JOHNSTOWN, Pa., Oct. 20, 2015 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) continued its positive earnings
momentum in the third quarter of 2015 by reporting net income
available to common shareholders of $1,781,000, or $0.09 per diluted common share. This
represented a significant increase in earnings per share from the
third quarter of 2014 where net income available to common
shareholders totaled $312,000, or
$0.02 per diluted common share.
The third quarter 2014 performance was negatively impacted by a
$669,000 goodwill impairment
charge. For the nine month period ended September 30, 2015, the Company reported net
income available to common shareholders of $4,466,000, or $0.24 per diluted share. This represented a
118% increase in earnings per share from the first nine months of
2014 where net income available to common shareholders totaled
$2,116,000, or $0.11 per diluted common share. The
following table highlights the Company's financial performance for
both the three and nine month periods ended September 30, 2015 and 2014:
|
Third Quarter
2015
|
Third Quarter
2014
|
|
Nine Months
Ended
September 30,
2015
|
Nine Months
Ended
September 30,
2014
|
|
|
|
|
|
|
Net income
|
$1,833,000
|
$365,000
|
|
$4,623,000
|
$2,274,000
|
Net income available
to common
shareholders
|
$1,781,000
|
$312,000
|
|
$4,466,000
|
$2,116,000
|
Diluted earnings per
share
|
$ 0.09
|
$ 0.02
|
|
$ 0.24
|
$0.11
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the period ended September 30, 2015 financial results: "One of our
primary goals for 2015 was to have a disciplined focus on
successfully executing our business plans to increase profitability
and improve the earnings power of AmeriServ Financial Inc.
This progress was again evident in the third quarter of 2015
as we were able to both increase revenue and reduce non-interest
expense to help achieve meaningful growth in earnings per
share. Additionally, I am pleased that we have shown
sustained earnings improvement in 2015 while maintaining excellent
asset quality and a strong capital position."
The Company's net interest income in the third quarter of 2015
increased by $632,000, or 7.5%, from
the prior year's third quarter and for the first nine months of
2015 increased by $1,457,000, or
5.8%, when compared to the first nine months of 2014. The
Company has been able to increase its net interest income through a
combination of earning asset growth and improved net interest
margin performance. The Company's net interest margin of
3.52% for the first nine months of 2015 was four basis points
better than the net interest margin of 3.48% for the first nine
months of 2014. Specifically, the earning asset growth has
occurred in the loan portfolio as total loans averaged $853 million in the first nine months of 2015
which is $55 million, or 7.0%, higher
than the $797 million average for the
first nine months of 2014. This loan growth reflects the
successful results of the Company's sales calling efforts, with an
emphasis on generating commercial loans and owner occupied
commercial real estate loans particularly through its loan
production offices in stronger growth markets of Pittsburgh and Altoona in Pennsylvania, and Hagerstown, Maryland. Interest income in
2015 has also benefitted from greater prepayment fees on early loan
payoffs and an increased dividend from the FHLB of
Pittsburgh. Overall, total interest income has increased by
$648,000, or 6.5%, in the third
quarter of 2015 and by $1.5 million,
or 5.0%, in the first nine months of 2015.
Total interest expense has been well controlled in 2015 as it
increased by only $16,000 in the
third quarter and $45,000, or 0.9%,
in the first nine months of 2015 due to tight control of our cost
of funds through disciplined deposit pricing. Total deposit
interest expense decreased by $169,000, or 4.6%, in the first nine months of
2015 from the same timeframe in 2014. Even with this
reduction in deposit costs, the Company continues to have a strong
loyal core deposit base and success in cross-selling new loan
customers into deposit products. Specifically, total deposits
averaged $887 million for the first
nine months of 2015 which is $17
million, or 2.0%, higher than the $870 million average for the same period in
2014. The Company is pleased that a meaningful portion of
this deposit growth occurred in non-interest bearing demand deposit
accounts. This decreased interest expense for deposits has
been offset by a $214,000 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 recorded a $300,000
provision for loan losses in the third quarter of 2015 compared to
no provision for loan losses in the third quarter of 2014.
For the nine month period in 2015, the Company recorded a
$750,000 provision for loan losses
compared to no provision for loan losses in the first nine months
of 2014. The provision recorded in 2015 was needed to support
the continuing growth of the loan portfolio and cover net loan
charge-offs. The Company experienced net loan charge-offs of
$245,000, or 0.11% of total loans, in
the third quarter of 2015 compared to net loan charge-offs of
$568,000, or 0.28% of total loans, in
the third quarter of 2014. For the nine month periods, there
were net loan charge-offs of $601,000, or 0.09% of total loans, in 2015
compared to net loan charge-offs of $522,000, or 0.09% of total loans, in 2014.
