JOHNSTOWN, Pa., Oct. 14, 2014 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported third quarter 2014 net
income available to common shareholders of $312,000, or $0.02
per diluted common share. This compares to net income
available to common shareholders of $1,173,000, or $0.06 per diluted common share, reported for the
third quarter of 2013. As previously disclosed on
September 25, 2014, the Company's
third quarter 2014 performance was negatively impacted by a
$669,000 goodwill impairment charge
related to its registered investment advisory subsidiary and
approximately $150,000 of
non-recurring expenses related to a profitability improvement
project. For the nine month period ended September 30, 2014, the Company reported net
income available to common shareholders of $2,116,000, or $0.11 per diluted share. This represented a
35.3% decline in earnings per share from the same nine month period
in 2013 where net income available to common shareholders totaled
$3,195,000 or $0.17 per diluted common share. The
following table highlights the Company's financial performance for
both the three and nine month periods ended September 30, 2014 and 2013:
|
Third Quarter
2014
|
Third Quarter
2013
|
|
Nine Months
Ended
September 30,
2014
|
Nine Months
Ended
September 30,
2013
|
|
|
|
|
|
|
Net income
|
$365,000
|
$1,226,000
|
|
$2,274,000
|
$3,352,000
|
Net income available
to common shareholders
|
$312,000
|
$1,173,000
|
|
$2,116,000
|
$3,195,000
|
Diluted earnings per
share
|
$ 0.02
|
$ 0.06
|
|
$ 0.11
|
$0.17
|
Glenn L. Wilson, President and
Chief Executive Officer, commented on the third quarter 2014
financial results: "During the third quarter, we continued to
thoroughly analyze our business operations and practices in order
to improve efficiencies and increase profitability in 2015 and
beyond. We plan to accomplish this objective while keeping
the positive momentum we have developed on growing our loan
portfolio while maintaining strong asset quality. Over the past
twelve months, we have increased total loans by $54 million, or 7.10%, to a record level of
$818 million. This has been an
important factor contributing to the growth in net interest income
that AmeriServ Financial has achieved in 2014. Additionally,
our asset quality metrics continue to be outstanding as
non-performing assets are only 0.48% of total loans and our
allowance for loan losses provided 298% coverage of non-performing
loans at September 30,
2014."
The Company's net interest income in the third quarter of 2014
increased by $203,000 from the prior
year's third quarter and for the first nine months of 2014
increased by $1,049,000, or 4.3%,
when compared to the first nine months of 2013. The Company's
net interest margin of 3.48% for the first nine months of 2014 was
four basis points lower than the net interest margin of 3.52% for
the first nine months of 2013. There was a similar net
interest margin decline of four basis points when the third quarter
of 2014 is compared to the prior year third quarter. We
believe that this performance demonstrates that the recent pace of
net interest margin contraction has slowed from the pace of margin
decline experienced over the previous two years. The Company
has been able to mitigate this net interest margin pressure and to
increase net interest income by both growing its earning assets and
reducing its cost of funds. Specifically, the earning asset growth
has occurred in the loan portfolio as total loans averaged
$797 million in the first nine months
of 2014 which is $60 million, or
8.2%, higher than the $737 million
average for the same period in 2013. This loan growth
reflects the successful results of the Company's more intensive
sales calling efforts, with an emphasis on generating commercial
loans and owner occupied commercial real estate loans, which
qualify as Small Business Lending Fund (SBLF) loans. As a
result of this growth in SBLF qualified loans, the Company has
locked in the lowest preferred dividend rate available under the
program of 1% until the first quarter of 2016. Interest
income in 2014 has also benefitted from reduced premium
amortization on mortgage backed securities due to slower mortgage
prepayment speeds. Overall, total interest income has
increased by $957,000 in 2014.
Total interest expense for the first nine months of 2014 declined
by $92,000 from the first nine months
of 2013 due to the Company's proactive efforts to reduce deposit
costs. Even with this reduction in deposit costs, the Company
still experienced growth in deposits which reflects the loyalty of
our core deposit base and ongoing efforts to cross sell new loan
customers into deposit products. Specifically, total deposits
averaged a record level of $870
million for the first nine months of 2014 which is
$26 million, or 3.1%, higher than the
$844 million average in the first
nine months of 2013. This decreased interest cost for
deposits has been partially offset by a $132,000 increase in the interest cost for
borrowings as the Company has utilized more FHLB term advances to
extend borrowings and provide protection against rising interest
rates.
