JOHNSTOWN, Pa., April 19, 2016 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported a first quarter 2016 net
loss available to common shareholders of $1,282,000, or ($0.07) per diluted common share, due primarily
to an increased provision for loan losses. This net loss is
consistent with the information previously disclosed in an 8K filed
on March 31, 2016. In the first
quarter of 2015, net income available to common shareholders
totaled $1,316,000, or $0.07 per diluted common share. The
following table highlights the Company's financial performance for
the quarters ended March 31, 2016 and
2015:
|
First Quarter
2016
|
First Quarter
2015
|
$ Change
|
% Change
|
|
|
|
|
|
Net income
(loss)
|
($1,267,000)
|
$1,369,000
|
($2,636,000)
|
(192.5%)
|
Net income (loss)
available to common shareholders
|
($1,282,000)
|
$1,316,000
|
($2,598,000)
|
(197.4%)
|
Diluted earnings per
share
|
($ 0.07)
|
$ 0.07
|
($ 0.14)
|
(200.0%)
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the first quarter 2016
financial results: "The net loss that we reported in the first
quarter of 2016 was caused by an increased provision for loan
losses that was needed to resolve our only meaningful direct loan
exposure to the energy industry. While I am disappointed with
this loss, the Company's overall loan portfolio quality continues
to be strong. Additionally, we achieved several meaningful
positive accomplishments in the first quarter of 2016 which
included the pay-off of $21 million
of SBLF preferred stock, continued year over year growth in both
loans and deposits, and the identification of further non-interest
expense savings which will benefit earnings in future
quarters. I expect that AmeriServ Financial will return to
more typical profitability levels in the second quarter of 2016."
The Company's net interest income in the first quarter of 2016
decreased by $376,000, or 4.2%, when
compared to the first quarter of 2015. The Company's net
interest margin of 3.30% for the first quarter of 2016 was 27 basis
points lower than the net interest margin of 3.57% for the first
quarter 2015 and was consistent with the 3.30% margin reported for
the more recent fourth quarter 2015 performance. The
reduction in net interest income is a direct result of net interest
margin compression that is prevalent in the banking industry along
with the interest expense associated with the Company's late fourth
quarter 2015 issuance of subordinated debt. The prolonged low
interest rate environment that exists in the economy, along with
intense market competition for loans, more than offset the Company
continuing to grow earning assets and control its cost of funds
through disciplined deposit pricing. Specifically, the
earning asset growth occurred in the loan portfolio as total loans
averaged $881 million in the first
quarter of 2016 which is $39.5 million, or 4.7%, higher
than the $842 million average for the first
quarter of 2015. This loan growth reflects the successful
results of the Company's business development efforts, with an
emphasis on generating commercial loans and owner occupied
commercial real estate loans particularly through its loan
production offices. Despite this meaningful loan growth
experienced between years, loan interest income increased modestly
by $9,000, or 0.1%. Interest
income on investments in 2016 also returned to a more normal level
after the Company benefited from a special dividend from the FHLB
of Pittsburgh in 2015.
Overall, total interest income decreased by $101,000, or 1.0%, between years.
Total interest expense for the first quarter of 2016 increased
by $275,000, or 17.3%, due to a
higher level of both borrowings and deposit interest expense.
The Company experienced a $195,000
increase in the interest cost for borrowings in the first quarter
of 2016 with $129,000 of this
increase attributable to the Company's recent subordinated debt
issuance. Specifically, the Company issued $7.65 million of subordinated debt which has a
6.50% fixed interest rate in late December 2015. The proceeds
from the subordinated debt issuance, along with other cash on hand,
was used to redeem all $21 million of
our outstanding SBLF preferred stock on January 27, 2016. The remainder of the
increase in interest expense was due to the December increase in
the fed funds rate which had an immediate impact on the cost of
overnight borrowed funds, which increased by $16 million in the first quarter of 2016.
