AmeriServ Monetary reported fourth quarter 2018 web earnings of $1,928,000, or $zero.11 per diluted frequent share.
This earnings efficiency represented a rise of $2.9 million, or 294%, from the fourth quarter of 2017 when the Firm reported a web lack of $995,000, or ($zero.05) per diluted frequent share. For the 12 months ended December 31, 2018, the Firm reported web earnings of $7,768,000, or $zero.43 per diluted frequent share.
This represents 139% progress in earnings per share from the complete 12 months of 2017 the place web earnings totaled $three,293,000, or $zero.18 per diluted frequent share. The Firm's return on common fairness improved to eight.08% for the 2018 12 months from three.42% in 2017.
As beforehand disclosed, the Firm's fourth quarter 2017 efficiency was impacted by an earnings tax cost of $2.6 million associated to company earnings tax reform which necessitated the revaluation of the Firm's deferred tax asset due to the brand new decrease company tax charge. This extra earnings tax expense negatively impacted diluted earnings per share by $zero.14 for each the fourth quarter and full 12 months of 2017.
The next desk highlights the Firm's monetary efficiency for each the three and twelve month intervals ended December 31, 2018 and 2017:
Fourth Quarter
2018
Fourth Quarter
2017
Yr Ended
December 31, 2018
Yr Ended
December 31, 2017
Web earnings (loss)
$1,928,000
($995,000)
$7,768,000
$three,293,000
Diluted earnings per
share
$zero.11
($zero.05)
$zero.43
$zero.18
Jeffrey A. Stopko, President and Chief Govt Officer, commented on the 2018 monetary outcomes: "AmeriServ Monetary achieved report earnings in 2018 whereas making strategic investments in our franchise that place us nicely within the quickly altering monetary providers trade. The fourth quarter 2018 opening of a brand new monetary banking heart in Hagerstown, Maryland permits us to construct upon the success of our Hagerstown industrial mortgage manufacturing workplace and now provide a full slate of banking merchandise and wealth administration providers on this demographically engaging and rising market.
We continued to enhance our expertise platform in 2018 with the introduction of latest enterprise and shopper web banking packages. Lastly, we made significant progress in enhancing the earnings energy of the corporate by reporting full 12 months earnings per share of $zero.43, growing tangible ebook worth per share by 6.three% throughout 2018 and returning virtually 48% of web earnings to our shareholders by means of accretive frequent inventory buybacks and an elevated money dividend."
The Firm's web curiosity earnings within the fourth quarter of 2018 decreased by $225,000, or 2.5%, from the prior 12 months's fourth quarter and for the complete 12 months of 2018 decreased by $67,000, or zero.2%, when in comparison with the complete 12 months of 2017. The Firm's web curiosity margin was three.22% for the fourth quarter and three.31% for the complete 12 months of 2018 representing a lower of 9 foundation factors from the prior 12 months's fourth quarter and a 1 foundation level decline from the complete 12 months of 2017. The lower in web curiosity earnings in each time intervals resulted from a decreased degree of whole incomes property as decrease whole loans greater than offset an elevated degree of whole funding securities.
Whole common incomes property decreased modestly by $2.5 million, or zero.2%, within the fourth quarter and $1.four million, or zero.1%, for the complete 12 months. This mixed with the upward repricing of curiosity bearing liabilities, in addition to a better degree of common curiosity bearing liabilities in each time intervals, resulted in web curiosity earnings lowering.
Whole funding securities elevated in each time intervals. Whole funding securities averaged $193 million within the fourth quarter of 2018 which is $18.eight million, or 10.eight%, larger than the $175 million common for the fourth quarter of 2017. Funding securities additionally averaged $185 million for the complete 12 months which is $11.9 million, or 6.9%, larger than the complete 12 months 2017 common. The expansion within the funding securities portfolio is the results of administration making the most of the upper rate of interest atmosphere in 2018 to buy extra securities.
