SECURITIES AND EXCHANGE COMMISSION





SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


Form 8-K


Current Report

Pursuant to Section 13 or 15(d) of the Securities Act of 1934


Date of Report (Date of earliest event reported) October 18, 2016


AMERISERV FINANCIAL, Inc.

(exact name of registrant as specified in its charter)


Pennsylvania        0-11204        25-1424278

(State or other     (commission    (I.R.S. Employer

jurisdiction        File Number)   Identification No.)

of Incorporation)


Main and Franklin Streets, Johnstown, Pa.  15901

(address or principal executive offices)   (Zip Code)


Registrant's telephone number, including area code: 814-533-5300


N/A

(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to

simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:


( ) Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)


( ) Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)


( ) Pre-commencement communications pursuant to Rule 14d-2(b) under the

Exchange Act (17 CFR 240.14d-2(b))


( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the

Exchange Act (17 CFR 240.13e-4c))

















Form 8-K


Item 2.02 Results of operation and financial condition.


AMERISERV FINANCIAL Inc. (the "Registrant") announced third quarter and first nine months of 2016 results through September 30, 2016.  For a more detailed description of the announcement see the press release attached as Exhibit 99.1.  


Exhibits

--------


Exhibit 99.1

Press release dated October 18, 2016, announcing the third quarter and first nine months of 2016 results through September 30, 2016.



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



AMERISERV FINANCIAL, Inc.


By /s/Michael D. Lynch

Michael D. Lynch

SVP & CFO


Date: October 18, 2016







Exhibit 99.1


Information Contacts:    

Jeffrey A. Stopko

Michael D. Lynch

 

    July 19, 2016

President & CEO

SVP & CFO

(814)-533-5310

(814)-533-5193


AMERISERV FINANCIAL REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2016   


JOHNSTOWN, PA – AmeriServ Financial, Inc. (NASDAQ: ASRV) reported net income available to common shareholders of $1,065,000, or $0.06 per diluted common share, in the third quarter of 2016.  This earnings performance was lower than the third quarter of 2015 where net income available to common shareholders totaled $1,781,000, or $0.09 per diluted common share.  For the nine month period ended September 30, 2016, the Company reported net income available to common shareholders of $1,145,000, or $0.06 per diluted share.  This represented a decrease in earnings per share from the first nine months of 2015 where net income available to common shareholders totaled $4,466,000, or $0.24 per diluted common share, due largely to an increased provision for loan losses that was recorded in the first quarter of 2016. The following table highlights the Company’s financial performance for both the three and nine month periods ended September 30, 2016 and 2015:

          

 

Third Quarter 2016

Third Quarter 2015

 

Nine Months Ended

September 30, 2016

Nine Months Ended

September 30, 2015

 

 

 

 

 

 

Net income

$1,065,000

$1,833,000

 

$1,160,000

$4,623,000

Net income available to common shareholders


$1,065,000


$1,781,000

 


$1,145,000


$4,466,000

Diluted earnings per share

          $ 0.06

          $ 0.09

 

                   $ 0.06

$0.24


Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2016 financial results: “AmeriServ Financial Inc. has achieved several positive accomplishments in 2016 which have included the pay-off of $21 million of SBLF preferred stock, an increase in our common stock cash dividend, and continued solid growth in both loans and deposits.  Our balance sheet remains strong with good capital levels, ample liquidity and excellent asset quality.  We are well positioned to continue to strategically focus on growing both our community banking and wealth management businesses in a disciplined manner.”


