JOHNSTOWN, Pa., Jan. 23 /PRNewswire-FirstCall/ --
AmeriServ Financial, Inc. (Nasdaq: ASRV) today reported fourth quarter 2001
net income of $401,000 or $0.03 per share on a diluted basis. This represents
significant improvement over the loss of $1,958,000 or ($0.15) per diluted
share reported in the fourth quarter of 2000. For the full year 2001, ASRV
earned $1,975,000 or $0.15 per diluted share. This 2001 net income also
compares favorably to both the full year 2000 net income of $1,716,000 or
$0.13 per diluted share and the pro forma 2000 earnings of $266,000 or $0.02
per diluted share. The following table highlights the Company's financial
performance for both the fourth quarter and years ended December 31, 2001 and
2000:
4th Qtr 2001 4th Qtr 2000 Full Year Full Year Full Year
Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31,
2001 2000 2000
Pro Forma *
Net income
(loss) $401,000 ($1,958,000) $1,975,000 $266,000 $1,716,000
Diluted
earnings
per share
(loss) 0.03 (0.15) 0.15 0.02 0.13
Cash net
income
(loss)** 1,020,000 (1,381,000) 4,440,000 2,589,000 4,116,000
Cash
diluted
earnings
per share
(loss) ** 0.07 (0.10) 0.33 0.19 0.31
* Pro forma results exclude Three Rivers Bank whose earnings were
reflected in the actual results for the first quarter of 2000. Three Rivers
Bank was spun-off from the Company on April 1, 2000.
** Cash performance results exclude amortization related to goodwill and
core deposit intangibles net of applicable income tax effects. While mortgage
servicing impairment charges are non-cash at the time of recognition, they are
by industry definition not excluded from cash performance.
Highlights for the fourth quarter 2001 included:
The Company's deposits totaled $676 million at the end of 2001, which
represented an increase of $17 million or 2.6% when compared to the end of
2000. This solid growth in deposits occurred even after the sale of
approximately $15 million of deposits associated with the Company's Coalport
Branch in the third quarter of 2001. Factors contributing to the growth
included $11 million of deposits from the Company's two new union niche
offices, $4 million from the full service community office opened in State
College, the acquisition of $6 million of escrow deposits from its mortgage
banking operation, and increased market share within the Company's core
Cambria County market. Loans outstanding totaled $599 million at December 31,
2001, which also represented an increase of $9 million or 1.6% from year-end
2000. The Company enters 2002 with positive loan momentum as total loans grew
by a more meaningful $29 million or 5.0% during the second half of 2001.
The Company's net interest margin averaged 2.49% in the fourth quarter of
2001 which was 3 basis points lower than the prior year fourth quarter.
However, when compared to the third quarter of 2001, the Company experienced
net interest margin expansion of 14 basis points. The late October maturity
of a $100 million interest rate swap that had fixed the cost of certain
borrowings at 6.42% was a key factor responsible for the net interest margin
improvement and increased net interest income. This cost of funds benefit
more than offset reduced earning asset yields resulting from the lower
interest rate environment and accelerated mortgage related asset prepayments.
Looking into 2002, the Company expects to get further significant cost of
funds relief in April 2002 when an $80 million interest rate swap that has
fixed the cost of certain borrowings at 6.92% will mature. Assuming a minimum
300 basis point reduction in cost due to the expiration of this interest rate
swap, the Company will realize a $2.4 million interest expense reduction over
a twelve-month period. The previously mentioned deposit and loan growth also
favorably impacted the fourth quarter net interest margin.