The Company did not record a provision for loan losses in either
the third quarter of 2014 or the third quarter of 2013. For
the nine month period during 2014, the Company also did not record
a provision for loan losses compared to a $100,000 negative provision in the first nine
months of 2013. The Company continued to maintain outstanding
asset quality in 2014. At September
30, 2014, non-performing assets totaled $3.9 million, or 0.48% of total loans, which
represents the second time that our non-performing assets have been
under $4 million in the past seven
quarters. The Company experienced net loan charge-offs of
$567,000, or 0.28% of total loans, in
the third quarter of 2014 compared to net loan recoveries of
$39,000, or 0.02% of total loans, in
the third quarter of 2013. However, for the first nine months
of 2014 actual credit losses realized through net charge-offs
totaled $522,000, or 0.09% of total
loans, which represents a decrease from the first nine months of
2013 when net charge-offs totaled $1.3
million, or 0.23% of total loans. When determining the
provision for loan losses, the Company considers a number of
factors, some of which include periodic credit reviews,
non-performing assets, loan delinquency and charge-off trends,
concentrations of credit, loan volume trends and broader local and
national economic trends. In summary, the allowance for loan
losses provided a strong 298% coverage of non-performing loans, and
1.17% of total loans, at September 30,
2014, compared to 327% coverage of non-performing loans, and
1.29% of total loans, at December 31,
2013.
Total non-interest income in the third quarter of 2014 decreased
by $393,000 from the prior year's
third quarter and for the first nine months of 2014 decreased by
$1.1 million, or 9.4%, when compared
to the first nine months of 2013. The primary factors causing
the third quarter 2014 decline were a $140,000 decrease in other income and an
$86,000 decrease in trust and
investment advisory fees. The other income drop was due to
reduced gains on the sale of other real estate owned and lower
financial services commission revenue. The decline in trust
and investment advisory fees was caused by the loss of certain
clients at our investment advisory subsidiary due to the departure
of the former chief executive officer of that business earlier in
2014. The largest factor contributing to the $1.1 million decline in non-interest income for
the nine month period in 2014 was reduced revenue from residential
mortgage banking activities due to lower refinance activity as a
result of higher mortgage rates and reduced purchase activity,
particularly in the first quarter of 2014. This caused gains
realized on residential mortgage loan sales into the secondary
market and other mortgage related fees to decrease by a total of
$539,000 for the first nine months of
2014. Other factors contributing to the non-interest income
decline in the first nine months of 2014 included a $233,000 decrease in bank owned life insurance
revenue due largely to the receipt of a death claim in the prior
year and a net unfavorable swing of $136,000 on other real estate owned property
transactions.
Total non-interest expense in the third quarter of 2014
increased by $830,000 from the prior
year's third quarter and for the first nine months of 2014
increased by $1.1 million, or 3.6%,
when compared to the first nine months of 2013. As previously
disclosed, the Company recorded a $669,000 goodwill impairment charge and
approximately $150,000 of
professional fees related to a profitability improvement project in
the third quarter of 2014. The facts and circumstances that
led to an impairment of goodwill included a recent loss of clients
and a reduction in the projected earnings capacity of our
investment advisory subsidiary. The Company expects to
achieve a significant payback on the costs related to the
profitability improvement project as we evaluate and prioritize
recommendations for implementation beginning in the fourth quarter
of 2014 and continuing into 2015. For the nine month period,
salaries and employee benefits were down by $198,000 due to lower pension expense and
incentive compensation expense in 2014. Professional fees
increased by $913,000 for the nine
month period due to higher legal costs related to litigation
against the former CEO of our investment advisory subsidiary, the
consulting costs associated with our profitability improvement
project and new recurring costs related to outsourcing our computer
operations and statement processing to a third party vendor.
The overall cost savings benefit from outsourcing these services is
captured in lower personnel costs in these departments and reduced
software expense, which is a key factor contributing to the decline
in other expenses of $436,000 for the
nine month period in 2014. Finally, the Company recorded an
income tax expense of $1.2 million,
or an effective tax rate of 34.5%, in the first nine months of 2014
compared to income tax expense of $1.4
million, or an effective tax rate of 29.6%, for the first
nine months of 2013. The higher effective tax rate in 2014
was primarily due to the non-deductibility of the goodwill
impairment charge for tax purposes. This was the factor
responsible for the unusually high effective tax rate of 51.5% for
the third quarter of 2014 as the impact of the goodwill impairment
charge was more pronounced on the quarterly results.
The Company had total assets of $1.07
billion, shareholders' equity of $116
million, a book value of $5.06
per common share and a tangible book value of $4.43 per common share at September 30, 2014. The Company has
increased its tangible book value per share by 8.3% over the past
twelve months. The Company continued to maintain strong
capital ratios that exceed the regulatory defined well capitalized
status with a risk based capital ratio of 15.00%, an asset leverage
ratio of 11.44% and a tangible common equity to tangible assets
ratio of 7.86% at September 30,
2014.