The Company’s net interest income in the third quarter of 2016 decreased by $529,000, or 5.9%, from the prior year’s third quarter and for the first nine months of 2016 decreased by $1,219,000, or 4.6%, when compared to the first nine months of 2015.  The Company’s net interest margin of 3.23% for the first nine months of 2016 was 29 basis points lower than the net interest margin of 3.52% for the first nine months of 2015.  There was also a net interest margin decline of 37 basis points between the third quarter of 2016 and the prior year’s third quarter.  The reduction in net interest income has been significantly impacted by the following three factors:  1.) a significantly lower level of loan prepayment fee income, which decreased by approximately $400,000 for the third quarter and $500,000 for the nine month period, 2.) additional interest expense that was associated with the Company’s late fourth quarter 2015 issuance of subordinated debt, and 3.) net interest margin compression that results from the prolonged low interest rate environment that exists in the economy and is pressuring community bank net interest margins. These factors  more  than  offset  the  Company  continuing  to  grow  earning  assets  and  control  its cost of funds through disciplined deposit pricing.  Specifically, the earning asset growth occurred in the loan portfolio as total loans averaged $888 million in the first nine months of  2016  which is $35  million, or  4.1%,  higher  than the  $853  million average  for the first nine months of 2015.  This loan growth reflects the successful results of the Company’s business development efforts, with an emphasis on generating commercial loans and owner occupied commercial real estate loans particularly through its loan production offices.  Despite this loan growth experienced between years, loan interest income decreased by $318,000, or 1.1%, due primarily to the previously mentioned decline in loan prepayment fees.  Interest income on investments grew in the third quarter of 2016 and is also slightly higher for the nine month period as the Company benefited from a higher balance of investment securities in 2016.  Overall, total interest income decreased by $312,000, or 1.0%, in the first nine months of 2016.  


Total interest expense for the first nine months of 2016 increased by $907,000, or 18.8%, due to higher levels of both borrowings and deposit interest expense.  The Company experienced a $451,000 increase in the interest cost for borrowings in the first nine months of 2016 with $389,000 of this increase attributable to the Company’s recent subordinated debt issuance.  Specifically, the Company issued $7.65 million of subordinated debt which has a 6.50% fixed interest rate in late December 2015.  The proceeds from the subordinated debt issuance, along with other cash on hand, was used to redeem all $21 million of our outstanding SBLF preferred stock on January 27, 2016.  The remainder of the increase in borrowings interest expense was due to a greater utilization of FHLB term advances to extend borrowings for interest rate risk management purposes.  


The Company experienced significant growth in deposits between years which is a reflection of the loyalty and stability of our core deposit base that provides a strong foundation from which this growth builds.  Management’s ability to acquire new core deposit funding from outside of our traditional market areas as well as our ongoing efforts to offer new loan customers deposit products were the primary reasons for this growth.  Specifically, total deposits averaged $947 million for the first nine months of 2016 which is $60 million, or 6.8%, higher than the $887 million average for the first nine months of 2015.  The Company is also pleased that a meaningful portion of this deposit growth occurred in non-interest bearing demand deposit accounts.  Deposit interest expense through nine months of 2016 increased by $456,000, or 13.0%, due to the higher balance of deposits along with certain money market accounts repricing upward after the December 2015 Federal Reserve fed funds interest rate increase.


The Company recorded a $300,000 provision for loan losses in the third quarter of 2016 which matched the provision for loan losses in the third quarter of 2015.  For the nine month period in 2016, the Company recorded a $3,650,000 provision for loan losses compared to a $750,000 provision for loan losses in the first nine months of 2015.  A substantially higher than typical provision and net loan charge-offs were recorded in the first quarter of 2016 and were necessary to resolve the Company’s only meaningful direct loan exposure to the energy industry, the specifics of which were discussed in detail in the Company’s first quarter results.  The provision recorded in the third quarter of 2016 was more typical of what is required to support the continuing growth of the loan portfolio and approximated net loan charge-offs.  The Company experienced net loan charge-offs of $320,000, or 0.14% of total loans, in the third quarter of 2016, compared to net loan charge-offs of $245,000, or 0.11% of total loans, in the third quarter of 2015.  For the nine month periods, there were net loan charge-offs of $3.8 million, or 0.58%, of total loans in 2016, compared to net loan charge-offs of $601,000, or 0.09% of total loans, in 2015.  Overall, the Company continued to maintain outstanding asset quality in the third quarter of 2016.  At September 30, 2016, non-performing assets totaled $1.9 million, or only 0.21% of total loans.  In summary, the allowance for loan losses  provided  a  strong  510%  coverage  of  non-performing  loans,  and  1.10%  of  total  loans, at September 30, 2016, compared to 158% coverage of non-performing loans, and 1.13% of total loans, at December 31, 2015.


