AmeriServ Financial Reports Earnings for the Fourth Quarter and Full Year of 2011

JOHNSTOWN, Pa., Jan. 24, 2012 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) continued its positive earnings momentum in the fourth quarter of 2011 by reporting net income of $1,770,000 or $0.07 per diluted common share.  This represents an increase of $656,000 or 58.9% from the fourth quarter 2010 net income of $1,114,000 or $0.04 per diluted common share.  For the year ended December 31, 2011, the Company reported net income of $6,537,000 or $0.24 per diluted share, a $5.3 million improvement over the net income of $1,282,000 or $0.01 per diluted share reported for the full year of 2010.  The following table highlights the Company's financial performance for both the quarters and years ended December 31, 2011 and 2010:   

 

Fourth Quarter
2011

Fourth Quarter
2010

 

Year Ended

December 31, 2011

Year Ended

December 31, 2010

 

 

 

 

 

 

Net income

$1,770,000

$1,114,000

 

$6,537,000

$1,282,000

Diluted earnings per share

$ 0.07

$ 0.04

 

$ 0.24

$0.01

Glenn L. Wilson, President and Chief Executive Officer, commented on the 2011 financial results: "I was pleased with the strong growth in earnings that AmeriServ Financial achieved in 2011. A significant and sustained improvement in asset quality was an important factor contributing to our financial success in 2011.  Specifically, non-performing assets again declined as a result of our successful problem credit resolution efforts and now total $5.2 million, or only 0.77% of total loans, while net charge-offs dropped to 0.24% of total loans for all of 2011.  I was also pleased with the growth in revenue within our trust and wealth management business, and our overall non-interest expense control. AmeriServ Financial enters 2012 with good momentum and an updated strategic plan that focuses on growing revenue by leveraging our strong balance sheet and capital position."          

The Company's net interest income performance has been relatively stable throughout 2011.  It increased in the fourth quarter of 2011 by $123,000, or 1.5%, from the prior year's fourth quarter and for the full year of 2011 it decreased by only $59,000, or 0.2%, when compared to the entire year of 2010.  The Company's 2011 fourth quarter net interest margin of 3.64 % was down four basis points from the most recent third quarter 2011 performance and for the full year 2011 averaged 3.72%, which was seven basis points lower than the 2010 net interest margin of 3.79%.  Reduced loan balances were the primary factor causing the drop in both net interest income and net interest margin in 2011. Specifically, total loans averaged $663 million for the full year 2011, a decrease of $39 million or 5.5% from the 2010 year.  The lower balances reflect the results of the Company's focus on reducing its commercial real estate exposure and problem loans, particularly during the first half of 2011.  However, total loan balances appear to have bottomed in the first quarter of 2011. Loans have increased by $26 million over the past three quarters reflecting the successful results of the Company's more intensive sales calling efforts for commercial loans and growth in home equity loans.  The Company has strengthened its excellent liquidity position by reinvesting excess cash in high quality investment securities and short-term investments whose average balance increased by $42 million in 2011.  Careful management of funding costs allowed the Company to mitigate a significant portion of the drop in interest revenue during the past twelve months.  Specifically, interest expense in the fourth quarter of 2011 declined by $633,000 from the same prior year quarter and for the full year 2011 decreased by $2.8 million both due to reduced deposit costs.  This reduction in deposit costs has not negatively impacted deposit balances which have increased by $15 million or 1.9% since December 31, 2010.  The Company is particularly pleased with the growth achieved in non-interest bearing demand deposits in 2011 whose balances on average increased by $12 million or 10.0%.    

