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AmeriServ Financial Reports Earnings for the Third Quarter and First Nine Months of 2020 and Announces Quarterly Common Stock Cash Dividend

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October 20, 2020
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AmeriServ Financial Reports Earnings for the Third Quarter and First Nine Months of 2020 and Announces Quarterly Common Stock Cash Dividend
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Last Updated on October 20, 2020 by admin

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JOHNSTOWN, Pa., Oct. 20, 2020 /PRNewswire/ — AmeriServ Monetary, Inc. (NASDAQ: ASRV) reported third quarter 2020 web earnings of $1,078,000, or $zero.06 per diluted widespread share.  This earnings efficiency was a $611,000, or 36.2%, lower from the third quarter of 2019 when web earnings totaled $1,689,000, or $zero.10 per diluted widespread share.  For the nine-month interval ended September 30, 2020, the Firm reported web earnings of $three,906,000, or $zero.23 per diluted widespread share.  This represents a 25.eight% lower in earnings per share from the nine-month interval of 2019 when web earnings totaled $5,359,000, or $zero.31 per diluted widespread share.  The next desk highlights the Firm’s monetary efficiency for each the three and 9 month durations ended September 30, 2020 and 2019:  


Third
Quarter
2020

Third
Quarter
2019


9 Months Ended
September 30, 2020

9 Months Ended
September 30, 2019







Web earnings

$1,078,000

$1,689,000


$three,906,000

$5,359,000

Diluted earnings per
share

$ zero.06

$ zero.10


$zero.23

$ zero.31

Jeffrey A. Stopko, President and Chief Govt Officer, commented on the 2020 third quarter monetary outcomes: “Our group financial institution customer-focused enterprise mannequin and conservative threat administration posture has served us properly up to now in 2020 as our Firm has skilled document ranges of each loans and deposits whereas coping with the challenges introduced by the COVID-19 pandemic.  The decline in earnings between years is because of our determination to additional strengthen our allowance for mortgage losses given the financial uncertainty ensuing from the pandemic.  Moreover, over 32% of our complete income within the third quarter of 2020 got here from non-interest earnings sources which included document contributions from our sturdy wealth administration enterprise and energetic residential mortgage operation.  General, I’m happy with how the AmeriServ group has served our communities with constant, protected and uninterrupted entry to banking providers and personalised monetary steerage and recommendation throughout this pandemic.”

The Firm’s web curiosity earnings within the third quarter of 2020 elevated barely by $27,000, or zero.three%, from the prior yr’s third quarter and, for the primary 9 months of 2020, elevated by $533,000, or 2.zero%, when in comparison with the primary 9 months of 2019.  The Firm’s web curiosity margin of two.97% for the third quarter of 2020 and three.16% for the nine-month timeframe was 21 foundation factors decrease than final yr’s third quarter outcomes and was eight foundation factors decrease when in comparison with the primary 9 months of 2019.  Third quarter 2020 outcomes have been indicative of the gradual financial restoration presently being skilled as a result of uncertainty that exists from the pandemic and the upcoming Presidential election.  Though demonstrating growing power late within the third quarter, the financial uncertainty resulted in gradual industrial mortgage demand, which has an unfavorable influence on our enterprise mannequin since industrial loans comprise roughly 73% of our complete mortgage portfolio.  The gradual mortgage demand mixed with the low Federal Reserve managed rates of interest continues to strain incomes asset margins and, together with an elevated mortgage loss provision, greater than offset a better degree of non-interest earnings and resulted in a decrease earnings efficiency for each time durations in 2020.  The Firm’s steadiness sheet skilled strong development in the course of the second quarter of 2020 because of AmeriServ’s participation within the Small Enterprise Administration’s 100% assured Paycheck Safety Program (PPP) and the influence of different authorities sponsored initiatives established to stimulate the financial system.  The upper degree of loans and deposits that resulted from these authorities sponsored packages remained on the steadiness sheet all through the third quarter.  Because of this, the common steadiness of complete curiosity incomes property for each the third quarter of 2020 and the nine-month yr to this point time durations is increased in comparison with the identical time durations in 2019.  Progress in complete loans and short-term investments greater than offset complete funding securities lowering.  The upper degree of common incomes property was primarily attributable to roughly $68 million of PPP loans which have an rate of interest of 1.zero% and roughly $40 million of short-term investments which earned zero.5% in the course of the third quarter.  These low incomes property additional contributed to the strain being skilled on incomes asset margins, that are already unfavorably impacted by the low rate of interest surroundings.  Excluding the low yielding PPP loans from the online curiosity margin calculation for the 2020 third quarter would end result within the web curiosity margin proportion being 9 foundation factors increased and averaging three.06%(1).  Each non-interest and curiosity bearing deposits additionally elevated since final yr leading to much less reliance on quick time period borrowed funds.  Efficient administration of our funding prices together with the downward repricing of sure curiosity bearing liabilities tied to market indexes resulted in complete curiosity expense lowering properly between years.  This lower to complete curiosity expense greater than offset the lower in complete curiosity earnings ensuing within the enhance to web curiosity earnings for each the third quarter and first 9 months of 2020.