Total non-interest income in the third quarter of 2016 decreased by $354,000, or 8.8%, from the prior year’s third quarter, and for the first nine months of 2016 decreased by $579,000, or 5.1%, when compared to the first nine months of 2015.  Revenue from bank owned life insurance decreased by $515,000 for the quarter and $713,000 for the nine month period and was the primary factor contributing to the non-interest income decline as there were no death claims received in 2016 compared to three claims in the first nine months of 2015. Trust and investment advisory fees decreased by $50,000, or 2.4%, for the quarter and $42,000, or 0.7%, for the nine months as the loss of certain client accounts through normal attrition more than offset continued successful new business development activities as well as effective management of existing customer accounts in this volatile market environment.  Trust assets under administration totaled $2.0 billion as of September 30, 2016.  Partially offsetting these reductions was a greater recognition of gains from investment security sale transactions by $96,000 for the quarter and $185,000 for the nine months of 2016 as the Company has sold certain rapidly pre-paying mortgage backed securities in this low interest rate environment.   Finally, although revenue from mortgage loan sales and mortgage related fee income is lower through nine months of 2016 by a combined $60,000, this unfavorable comparison to last year narrowed in the third quarter.  Increased refinance activity and a higher level of new mortgage loan originations resulted in higher revenue from mortgage loan sales by $82,000 and increased fees from residential mortgage lending activity by $45,000 in the third quarter of 2016.


Total non-interest expense in the third quarter of 2016 increased by $137,000, or 1.3%, from the prior year’s third quarter and for the first nine months of 2016 increased by $238,000, or 0.8%, when compared to the first nine months of 2015.  As noted in our previously disclosed first quarter financial results, non-recurring costs for legal and accounting services were necessary to address a trust operations trading error and are the reasons for the negative comparisons for both the quarter and nine month time periods. Additionally, in the third quarter of 2016, another $250,000 of expenses were required to resolve this issue.  The impact of the additional expenses were clearly evident in higher levels of total professional fees and other expenses.  Professional fees continue to compare unfavorably, increasing by $124,000, or 10.3%, for the quarter and by $295,000, or 8.0%, for the nine month time period, while other expenses compare unfavorably, increasing by $203,000, or 17.1%, for the quarter and by $322,000, or 9.0%, for the nine months.  Partially offsetting these additional expenses were our continued cost control efforts that are demonstrated, both, for the quarter and nine month time period comparisons.  Occupancy and equipment related expenses are lower by $26,000, or 2.4%, for the third quarter and lower by $259,000, or 7.2%, for the nine months.  Salaries and employee benefits were down by $178,000, or 2.9%, in the third quarter and $161,000, or 0.9%, in the first nine months of 2016.  The favorable comparisons are due to the previously disclosed branch consolidation in the State College market and reduction of staff in the executive office.  Finally, the Company recorded an income tax expense of $474,000, or an effective tax rate of 29.0%, in the first nine months of 2016 which is lower when compared to the income tax expense of $1,947,000, or an effective tax rate of 29.6%, for the first nine months of 2015.  The lower income tax expense and effective tax rate are due to the first quarter 2016 loss recognized by the Company.  However, as we have demonstrated in the second and third quarters of 2016 our actions taken for an immediate improvement to more typical and expected profitability levels have proven successful.  We anticipate that our earnings momentum will increase in the fourth quarter of the year.


The Company had total assets of $1.146 billion, shareholders’ equity of $100 million, a book value of $5.29 per common share and a tangible book value of $4.66 per common share at September 30, 2016.  The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status and had a tangible common equity to tangible assets ratio of 7.77% at September 30, 2016.  


This news release may contain forward-looking statements that involve risks and uncertainties, as defined in the Private Securities Litigation Reform Act of 1995, including the risks detailed in the Company's Annual Report and Form 10-K to the Securities and Exchange Commission.  Actual results may differ materially.









