JOHNSTOWN, Pa., Jan. 22, 2019 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2018 net
income of $1,928,000, or $0.11 per diluted common share. This
earnings performance represented an increase of $2.9 million, or 294%, from the fourth quarter of
2017 when the Company reported a net loss of $995,000, or ($0.05) per diluted common share. For the
year ended December 31, 2018, the
Company reported net income of $7,768,000, or $0.43 per diluted common share. This
represents 139% growth in earnings per share from the full year of
2017 where net income totaled $3,293,000, or $0.18 per diluted common share. The
Company's return on average equity improved to 8.08% for the 2018
year from 3.42% in 2017. As previously disclosed, the
Company's fourth quarter 2017 performance was impacted by an income
tax charge of $2.6 million related to
corporate income tax reform which necessitated the revaluation of
the Company's deferred tax asset because of the new lower corporate
tax rate. This additional income tax expense negatively
impacted diluted earnings per share by $0.14 for both the fourth quarter and full year
of 2017. The following table highlights the Company's
financial performance for both the three and twelve month periods
ended December 31, 2018 and 2017:
|
Fourth
Quarter 2018
|
Fourth
Quarter 2017
|
|
Year
Ended
December 31, 2018
|
Year Ended
December 31, 2017
|
|
|
|
|
|
|
Net income
(loss)
|
$1,928,000
|
($995,000)
|
|
$7,768,000
|
$3,293,000
|
Diluted earnings
per
share
|
$0.11
|
($0.05)
|
|
$0.43
|
$0.18
|
Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2018 financial results:
"AmeriServ Financial achieved record earnings in 2018 while making
strategic investments in our franchise that position us well in the
rapidly changing financial services industry. The fourth
quarter 2018 opening of a new financial banking center in
Hagerstown, Maryland allows us to
build upon the success of our Hagerstown commercial loan production office
and now offer a full slate of banking products and wealth
management services in this demographically attractive and growing
market. We continued to improve our technology platform in
2018 with the introduction of new business and consumer internet
banking packages. Finally, we made meaningful progress in
improving the earnings power of the company by reporting full year
earnings per share of $0.43,
increasing tangible book value per share by 6.3% during 2018 and
returning almost 48% of net income to our shareholders through
accretive common stock buybacks and an increased cash
dividend."
The Company's net interest income in the fourth quarter of 2018
decreased by $225,000, or 2.5%, from
the prior year's fourth quarter and for the full year of 2018
decreased by $67,000, or 0.2%, when
compared to the full year of 2017. The Company's net interest
margin was 3.22% for the fourth quarter and 3.31% for the full year
of 2018 representing a decrease of 9 basis points from the prior
year's fourth quarter and a 1 basis point decline from the full
year of 2017. The decrease in net interest income in both
time periods resulted from a reduced level of total earning assets
as lower total loans more than offset an increased level of total
investment securities. Total average earning assets decreased
modestly by $2.5 million, or 0.2%, in
the fourth quarter and $1.4 million,
or 0.1%, for the full year. This combined with the upward
repricing of interest bearing liabilities, as well as a higher
level of average interest bearing liabilities in both time periods,
resulted in net interest income decreasing.
Total investment securities increased in both time
periods. Total investment securities averaged $193 million in the fourth quarter of 2018 which
is $18.8 million, or 10.8%, higher
than the $175 million average for the
fourth quarter of 2017. Investment securities also averaged
$185 million for the full year which
is $11.9 million, or 6.9%, higher
than the full year 2017 average. The growth in the
investment securities portfolio is the result of management taking
advantage of the higher interest rate environment in 2018 to
purchase additional securities. Purchases in 2018 primarily
focused on federal agency mortgage backed securities due to the
ongoing liquid cash flow that these securities provide. Also,
management continued its portfolio diversification strategy through
purchases of high quality corporate and taxable municipal
securities. As a result, interest income on investments
increased between the fourth quarter of 2018 and the fourth quarter
of 2017 by $305,000, or 22.7%, and
increased for the full year of 2018 from 2017 by $927,000, or 18.0%.