The improvements in asset quality evidenced by lower levels of non-performing assets and classified loans allowed the Company to reverse a portion of the allowance for loan losses into earnings in 2011 while still increasing the non-performing assets coverage ratio.  During the full year of 2011, total non-performing assets decreased by $9.2 million or 63.8% to $5.2 million or 0.77% of total loans as a result of successful resolution efforts.  Classified loans rated substandard or doubtful also dropped by $21.1 million or 53.2% during this same period.  As a result of this improvement, the Company recorded a negative provision for loan losses of $1,250,000 in the fourth quarter of 2011 compared to no provision in the fourth quarter of 2010.  For the full year 2011 the negative provision amounted to $3,575,000 compared to a $5,250,000 provision for all of 2010.  Actual credit losses realized through net charge-offs also declined sharply for both the fourth quarter and full year 2011.  Net charge-offs in the fourth quarter of 2011 totaled only $196,000 or 0.12% of total loans compared to net charge-offs of $988,000 or 0.57% of total loans in the fourth quarter of 2010.  For the full year 2011, net charge-offs totaled $1.6 million or 0.24% of total loans which represents a decrease from the entire year of 2010 when net charge-offs totaled $5.2 million or 0.74% 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 asset, 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 288% coverage of non-performing loans and was 2.18% of total loans at December 31, 2011, compared to 145% of non-performing loans and 2.91% of total loans at December 31, 2010.

The Company's non-interest income in the fourth quarter of 2011 decreased by $280,000 from the prior year's fourth quarter and for the full year 2011 decreased by $398,000 or 2.8% when compared to the entire year of 2010.  The largest factor contributing to the decline was reduced revenue from bank owned life insurance as the quarterly revenue dropped by $231,000 and the annual revenue decreased by $342,000.  Note that the 2010 revenue was enhanced by the receipt of a death benefit.  When compared to the prior year, gains realized on residential mortgage loan sales into the secondary market were down by $181,000 for the fourth quarter and $146,000 for the full year due to less refinance activity in 2011.  Another item causing the full year 2011 decline in non-interest income was a $358,000 loss realized on the sale of $17 million of investment securities in the first quarter of 2011.  The Company took advantage of a steeper yield curve to position the investment portfolio for better future earnings by selling some of the lower yielding, longer duration securities in the portfolio and replacing them with higher yielding securities with a shorter duration.  The Company recognized $157,000 of investment security gains in 2010.  The largest positive item in 2011 was increased trust and investment advisory fees.  Specifically, trust and investment advisory fees increased by $41,000 for the fourth quarter and $643,000 or 10.2% for the full year as our wealth management businesses benefited from the implementation of new fee schedules in 2011. 

Total non-interest expense in the fourth quarter of 2011 decreased modestly by $14,000 from the prior year's fourth quarter and for the full year 2011 increased by $340,000 or 0.9% when compared to all of 2010.  The Company's 2011 fourth quarter performance was impacted by a $240,000 prepayment penalty realized on the early retirement of $5.7 million of FHLB term advances.  The Company elected to utilize its strong liquidity to prepay all of its FHLB term advances with maturities greater than two years in order to reduce future interest expense.  Salaries and employee benefits increased by $88,000 for the fourth quarter and $1.0 million or 4.7% for the full year 2011 due to higher medical insurance costs, increased pension expense, and greater incentive compensation expense.  These negative items were partially offset by lower professional fees which dropped by $112,000 in the fourth quarter and $488,000, or 11.2%, for the full year 2011 due to reduced legal fees, recruitment fees, and lower consulting expenses in the Trust Company.  FDIC deposit insurance expense also declined by $319,000 in the fourth quarter and $237,000 for the full year due to a change in the calculation methodology in 2011.  Other expenses were up modestly in the fourth quarter of 2011 but decreased by $404,000 for the full year due to a reduction in costs associated with the reserve for unfunded loan commitments and lower telephone expense resulting from the implementation of technology enhancements.  Finally, the Company recorded an income tax expense of $2.9 million for the full year 2011 compared to a modest income tax expense of $80,000 for 2010 due to the sharply higher pre-tax earnings in 2011 and reduced tax free earnings from bank owned life insurance.

ASRV had total assets of $979 million and shareholders' equity of $112 million or a book value of $4.37 per common share at December 31, 2011.  During the fourth quarter of 2011, the Company repurchased 287,000 shares of its common stock at an average price of $2.03 in conjunction with the terms of the Company's stock buyback program that was announced on November 9, 2011.  The Company continued to maintain strong capital ratios that considerably exceed the regulatory defined well capitalized status with a risk based capital ratio of 17.60%, an asset leverage ratio of 11.66% and a tangible common equity to tangible assets ratio of 8.15% at December 31, 2011.