Whole loans continued to achieve a brand new document degree and averaged $933 million within the third quarter of 2020 which is $52.eight million, or 6.zero%, increased than the $880 million common for the third quarter of 2019, whereas complete common loans for the primary 9 months of 2020 have been $33.zero million, or three.eight%, increased than the 2019 nine-month common.  The expansion in complete common loans was due primarily to the Firm’s participation within the PPP program.  As of September 30, 2020, the Firm processed 474 PPP loans totaling roughly $68 million to help small companies and our group on this troublesome financial system.  Additionally, the Firm recorded a complete of $1.four million of processing payment earnings and curiosity earnings from PPP lending exercise.  Observe that PPP processing payment earnings decreased considerably by roughly $700,000 between the second and third quarters of 2020 as a lot of the allowable up-front charges from the PPP loans have been already acknowledged as earnings within the second quarter.  The remaining portion of PPP processing charges totals roughly $1.1 million and are being amortized into earnings over the time interval that the loans stay on our steadiness sheet or till the PPP mortgage is forgiven at which era the remaining payment shall be acknowledged instantly as earnings.  Regular industrial lending exercise has been gradual due to the financial uncertainty however did enhance because the third quarter progressed.  Business mortgage pipelines are presently at ranges which might be just like the place they have been previous to the pandemic.  General on an finish of interval foundation, excluding complete PPP loans, the entire mortgage portfolio grew by roughly $20 million since June 30, 2020.  Residential mortgage mortgage exercise continued to be exceptionally sturdy given the decrease rate of interest surroundings.  By the primary 9 months of 2020, residential mortgage mortgage manufacturing is 65.zero% increased than the manufacturing degree achieved for the complete yr of 2019.  Despite the fact that complete common loans elevated in comparison with the identical time durations final yr and mortgage curiosity earnings was enhanced by the PPP income, mortgage curiosity and payment earnings decreased by $1.zero million, or 9.four%, for the quarter and likewise declined by $1.6 million, or 5.1%, for the 9 months.  The decrease mortgage curiosity earnings displays the challenges that this document low rate of interest surroundings has created.  New loans are being originated at decrease yields and sure loans tied to LIBOR or the prime price reprice downward as each of those indices have moved down with the Federal Reserve’s determination to lower the goal federal funds rate of interest by a complete of 225 foundation factors since June of 2019.  Lastly, the Firm is working prudently with our debtors which were negatively impacted from the consequences of this troublesome financial system by granting them mortgage cost modifications.  Requested modifications primarily encompass the deferral of principal and/or curiosity funds for a interval of three to 6 months and maturity date extensions.  Initially, the steadiness of mortgage modifications associated to COVID-19 that have been granted to our prospects totaled $200 million.  At September 30, 2020, complete mortgage modifications demonstrated an bettering pattern, lowering by $55.6 million, or 27.eight%, and totaled $144 million, or 15.2% of complete loans.  Administration is rigorously monitoring asset high quality with a specific concentrate on prospects which have requested these cost deferrals and does anticipate a big variety of the remaining loans with cost modifications to return to regular cost standing in the course of the fourth quarter of 2020.  As we attain the tip of the deferral time durations, deferral extension requests shall be thought of based mostly upon the client’s wants and their impacted trade, borrower and guarantor capability to service debt and present in addition to any further regulatory steerage. 

Whole funding securities averaged $187 million within the first 9 months of 2020 which is $9.9 million, or 5.zero%, decrease than the $197 million common for the primary 9 months of 2019.  The Firm continues to be selective this yr when buying the extra typical kinds of securities which were bought traditionally because the market is much less favorable given the variations within the place and form of the U.S. Treasury yield curve from the prior yr.  The Firm has been energetic since March buying company securities, notably subordinated debt issued by different monetary establishments.  Subordinated debt affords increased yields than the everyday kinds of securities wherein we make investments and is especially enticing given the present low rate of interest surroundings and flat form of the yield curve.  Administration believes it to be acceptable to extend our investments in financial institution subordinated debt in a gradual and diversified method, given the closely regulated nature of the trade mixed with our intensive due diligence course of. 

Our liquidity place continues to be exceptionally sturdy as a result of vital inflow of deposits that resulted from the federal government stimulus packages and as prospects proceed to be cautious and are demonstrating lowered spending exercise as a result of financial uncertainty.  Because of this, common short-term investments elevated by $28.7 million within the third quarter of 2020 and by $23.three million for the primary 9 months when in comparison with 2019.  The problem of profitably deploying this extra liquidity resulted in administration investing in prime quality industrial paper given their quick maturities and better charges of return.  Nonetheless, because the third quarter progressed, the yields on industrial paper demonstrated a gentle decline, making it much more difficult to discover a appropriate return for our extra liquidity.  General, curiosity earnings on complete investments decreased between the primary 9 months of 2020 and first 9 months of 2019 by $475,000, or 9.1%.  General, by way of 9 months in 2020, complete curiosity earnings decreased by $2.1 million, or 5.7%, between years.

