AmeriServ Financial Reports Increased Earnings For 3Q And Year To Date
Third |
Third |
Nine Months |
Nine Months |
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Net income |
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|
|
Diluted earnings |
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The Company's net interest income in the third quarter of 2018 increased by
Total investment securities increased in both time periods. Total investment securities averaged
In regards to the loan portfolio, total loans averaged
Total interest expense for the third quarter of 2018 increased by
The Company did not record a provision for loan losses in the third quarter of 2018 compared to a
Total non-interest income in the third quarter of 2018 decreased by
The Company demonstrated good expense control as total non-interest expense was consistent for both time periods in relation to last year, as the third quarter of 2018 level of expenses matched the third quarter of 2017. For the nine-month period, non-interest expenses increased slightly by only
The Company recognized income tax expense in the third quarter of 2018 of
The Company 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
NASDAQ: ASRV SUPPLEMENTAL FINANCIAL PERFORMANCE DATA (Dollars in thousands, except per share and ratio data) (Unaudited) |
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2018 |
||||
1QTR |
2QTR |
3QTR |
YEAR TO |
|
DATE |
||||
PERFORMANCE DATA FOR THE PERIOD: |
||||
Net income |
|
|
|
|
PERFORMANCE PERCENTAGES (annualized): |
||||
Return on average assets |
0.62% |
0.60% |
0.79% |
0.67% |
Return on average equity |
7.55 |
7.30 |
9.54 |
8.14 |
Net interest margin |
3.29 |
3.28 |
3.31 |
3.29 |
Net charge-offs as a percentage of average loans |
0.15 |
0.21 |
0.04 |
0.13 |
Loan loss provision as a percentage of average loans |
0.02 |
0.02 |
0.00 |
0.02 |
Efficiency ratio |
81.69 |
82.19 |
79.64 |
81.16 |
PER COMMON SHARE: |
||||
Net income: |
||||
Basic |
|
|
|
|
Average number of common shares outstanding |
18,079 |
18,038 |
17,924 |
18,013 |
Diluted |
0.10 |
0.10 |
0.13 |
0.32 |
Average number of common shares outstanding |
18,181 |
18,140 |
18,036 |
18,117 |
Cash dividends declared |
|
|
|
|
2017 |
||||
1QTR |
2QTR |
3QTR |
YEAR |
|
TO DATE |
||||
PERFORMANCE DATA FOR THE PERIOD: |
||||
Net income |
|
|
|
|
PERFORMANCE PERCENTAGES (annualized): |
||||
Return on average assets |
0.47% |
0.48% |
0.53% |
0.49% |
Return on average equity |
5.74 |
5.81 |
6.37 |
5.98 |
Net interest margin |
3.27 |
3.27 |
3.28 |
3.27 |
Net charge-offs as a percentage of average loans |
0.04 |
0.01 |
0.11 |
0.05 |
Loan loss provision as a percentage of average loans |
0.10 |
0.14 |
0.09 |
0.11 |
Efficiency ratio |
82.04 |
81.47 |
80.42 |
81.30 |
PER COMMON SHARE: |
||||
Net income: |
||||
Basic |
|
|
|
|
Average number of common shares outstanding |
18,814 |
18,580 |
18,380 |
18,590 |
Diluted |
0.07 |
0.07 |
0.08 |
0.23 |
Average number of common shares outstanding |
18,922 |
18,699 |
18,481 |
18,689 |
Cash dividends declared |
|
|
|
|
NASDAQ: ASRV (Dollars in thousands, except per share, statistical, and ratio data) (Unaudited) |
||||
2018 |
||||
1QTR |
2QTR |
3QTR |
||
FINANCIAL CONDITION DATA AT PERIOD END |
||||
Assets |
|
|
|
|
Short-term investments/overnight funds |