The Company also experienced growth in deposits which we believe
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
$910 million for the first quarter of
2016 which is $13.4 million, or 1.5%,
higher than the $897 million average
for the first quarter of 2015. The Company is pleased that a
meaningful portion of this deposit growth occurred in non-interest
bearing demand deposit accounts. Deposit interest expense in
2016 increased by $80,000, or 6.8%,
due to the higher balance of deposits along with certain money
market accounts repricing upward after the Federal Reserve fed
funds interest rate increase.
The Company recorded a $3.1
million provision for loan losses in the first quarter of
2016 compared to a $250,000 provision
for loan losses in the first quarter of 2015, or an increase of
$2.85 million between periods.
The substantially higher than typical provision in the first
quarter of 2016 was necessary to resolve the Company's only
meaningful direct loan exposure to the energy industry. These
loans are related to a single borrower in the fracking industry who
had filed for bankruptcy protection in the fourth quarter of 2015.
With the bankruptcy recently changing from Chapter 11
(reorganization) to Chapter 7 (liquidation), the Company concluded
that its previously established reserves on these non-accrual loans
were not sufficient to cover the discounted collateral values that
will result from the liquidation process. As a result of this
action, the Company also experienced heightened net loan
charge-offs of $3.4 million, or 1.60%
of total loans, in the first quarter of 2016 compared to net loan
charge-offs of $184,000, or 0.09% of
total loans, in the first quarter of 2015. Overall, the
Company continued to maintain good asset quality as its
non-performing assets totaled $3.0
million, or only 0.34% of total loans, at March 31, 2016. In summary, the allowance
for loan losses provided a strong 408% coverage of non-performing
loans, and 1.08% of total loans, at March
31, 2016, compared to 159% coverage of non-performing loans,
and 1.13% of total loans, at December 31,
2015.
Total non-interest income in the first quarter of 2016 decreased
by $275,000, or 7.4%, from the first
quarter of 2015. Decreased revenue from bank owned life
insurance, mortgage loan sales, and mortgage related fees were the
main factors causing the decrease. Specifically, revenue from
bank owned life insurance decreased by $196,000 after the Company received a death claim
in 2015 and no such claim occurred in 2016. Gains realized on
residential mortgage loan sales into the secondary market decreased
by $84,000 and mortgage related fee
income declined by $52,000 due to
decreased refinance activity and a reduced level of new mortgage
loan originations in the first quarter of 2016. These
negative items were partially offset by the recognition of
$57,000 of gains from investment
security transactions in the first quarter of 2016. The
Company did not execute any sale transactions in the first quarter
of 2015. Also, trust and investment advisory fees increased
modestly by $19,000 due to successful
new business development efforts which more than offset fee
pressure from reduced asset market values.
The Company's total non-interest expense in the first quarter of
2016 increased by $301,000, or 2.9%,
when compared to the first quarter of 2015. The increase in
professional fees was almost entirely attributable to $288,000 of non-recurring costs for legal and
accounting services that were necessary to resolve a trust
operations trading error. Costs related to this trust issue
were also the primary reason that other expenses increased by
$76,000 between years. Salaries
and employee benefits were also up by $93,000, or 1.5%, in the first quarter of 2016
primarily due to increased health care costs and severance costs
related to the previously disclosed consolidation of branches in
the State College market.
Partially offsetting these higher expenses were lower levels of
occupancy and equipment related costs which is reflective of the
Company's ongoing focus on reducing and controlling non-interest
expenses. Finally, due to the pre-tax loss, the Company
recorded an income tax benefit of $549,000, or an effective tax rate of 30.2%, in
the first quarter of 2016. This compares to the income tax
expense of $617,000, or an effective
tax rate of 31.1%, for the first quarter of 2015.
The Company had total assets of $1.1
billion, shareholders' equity of $98
million, a book value of $5.16
per common share and a tangible book value of $4.53 per common share at March 31, 2016. 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 7.72% at March
31, 2016.