In regards to the loan portfolio, total loans averaged
$873 million in the fourth quarter of
2018 which is $19.9 million, or 2.2%,
lower than the $893 million average
for the fourth quarter of 2017. Total loans averaged
$882 million for the full year of
2018 which is $12.1 million, or 1.4%,
lower than the 2017 full year average. Overall, total loan
originations were consistent with the prior year's level.
However, loan payoffs exceeded what we experienced in 2017 and also
exceeded loan originations in 2018, resulting in a net reduction to
the loan portfolio. Even though total average loans decreased
since last year, loan interest income increased by $450,000, or 4.5%, between the fourth quarter of
2018 and the fourth quarter of 2017 and also increased by
$1.8 million, or 4.6%, for the full
year of 2018 when compared to 2017. The higher loan interest
income reflects new loans originating at higher yields as well as
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 program to increase the target federal funds interest
rate. Overall, total interest income increased by $2.7 million, or 6.2%, for the full year of
2018.
Total interest expense for the fourth quarter of 2018 increased
by $980,000, or 41.4%, and increased
by $2.8 million, or 31.9%, for the
full year of 2018 when compared to 2017, due to higher levels of
both deposit and borrowing interest expense. Deposit interest
expense in 2018 was higher by $828,000 for the fourth quarter and $2.2 million for the full year which reflects
certain indexed money market accounts repricing upward after the
Federal Reserve interest rate increases. The higher national
interest rate environment in 2018 has resulted in increasing market
competitive pressure to retain existing deposit customers and
attract new customer deposits. Additionally, there has been
customer movement of some funds out of lower yielding money market
accounts into higher yielding certificates of deposits. The
runoff of money market deposits has more than offset the growth of
term deposit products and resulted in a decrease in the balance of
total deposits in 2018. Specifically, total deposits averaged
$960 million for the full year of
2018 which was $16.7 million, or
1.7%, lower than the $976 million
average for the full year of 2017. Overall, the Company's
loan to deposit ratio averaged 90.4% in the fourth quarter of 2018
which we believe indicates that the Company has ample capacity to
grow its loan portfolio. The Company experienced a
$617,000, or 24.3%, increase in the
interest cost for borrowings in the full year of 2018 due to a
higher average balance of total borrowed funds and the immediate
impact that the increases in the federal funds rate had on the cost
of overnight borrowed funds. The 2018 total full year average
of FHLB borrowed funds was $78.1
million and increased by $15.5
million, or 24.7%, due to the decrease in total average
deposits.
The Company recorded a $700,000
negative provision for loan losses in the fourth quarter of 2018 as
compared to a $50,000 provision
recorded in the fourth quarter of 2017. For the full year
2018, the Company recorded a negative loan loss provision of
$600,000 compared to an $800,000 provision expense for the 2017
year. The negative 2018 provision reflects our overall strong
asset quality, reduced loan portfolio balance and the successful
workout of several criticized loans which resulted in the release
of reserves after two criticized loans that had balances totaling
in excess of $11 million fully paid
off during the third and fourth quarters of 2018. For the
full year, the Company experienced net loan charge-offs of
$943,000, or 0.11% of total loans, in
2018 compared to net loan charge-offs of $518,000, or 0.06% of total loans, in 2017.
The higher 2018 net loan charge-offs reflect the final workout of
several non-performing loans on which reserves had previously been
established. Overall, the Company continued to maintain
outstanding asset quality as its nonperforming assets totaled
$1.4 million, or only 0.16% of total
loans, at December 31, 2018. In
summary, the allowance for loan losses provided 629% coverage of
non-performing assets, and 1.00% of total loans, at December 31, 2018, compared to 337% coverage of
non-performing assets, and 1.14% of total loans, at December 31, 2017.
Total non-interest income in the fourth quarter of 2018
decreased by $377,000, or 10.2%, from
the prior year's fourth quarter, and for the full year decreased by
$421,000, or 2.9%, when compared to
2017. The most significant factor contributing to the
negative variance in both time periods is a net unfavorable change
in investment security sales activity by $291,000 in the fourth quarter of 2018 and by
$554,000 for the full year.
