AMERISERV FINANCIAL REPORTS EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2024
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Second |
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Second |
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Six Months Ended
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Six Months Ended
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Net income (loss) |
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$ |
(375,000) |
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$ |
(187,000) |
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$ |
1,529,000 |
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$ |
1,328,000 |
Diluted earnings per share |
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$ |
(0.02) |
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$ |
(0.01) |
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$ |
0.09 |
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$ |
0.08 |
All second quarter and six months of 2024 financial performance metrics within this document are compared to the second quarter and six months of 2023 unless otherwise noted.
The Company's net interest income in the second quarter of 2024 decreased by
Total average loans in both the second quarter and first six months of 2024 are higher than the 2023 average by approximately
Total investment securities averaged
On the liability side of the balance sheet, through six months, total average deposits are
Total interest expense increased by
Total borrowings interest expense increased by
The Company recorded a
Non-performing assets increased from
Total non-interest income in the second quarter of 2024 increased by
Total non-interest expense in the second quarter of 2024 increased by
Professional fees in both 2024 and 2023 were impacted by litigation and responses to the actions of an activist investor. These activist related costs amounted to
The Company recorded an income tax benefit of
The Company had total assets of
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; ability to successfully execute the Earnings Improvement Program and achieve the anticipated benefits in the amounts and at times estimated; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects to our banking platform; 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
_____________________________________________ |
(1) Non-GAAP Financial Information. See "Reconciliation of Non-GAAP Financial Measures" at end of release. |
NASDAQ: ASRV SUPPLEMENTAL FINANCIAL PERFORMANCE DATA
(Dollars in thousands, except per share and ratio data) (Unaudited)
2024 |
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1QTR |
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2QTR |
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YEAR TO |
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PERFORMANCE DATA FOR THE PERIOD: |
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Net income (loss) |
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$ |
1,904 |
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$ |
(375) |
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$ |
1,529 |
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PERFORMANCE PERCENTAGES (annualized): |
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Return on average assets |
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0.55 |
% |
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(0.11) |
% |
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0.22 |
% |
Return on average equity |
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7.51 |
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(1.47) |
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3.00 |
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Return on average tangible common equity (1) |
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8.67 |
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(1.70) |
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3.47 |
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Net interest margin |
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2.70 |
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2.74 |
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2.72 |
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Net charge-offs (recoveries) as a percentage of average loans |
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0.05 |
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0.08 |
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0.06 |
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Efficiency ratio (3) |
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86.60 |
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100.33 |
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93.35 |
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EARNINGS PER COMMON SHARE: |
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Basic |
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$ |
0.11 |
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$ |
(0.02) |
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$ |
0.09 |
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Average number of common shares outstanding |