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 

 

December 31, 2011

 

(In thousands, except per share and ratio data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

1QTR

 

2QTR

 

3QTR

 

4QTR

 

YEAR

 

 

 

 

 

 

 

 

 

 

 

TO DATE

PERFORMANCE DATA FOR THE PERIOD:

 

 

 

 

 

 

 

 

 

 

 

Net income 

 

$

1,263

$

1,938

$

1,566

$

1,770

$

6,537

Net income available to common shareholders

 

 

973

 

1,648

 

1,027

 

1,505

 

5,153

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE PERCENTAGES (annualized):

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.54%

 

0.81%

 

0.64%

 

72.00%

 

0.68%

Return on average equity

 

 

4.77

 

7.11

 

5.52

 

6.19

 

5.90

Net interest margin

 

 

3.70

 

3.71

 

3.68

 

3.64

 

3.72

Net charge-offs (recoveries) as a percentage of average loans

 

 

0.70

 

(0.07)

 

0.20

 

0.12

 

0.24

Loan loss provision as a percentage of average loans

 

 

(0.37)

 

(0.72)

 

(0.33)

 

(0.73)

 

(0.54)

Efficiency ratio

 

 

89.53

 

85.53

 

84.83

 

89.26

 

87.26

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

$

0.08

$

0.05

$

0.07

$

0.24

Average number of common shares outstanding

 

 

21,208

 

21,208

 

21,208

 

21,114

 

21,184

Diluted

 

 

0.05

 

0.08

 

0.05

 

0.07

 

0.24

Average number of common shares outstanding

 

 

21,230

 

21,236

 

21,227

 

21,128

 

21,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2010

 

 

 

 

 

 

 

 

 

 

 

1QTR

 

2QTR

 

3QTR

 

4QTR

 

YEAR

 

 

 

 

 

 

 

 

 

 

 

TO DATE

PERFORMANCE DATA FOR THE PERIOD:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(918)

$

477

$

609

$

1,114

$

1,282

Net income (loss) available to common shareholders

 

 

(1,209)

 

187

 

318

 

825

 

121

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE PERCENTAGES (annualized):

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

(0.39)%

 

0.20%

 

0.25%

 

0.46%

 

0.13%

Return on average equity

 

 

(3.47)

 

1.79

 

2.24

 

4.06

 

1.19

Net interest margin

 

 

3.78

 

3.83

 

3.70

 

3.70

 

3.79

Net charge-offs as a percentage of average loans

 

 

0.69

 

1.13

 

0.56

 

0.57

 

0.74

Loan loss provision as a percentage of average loans

 

 

1.72

 

0.68

 

0.57

 

-

 

0.75

Efficiency ratio

 

 

85.42

 

84.33

 

84.67

 

88.18

 

85.66

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss):

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.06)

$

0.01

$

0.02

$

0.04

$

0.01

Average number of common shares outstanding

 

 

21,224

 

21,224

 

21,224

 

21,224

 

21,224

Diluted

 

 

(0.06)

 

0.01

 

0.02

 

0.04

 

0.01

Average number of common shares outstanding

 

 

21,224

 

21,245

 

21,225

 

21,224

 

21,226

 

  


 

 

AMERISERV FINANCIAL, INC.

 

 

(In thousands, except per share, statistical, and ratio data)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

1QTR  

2QTR  

3QTR  

4QTR   

PERFORMANCE DATA AT PERIOD END:

 

 

 

 

 

 

 

 

 

Assets

 

$

961,067

$

954,893

$

973,439

$

979,076

Short-term investments

 

 

4,094

 

4,338

 

17,941

 

6,129

Investment securities

 

 

195,272

 

198,770

 

195,784

 

195,203

Loans

 

 

644,836

 

656,838

 

667,409

 

670,847

Allowance for loan losses

 

 

18,025

 

16,958

 

16,069

 

14,623

Goodwill 

 

 

12,613

 

12,613

 

12,613

 

