JOHNSTOWN, Pa., Oct. 17, 2017 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported third quarter 2017 net
income available to common shareholders of $1,551,000, or $0.08 per diluted common share. This
earnings performance represented an increase of $486,000, or 45.6%, from the third quarter of
2016 where net income available to common shareholders totaled
$1,065,000, or $0.06 per diluted common share. For the
nine-month period ended September 30,
2017, the Company reported net income available to common
shareholders of $4,288,000, or
$0.23 per diluted common share.
This represents a significant improvement of $3.1 million from the nine-month period of 2016
where net income available to common shareholders totaled
$1,145,000, or $0.06 per diluted common share. The
following table highlights the Company's financial performance for
both the three and nine month periods ended September 30, 2017 and 2016:
|
Third
Quarter 2017
|
Third Quarter
2016
|
|
Nine Months
Ended
September 30, 2017
|
Nine Months Ended
September 30, 2016
|
|
|
|
|
|
|
Net income
|
$1,551,000
|
$1,065,000
|
|
$4,288,000
|
$1,160,000
|
Net income
available
to common
shareholders
|
$1,551,000
|
$1,065,000
|
|
$4,288,000
|
$1,145,000
|
Diluted earnings per
share
|
$ 0.08
|
$ 0.06
|
|
$ 0.23
|
$ 0.06
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2017 financial results:
"In the third quarter of 2017, the continued execution of our
strategic plan generated increased earnings per share and more
active capital returns to our shareholders. The strong growth
in earnings resulted from a favorable combination of increased
revenue, reduced non-interest expense and a controlled loan loss
provision. This improved net income allowed us to exceed our
strategic plan goal of returning 75% of our earnings for the first
nine months of 2017 to our shareholders through accretive stock
buybacks and cash dividends."
The Company's net interest income in the third quarter of 2017
increased by $431,000, or 5.1%, from
the prior year's third quarter and for the first nine months of
2017 increased by $1.0 million, or
3.9%, when compared to the first nine months of 2016. The
Company's net interest margin was 3.28% for the quarter and 3.27%
for the first nine months of 2017 representing an improvement of 13
basis points from the prior year's third quarter and a four basis
point improvement from the first nine months of 2016. The
2017 increase in net interest income is a result of a higher level
of total earning assets and favorable balance sheet positioning
which has contributed to the improved net interest margin
performance. The Company continues to grow earning assets
while also limiting increases in its cost of funds through
disciplined deposit pricing. Specifically, for the quarter,
the earning asset growth occurred in the investment securities
portfolio while the loan portfolio remained relatively
stable. Total investment securities averaged $175 million in the third quarter of 2017 which
is $26.2 million, or 17.6%, higher
than the $149 million average for the
third quarter of 2016. Investment securities have also
averaged $172 million for the
nine-month time period which is $26.8
million, or 18.5%, higher than the nine month 2016
average. Total loans averaged $892
million in the third quarter of 2017 and for the nine
month period, total loans averaged $894
million which is $6.4 million,
or 0.7%, higher than the 2016 nine month average.
The growth in the investment securities portfolio is the result
of management electing to diversify the mix of the investment
securities portfolio through purchases of high quality corporate
and taxable municipal securities. This revised strategy for
securities purchases was facilitated by the increase in national
interest rates that resulted in improved opportunities to purchase
additional securities and grow the portfolio. As a result,
interest on investments increased between the third quarter of 2017
and the third quarter of 2016 by $318,000 or 31.4% and increased in the first nine
months of 2017 from the same time period in 2016 by $846,000 or 28.7%. The slight decrease in
the loan portfolio when comparing the third quarter average in 2017
to last year's third quarter average was the result of accelerated
prepayment activity along with new commercial loan production
funding occurring late in the 2017 quarter. However, the
growth demonstrated when comparing the nine- month average from
2017 to 2016 reflects the successful results of the Company's
business development efforts, with an emphasis on generating all
types of commercial business loans particularly through its loan
production offices. Loan interest income increased by
$393,000, or 4.2%, between the third
quarter of 2017 and the third quarter of 2016 and also increased by
$853,000, or 3.0%, in the first nine
months of 2017 when compared to last year. The higher loan
interest income results from new loans originating at higher yields
due to the higher interest rates and also reflects the upward
repricing of certain loans tied to LIBOR or the prime rate as both
of these indices have moved up with the Federal Reserve's decision
to increase the target federal funds interest rate by 25 basis
points in December of 2016, March of 2017, and again in June of
2017. Overall, total interest income increased by
$1.7 million, or 5.4%, in the first
nine months of 2017.
