JOHNSTOWN, Pa., Oct. 18,
2022 /PRNewswire/ -- AmeriServ Financial, Inc.
(NASDAQ: ASRV) reported third quarter 2022 net income of
$2,102,000, or $0.12 per diluted common share. This
earnings performance was a $671,000,
or 46.9%, increase from the third quarter of 2021 when net income
totaled $1,431,000, or $0.08 per diluted common share. For the
nine-month period ended September 30,
2022, the Company reported net income of $6,501,000, or $0.38 per diluted common share. This
represents a 22.6% increase in earnings per share from the
nine-month period of 2021 when net income totaled $5,220,000, or $0.31 per diluted common share. The
following table highlights the Company's financial performance for
both the three- and nine-month periods ended September 30, 2022 and 2021:
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Third
Quarter
2022
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Third
Quarter
2021
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Nine Months Ended
September 30, 2022
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Nine Months Ended
September 30, 2021
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Net income
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$
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2,102,000
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$
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1,431,000
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$
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6,501,000
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$
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5,220,000
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Diluted earnings per
share
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$
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0.12
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$
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0.08
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$
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0.38
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$
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0.31
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Jeffrey A. Stopko, President and
Chief Executive Officer, commented on the 2022 financial results:
"AmeriServ Financial continued its positive earnings momentum in
the third quarter of 2022 as we again posted increased earnings
when compared to the 2021 results. The improved earnings
performance in 2022 reflects the full benefit of several important
strategic actions that our company executed in 2021, the successful
management of our asset quality throughout the pandemic, and
effective balance sheet management. Our net interest income
has increased in each quarter of 2022 as we have been able to more
rapidly capture the benefit of higher interest rates on our earning
assets while limiting the negative impact that higher rates have on
the cost of funding our balance sheet. Additionally, this increase
in net interest income occurred in 2022 despite a $1.5 million reduction in PPP loan related fee
income in the first nine months of this year."
The Company's net interest income in the third quarter of 2022
increased by $1.3 million, or 14.1%,
from the prior year's third quarter and, for the first nine months
of 2022, increased by $1.6 million,
or 5.7%, when compared to the first nine months of 2021. The
Company's net interest margin of 3.35% for the third quarter of
2022 and 3.24% for the nine-month timeframe represents a 50 basis
point improvement for the quarter and a 17 basis point improvement
for the nine-month period. The size of the Company's balance
sheet continues to remain at a high level by historical standards
prior to the impact of the COVID-19 government stimulus
programs. Both total loans and total deposits have
demonstrated stabilization since the second half of last
year. The Company's 2022 financial performance has been
favorably impacted by the strategic actions taken by management in
2021 to lower funding costs. The Company has also benefitted
from the higher U.S. Treasury yield curve as interest rates have
increased due to the Federal Reserve's action to tighten monetary
policy in their effort to tame decades high inflation. The
higher national interest rates have favorably impacted the
Company's financial performance, particularly net interest income,
which has demonstrated an increasing trend as the year
progresses. Specifically, in 2022, the higher interest rates
are causing total interest income to increase to a higher level
than the corresponding increase in total interest expense. In
comparison to 2021, interest income increased for both the third
quarter and the nine-month period. Interest expense in the
2022 third quarter remained relatively consistent with the 2021
third quarter level, increasing slightly, but demonstrating a
significant decline when comparing the first nine-month time period
between years. The higher interest rate environment along
with increased investment in the securities portfolio more than
offset a reduced level of Paycheck Protection Program (PPP) loan
fee income and caused total interest income to increase for both
the third quarter and first nine months of 2022 when compared to
the same time periods from last year. The increased national
interest rates resulted in total deposit costs increasing in the
third quarter of 2022 when compared to the third quarter of
2021. But this increase in deposit interest expense was
nearly offset by a decline in total borrowings interest expense
resulting in only a slight increase to total interest
expense. For the nine months in 2022, both deposit and
borrowing interest expense declined and resulted in a significant
decrease to total interest expense between years. Financial
results also reflect the impact of continued diligent management of
our asset quality, as the Company's loan loss provision expense
increased by $150,000 for the 2022
third quarter but is $1,075,000 lower
when compared to the first nine months of 2021. Overall, the
increase to net interest income, along with a reduced loan loss
provision, more than offset a lower level of non-interest income
and higher non-interest expense resulting in an improved earnings
performance in 2022.
Total average loans in the third quarter of 2022 are lower than
the 2021 third quarter average by $13.5
million, or 1.4%, while total average loans for the nine
months of 2022 were $10.1 million, or
1.0%, lower than the 2021 nine-month level. Strong loan
pipelines have resulted in increased production during the second
and third quarters of 2022 and more than offset a higher than
typical level of payoff activity in the first half of 2022.
Excluding PPP loans, total average loans in the third quarter of
2022 exceed the 2021 third quarter average by $20.9 million, or 2.2%, as growth of commercial
real estate (CRE) and home equity loans along with a higher volume
of residential mortgage loans more than offset a decrease in the
level of commercial & industrial loans. Total
PPP loans averaged $1.3 million in
the third quarter of 2022, representing a decrease of $34.5 million, or 96.3%, from the third quarter
of last year. Additionally, of the $100 million of PPP loans originated from both
government programs, only one very small PPP loan remains on the
balance sheet that totals approximately $24,000, reflecting the Company's successful
efforts working with our customers through the SBA to complete the
forgiveness process. Overall, the higher interest rate
environment along with the higher average volumes of CRE,
residential mortgages and home equity loans, resulted in total loan
interest income improving by $861,000, or 8.8%, for the third quarter of 2022
when compared to the third quarter of last year. On a
year-to-date basis, however, loan interest and fee income is
$528,000, or 1.7%, lower through nine
months of 2022 compared to the same period in 2021, as the
favorable impact of the higher volume of traditional loans and the
higher interest rate environment was more than offset by the
reduction in PPP loan fee income. This decrease is primarily
due to the Company recording a total of $433,000 of processing fees and interest income
from PPP loans in the nine months of 2022, which is $1.5 million, or 77.6%, lower than PPP income in
the nine months of 2021. Finally, on an end of period basis at
September 30, 2022, excluding total
PPP loans, the total loan portfolio is approximately $14.0 million, or 1.5%, higher from the
September 30, 2021 level.