Overall, the Company continued to maintain outstanding asset
quality during the first nine months of 2015. At September 30, 2015, non-performing assets totaled
$2.3 million, or only 0.27% of total
loans, and is $1.6 million lower than
the September 30, 2014 level.
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 461% coverage of
non-performing loans, and 1.13% of total loans, at September 30, 2015, compared to 400% coverage of
non-performing loans, and 1.16% of total loans, at December 31, 2014.
Total non-interest income in the third quarter of 2015 increased
by $422,000 from the prior year's
third quarter and for the first nine months of 2015 increased by
$656,000, or 6.1%, when compared to
the first nine months of 2014. Increased revenue from trust
and investment advisory fees and bank owned life insurance were two
factors contributing to both the quarterly and nine month
non-interest income increase. Specifically, trust and
investment advisory fees increased by $278,000, or 15.4%, for the quarter and
$489,000, or 8.4%, for the nine month
period due to increased assets under management which reflects
successful new business development activities as well as effective
management of existing customer accounts in this volatile market
environment. Trust assets under administration totaled
$1.9 billion as of September 30, 2015. Revenue from bank owned
life insurance increased by $496,000
for the quarter and $658,000 for the
nine month period due to the receipt of a total of three death
claims in the first nine months of 2015. These increases were
partially offset by a reduction in deposit service charges in 2015
of $66,000 for the quarter and
$197,000 for the nine month period
due to fewer overdraft fees. Mortgage related fees also
dropped by $103,000 in the third
quarter and $156,000 for the nine
month period due to less mortgage refinance activity in 2015.
Finally, there was a net unfavorable shift of $185,000 in investment security transactions as
the Company recognized a modest loss on the sale of lower yielding
securities in the third quarter of 2015 compared to gains realized
on the sale of rapidly pre-paying mortgage backed securities in
2014.
Total non-interest expense in the third quarter of 2015
decreased by $1,024,000, or 9.1%,
from the prior year's third quarter and for the first nine months
of 2015 decreased by $1,733,000, or
5.3%, when compared to the first nine months of 2014. The
Company recognized a $669,000
goodwill impairment charge related to its investment advisory
subsidiary in the third quarter of 2014. There was no
such charge in 2015. Salaries and employee benefits were down
by $60,000 in the third quarter and
by $464,000, or 2.5%, in the first
nine months of 2015, due to 23 fewer full time equivalent employees
as certain employees who elected to participate in an early
retirement program in late 2014 were not replaced in order to
achieve efficiencies identified as part of a profitability
improvement program. Professional fees declined by
$154,000 in the third quarter of 2015
and by $440,000, or 10.6%, in the
first nine month period due to lower legal fees, director's fees
and consulting costs in 2015. The remainder of the key
non-interest expense categories were relatively consistent or down
between years reflecting the Company's continuing focus on reducing
and controlling costs. Finally, the Company recorded an
income tax expense of $1,947,000, or
an effective tax rate of 29.6%, in the first nine months of 2015
compared to the income tax expense of $1,200,000, or an effective tax rate of 34.5%,
for the first nine months of 2014. The higher income tax
expense is due to the Company's increased earnings in the first
nine months of 2015 as the Company's effective tax rate is lower
than 2014 due to an increase in tax free revenue from bank owned
life insurance. The higher effective tax rate in 2014 was
also due to the non-deductibility of the goodwill impairment charge
for tax purposes.
The Company had total assets of $1.1
billion, shareholders' equity of $119
million, a book value of $5.21
per common share and a tangible book value of $4.58 per common share at September 30, 2015. The Company continued
to maintain strong capital ratios that exceed the regulatory
defined well capitalized status and had a tangible common equity to
tangible assets ratio of 7.87% at September
30, 2015.
QUARTERLY COMMON STOCK DIVIDEND
The Company also announced that its Board of Directors declared
a $0.01 per share quarterly common
stock cash dividend. The cash dividend is payable
November 16, 2015 to shareholders of
record on November 2, 2015.
This cash dividend represents a 1.2% annualized yield using the
October 13, 2015 closing common stock
price of $3.24. For the first
nine months of 2015, the Company's dividend payout ratio was
12.5%.