Whole curiosity expense for the primary 9 months of 2020 decreased by $2.7 million, or 24.four%, when in comparison with 2019, as a consequence of decrease ranges of each deposit and borrowing curiosity expense.  By 9 months, deposit curiosity expense in 2020 is decrease by $2.four million, or 28.7%.  Whole deposits grew considerably in the course of the second quarter of 2020 due to the federal government stimulus packages and shoppers being extra cautious with their spending.  The upper degree of complete deposits remained on the Firm’s steadiness sheet all through the third quarter.  Much like complete loans, complete common deposits, once more, reached a document degree, averaging $1.zero54 billion for the quarter, which is $69.1 million, or 7.zero%, increased than the 2019 third quarter common.  As well as, the Firm’s loyal core deposit base continues to be a supply of power for the Firm during times of market volatility.  Administration continued to successfully execute a number of deposit product pricing decreases given the low rate of interest surroundings and the downward strain that the low rates of interest are having on the web curiosity margin.  Because of this, the Firm skilled deposit price aid.  Particularly, the Firm’s common price of curiosity bearing deposits declined by 59 foundation factors for the reason that third quarter of 2019 and averaged zero.79% within the third quarter of 2020.  Additionally offsetting a portion of the online curiosity margin strain from the decrease nationwide rates of interest is a good portion of the deposit development occurring in non-interest bearing demand deposits.  General, complete deposit price, together with demand deposits, averaged zero.65% within the third quarter of 2020 in comparison with 1.17% within the third quarter of 2019.  The Firm’s mortgage to deposit ratio averaged 88.6% within the third quarter of 2020 which we imagine signifies that the Firm has ample capability to develop its mortgage portfolio and is properly positioned to proceed aiding our prospects and the group given the influence that the COVID-19 pandemic is having on the financial system.

The Firm skilled a $215,000, or 9.zero%, lower within the curiosity price of borrowings within the first 9 months of 2020 when in comparison with the primary 9 months of 2019.  The decline is a results of the Federal Reserve’s actions to lower rates of interest and the influence that these price decreases have on the price of in a single day borrowed funds and the substitute of matured FHLB time period advances.  The whole 2020 third quarter common time period advance borrowings steadiness elevated by roughly $18.1 million, or 32.four%, when in comparison with the third quarter of 2019 because the Firm took benefit of the decrease yield curve to prudently prolong borrowings.  The speed on sure FHLB time period advances is decrease than the speed on in a single day borrowings.  Because of this, the mixed development of common FHLB time period advances and complete common deposits resulted in much less reliance on in a single day borrowed funds, which decreased between years by $four.6 million, or 76.four%, for the quarter.  General, the 2020 third quarter common of complete short-term and FHLB borrowed funds was $75.three million, which represents a rise of $13.5 million, or 21.eight%, from the 2019 third quarter. 

The Firm recorded a $675,000 provision expense for mortgage losses within the third quarter of 2020 as in comparison with a $225,000 provision expense recorded within the third quarter of 2019.  For the primary 9 months of 2020, the Firm recorded a $1.three million provision expense for mortgage losses in comparison with a $175,000 provision restoration recorded within the first 9 months of 2019, which represents a web unfavorable shift of $1,475,000.  The Firm continues to construct the allowance for mortgage losses given the general financial local weather and the uncertainty that exists due to the COVID-19 pandemic.  The 2020 provision displays administration strengthening sure qualitative elements inside the allowance for mortgage losses calculation in addition to the third quarter ranking downgrade of a number of loans totaling roughly $29 million from the lodge trade.  The lodge trade has been particularly negatively impacted from the pandemic and is demonstrating a gradual tempo of restoration from the financial lockdown.  Whereas we anticipate that our lodge debtors will want further time to get better, we stay inspired by their indicators of accelerating occupancy charges.  Moreover, in the course of the third quarter, two substantial industrial loans beforehand categorized as substandard have been upgraded, whereas one other troubled industrial mortgage paid off.  The ranking enhancements on these loans helped restrict the rise within the mortgage loss provision in the course of the third quarter of 2020.  The Firm skilled low web mortgage charge-offs of $296,000, or zero.04% of complete loans, within the first 9 months of 2020 in comparison with web mortgage charge-offs of $152,000, or zero.02% of complete loans, for a similar time interval of 2019.  Non-performing property totaled $2.6 million, or zero.27% of complete loans, at September 30, 2020 and are under trade ranges.  As talked about beforehand, administration is rigorously monitoring asset high quality with a specific concentrate on prospects which have requested cost deferrals throughout this troublesome financial time.  The Asset High quality Activity Drive is assembly month-to-month to overview these specific relationships, receiving enter from the enterprise lenders concerning their ongoing discussions with the debtors.  In abstract, the allowance for mortgage losses supplied 395% protection of non-performing property, and 1.08% of complete loans, at September 30, 2020, in comparison with 397% protection of non-performing property, and 1.05% of complete loans, at December 31, 2019.  Observe that the reserve protection of complete loans, excluding PPP loans, is 1.17%(1) at September 30, 2020.  The Small Enterprise Administration ensures 100% of the PPP loans made to eligible debtors which minimizes the extent of credit score threat related to these loans. 