Total investment securities averaged $238.5 million for the nine months of 2022 which
is $31.6 million, or 15.3%, higher
than the $206.9 million average for
the nine months of last year. The increase in the U.S.
Treasury yield curve resulted in a more favorable market for
securities purchasing activity so far in 2022. The 2-year to
10-year portion of the yield curve increased by approximately 220
to 344 basis points since the beginning of the year, with shorter
yields in that range increasing to a higher degree than the longer
yields. Overall, the higher rates resulted in yields for new
federal agency mortgage-backed securities and federal agency bonds
improving and exceeding the overall average yield of the existing
securities portfolio. Management purchased more of these
investments by redeploying the cash flow from the excess payoff
activity from the loan portfolio and profitably utilizing a portion
of the increased short-term liquidity on our balance sheet.
This redeployment of funds contributed to total securities growing
between years. Management also continued to purchase taxable
municipals and corporate securities to maintain a well-diversified
portfolio. Overall, through nine months of 2022, the average
balance of total interest earning assets was consistent with the
nine-month average of 2021 while total interest income increased by
$276,000, or 0.8%, between years.
Although reduced from its high levels when government stimulus
initially impacted the economy, our liquidity position continues to
be solid as total short-term investments averaged $29.4 million for the nine-month period of 2022,
which is $21.4 million, or 42.2%,
lower than the 2021 nine-month average. Short-term
investments averaged $13.0 million in
the third quarter of 2022, which is lower than it has been trending
over the past several quarters due to the additional investment in
the securities portfolio. Uncertainty remains regarding the
duration that the increased funds from government stimulus will
remain on the balance sheet. Diligent monitoring and
management of our short-term investment position remains a
priority. Continued loan growth and prudent investment in
securities are critical to achieve the best return on the Company's
liquid funds with management expecting to continue to be active
with new security purchases during the remainder of 2022 given the
increase in interest rates.
On the liability side of the balance sheet, through nine months,
total average deposits are $7.9
million, or 0.7%, higher compared to the nine months of
2021. Total deposits continue to demonstrate stability over
the past year despite a $29.7
million, or 2.5%, decrease in total average deposits when
comparing the 2022 third quarter to last year's third
quarter. This decrease reflects management electing to allow
one high cost, large institutional deposit to mature late in
September 2021. Deposit volumes continue to reflect the
favorable impact of government stimulus which provided support to
many Americans and financial assistance to municipalities and
school districts during the pandemic. Deposit volumes were
also favorably impacted by the Company's successful business
development efforts and the Somerset
County branch acquisition, which occurred in late May
2021. Overall, the loan to deposit ratio averaged 84.2% in
the third quarter of 2022, which indicates that the Company has
ample capacity to continue to grow its loan portfolio and is
strongly positioned to support our customers and our community
during times of economic volatility.
Total interest expense for the nine months of 2022 decreased by
$1.4 million, or 21.9%, when compared
to the nine months of 2021, due to lower levels of both deposit and
borrowing interest expense. Deposit interest expense was
lower by $425,000, or 10.9%, despite
the higher year to date average volume of total deposits reflecting
new deposit inflows as well as the loyalty of the bank's core
deposit base. Also, management's decision to allow the
previously mentioned large, high cost institutional deposit to
mature has proven to be beneficial since the interest rate on this
particular deposit was indexed to the market and would have become
more expensive with the rising national interest rates experienced
so far in 2022. This large institutional deposit was replaced
by the additional low cost, fixed rate deposits from the
Somerset County branch acquisition
and resulted in significant interest expense savings. The
rising national interest rates this year resulted in total deposit
interest expense increasing as certain deposit products that are
tied to a market index reprice upward with the move in national
interest rates. Specifically, total deposit cost averaged
0.59% in the third quarter of 2022, which is 19 basis points higher
than total deposit cost of 0.40% in the third quarter of
2021. However, through nine months in 2022, total deposits
costs of 40 basis points remain favorable to total deposit costs of
45 basis points through nine months of 2021. Overall,
management believes that total deposit cost will continue to rise
given the expectation of additional short-term interest rate
increases by the Federal Reserve throughout 2022.
Total borrowings interest expense decreased by $506,000, or 52.9%, between the third quarter of
2022 and the same quarter of 2021 and by $934,000, or 40.7%, when comparing the nine
months of 2022 to the nine months of 2021. The decrease
between years results from the favorable impact of the August 2021 subordinated debt offering which was
used to replace higher cost debt. This transaction
effectively lowered debt cost on these long-term funds by nearly
4.0%. This savings is recognized even though the size of the
new subordinated debt is $7.0 million
higher than the debt instruments it replaced. Note that
included in 2021 borrowings interest expense is $202,000 of additional interest expense that the
Company had to recognize from the write-off of the unamortized
issuance costs from the original debt instruments that the new sub
debt replaced. The remaining portion of the favorable
variance in borrowings interest expense between the nine months of
2022 and the nine months of 2021 is due to reduced interest expense
from Federal Home Loan Bank (FHLB) borrowings. The average
balance of total short-term and FHLB borrowings is lower in the
first nine months of 2022 by $13.8
million, or 26.4%, as strength of the Company's liquidity
position allowed management to let higher cost FHLB term advances
mature and not be replaced.