Total interest expense for the third quarter of 2017 increased
by $280,000, or 14.2%, and increased
by $692,000, or 12.1%, in the first
nine months of 2017 when compared to 2016, due to higher levels of
both deposit and borrowing interest expense. The Company
experienced growth in deposits which we believe reflects the
loyalty of our core deposit base that provides a strong foundation
upon which this growth builds. Management's ability to
acquire new core deposit funding from outside of our traditional
market areas as well as our ongoing efforts to offer new loan
customers deposit products were the primary reasons for this
growth. Specifically, total deposits averaged $977 million for the first nine months of 2017
which is $29.9 million, or 3.2%,
higher than the $947 million average
for the first nine months of 2016. Deposit interest expense
through nine months in 2017 increased by $583,000, or 14.7%, due to the higher balance of
deposits along with certain indexed money market accounts repricing
upward after the Federal Reserve interest rate increases. As
a result of the solid deposit growth, the Company's loan to deposit
ratio averaged 91.5% in the first nine months of 2017 which
indicates that the Company has ample
room to further grow its loan
portfolio. The Company experienced a $109,000 increase in the interest cost for
borrowings in the first nine months of 2017 primarily due to the
immediate impact that the increases in the Federal Funds Rate had
on the cost of overnight borrowed funds. In the first nine
months of 2017, total average FHLB borrowed funds of $61.2 million remained relatively stable,
increasing slightly by $339,000, or
0.6%.
The Company recorded a $200,000
provision for loan losses in the third quarter of 2017 compared to
a $300,000 provision for loan losses
in the third quarter of 2016. For the nine-month period
in 2017, the Company recorded a $750,000 provision for loan losses compared to a
$3,650,000 provision for loan losses
in 2016 or a decrease of $2.9 million
between years. Both, the loan loss provision and net
charge-offs were at more typical levels this year than the
substantially higher levels that were necessary early last year to
resolve a troubled loan exposure to the energy industry. The
provision recorded in 2017 supported commercial loan growth, a
higher level of criticized loans and more than covered the low
level of net loan charge-offs incurred in the first nine months of
2017. For the nine-month timeframe, the Company experienced
net loan charge-offs of $336,000, or
0.05% of total loans in 2017 compared to net loan charge-offs of
$3.8 million, or 0.58%, of total
loans in 2016. Overall, the Company continued to maintain
strong asset quality as its nonperforming assets totaled
$5.4 million, or 0.60%, of total
loans, at September 30, 2017.
Total non-performing assets did increase by $3.0 million since the end of the second quarter
due primarily to the transfer of one commercial credit exposure
into non-accrual status. It is believed that the Company's
loss exposure on this loan is limited because it is well secured
with a low loan to value ratio. In summary, the allowance for
loan losses provided 193% coverage of non-performing loans, and
1.15% of total loans, at September 30,
2017, compared to 612% coverage of non-performing loans, and
1.12% of total loans, at December 31,
2016.
Total non-interest income in the third quarter of 2017 decreased
by $32,000, or 0.9%, from the prior
year's third quarter, and for the first nine months of 2017
increased by $106,000, or 1.0%, when
compared to the first nine months of 2016. For the third
quarter of 2017, the decrease was due to lower revenue from
mortgage related fees ($63,000) and
residential mortgage loan sales into the secondary market
($43,000) as a result of reduced
residential mortgage refinance activity in the third quarter of
2017. The reduced revenue more than offset a greater level of
other income primarily from our financial services business unit by
$87,000 as wealth management
continues to be an important strategic focus of the Company.
For the nine-month period, a $240,000
increase in financial services revenue, higher revenue from bank
owned life insurance (BOLI) by $89,000 due to the second quarter receipt of a
death claim, and a greater level of trust and investment advisory
fees by $58,000 more than offset
lower levels of service charges on deposits by $84,000, reduced mortgage related fees and
residential mortgage loan sale gains by $101,000, and fewer gains realized from security
sales by $62,000 in 2017.