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,
2015
|
(In thousands, except
per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
2015
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
Net income
|
$1,369
|
$1,421
|
$1,833
|
$4,623
|
Net income available
to common shareholders
|
1,316
|
1,369
|
1,781
|
4,466
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
Return on average
assets
|
0.51%
|
0.52%
|
0.66%
|
0.56%
|
Return on average
equity
|
4.80
|
4.88
|
6.15
|
5.29
|
Net interest
margin
|
3.57
|
3.45
|
3.52
|
3.52
|
Net charge-offs as a
percentage of average loans
|
0.09
|
0.08
|
0.11
|
0.09
|
Loan loss provision
as a percentage of
average loans
|
0.12
|
0.09
|
0.14
|
0.12
|
Efficiency
ratio
|
82.29
|
81.93
|
78.25
|
80.79
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
Net
income:
|
|
|
|
|
Basic
|
$0.07
|
$0.07
|
$0.09
|
$0.24
|
Average number of
common shares outstanding
|
18,851
|
18,859
|
18,869
|
18,860
|
Diluted
|
0.07
|
0.07
|
0.09
|
0.24
|
Average number of
common shares outstanding
|
18,909
|
18,941
|
18,951
|
18,928
|
Cash dividends
declared
|
$0.01
|
$0.01
|
$0.01
|
$0.03
|
|
|
|
|
|
|
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
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
|
AMERISERV FINANCIAL,
INC.
|
(In thousands, except
per share, statistical, and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
2015
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END
|
|
|
|
|
Assets
|
$1,103,416
|
$1,112,934
|
$1,110,843
|
|
Short-term
investments/overnight funds
|
10,127
|
9,843
|
14,966
|
|
Investment
securities
|
142,010
|
142,448
|
135,013
|
|
Loans and loans held
for sale
|
853,972
|
866,243
|
868,213
|
|
Allowance for loan
losses
|
9,689
|
9,717
|
9,772
|
|
Goodwill
|
11,944
|
11,944
|
11,944
|
|
Deposits
|
892,676
|
862,902
|
869,899
|
|
FHLB
borrowings
|
71,219
|
109,430
|
100,988
|
|
Shareholders'
equity
|
116,328
|
117,305
|
119,408
|
|
Non-performing
assets
|
3,046
|
2,565
|
2,294
|
|
Tangible common
equity ratio
|
7.64
|
7.66
|
7.87
|
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
(A)
|
$5.06
|
$5.11
|
$5.21
|
|
Tangible book value
(A)
|
4.42
|
4.47
|
4.58
|
|
Market
value
|
2.98
|
3.33
|
3.24
|
|
Trust assets – fair
market value (B)
|
$2,033,573
|
$2,012,358
|
$1,935,495
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
318
|
318
|
318
|
|
Branch
locations
|
17
|
17
|
17
|
|
Common shares
outstanding
|
18,855,021
|
18,861,811
|
18,870,811
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END
|
|
|
|
|
Assets
|
$1,051,108
|
$1,063,717
|
$1,070,431
|
$1,089,263
|
Short-term
investments/overnight funds
|
9,019
|
8,013
|
6,662
|
9,092
|
Investment
securities
|
154,754
|
153,603
|
150,471
|
146,950
|
Loans and loans held
for sale
|
789,620
|
804,675
|
817,887
|
832,131
|
Allowance for loan
losses
|
10,109
|
10,150
|
9,582
|
9,623
|
Goodwill
|
12,613
|
12,613
|
11,944
|
11,944
|
Deposits
|
875,333
|
873,908
|
872,170
|
869,881
|
FHLB
borrowings
|
40,483
|
52,677
|
63,438
|
80,880
|
Shareholders'
equity
|
114,590
|
115,946
|
116,146
|
114,407
|
Non-performing
assets
|
3,274
|
4,469
|
3,897
|
2,917
|
Tangible common
equity ratio
|
7.80
|
7.83
|
7.86
|
7.56
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
(A)
|
$4.97
|
$5.05
|
$5.06
|
$4.97
|
Tangible book value
(A)
|
4.31
|
4.38
|
4.43
|
4.33
|
Market
value
|
3.85
|
3.48
|
3.30
|
3.13
|
Trust assets – fair
market value (B)
|
$1,692,663
|
$1,873,996
|
$1,872,088
|
$1,883,937
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
347
|
345
|
341
|
314
|
Branch
locations
|
18
|
17
|
17
|
17
|
Common shares
outstanding
|
18,793,388
|
18,794,888
|
18,794,888
|
18,794,888
|
NOTES:
|
(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
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
2015
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
INTEREST
INCOME
|
|
|
|
TO DATE
|
Interest and fees on
loans
|
$9,456
|
$9,480
|
$9,718
|
$28,654
|
Interest on
investments
|
1,067
|
929
|
949
|
2,945
|
Total Interest
Income
|
10,523
|
10,409
|
10,667
|
31,599
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