Purchases in 2018 primarily centered on federal company mortgage backed securities because of the ongoing liquid money circulation that these securities present. Additionally, administration continued its portfolio diversification technique by means of purchases of top quality company and taxable municipal securities. Because of this, curiosity earnings on investments elevated between the fourth quarter of 2018 and the fourth quarter of 2017 by $305,000, or 22.7%, and elevated for the complete 12 months of 2018 from 2017 by $927,000, or 18.zero%.
Regarding the mortgage portfolio, whole loans averaged $873 million within the fourth quarter of 2018 which is $19.9 million, or 2.2%, decrease than the $893 million common for the fourth quarter of 2017. Whole loans averaged $882 million for the complete 12 months of 2018 which is $12.1 million, or 1.four%, decrease than the 2017 full 12 months common. General, whole mortgage originations have been in keeping with the prior 12 months's degree. Nonetheless, mortgage payoffs exceeded what we skilled in 2017 and in addition exceeded mortgage originations in 2018, leading to a web discount to the mortgage portfolio. Although whole common loans decreased since final 12 months, mortgage curiosity earnings elevated by $450,000, or four.5%, between the fourth quarter of 2018 and the fourth quarter of 2017 and in addition elevated by $1.eight million, or four.6%, for the complete 12 months of 2018 when in comparison with 2017. The upper mortgage curiosity earnings displays new loans originating at larger yields in addition to the upward repricing of sure loans tied to LIBOR or the prime charge as each of those indices have moved up with the Federal Reserve's program to extend the goal federal funds rate of interest. General, whole curiosity earnings elevated by $2.7 million, or 6.2%, for the complete 12 months of 2018.
Whole curiosity expense for the fourth quarter of 2018 elevated by $980,000, or 41.four%, and elevated by $2.eight million, or 31.9%, for the complete 12 months of 2018 when in comparison with 2017, on account of larger ranges of each deposit and borrowing curiosity expense. Deposit curiosity expense in 2018 was larger by $828,000 for the fourth quarter and $2.2 million for the complete 12 months which displays sure listed cash market accounts repricing upward after the Federal Reserve rate of interest will increase. The upper nationwide rate of interest atmosphere in 2018 has resulted in growing market aggressive strain to retain present deposit clients and appeal to new buyer deposits. Moreover, there was buyer motion of some funds out of decrease yielding cash market accounts into larger yielding certificates of deposits. The runoff of cash market deposits has greater than offset the expansion of time period deposit merchandise and resulted in a lower within the steadiness of whole deposits in 2018. Particularly, whole deposits averaged $960 million for the complete 12 months of 2018 which was $16.7 million, or 1.7%, decrease than the $976 million common for the complete 12 months of 2017. General, the Firm's mortgage to deposit ratio averaged 90.four% within the fourth quarter of 2018 which we imagine signifies that the Firm has ample capability to develop its mortgage portfolio. The Firm skilled a $617,000, or 24.three%, improve within the curiosity value for borrowings within the full 12 months of 2018 on account of a better common steadiness of whole borrowed funds and the speedy impression that the will increase within the federal funds charge had on the price of in a single day borrowed funds. The 2018 whole full 12 months common of FHLB borrowed funds was $78.1 million and elevated by $15.5 million, or 24.7%, because of the lower in whole common deposits.