The Company's total non-interest expense in the third quarter of
2017 decreased by $242,000, or 2.3%,
when compared to the third quarter of 2016, and for the first nine
months of 2017 decreased by $590,000,
or 1.9%. The decrease in the third quarter of 2017 is
attributed to lower levels of professional fees ($117,000) and other expenses ($98,000) as both of these expense categories
were higher in 2016 due to costs associated with the resolution of
a trust operations trading error. Also decreasing between
quarters were equipment & occupancy expenses by a combined
$98,000 due to the Company's ongoing
profitability improvement initiatives. These favorable items more
than offset higher salaries & employee benefits ($104,000) that resulted from increased health
care costs and additional investment in talent, particularly in our
wealth management division. For the nine-month period, the
$590,000 decrease in non-interest
expense in 2017 was attributable to the Company's ongoing efforts
to control and reduce costs. Specifically, a
branch consolidation and closure of an
unprofitable loan production office were the primary reasons for
occupancy expense decreasing by $136,000, or 6.5% and equipment costs declining
by $68,000. Other expense is
lower by $198,000 while professional
fees declined by $159,000 for similar
reasons mentioned above for the quarterly comparison. Reduced
FDIC insurance by $88,000 also
contributed to the favorable nine-month comparison. Overall,
this continued focus on expense control and rationalization results
in the efficiency ratio improving through nine months from 85.43%
in 2016 to 81.30% in 2017. Finally, the Company recorded an
income tax expense of $1.9 million,
or an effective tax rate of 31.2%, in the first nine months of
2017. This compares to an income tax expense of $474,000, or an effective tax rate of 29.0%, for
the first nine months of 2016.
The Company had total assets of $1.17
billion, shareholders' equity of $97.1 million, a book value of $5.31 per common share and a tangible book value
of $4.66 per common share at
September 30, 2017. In
accordance with the common stock buyback program announced on
January 24, 2017, the Company
returned $2.8 million of capital to
its shareholders through the repurchase of 686,360 shares of its
common stock in the first nine months of 2017. This
represents approximately 73% of the authorized common stock
repurchase program. The Company continued to maintain strong
capital ratios that exceed the regulatory defined well capitalized
status.
This news release may contain forward-looking statements that
involve risks and uncertainties, as defined in the Private
Securities Litigation Reform Act of 1995, including the risks
detailed in the Company's Annual Report and Form 10-K to the
Securities and Exchange Commission. Actual results may differ
materially.
|
|
|
NASDAQ:
ASRV
|
|
|
SUPPLEMENTAL
FINANCIAL PERFORMANCE DATA
|
|
|
|
|
September 30,
2017
|
|
|
|
(Dollars in
thousands, except per share and ratio data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
1,348
|
1,389
|
1,551
|
4,288
|
Net income available
to common shareholders
|
|
1,348
|
1,389
|
1,551
|
4,288
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
0.47%
|
0.48%
|
0.53%
|
0.49%
|
Return on average
equity
|
|
5.74
|
5.81
|
6.37
|
5.98
|
Net interest
margin
|
|
3.27
|
3.27
|
3.28
|
3.27
|
Net charge-offs as a
percentage of average loans
|
|
0.04
|
0.01
|
0.11
|
0.05
|
Loan loss provision
as a percentage of average loans
|
|
0.10
|
0.14
|
0.09
|
0.11
|
Efficiency
ratio
|
|
82.04
|
81.47
|
80.42
|
81.30
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
0.07
|
0.07
|
0.08
|
0.23
|
Average number of
common shares outstanding
|
|
18,814
|
18,580
|
18,380
|
18,590
|
Diluted
|