The Company recorded a $500,000
loan loss provision in the third quarter of 2022 as compared to a
$350,000 provision expense recorded
in the third quarter of 2021. For the nine months of 2022,
the Company recorded a $225,000
provision recovery compared to an $850,000 provision expense recorded in the nine
months of 2021 resulting in a net favorable change of $1.1 million. The increased third quarter
2022 provision expense reflects the transfer of one commercial real
estate loan relationship into non-accrual status while the borrower
pursues the sale of the property. However, the provision
recovery for the nine-month time period in 2022 reflects improved
credit quality for the overall portfolio due to several loan
upgrades and increased payoff and paydown activity including two
substandard credits. As a result, the Company also experienced
lower levels of classified assets. As demonstrated
historically, the Company continues its strategic conviction that a
strong allowance for loan losses is needed, which has proven to be
essential given the support provided to certain borrowers as they
fully recover from the COVID-19 pandemic. Even with the third
quarter increase, overall non-performing assets remain well
controlled totaling $6.0 million, or
0.61% of total loans, on September
30, 2022. The Company continues to experience low net
loan charge-offs, which were $111,000, or 0.02% of total average loans, in the
nine months of 2022 and is only slightly higher than net loan
charge-offs of $71,000, or 0.01% of
total average loans, for the nine months of 2021. In summary, the
allowance for loan losses provided 202% coverage of non-performing
assets, and 1.23% of total loans, on September 30, 2022, compared to 373% coverage of
non-performing assets, and 1.26% of total loans, on December 31, 2021.
Total non-interest income in the third quarter of 2022 decreased
by $90,000, or 2.0%, from the prior
year's third quarter and for the nine months of 2022 decreased by
$630,000, or 4.7%, from the nine
months of 2021. Net realized gains on loans held for sale
decreased by $449,000, or 71.0%, for
the nine months, due to the lower level of residential mortgage
loan production which reflects a reduced level of mortgage loan
refinance activity due to the rapid escalation of interest rates
since the beginning of 2022. Residential mortgage loan
production through nine months in 2022 totals $19.9 million representing a $56.2 million, or 73.8%, reduction from the 2021
production level. The reduced level of mortgage loan production
also caused mortgage related fees to decline by $218,000, or 70.3%, for the nine months.
Wealth management fees decreased by $324,000, or 10.3%, for the third quarter of 2022
and also declined by $77,000, or
0.9%, for the nine-month period between years. The decrease
in both time periods reflects the unfavorable impact of the
declining equity markets on wealth management fee income as well as
the unfavorable impact that the move in the bond market is having
on wealth management asset values. Both unfavorable items are
being partially offset by new customer business growth. The
fair market value of wealth management assets declined since the
fourth quarter of 2021 by $422.0
million, or 15.6%, and totaled $2.3
billion at September 30,
2022. Service charges on deposit accounts increased by
$139,000, or 20.3%, in the nine
months of 2022 compared to the nine months of 2021, as consumers
are more active this year, increasing their spending habits.
Revenue from bank owned life insurance (BOLI) increased by
$108,000, or 48.9%, for the third
quarter of 2022 due to the receipt of a death claim. BOLI
income for the nine months in 2022 is consistent with the 2021
level. Finally, other income is $113,000, or 16.1%, higher for the quarter and
$61,000, or 3.2%, higher for the
nine-month period due to the recognition of a positive credit
valuation adjustment to the market value of the interest rate swap
contracts that the Company executed to accommodate the needs of
certain borrowers while managing our interest rate risk
position.
The Company has demonstrated good expense control in this
inflationary environment as total non-interest expense in the third
quarter of 2022 increased by $207,000, or 1.8%, when compared to the third
quarter of 2021 and increased in the nine months of 2022 by
$453,000, or 1.3%, when compared to
2021. Salaries & employee benefits increased by
$161,000, or 2.3%, for the quarter
and are $721,000, or 3.5%, higher for
the nine-month time period in 2022. Within total salaries
& benefits expense, salaries costs are higher by $1.1 million, or 8.5%, through nine months due to
merit increases and a higher level of full-time equivalent
employees (FTEs). Total FTEs of 306 in the third quarter of
2022 are nine higher than they were in the third quarter of 2021 as
the Company has been able to fill certain open positions this
year. Also, contributing to the higher salaries &
employee benefits costs were additional increases to health care
and other employee benefits. Partially offsetting these
higher costs within salaries & benefits through nine months was
lower incentive compensation by $354,000, or 25.1%, due to the reduced level of
loan production. Similar to what occurred in 2021, the
Company was required to recognize a settlement charge in connection
with its defined benefit pension plan in the second and third
quarters of 2022. The amount of the charge in the third quarter was
$230,000, bringing the total
settlement charge recognized for the nine months to $1.2 million. A settlement charge must be
recognized when the total dollar amount of lump sum distributions
paid from the pension plan to retired employees exceeds a threshold
of expected annual service and interest costs in the current
year. The value of the lump sums continued to be elevated
this year due to the low level where interest rates were late in
2021 when these lump sums were calculated. It is anticipated
that the Company will be required to recognize additional
settlement charges through year end as more people retire.
However, since the retired employees have chosen to take the lump
sum payments, these individuals are no longer included in the
pension plan. Therefore, the Company's normal annual pension
expense is expected to be lower in the future. This has been
evident so far in 2022 as the normal amount of pension expense
required to be recognized is lower than the 2021 level.
Specifically, pension expense in the third quarter of 2022 was
$349,000, or 63.1%, lower than the
2021 third quarter level and was $687,000, or 34.9%, lower for the nine-month time
period compared to last year. Professional fees were
$401,000, or 9.8%, higher for the
nine months of 2022 primarily due to higher legal costs in
2022. Net occupancy expenses were $156,000, or 7.9%, higher through nine months of
2022 due to increased utilities cost along with maintenance and
repair expense which was primarily related to the new branch
office. Partially offsetting these higher costs were other
expenses decreasing by $767,000, or
12.0%, for the first nine months of 2022 when compared to the same
time period from last year. Contributing to the lower level
of other expense was no additional costs related to a branch
acquisition in 2022 after $390,000 of
expense was recognized for this purpose in 2021. Other
expenses were also favorably impacted by a $215,000 credit for the unfunded commitment
reserve after $92,000 of expense was
recognized in the nine months of last year, resulting in a
$307,000 favorable shift.