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,
2014
|
|
|
|
(Dollars in
thousands, except per share and ratio data)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
930
|
979
|
365
|
2,274
|
Net income available
to common shareholders
|
|
877
|
927
|
312
|
2,116
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
0.36%
|
0.37%
|
0.14%
|
0.29%
|
Return on average
equity
|
|
3.30
|
3.41
|
1.25
|
2.64
|
Net interest
margin
|
|
3.56
|
3.47
|
3.42
|
3.48
|
Net charge-offs
(recoveries) as a percentage of average loans
|
-
|
(0.02)
|
0.28
|
0.09
|
Loan loss provision
(credit) as a percentage of average loans
|
-
|
-
|
-
|
-
|
Efficiency
ratio
|
|
89.02
|
88.29
|
93.68
|
90.32
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
0.05
|
0.05
|
0.02
|
0.11
|
Average number of
common shares outstanding
|
|
18,786
|
18,795
|
18,795
|
18,792
|
Diluted
|
|
0.05
|
0.05
|
0.02
|
0.11
|
Average number of
common shares outstanding
|
|
18,904
|
18,936
|
18,908
|
18,916
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.01
|
0.03
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net
income
|
|
1,056
|
1,070
|
1,226
|
3,352
|
Net income available
to common shareholders
|
|
1,004
|
1,018
|
1,173
|
3,195
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
|
0.43%
|
0.43%
|
0.47%
|
0.44%
|
Return on average
equity
|
|
3.86
|
3.86
|
4.44
|
4.05
|
Net interest
margin
|
|
3.59
|
3.50
|
3.46
|
3.52
|
Net charge-offs
(recoveries) as a percentage of average loans
|
0.76
|
(0.02)
|
(0.02)
|
0.23
|
Loan loss provision
(credit) as a percentage of average loans
|
(0.14)
|
0.08
|
-
|
(0.02)
|
Efficiency
ratio
|
|
89.52
|
86.28
|
85.41
|
87.05
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
|
0.05
|
0.05
|
0.06
|
0.17
|
Average number of
common shares outstanding
|
|
19,168
|
19,039
|
18,784
|
18,995
|
Diluted
|
|
0.05
|
0.05
|
0.06
|
0.17
|
Average number of
common shares outstanding
|
|
19,257
|
19,128
|
18,878
|
19,086
|
Cash dividends
declared
|
|
-
|
0.01
|
0.01
|
0.02
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
|
|
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
Assets
|
|
1,051,108
|
1,063,717
|
1,070,431
|
|
|
|
Short-term
investments/overnight funds
|
|
9,019
|
8,013
|
6,662
|
|
|
|
Investment
securities
|
|
154,754
|
153,603
|
150,471
|
|
|
|
Loans and loans held
for sale
|
|
789,620
|
804,675
|
817,887
|
|
|
|
Allowance for loan
losses
|
|
10,109
|
10,150
|
9,582
|
|
|
|
Goodwill
|
|
12,613
|
12,613
|
11,944
|
|
|
|
Deposits
|
|
875,333
|
873,908
|
872,170
|
|
|
|
FHLB
borrowings
|
|
40,483
|
52,677
|
63,438
|
|
|
|
Shareholders'
equity
|
|
114,590
|
115,946
|
116,146
|
|
|
|
Non-performing
assets
|
|
3,274
|
4,469
|
3,897
|
|
|
|
Asset leverage
ratio
|
|
11.50%
|
11.56%
|
11.44%
|
|
|
|
Tangible common
equity ratio
|
|
7.80
|
7.83
|
7.86
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
Book value
(A)
|
|
4.97
|
5.05
|
5.06
|
|
|
|
Tangible book value
(A)
|
|
4.31
|
4.38
|
4.43
|
|
|
|
Market
value
|
|
3.85
|
3.48
|
3.30
|
|
|
|
Trust assets - fair
market value (B)
|
|
1,693,663
|
1,778,522
|
1,774,988
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
347
|
345
|
341
|
|
|
|
Branch
locations
|
|
18
|
17
|
17
|
|
|
|
Common shares
outstanding
|
|
18,793,388
|
18,794,888
|
18,794,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
Assets
|
|
999,718
|
1,025,084
|
1,038,144
|
1,056,036
|
|
|
Short-term
investments/overnight funds
|
|
23,995
|
9,291
|
8,646
|
9,778
|
|
|
Investment
securities
|
|
162,866
|
168,284
|
167,110
|
160,165
|
|
|
Loans and loans held
for sale
|
|
717,852
|
751,522
|
763,681
|
786,748
|
|
|
Allowance for loan
losses
|
|
10,960
|