|
0.07
|
0.07
|
0.08
|
0.23
|
Average number of
common shares outstanding
|
|
18,922
|
18,699
|
18,481
|
18,689
|
Cash dividends
declared
|
|
0.015
|
0.015
|
0.015
|
0.045
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
(loss)
|
|
(1,267)
|
1,362
|
1,065
|
1,160
|
Net income (loss)
available to common shareholders
|
|
(1,282)
|
1,362
|
1,065
|
1,145
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
(0.45%)
|
0.48%
|
0.37%
|
0.14%
|
Return on average
equity
|
|
(4.86)
|
5.60
|
4.27
|
1.54
|
Net interest
margin
|
|
3.30
|
3.23
|
3.15
|
3.23
|
Net charge-offs as a
percentage of average loans
|
|
1.60
|
0.01
|
0.14
|
0.58
|
Loan loss provision
as a percentage of average loans
|
|
1.42
|
0.11
|
0.13
|
0.55
|
Efficiency
ratio
|
|
89.24
|
82.05
|
85.07
|
85.43
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
Basic
|
|
(0.07)
|
0.07
|
0.06
|
0.06
|
Average number of
common shares outstanding
|
|
18,884
|
18,897
|
18,899
|
18,893
|
Diluted
|
|
(0.07)
|
0.07
|
0.06
|
0.06
|
Average number of
common shares outstanding
|
|
18,884
|
18,948
|
18,957
|
18,947
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.015
|
0.035
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,172,127
|
1,171,962
|
1,170,916
|
|
Short-term
investments/overnight funds
|
|
8,320
|
8,389
|
8,408
|
|
Investment
securities
|
|
165,781
|
168,367
|
168,443
|
|
Loans and loans held
for sale
|
|
899,456
|
897,876
|
897,990
|
|
Allowance for loan
losses
|
|
10,080
|
10,391
|
10,346
|
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
|
Deposits
|
|
964,776
|
956,375
|
966,921
|
|
FHLB
borrowings
|
|
79,718
|
87,143
|
77,635
|
|
Subordinated debt,
net
|
|
7,447
|
7,453
|
7,459
|
|
Shareholders'
equity
|
|
95,604
|
96,277
|
97,110
|
|
Non-performing
assets
|
|
1,488
|
2,362
|
5,372
|
|
Tangible common
equity ratio
|
|
7.21
|
7.27
|
7.35
|
|
Total capital (to
risk weighted assets) ratio
|
|
13.03
|
13.13
|
13.08
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book
value
|
|
5.12
|
5.21
|
5.31
|
|
Tangible book
value
|
|
4.48
|
4.57
|
4.66
|
|
Market
value
|
|
3.75
|
4.15
|
4.00
|
|
Trust assets - fair
market value (A)
|
|
2,025,304
|
2,070,212
|
2,119,371
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
307
|
308
|
307
|
|
Branch
locations
|
|
16
|
16
|
16
|
|
Common shares
outstanding
|
|
18,666,520
|
18,461,628
|
18,281,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,121,701
|
1,142,492
|
1,145,655
|
1,153,780
|
Short-term
investments/overnight funds
|
|
5,556
|
6,836
|
8,279
|
8,966
|
Investment
securities
|
|
139,000
|
145,753
|
145,609
|
157,742
|
Loans and loans held
for sale
|
|
882,410
|
895,513
|
896,301
|
886,858
|
Allowance for loan
losses
|
|
9,520
|
9,746
|
9,726
|
9,932
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
|
906,773
|
940,931
|
962,736
|
967,786
|
FHLB
borrowings
|
|
88,952
|
72,617
|
56,943
|
58,296
|
Subordinated debt,
net
|
|
7,424
|
7,430
|
7,435
|
7,441
|
Shareholders'
equity
|
|
97,589
|
99,232
|
100,044
|
95,395
|
Non-performing
assets
|
|
3,007
|
2,230
|
1,907
|
1,624
|
Tangible common
equity ratio
|
|
7.72
|
7.72
|
7.77
|
7.31
|
Total capital (to
risk weighted assets) ratio
|
|
13.11
|
13.04
|
13.17
|
13.15
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
|
|
5.16
|
5.25
|
5.29
|
5.05
|
Tangible book
value
|
|
4.53
|
4.62
|
4.66
|
4.41
|
Market
value
|
|
2.99
|
3.02
|
3.32
|
3.70
|
Trust assets - fair
market value (A)
|
|
1,974,180
|
1,982,868
|
2,011,344
|
1,992,978
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
317
|
311
|
310
|
305
|
Branch
locations
|
|
16
|
16
|
16
|
16
|
Common shares
outstanding
|
|
18,894,561
|
18,896,876
|
18,903,472
|
18,903,472
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
(A) Not
recognized on the consolidated balance sheets.
