AmeriServ Financial Reports Earnings for the First Quarter of 2009
First Quarter First Quarter
2009 2008 $Change % Change
Net income $533,000 $1,229,000 ($696,000) (56.6 %)
Diluted earnings per share $0.01 $0.06 ($0.05) (83.3%)
The Company's net interest income in the first quarter of 2009 increased by
The Company recorded a
The Company's non-interest income in the first quarter of 2009 decreased by
Total non-interest expense in the first quarter of 2009 increased by
ASRV had total assets of
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
April 14, 2009
(In thousands, except per share and ratio data)
(All quarterly and 2009 data unaudited)
2009
1QTR
PERFORMANCE DATA FOR THE PERIOD:
Net income $533
Net income available to common shareholders 274
PERFORMANCE PERCENTAGES (annualized):
Return on average assets 0.22%
Return on average equity 1.90
Net interest margin 3.72
Net charge-offs as a percentage of average loans 0.03
Loan loss provision as a percentage of average loans 1.02
Efficiency ratio 78.22
PER COMMON SHARE:
Net income:
Basic $0.01
Average number of common shares outstanding 21,137
Diluted 0.01
Average number of common shares outstanding 21,137
2008
1QTR 2QTR 3QTR 4QTR YEAR
TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income $1,229 $1,516 $1,149 $1,615 $5,509
Net income available to common
shareholders 1,229 1,516 1,149 1,580 5,474
PERFORMANCE PERCENTAGES (annualized):
Return on average assets 0.55% 0.71% 0.52% 0.69% 0.62%
Return on average equity 5.43 6.64 4.93 6.68 5.93
Net interest margin 3.32 3.58 3.59 3.84 3.64
Net charge-offs as a percentage
of average loans 0.06 0.46 0.04 0.23 0.20
Loan loss provision as a
percentage of average loans 0.10 0.89 0.48 0.36 0.45
Efficiency ratio 82.87 73.20 79.72 77.46 78.11
PER COMMON SHARE:
Net income:
Basic $0.06 $0.07 $0.05 $0.07 $0.25
Average number of common shares
outstanding 22,060 21,847 21,855 21,571 21,833
Diluted 0.06 0.07 0.05 0.07 0.25
Average number of common shares
outstanding 22,062 21,848 21,856 21,571 21,975
AMERISERV FINANCIAL, INC.
(In thousands, except per share, statistical, and ratio data)
(All quarterly and 2009 data unaudited)
2009
1QTR
PERFORMANCE DATA AT PERIOD END:
Assets $975,062
Short-term investment in
money market funds 10,817
Investment securities 138,853
Loans 726,961
Allowance for loan losses 10,661
Goodwill and core deposit intangibles 13,498
Deposits 746,813
FHLB borrowings 90,346
Shareholders' equity 114,254
Non-performing assets 5,099
Asset leverage ratio 11.82%
PER COMMON SHARE:
Book value (A) $4.44
Market value 1.67
Trust assets - fair market value (B) $1,432,375
STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees 355
Branch locations 18
Common shares outstanding 21,144,700
2008
1QTR 2QTR 3QTR 4QTR
PERFORMANCE DATA AT PERIOD END:
Assets $902,349 $877,230 $911,306 $966,929
Short-term investment in
money market funds 5,682 6,952 7,147 15,578
Investment securities 146,285 141,867 141,630 142,675
Loans 632,934 623,798 663,996 707,108
Allowance for loan losses 7,309 7,963 8,677 8,910
Goodwill and core deposit
intangibles 14,254 14,038 13,821 13,605
Deposits 682,459 722,913 688,998 694,956
FHLB borrowings 106,579 40,214 106,897 133,778
Shareholders' equity 91,558 92,248 93,671 113,252
Non-performing assets 3,050 3,717 4,390 4,572
Asset leverage ratio 9.78% 10.47% 10.37% 12.15%
PER COMMON SHARE:
Book value $4.19 $4.22 $4.29 $4.39
Market value 2.79 2.98 2.51 1.99
Trust assets - fair
market value (B) $1,838,029 $1,813,231 $1,678,698 $1,554,351
STATISTICAL DATA AT PERIOD END:
Full-time equivalent
employees 350 353 352 353
Branch locations 19 18 18 18
Common shares outstanding 21,842,691 21,850,773 21,859,409 21,128,831
Note:
(A) Preferred stock received through the Capital Purchase Program is
excluded from the book value per common share calculation.