The Firm recorded a $700,000 unfavourable provision for mortgage losses within the fourth quarter of 2018 as in comparison with a $50,000 provision recorded within the fourth quarter of 2017. For the complete 12 months 2018, the Firm recorded a unfavourable mortgage loss provision of $600,000 in comparison with an $800,000 provision expense for the 2017 12 months. The unfavourable 2018 provision displays our general robust asset high quality, decreased mortgage portfolio steadiness and the profitable exercise of a number of criticized loans which resulted within the launch of reserves after two criticized loans that had balances totaling in extra of $11 million totally paid off in the course of the third and fourth quarters of 2018. For the complete 12 months, the Firm skilled web mortgage charge-offs of $943,000, or zero.11% of whole loans, in 2018 in comparison with web mortgage charge-offs of $518,000, or zero.06% of whole loans, in 2017. The upper 2018 web mortgage charge-offs mirror the ultimate exercise of a number of non-performing loans on which reserves had beforehand been established. General, the Firm continued to keep up excellent asset high quality as its nonperforming property totaled $1.four million, or solely zero.16% of whole loans, at December 31, 2018. In abstract, the allowance for mortgage losses supplied 629% protection of non-performing property, and 1.00% of whole loans, at December 31, 2018, in comparison with 337% protection of non-performing property, and 1.14% of whole loans, at December 31, 2017.
Whole non-interest earnings within the fourth quarter of 2018 decreased by $377,000, or 10.2%, from the prior 12 months's fourth quarter, and for the complete 12 months decreased by $421,000, or 2.9%, when in comparison with 2017. Essentially the most vital issue contributing to the unfavourable variance in each time intervals is a web unfavorable change in funding safety gross sales exercise by $291,000 within the fourth quarter of 2018 and by $554,000 for the complete 12 months. There was no safety sale exercise within the fourth quarter of 2017 and a $115,000 web achieve was acknowledged for the complete 12 months of 2017. The online loss in each time intervals of 2018 resulted from the Firm promoting sure low yielding securities and reinvesting in securities with larger present market coupon charges. The results of these transactions positions the Firm for an elevated future return from the funding securities portfolio. Additionally contributing to the unfavorable non-interest earnings variance within the fourth quarter 2018 was decrease income from deposit service prices by $59,000 in addition to decreased earnings from mortgage associated charges and residential mortgage mortgage gross sales into the secondary market by a mixed $93,000 because of decreased residential mortgage manufacturing and refinance exercise throughout 2018. The decreased income greater than offset a higher degree of different earnings by $58,000 on account of elevated letter of credit score charges. For full 12 months of 2018, along with the unfavorable change in web safety gross sales exercise, income from financial institution owned life insurance coverage (BOLI) was decrease by $201,000 after the Firm obtained a demise declare in 2017 and there was no such declare this 12 months. Additionally, web good points from residential mortgage mortgage gross sales and mortgage associated charges declined by a mixed $279,000 and deposit providers prices have been $161,000 decrease on account of decreased overdraft charges. Constructive comparisons for the complete 12 months time interval included a $489,000, or 5.three%, improve in wealth administration charges because the Firm benefitted from elevated market values for property underneath administration throughout 2018. Wealth administration continues to be an necessary strategic focus of the Firm as it's the largest part of non-interest income. Non-interest income contains over 29% of the Firm's whole income. Additionally, a rise in different earnings by $285,000 outcomes from a $156,000 achieve realized on the sale of sure fairness securities that the Firm owned from a earlier acquisition in addition to larger interchange earnings, income from enterprise providers and letter of credit score charges.
The Firm's whole non-interest expense within the fourth quarter of 2018 elevated by $142,000, or 1.four%, when in comparison with the fourth quarter of 2017, and for the complete 12 months of 2018 elevated by $170,000, or zero.four%. The Firm demonstrated good expense management throughout 2018 as indicated by the small share improve in each time intervals in relation to final 12 months. The rise in each time intervals resulted from larger salaries & worker advantages expense in addition to elevated different bills, each of which greater than offset decrease occupancy & gear prices and decreased FDIC deposit insurance coverage expense. For the fourth quarter of 2018, the elevated salaries & worker advantages expense resulted primarily from four extra workers employed for our new Hagerstown, Maryland monetary banking heart. Whereas we do function a mortgage manufacturing workplace in Hagerstown, the opening of this monetary heart is AmeriServ Monetary, Inc.'s first transfer to ascertain a full service banking heart outdoors of Pennsylvania. This strategic funding higher positions the Firm for future progress in a extra demographically engaging market. For the complete 12 months of 2018, together with the extra hiring that happened in the course of the fourth quarter, the upper degree of salaries & worker advantages expense resulted from annual wage advantage will increase and extra incentives paid primarily inside our Wealth Administration operation because of the elevated degree of charge earnings talked about beforehand. The upper degree of different bills in the course of the fourth quarter was due largely to extra prices associated to the redesign of our improved Firm web site and $47,000 of extra expense for fraudulent debit card utilization. The discount to occupancy and gear bills in each time intervals was primarily attributable to the Firm's ongoing efforts to fastidiously handle and comprise non-interest expense. Particularly, a department workplace closure in Cambria County together with a department consolidation within the State School market resulted in decreased lease expense and different occupancy associated prices.