7,796 |
8,050 |
7,428 |
|
Investment securities |
171,053 |
174,771 |
177,426 |
|
Loans and loans held for sale |
875,716 |
895,162 |
884,374 |
|
Allowance for loan losses |
9,932 |
9,521 |
9,439 |
|
|
11,944 |
11,944 |
11,944 |
|
Deposits |
944,206 |
928,176 |
944,213 |
|
FHLB borrowings |
82,864 |
126,901 |
103,799 |
|
Subordinated debt, net |
7,470 |
7,476 |
7,482 |
|
Shareholders' equity |
95,810 |
96,883 |
97,179 |
|
Non-performing assets |
2,157 |
1,160 |
1,067 |
|
Tangible common equity ratio |
7.36% |
7.27% |
7.37% |
|
Total capital (to risk weighted assets) ratio |
13.45 |
13.01 |
13.13 |
|
PER COMMON SHARE: |
||||
Book value |
|
|
|
|
Tangible book value |
4.65 |
4.71 |
4.80 |
|
Market value |
4.00 |
4.10 |
4.30 |
|
Trust assets – fair market value (A) |
|
|
|
|
STATISTICAL DATA AT PERIOD END: |
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Full-time equivalent employees |
304 |
295 |
296 |
|
Branch locations |
15 |
15 |
15 |
|
Common shares outstanding |
18,033,401 |
18,044,692 |
17,767,313 |
|
2017 |
||||
1QTR |
2QTR |
3QTR |
4QTR |
|
FINANCIAL CONDITION DATA AT PERIOD END |
||||
Assets |
|
|
|
|
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 |
|
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 |
|
|
|
|
Tangible book value |
4.48 |
4.57 |
4.66 |
4.59 |
Market value |
3.75 |
4.15 |
4.00 |
4.15 |
Trust assets – fair market value (A) |
|
|
|
|
STATISTICAL DATA AT PERIOD END: |
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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: |
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(A) Not recognized on the consolidated balance sheets. |
NASDAQ: ASRV CONSOLIDATED STATEMENT OF INCOME (Dollars in thousands) (Unaudited) |
||||
2018 |
||||
1QTR |
2QTR |
3QTR |
YEAR TO |
|
DATE |
||||
INTEREST INCOME |
||||
Interest and fees on loans |
|
|
|
|
Interest on investments |
1,399 |
1,478 |
1,542 |
4,419 |
Total Interest Income |
11,217 |
11,603 |
12,149 |
34,969 |
INTEREST EXPENSE |
||||
Deposits |
1,781 |
1,973 |
2,164 |
5,918 |
All borrowings |
688 |
772 |
876 |
2,336 |
Total Interest Expense |
2,469 |
2,745 |
3,040 |
8,254 |
NET INTEREST INCOME |
8,748 |
8,858 |
9,109 |
26,715 |
Provision for loan losses |
50 |
50 |
0 |
100 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
8,698 |
8,808 |
9,109 |
26,615 |
NON-INTEREST INCOME |
||||
Wealth management fees |
2,426 |
2,447 |
2,359 |
7,232 |
Service charges on deposit accounts |
383 |
357 |
326 |
1,066 |
Net realized gains on loans held for sale |
98 |
119 |
176 |
393 |
Mortgage related fees |
39 |
72 |
54 |
165 |
Net realized gains (losses) on investment securities |
(148) |
0 |
0 |
(148) |
Bank owned life insurance |
132 |
133 |
135 |
400 |
Other income |
705 |
553 |
536 |
1,794 |
Total Non-Interest Income |
3,635 |
3,681 |
3,586 |
10,902 |
NON-INTEREST EXPENSE |
||||
Salaries and employee benefits |
6,093 |
6,218 |
5,815 |
18,126 |
Net occupancy expense |
670 |
611 |
585 |
1,866 |
Equipment expense |
391 |
378 |
335 |
1,104 |
Professional fees |
1,184 |
1,252 |
1,321 |
3,757 |
|
162 |
155 |
140 |
457 |
Other expenses |
1,620 |
1,696 |
1,918 |
5,234 |
Total Non-Interest Expense |
10,120 |
10,310 |
10,114 |
30,544 |
PRETAX INCOME |
2,213 |
2,179 |
2,581 |
6,973 |
Income tax expense |
446 |
435 |
252 |
1,133 |