Whole non-interest earnings within the third quarter of 2020 elevated by $209,000, or 5.1%, from the prior yr’s third quarter, and elevated by $546,000, or four.eight%, within the first 9 months of 2020 when in comparison with the primary 9 months of 2019.  Revenue from residential mortgage mortgage gross sales into the secondary market elevated by $102,000, or 25.2%, for the quarter and elevated by $505,000, or 88.zero%, for the primary 9 months as a result of sturdy degree of residential mortgage mortgage manufacturing.  The upper degree of residential mortgage mortgage manufacturing additionally resulted in mortgage associated charges growing by $64,000, or 66.zero%, for the quarter and by $214,000, or 98.2%, for the 9 months.  Wealth administration charges elevated by $173,000, or 7.1%, within the third quarter of 2020 and by $383,000, or 5.three%, for the 9 months of 2020 in comparison with the identical time durations in 2019.  Along with an improved degree of payment earnings from the Monetary Companies enterprise unit, all the Wealth Administration Division has been resilient and carried out properly despite the volatility of the markets and a significant market worth decline that occurred in late March has been totally recovered by the tip of the third quarter of 2020.  Different earnings compares favorably for the quarter by $43,000, or 6.9%, whereas different earnings compares unfavorably for the nine-month time interval by 208,000, or 11.2%, after the Firm acknowledged a acquire in 2019 on the sale of fairness shares from a earlier acquisition.  Barely offsetting these favorable objects was service fees on deposit accounts lowering by $115,000, or 35.eight%, for the quarter and by $280,000, or, 29.5%, for the primary 9 months.  Client spending exercise based mostly charges comparable to deposit service fees, which embody overdraft charges, decreased considerably with the shutdown of the financial system and has been gradual to enhance given the tempo of the financial restoration.  Lastly, the Firm has not acknowledged a acquire or loss on safety gross sales this yr.  In 2019, an $88,000 acquire was acknowledged in the course of the third quarter of 2019 which contributed to a $118,000 acquire acknowledged in the course of the first 9 months of final yr.     

The Firm’s complete non-interest expense within the third quarter of 2020 elevated by $604,000, or 5.eight%, when in comparison with the third quarter of 2019 and elevated within the first 9 months of 2020 by $1,494,000, or four.eight%, when in comparison with 2019.  The rise in each time durations was as a consequence of increased salaries & advantages expense of $514,000, or eight.1%, for the quarter and $1,188,000, or 6.three%, for the 9 months of 2020.  Inside salaries & advantages, pension expense elevated by $71,000, or 15.5%, for the quarter between years and elevated by $447,000, or 37.eight%, for the 9 months.  This vital enhance outcomes from the unfavorable influence that the decrease rate of interest surroundings has on the low cost charges which might be used to revalue the outlined profit pension obligation annually.  As well as, the upper salaries & advantages expense for each time durations can also be as a consequence of elevated well being care prices ($90,000, or 11.9%, for the quarter and $330,000, or 14.5%, for the 9 months) and larger incentive compensation ($160,000, or 52.5%, for the quarter and $327,000, or 39.zero%, for the 9 months) primarily as a consequence of commissions earned because of elevated residential mortgage mortgage manufacturing. Whole salaries are increased by $92,000, or 2.1%, for the third quarter and by $285,000, or 2.2%, for the 9 months.  Whole skilled charges elevated by $97,000, or 7.6%, within the third quarter of 2020 and by $213,000, or 5.eight%, for the primary 9 months of the yr.  The rise outcomes from increased appraisal charges as a result of considerably increased degree of residential mortgage mortgage manufacturing, increased authorized charges associated to PPP mortgage processing and a better degree of outdoor skilled providers associated prices.  FDIC deposit insurance coverage expense is $140,000 increased for the quarter and $136,000, or 85.zero% increased for the 9 months as this line returned to a extra regular degree after the profit from the appliance of the Small Financial institution Evaluation Credit score regulation expired earlier this yr.  Lastly, and barely offsetting these increased bills was different expense evaluating favorably to final yr’s third quarter by $197,000, or 10.zero%, and by $126,000, or 2.three% for the 9 months.  The favorable comparability for each time durations between years is because of a decrease degree of meals & journey associated prices that’s associated to journey restrictions from the pandemic in addition to lowered exterior processing charges and phone prices.  The nine-month favorable comparability for different expense additionally resulted from a credit score acknowledged earlier within the yr for the unfunded dedication reserve.

The Firm recorded an earnings tax expense of $235,000, or an efficient tax price of 17.9%, within the third quarter of 2020.  This compares to an earnings tax expense of $442,000, or an efficient tax price of 20.7%, for the third quarter of 2019.  The decrease efficient tax price and earnings tax expense within the third quarter of 2020 mirrored a modest earnings tax credit score acknowledged to right an over accrual of earnings tax expense that occurred earlier this yr.  Equally, for the primary 9 months of 2020, the Firm recorded earnings tax expense of $966,000, or an efficient tax price of 19.eight%, in comparison with earnings tax expense of $1,403,000 in 2019, or an efficient tax price of 20.7%.    

The Firm had complete property of $1.26 billion, shareholders’ fairness of $103.four million, a ebook worth of $6.06 per widespread share and a tangible ebook worth(1) of $5.36 per widespread share at September 30, 2020.  The Firm continued to keep up sturdy capital ratios that exceed the regulatory outlined properly capitalized standing.

QUARTERLY COMMON STOCK CASH DIVIDEND

The Firm’s Board of Administrators declared a $zero.025 per share quarterly widespread inventory money dividend.  The money dividend is payable November 16, 2020 to shareholders of document on November 2, 2020.  This money dividend represents a three.three% annualized yield utilizing the October 16, 2020 closing inventory worth of $three.02.  For the primary 9 months of 2020, the Firm’s dividend payout ratio amounted to 32.6%.