The Firm acknowledged earnings tax expense for the 2018 12 months of $1.6 million, or a 17.2% efficient tax charge, in comparison with earnings tax expense of $5.three million, or a 61.9% efficient tax charge, in 2017. The decrease efficient tax charge and earnings tax expense in 2018 displays the advantages of company tax reform because of the enactment of the "Tax Cuts and Jobs Act" late within the fourth quarter of 2017, which lowered the company earnings tax charge from 34% to 21%. Additionally, due to the enactment of this new tax regulation, the Firm was in a position to obtain a higher earnings tax profit within the third quarter by making a one-time extra contribution to the outlined profit pension plan which was totally described within the third quarter 2018 earnings announcement. This one-time extra earnings tax profit is the explanation that the 17.2% efficient earnings tax charge for 2018 is decrease than our extra typical 20% efficient earnings tax charge that was acknowledged in three out of the 4 quarters in 2018. Lastly, the upper earnings tax expense in 2017 additionally resulted from an extra earnings tax cost of $2.6 million recorded within the fourth quarter of 2017 as company earnings tax reform necessitated the revaluation of the Firm's deferred tax asset due to the brand new decrease company tax charge.
The Firm had whole property of $1.16 billion, shareholders' fairness of $98 million, a ebook worth of $5.56 per frequent share and a tangible ebook worth of $four.88 per frequent share at December 31, 2018. In accordance with the frequent inventory buyback program introduced on July 17, 2018, the Firm returned $1.9 million of capital to its shareholders by means of the repurchase of 427,689 shares of its frequent inventory within the second half of 2018. The Firm continued to keep up robust capital ratios that exceed the regulatory outlined nicely capitalized standing.
This information launch could comprise forward-looking statements that contain dangers and uncertainties, as outlined within the Personal Securities Litigation Reform Act of 1995, together with the dangers detailed within the Firm's Annual Report and Type 10-Okay to the Securities and Trade Fee. Precise outcomes could differ materially.
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
SUPPLEMENTAL FINANCIAL PERFORMANCE DATA
December 31, 2018
(Dollars in hundreds, besides per share and ratio information)
(Unaudited)
2018
1QTR
2QTR
3QTR
4QTR
YEAR TO
DATE
PERFORMANCE DATA FOR THE PERIOD:
Web earnings
$1,767
$1,744
$2,329
$1,928
$7,768
PERFORMANCE PERCENTAGES (annualized):
Return on common property
zero.62%
zero.60%
zero.79%
zero.66%
zero.67%
Return on common fairness
7.55
7.30
9.54
7.89
eight.08
Web curiosity margin
three.29
three.28
three.31
three.22
three.31
Web charge-offs as a share of common loans
zero.15
zero.21
zero.04
zero.03
zero.11
Mortgage loss provision (credit score) as a share of
common loans
zero.02
zero.02
zero.00
(zero.32)
(zero.07)
Effectivity ratio
81.69
82.19
79.64
85.84
82.30
PER COMMON SHARE:
Web earnings:
Primary
$zero.10
$zero.10
$zero.13
$zero.11
$zero.43
Common variety of frequent shares excellent
18,079
18,038
17,924
17,697
17,933
Diluted
zero.10
zero.10
zero.13
zero.11
zero.43
Common variety of frequent shares excellent
18,181
18,140
18,zero36
17,801
18,zero37
Money dividends declared
$zero.zero15
$zero.020
$zero.020
$zero.020
$zero.075
2017
1QTR
2QTR
3QTR
4QTR**
YEAR
TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Web earnings (loss)
$1,348
$1,389
$1,551
$(995)
$three,293
PERFORMANCE PERCENTAGES (annualized):
Return on common property