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
|
March 31,
2016
|
(Dollars in
thousands, except per share and ratio data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
(1,267)
|
|
|
|
|
Net income available
to common shareholders
|
|
(1,282)
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
(0.45%)
|
|
|
|
|
Return on average
equity
|
|
(4.86)
|
|
|
|
|
Net interest
margin
|
|
3.30
|
|
|
|
|
Net charge-offs as a
percentage of average loans
|
|
1.60
|
|
|
|
|
Loan loss provision
as a percentage of average loans
|
|
1.42
|
|
|
|
|
Efficiency
ratio
|
|
89.24
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
(0.07)
|
|
|
|
|
Average number of
common shares outstanding
|
|
18,884
|
|
|
|
|
Diluted
|
|
(0.07)
|
|
|
|
|
Average number of
common shares outstanding
|
|
18,937
|
|
|
|
|
Cash dividends
declared
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FULL
|
|
|
|
|
|
|
YEAR
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
Net
income
|
|
1,369
|
1,421
|
1,833
|
1,374
|
5,997
|
Net income available
to common shareholders
|
|
1,316
|
1,369
|
1,781
|
1,321
|
5,787
|
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
|
Return on average
assets
|
|
0.51%
|
0.52%
|
0.66%
|
0.49%
|
0.54%
|
Return on average
equity
|
|
4.80
|
4.88
|
6.15
|
4.56
|
5.10
|
Net interest
margin
|
|
3.57
|
3.45
|
3.52
|
3.30
|
3.49
|
Net charge-offs as a
percentage of average loans
|
|
0.09
|
0.08
|
0.11
|
0.16
|
0.11
|
Loan loss provision
as a percentage of average loans
|
|
0.12
|
0.09
|
0.14
|
0.23
|
0.15
|
Efficiency
ratio
|
|
82.29
|
81.93
|
78.25
|
81.69
|
81.01
|
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
|
0.07
|
0.07
|
0.09
|
0.07
|
0.31
|
Average number of
common shares outstanding
|
|
18,851
|
18,859
|
18,869
|
18,871
|
18,863
|
Diluted
|
|
0.07
|
0.07
|
0.09
|
0.07
|
0.31
|
Average number of
common shares outstanding
|
|
18,909
|
18,941
|
18,951
|
18,950
|
18,933
|
Cash dividends
declared
|
|
0.01
|
0.01
|
0.01
|
0.01
|
0.04
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
1QTR
|
|
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,121,701
|
|
|
|
Short-term
investments/overnight funds
|
|
5,556
|
|
|
|
Investment
securities
|
|
139,000
|
|
|
|
Loans and loans held
for sale
|
|
882,410
|
|
|
|
Allowance for loan
losses
|
|
9,520
|
|
|
|
Goodwill
|
|
11,944
|
|
|
|
Deposits
|
|
906,773
|
|
|
|
FHLB
borrowings
|
|
88,952
|
|
|
|
Subordinated debt,
net
|
|
7,424
|
|
|
|
Shareholders'
equity
|
|
97,589
|
|
|
|
Non-performing
assets
|
|
3,007
|
|
|
|
Tangible common
equity ratio
|
|
7.72
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
5.16
|
|
|
|
Tangible book value
(A)
|
|
4.53
|
|
|
|
Market
value
|
|
2.99
|
|
|
|
Trust assets - fair
market value (B)
|
|
1,974,180
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
317
|
|
|
|
Branch
locations
|
|
16
|
|
|
|
Common shares
outstanding
|
|
18,894,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
Assets
|
|
1,103,416
|
1,112,934
|
1,110,843
|
1,148,922
|
Short-term
investments/overnight funds
|
|
10,127
|
9,843
|
14,966
|
25,067
|
Investment
securities
|
|
142,010
|
142,448
|
135,013
|
140,886
|
Loans and loans held
for sale
|
|
853,972
|
866,243
|
868,213
|
883,987
|
Allowance for loan
losses
|
|
9,689
|
9,717
|
9,772
|
9,921
|
Goodwill
|