The Company recorded an income tax expense of $526,000, or an effective tax rate of 20.0%, in
the third quarter of 2022. This compares to an income tax
expense of $341,000, or an effective
tax rate of 19.2%, for the third quarter of 2021. Similarly,
for the first nine months of 2022, the Company recorded income tax
expense of $1.6 million, or an
effective tax rate of 20.0%, compared to income tax expense of
$1.3 million in 2021, or an effective
tax rate of 19.7%.
The Company had total assets of $1.4
billion, shareholders' equity of $101.6 million, a book value of $5.94 per common share and a tangible book
value(1) of $5.13 per
common share on September 30,
2022. The decline in the Company's book value and tangible
book value per share in 2022 reflects a decrease in the value of
the Company's available for sale investment securities due to
higher interest rates and the negative impact of a revaluation of
the net pension liability resulting from a drop in the value of the
pension plan assets. The Company continued to maintain strong
capital ratios that exceed the regulatory defined well capitalized
status.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Securities Exchange Act of 1934 and is subject to
the safe harbors created therein. Such statements are not
historical facts and include expressions about management's
confidence and strategies and management's current views and
expectations about new and existing programs and products,
relationships, opportunities, technology, market conditions,
dividend program, and future payment obligations. These
statements may be identified by such forward-looking terminology as
"continuing," "expect," "look," "believe," "anticipate," "may,"
"will," "should," "projects," "strategy," or similar statements.
Actual results may differ materially from such forward-looking
statements, and no reliance should be placed on any forward-looking
statement. Factors that may cause results to differ materially from
such forward-looking statements include, but are not limited to,
unanticipated changes in the financial markets, the level of
inflation, and the direction of interest rates; volatility in
earnings due to certain financial assets and liabilities held at
fair value; competition levels; loan and investment prepayments
differing from our assumptions; insufficient allowance for credit
losses; a higher level of loan charge-offs and delinquencies than
anticipated; material adverse changes in our operations or
earnings; a decline in the economy in our market areas; changes in
relationships with major customers; changes in effective income tax
rates; higher or lower cash flow levels than anticipated; inability
to hire or retain qualified employees; a decline in the levels of
deposits or loss of alternate funding sources; a decrease in loan
origination volume or an inability to close loans currently in the
pipeline; changes in laws and regulations; adoption, interpretation
and implementation of accounting pronouncements; operational risks,
including the risk of fraud by employees, customers or outsiders;
unanticipated effects of our banking platform; risks and
uncertainties relating to the duration of the COVID-19 pandemic,
and actions that may be taken by governmental authorities to
contain the pandemic or to treat its impact; and the inability to
successfully implement or expand new lines of business or new
products and services. These forward-looking statements
involve risks and uncertainties that could cause AmeriServ's
results to differ materially from management's current
expectations. Such risks and uncertainties are detailed in
AmeriServ's filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended
December 31, 2021. Forward-looking
statements are based on the beliefs and assumptions of AmeriServ's
management and on currently available information. The statements
in this press release are made as of the date of this press
release, even if subsequently made available by AmeriServ on its
website or otherwise. AmeriServ undertakes no responsibility to
publicly update or revise any forward-looking statement.
(1)
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Non-GAAP Financial
Information. See "Reconciliation of Non-GAAP Financial
Measures" at end of release.
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AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
SUPPLEMENTAL FINANCIAL
PERFORMANCE DATA
September 30,
2022
(Dollars in thousands,
except per share and ratio data)
(Unaudited)
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2022
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1QTR
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2QTR
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3QTR
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YEAR TO
DATE
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PERFORMANCE DATA FOR
THE PERIOD:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income
|
|
$
|
2,418
|
|
$
|
1,981
|
|
$
|
2,102
|
|
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$
|
6,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
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|
|
|
|