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17,147 |
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17,030 |
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17,089 |
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Diluted |
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$ |
0.11 |
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$ |
(0.02) |
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$ |
0.09 |
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Average number of common shares outstanding |
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17,147 |
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17,030 |
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17,089 |
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Cash dividends paid per share |
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$ |
0.03 |
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$ |
0.03 |
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$ |
0.06 |
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2023 |
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1QTR |
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2QTR |
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YEAR TO |
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PERFORMANCE DATA FOR THE PERIOD: |
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Net income (loss) |
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$ |
1,515 |
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$ |
(187) |
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$ |
1,328 |
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PERFORMANCE PERCENTAGES (annualized): |
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Return on average assets |
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0.45 |
% |
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(0.06) |
% |
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0.20 |
% |
Return on average equity |
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5.85 |
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(0.72) |
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2.55 |
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Return on average tangible common equity (1) |
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6.73 |
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(0.82) |
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2.93 |
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Net interest margin |
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3.03 |
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2.89 |
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2.96 |
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Net charge-offs (recoveries) as a percentage of average loans |
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0.05 |
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(0.02) |
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0.01 |
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Efficiency ratio (3) |
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79.58 |
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101.55 |
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89.76 |
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EARNINGS PER COMMON SHARE: |
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Basic |
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$ |
0.09 |
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$ |
(0.01) |
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$ |
0.08 |
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Average number of common shares outstanding |
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17,131 |
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17,147 |
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17,139 |
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Diluted |
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$ |
0.09 |
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$ |
(0.01) |
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$ |
0.08 |
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Average number of common shares outstanding |
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17,155 |
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17,147 |
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17,148 |
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Cash dividends paid per share |
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$ |
0.03 |
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$ |
0.03 |
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$ |
0.06 |
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NASDAQ: ASRV --CONTINUED-- (Dollars in thousands, except per share, statistical, and ratio data) (Unaudited)
2024 |
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1QTR |
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2QTR |
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FINANCIAL CONDITION DATA AT PERIOD END: |
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Assets |
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$ |
1,384,516 |