12,613

Deposits

 

 

816,528

 

810,082

 

827,358

 

816,420

FHLB borrowings

 

 

9,736

 

9,722

 

9,707

 

21,765

Shareholders' equity

 

 

108,170

 

111,410

 

114,164

 

112,352

Non-performing assets

 

 

9,328

 

7,433

 

5,344

 

5,199

Asset leverage ratio

 

 

11.40%

 

11.60%

 

11.70%

 

11.66%

Tangible common equity ratio

 

 

7.89

 

8.29

 

8.38

 

8.15

PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

Book value (A)

 

$

4.12

$

4.28

$

4.39

$

4.37

Market value

 

 

2.37

 

1.95

 

1.90

 

1.95

Trust assets - fair market value (B)

 

$

1,410,755

$

1,390,534

$

1,313,440

$

1,382,745

 

 

 

 

 

 

 

 

 

 

STATISTICAL DATA AT PERIOD END:

 

 

 

 

 

 

 

 

 

Full-time equivalent employees

 

 

351

 

352

 

342

 

347

Branch locations

 

 

18

 

18

 

18

 

18

Common shares outstanding

 

 

21,207,670

 

21,208,421

 

21,208,421

 

20,921,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2010

 

 

 

 

 

1QTR

2QTR

3QTR

4QTR

PERFORMANCE DATA AT PERIOD END:

 

 

 

 

 

 

 

 

 

Assets

 

$

960,817

$

962,282

$

963,169

$

948,974

Short-term investments

 

 

3,816

 

5,929

 

5,326

 

5,177

Investment securities

 

 

150,073

 

157,057

 

165,291

 

172,635

Loans

 

 

712,929

 

693,988

 

699,394

 

678,181

Allowance for loan losses

 

 

21,516

 

20,737

 

20,753

 

19,765

Goodwill and core deposit intangibles

 

 

12,950

 

12,950

 

12,950

 

12,950

Deposits

 

 

802,201

 

809,177

 

818,150

 

801,216

FHLB borrowings

 

 

25,296

 

17,777

 

13,119

 

14,300

Shareholders' equity

 

 

106,393

 

108,023

 

108,391

 

107,058

Non-performing assets

 

 

20,322

 

19,815

 

25,267

 

14,364

Asset leverage ratio

 

 

11.01%

 

11.08%

 

11.07%

 

11.20%

Tangible common equity ratio

 

 

7.70

 

7.83

 

7.86

 

7.85

PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

Book value (A)

 

$

4.04

$

4.11

$

4.13

$

4.07

Market value

 

 

1.67

 

1.61

 

1.81

 

1.58

Trust assets - fair market value (B)

 

$

1,398,215

$

1,329,495

$

1,341,699

$

1,366,929

 

 

 

 

 

 

 

 

 

 

STATISTICAL DATA AT PERIOD END:

 

 

 

 

 

 

 

 

 

Full-time equivalent employees

 

 

353

 

355

 

355

 

348

Branch locations

 

 

18

 

18

 

19

 

18

Common shares outstanding

 

 

21,223,942

 

21,223,942

 

21,223,942

 

21,207,670

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

(A)  Preferred stock of $21 million received through the Small Business Lending Fund 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)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

1QTR

 

2QTR

 

3QTR

 

4QTR

 

YEAR

 

 

 

 

 

 

 

 

 

 

 

TO DATE

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

9,083

$

8,804

$

8,888

$

8,924

$

35,699

Total investment portfolio

 

 

1,513

 

1,726

 

1,604

 

1,422

 

6,265

Total Interest Income

 

 

10,596

 

10,530

 

10,492

 

10,346

 

41,964

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,294

 

2,106

 

2,038

 

1,897

 

8,335

All borrowings

 

 

336

 

338

 

336

 

336

 

1,346

Total Interest Expense

 

 

2,630

 

2,444

 

2,374

 

2,233

 

9,681

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

7,966

 

8,086

 

8,118

 

8,113

 

32,283

Provision (credit) for loan losses

 

 

(600)

 

(1,175)

 

(550)

 

(1,250)

 