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|
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|
|
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Return on average
assets
|
|
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0.73
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%
|
|
0.59
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%
|
|
0.62
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%
|
|
|
0.65
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%
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Return on average
equity
|
|
|
8.48
|
|
|
7.10
|
|
|
7.81
|
|
|
|
7.80
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Return on average
tangible common equity (B)
|
|
|
9.62
|
|
|
8.10
|
|
|
8.97
|
|
|
|
8.90
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|
Net interest
margin
|
|
|
3.14
|
|
|
3.23
|
|
|
3.35
|
|
|
|
3.24
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Net charge-offs
(recoveries) as a percentage of average loans
|
|
|
0.03
|
|
|
0.01
|
|
|
0.00
|
|
|
|
0.02
|
|
Loan loss provision
(credit) as a percentage of average loans
|
|
|
(0.17)
|
|
|
(0.13)
|
|
|
0.20
|
|
|
|
(0.03)
|
|
Efficiency ratio
(D)
|
|
|
81.38
|
|
|
84.89
|
|
|
78.93
|
|
|
|
81.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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EARNINGS PER COMMON
SHARE:
|
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|
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|
|
|
|
|
|
|
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Basic
|
|
$
|
0.14
|
|
$
|
0.12
|
|
$
|
0.12
|
|
|
$
|
0.38
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|
Average number of
common shares outstanding
|
|
|
17,094
|
|
|
17,109
|
|
|
17,111
|
|
|
|
17,105
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|
Diluted
|
|
|
0.14
|
|
|
0.12
|
|
|
0.12
|
|
|
|
0.38
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Average number of
common shares outstanding
|
|
|
17,146
|
|
|
17,149
|
|
|
17,145
|
|
|
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17,146
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Cash dividends paid per
share
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|
$
|
0.025
|
|
$
|
0.030
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|
$
|
0.030
|
|
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$
|
0.085
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
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YEAR TO
DATE
|
|
PERFORMANCE DATA FOR
THE PERIOD:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,081
|
|
$
|
1,708
|
|
$
|
1,431
|
|
$
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE PERCENTAGES
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.65
|
%
|
|
0.51
|
%
|
|
0.41
|
%
|
|
0.52
|
%
|
Return on average
equity
|
|
|
8.04
|
|
|
6.46
|
|
|
5.07
|
|
|
6.48
|
|
Return on average
tangible common equity (B)
|
|
|
9.08
|
|
|
7.30
|
|
|
5.78
|
|
|
7.35
|
|
Net interest
margin
|
|
|
3.23
|
|
|
3.13
|
|
|
2.85
|
|
|
3.07
|
|
Net charge-offs
(recoveries) as a percentage of average loans
|
|
|
0.05
|
|
|
(0.01)
|
|
|
(0.01)
|
|
|
0.01
|
|
Loan loss provision
(credit) as a percentage of average loans
|
|
|
0.17
|
|
|
0.04
|
|
|
0.14
|
|
|
0.12
|
|
Efficiency ratio
(D)
|
|
|
79.00
|
|
|
84.35
|
|
|
84.42
|
|
|
82.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.12
|
|
$
|
0.10
|
|
$
|
0.08
|
|
$
|
0.31
|
|
Average number of
common shares outstanding
|
|
|
17,064
|
|
|
17,073
|
|
|
17,075
|
|
|
17,071
|
|
Diluted
|
|
|
0.12
|
|
|
0.10
|
|
|
0.08
|
|
|
0.31
|
|
Average number of
common shares outstanding
|
|
|
17,101
|
|
|
17,131
|
|
|
17,114
|
|
|
17,114
|
|
Cash dividends paid per
share
|
|
$
|
0.025
|
|
$
|
0.025
|
|
$
|
0.025
|
|
$
|
0.075
|
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
--CONTINUED--
(Dollars in thousands,
except per share, statistical, and ratio data)
(Unaudited)
|
|
2022
|
|
|
|
1QTR
|
|
|
2QTR
|
|
|
3QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,331,265
|
|
$
|
1,321,402
|
|
$
|
1,350,048
|
|
Short-term
investments/overnight funds
|
|
|
13,588
|
|
|
10,714
|
|
|
4,133
|
|
Investment
securities
|
|
|
223,286
|
|
|
231,255
|
|
|
236,867
|
|
Total loans and loans
held for sale, net of unearned income
|
|
|
978,692
|
|
|
965,587
|
|
|
980,840
|
|
Paycheck Protection
Program (PPP) loans (E)
|
|
|
7,835
|
|
|
2,242
|
|
|
24
|
|
Allowance for loan
losses
|
|
|
11,922
|
|
|
11,568
|
|
|
12,062
|
|
Intangible
assets
|
|
|
13,761
|
|
|
13,753
|
|
|
13,746
|
|
Deposits
|
|
|
1,140,889
|
|
|
1,142,756
|
|
|
1,152,813
|
|
Short-term and FHLB
borrowings
|
|
|
37,863
|
|
|
34,028
|
|
|
54,796
|
|
Guaranteed junior
subordinated deferrable interest debentures
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Subordinated debt,
net
|
|
|
26,613
|
|
|
26,624
|
|
|
26,634
|
|
Shareholders'
equity
|
|
|
113,692
|
|
|
106,392
|
|
|
101,587
|
|
Non-performing
assets
|
|
|
3,401
|
|
|
3,240
|
|
|
5,986
|
|
Tangible common equity
ratio (B)
|
|
|
7.58
|
%
|
|
7.08
|
%
|
|
6.57
|
%
|
Total capital (to risk
weighted assets) ratio
|
|
|
14.01
|
|
|
14.33
|
|
|
14.02
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
$
|
6.65