There was no security sale activity in the fourth quarter of 2017
and a $115,000 net gain was
recognized for the full year of 2017. The net loss in both
time periods of 2018 resulted from the Company selling certain low
yielding securities and reinvesting in securities with higher
current market coupon rates. The result of these transactions
positions the Company for an increased future return from the
investment securities portfolio. Also contributing to the
unfavorable non-interest income variance in the fourth quarter 2018
was lower revenue from deposit service charges by $59,000 as well as reduced income from mortgage
related fees and residential mortgage loan sales into the secondary
market by a combined $93,000 as a
result of reduced residential mortgage production and refinance
activity during 2018. The reduced revenue more than offset a
greater level of other income by $58,000 due to increased letter of credit
fees. For full year of 2018, in addition to the unfavorable
change in net security sales activity, revenue from bank owned life
insurance (BOLI) was lower by $201,000 after the Company received a death claim
in 2017 and there was no such claim this year. Also, net
gains from residential mortgage loan sales and mortgage related
fees declined by a combined $279,000
and deposit services charges were $161,000 lower due to reduced overdraft
fees. Positive comparisons for the full year time period
included a $489,000, or 5.3%,
increase in wealth management fees as the Company benefitted from
increased market values for assets under management during
2018. Wealth management continues to be an important
strategic focus of the Company as it is the largest component of
non-interest revenue. Non-interest revenue comprises over 29%
of the Company's total revenue. Also, an increase in other
income by $285,000 results from a
$156,000 gain realized on the sale of
certain equity securities that the Company owned from a previous
acquisition as well as higher interchange income, revenue from
business services and letter of credit fees.
The Company's total non-interest expense in the fourth quarter
of 2018 increased by $142,000, or
1.4%, when compared to the fourth quarter of 2017, and for the full
year of 2018 increased by $170,000,
or 0.4%. The Company demonstrated good expense control during
2018 as indicated by the small percentage increase in both time
periods in relation to last year. The increase in both time
periods resulted from higher salaries & employee benefits
expense as well as increased other expenses, both of which more
than offset lower occupancy & equipment costs and reduced FDIC
deposit insurance expense. For the fourth quarter of 2018,
the increased salaries & employee benefits expense resulted
primarily from 4 additional employees hired for our new
Hagerstown, Maryland financial
banking center. While we do operate a loan production office
in Hagerstown, the opening of this
financial center is AmeriServ Financial, Inc.'s first move to
establish a full service banking center outside of Pennsylvania. This strategic investment
better positions the Company for future growth in a more
demographically attractive market. For the full year of 2018,
in combination with the additional hiring that took place during
the fourth quarter, the higher level of salaries & employee
benefits expense resulted from annual salary merit increases and
additional incentives paid primarily within our Wealth Management
operation due to the increased level of fee income mentioned
previously. The higher level of other expenses during the
fourth quarter was due largely to additional costs related to the
redesign of our improved Company website and $47,000 of additional expense for fraudulent
debit card usage. The reduction to occupancy and equipment
expenses in both time periods was primarily attributable to the
Company's ongoing efforts to carefully manage and contain
non-interest expense. Specifically, a branch office closure
in Cambria County along with a
branch consolidation in the State
College market resulted in reduced rent expense and other
occupancy related costs.
The Company recognized income tax expense for the 2018 year of
$1.6 million, or a 17.2% effective
tax rate, compared to income tax expense of $5.3 million, or a 61.9% effective tax rate, in
2017. The lower effective tax rate and income tax expense in
2018 reflects the benefits of corporate tax reform as a result of
the enactment of the "Tax Cuts and Jobs Act" late in the fourth
quarter of 2017, which lowered the corporate income tax rate from
34% to 21%. Also, because of the enactment of this new tax
law, the Company was able to achieve a greater income tax benefit
in the third quarter by making a one-time additional contribution
to the defined benefit pension plan which was fully described in
the third quarter 2018 earnings announcement. This one-time
additional income tax benefit is the reason that the 17.2%
effective income tax rate for 2018 is lower than our more typical
20% effective income tax rate that was recognized in three out of
the four quarters in 2018. Finally, the higher income tax
expense in 2017 also resulted from an additional income tax charge
of $2.6 million recorded in the
fourth quarter of 2017 as corporate income tax reform necessitated
the revaluation of the Company's deferred tax asset because of the
new lower corporate tax rate.