(3,575)

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION (CREDIT)

 

 

 

 

 

 

 

 

 

 

 

FOR LOAN LOSSES

 

 

8,566

 

9,261

 

8,668

 

9,363

 

35,858

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

1,556

 

1,617

 

1,570

 

1,430

 

6,173

Investment advisory fees

 

 

198

 

198

 

172

 

186

 

754

Net realized gains (losses) on investment securities available for sale

 

 

(358)

 

-

 

-

 

-

 

(358)

Net realized gains on loans held for sale

 

 

262

 

155

 

186

 

209

 

812

Service charges on deposit accounts

 

 

472

 

549

 

640

 

580

 

2,241

Bank owned life insurance

 

 

216

 

218

 

227

 

224

 

885

Other income

 

 

759

 

717

 

729

 

857

 

3,062

Total Non-Interest Income

 

 

3,105

 

3,454

 

3,524

 

3,486

 

13,569

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

5,500

 

5,574

 

5,702

 

5,840

 

22,616

Net occupancy expense

 

 

757

 

742

 

680

 

721

 

2,900

Equipment expense

 

 

429

 

411

 

435

 

411

 

1,686

Professional fees

 

 

980

 

911

 

983

 

1,001

 

3,875

FDIC deposit insurance expense

 

 

462

 

460

 

262

 

154

 

1,338

FHLB prepayment penalty

 

 

-

 

-

 

-

 

240

 

240

Other expenses

 

 

1,791

 

1,779

 

1,820

 

1,992

 

7,382

Total Non-Interest Expense

 

 

9,919

 

9,877

 

9,882

 

10,359

 

40,037

 

 

 

 

 

 

 

 

 

 

 

 

PRETAX INCOME 

 

 

1,752

 

2,838

 

2,310

 

2,490

 

9,390

Income tax expense 

 

 

489

 

900

 

744

 

720

 

2,853

NET INCOME 

 

 

1,263

 

1,938

 

1,566

 

1,770

 

6,537

Preferred stock dividends and accretion of preferred stock discount

 

 

290

 

290

 

539

 

265

 

1,384

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

 

$

973

$

1,648

$

1,027

$

1,505

$

5,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2010

 

 

 

 

 

 

 

 

 

 

 

1QTR

 

2QTR

 

3QTR

 

4QTR

 

YEAR

 

 

 

 

 

 

 

 

 

 

 

TO DATE

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

10,020

$

9,984

$

9,592

$

9,500

$

39,096

Total investment portfolio

 

 

1,445

 

1,466

 

1,468

 

1,356

 

5,735

Total Interest Income

 

 

11,465

 

11,450

 

11,060

 

10,856

 

44,831

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,927

 

2,833

 

2,668

 

2,517

 

10,945

All borrowings

 

 

417

 

409

 

369

 

349

 

1,544

Total Interest Expense

 

 

3,344

 

3,242

 

3,037

 

2,866

 

12,489

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

8,121

 

8,208

 

8,023

 

7,990

 

32,342

Provision for loan losses

 

 

3,050

 

1,200

 

1,000

 

-

 

5,250

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION

 

 

 

 

 

 

 

 

 

 

 

FOR LOAN LOSSES

 

 

5,071

 

7,008

 

7,023

 

7,990

 

27,092

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

1,454

 

1,373

 

1,357

 

1,387

 

5,571

Investment advisory fees

 

 

187

 

167

 

171

 

188

 

713

Net realized gains on investment securities available for sale

 

 

65

 

42

 

50

 

-

 

157

Net realized gains on loans held for sale

 

 

131

 

159

 

278

 

390

 

958

Service charges on deposit accounts

 

 

572

 

611

 

565

 

536

 

2,284

Bank owned life insurance

 

 

254

 

258

 

260

 

455

 

1,227

Other income

 

 

637

 

778

 

832

 

810

 

3,057

Total Non-Interest Income

 

 

3,300

 

3,388

 

3,513

 

3,766

 

13,967

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

5,199

 

5,236

 

5,415

 

5,752

 

21,602

Net occupancy expense

 

 

736

 