NASDAQ: ASRV

SUPPLEMENTAL FINANCIAL PERFORMANCE DATA

September 30, 2016

(In thousands, except per share and ratio data)

(Unaudited)


2016

 

1QTR

2QTR

3QTR

YEAR

 

 

 

 

 

TO DATE

 

PERFORMANCE DATA FOR THE PERIOD:

 

 

 

 

 

Net income (loss)

$(1,267)

$1,362

$1,065

$1,160

 

Net income (loss) available to common shareholders

(1,282)

1,362

1,065

1,145

 

 

 

 

 

 

 

PERFORMANCE PERCENTAGES (annualized):

 

 

 

 

 

Return on average assets

(0.45)%

0.48%

0.37%

0.14%

 

Return on average equity

(4.86)

5.60

4.27

1.54

 

Net interest margin

3.30

3.23

3.15

3.23

 

Net charge-offs as a percentage of average loans

1.60

0.01

0.14

0.58

 

Loan loss provision as a percentage of

    average loans


1.42


0.11


0.13


0.55

 

Efficiency ratio

89.24

82.05

85.07

85.43

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

Net income (loss):

 

 

 

 

 

Basic

$(0.07)

$0.07

$0.06

$0.06

 

Average number of common shares outstanding

18,884

18,897

18,899

18,893

 

Diluted

(0.07)

0.07

0.06

0.06

 

Average number of common shares outstanding

18,884

18,948

18,957

18,947

 

Cash dividends declared

$0.010

$0.010

$0.015

$0.035

 


2015

 

1QTR

2QTR

3QTR

YEAR

 

 

 

 

 

TO DATE

 

PERFORMANCE DATA FOR THE PERIOD:

 

 

 

 

 

Net income

$1,369

$1,421

$1,833

$4,623

 

Net income available to common shareholders

1,316

1,369

1,781

4,466

 

 

 

 

 

 

 

PERFORMANCE PERCENTAGES (annualized):

 

 

 

 

 

Return on average assets

0.51%

0.52%

0.66%

0.56%

 

Return on average equity

4.80

4.88

6.15

5.29

 

Net interest margin

3.57

3.45

3.52

3.52

 

Net charge-offs as a percentage of average loans

0.09

0.08

0.11

0.09

 

Loan loss provision as a percentage of

    average loans


0.12


0.09


0.14


0.12

 

Efficiency ratio

82.29

81.93

78.25

80.79

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

Net income:

 

 

 

 

 

Basic

$0.07

$0.07

$0.09

$0.24

 

Average number of common shares outstanding

18,851

18,859

18,869

18,860

 

Diluted

0.07

0.07

0.09

0.24

 

Average number of common shares outstanding

18,909

18,941

18,951

18,928

 

Cash dividends declared

$0.01

$0.01

$0.01

$0.03

 















AMERISERV FINANCIAL, INC.

(In thousands, except per share, statistical, and ratio data)

(Unaudited)


2016

 

1QTR

2QTR

3QTR

 

FINANCIAL CONDITION  DATA AT PERIOD END

 

 

 

 

Assets

$1,121,701

$1,142,492

$1,145,655

 

Short-term investments/overnight funds

5,556

6,836

8,279

 

Investment securities

139,000

145,753

145,609

 

Loans and loans held for sale

882,410

895,513

896,301

 

Allowance for loan losses

9,520

9,746

9,726

 

Goodwill

11,944

11,944

11,944

 

Deposits

906,773

940,931

962,736

 

FHLB borrowings

88,952

72,617

56,943

 

Subordinated debt, net

7,424

7,430

7,435

 

Shareholders’ equity

97,589

99,232

100,044

 

Non-performing assets

3,007

2,230

1,907

 

Tangible common equity ratio

7.72

7.72

7.77

 

PER COMMON SHARE:

 

 

 

 

Book value (A)

$5.16

$5.25

$5.29

 

Tangible book value (A)

4.53

4.62

4.66

 

Market value

2.99

3.02

3.32

 

Trust assets – fair market value (B)

$1,974,180

$1,982,868

$2,011,344

 

 

 

 

 

 

STATISTICAL DATA AT PERIOD END:

 

 

 

 

Full-time equivalent employees

317

311

310

 

Branch locations

16

16

16

 

Common shares outstanding

18,894,561

18,896,876

18,903,472

 


2015

 

1QTR

2QTR

3QTR

4QTR

FINANCIAL CONDITION  DATA AT PERIOD END

 

 

 

 