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
|
892,676
|
862,902
|
869,899
|
903,294
|
FHLB
borrowings
|
|
71,219
|
109,430
|
100,988
|
96,748
|
Subordinated debt,
net
|
|
-
|
-
|
-
|
7,418
|
Shareholders'
equity
|
|
116,328
|
117,305
|
119,408
|
118,973
|
Non-performing
assets
|
|
3,046
|
2,565
|
2,294
|
6,297
|
Tangible common
equity ratio
|
|
7.64
|
7.66
|
7.87
|
7.57
|
PER COMMON
SHARE:
|
|
|
|
|
|
Book value
(A)
|
|
5.06
|
5.11
|
5.21
|
5.19
|
Tangible book value
(A)
|
|
4.42
|
4.47
|
4.58
|
4.56
|
Market
value
|
|
2.98
|
3.33
|
3.24
|
3.20
|
Trust assets - fair
market value (B)
|
|
2,033,573
|
2,012,358
|
1,935,495
|
1,974,882
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
Full-time equivalent
employees
|
|
318
|
318
|
318
|
318
|
Branch
locations
|
|
17
|
17
|
17
|
17
|
Common shares
outstanding
|
|
18,855,021
|
18,861,811
|
18,870,811
|
18,870,811
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
(A) For 2015,
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. The Company repaid the US Treasury
for the SBLF funds on January 27, 2016.
|
(B) Not
recognized on the consolidated balance sheets.
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
|
CONSOLIDATED
STATEMENT OF INCOME
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
1QTR
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,465
|
|
|
|
|
Interest on
investments
|
|
957
|
|
|
|
|
Total Interest
Income
|
|
10,422
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,254
|
|
|
|
|
All
borrowings
|
|
610
|
|
|
|
|
Total Interest
Expense
|
|
1,864
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,558
|
|
|
|
|
Provision for loan
losses
|
|
3,100
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
5,458
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,075
|
|
|
|
|
Service charges on
deposit accounts
|
|
415
|
|
|
|
|
Net realized gains on
loans held for sale
|
|
107
|
|
|
|
|
Mortgage related
fees
|
|
63
|
|
|
|
|
Net realized
gains(losses) on investment securities
|
|
57
|
|
|
|
|
Bank owned life
insurance
|
|
167
|
|
|
|
|
Other
income
|
|
553
|
|
|
|
|
Total Non-Interest
Income
|
|
3,437
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,166
|
|
|
|
|
Net occupancy
expense
|
|
737
|
|
|
|
|
Equipment
expense
|
|
436
|
|
|
|
|
Professional
fees
|
|
1,465
|
|
|
|
|
FDIC deposit
insurance expense
|
|
179
|
|
|
|
|
Other
expenses
|
|
1,728
|
|
|
|
|
Total Non-Interest
Expense
|
|
10,711
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
(1,816)
|
|
|
|
|
Income tax
expense
|
|
(549)
|
|
|
|
|
NET
INCOME
|
|
(1,267)
|
|
|
|
|
Preferred stock
dividends
|
|
15
|
|
|
|
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
(1,282)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FULL
|
|
|
|
|
|
|
YEAR
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
9,456
|
9,480
|
9,718
|
9,341
|
37,995
|
Interest on
investments
|
|
1,067
|
929
|
949
|
941
|
3,886
|
Total Interest
Income
|
|
10,523
|
10,409
|
10,667
|
10,282
|
41,881
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
1,174
|
1,171
|
1,174
|
1,233
|
4,752
|
All
borrowings
|
|
415
|
438
|
458
|
457
|
1,768
|
Total Interest
Expense
|
|
1,589
|
1,609
|
1,632
|
1,690
|
6,520
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
8,934
|
8,800
|
9,035
|
8,592
|
35,361
|
Provision for loan