NET INCOME |
|
|
|
|
2017 |
||||
1QTR |
2QTR |
3QTR |
YEAR |
|
INTEREST INCOME |
TO DATE |
|||
Interest and fees on loans |
|
|
|
|
Interest on investments |
1,192 |
1,273 |
1,332 |
3,797 |
Total Interest Income |
10,748 |
11,051 |
11,187 |
32,986 |
INTEREST EXPENSE |
||||
Deposits |
1,436 |
1,504 |
1,618 |
4,558 |
All borrowings |
591 |
648 |
632 |
1,871 |
Total Interest Expense |
2,027 |
2,152 |
2,250 |
6,429 |
NET INTEREST INCOME |
8,721 |
8,899 |
8,937 |
26,557 |
Provision for loan losses |
225 |
325 |
200 |
750 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
8,496 |
8,574 |
8,737 |
25,807 |
NON-INTEREST INCOME |
||||
Wealth management fees |
2,310 |
2,240 |
2,208 |
6,758 |
Service charges on deposit accounts |
374 |
385 |
409 |
1,168 |
Net realized gains on loans held for sale |
114 |
186 |
217 |
517 |
Mortgage related fees |
75 |
83 |
69 |
227 |
Net realized gains on investment securities |
27 |
32 |
56 |
115 |
Bank owned life insurance |
141 |
310 |
143 |
594 |
Other income |
521 |
519 |
527 |
1,567 |
Total Non-Interest Income |
3,562 |
3,755 |
3,629 |
10,946 |
NON-INTEREST EXPENSE |
||||
Salaries and employee benefits |
5,948 |
5,917 |
5,943 |
17,808 |
Net occupancy expense |
674 |
639 |
634 |
1,947 |
Equipment expense |
419 |
434 |
343 |
1,196 |
Professional fees |
1,200 |
1,415 |
1,213 |
3,828 |
|
160 |
152 |
156 |
468 |
Other expenses |
1,684 |
1,760 |
1,825 |
5,269 |
Total Non-Interest Expense |
10,085 |
10,317 |
10,114 |
30,516 |
PRETAX INCOME |
1,973 |
2,012 |
2,252 |
6,237 |
Income tax expense |
625 |
623 |
701 |
1,949 |
NET INCOME |
|
|
|
|
NASDAQ: ASRV Average Balance Sheet Data (Dollars in thousands) (Unaudited) |
||||
2018 |
2017 |
|||
3QTR |
NINE |
3QTR |
NINE |
|
Interest earning assets: |
||||
Loans and loans held for sale, net of unearned income |
|
|
|
|
Short-term investment in money market funds |
6,634 |
6,804 |
8,921 |
8,049 |
Deposits with banks |
1,023 |
1,024 |
1,026 |
1,029 |
Total investment securities |
185,131 |
181,628 |
174,784 |
171,985 |
Total interest earning assets |
1,082,490 |
1,074,076 |
1,076,929 |
1,075,151 |
Non-interest earning assets: |
||||
Cash and due from banks |
24,078 |
22,598 |
22,082 |
22,214 |
Premises and equipment |
12,283 |
12,417 |
12,467 |
12,095 |
Other assets |
61,860 |
62,215 |
67,240 |
67,552 |
Allowance for loan losses |
(9,636) |
(9,974) |
(10,537) |
(10,290) |
Total assets |
|
|
|
|
Interest bearing liabilities: |
||||
Interest bearing deposits: |
||||
Interest bearing demand |
|
|
|
|
Savings |
98,763 |
98,445 |
98,184 |
97,852 |
Money market |
251,000 |
251,215 |
277,948 |
276,958 |
Other time |
301,126 |
296,717 |
292,054 |
290,598 |
Total interest bearing deposits |
781,671 |
777,439 |
799,679 |
795,331 |
Borrowings: |
||||
Federal funds purchased and other short-term borrowings |
46,898 |
34,297 |
13,179 |
15,390 |
Advances from |
43,816 |
44,884 |
45,997 |
45,785 |
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 |
893,120 |
877,355 |
879,590 |
877,241 |
Non-interest bearing liabilities: |
||||
Demand deposits |
174,632 |
180,056 |
181,356 |
181,924 |
Other liabilities |
6,455 |
8,033 |
10,628 |
11,630 |
Shareholders' equity |
96,868 |
95,888 |
96,607 |
95,927 |
Total liabilities and shareholders' equity |
|
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