zero.47%
zero.48%
zero.53%
(zero.34)%
zero.28%
Return on common fairness
5.74
5.81
6.37
(four.07)
three.42
Web curiosity margin
three.27
three.27
three.28
three.31
three.32
Web charge-offs as a share of common loans
zero.04
zero.01
zero.11
zero.08
zero.06
Mortgage loss provision as a share of
common loans
zero.10
zero.14
zero.09
zero.02
zero.09
Effectivity ratio
82.04
81.47
80.42
80.63
81.13
PER COMMON SHARE:
Web earnings (loss):
Primary
$zero.07
$zero.07
$zero.08
$(zero.05)
$zero.18
Common variety of frequent shares excellent
18,814
18,580
18,380
18,226
18,498
Diluted
zero.07
zero.07
zero.08
(zero.05)
zero.18
Common variety of frequent shares excellent
18,922
18,699
18,481
18,337
18,600
Money dividends declared
$zero.zero15
$zero.zero15
$zero.zero15
$zero.zero15
$zero.zero60
** - The fourth quarter 2017 outcomes have been impacted by a $2.6 million improve of tax expense due to the brand new tax regulation that precipitated the revaluation of the Firm's deferred tax property from 34% to 21%.
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
(Dollars in hundreds, besides per share, statistical, and ratio information)
(Unaudited)
2018
1QTR
2QTR
3QTR
4QTR
FINANCIAL CONDITION DATA AT
PERIOD END
Belongings
$1,151,160
$1,180,510
$1,168,806
$1,160,680
Quick-term investments/in a single day funds
7,796
eight,zero50
7,428
6,924
Funding securities
171,zero53
174,771
177,426
187,491
Loans and loans held on the market
875,716
895,162
884,374
863,129
Allowance for mortgage losses
9,932
9,521
9,439
eight,671
Goodwill
11,944
11,944
11,944
11,944
Deposits
944,206
928,176
944,213
949,171
FHLB borrowings
82,864
126,901
103,799
87,750
Subordinated debt, web
7,470
7,476
7,482
7,488
Shareholders' fairness
95,810
96,883
97,179
97,977
Non-performing property
2,157
1,160
1,067
1,378
Tangible frequent fairness ratio
7.36%
7.27%
7.37%
7.49%
Whole capital (to threat weighted property) ratio
13.45
13.01
13.13
13.53
PER COMMON SHARE:
Ebook worth
$5.31
$5.37
$5.47
$5.56
Tangible ebook worth
four.65
four.71
four.80
four.88
Market worth
four.00
four.10
four.30
four.03
Wealth administration property – truthful market
worth (A)
$2,175,538
$2,201,565
$2,258,108
$2,106,172
STATISTICAL DATA AT PERIOD
END:
Full-time equal workers
304
295
296
303
Department areas
15
15
15
16
Frequent shares excellent
18,033,401
18,044,692
17,767,313
17,619,303
2017
1QTR
2QTR
3QTR
4QTR
FINANCIAL CONDITION DATA AT
PERIOD END
Belongings
$1,172,127
$1,171,962
$1,170,916
$1,167,655
Quick-term investments/in a single day funds
eight,320
eight,389
eight,408
7,954
Funding securities
165,781
168,367
168,443
167,890
Loans and loans held on the market
899,456
897,876
897,990
892,758
Allowance for mortgage losses
10,080
10,391
10,346
10,214
Goodwill
11,944
11,944
11,944
11,944
Deposits
964,776
956,375
966,921
947,945
FHLB borrowings
79,718
87,143
77,635
95,313
Subordinated debt, web
7,447
7,453
7,459
7,465
Shareholders' fairness
95,604
96,277
97,110
95,102
Non-performing property
1,488
2,362
5,372
three,zero34
Tangible frequent fairness ratio
7.21%
7.27%
7.35%
7.20%
Whole capital (to threat weighted property) ratio
13.03
13.13
13.08
13.21
PER COMMON SHARE:
Ebook worth
$5.12
$5.21
$5.31
$5.25
Tangible ebook worth
four.48
four.57
four.66
four.59
Market worth
three.75
four.15
four.00
four.15
Wealth administration property – truthful market
worth (A)
$2,025,304
$2,070,212
$2,119,371
$2,186,393
STATISTICAL DATA AT PERIOD END:
Full-time equal workers
307
308
307
302
Department areas
16
16
16
15
Frequent shares excellent
18,666,520
18,461,628
18,281,224
18,128,247
NOTES:
(A)
Not acknowledged on the consolidated steadiness sheets.