|
|
$
|
6.22
|
|
$
|
5.94
|
|
Tangible book value
(B)
|
|
|
5.84
|
|
|
5.41
|
|
|
5.13
|
|
Market value
(C)
|
|
|
4.04
|
|
|
3.94
|
|
|
3.80
|
|
Wealth management
assets – fair market value (A)
|
|
$
|
2,633,096
|
|
$
|
2,372,772
|
|
$
|
2,290,678
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
|
301
|
|
|
310
|
|
|
306
|
|
Branch
locations
|
|
|
17
|
|
|
17
|
|
|
17
|
|
Common shares
outstanding
|
|
|
17,109,084
|
|
|
17,109,097
|
|
|
17,112,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
4QTR
|
|
FINANCIAL CONDITION
DATA AT PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,311,412
|
|
$
|
1,360,583
|
|
$
|
1,338,886
|
|
$
|
1,335,560
|
|
Short-term
investments/overnight funds
|
|
|
18,025
|
|
|
45,459
|
|
|
10,080
|
|
|
16,353
|
|
Investment
securities
|
|
|
204,193
|
|
|
219,395
|
|
|
214,295
|
|
|
216,922
|
|
Total loans and loans
held for sale, net of unearned income
|
|
|
986,557
|
|
|
992,865
|
|
|
996,029
|
|
|
986,037
|
|
Paycheck Protection
Program (PPP) loans (E)
|
|
|
67,253
|
|
|
48,098
|
|
|
29,260
|
|
|
17,311
|
|
Allowance for loan
losses
|
|
|
11,631
|
|
|
11,752
|
|
|
12,124
|
|
|
12,398
|
|
Intangible
assets
|
|
|
11,944
|
|
|
13,785
|
|
|
13,777
|
|
|
13,769
|
|
Deposits
|
|
|
1,117,091
|
|
|
1,168,742
|
|
|
1,144,391
|
|
|
1,139,378
|
|
Short-term and FHLB
borrowings
|
|
|
55,149
|
|
|
48,149
|
|
|
43,653
|
|
|
42,653
|
|
Guaranteed junior
subordinated deferrable interest debentures
|
|
|
12,974
|
|
|
12,978
|
|
|
0
|
|
|
0
|
|
Subordinated debt,
net
|
|
|
7,540
|
|
|
7,546
|
|
|
26,600
|
|
|
26,603
|
|
Shareholders'
equity
|
|
|
105,331
|
|
|
111,272
|
|
|
113,736
|
|
|
116,549
|
|
Non-performing
assets
|
|
|
4,245
|
|
|
3,727
|
|
|
3,119
|
|
|
3,323
|
|
Tangible common equity
ratio (B)
|
|
|
7.19
|
%
|
|
7.24
|
%
|
|
7.54
|
%
|
|
7.78
|
%
|
Total capital (to risk
weighted assets) ratio
|
|
|
13.03
|
|
|
12.79
|
|
|
13.61
|
|
|
14.04
|
|
PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
$
|
6.17
|
|
$
|
6.52
|
|
$
|
6.66
|
|
$
|
6.82
|
|
Tangible book value
(B)
|
|
|
5.47
|
|
|
5.71
|
|
|
5.85
|
|
|
6.02
|
|
Market value
(C)
|
|
|
4.06
|
|
|
3.93
|
|
|
3.88
|
|
|
3.86
|
|
Wealth management
assets – fair market value (A)
|
|
$
|
2,517,810
|
|
$
|
2,614,898
|
|
$
|
2,596,672
|
|
$
|
2,712,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICAL DATA AT
PERIOD END:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
|
301
|
|
|
300
|
|
|
297
|
|
|
304
|
|
Branch
locations
|
|
|
16
|
|
|
17
|
|
|
17
|
|
|
17
|
|
Common shares
outstanding
|
|
|
17,069,000
|
|
|
17,075,000
|
|
|
17,075,000
|
|
|
17,081,500
|
|
|
NOTES:
|
(A)
|
Not recognized on the
consolidated balance sheets.
|
(B)
|
Non-GAAP Financial
Information. See "Reconciliation of Non-GAAP Financial
Measures" at end of release.
|
(C)
|
Based on closing price
reported by the principal market on which the security is traded
last business day of the corresponding reporting period.
|
(D)
|
Ratio calculated by
dividing total non-interest expense by tax equivalent net interest
income plus total non-interest income.
|
(E)
|
Paycheck Protection
Program (PPP) loans are included in total loans and loans held for
sale, net of unearned income.
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
CONSOLIDATED STATEMENT
OF INCOME
(Dollars in
thousands)
(Unaudited)
|
|
2022
|
|
|
|
1QTR
|
|
2QTR
|
|
|
|
|
3QTR
|
|
YEAR TO
DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
9,496
|
|
$
|
9,725
|
|
|
$
|
|
10,691
|
|
$
|
29,912
|
Interest on
investments
|
|
|
1,532
|
|
|
1,802
|
|
|
|
|
2,009
|
|
|
5,343
|
Total Interest
Income
|
|
|
11,028
|
|
|
11,527
|
|
|
|
|
12,700
|
|
|
35,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
796
|
|
|
956
|
|
|
|
|
1,720
|
|
|
3,472
|
All
borrowings
|
|
|
465
|
|
|
447
|
|
|
|
|
451
|
|
|
1,363
|
Total Interest
Expense
|
|
|
1,261
|
|
|
1,403
|
|
|
|
|
2,171
|
|
|
4,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
9,767
|
|
|
10,124
|
|
|
|
|
10,529
|
|
|
30,420
|
Provision (credit) for
loan losses
|
|
|
(400)
|
|
|
(325)
|
|
|
|
|
500
|
|
|
(225)
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT) FOR LOAN LOSSES
|
|
|
10,167
|
|
|
10,449
|
|
|
|
|
10,029
|
|
|
30,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management
fees
|
|
|
3,165
|
|
|
2,976
|
|
|
|
|
2,813
|
|
|
8,954
|
Service charges on
deposit accounts
|
|
|
272
|
|
|
263
|
|
|
|
|
289
|
|
|
824
|
Net realized gains on
loans held for sale
|
|
|
95
|
|
|
35
|
|
|
|
|
53
|
|
|
183
|
Mortgage related
fees
|
|
|
33
|
|
|
32
|
|
|
|
|
27
|
|
|
92
|
Net realized gains on
investment securities
|
|
|
0
|
|
|
0
|
|
|
|
|
0
|
|
|
0
|
Bank owned life
insurance
|
|
|
209
|
|
|
231
|
|
|
|
|
329
|
|
|
769
|
Other income
|
|
|
561
|
|
|
601
|
|
|
|
|
815
|
|
|
1,977
|
Total Non-Interest
Income
|
|
|
4,335
|
|
|
4,138
|
|
|
|
|
4,326
|
|
|
12,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
7,405
|
|
|
6,963
|
|
|
|
|
7,071
|
|
|
21,439
|
Net occupancy
expense
|
|
|
741
|
|
|
697
|
|
|
|
|
698
|
|
|
2,136
|
Equipment
expense
|
|
|
397
|
|
|
415
|
|
|
|
|
393
|
|
|
1,205
|
Professional
fees
|
|
|
1,324
|
|
|
1,510
|
|
|
|
|
1,656
|
|
|
4,490
|
FDIC deposit insurance
expense
|
|
|
145
|
|