Assets

$1,103,416

$1,112,934

$1,110,843

$1,148,922

Short-term investments/overnight funds

10,127

9,843

14,966

25,067

Investment securities

142,010

142,448

135,013

140,886

Loans and loans held for sale

853,972

866,243

868,213

883,987

Allowance for loan losses

9,689

9,717

9,772

9,921

Goodwill

11,944

11,944

11,944

11,944

Deposits

892,676

862,902

869,899

903,294

FHLB borrowings

71,219

109,430

100,988

96,748

Subordinated debt, net

-

-

-

7,418

Shareholders’ equity

116,328

117,305

119,408

118,973

Non-performing assets

3,046

2,565

2,294

6,297

Tangible common equity ratio

7.64

7.66

7.87

7.57

PER COMMON SHARE:

 

 

 

 

Book value (A)

$5.06

$5.11

$5.21

$5.19

Tangible book value (A)

4.42

4.47

4.58

4.56

Market value

2.98

3.33

3.24

3.20

Trust assets – fair market value (B)

$2,033,573

$2,012,358

$1,935,495

$1,974,882

 

 

 

 

 

STATISTICAL DATA AT PERIOD END:

 

 

 

 

Full-time equivalent employees

318

318

318

318

Branch locations

17

17

17

17

Common shares outstanding

18,855,021

18,861,811

18,870,811

18,870,811

NOTES:

(A)

For 2015, Preferred stock of $21 million received through the Small Business Lending Fund is excluded from the

book value per common share and tangible book value per common share calculations.  The Company repaid the US Treasury for the SBLF funds on January 27,2016.

        (B) Not recognized on the consolidated balance sheets.



AMERISERV FINANCIAL, INC.

CONSOLIDATED STATEMENT OF INCOME

(In thousands)

(Unaudited)


2016

 

1QTR

2QTR

3QTR

YEAR

 

INTEREST INCOME

 

 

 

TO DATE

 

Interest and fees on loans

$9,465

$9,409

$9,462

$28,336

 

Interest on investments

957

980

1,014

2,951

 

Total Interest Income

10,422

10,389

10,476

31,287

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

Deposits

1,254

1,330

1,391

3,975

 

All borrowings

610

573

579

1,762

 

Total Interest Expense

1,864

1,903

1,970

5,737

 

 

 

 

 

 

 

NET INTEREST INCOME

8,558

8,486

8,506

25,550

 

Provision for loan losses

3,100

250

300

3,650

 

NET INTEREST INCOME AFTER

   PROVISION FOR LOAN LOSSES


5,458


8,236


8,206


21,900

 

 

 

 

 

 

 

NON-INTEREST INCOME

 

 

 

 

 

Trust and investment advisory fees

2,075

2,124

2,035

6,234

 

Service charges on deposit accounts

415

404

433

1,252

 

Net realized gains on loans held for sale

107

185

260

552

 

Mortgage related fees

63

98

132

293

 

Net realized gains on investment securities

57

60

60

177

 

Bank owned life insurance

167

169

169

505

 

Other income

553

702

572

1,827

 

Total Non-Interest Income

3,437

3,742

3,661

10,840

 

 

 

 

 

 

 

NON-INTEREST EXPENSE

 

 

 

 

 

Salaries and employee benefits

6,166

5,868

5,901

17,935

 

Net occupancy expense

737

690

656

2,083

 

Equipment expense

436

409

419

1,264

 

Professional fees

1,465

1,192

1,330

3,987

 

FDIC deposit insurance expense

179

188

189

556

 

Other expenses

1,728

1,692

1,861

5,281

 

Total Non-Interest Expense

10,711

10,039

10,356

31,106

 

 

 

 

 

 

 

PRETAX INCOME (LOSS)

(1,816)

1,939

1,511

1,634

 

Income tax expense (benefit)

(549)

577

446

474

 

NET INCOME (LOSS)

(1,267)

1,362

1,065

1,160

 

Preferred stock dividends

15

-

-

15

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS


$(1,282)


$1,362


$1,065


$1,145

 

















2015

 

1QTR

2QTR

3QTR

YEAR

 

INTEREST INCOME

 

 

 

TO DATE

 

Interest and fees on loans

$9,456

$9,480

$9,718

$28,654

 