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
CONSOLIDATED STATEMENT OF INCOME
(Dollars in hundreds)
(Unaudited)
2018
1QTR
2QTR
3QTR
4QTR
YEAR TO
DATE
INTEREST INCOME
Curiosity and costs on loans
$9,818
$10,125
$10,607
$10,478
$41,028
Curiosity on investments
1,399
1,478
1,542
1,647
6,zero66
Whole Curiosity Revenue
11,217
11,603
12,149
12,125
47,094
INTEREST EXPENSE
Deposits
1,781
1,973
2,164
2,525
eight,443
All borrowings
688
772
876
821
three,157
Whole Curiosity Expense
2,469
2,745
three,040
three,346
11,600
NET INTEREST INCOME
eight,748
eight,858
9,109
eight,779
35,494
Provision (credit score) for mortgage losses
50
50
zero
(700)
(600)
NET INTEREST INCOME AFTER
PROVISION (CREDIT) FOR LOAN LOSSES
eight,698
eight,808
9,109
9,479
36,094
NON-INTEREST INCOME
Wealth administration charges
2,426
2,447
2,359
2,427
9,659
Service prices on deposit accounts
383
357
326
354
1,420
Web realized good points on loans held on the market
98
119
176
96
489
Mortgage associated charges
39
72
54
31
196
Web realized good points (losses) on funding securities
(148)
zero
zero
(291)
(439)
Financial institution owned life insurance coverage
132
133
135
136
536
Different earnings
705
553
536
569
2,363
Whole Non-Curiosity Revenue
three,635
three,681
three,586
three,322
14,224
NON-INTEREST EXPENSE
Salaries and worker advantages
6,zero93
6,218
5,815
6,232
24,358
Web occupancy expense
670
611
585
596
2,462
Gear expense
391
378
335
360
1,464
Skilled charges
1,184
1,252
1,321
1,282
5,039
FDIC deposit insurance coverage expense
162
155
140
100
557
Different bills
1,620
1,696
1,918
1,822
7,zero56
Whole Non-Curiosity Expense
10,120
10,310
10,114
10,392
40,936
PRETAX INCOME
2,213
2,179
2,581
2,409
9,382
Revenue tax expense
446
435
252
481
1,614
NET INCOME
$1,767
$1,744
$2,329
$1,928
$7,768
2017
1QTR
2QTR
3QTR
4QTR
YEAR
INTEREST INCOME
TO DATE
Curiosity and costs on loans
$9,556
$9,778
$9,855
$10,028
$39,217
Curiosity on investments
1,192
1,273
1,332
1,342
5,139
Whole Curiosity Revenue
10,748
11,051
11,187
11,370
44,356
INTEREST EXPENSE
Deposits
1,436
1,504
1,618
1,697
6,255
All borrowings
591
648
632
669
2,540
Whole Curiosity Expense
2,zero27
2,152
2,250
2,366
eight,795
NET INTEREST INCOME
eight,721
eight,899
eight,937
9,zero04
35,561
Provision for mortgage losses
225
325
200
50
800
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
eight,496
eight,574
eight,737
eight,954
34,761
NON-INTEREST INCOME
Wealth administration charges
2,310
2,240
2,208
2,412
9,170
Service prices on deposit accounts
374
385
409
413
1,581
Web realized good points on loans held on the market
114
186
217
162
679
Mortgage associated charges
75
83
69
58
285
Web realized good points on funding securities
27
32
56
zero
115
Financial institution owned life insurance coverage