Ahead-Wanting Statements

This press launch incorporates forward-looking statements as outlined within the Securities Trade Act of 1934 and is topic to the protected harbors created therein. Such statements are usually not historic information and embody expressions about administration’s confidence and methods and administration’s present views and expectations about new and present packages and merchandise, relationships, alternatives, know-how, market situations, dividend program and future cost obligations. These statements could also be recognized by such forward-looking terminology as “persevering with,” “anticipate,” “look,” “imagine,” “anticipate,” “might,” “will,” “ought to,” “initiatives,” “technique,” or comparable statements. Precise outcomes might differ materially from such forward-looking statements, and no reliance ought to be positioned on any forward-looking assertion. Elements that will trigger outcomes to vary materially from such forward-looking statements embody, however are usually not restricted to, unanticipated adjustments within the monetary markets and the path of rates of interest; volatility in earnings as a consequence of sure monetary property and liabilities held at honest worth; competitors ranges; mortgage and funding prepayments differing from our assumptions; inadequate allowance for credit score losses; a better degree of mortgage charge-offs and delinquencies than anticipated; materials antagonistic adjustments in our operations or earnings; a decline within the financial system in our market areas; adjustments in relationships with main prospects; adjustments in efficient earnings tax charges; increased or decrease money circulation ranges than anticipated; lack of ability to rent or retain certified staff; a decline within the ranges of deposits or lack of alternate funding sources; a lower in mortgage origination quantity or an lack of ability to shut loans presently within the pipeline; adjustments in legal guidelines and rules; adoption, interpretation and implementation of accounting pronouncements; operational dangers, together with the danger of fraud by staff, prospects or outsiders; unanticipated results of our banking platform; dangers and uncertainties regarding the period of the COVID-19 pandemic, and actions that could be taken by governmental authorities to comprise the pandemic or to deal with its influence; and the shortcoming to efficiently implement or develop new traces of enterprise or new services and products.  These forward-looking statements contain dangers and uncertainties that might trigger AmeriServ’s outcomes to vary materially from administration’s present expectations. Such dangers and uncertainties are detailed in AmeriServ’s filings with the Securities and Trade Fee, together with our Annual Report on Kind 10-Ok for the yr ended December 31, 2019. Ahead-looking statements are based mostly on the beliefs and assumptions of AmeriServ’s administration and on presently accessible info. The statements on this press launch are made as of the date of this press launch, even when subsequently made accessible by AmeriServ on its web site or in any other case. AmeriServ undertakes no duty to publicly replace or revise any forward-looking assertion.

(1) Non-GAAP Monetary Data.  See “Reconciliation of Non-GAAP Monetary Measures” at finish of launch.

                                                                                                

AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
SUPPLEMENTAL FINANCIAL PERFORMANCE DATA
September 30, 2020
(Dollars in 1000’s, besides per share and ratio knowledge)
(Unaudited)


2020


1QTR

2QTR

3QTR

YEAR
TO DATE

PERFORMANCE DATA FOR THE PERIOD:





Web earnings

$1,409

$1,419

$1,078

$three,906






PERFORMANCE PERCENTAGES (annualized):





Return on common property

zero.48%

zero.46%

zero.34%

zero.43%

Return on common fairness

5.69

5.63

four.17

5.15

Return on common tangible widespread fairness (B)

6.46

6.38

four.72

5.84

Web curiosity margin

three.21

three.30

2.97

three.16

Web charge-offs (recoveries) as a proportion of
   common loans

zero.06

zero.04

zero.04

zero.04

Mortgage loss provision (credit score) as a proportion of

    common loans

zero.08

zero.20

zero.29

zero.19

Effectivity ratio

84.46

83.09

84.79

84.10






EARNINGS PER COMMON SHARE:





Primary

$zero.08

$zero.08

$zero.06

$zero.23

Common variety of widespread shares excellent

17,zero43

17,zero52

17,059

17,051

Diluted

zero.08

zero.08

zero.06

zero.23

Common variety of widespread shares excellent

17,zero99

17,056

17,062

17,063

Money dividends paid per share

$zero.025

$zero.025

$zero.025

$zero.075

2019


1QTR

2QTR

3QTR

YEAR
TO DATE

PERFORMANCE DATA FOR THE PERIOD:





Web earnings

$1,878

$1,792

$1,689

$5,359






PERFORMANCE PERCENTAGES (annualized):





Return on common property

zero.66%

zero.61%

zero.57%

zero.61%

Return on common fairness

7.84

7.24

6.60

7.21

Return on common tangible widespread fairness (B)

eight.94

eight.22

7.48

eight.20

Web curiosity margin

three.24

three.30

three.18

three.24

Web charge-offs (recoveries) as a proportion of
    common loans

zero.08

zero.00

(zero.01)

zero.02

Mortgage loss provision (credit score) as a proportion of

    common loans

(zero.19)

zero.00

zero.10

(zero.03)

Effectivity ratio

83.90

82.18

81.65

82.55






EARNINGS PER COMMON SHARE:





Primary

$zero.11

$zero.10

$zero.10

$zero.31

Common variety of widespread shares excellent

17,578

17,476

17,278

17,443

Diluted

zero.11

zero.10

zero.10

zero.31

Common variety of widespread shares excellent

17,664

17,560

17,360

17,524

Money dividends paid per share

$zero.zero20

$zero.025

$zero.025

$zero.zero70

                                                                                                

AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
–CONTINUED–
(Dollars in 1000’s, besides per share, statistical, and ratio knowledge)
(Unaudited)


2020


1QTR

2QTR

3QTR

FINANCIAL CONDITION DATA AT
PERIOD END:




Property

$1,168,355

$1,242,zero74

$1,258,131

Quick-term investments/in a single day funds

6,431

30,219

23,222

Funding securities

184,784

184,908

184,352

Whole loans and loans held on the market

877,399

928,350

949,367

Paycheck Safety Program (PPP) loans

zero

66,956

68,460

Allowance for mortgage losses

9,334

9,699

10,284

Goodwill

11,944

11,944

11,944

Deposits

957,593

1,zero33,zero33

1,042,235

Quick-term and FHLB borrowings

74,572

69,894

80,230

Subordinated debt, web

7,517

7,522

7,528

Shareholders’ fairness

100,840

102,604

103,369

Non-performing property

2,244

three,122

2,603

Tangible widespread fairness ratio (B)

7.69%

7.37%

7.34%

Whole capital (to threat weighted property) ratio

13.41

13.18

13.02

PER COMMON SHARE:




Ebook worth

$5.92

$6.01

$6.06

Tangible ebook worth (B)

5.22

5.31

5.36

Market worth (C)

2.62

three.08

2.81

Wealth administration property – honest market
     worth (A)

$1,983,952

$2,193,504

$2,289,948





STATISTICAL DATA AT PERIOD END:




Full-time equal staff

306

305

306

Department places

16

16

16

Widespread shares excellent

17,zero43,644

17,058,644

17,058,644

2019


1QTR

2QTR

3QTR

4QTR

FINANCIAL CONDITION DATA AT
PERIOD END:





Property

$1,167,682

$1,190,583

$1,171,426

$1,171,184

Quick-term investments/in a single day funds

7,996

6,532

6,zero39

6,526

Funding securities

194,553

191,168

182,699

181,685

Whole loans and loans held on the market

863,134

890,zero81

875,082

887,574

Paycheck Safety Program (PPP) loans

zero

zero

zero

zero

Allowance for mortgage losses

eight,107

eight,102

eight,345

9,279

Goodwill

11,944

11,944

11,944

11,944

Deposits

957,779

968,480

969,989

960,513

Quick-term and FHLB borrowings

79,483

88,314

66,905

76,zero80

Subordinated debt, web

7,493

7,499

7,505

7,511

Shareholders’ fairness

99,061

101,476

102,460

98,614

Non-performing property

1,168

1,681

1,957

2,339

Tangible widespread fairness ratio (B)

7.54%

7.60%

7.81%

7.48%

Whole capital (to threat weighted property) ratio

13.37

13.14

13.33

13.49

PER COMMON SHARE:





Ebook worth

$5.65

$5.84

$5.98

$5.78

Tangible ebook worth (B)

four.97

5.15

5.28

5.08

Market worth (C)

four.02

four.15

four.14

four.20

Wealth administration property – honest market
    worth (A)

$2,229,860

$2,288,576

$2,142,513

$2,237,898






STATISTICAL DATA AT PERIOD END:





Full-time equal staff

309

309

308

309

Department places

16

16

16

16

Widespread shares excellent

17,540,676

17,384,355

17,146,714

17,057,871


NOTES:

(A)   

Not acknowledged on the consolidated steadiness sheets.

(B)  

Non-GAAP Monetary Data.  See “Reconciliation of Non-GAAP Monetary Measures” at finish of launch.

(C)  

Based mostly on closing worth reported by the principal market on which the safety is traded final enterprise day of the corresponding reporting interval.

AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
CONSOLIDATED STATEMENT OF INCOME
(Dollars in 1000’s)
(Unaudited)