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,556
|
|
9,778
|
|
9,855
|
|
29,189
|
Interest on
investments
|
|
1,192
|
|
1,273
|
|
1,332
|
|
3,797
|
Total Interest
Income
|
|
10,748
|
|
11,051
|
|
11,187
|
|
32,986
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,436
|
|
1,504
|
|
1,618
|
|
4,558
|
All
borrowings
|
|
591
|
|
648
|
|
632
|
|
1,871
|
Total Interest
Expense
|
|
2,027
|
|
2,152
|
|
2,250
|
|
6,429
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,721
|
|
8,899
|
|
8,937
|
|
26,557
|
Provision for loan
losses
|
|
225
|
|
325
|
|
200
|
|
750
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,496
|
|
8,574
|
|
8,737
|
|
25,807
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,166
|
|
2,081
|
|
2,045
|
|
6,292
|
Service charges on
deposit accounts
|
|
374
|
|
385
|
|
409
|
|
1,168
|
Net realized gains on
loans held for sale
|
|
114
|
|
186
|
|
217
|
|
517
|
Mortgage related
fees
|
|
75
|
|
83
|
|
69
|
|
227
|
Net realized gains on
investment securities
|
|
27
|
|
32
|
|
56
|
|
115
|
Bank owned life
insurance
|
|
141
|
|
310
|
|
143
|
|
594
|
Other
income
|
|
665
|
|
678
|
|
690
|
|
2,033
|
Total Non-Interest
Income
|
|
3,562
|
|
3,755
|
|
3,629
|
|
10,946
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,010
|
|
5,979
|
|
6,005
|
|
17,994
|
Net occupancy
expense
|
|
674
|
|
639
|
|
634
|
|
1,947
|
Equipment
expense
|
|
419
|
|
434
|
|
343
|
|
1,196
|
Professional
fees
|
|
1,200
|
|
1,415
|
|
1,213
|
|
3,828
|
FDIC deposit
insurance expense
|
|
160
|
|
152
|
|
156
|
|
468
|
Other
expenses
|
|
1,622
|
|
1,698
|
|
1,763
|
|
5,083
|
Total Non-Interest
Expense
|
|
10,085
|
|
10,317
|
|
10,114
|
|
30,516
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,973
|
|
2,012
|
|
2,252
|
|
6,237
|
Income tax
expense
|
|
625
|
|
623
|
|
701
|
|
1,949
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,348
|
|
1,389
|
|
1,551
|
|
4,288
|
|
|
2016
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
YEAR
|
|
|
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,465
|
|
9,409
|
|
9,462
|
|
28,336
|
Interest on
investments
|
|
957
|
|
980
|
|
1,014
|
|
2,951
|
Total Interest
Income
|
|
10,422
|
|
10,389
|
|
10,476
|
|
31,287
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,254
|
|
1,330
|
|
1,391
|
|
3,975
|
All
borrowings
|
|
610
|
|
573
|
|
579
|
|
1,762
|
Total Interest
Expense
|
|
1,864
|
|
1,903
|
|
1,970
|
|
5,737
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,558
|
|
8,486
|
|
8,506
|
|
25,550
|
Provision for loan
losses
|
|
3,100
|
|
250
|
|
300
|
|
3,650
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
5,458
|
|
8,236
|
|
8,206
|
|
21,900
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,075
|
|
2,124
|
|
2,035
|
|
6,234
|
Service charges on
deposit accounts
|
|
415
|
|
404
|
|
433
|
|
1,252
|
Net realized gains on
loans held for sale
|
|
107
|
|
185
|
|
260
|
|
552
|
Mortgage related
fees
|
|
63
|
|
98
|
|
132
|
|
293
|
Net realized gains on
investment securities
|
|
57
|
|
60
|
|
60
|
|
177
|
Bank owned life
insurance
|
|
167
|
|
169
|
|
169
|
|
505
|
Other
income
|
|
553
|
|
702