|
130
|
|
|
|
|
125
|
|
|
400
|
Other
expenses
|
|
|
1,467
|
|
|
2,395
|
|
|
|
|
1,784
|
|
|
5,646
|
Total Non-Interest
Expense
|
|
|
11,479
|
|
|
12,110
|
|
|
|
|
11,727
|
|
|
35,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
|
3,023
|
|
|
2,477
|
|
|
|
|
2,628
|
|
|
8,128
|
Income tax
expense
|
|
|
605
|
|
|
496
|
|
|
|
|
526
|
|
|
1,627
|
NET INCOME
|
|
$
|
2,418
|
|
$
|
1,981
|
|
|
$
|
|
2,102
|
|
$
|
6,501
|
2021
|
|
|
|
1QTR
|
|
2QTR
|
|
|
|
|
3QTR
|
|
YEAR TO
DATE
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,327
|
|
$
|
10,283
|
|
|
|
$
|
9,830
|
|
$
|
30,440
|
Interest on
investments
|
|
|
1,442
|
|
|
1,555
|
|
|
|
|
1,542
|
|
|
4,539
|
Total Interest
Income
|
|
|
11,769
|
|
|
11,838
|
|
|
|
|
11,372
|
|
|
34,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,402
|
|
|
1,306
|
|
|
|
|
1,189
|
|
|
3,897
|
All
borrowings
|
|
|
675
|
|
|
665
|
|
|
|
|
957
|
|
|
2,297
|
Total Interest
Expense
|
|
|
2,077
|
|
|
1,971
|
|
|
|
|
2,146
|
|
|
6,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
9,692
|
|
|
9,867
|
|
|
|
|
9,226
|
|
|
28,785
|
Provision (credit) for
loan losses
|
|
|
400
|
|
|
100
|
|
|
|
|
350
|
|
|
850
|
NET INTEREST INCOME
AFTER PROVISION (CREDIT) FOR LOAN LOSSES
|
|
|
9,292
|
|
|
9,767
|
|
|
|
|
8,876
|
|
|
27,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management
fees
|
|
|
2,872
|
|
|
3,022
|
|
|
|
|
3,137
|
|
|
9,031
|
Service charges on
deposit accounts
|
|
|
201
|
|
|
224
|
|
|
|
|
260
|
|
|
685
|
Net realized gains on
loans held for sale
|
|
|
495
|
|
|
122
|
|
|
|
|
15
|
|
|
632
|
Mortgage related
fees
|
|
|
130
|
|
|
99
|
|
|
|
|
81
|
|
|
310
|
Net realized gains on
investment securities
|
|
|
0
|
|
|
84
|
|
|
|
|
0
|
|
|
84
|
Bank owned life
insurance
|
|
|
332
|
|
|
218
|
|
|
|
|
221
|
|
|
771
|
Other income
|
|
|
584
|
|
|
630
|
|
|
|
|
702
|
|
|
1,916
|
Total Non-Interest
Income
|
|
|
4,614
|
|
|
4,399
|
|
|
|
|
4,416
|
|
|
13,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,941
|
|
|
6,867
|
|
|
|
|
6,910
|
|
|
20,718
|
Net occupancy
expense
|
|
|
680
|
|
|
649
|
|
|
|
|
651
|
|
|
1,980
|
Equipment
expense
|
|
|
390
|
|
|
403
|
|
|
|
|
390
|
|
|
1,183
|
Professional
fees
|
|
|
1,314
|
|
|
1,396
|
|
|
|
|
1,379
|
|
|
4,089
|
FDIC deposit insurance
expense
|
|
|
155
|
|
|
155
|
|
|
|
|
170
|
|
|
480
|
Other
expenses
|
|
|
1,825
|
|
|
2,568
|
|
|
|
|
2,020
|
|
|
6,413
|
Total Non-Interest
Expense
|
|
|
11,305
|
|
|
12,038
|
|
|
|
|
11,520
|
|
|
34,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRETAX
INCOME
|
|
|
2,601
|
|
|
2,128
|
|
|
|
|
1,772
|
|
|
6,501
|
Income tax
expense
|
|
|
520
|
|
|
420
|
|
|
|
|
341
|
|
|
1,281
|
NET INCOME
|
|
$
|
2,081
|
|
$
|
1,708
|
|
|
|
$
|
1,431
|
|
$
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISERV FINANCIAL,
INC.
NASDAQ: ASRV
AVERAGE BALANCE SHEET
DATA
(Dollars in
thousands)
(Unaudited)
|
|
|
|
2022
|
|
2021
|
|
|
3QTR
|
|
|
NINE
MONTHS
|
|
3QTR
|
|
|
NINE
MONTHS
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held
for sale, net of unearned income
|
|
$
|
975,615
|
|
$
|
977,386
|
|
$
|
989,164
|
|
$
|
987,523
|
Short-term investments
and bank deposits
|
|
|
13,009
|
|
|
29,409
|
|
|
71,361
|
|
|
50,857
|
Total investment
securities
|
|
|
253,398
|
|
|
238,491
|
|
|
217,935
|
|
|
206,905
|
Total interest earning
assets
|
|
|
1,242,022
|
|
|
1,245,286
|
|
|
1,278,460
|
|
|
1,245,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
17,814
|
|
|
17,820
|
|
|
20,806
|
|
|
18,882
|
Premises and
equipment
|
|
|
17,575
|
|
|
17,449
|
|
|
17,678
|
|
|
17,822
|
Other assets
|
|
|
74,758
|
|
|
79,016
|
|
|
82,919
|
|
|
76,147
|
Allowance for loan
losses
|
|
|
(11,757)
|
|
|
(12,113)
|
|
|
(11,907)
|
|
|
(11,788)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,340,412
|
|
$
|
1,347,458
|
|
$
|
1,387,956
|
|
$
|
1,346,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
|
$
|
226,606
|
|
$
|
228,425
|
|
$
|
220,594
|
|
$
|
210,179
|
Savings
|
|
|
139,724
|
|
|
138,524
|
|
|
131,184
|
|
|
124,120
|
Money market
|
|
|
289,701
|
|
|
290,946
|
|
|
281,427
|
|
|
269,509
|
Other time
|
|
|
283,504
|
|
|
286,061
|
|
|
334,635
|
|
|
337,726
|
Total interest bearing
deposits
|
|
|
939,535
|
|
|
943,956
|
|
|
967,840
|
|
|
941,534
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased
and other short-term borrowings
|
|
|
5,142
|
|
|
2,214
|
|
|
0
|
|
|
437
|
Advances from Federal
Home Loan Bank
|
|
|
31,109
|
|
|
36,164
|
|
|
45,867
|
|
|
51,717
|
Guaranteed junior
subordinated deferrable interest debentures
|
|
|
0
|
|
|
0
|
|
|
12,794
|
|
|
12,988
|
Subordinated
debt
|
|
|
27,000
|
|
|
27,000
|
|
|
18,017
|
|
|
11,106
|
Lease
liabilities
|
|
|
3,424
|
|
|
3,477
|
|
|
3,695
|
|
|
3,767
|
Total interest bearing
liabilities
|
|
|
1,006,210
|
|
|
1,012,811
|
|
|
1,048,213
|
|
|
1,021,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
219,307
|
|
|
216,266
|
|
|
220,745
|
|
|
210,758
|
Other
liabilities
|
|
|
8,146
|
|
|
6,946
|
|
|
6,970
|
|
|
6,385
|
Shareholders'
equity
|
|
|
106,749
|
|
|
111,435
|
|
|
112,028
|
|
|
107,656
|
Total liabilities and
shareholders' equity
|
|
$
|
1,340,412
|
|
$
|
1,347,458
|
|
$
|
1,387,956
|
|
$
|
1,346,348
|
AMERISERV FINANCIAL,
INC.