The Company had total assets of $1.16
billion, shareholders' equity of $98
million, a book value of $5.56
per common share and a tangible book value of $4.88 per common share at December 31, 2018. In accordance with the
common stock buyback program announced on July 17, 2018, the Company returned $1.9 million of capital to its shareholders
through the repurchase of 427,689 shares of its common stock in the
second half of 2018. 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.
AMERISERV FINANCIAL,
INC.
|
NASDAQ:
ASRV
|
SUPPLEMENTAL
FINANCIAL PERFORMANCE DATA
|
December 31,
2018
|
(Dollars in
thousands, except per share and ratio data)
|
(Unaudited)
|
|
2018
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR TO
DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
|
$1,767
|
$1,744
|
$2,329
|
$1,928
|
$7,768
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
0.62%
|
0.60%
|
0.79%
|
0.66%
|
0.67%
|
Return on average
equity
|
7.55
|
7.30
|
9.54
|
7.89
|
8.08
|
Net interest
margin
|
3.29
|
3.28
|
3.31
|
3.22
|
3.31
|
Net charge-offs as a
percentage of average loans
|
0.15
|
0.21
|
0.04
|
0.03
|
0.11
|
Loan loss provision
(credit) as a percentage of
average loans
|
0.02
|
0.02
|
0.00
|
(0.32)
|
(0.07)
|
Efficiency
ratio
|
81.69
|
82.19
|
79.64
|
85.84
|
82.30
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
Basic
|
$0.10
|
$0.10
|
$0.13
|
$0.11
|
$0.43
|
Average number of
common shares outstanding
|
18,079
|
18,038
|
17,924
|
17,697
|
17,933
|
Diluted
|
0.10
|
0.10
|
0.13
|
0.11
|
0.43
|
Average number of
common shares outstanding
|
18,181
|
18,140
|
18,036
|
17,801
|
18,037
|
Cash dividends
declared
|
$0.015
|
$0.020
|
$0.020
|
$0.020
|
$0.075
|
|
2017
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR**
|
YEAR
|
|
|
|
|
|
TO DATE
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
Net income
(loss)
|
$1,348
|
$1,389
|
$1,551
|
$(995)
|
$3,293
|
|
|
|
|
|
|
PERFORMANCE
PERCENTAGES (annualized):
|
|
|
|
|
|
Return on average
assets
|
0.47%
|
0.48%
|
0.53%
|
(0.34)%
|
0.28%
|
Return on average
equity
|
5.74
|
5.81
|
6.37
|
(4.07)
|
3.42
|
Net interest
margin
|
3.27
|
3.27
|
3.28
|
3.31
|
3.32
|
Net charge-offs as a
percentage of average loans
|
0.04
|
0.01
|
0.11
|
0.08
|
0.06
|
Loan loss provision
as a percentage of
average loans
|
0.10
|
0.14
|
0.09
|
0.02
|
0.09
|
Efficiency
ratio
|
82.04
|
81.47
|
80.42
|
80.63
|
81.13
|
|
|
|
|
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
Basic
|
$0.07
|
$0.07
|
$0.08
|
$(0.05)
|
$0.18
|
Average number of
common shares outstanding
|
18,814
|
18,580
|
18,380
|
18,226
|
18,498
|
Diluted
|
0.07
|
0.07
|
0.08
|
(0.05)
|
0.18
|
Average number of
common shares outstanding
|
18,922
|
18,699
|
18,481
|
18,337
|
18,600
|
Cash dividends
declared
|
$0.015
|
$0.015
|
$0.015
|
$0.015
|
$0.060
|
|
** - The fourth
quarter 2017 results were impacted by a $2.6 million increase of
tax expense because of the new tax law that caused the revaluation
of the Company's deferred tax assets from 34% to 21%.
|
AMERISERV FINANCIAL,
INC.