|
|
572
|
|
1,827
|
Total Non-Interest
Income
|
|
3,437
|
|
3,742
|
|
3,661
|
|
10,840
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,166
|
|
5,868
|
|
5,901
|
|
17,935
|
Net occupancy
expense
|
|
737
|
|
690
|
|
656
|
|
2,083
|
Equipment
expense
|
|
436
|
|
409
|
|
419
|
|
1,264
|
Professional
fees
|
|
1,465
|
|
1,192
|
|
1,330
|
|
3,987
|
FDIC deposit
insurance expense
|
|
179
|
|
188
|
|
189
|
|
556
|
Other
expenses
|
|
1,728
|
|
1,692
|
|
1,861
|
|
5,281
|
Total Non-Interest
Expense
|
|
10,711
|
|
10,039
|
|
10,356
|
|
31,106
|
|
|
|
|
|
|
|
|
|
PRETAX INCOME
(LOSS)
|
|
(1,816)
|
|
1,939
|
|
1,511
|
|
1,634
|
Income tax expense
(benefit)
|
|
(549)
|
|
577
|
|
446
|
|
474
|
NET INCOME
(LOSS)
|
|
(1,267)
|
|
1,362
|
|
1,065
|
|
1,160
|
Preferred stock
dividends
|
|
15
|
|
-
|
|
-
|
|
15
|
NET INCOME (LOSS)
AVAILABLE TO COMMON SHAREHOLDERS
|
(1,282)
|
|
1,362
|
|
1,065
|
|
1,145
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
(Dollars in
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3QTR
|
|
NINE
|
|
3QTR
|
|
NINE
|
|
|
|
|
MONTHS
|
|
|
|
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
892,198
|
|
894,088
|
|
893,143
|
|
887,681
|
Short-term investment
in money market funds
|
|
8,921
|
|
8,049
|
|
20,797
|
|
12,987
|
Deposits with
banks
|
|
1,026
|
|
1,029
|
|
1,065
|
|
1,871
|
Total investment
securities
|
|
174,784
|
|
171,985
|
|
148,608
|
|
145,192
|
Total interest
earning assets
|
|
1,076,929
|
|
1,075,151
|
|
1,063,613
|
|
1,047,731
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
22,082
|
|
22,214
|
|
21,675
|
|
19,883
|
Premises and
equipment
|
|
12,467
|
|
12,095
|
|
11,887
|
|
11,982
|
Other
assets
|
|
67,240
|
|
67,552
|
|
68,660
|
|
68,351
|
Allowance for loan
losses
|
|
(10,537)
|
|
(10,290)
|
|
(9,794)
|
|
(9,777)
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
1,168,181
|
|
1,166,722
|
|
1,156,041
|
|
1,138,170
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
|
131,493
|
|
129,923
|
|
111,040
|
|
106,983
|
Savings
|
|
98,184
|
|
97,852
|
|
96,593
|
|
96,149
|
Money
market
|
|
277,948
|
|
276,958
|
|
285,358
|
|
275,226
|
Other time
|
|
292,054
|
|
290,598
|
|
302,610
|
|
286,966
|
Total interest
bearing deposits
|
|
799,679
|
|
795,331
|
|
795,601
|
|
765,324
|
Borrowings:
|
|
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
13,179
|
|
15,390
|
|
1,309
|
|
11,480
|
Advances from Federal
Home Loan Bank
|
|
45,997
|
|
45,785
|
|
49,852
|
|
49,356
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
13,085
|
|
13,085
|
|
13,085
|
Subordinated
debt
|
|
7,650
|
|
7,650
|
|
7,650
|
|
7,650
|
Total interest
bearing liabilities
|
|
879,590
|
|
877,241
|
|
867,497
|
|
846,895
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
181,356
|
|
181,924
|
|
181,365
|
|
182,003
|
Other
liabilities
|
|
10,628
|
|
11,630
|
|
7,931
|
|
8,683
|
Shareholders'
equity
|
|
96,607
|
|
95,927
|
|
99,248
|
|
100,589
|
Total liabilities and
shareholders' equity
|
|
1,168,181
|
|
1,166,722
|
|
1,156,041
|
|
1,138,170
|
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SOURCE AmeriServ Financial, Inc.