The Company's total non-interest income in the fourth quarter of 2001
increased by $808,000 or 20.4% from the fourth quarter of 2000 due primarily
to investment security gains. The Company realized $1.1 million of security
gains by taking advantage of the lower interest rate environment to reposition
and reduce the size of its investment security portfolio during the fourth
quarter of 2001. The Company also benefited from a $244,000 increase in
deposit service charges due to the implementation of a first in the market
overdraft privilege program. The revenue contribution from our financial
services unit increased by $70,000 in the fourth quarter of 2001 as a result
of increased annuity sales. This improvement reflects better synergies
between the Company's retail branch network and financial services division
and resulted in the first full quarter of profitability for the financial
services unit. These positive items were partially offset by a $141,000
decrease in gains on loan sales due to the Company's exit from the wholesale
mortgage production business in early 2001. Net mortgage servicing fees
declined by $122,000 due to increased amortization expense on mortgage
servicing rights resulting from accelerated prepayment speeds in 2001. These
heightened mortgage prepayment speeds also contributed to a lower than
expected $366,000 non-cash impairment charge recognized on the mortgage
servicing rights in the fourth quarter of 2001.
The Company's total non-interest expense in the fourth quarter of 2001
decreased by $1.8 million or 13.8% from the fourth quarter of 2000. The
largest factor responsible for the decline was the non-recurrence of a
$1.5 million charge to exit the wholesale mortgage production business that
was incurred in the fourth quarter of 2000. Excluding this charge, total
non-interest expense between periods decreased by $253,000 or 2.3% with
several expense categories such as equipment expense and other expense
demonstrating declines between years.
The Company built its loan loss reserve during the fourth quarter of 2001
as the loan loss provision totaled $390,000 or 0.27% of total loans compared
to net charge-offs of $251,000 or 0.17% of total loans. Both of these numbers
are sharply lower than the fourth quarter 2000 when the provision totaled
$1.4 million or 0.96% of total loans and net charge-offs amounted to $846,000
or 0.57% of total loans. The fourth quarter 2000 numbers were negatively
impacted by a problem commercial trucking lease that the Company worked out of
earlier in 2001. The Company's level of non-performing assets totaled
$10.0 million or 1.67% of total loans at December 31, 2001 compared to
$6.0 million or 1.0% of total loans at year-end 2000. The $4 million increase
is due to a combination of higher non-accrual commercial and residential
mortgage loans due to the weaker economic conditions in the fourth quarter of
2001. Of the Company's total non-performing assets, $6.1 million are in the
commercial loan portfolio with the remaining $3.9 million related to
residential mortgage loans. The Company will provide a detailed update on its
asset quality in the webcast conference call scheduled for this afternoon at
2:00 PM EST. (See log-in instructions later in this release.)
As ASRV begins 2002, it remains committed to its previously announced
earnings range of $0.36 to $0.38 for net income per share and its range of
$0.45 to $0.47 for cash net income per share for the year 2002. The Company
also intends to maintain its annual common stock cash dividend at the current
$0.36 per share. Based upon a current share price of $4.50, this represents a
strong 8% yield. At December 31, 2001, ASRV had total assets of $1.2 billion
and shareholders' equity of $79 million or $5.83 per share.
Orlando Hanselman, Chairman, President and CEO, Jeryl Graham, Executive
Vice President and COO, and Jeffrey Stopko, Senior Vice President and CFO will
host a conference call that will be webcast live over the Internet on
January 23, 2002 at 2:00 PM EST. The purpose of the call will be to review
the fourth quarter earnings release in more detail and to discuss the outlook
for the Company in 2002. To listen live over the Internet to the webcast
simply log on to http://www.videonewswire.com/ameriserv/012302 or to
participate in the conference call dial 800-711-5301 and use password
AMERISERV.
AmeriServ Financial, Inc., a financial holding company (pursuant to the
Gramm-Leach-Bliley Act), is the parent of AmeriServ Financial and AmeriServ
Trust and Financial Services Company in Johnstown; Standard Mortgage
Corporation in Atlanta, Georgia; AmeriServ Associates of State College; and
AmeriServ Life Insurance Company in Arizona. The Company's AmeriServ
Financial subsidiary also has retail mortgage operations based in Greensburg,
State College, and Altoona. The AmeriServ Financial customer reach is
extensive beyond its primary dominant market of Cambria and Somerset Counties.