Interest on investments

1,067

929

949

2,945

 

Total Interest Income

10,523

10,409

10,667

31,599

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

Deposits

1,174

1,171

1,174

3,519

 

All borrowings

415

438

458

1,311

 

Total Interest Expense

1,589

1,609

1,632

4,830

 

 

 

 

 

 

 

NET INTEREST INCOME

8,934

8,800

9,035

26,769

 

Provision for loan losses

250

200

300

750

 

NET INTEREST INCOME AFTER

   PROVISION  FOR LOAN LOSSES


8,684


8,600


8,735


26,019

 

 

 

 

 

 

 

NON-INTEREST INCOME

 

 

 

 

 

Trust and investment advisory fees

2,056

2,135

2,085

6,276

 

Service charges on deposit accounts

419

429

441

1,289

 

Net realized gains on loans held for sale

191

225

178

594

 

Mortgage related fees

115

109

87

311

 

Net realized gains (losses) on investment

   securities


-


28


(36)


(8)

 

Bank owned life insurance

363

171

684

1,218

 

Other income

568

595

576

1,739

 

Total Non-Interest Income

3,712

3,692

4,015

11,419

 

 

 

 

 

 

 

NON-INTEREST EXPENSE

 

 

 

 

 

Salaries and employee benefits

6,073

5,944

6,079

18,096

 

Net occupancy expense

841

718

692

2,251

 

Equipment expense

466

480

409

1,355

 

Professional fees

1,211

1,275

1,206

3,692

 

FDIC deposit insurance expense

167

164

174

505

 

Other expenses

1,652

1,658

1,659

4,969

 

Total Non-Interest Expense

10,410

10,239

10,219

30,868

 

 

 

 

 

 

 

PRETAX INCOME

1,986

2,053

2,531

6,570

 

Income tax expense

617

632

698

1,947

 

NET INCOME

1,369

1,421

1,833

4,623

 

Preferred stock dividends

53

52

52

157

 

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS


$1,316


$1,369


$1,781


$4,466

 






















AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

Average Balance Sheet Data (In thousands)

(Unaudited)


2016

2015

 

 

NINE

 

NINE

 

3QTR

MONTHS

3QTR

MONTHS

Interest earning assets:

 

 

 

 

Loans and loans held for sale, net of unearned income

$893,143

$887,681

$858,752

$852,553

Short-term investment in money market funds

20,797

12,987

9,496

10,228

Deposits with banks

1,065

1,871

1,235

1,235

Total investment securities

148,608

145,192

144,958

146,348

Total interest earning assets

1,063,613

1,047,731

1,014,441

1,010,364

 

 

 

 

 

Non-interest earning assets:

 

 

 

 

Cash and due from banks

21,675

19,883

16,362

17,241

Premises and equipment

11,887

11,982

12,508

12,729

Other assets

68,660

68,351

69,021

69,732

Allowance for loan losses

(9,794)

(9,777)

(9,837)

(9,751)

 

 

 

 

 

Total assets

$1,156,041

$1,138,170

$1,102,495

$1,100,315

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

Interest bearing deposits:

 

 

 

 

Interest bearing demand

$111,040

$106,983

$ 101,494

$ 98,668

Savings

96,593

96,149

95,968

95,050

Money market

285,358

275,226

235,578

233,311

Other time

302,610

286,966

277,680

291,668

Total interest bearing deposits

795,601

765,324

710,720

718,697

Borrowings:

 

 

 

 

Federal funds purchased and other short-term borrowings

1,309

11,480

40,427

27,228

Advances from Federal Home Loan Bank

49,852

49,356

46,386

45,300

Guaranteed junior subordinated deferrable interest debentures

13,085

13,085

13,085

13,085

Subordinated debt

7,650

7,650

-

-

Total interest bearing liabilities

867,497

846,895

810,618

804,310

 

 

 

 

 

Non-interest bearing liabilities:

 

 

 

 

  Demand deposits

181,365

182,003

164,092

168,634

  Other liabilities

7,931

8,683

9,531

10,442

Shareholders’ equity

99,248

100,589

118,254

116,929

Total liabilities and shareholders’ equity

$1,156,041

$1,138,170

$1,102,495

$1,100,315