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$ |
1,403,438 |
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Short-term investments/overnight funds |
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3,353 |
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2,925 |
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Investment securities, net of allowance for credit losses - securities |
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230,419 |
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230,425 |
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Total loans and loans held for sale, net of unearned income |
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1,026,586 |
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1,039,258 |
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Allowance for credit losses - loans |
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14,639 |
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14,611 |
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Intangible assets |
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13,705 |
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13,699 |
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Deposits |
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1,176,578 |
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1,170,359 |
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Short-term and FHLB borrowings |
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60,858 |
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85,495 |
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Subordinated debt, net |
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|
26,695 |
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|
26,706 |
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Shareholders' equity |
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|
103,933 |
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103,661 |
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Non-performing assets |
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12,161 |
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|
12,817 |
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Tangible common equity ratio (1) |
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6.58 |
% |
|
6.47 |
% |
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Total capital (to risk weighted assets) ratio |
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13.10 |
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|
12.77 |
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PER COMMON SHARE: |
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Book value |
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$ |
6.06 |
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$ |
6.28 |
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Tangible book value (1) |
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|
5.26 |
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|
5.45 |
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Market value (2) |
|
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|
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|
2.60 |
|
|
2.26 |
|
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Wealth management assets – fair market value (4) |
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|
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$ |
2,603,493 |
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$ |
2,580,402 |
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STATISTICAL DATA AT PERIOD END: |
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Full-time equivalent employees |
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304 |
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310 |
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Branch locations |
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16 |
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16 |
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Common shares outstanding |
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17,147,270 |
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16,519,267 |
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2023 |
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1QTR |
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2QTR |
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3QTR |
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4QTR |
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FINANCIAL CONDITION DATA AT PERIOD END: |
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Assets |
$ |
1,345,957 |
|
$ |
1,345,721 |
|
$ |
1,361,789 |
|
$ |
1,389,638 |
|
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Short-term investments/overnight funds |
|
4,116 |
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|
3,366 |
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|
3,598 |
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|
4,349 |
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Investment securities, net of allowance for credit losses - securities |
|
238,613 |
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|