11,145
|
11,183
|
10,104
|
|
|
Goodwill
|
|
12,613
|
12,613
|
12,613
|
12,613
|
|
|
Deposits
|
|
847,189
|
840,272
|
852,211
|
854,522
|
|
|
FHLB
borrowings
|
|
16,000
|
50,292
|
52,096
|
66,555
|
|
|
Shareholders'
equity
|
|
111,445
|
109,282
|
110,370
|
113,307
|
|
|
Non-performing
assets
|
|
4,387
|
5,027
|
5,037
|
4,109
|
|
|
Asset leverage
ratio
|
|
11.58%
|
11.52%
|
11.44%
|
11.45%
|
|
|
Tangible common
equity ratio
|
|
7.88
|
7.47
|
7.48
|
7.64
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
Book value
(A)
|
|
4.72
|
4.70
|
4.76
|
4.91
|
|
|
Tangible book value
(A)
|
|
4.06
|
4.03
|
4.09
|
4.24
|
|
|
Market
value
|
|
3.13
|
2.74
|
3.15
|
3.03
|
|
|
Trust assets - fair
market value (B)
|
|
1,566,236
|
1,562,366
|
1,599,402
|
1,668,654
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
357
|
360
|
358
|
352
|
|
|
Branch
locations
|
|
18
|
18
|
18
|
18
|
|
|
Common shares
outstanding
|
|
19,168,188
|
18,784,188
|
18,784,188
|
18,784,188
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
(A) Preferred
stock of $21 million received through the Small Business Lending
Fund is excluded from the book value per common share
and
|
tangible book
value per common share calculations.
|
(B) Not
recognized on the consolidated balance sheets.
|
|
|
AMERISERV FINANCIAL,
INC.
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
(Dollars in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,032
|
8,939
|
9,019
|
26,990
|
Interest on
investments
|
|
1,063
|
1,044
|
1,000
|
3,107
|
Total Interest
Income
|
|
10,095
|
9,983
|
10,019
|
30,097
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
|
1,211
|
1,240
|
1,237
|
3,688
|
All
borrowings
|
|
359
|
359
|
379
|
1,097
|
Total Interest
Expense
|
|
1,570
|
1,599
|
1,616
|
4,785
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,525
|
8,384
|
8,403
|
25,312
|
Provision (credit)
for loan losses
|
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT)
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,525
|
8,384
|
8,403
|
25,312
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,032
|
1,948
|
1,807
|
5,787
|
Service charges on
deposit accounts
|
|
478
|
501
|
507
|
1,486
|
Net realized gains on
loans held for sale
|
|
101
|
171
|
275
|
547
|
Mortgage related
fees
|
|
117
|
160
|
190
|
467
|
Net realized gains on
investment securities
|
|
57
|
120
|
-
|
177
|
Bank owned life
insurance
|
|
187
|
185
|
188
|
560
|
Other
income
|
|
560
|
553
|
626
|
1,739
|
Total Non-Interest
Income
|
|
3,532
|
3,638
|
3,593
|
10,763
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,314
|
6,107
|
6,139
|
18,560
|
Net occupancy
expense
|
|
839
|
717
|
709
|
2,265
|
Equipment
expense
|
|
470
|
494
|
468
|
1,432
|
Professional
fees
|
|
1,308
|
1,464
|
1,360
|
4,132
|
FDIC deposit
insurance expense
|
|
160
|
154
|
159
|
473
|
Goodwill impairment
charge
|
|
-
|
-
|
669
|
669
|
Other
expenses
|
|
1,647
|
1,684
|
1,739
|
5,070
|
Total Non-Interest
Expense
|
|
10,738
|
10,620
|
11,243
|
32,601
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,319
|
1,402
|
753
|
3,474
|
Income tax
expense
|
|
389
|
423
|
388
|
1,200
|
NET
INCOME
|
|
930
|
979
|
365
|
2,274
|
Preferred stock
dividends
|
|
53
|
52
|
53
|
158
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
877
|
927
|
312
|
2,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
|
TO DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
8,628
|
8,590
|
8,765
|
25,983
|
Interest on
investments
|
|
1,074
|
1,037
|
1,046
|
3,157
|
Total Interest
Income
|
|
9,702
|
9,627
|
9,811
|
29,140
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
|
1,350
|
1,288
|
1,274
|
3,912
|
All
borrowings
|
|
310
|
318