|
NASDAQ:
ASRV
|
(Dollars in
thousands, except per share, statistical, and ratio
data)
|
(Unaudited)
|
|
2018
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL
CONDITION DATA AT
PERIOD END
|
|
|
|
|
Assets
|
$1,151,160
|
$1,180,510
|
$1,168,806
|
$1,160,680
|
Short-term
investments/overnight funds
|
7,796
|
8,050
|
7,428
|
6,924
|
Investment
securities
|
171,053
|
174,771
|
177,426
|
187,491
|
Loans and loans held
for sale
|
875,716
|
895,162
|
884,374
|
863,129
|
Allowance for loan
losses
|
9,932
|
9,521
|
9,439
|
8,671
|
Goodwill
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
944,206
|
928,176
|
944,213
|
949,171
|
FHLB
borrowings
|
82,864
|
126,901
|
103,799
|
87,750
|
Subordinated debt,
net
|
7,470
|
7,476
|
7,482
|
7,488
|
Shareholders'
equity
|
95,810
|
96,883
|
97,179
|
97,977
|
Non-performing
assets
|
2,157
|
1,160
|
1,067
|
1,378
|
Tangible common
equity ratio
|
7.36%
|
7.27%
|
7.37%
|
7.49%
|
Total capital (to
risk weighted assets) ratio
|
13.45
|
13.01
|
13.13
|
13.53
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
|
$5.31
|
$5.37
|
$5.47
|
$5.56
|
Tangible book
value
|
4.65
|
4.71
|
4.80
|
4.88
|
Market
value
|
4.00
|
4.10
|
4.30
|
4.03
|
Wealth management
assets – fair market
value (A)
|
$2,175,538
|
$2,201,565
|
$2,258,108
|
$2,106,172
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD
END:
|
|
|
|
|
Full-time equivalent
employees
|
304
|
295
|
296
|
303
|
Branch
locations
|
15
|
15
|
15
|
16
|
Common shares
outstanding
|
18,033,401
|
18,044,692
|
17,767,313
|
17,619,303
|
|
2017
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
FINANCIAL CONDITION
DATA AT
PERIOD END
|
|
|
|
|
Assets
|
$1,172,127
|
$1,171,962
|
$1,170,916
|
$1,167,655
|
Short-term
investments/overnight funds
|
8,320
|
8,389
|
8,408
|
7,954
|
Investment
securities
|
165,781
|
168,367
|
168,443
|
167,890
|
Loans and loans held
for sale
|
899,456
|
897,876
|
897,990
|
892,758
|
Allowance for loan
losses
|
10,080
|
10,391
|
10,346
|
10,214
|
Goodwill
|
11,944
|
11,944
|
11,944
|
11,944
|
Deposits
|
964,776
|
956,375
|
966,921
|
947,945
|
FHLB
borrowings
|
79,718
|
87,143
|
77,635
|
95,313
|
Subordinated debt,
net
|
7,447
|
7,453
|
7,459
|
7,465
|
Shareholders'
equity
|
95,604
|
96,277
|
97,110
|
95,102
|
Non-performing
assets
|
1,488
|
2,362
|
5,372
|
3,034
|
Tangible common
equity ratio
|
7.21%
|
7.27%
|
7.35%
|
7.20%
|
Total capital (to
risk weighted assets) ratio
|
13.03
|
13.13
|
13.08
|
13.21
|
PER COMMON
SHARE:
|
|
|
|
|
Book value
|
$5.12
|
$5.21
|
$5.31
|
$5.25
|
Tangible book
value
|
4.48
|
4.57
|
4.66
|
4.59
|
Market
value
|
3.75
|
4.15
|
4.00
|
4.15
|
Wealth management
assets – fair market
value (A)
|
$2,025,304
|
$2,070,212
|
$2,119,371
|
$2,186,393
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
Full-time equivalent
employees
|
307
|
308
|
307
|
302
|
Branch
locations
|
16
|
16
|
16
|
15
|
Common shares
outstanding
|
18,666,520
|
18,461,628
|
18,281,224
|
18,128,247
|
|
NOTES:
|
|
(A)
|
Not recognized on the
consolidated balance sheets.