232,259 |
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|
229,335 |
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|
229,690 |
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Total loans and loans held for sale, net of unearned income |
|
980,877 |
|
|
988,221 |
|
|
1,002,306 |
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|
1,038,401 |
|
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Allowance for credit losses - loans |
|
12,132 |
|
|
12,221 |
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|
12,313 |
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|
15,053 |
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Intangible assets |
|
13,731 |
|
|
13,724 |
|
|
13,718 |
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|
13,712 |
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Deposits |
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1,131,789 |
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|
1,127,569 |
|
|
1,129,290 |
|
|
1,158,360 |
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Short-term and FHLB borrowings |
|
69,124 |
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|
72,793 |
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|
85,568 |
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|
85,513 |
|
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Subordinated debt, net |
|
26,654 |
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|
26,665 |
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|
26,675 |
|
|
26,685 |
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Shareholders' equity |
|
105,899 |
|
|
103,565 |
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|
101,326 |
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|
102,277 |
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Non-performing assets |
|
4,599 |
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|
5,650 |
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|
5,939 |
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|
12,393 |
|
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Tangible common equity ratio (1) |
|
6.92 |
% |
|
6.74 |
% |
|
6.50 |
% |
|
6.44 |
% |
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Total capital (to risk weighted assets) ratio |
|
14.17 |
|
|
14.00 |
|
|
13.72 |
|
|
13.03 |
|
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PER COMMON SHARE: |
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|
|
|
|
|
|
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|
|
|
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Book value |
$ |
6.18 |
|
$ |
6.04 |
|
$ |
5.91 |
|
$ |
5.96 |
|
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Tangible book value (1) |
|
5.38 |
|
|
5.24 |
|
|
5.11 |
|
|
5.16 |
|
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Market value (2) |
|
3.05 |
|
|
2.54 |
|
|
2.65 |
|
|
3.24 |
|
||||||||||||||
Wealth management assets – fair market value (4) |
$ |
2,354,498 |
|
$ |
2,446,639 |
|
$ |
2,385,590 |
|
$ |
2,521,501 |
|
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STATISTICAL DATA AT PERIOD END: |
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|
|
|
|
|
|
|
|
|
|
||||||||||||||
Full-time equivalent employees |
|
308 |
|
|
315 |
|
|
308 |
|
|
307 |
|
||||||||||||||
Branch locations |
|
17 |
|
|
17 |
|
|
17 |
|
|
17 |
|
||||||||||||||
Common shares outstanding |
|
17,147,270 |
|
|
17,147,270 |
|
|
17,147,270 |
|
|
17,147,270 |
|
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_________________________________________________ |
|
NOTES: |
|
(1) |
Non-GAAP Financial Information. See "Reconciliation of Non-GAAP Financial Measures" at end of release. |
(2) |
Based on closing price reported by the principal market on which the share is traded on the last business day of the corresponding reporting period. |
(3) |
Ratio calculated by dividing total non-interest expense by tax equivalent net interest income plus total non-interest income. |
(4) |
Not recognized on the consolidated balance sheets. |
NASDAQ: ASRV CONSOLIDATED STATEMENT OF INCOME (Dollars in thousands) (Unaudited)
2024 |
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1QTR |
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2QTR |
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YEAR TO |
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INTEREST INCOME |
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|
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|
|||||
Interest and fees on loans |
|
|
|
|
|
|
$ |
|
13,776 |
|
$ |
14,003 |
|
$ |
27,779 |
|||||
Interest on investments |
|
|
|
|
|
|
|
|
2,448 |
|
|
2,507 |
|
|
4,955 |
|||||
Total Interest Income |
|
|
|
|
|
|
|
|
16,224 |
|
|
16,510 |
|
|
32,734 |
|||||
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|
|||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Deposits |
|
|
|
|
|
|
|
|
6,199 |
|
|
6,389 |
|
|
12,588 |
|||||
All borrowings |
|
|
|
|
|
|
|
|
1,278 |
|
|
1,246 |
|
|
2,524 |
|||||
Total Interest Expense |
|
|
|
|
|
|
|
|
7,477 |
|
|
7,635 |
|
|
15,112 |
|||||
|
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|
|
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|
|
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|