|
337
|
965
|
Total Interest
Expense
|
|
1,660
|
1,606
|
1,611
|
4,877
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,042
|
8,021
|
8,200
|
24,263
|
Provision (credit)
for loan losses
|
|
(250)
|
150
|
-
|
(100)
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT)
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,292
|
7,871
|
8,200
|
24,363
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
1,881
|
1,999
|
1,893
|
5,773
|
Service charges on
deposit accounts
|
|
511
|
538
|
560
|
1,609
|
Net realized gains on
loans held for sale
|
|
386
|
241
|
285
|
912
|
Mortgage related
fees
|
|
201
|
228
|
212
|
641
|
Net realized gains on
investment securities
|
|
71
|
-
|
66
|
137
|
Bank owned life
insurance
|
|
201
|
388
|
204
|
793
|
Other
income
|
|
565
|
681
|
766
|
2,012
|
Total Non-Interest
Income
|
|
3,816
|
4,075
|
3,986
|
11,877
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,331
|
6,176
|
6,251
|
18,758
|
Net occupancy
expense
|
|
773
|
751
|
694
|
2,218
|
Equipment
expense
|
|
455
|
455
|
429
|
1,339
|
Professional
fees
|
|
1,035
|
1,150
|
1,034
|
3,219
|
FDIC deposit
insurance expense
|
|
134
|
151
|
152
|
437
|
Other
expenses
|
|
1,894
|
1,759
|
1,853
|
5,506
|
Total Non-Interest
Expense
|
|
10,622
|
10,442
|
10,413
|
31,477
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,486
|
1,504
|
1,773
|
4,763
|
Income tax
expense
|
|
430
|
434
|
547
|
1,411
|
NET
INCOME
|
|
1,056
|
1,070
|
1,226
|
3,352
|
Preferred stock
dividends
|
|
52
|
52
|
53
|
157
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,004
|
1,018
|
1,173
|
3,195
|
|
|
AMERISERV FINANCIAL, INC.
|
|
|
|
|
AVERAGE BALANCE SHEET DATA
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
NINE
|
|
|
NINE
|
|
|
3QTR
|
MONTHS
|
|
3QTR
|
MONTHS
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
808,731
|
797,090
|
|
754,996
|
736,896
|
Deposits with
banks
|
|
7,207
|
6,904
|
|
6,542
|
8,541
|
Short-term investment
in money market funds
|
|
1,449
|
2,635
|
|
2,632
|
3,437
|
Federal funds
sold
|
|
-
|
-
|
|
318
|
106
|
Total investment
securities
|
|
155,816
|
158,651
|
|
172,880
|
168,666
|
Total interest
earning assets
|
|
973,203
|
965,280
|
|
937,368
|
917,646
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
|
16,027
|
15,755
|
|
16,469
|
16,720
|
Premises and
equipment
|
|
13,477
|
13,273
|
|
13,018
|
12,656
|
Other
assets
|
|
69,528
|
69,635
|
|
72,125
|
76,683
|
Allowance for loan
losses
|
|
(10,040)
|
(10,101)
|
|
(11,177)
|
(11,571)
|
|
|
|
|
|
|
|
Total
assets
|
|
1,062,195
|
1,053,842
|
|
1,027,803
|
1,012,134
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
Interest bearing
demand
|
|
104,197
|
95,688
|
|
79,224
|
72,308
|
Savings
|
|
89,522
|
89,647
|
|
88,270
|
88,128
|
Money
market
|
|
228,353
|
228,898
|
|
211,725
|
210,993
|
Other time
|
|
299,730
|
301,959
|
|
315,890
|
313,075
|
Total interest
bearing deposits
|
|
721,802
|
716,192
|
|
695,109
|
684,504
|
Borrowings:
|
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
12,933
|
16,606
|
|
18,711
|
13,590
|
Advances from Federal
Home Loan Bank
|
|
34,729
|
30,605
|
|
20,193
|
16,537
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
13,085
|
|
13,085
|
13,085
|
Total interest
bearing liabilities
|
|
782,549
|
776,488
|
|
747,098
|
727,716
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
Demand
deposits
|
|
155,157
|
153,648
|
|
159,627
|
159,550
|
Other
liabilities
|
|
8,143
|
8,395
|
|
11,622
|
14,298
|
Shareholders'
equity
|
|
116,346
|
115,311
|
|
109,456
|
110,570
|
Total liabilities and
shareholders' equity
|
|
1,062,195
|
1,053,842
|
|
1,027,803
|
1,012,134
|
|
|
|
|
|
|
|
SOURCE AmeriServ Financial, Inc.