(B) Not recognized on the balance sheet
AMERISERV FINANCIAL, INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(All quarterly and 2009 data unaudited)
2009
1QTR
INTEREST INCOME
Interest and fees on loans $10,349
Total investment portfolio 1,586
------
Total Interest Income 11,935
INTEREST EXPENSE
Deposits 3,255
All borrowings 539
-----
Total Interest Expense 3,794
-----
NET INTEREST INCOME 8,141
Provision for loan losses 1,800
-----
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 6,341
NON-INTEREST INCOME
Trust fees 1,559
Net realized gains on investment
securities available for sale 101
Net realized gains on loans held for sale 118
Service charges on deposit accounts 673
Investment advisory fees 137
Bank owned life insurance 250
Other income 723
-----
Total Non-Interest Income 3,561
NON-INTEREST EXPENSE
Salaries and employee benefits 5,092
Net occupancy expense 722
Equipment expense 415
Professional fees 920
FDIC deposit insurance expense 32
Amortization of core deposit intangibles 108
Other expenses 1,873
-----
Total Non-Interest Expense 9,162
-----
PRETAX INCOME 740
Income tax expense 207
---
NET INCOME 533
Preferred stock dividends 259
----
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $274
----
2008
1QTR 2QTR 3QTR 4QTR YEAR
TO DATE
INTEREST INCOME
Interest and fees on loans $10,462 $9,862 $10,015 $10,680 $41,019
Total investment portfolio 1,820 1,588 1,717 1,675 6,800
----- ----- ----- ----- -----
Total Interest Income 12,282 11,450 11,732 12,355 47,819
INTEREST EXPENSE
Deposits 4,499 3,861 3,774 3,546 15,680
All borrowings 1,048 623 727 624 3,022
----- --- --- --- -----
Total Interest Expense 5,547 4,484 4,501 4,170 18,702
----- ----- ----- ----- ------
NET INTEREST INCOME 6,735 6,966 7,231 8,185 29,117
Provision for loan losses 150 1,375 775 625 2,925
--- ----- --- --- -----
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 6,585 5,591 6,456 7,560 26,192
NON-INTEREST INCOME
Trust fees 1,790 1,737 1,691 1,513 6,731
Net realized (losses) gains on
investment securities available
for sale - (137) 20 22 (95)
Net realized gains on loans held for
sale 89 121 138 129 477
Service charges on deposit accounts 734 807 771 757 3,069
Investment advisory fees 226 218 185 150 779
Bank owned life insurance 249 1,923 260 263 2,695
Other income 750 674 702 642 2,768
--- --- --- --- -----
Total Non-Interest Income 3,838 5,343 3,767 3,476 16,424
NON-INTEREST EXPENSE
Salaries and employee benefits 4,830 4,812 4,758 4,817 19,217
Net occupancy expense 661 653 586 661 2,561
Equipment expense 431 414 402 430 1,677
Professional fees 769 910 922 981 3,582
FHLB prepayment penalty - 91 - - 91
FDIC deposit insurance expense 22 20 30 41 113
Amortization of core deposit
intangibles 216 216 217 216 865
Other expenses 1,850 1,909 1,869 1,903 7,531
----- ----- ----- ----- -----
Total Non-Interest Expense 8,779 9,025 8,784 9,049 35,637
----- ----- ----- ----- ------
PRETAX INCOME 1,644 1,909 1,439 1,987 6,979
Income tax expense 415 393 290 372 1,470
--- --- --- --- -----
NET INCOME 1,229 1,516 1,149 1,615 5,509
Preferred stock dividends - - - 35 35
----- ----- ----- ----- -----
NET INCOME AVAILABLE TO
COMMON SHAREHOLDERS $1,229 $1,516 $1,149 $1,580 $5,474
AMERISERV FINANCIAL, INC.
AVERAGE BALANCE SHEET DATA
(In thousands)
(All quarterly and 2009 data unaudited)
2009 2008
1QTR 1QTR
Interest earning assets:
Loans and loans held for
sale, net of unearned income $714,253 $633,809
Deposits with banks 3,158 498
Short-term investment in money market funds 10,112 6,252
Federal funds 55 424
Total investment securities 148,465 167,059
------- -------
Total interest earning assets 876,043 808,042
Non-interest earning assets:
Cash and due from banks 15,488 17,935
Premises and equipment 9,446 8,886
Other assets 71,004 69,735
Allowance for loan losses (9,144) (7,309)
------ ------
Total assets 962,837 897,289
======= =======
Interest bearing liabilities:
Interest bearing deposits:
Interest bearing demand 62,355 64,310
Savings 71,759 68,666
Money market 141,442 104,180
Other time 326,221 347,134
------- -------
Total interest bearing deposits 601,777 584,290
Borrowings:
Federal funds purchased, securities sold under
agreements to repurchase, and other
short-term borrowings 94,901 76,997
Advanced from Federal Home Loan Bank 13,853 11,718
Guaranteed junior subordinated deferrable
interest debentures 13,085 13,085
------ ------
Total interest bearing liabilities 723,616 686,090
Non-interest bearing liabilities:
Demand deposits 113,298 110,645
Other liabilities 12,265 9,526
Shareholders' equity 113,658 91,028
------- ------
Total liabilities and shareholders' equity $962,837 $897,289
======== ========
SOURCE AmeriServ Financial, Inc.
RELATED LINKS
http://www.ameriservfinancial.com
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