|
NASDAQ: ASRV
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE
BOOK VALUE PER SHARE
|
(Dollars in thousands,
except per share and ratio data)
|
(Unaudited)
|
|
The press release
contains certain financial information determined by methods other
than in accordance with generally accepted accounting policies in
the United States (GAAP). These non-GAAP financial measures
are "return on average tangible common equity", "tangible common
equity ratio", and "tangible book value per share." This
non-GAAP disclosure has limitations as an analytical tool and
should not be considered in isolation or as a substitute for
analysis of the Company's results as reported under GAAP, nor is it
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. These non-GAAP measures are
used by management in their analysis of the Company's performance
or, management believes, facilitate an understanding of the
Company's performance.
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR TO
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
|
|
|
DATE
|
|
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,418
|
|
$
|
1,981
|
|
$
|
2,102
|
|
|
|
$
|
6,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
115,658
|
|
|
111,898
|
|
|
106,749
|
|
|
|
|
111,435
|
|
Less: Average
intangible assets
|
|
|
13,766
|
|
|
13,757
|
|
|
13,749
|
|
|
|
|
13,757
|
|
Average tangible common
equity
|
|
|
101,892
|
|
|
98,141
|
|
|
93,000
|
|
|
|
|
97,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (annualized)
|
|
|
9.62
|
%
|
|
8.10
|
%
|
|
8.97
|
%
|
|
|
|
8.90
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
|
|
|
|
|
|
TANGIBLE COMMON
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
113,692
|
|
$
|
106,392
|
|
$
|
101,587
|
|
|
|
|
|
|
Less: Intangible
assets
|
|
|
13,761
|
|
|
13,753
|
|
|
13,746
|
|
|
|
|
|
|
Tangible common
equity
|
|
|
99,931
|
|
|
92,639
|
|
|
87,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
1,331,265
|
|
|
1,321,402
|
|
|
1,350,048
|
|
|
|
|
|
|
Less: Intangible
assets
|
|
|
13,761
|
|
|
13,753
|
|
|
13,746
|
|
|
|
|
|
|
Tangible
assets
|
|
|
1,317,504
|
|
|
1,307,649
|
|
|
1,336,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio
|
|
|
7.58
|
%
|
|
7.08
|
%
|
|
6.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
17,109,084
|
|
|
17,109,097
|
|
|
17,112,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
|
$
|
5.84
|
|
$
|
5.41
|
|
$
|
5.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
1QTR
|
|
2QTR
|
|
|
3QTR
|
|
|
YEAR TO
DATE
|
|
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,081
|
|
$
|
1,708
|
|
$
|
1,431
|
|
|
$
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
104,931
|
|
|
106,009
|
|
|
112,028
|
|
|
|
107,656
|
|
Less: Average
intangible assets
|
|
|
11,944
|
|
|
12,194
|
|
|
13,780
|
|
|
|
12,640
|
|
Average tangible common
equity
|
|
|
92,987
|
|
|
93,815
|
|
|
98,248
|
|
|
|
95,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (annualized)
|
|
|
9.08
|
%
|
|
7.30
|
%
|
|
5.78
|
%
|
|
|
7.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1QTR
|
|
2QTR
|
|
3QTR
|
|
|
|
4QTR
|
|
TANGIBLE COMMON
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
105,331
|
|
$
|
111,272
|
|
$
|
113,736
|
|
|
$
|
116,549
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
13,785
|
|
|
13,777
|
|
|
|
13,769
|
|
Tangible common
equity
|
|
|
93,387
|
|
|
97,487
|
|
|
99,959
|
|
|
|
102,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
1,311,412
|
|
|
1,360,583
|
|
|
1,338,886
|
|
|
|
1,335,560
|
|
Less: Intangible
assets
|
|
|
11,944
|
|
|
13,785
|
|
|
13,777
|
|
|
|
13,769
|
|
Tangible
assets
|
|
|
1,299,468
|
|
|
1,346,798
|
|
|
1,325,109
|
|
|
|
1,321,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio
|
|
|
7.19
|
%
|
|
7.24
|
%
|
|
7.54
|
%
|
|
|
7.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
17,069,000
|
|
|
17,075,000
|
|
|
17,075,000
|
|
|
|
17,081,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
|
$
|
5.47
|
|
$
|
5.71
|
|
$
|
5.85
|
|
|
$
|
6.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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multimedia:https://www.prnewswire.com/news-releases/ameriserv-financial-reports-increased-earnings-for-the-third-quarter-and-first-nine-months-of-2022-301651320.html
SOURCE AmeriServ Financial, Inc.