Deposits
|
1,174
|
1,171
|
1,174
|
3,519
|
All
borrowings
|
415
|
438
|
458
|
1,311
|
Total Interest
Expense
|
1,589
|
1,609
|
1,632
|
4,830
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,934
|
8,800
|
9,035
|
26,769
|
Provision for loan
losses
|
250
|
200
|
300
|
750
|
NET INTEREST INCOME
AFTER
PROVISION FOR LOAN LOSSES
|
8,684
|
8,600
|
8,735
|
26,019
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
Trust and investment
advisory fees
|
2,056
|
2,135
|
2,085
|
6,276
|
Service charges on
deposit accounts
|
419
|
429
|
441
|
1,289
|
Net realized gains on
loans held for sale
|
191
|
225
|
178
|
594
|
Mortgage related
fees
|
115
|
109
|
87
|
311
|
Net realized
gains(losses) on investment
securities
|
-
|
28
|
(36)
|
(8)
|
Bank owned life
insurance
|
363
|
171
|
684
|
1,218
|
Other
income
|
568
|
595
|
576
|
1,739
|
Total Non-Interest
Income
|
3,712
|
3,692
|
4,015
|
11,419
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
Salaries and employee
benefits
|
6,073
|
5,944
|
6,079
|
18,096
|
Net occupancy
expense
|
841
|
718
|
692
|
2,251
|
Equipment
expense
|
466
|
480
|
409
|
1,355
|
Professional
fees
|
1,211
|
1,275
|
1,206
|
3,692
|
FDIC deposit
insurance expense
|
167
|
164
|
174
|
505
|
Other
expenses
|
1,652
|
1,658
|
1,659
|
4,969
|
Total Non-Interest
Expense
|
10,410
|
10,239
|
10,219
|
30,868
|
|
|
|
|
|
PRETAX
INCOME
|
1,986
|
2,053
|
2,531
|
6,570
|
Income tax
expense
|
617
|
632
|
698
|
1,947
|
NET INCOME
|
1,369
|
1,421
|
1,833
|
4,623
|
Preferred stock
dividends
|
53
|
52
|
52
|
157
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
$1,316
|
$1,369
|
$1,781
|
$4,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
YEAR
|
INTEREST
INCOME
|
|
|
|
TO DATE
|
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 for loan
losses
|
-
|
-
|
-
|
-
|
NET INTEREST INCOME
AFTER
PROVISION 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
|
AMERISERV FINANCIAL,
INC.
|
NASDAQ:
ASRV
|
Average Balance Sheet
Data (In thousands)
|
(Unaudited)
|
|
|
|
|
2015
|
2014
|
|
|
NINE
|
|
NINE
|
|
3QTR
|
MONTHS
|
3QTR
|
MONTHS
|
Interest earning
assets:
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
$858,752
|
$852,553
|
$808,731
|
$797,090
|
Short-term investment
in money market funds
|
9,496
|
10,228
|
7,207
|
6,904
|
Deposits with
banks
|
1,235
|
1,235
|
1,449
|
2,635
|
Total investment
securities
|
144,958
|
146,348
|
155,816
|
158,651
|
Total interest
earning assets
|
1,014,441
|
1,010,364
|
973,203
|
965,280
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
Cash and due from
banks
|
16,362
|
17,241
|
16,027
|
15,755
|
Premises and
equipment
|
12,508
|
12,729
|
13,477
|
13,273
|
Other
assets
|
69,021
|
69,732
|
69,528
|
69,635
|
Allowance for loan
losses
|
(9,837)
|
(9,751)
|
(10,040)
|
(10,101)
|
|
|
|
|
|
Total
assets
|
$1,102,495
|
$1,100,315
|
$1,062,195
|
$1,053,842
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
Interest bearing
demand
|
$101,494
|
$98,668
|
$104,197
|
$95,688
|
Savings
|
95,968
|
95,050
|
89,522
|
89,647
|
Money
market
|
235,578
|
233,311
|
228,353
|
228,898
|
Other time
|
277,680
|
291,668
|
299,730
|
301,959
|
Total interest
bearing deposits
|
710,720
|
718,697
|
721,802
|
716,192
|
Borrowings:
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
40,427
|
27,228
|
12,933
|
16,606
|
Advances from Federal
Home Loan Bank
|
46,386
|
45,300
|
34,729
|
30,605
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
13,085
|
13,085
|
13,085
|
Total interest
bearing liabilities
|
810,618
|
804,310
|
782,549
|
776,488
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
Demand
deposits
|
164,092
|
168,634
|
155,157
|
153,648
|
Other
liabilities
|
9,531
|
10,442
|
8,143
|
8,395
|
Shareholders'
equity
|
118,254
|
116,929
|
116,346
|
115,311
|
Total liabilities and
shareholders' equity
|
$1,102,495
|
$1,100,315
|
$1,062,195
|
$1,053,842
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameriserv-financial-reports-increased-earnings-for-the-third-quarter-and-first-nine-months-of-2015-and-declares-quarterly-common-stock-dividend-300162765.html
SOURCE AmeriServ Financial, Inc.