Standard Mortgage Company has a mortgage servicing operation based in Atlanta,
Georgia. AmeriServ Associates, the consulting subsidiary, has clients in the
financial services industry that are located in Pennsylvania, Ohio and
Michigan. AmeriServ Trust and Financial Services, with $1.2 billion of client
assets under management, has union investor clients in Pennsylvania, Ohio,
Michigan, West Virginia and Indiana.
This news release may contain forward-looking statements that involve
risks and uncertainties, including the risks detailed in the Company's Annual
Report and Form 10-K to the Securities and Exchange Commission as defined in
the Private Securities Litigation Reform Act of 1995. Actual results may
differ materially.
Nasdaq NMS: ASRV
SUPPLEMENTAL FINANCIAL PERFORMANCE DATA (A)
January 22, 2002
(In thousands, except per share and ratio data)
2001
1QTR 2QTR 3QTR 4QTR YEAR
TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net interest
income $7,115 $7,176 $6,867 $7,040 $28,198
Net interest
income tax
equivalency
adjustment 269 322 251 181 1,023
Net income 696 638 240 401 1,975
PERFORMANCE PERCENTAGES (annualized):
Return on
average equity 3.60% 3.26% 1.18% 1.86% 2.44%
Return on
average assets 0.22 0.20 0.07 0.13 0.15
Net interest margin 2.48 2.47 2.35 2.49 2.45
Net charge-offs as
a percentage of
average loans 0.16 0.65 0.06 0.17 0.26
Loan loss provision
as a percentage of
average loans 0.22 0.24 0.22 0.27 0.24
Net overhead expense
as a percentage of
tax equivalent net
interest income 80.31 80.71 88.75 85.33 83.71
Efficiency ratio 87.59 87.04 93.56 91.17 89.94
PER COMMON SHARE:
Net income:
Basic $0.05 $0.05 $0.02 $0.03 $0.15
Average number of
common shares
outstanding 13,495,422 13,543,592 13,588,753 13,637,279 13,566,712
Diluted 0.05 0.05 0.02 0.03 0.15
Average number of
common shares
outstanding 13,497,986 13,559,755 13,629,424 13,639,201 13,570,214
Cash dividends
declared 0.09 0.09 0.09 0.09 0.36
CASH PERFORMANCE RESULTS: (D)
Earnings $1,307 $1,251 $862 $1,020 $4,440
Diluted earnings
per common share 0.10 0.09 0.06 0.07 0.33
Return on average
equity 6.78% 6.40% 4.29% 4.73 5.50%
Efficiency ratio 81.76 80.91 88.06 85.48 84.16
OPERATING PERFORMANCE DATA FOR THE PERIOD: (C)
Operating earnings $696 $638 $240 $401 $1,975
Operating earnings
per common share
- diluted 0.05 0.05 0.02 0.03 0.15
Return on average
equity 3.60% 3.26% 1.18% 1.86 2.44%
2000
1QTR(B) 2QTR 3QTR 4QTR YEAR
TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net interest
income $15,359 $7,738 $7,338 $7,024 $37,459
Net interest
income tax
equivalency
adjustment 657 368 360 303 1,688
Net income 2,611 10 1,053 (1,958) 1,716
PERFORMANCE PERCENTAGES (annualized):
Return on average
equity 9.26% 0.06% 5.97% (10.47)% 2.11%
Return on average
assets 0.43 - 0.33 (0.63) 0.11
Net interest margin 2.75 2.60 2.54 2.52 2.63
Net charge-offs as
a percentage of
average loans 0.06 0.18 0.14 0.57 0.21
Loan loss provision
as a percentage of
average loans 0.09 0.11 0.16 0.96 0.29
Net overhead expense
as a percentage of
tax equivalent net