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|
|||||
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
8,747 |
|
|
8,875 |
|
|
17,622 |
|||||
Provision (recovery) for credit losses |
|
|
|
|
|
|
|
|
(557) |
|
|
434 |
|
|
(123) |
|||||
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
9,304 |
|
|
8,441 |
|
|
17,745 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Wealth management fees |
|
|
|
|
|
|
|
|
3,266 |
|
|
3,059 |
|
|
6,325 |
|||||
Service charges on deposit accounts |
|
|
|
|
|
|
|
|
293 |
|
|
293 |
|
|
586 |
|||||
Net realized gains on loans held for sale |
|
|
|
|
|
|
|
|
10 |
|
|
59 |
|
|
69 |
|||||
Mortgage related fees |
|
|
|
|
|
|
|
|
29 |
|
|
48 |
|
|
77 |
|||||
Gain on sale of Visa Class B shares |
|
|
|
|
|
|
|
|
0 |
|
|
0 |
|
|
0 |
|||||
Bank owned life insurance |
|
|
|
|
|
|
|
|
337 |
|
|
240 |
|
|
577 |
|||||
Other income |
|
|
|
|
|
|
|
|
1,012 |
|
|
673 |
|
|
1,685 |
|||||
Total Non-Interest Income |
|
|
|
|
|
|
|
|
4,947 |
|
|
4,372 |
|
|
9,319 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
|
|
|
|
|
|
|
7,117 |
|
|
7,108 |
|
|
14,225 |
|||||
Net occupancy expense |
|
|
|
|
|
|
|
|
791 |
|
|
730 |
|
|
1,521 |
|||||
Equipment expense |
|
|
|
|
|
|
|
|
386 |
|
|
391 |
|
|
777 |
|||||
Professional fees |
|
|
|
|
|
|
|
|
1,002 |
|
|
2,094 |
|
|
3,096 |
|||||
Data processing and IT expense |
|
|
|
|
|
|
|
|
1,159 |
|
|
1,142 |
|
|
2,301 |
|||||
|
|
|
|
|
|
|
|
|
255 |
|
|
250 |
|
|
505 |
|||||
Other expenses |
|
|
|
|
|
|
|
|
1,154 |
|
|
1,582 |
|
|
2,736 |
|||||
Total Non-Interest Expense |
|
|
|
|
|
|
|
|
11,864 |
|
|
13,297 |
|
|
25,161 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PRETAX INCOME (LOSS) |
|
|
|
|
|
|
|
|
2,387 |
|
|
(484) |
|
|
1,903 |
|||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
483 |
|
|
(109) |
|
|
374 |
|||||
NET INCOME (LOSS) |
|
|
|
|
|
|
$ |
|
1,904 |
|
$ |
(375) |
|
$ |
1,529 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
1QTR |
|
2QTR |
|
YEAR TO |
|||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and fees on loans |
|
|
|
|
|
|
$ |
|
12,276 |
|
$ |
12,609 |
|
$ |
24,885 |
|||||
Interest on investments |
|
|
|
|
|
|
|
|
2,298 |
|
|
2,270 |
|
|
4,568 |
|||||
Total Interest Income |
|
|
|
|
|
|
|
|
14,574 |
|
|
14,879 |
|
|
29,453 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
|
|
|
|
|
|
4,189 |
|
|
5,019 |
|
|
9,208 |
|||||
All borrowings |
|
|
|
|
|
|
|
|
863 |
|
|
750 |
|
|
1,613 |
|||||
Total Interest Expense |
|
|
|
|
|
|
|
|
5,052 |
|
|
5,769 |
|
|
10,821 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
9,522 |
|
|
9,110 |
|
|
18,632 |
|||||
Provision (recovery) for credit losses |
|
|
|
|
|
|
|
|
1,179 |
|
|
43 |
|
|
1,222 |
|||||
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
8,343 |
|
|
9,067 |
|
|
17,410 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Wealth management fees |
|
|
|
|
|
|
|
|
2,738 |
|
|
2,789 |
|
|
5,527 |
|||||
Service charges on deposit accounts |
|
|
|
|
|
|
|
|
266 |
|
|
280 |
|
|
546 |
|||||
Net realized gains on loans held for sale |
|
|
|
|
|
|
|
|
26 |
|
|
38 |
|
|
64 |
|||||
Mortgage related fees |
|
|
|
|
|
|
|
|
33 |
|
|
34 |
|
|
67 |
|||||
Gain on sale of Visa Class B shares |
|
|
|
|
|
|
|
|
1,748 |
|
|
0 |
|
|
1,748 |
|||||
Bank owned life insurance |
|
|
|
|
|
|
|
|
239 |
|
|
242 |
|
|
481 |
|||||
Other income |
|
|
|
|
|
|
|
|
457 |
|
|
479 |
|
|
936 |
|||||
Total Non-Interest Income |
|
|
|
|
|
|
|
|
5,507 |
|
|
3,862 |
|
|
9,369 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
|
|
|
|
|
|
|
7,175 |
|
|
7,728 |
|
|
14,903 |
|||||
Net occupancy expense |
|
|
|
|
|
|
|
|
772 |
|
|
713 |
|
|
1,485 |
|||||
Equipment expense |
|
|
|
|
|
|
|
|
415 |
|
|
422 |
|
|
837 |
|||||
Professional fees |
|
|
|
|
|
|
|
|
1,308 |
|
|
1,907 |
|
|
3,215 |
|||||
Data processing and IT expense |
|
|
|
|
|
|
|
|
1,078 |
|
|
1,080 |
|
|
2,158 |
|||||
|
|
|
|
|
|
|
|
|
125 |
|
|
175 |
|
|
300 |
|||||
Other expenses |
|
|
|
|
|
|
|
|
1,090 |
|
|
1,152 |
|
|
2,242 |
|||||
Total Non-Interest Expense |
|
|
|
|
|
|
|
|
11,963 |
|
|
13,177 |
|
|
25,140 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PRETAX INCOME (LOSS) |
|
|
|
|
|
|
|
|
1,887 |
|
|
(248) |
|
|
1,639 |
|||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
372 |
|
|
(61) |
|
|
311 |
|||||
NET INCOME (LOSS) |
|
|
|
|
|
|
$ |
|
1,515 |
|
$ |
(187) |
|
$ |
1,328 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NASDAQ: ASRV AVERAGE BALANCE SHEET DATA (Dollars in thousands) (Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
||||||||
|
2QTR |
|
SIX |
|
2QTR |
|
SIX |
||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held for sale, net of unearned income |
$ |
1,029,662 |
|
$ |
1,029,752 |
|
$ |
986,111 |
|
$ |
986,302 |
Short-term investments and bank deposits |
|
3,359 |
|
|
3,786 |
|
|
3,727 |
|
|
4,051 |
Total investment securities |
|
256,541 |
|
|
256,643 |
|
|
261,769 |
|
|
263,882 |
Total interest earning assets |
|
1,289,562 |
|
|
1,290,181 |
|
|
1,251,607 |
|
|
1,254,235 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
14,460 |
|
|
14,516 |
|
|
16,612 |
|
|
16,512 |
Premises and equipment |
|
18,733 |
|
|
18,492 |
|
|
17,299 |
|
|
17,394 |
Other assets |
|
82,272 |
|
|
81,645 |
|
|
74,608 |
|
|
74,853 |
Allowance for credit losses |