141
310
143
143
737
Different earnings
521
519
527
511
2,078
Whole Non-Curiosity Revenue
three,562
three,755
three,629
three,699
14,645
NON-INTEREST EXPENSE
Salaries and worker advantages
5,948
5,917
5,943
6,112
23,920
Web occupancy expense
674
639
634
653
2,600
Gear expense
419
434
343
389
1,585
Skilled charges
1,200
1,415
1,213
1,230
5,058
FDIC deposit insurance coverage expense
160
152
156
160
628
Different bills
1,684
1,760
1,825
1,706
6,975
Whole Non-Curiosity Expense
10,085
10,317
10,114
10,250
40,766
PRETAX INCOME
1,973
2,012
2,252
2,403
eight,640
Revenue tax expense
625
623
701
three,398
5,347
NET INCOME (LOSS)
$1,348
$1,389
$1,551
$(995)
$three,293
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
Common Steadiness Sheet Information
(Dollars in hundreds)
(Unaudited)
2018
2017
4QTR
TWELVE MONTHS
4QTR
TWELVE MONTHS
Curiosity incomes property:
Loans and loans held on the market, web of unearned earnings
$873,206
$881,767
$893,134
$893,849
Quick-term funding in cash market funds
6,488
6,725
7,839
7,996
Deposits with banks
1,020
1,zero23
1,025
1,028
Whole funding securities
193,315
184,550
174,507
172,615
Whole curiosity incomes property
1,074,zero29
1,074,065
1,076,505
1,075,488
Non-interest incomes property:
Money and due from banks
24,476
23,067
22,931
22,393
Premises and gear
12,667
12,480
12,806
12,273
Different property
61,514
62,040
66,352
67,169
Allowance for mortgage losses
(9,540)
(9,866)
(10,430)
(10,241)
Whole property
$1,163,146
$1,161,786
$1,168,164
$1,167,zero82
Curiosity bearing liabilities:
Curiosity bearing deposits:
Curiosity bearing demand
$161,101
$138,572
$128,589
$129,589
Financial savings
96,806
98,zero35
96,064
97,405
Cash market
244,827
249,618
271,672
275,636
Different time
307,414
299,391
294,099
291,475
Whole curiosity bearing deposits
810,148
785,616
790,424
794,105
Borrowings:
Federal funds bought and different short-term borrowings
29,615
33,126
21,719
16,972
Advances from Federal Dwelling Mortgage Financial institution
45,241
44,974
45,273
45,657
Assured junior subordinated deferrable curiosity debentures
13,085
13,085
13,085
13,085
Subordinated debt
7,650
7,650
7,650
7,650
Whole curiosity bearing liabilities
905,739
884,451
878,151
877,469
Non-interest bearing liabilities:
Demand deposits
156,262
174,108
183,430
182,301
Different liabilities
four,209
7,zero77
9,591
11,119
Shareholders' fairness
96,936
96,150
96,992
96,193
Whole liabilities and shareholders' fairness
$1,163,146
$1,161,786
$1,168,164
$1,167,zero82
View unique content material to obtain multimedia:http://www.prnewswire.com/news-releases/ameriserv-financial-reports-increased-earnings-for-the-fourth-quarter-and-full-year-of-2018-300781107.html
SOURCE AmeriServ Monetary, Inc.