2020


1QTR

2QTR

3QTR

YEAR
TO DATE

INTEREST INCOME





Curiosity and costs on loans

$10,332

$10,448

$9,724

$30,504

Curiosity on investments

1,612

1,613

1,513

four,738

Whole Curiosity Revenue

11,944

12,061

11,237

35,242






INTEREST EXPENSE





Deposits

2,458

1,869

1,727

6,zero54

All borrowings

735

719

719

2,173

Whole Curiosity Expense

three,193

2,588

2,446

eight,227






NET INTEREST INCOME

eight,751

9,473

eight,791

27,zero15

Provision (credit score) for mortgage losses

175

450

675

1,300

NET INTEREST INCOME AFTER

   PROVISION (CREDIT) FOR LOAN LOSSES

eight,576

9,zero23

eight,116

25,715






NON-INTEREST INCOME





Wealth administration charges

2,554

2,471

2,604

7,629

Service fees on deposit accounts

286

176

206

668

Web realized positive aspects on loans held on the market

237

335

507

1,079

Mortgage associated charges

126

145

161

432

Web realized positive aspects on funding securities

zero

zero

zero

zero

Financial institution owned life insurance coverage

125

152

161

438

Different earnings

504

488

665

1,657

Whole Non-Curiosity Revenue

three,832

three,767

four,304

11,903






NON-INTEREST EXPENSE





Salaries and worker advantages

6,704

6,619

6,838

20,161

Web occupancy expense

671

606

608

1,885

Gear expense

395

389

374

1,158

Skilled charges

1,154

1,331

1,373

three,858

FDIC deposit insurance coverage expense

26

130

140

296

Different bills

1,683

1,931

1,774

5,388

Whole Non-Curiosity Expense

10,633

11,zero06

11,107

32,746






PRETAX INCOME

1,775

1,784

1,313

four,872

Revenue tax expense

366

365

235

966

NET INCOME

$1,409

$1,419

$1,078

$three,906

2019



1QTR

2QTR

3QTR

YEAR
TO DATE

INTEREST INCOME






Curiosity and costs on loans


$10,418

$10,994

$10,737

$32,149

Curiosity on investments


1,746

1,771

1,696

5,213

Whole Curiosity Revenue


12,164

12,765

12,433

37,362







INTEREST EXPENSE






Deposits


2,730

2,867

2,895

eight,492

All borrowings


777

837

774

2,388

Whole Curiosity Expense


three,507

three,704

three,669

10,880







NET INTEREST INCOME


eight,657

9,061

eight,764

26,482

Provision (credit score) for mortgage losses


(400)

zero

225

(175)

NET INTEREST INCOME AFTER

   PROVISION (CREDIT) FOR LOAN LOSSES


9,057

9,061

eight,539

26,657







NON-INTEREST INCOME






Wealth administration charges


2,396

2,419

2,431

7,246

Service fees on deposit accounts


310

317

321

948

Web realized positive aspects on loans held on the market


62

107

405

574

Mortgage associated charges


44

77

97

218

Web realized positive aspects on funding securities


zero

30

88

118

Financial institution owned life insurance coverage


128

129

131

388

Different earnings


665

578

622

1,865

Whole Non-Curiosity Revenue


three,605

three,657

four,095

11,357







NON-INTEREST EXPENSE






Salaries and worker advantages


6,301

6,348

6,324

18,973

Web occupancy expense


658

622

599

1,879

Gear expense


361

387

333

1,zero81

Skilled charges


1,120

1,249

1,276

three,645

FDIC deposit insurance coverage expense


80

80

zero

160

Different bills


1,773

1,770

1,971

5,514

Whole Non-Curiosity Expense


10,293

10,456

10,503

31,252







PRETAX INCOME


2,369

2,262

2,131

6,762

Revenue tax expense


491

470

442

1,403

NET INCOME


$1,878

$1,792

$1,689

$5,359

                                                                                                                                                                                  

AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
Common Stability Sheet Information
(Dollars in 1000’s)
(Unaudited)


2020

2019



NINE


  NINE


3QTR

MONTHS

3QTR

MONTHS

Curiosity incomes property:





Loans and loans held on the market, web of unearned earnings

$933,139

$907,593

$880,320

$874,601

Quick-term investments

39,848

31,513

11,150

eight,245

Deposits with banks

5,705

three,329

1,zero18

1,zero19

Whole funding securities

187,759

186,945

192,467

196,797

Whole curiosity incomes property

1,166,451

1,129,380

1,zero84,955

1,zero80,662






Non-interest incomes property:





Money and due from banks

18,512

18,395

19,803

20,356

Premises and gear

18,352

18,497

18,881

17,663

Different property

72,247

70,380

65,545

63,628

Allowance for mortgage losses

(9,792)

(9,494)

(eight,247)

(eight,366)






Whole property

$1,265,770

$1,227,158

$1,180,937

$1,173,943






Curiosity bearing liabilities:





Curiosity bearing deposits:





Curiosity bearing demand

$177,242

$172,365

$174,452

$169,125

Financial savings

107,824

102,498

97,281

97,672

Cash market

237,758

232,819

231,zero24

235,936

Different time

345,923

344,729

330,878

323,116

Whole curiosity bearing deposits

868,747

852,411

833,635

825,849

Borrowings:





Federal funds bought and different short-term borrowings

1,429

2,860

6,053

13,944

Advances from Federal Residence Mortgage Financial institution

73,857

62,979

55,781

51,112

Assured junior subordinated deferrable curiosity debentures

13,085

13,085

13,085

13,085

Subordinated debt

7,650

7,650

7,650

7,650

Lease liabilities

three,911

three,960

four,122

three,238

Whole curiosity bearing liabilities

968,679

942,945

920,326

914,878






Non-interest bearing liabilities:





  Demand deposits

185,108

171,767

151,096

152,197

  Different liabilities

9,170

11,192

7,949

7,501

Shareholders’ fairness

102,813

101,254

101,566

99,367

Whole liabilities and shareholders’ fairness

$1,265,770

$1,227,158

$1,180,937

$1,173,943

                                                                                               

AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, TANGIBLE BOOK VALUE PER SHARE, NET INTEREST
MARGIN EXCLUDING PPP LOANS, AND LOAN LOSS RESERVE COVERAGE TO TOTAL LOANS EXCLUDING PPP LOANS
(Dollars in 1000’s, besides per share and ratio knowledge)
(Unaudited)



The press launch incorporates sure monetary info decided by strategies aside from in accordance with typically accepted accounting insurance policies in america (GAAP).  These non-GAAP monetary measures are “return on common tangible widespread fairness”, “tangible widespread fairness ratio”, “tangible ebook worth per share”, “web curiosity margin excluding PPP loans”, and “mortgage loss reserve protection to complete loans excluding PPP loans.”  This non-GAAP disclosure has limitations as an analytical instrument and shouldn’t be thought of in isolation or as an alternative to evaluation of the Firm’s outcomes as reported beneath GAAP, neither is it essentially corresponding to non-GAAP efficiency measures that could be introduced by different corporations.  Our administration makes use of these non-GAAP measures in its evaluation of our efficiency as a result of it believes these measures are materials and shall be used as a measure of our efficiency by traders.