|
(14,924) |
|
|
(15,518) |
|
|
(13,332) |
|
|
(12,739) |
Total assets |
$ |
1,390,103 |
|
$ |
1,389,316 |
|
$ |
1,346,794 |
|
$ |
1,350,255 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
$ |
222,639 |
|
$ |
222,827 |
|
$ |
225,260 |
|
$ |
225,993 |
Savings |
|
120,126 |
|
|
120,337 |
|
|
129,672 |
|
|
131,096 |
Money market |
|
313,056 |
|
|
311,350 |
|
|
303,950 |
|
|
300,776 |
Other time |
|
326,765 |
|
|
326,824 |
|
|
299,913 |
|
|
297,215 |
Total interest bearing deposits |
|
982,586 |
|
|
981,338 |
|
|
958,795 |
|
|
955,080 |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and other short-term borrowings |
|
28,325 |
|
|
30,985 |
|
|
24,967 |
|
|
32,843 |
Advances from |
|
50,670 |
|
|
49,298 |
|
|
18,209 |
|
|
17,949 |
Subordinated debt |
|
27,000 |
|
|
27,000 |
|
|
27,000 |
|
|
27,000 |
Lease liabilities |
|
4,466 |
|
|
4,335 |
|
|
3,206 |
|
|
3,241 |
Total interest bearing liabilities |
|
1,093,047 |
|
|
1,092,956 |
|
|
1,032,177 |
|
|
1,036,113 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
180,468 |
|
|
179,999 |
|
|
198,984 |
|
|
198,431 |
Other liabilities |
|
13,911 |
|
|
14,024 |
|
|
10,720 |
|
|
10,709 |
Shareholders' equity |
|
102,677 |
|
|
102,337 |
|
|
104,913 |
|
|
105,002 |
Total liabilities and shareholders' equity |
$ |
1,390,103 |
|
$ |
1,389,316 |
|
$ |
1,346,794 |
|
$ |
1,350,255 |
NASDAQ: ASRV CHANGES IN SHAREHOLDERS' EQUITY (Dollars in thousands) (Unaudited)
2024 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON |
|
|
|
SURPLUS |
|
RETAINED |
|
ACCUMULATED |
|
TOTAL |
||||||
Balance at |
|
$ |
268 |
|
$ |
(83,280) |
|
$ |
146,364 |
|
$ |
58,901 |
|
$ |
(19,976) |
|
$ |
102,277 |
Net income |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
1,904 |
|
|
0 |
|
|
1,904 |
Exercise of stock options and stock option expense |
|
|
0 |
|
|
0 |
|
|
8 |
|
|
0 |
|
|
0 |
|
|
8 |
Adjustment for defined benefit pension plan |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(131) |
|
|
(131) |
Adjustment for unrealized loss on available for sale securities |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(241) |
|
|
(241) |
Market value adjustment for interest rate hedge |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
630 |
|
|
630 |
Common stock cash dividend |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(514) |
|
|
0 |
|
|
(514) |
Balance at |
|
$ |
268 |
|
$ |
(83,280) |
|
$ |
146,372 |
|
$ |
60,291 |
|
$ |
(19,718) |
|
$ |
103,933 |
Net loss |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(375) |
|
|
0 |
|
|
(375) |
|
|
|
0 |
|
|
(1,511) |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(1,511) |
Adjustment for defined benefit pension plan |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
2,177 |
|
|
2,177 |
Adjustment for unrealized loss on available for sale securities |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(119) |
|
|
(119) |
Market value adjustment for interest rate hedge |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
71 |
|
|
71 |
Common stock cash dividend |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(515) |
|
|
0 |
|
|
(515) |
Balance at |
|
$ |
268 |
|
$ |
(84,791) |
|
$ |
146,372 |
|
$ |
59,401 |
|
$ |
(17,589) |
|
$ |
103,661 |
2023 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON |
|
|
|
SURPLUS |
|
RETAINED |
|
ACCUMULATED |
|
TOTAL |
||||||
Balance at |
|
$ |
267 |
|
$ |
(83,280) |
|
$ |
146,225 |
|
$ |
65,486 |
|
$ |
(22,520) |
|
$ |
106,178 |
Net income |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
1,515 |
|
|
0 |
|
|
1,515 |
Exercise of stock options and stock option expense |
|
|
1 |
|
|
0 |
|
|
106 |
|
|
0 |
|
|
0 |
|
|
107 |
Adjustment for defined benefit pension plan |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
Adjustment for unrealized gain on available for sale securities |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
449 |
|
|
449 |
Market value adjustment for interest rate hedge |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(655) |
|
|
(655) |
Cumulative effect adjustment for change in accounting principal |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(1,181) |
|
|
0 |
|
|
(1,181) |
Common stock cash dividend |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(514) |
|
|
0 |
|
|
(514) |
Balance at |
|
$ |
268 |
|
$ |
(83,280) |
|
$ |
146,331 |
|
$ |
65,306 |
|
$ |
(22,726) |
|
$ |
105,899 |
Net loss |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(187) |
|
|
0 |
|
|
(187) |
Exercise of stock options and stock option expense |
|
|
0 |
|
|
0 |
|
|
12 |
|
|
0 |
|
|
0 |
|
|
12 |
Adjustment for defined benefit pension plan |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
Adjustment for unrealized loss on available for sale securities |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(2,560) |
|
|
(2,560) |
Market value adjustment for interest rate hedge |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
916 |
|
|
916 |
Common stock cash dividend |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(515) |
|
|
0 |
|
|
(515) |
Balance at |
|
$ |
268 |
|
$ |
(83,280) |
|
$ |
146,343 |
|
$ |
64,604 |
|
$ |
(24,370) |
|
$ |
103,565 |
Net income |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
647 |
|
|
0 |
|
|
647 |
Exercise of stock options and stock option expense |
