
|
|
|
794
|
|
|
3,210
|
Data processing and IT
expense
|
|
|
953
|
|
|
937
|
|
|
|
|
1,036
|
|
|
1,019
|
|
|
3,945
|
FDIC deposit insurance
expense
|
|
|
145
|
|
|
130
|
|
|
|
|
125
|
|
|
115
|
|
|
515
|
Other
expenses
|
|
|
1,208
|
|
|
2,130
|
|
|
|
|
1,456
|
|
|
2,529
|
|
|
7,323
|
Total Non-Interest
Expense
|
|
|
11,479
|
|
|
12,110
|
|
|
|
|
11,727
|
|
|
12,688
|
|
|
48,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
|
3,023
|
|
|
2,477
|
|
|
|
|
2,628
|
|
|
1,073
|
|
|
9,201
|
Income tax
expense
|
|
|
605
|
|
|
496
|
|
|
|
|
526
|
|
|
126
|
|
|
1,753
|
NET INCOME
|
|
$
|
2,418
|
|
$
|
1,981
|
|
|
$
|
|
2,102
|
|
$
|
947
|
|
$
|
7,448
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
AVERAGE BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
1QTR
|
|
1QTR
|
Interest earning
assets:
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
|
$
|
986,493
|
|
$
|
979,548
|
Short-term investments
and bank deposits
|
|
|
4,376
|
|
|
46,531
|
Total investment
securities
|
|
|
265,996
|
|
|
221,459
|
Total interest earning
assets
|
|
|
1,256,865
|
|
|
1,247,538
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
16,412
|
|
|
17,765
|
Premises and
equipment
|
|
|
17,849
|
|
|
17,376
|
Other assets
|
|
|
75,052
|
|
|
81,563
|
Allowance for credit
losses
|
|
|
(12,147)
|
|
|
(12,511)
|
Total assets
|
|
$
|
1,354,031
|
|
$
|
1,351,731
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
Interest bearing
demand
|
|
$
|
226,724
|
|
$
|
229,273
|
Savings
|
|
|
132,520
|
|
|
135,887
|
Money
market
|
|
|
297,602
|
|
|
291,139
|
Other
time
|
|
|
294,518
|
|
|
289,745
|
Total interest bearing
deposits
|
|
|
951,364
|
|
|
946,044
|
Borrowings:
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
|
|
40,719
|
|
|
0
|
Advances from
Federal Home Loan Bank
|
|
|
17,690
|
|
|
41,195
|
Subordinated
debt
|
|
|
27,000
|
|
|
27,000
|
Lease
liabilities
|
|
|
3,277
|
|
|
3,532
|
Total interest bearing
liabilities
|
|
|
1,040,050
|
|
|
1,017,771
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
Demand
deposits
|
|
|
197,878
|
|
|
212,895
|
Other
liabilities
|
|
|
11,011
|
|
|
5,407
|
Shareholders'
equity
|
|
|
105,092
|
|
|
115,658
|
Total liabilities and
shareholders' equity
|
|
$
|
1,354,031
|
|
$
|
1,351,731
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
CHANGES IN SHAREHOLDERS' EQUITY
(Dollars in thousands)
(Unaudited)
|
|
2023
|
|
|
|
COMMON
STOCK
|
|
TREASURY
STOCK
|
|
SURPLUS
|
|
RETAINED
EARNINGS
|
|
ACCUMULATED
OTHER
COMPREHENSIVE
(LOSS) INCOME
|
|
TOTAL
|
Balance at December 31,
2022
|
|
$
|
267
|
|
$
|
(83,280)
|
|
$
|
146,225
|
|
$
|
65,486
|
|
$
|
(22,520)
|
|
$
|
106,178
|
Net income
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
1,515
|
|
|
0
|
|
|
1,515
|
Exercise of stock
options and stock
option expense
|
|
|
1
|
|
|
0
|
|
|
106
|
|
|
0
|
|
|
0
|
|
|
107
|
Adjustment for defined
benefit pension
plan
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
Adjustment for
unrealized gain (loss) on
available for sale securities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
449
|
|
|
449
|
Market value
adjustment for interest rate
hedge
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(655)
|
|
|
(655)
|
Cumulative effect
adjustment for change
in accounting principal
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(1,181)
|
|
|
0
|
|
|
(1,181)
|
Common stock cash
dividend
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(514)
|
|
|
0
|
|
|
(514)
|
Balance at March 31,
2023
|
|
$
|
268
|
|
$
|
(83,280)
|
|
$
|
146,331
|
|
$
|
65,306
|
|
$
|
(22,726)
|
|
$
|