2020


1QTR

2QTR

3QTR

YEAR

TO DATE






Web earnings

$1,409

$1,419

$1,078

$three,906






Common shareholders’ fairness

99,612

101,336

102,813

101,254

Much less:  Goodwill

11,944

11,944

11,944

11,944

Common tangible widespread fairness

87,668

89,392

90,869

89,310






Return on common tangible widespread
    fairness (annualized)

6.46%

6.38%

four.72%

5.84%












1QTR

2QTR

3QTR


TANGIBLE COMMON EQUITY





Whole shareholders’ fairness

$100,840

$102,604

$103,369


Much less:  Goodwill

11,944

11,944

11,944


Tangible widespread fairness

88,896

90,660

91,425







TANGIBLE ASSETS





Whole property

1,168,355

1,242,zero74

1,258,131


Much less:  Goodwill

11,944

11,944

11,944


Tangible property

1,156,411

1,230,130

1,246,187







Tangible widespread fairness ratio

7.69%

7.37%

7.34%







Whole shares excellent

17,zero43,644

17,058,644

17,058,644







Tangible ebook worth per share

$5.22

$5.31

$5.36







2019


1QTR

2QTR

3QTR

YEAR

TO DATE






Web earnings

$1,878

$1,792

$1,689

$5,359






Common shareholders’ fairness

97,166

99,371

101,566

99,367

Much less:  Goodwill

11,944

11,944

11,944

11,944

Common tangible widespread fairness

85,222

87,427

89,622

87,423






Return on common tangible widespread 
    fairness (annualized)

eight.94%

eight.22%

7.48%

eight.20%












1QTR

2QTR

3QTR

4QTR

TANGIBLE COMMON EQUITY





Whole shareholders’ fairness

$99,061

$101,476

$102,460

$98,614

Much less:  Goodwill

11,944

11,944

11,944

11,944

Tangible widespread fairness

87,117

89,532

90,516

86,670






TANGIBLE ASSETS





Whole property

1,167,682

1,190,583

1,171,426

1,171,184

Much less:  Goodwill

11,944

11,944

11,944

11,944

Tangible property

1,155,738

1,178,639

1,159,482

1,159,240






Tangible widespread fairness ratio

7.54%

7.60%

7.81%

7.48%






Whole shares excellent

17,540,676

17,384,355

17,146,714

17,057,871






Tangible ebook worth per share

$four.97

$5.15

$5.28

$5.08


AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, TANGIBLE BOOK VALUE PER SHARE, NET INTEREST
MARGIN EXCLUDING PPP LOANS, AND LOAN LOSS RESERVE COVERAGE TO TOTAL LOANS EXCLUDING PPP LOANS
–CONTINUED–
(Dollars in 1000’s, besides per share and ratio knowledge)
(Unaudited)


The press launch incorporates sure monetary info decided by strategies aside from in accordance with typically accepted accounting insurance policies in america (GAAP).  These non-GAAP monetary measures are “return on common tangible widespread fairness”, “tangible widespread fairness ratio”, “tangible ebook worth per share”, “web curiosity margin excluding PPP loans”, and “mortgage loss reserve protection to complete loans excluding PPP loans.”  This non-GAAP disclosure has limitations as an analytical instrument and shouldn’t be thought of in isolation or as an alternative to evaluation of the Firm’s outcomes as reported beneath GAAP, neither is it essentially corresponding to non-GAAP efficiency measures that could be introduced by different corporations.  Our administration makes use of these non-GAAP measures in its evaluation of our efficiency as a result of it believes these measures are materials and shall be used as a measure of our efficiency by traders.



September 30, 2020  



Tax-equivalent web curiosity earnings (annualized)

$34,599



Common incomes property

1,166,451



Web curiosity margin

2.97%



Web curiosity margin, excluding PPP lending exercise and 
  corresponding enhance in complete deposits from 
  authorities associated help packages:


Tax-equivalent web curiosity earnings (annualized)

$34,599

PPP mortgage earnings (annualized)

(1,515)

Borrowings expense to fund PPP loans (annualized)

564

Non-GAAP tax-equivalent web curiosity earnings

33,648



Common incomes property

1,166,451

Common PPP loans

(67,970)

Non-GAAP common incomes property

1,zero98,481



Non-GAAP web curiosity margin

three.06%




September 30, 2020   



Allowance for mortgage losses

$10,284



Whole loans and loans held on the market, web of unearned earnings

949,367



Reserve protection

1.08%



Reserve protection to complete loans, excluding PPP loans:


Allowance for mortgage losses

$10,284



Whole loans and loans held on the market, web of unearned earnings

949,367

PPP loans

(68,460)


880,907



Non-GAAP reserve protection

1.17%

SOURCE AmeriServ Monetary, Inc.

https://www.prnewswire.com/

Associated Hyperlinks

http://www.ameriservfinancial.com

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