639

 

620

 

696

 

2,691

Equipment expense

 

 

418

 

427

 

401

 

434

 

1,680

Professional fees

 

 

1,102

 

1,114

 

1,034

 

1,113

 

4,363

FDIC deposit insurance expense

 

 

331

 

341

 

430

 

473

 

1,575

Other expenses

 

 

1,978

 

2,029

 

1,874

 

1,905

 

7,786

Total Non-Interest Expense

 

 

9,764

 

9,786

 

9,774

 

10,373

 

39,697

 

 

 

 

 

 

 

 

 

 

 

 

PRETAX INCOME (LOSS)

 

 

(1,393)

 

610

 

762

 

1,383

 

1,362

Income tax expense (benefit)

 

 

(475)

 

133

 

153

 

269

 

80

NET INCOME (LOSS)

 

 

(918)

 

477

 

609

 

1,114

 

1,282

Preferred stock dividends and accretion of preferred stock discount

 

 

291

 

290

 

291

 

289

 

1,161

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

 

$

(1,209)

$

187

$

318

$

825

$

121

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

AMERISERV FINANCIAL, INC.

 

 

AVERAGE BALANCE SHEET DATA

 

 

(In thousands)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

2010

 

 

 

 

 

 

 

TWELVE

 

 

 

TWELVE

 

 

 

4QTR

 

MONTHS

 

4QTR

 

MONTHS

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

Loans and loans held for sale, net of unearned income

 

$

675,657

$

662,746

$

689,041

$

701,502

Deposits with banks

 

 

9,961

 

6,853

 

1,790

 

1,795

Short-term investment in money market funds

 

 

2,355

 

2,224

 

4,631

 

4,375

Federal funds sold

 

 

-

 

5,838

 

4,073

 

3,834

Total investment securities

 

 

195,925

 

197,916

 

171,379

 

161,265

Total interest earning assets

 

 

883,898

 

875,577

 

870,914

 

872,771

 

 

 

 

 

 

 

 

 

 

Non-interest earning assets:

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

16,779

 

15,893

 

16,331

 

15,297

Premises and equipment

 

 

10,539

 

10,513

 

10,813

 

10,212

Other assets 

 

 

79,201

 

79,293

 

80,402

 

80,206

Allowance for loan losses

 

 

(16,155)

 

(17,771)

 

(20,828)

 

(21,218)

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

974,262

 

963,505

 

957,632

 

957,268

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

Interest bearing demand

 

 

59,707

 

57,784

 

57,732

 

58,118

Savings

 

 

82,238

 

81,490

 

76,419

 

77,381

Money market

 

 

202,220

 

193,536

 

187,550

 

186,560

Other time

 

 

337,730

 

348,915

 

362,396

 

358,472

Total interest bearing deposits

 

 

681,895

 

681,725

 

684,097

 

680,531

Borrowings:

 

 

 

 

 

 

 

 

 

Federal funds purchased, securities sold under 

 

 

 

 

 

 

 

 

 

   agreements to repurchase, and other short-term

 

 

 

 

 

 

 

 

 

   borrowings

 

 

3,343

 

1,216

 

3,586

 

3,119

Advanced from Federal Home Loan Bank

 

 

9,888

 

9,769

 

10,521

 

18,694

Guaranteed junior subordinated deferrable interest debentures

 

 

13,085

 

13,085

 

13,085

 

13,085

Total interest bearing liabilities

 

 

708,211

 

705,795

 

711,289

 

715,429

 

 

 

 

 

 

 

 

 

 

Non-interest bearing liabilities:

 

 

 

 

 

 

 

 

 

  Demand deposits

 

 

140,797

 

135,298

 

126,718

 

122,963

  Other liabilities 

 

 

11,721

 

11,699

 

10,882

 

11,188

Shareholders' equity

 

 

113,533

 

110,713

 

108,743

 

107,688

Total liabilities and shareholders' equity

 

$

974,262

$

963,505

$

957,632

$

957,268

 

SOURCE AmeriServ Financial, Inc.



RELATED LINKS
http://www.ameriservfinancial.com

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