105,899
|
2022
|
|
|
|
COMMON
STOCK
|
|
TREASURY
STOCK
|
|
SURPLUS
|
|
RETAINED
EARNINGS
|
|
ACCUMULATED
OTHER
COMPREHENSIVE
(LOSS) INCOME
|
|
TOTAL
|
Balance at December 31,
2021
|
|
$
|
267
|
|
$
|
(83,280)
|
|
$
|
146,069
|
|
$
|
60,005
|
|
$
|
(6,512)
|
|
$
|
116,549
|
Net income
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
2,418
|
|
|
0
|
|
|
2,418
|
Exercise of stock
options and stock
option expense
|
|
|
0
|
|
|
0
|
|
|
93
|
|
|
0
|
|
|
0
|
|
|
93
|
Adjustment for defined
benefit pension
plan
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
919
|
|
|
919
|
Adjustment for
unrealized gain (loss) on
available for sale securities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(5,860)
|
|
|
(5,860)
|
Common stock cash
dividend
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(427)
|
|
|
0
|
|
|
(427)
|
Balance at March 31,
2022
|
|
$
|
267
|
|
$
|
(83,280)
|
|
$
|
146,162
|
|
$
|
61,996
|
|
$
|
(11,453)
|
|
$
|
113,692
|
Net income
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
1,981
|
|
|
0
|
|
|
1,981
|
Exercise of stock
options and stock
option expense
|
|
|
0
|
|
|
0
|
|
|
13
|
|
|
0
|
|
|
0
|
|
|
13
|
Adjustment for defined
benefit pension
plan
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(4,488)
|
|
|
(4,488)
|
Adjustment for
unrealized gain (loss) on
available for sale securities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(4,292)
|
|
|
(4,292)
|
Common stock cash
dividend
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(514)
|
|
|
0
|
|
|
(514)
|
Balance at June 30,
2022
|
|
$
|
267
|
|
$
|
(83,280)
|
|
$
|
146,175
|
|
$
|
63,463
|
|
$
|
(20,233)
|
|
$
|
106,392
|
Net income
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
2,102
|
|
|
0
|
|
|
2,102
|
Exercise of stock
options and stock
option expense
|
|
|
0
|
|
|
0
|
|
|
23
|
|
|
0
|
|
|
0
|
|
|
23
|
Adjustment for defined
benefit pension
plan
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(47)
|
|
|
(47)
|
Adjustment for
unrealized gain (loss) on
available for sale securities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(6,370)
|
|
|
(6,370)
|
Common stock cash
dividend
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(513)
|
|
|
0
|
|
|
(513)
|
Balance at September
30, 2022
|
|
$
|
267
|
|
$
|
(83,280)
|
|
$
|
146,198
|
|
$
|
65,052
|
|
$
|
(26,650)
|
|
$
|
101,587
|
Net income
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
947
|
|
|
0
|
|
|
947
|
Exercise of stock
options and stock
option expense
|
|
|
0
|
|
|
0
|
|
|
27
|
|
|
0
|
|
|
0
|
|
|
27
|
Adjustment for defined
benefit pension
plan
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
3,932
|
|
|
3,932
|
Adjustment for
unrealized gain (loss) on
available for sale securities
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
198
|
|
|
198
|
Common stock cash
dividend
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(513)
|
|
|
0
|
|
|
(513)
|
Balance at December 31,
2022
|
|
$
|
267
|
|
$
|
(83,280)
|
|
$
|
146,225
|
|
$
|
65,486
|
|
$
|
(22,520)
|
|
$
|
106,178
|
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. 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. We also believe that presenting non-GAAP
financial measures
provides additional information to facilitate comparison of our
historical operating results and trends in our underlying operating
results. We consider
quantitative and qualitative factors in assessing whether to adjust
for the impact of items that may be significant or that could
affect an understanding
of our ongoing financial and business performance or
trends.