|
AMERISERV FINANCIAL,
INC.
|
NASDAQ:
ASRV
|
CONSOLIDATED
STATEMENT OF INCOME
|
(Dollars in
thousands)
|
(Unaudited)
|
|
2018
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR TO
DATE
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans
|
$9,818
|
$10,125
|
$10,607
|
$10,478
|
$41,028
|
Interest on
investments
|
1,399
|
1,478
|
1,542
|
1,647
|
6,066
|
Total Interest
Income
|
11,217
|
11,603
|
12,149
|
12,125
|
47,094
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,781
|
1,973
|
2,164
|
2,525
|
8,443
|
All
borrowings
|
688
|
772
|
876
|
821
|
3,157
|
Total Interest
Expense
|
2,469
|
2,745
|
3,040
|
3,346
|
11,600
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,748
|
8,858
|
9,109
|
8,779
|
35,494
|
Provision (credit)
for loan losses
|
50
|
50
|
0
|
(700)
|
(600)
|
NET INTEREST INCOME
AFTER
PROVISION (CREDIT) FOR LOAN LOSSES
|
8,698
|
8,808
|
9,109
|
9,479
|
36,094
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Wealth management
fees
|
2,426
|
2,447
|
2,359
|
2,427
|
9,659
|
Service charges on
deposit accounts
|
383
|
357
|
326
|
354
|
1,420
|
Net realized gains on
loans held for sale
|
98
|
119
|
176
|
96
|
489
|
Mortgage related
fees
|
39
|
72
|
54
|
31
|
196
|
Net realized gains
(losses) on investment securities
|
(148)
|
0
|
0
|
(291)
|
(439)
|
Bank owned life
insurance
|
132
|
133
|
135
|
136
|
536
|
Other
income
|
705
|
553
|
536
|
569
|
2,363
|
Total Non-Interest
Income
|
3,635
|
3,681
|
3,586
|
3,322
|
14,224
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
6,093
|
6,218
|
5,815
|
6,232
|
24,358
|
Net occupancy
expense
|
670
|
611
|
585
|
596
|
2,462
|
Equipment
expense
|
391
|
378
|
335
|
360
|
1,464
|
Professional
fees
|
1,184
|
1,252
|
1,321
|
1,282
|
5,039
|
FDIC deposit
insurance expense
|
162
|
155
|
140
|
100
|
557
|
Other
expenses
|
1,620
|
1,696
|
1,918
|
1,822
|
7,056
|
Total Non-Interest
Expense
|
10,120
|
10,310
|
10,114
|
10,392
|
40,936
|
|
|
|
|
|
|
PRETAX
INCOME
|
2,213
|
2,179
|
2,581
|
2,409
|
9,382
|
Income tax
expense
|
446
|
435
|
252
|
481
|
1,614
|
NET INCOME
|
$1,767
|
$1,744
|
$2,329
|
$1,928
|
$7,768
|
|
2017
|
|
1QTR
|
2QTR
|
3QTR
|
4QTR
|
YEAR
|
INTEREST
INCOME
|
|
|
|
|
TO DATE
|
Interest and fees on
loans
|
$9,556
|
$9,778
|
$9,855
|
$10,028
|
$39,217
|
Interest on
investments
|
1,192
|
1,273
|
1,332
|
1,342
|
5,139
|
Total Interest
Income
|
10,748
|
11,051
|
11,187
|
11,370
|
44,356
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
1,436
|
1,504
|
1,618
|
1,697
|
6,255
|
All
borrowings
|
591
|
648
|
632
|
669
|
2,540
|
Total Interest
Expense
|
2,027
|
2,152
|
2,250
|
2,366
|
8,795
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
8,721
|
8,899
|
8,937
|
9,004
|
35,561
|
Provision for loan
losses
|
225
|
325
|
200
|
50
|
800
|
NET INTEREST INCOME
AFTER
PROVISION FOR LOAN LOSSES
|
8,496
|
8,574
|
8,737
|
8,954
|
34,761
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
Wealth management
fees
|
2,310
|
2,240
|
2,208
|
2,412
|
9,170
|
Service charges on
deposit accounts
|
374
|
385
|
409
|
413