losses
|
|
250
|
200
|
300
|
500
|
1,250
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION
|
|
|
|
|
|
|
FOR LOAN
LOSSES
|
|
8,684
|
8,600
|
8,735
|
8,092
|
34,111
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
Trust and investment
advisory fees
|
|
2,056
|
2,135
|
2,085
|
2,068
|
8,344
|
Service charges on
deposit accounts
|
|
419
|
429
|
441
|
461
|
1,750
|
Net realized gains on
loans held for sale
|
|
191
|
225
|
178
|
173
|
767
|
Mortgage related
fees
|
|
115
|
109
|
87
|
80
|
391
|
Net realized gains on
investment securities
|
|
-
|
28
|
(36)
|
79
|
71
|
Bank owned life
insurance
|
|
363
|
171
|
684
|
399
|
1,617
|
Other
income
|
|
568
|
595
|
576
|
588
|
2,327
|
Total Non-Interest
Income
|
|
3,712
|
3,692
|
4,015
|
3,848
|
15,267
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,073
|
5,944
|
6,079
|
5,946
|
24,042
|
Net occupancy
expense
|
|
841
|
718
|
692
|
690
|
2,941
|
Equipment
expense
|
|
466
|
480
|
409
|
418
|
1,773
|
Professional
fees
|
|
1,211
|
1,275
|
1,206
|
1,311
|
5,003
|
FDIC deposit
insurance expense
|
|
167
|
164
|
174
|
164
|
669
|
Other
expenses
|
|
1,652
|
1,658
|
1,659
|
1,641
|
6,610
|
Total Non-Interest
Expense
|
|
10,410
|
10,239
|
10,219
|
10,170
|
41,038
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
1,986
|
2,053
|
2,531
|
1,770
|
8,340
|
Income tax
expense
|
|
617
|
632
|
698
|
396
|
2,343
|
NET
INCOME
|
|
1,369
|
1,421
|
1,833
|
1,374
|
5,997
|
Preferred stock
dividends
|
|
53
|
52
|
52
|
53
|
210
|
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS
|
1,316
|
1,369
|
1,781
|
1,321
|
5,787
|
AMERISERV FINANCIAL,
INC.
|
AVERAGE BALANCE SHEET
DATA
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
1QTR
|
|
|
1QTR
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
881,063
|
|
|
841,612
|
Short-term investment
in money market funds
|
|
7,955
|
|
|
11,296
|
Deposits with
banks
|
|
3,484
|
|
|
2,017
|
Total investment
securities
|
|
142,161
|
|
|
147,652
|
Total interest
earning assets
|
|
1,034,663
|
|
|
1,002,577
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
Cash and due from
banks
|
|
18,739
|
|
|
17,293
|
Premises and
equipment
|
|
12,090
|
|
|
12,953
|
Other
assets
|
|
67,751
|
|
|
70,301
|
Allowance for loan
losses
|
|
(9,886)
|
|
|
(9,673)
|
|
|
|
|
|
|
Total
assets
|
|
1,123,357
|
|
|
1,093,451
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
Interest bearing
demand
|
|
101,293
|
|
|
92,926
|
Savings
|
|
95,303
|
|
|
92,490
|
Money
market
|
|
264,433
|
|
|
232,542
|
Other time
|
|
267,805
|
|
|
306,050
|
Total interest
bearing deposits
|
|
728,834
|
|
|
724,008
|
Borrowings:
|
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
29,449
|
|
|
13,484
|
Advances from Federal
Home Loan Bank
|
|
49,135
|
|
|
43,581
|
Guaranteed junior
subordinated deferrable interest debentures
|
13,085
|
|
|
13,085
|
Subordinated
debt
|
|
7,650
|
|
|
-
|
Total interest
bearing liabilities
|
|
828,153
|
|
|
794,158
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
Demand
deposits
|
|
181,096
|
|
|
172,559
|
Other
liabilities
|
|
9,370
|
|
|
11,052
|
Shareholders'
equity
|
|
104,738
|
|
|
115,682
|
Total liabilities and
shareholders' equity
|
|
1,123,357
|
|
|
1,093,451
|
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SOURCE AmeriServ Financial, Inc.