|
2023
|
|
|
|
|
|
1QTR
|
|
RETURN ON AVERAGE
TANGIBLE
COMMON EQUITY
|
|
|
|
|
Net income
|
|
$
|
1,515
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
105,092
|
|
Less: Average
intangible assets
|
|
|
13,734
|
|
Average tangible common
equity
|
|
|
91,358
|
|
|
|
|
|
|
Return on average
tangible common equity
(annualized)
|
|
|
6.73
|
%
|
|
|
|
|
|
|
|
1QTR
|
|
TANGIBLE COMMON
EQUITY
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
105,899
|
|
Less: Intangible
assets
|
|
|
13,731
|
|
Tangible common
equity
|
|
|
92,168
|
|
|
|
|
|
|
TANGIBLE
ASSETS
|
|
|
|
|
Total assets
|
|
|
1,345,957
|
|
Less: Intangible
assets
|
|
|
13,731
|
|
Tangible
assets
|
|
|
1,332,226
|
|
|
|
|
|
|
Tangible common equity
ratio
|
|
|
6.92
|
%
|
|
|
|
|
|
Total shares
outstanding
|
|
|
17,147,270
|
|
|
|
|
|
|
Tangible book value per
share
|
|
$
|
5.38
|
|
2022
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
|
|
|
4QTR
|
|
|
FULL
YEAR
2022
|
|
|
RETURN ON AVERAGE
TANGIBLE
COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,418
|
|
$
|
1,981
|
|
$
|
2,102
|
|
|
|
$
|
947
|
|
$
|
7,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
115,658
|
|
|
111,898
|
|
|
106,749
|
|
|
|
|
101,640
|
|
|
108,986
|
|
|
Less: Average
intangible assets
|
|
|
13,766
|
|
|
13,757
|
|
|
13,749
|
|
|
|
|
13,742
|
|
|
13,753
|
|
|
Average tangible common
equity
|
|
|
101,892
|
|
|
98,141
|
|
|
93,000
|
|
|
|
|
87,898
|
|
|
95,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity
(annualized)
|
|
|
9.62
|
%
|
|
8.10
|
%
|
|
8.97
|
%
|
|
|
|
4.27
|
%
|
|
7.82
|
%
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
|
|
|
|
4QTR
|
|
TANGIBLE COMMON
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
113,692
|
|
$
|
106,392
|
|
$
|
101,587
|
|
|
|
$
|
106,178
|
|
Less: Intangible
assets
|
|
|
13,761
|
|
|
13,753
|
|
|
13,746
|
|
|
|
|
13,739
|
|
Tangible common
equity
|
|
|
99,931
|
|
|
92,639
|
|
|
87,841
|
|
|
|
|
92,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
1,331,265
|
|
|
1,321,402
|
|
|
1,350,048
|
|
|
|
|
1,363,874
|
|
Less: Intangible
assets
|
|
|
13,761
|
|
|
13,753
|
|
|
13,746
|
|
|
|
|
13,739
|
|
Tangible
assets
|
|
|
1,317,504
|
|
|
1,307,649
|
|
|
1,336,302
|
|
|
|
|
1,350,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio
|
|
|
7.58
|
%
|
|
7.08
|
%
|
|
6.57
|
%
|
|
|
|
6.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
17,109,084
|
|
|
17,109,097
|
|
|
17,112,617
|
|
|
|
|
17,117,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
|
$
|
5.84
|
|
$
|
5.41
|
|
$
|
5.13
|
|
|
|
$
|
5.40
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ameriserv-financial-reports-first-quarter-2023-earnings-301799595.html
SOURCE AmeriServ Financial, Inc.