|
|
0 |
|
|
0 |
|
|
11 |
|
|
0 |
|
|
0 |
|
|
11 |
Adjustment for defined benefit pension plan |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
Adjustment for unrealized loss on available for sale securities |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(2,700) |
|
|
(2,700) |
Market value adjustment for interest rate hedge |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
316 |
|
|
316 |
Common stock cash dividend |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(513) |
|
|
0 |
|
|
(513) |
Balance at |
|
$ |
268 |
|
$ |
(83,280) |
|
$ |
146,354 |
|
$ |
64,738 |
|
$ |
(26,754) |
|
$ |
101,326 |
Net loss |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(5,321) |
|
|
0 |
|
|
(5,321) |
Exercise of stock options and stock option expense |
|
|
0 |
|
|
0 |
|
|
10 |
|
|
0 |
|
|
0 |
|
|
10 |
Adjustment for defined benefit pension plan |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
1,688 |
|
|
1,688 |
Adjustment for unrealized gain on available for sale securities |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
6,019 |
|
|
6,019 |
Market value adjustment for interest rate hedge |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(929) |
|
|
(929) |
Common stock cash dividend |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
(516) |
|
|
0 |
|
|
(516) |
Balance at |
|
$ |
268 |
|
$ |
(83,280) |
|
$ |
146,364 |
|
$ |
58,901 |
|
$ |
(19,976) |
|
$ |
102,277 |
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 principles in |
2024 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
1QTR |
|
|
|
2QTR |
|
YEAR TO |
|
|||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income (loss) |
|
|
|
|
|
|
|
$ |
1,904 |
|
|
|
$ |
(375) |
|
$ |
1,529 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Average shareholders' equity |
|
|
|
|
|
|
|
|
101,997 |
|
|
|
|
102,677 |
|
|
102,337 |
|
||
Less: Average intangible assets |
|
|
|
|
|
|
|
|
13,708 |
|
|
|
|
13,701 |
|
|
13,705 |
|
||
Average tangible common equity |
|
|
|
|
|
|
|
|
88,289 |
|
|
|
|
88,976 |
|
|
88,632 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Return on average tangible common equity (annualized) |
|
|
|
|
|
|
|
|
8.67 |
% |
|
|
|
(1.70) |
% |
|
3.47 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1QTR |
|
|
|
2QTR |
|
|||||||
TANGIBLE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total shareholders' equity |
|
|
|
|
|
|
|
$ |
103,933 |
|
|
|
$ |
103,661 |
|
|||
Less: Intangible assets |
|
|
|
|
|
|
|
|
13,705 |
|
|
|
|
13,699 |
|
|||
Tangible common equity |
|
|
|
|
|
|
|
|
90,228 |
|
|
|
|
89,962 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total assets |
|
|
|
|
|
|
|
|
1,384,516 |
|
|
|
|
1,403,438 |
|
|||
Less: Intangible assets |
|
|
|
|
|
|
|
|
13,705 |
|
|
|
|
13,699 |
|
|||
Tangible assets |
|
|
|
|
|
|
|
|
1,370,811 |
|
|
|
|
1,389,739 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tangible common equity ratio |
|
|
|
|
|
|
|
|
6.58 |
% |
|
|
|
6.47 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total shares outstanding |
|
|
|
|
|
|
|
|
17,147,270 |
|
|
|
|
16,519,267 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tangible book value per share |
|
|
|
|
|
|
|
$ |
5.26 |
|
|
|
$ |
5.45 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
1QTR |
|
|
|
2QTR |
|
YEAR TO |
|
|||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income (loss) |
|
|
|
|
|
|
|
$ |
1,515 |
|
|
|
$ |
(187) |
|
$ |
1,328 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Average shareholders' equity |
|
|
|
|
|
|
|
|
105,092 |
|
|
|
|
104,913 |
|
|
105,002 |
|
||
Less: Average intangible assets |
|
|
|
|
|
|
|
|
13,734 |
|
|
|
|
13,727 |
|
|
13,731 |
|
||
Average tangible common equity |
|
|
|
|
|
|
|
|
91,358 |
|
|
|
|
91,186 |
|
|
91,271 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Return on average tangible common equity (annualized) |
|
|
|
|
|
|
|
|
6.73 |
% |
|
|
|
(0.82) |
% |
|
2.93 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
1QTR |
|
2QTR |
|
|
3QTR |
|
4QTR |
|
||||||||
TANGIBLE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total shareholders' equity |
|
$ |
105,899 |
|
$ |
103,565 |
|
$ |
101,326 |
|
|
|
$ |
102,277 |
|
|||
Less: Intangible assets |
|
|
13,731 |
|
|
13,724 |
|
|
13,718 |
|
|
|
|
13,712 |
|
|||
Tangible common equity |
|
|
92,168 |
|
|
89,841 |
|
|
87,608 |
|
|
|
|
88,565 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total assets |
|
|
1,345,957 |
|
|
1,345,721 |
|
|
1,361,789 |
|
|
|
|
1,389,638 |
|
|||
Less: Intangible assets |
|
|
13,731 |
|
|
13,724 |
|
|
13,718 |
|
|
|
|
13,712 |
|
|||
Tangible assets |
|
|
1,332,226 |
|
|
1,331,997 |
|
|
1,348,071 |
|
|
|
|
1,375,926 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tangible common equity ratio |
|
|
6.92 |
% |
|
6.74 |
% |
|
6.50 |
% |
|
|
|
6.44 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total shares outstanding |
|
|
17,147,270 |
|
|
17,147,270 |
|
|
17,147,270 |
|
|
|
|
17,147,270 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tangible book value per share |
|
$ |
5.38 |
|
$ |
5.24 |
|
$ |
5.11 |
|
|
|
$ |
5.16 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/ameriserv-financial-reports-earnings-for-the-second-quarter-and-first-six-months-of-2024-302197211.html
SOURCE