|
1,581
|
Net realized gains on
loans held for sale
|
114
|
186
|
217
|
162
|
679
|
Mortgage related
fees
|
75
|
83
|
69
|
58
|
285
|
Net realized gains on
investment securities
|
27
|
32
|
56
|
0
|
115
|
Bank owned life
insurance
|
141
|
310
|
143
|
143
|
737
|
Other
income
|
521
|
519
|
527
|
511
|
2,078
|
Total Non-Interest
Income
|
3,562
|
3,755
|
3,629
|
3,699
|
14,645
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
5,948
|
5,917
|
5,943
|
6,112
|
23,920
|
Net occupancy
expense
|
674
|
639
|
634
|
653
|
2,600
|
Equipment
expense
|
419
|
434
|
343
|
389
|
1,585
|
Professional
fees
|
1,200
|
1,415
|
1,213
|
1,230
|
5,058
|
FDIC deposit
insurance expense
|
160
|
152
|
156
|
160
|
628
|
Other
expenses
|
1,684
|
1,760
|
1,825
|
1,706
|
6,975
|
Total Non-Interest
Expense
|
10,085
|
10,317
|
10,114
|
10,250
|
40,766
|
|
|
|
|
|
|
PRETAX
INCOME
|
1,973
|
2,012
|
2,252
|
2,403
|
8,640
|
Income tax
expense
|
625
|
623
|
701
|
3,398
|
5,347
|
NET INCOME
(LOSS)
|
$1,348
|
$1,389
|
$1,551
|
$(995)
|
$3,293
|
AMERISERV FINANCIAL,
INC.
|
NASDAQ:
ASRV
|
Average Balance Sheet
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
2018
|
2017
|
|
4QTR
|
TWELVE
MONTHS
|
4QTR
|
TWELVE
MONTHS
|
Interest earning
assets:
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
$873,206
|
$881,767
|
$893,134
|
$893,849
|
Short-term investment
in money market funds
|
6,488
|
6,725
|
7,839
|
7,996
|
Deposits with
banks
|
1,020
|
1,023
|
1,025
|
1,028
|
Total investment
securities
|
193,315
|
184,550
|
174,507
|
172,615
|
Total interest
earning assets
|
1,074,029
|
1,074,065
|
1,076,505
|
1,075,488
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
Cash and due from
banks
|
24,476
|
23,067
|
22,931
|
22,393
|
Premises and
equipment
|
12,667
|
12,480
|
12,806
|
12,273
|
Other
assets
|
61,514
|
62,040
|
66,352
|
67,169
|
Allowance for loan
losses
|
(9,540)
|
(9,866)
|
(10,430)
|
(10,241)
|
|
|
|
|
|
Total
assets
|
$1,163,146
|
$1,161,786
|
$1,168,164
|
$1,167,082
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
Interest bearing
demand
|
$161,101
|
$138,572
|
$128,589
|
$129,589
|
Savings
|
96,806
|
98,035
|
96,064
|
97,405
|
Money
market
|
244,827
|
249,618
|
271,672
|
275,636
|
Other time
|
307,414
|
299,391
|
294,099
|
291,475
|
Total interest
bearing deposits
|
810,148
|
785,616
|
790,424
|
794,105
|
Borrowings:
|
|
|
|
|
Federal funds
purchased and other short-term borrowings
|
29,615
|
33,126
|
21,719
|
16,972
|
Advances from Federal
Home Loan Bank
|
45,241
|
44,974
|
45,273
|
45,657
|
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
|
905,739
|
884,451
|
878,151
|
877,469
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
Demand
deposits
|
156,262
|
174,108
|
183,430
|
182,301
|
Other
liabilities
|
4,209
|
7,077
|
9,591
|
11,119
|
Shareholders'
equity
|
96,936
|
96,150
|
96,992
|
96,193
|
Total liabilities and
shareholders' equity
|
$1,163,146
|
$1,161,786
|
$1,168,164
|
$1,167,082
|
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SOURCE AmeriServ Financial, Inc.