interest income 81.77 92.22 75.77 119.03 89.73
Efficiency ratio 85.34 94.91 84.64 112.34 92.79
PER COMMON SHARE:
Net income:
Basic $0.20 $- $0.08 ($0.15) $0.13
Average number of
common shares 13,318,966 13,331,915 13,387,576 13,442,269 13,370,426
Diluted 0.20 - 0.08 (0.15) 0.13
Average number of
common shares 13,330,006 13,333,903 13,387,923 13,443,160 13,373,560
Cash dividends
declared 0.15 0.09 0.09 0.09 0.42
CASH PERFORMANCE RESULTS: (D)
Earnings $3,269 $591 $1,637 ($1,381) $4,116
Diluted earnings
per share 0.25 0.04 0.12 (0.10) 0.31
Return on average
equity 11.68% 2.62% 9.26% (7.37)% 5.06%
Efficiency ratio 81.36 89.32 78.96 106.29 87.66
OPERATING PERFORMANCE DATA FOR THE PERIOD: (C)
Operating earnings $3,121 $1,414 $1,283 ($1,958) $3,860
Operating earnings
per common share
- diluted 0.23 0.11 0.10 (0.15) 0.29
Return on average
equity 11.06% 8.41% 7.27% (10.47)% 4.74%
NOTES:
(A) All quarterly data unaudited.
(B) First quarter 2000 data includes Three Rivers Bank which was spun-off
April 1, 2000.
(C) For the year 2000, operating performance data excludes non-
recurring spin-off costs which amounted on an after-tax basis to
$500,000 in the first quarter, $1.4 million in the second quarter, and
$230,000 in the third quarter and totaled $2.1 million for the full
year.
(D) Cash performance results exclude amortization related to goodwill and
core deposit intangibles which, except in the calculation of the
efficiency ratio, are net of applicable income tax effects. While
mortgage servicing impairment charges are non-cash at the time of
recognition, they are by industry definition not excluded from cash
performance.
AMERISERV FINANCIAL, INC.
(In thousands, except per share, statistical, and ratio data)
2001
1QTR 2QTR 3QTR 4QTR
PERFORMANCE DATA AT PERIOD END
Assets $1,297,811 $1,341,375 $1,300,891 $1,198,859
Investment securities 624,226 654,716 620,212 498,626
Loans 572,613 564,364 584,120 593,301
Loans held for sale 2,934 6,559 2,510 6,180
Allowance for loan
losses 6,023 5,462 5,692 5,830
Goodwill and core
deposit intangibles 19,375 18,692 18,009 17,326
Deposits 657,944 666,373 650,169 676,346
Stockholders' equity 80,211 78,349 85,369 79,490
Trust assets 1,274,667 1,268,313 1,320,154 1,226,722
Non-performing assets 5,158 3,820 5,538 10,044
Asset leverage ratio 6.63% 6.58% 7.05% 7.12%
PER COMMON SHARE:
Book value (A) $5.94 $5.78 $6.28 $5.83
Market value 4.56 5.15 4.60 4.80
Market price to book value 76.80% 89.07% 73.27% 82.38%
STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees 464 461 468 475
Branch locations 23 23 23 24
Common shareholders 5,100 5,082 5,072 5,026
Common shares
outstanding 13,502,693 13,550,193 13,596,946 13,642,411
2000
1QTR(B) 2QTR 3QTR 4QTR
PERFORMANCE DATA AT PERIOD END
Assets $2,337,462 $1,299,798 $1,269,343 $1,254,261
Investment securities 1,066,183 577,911 551,476 550,232
Loans 1,082,006 597,195 595,929 580,634
Loans held for sale 17,704 17,310 16,041 9,637
Allowance for loan losses 10,446 5,313 5,358 5,936
Goodwill and core
deposit intangibles 24,863 21,431 20,741 20,058
Deposits 1,237,238 666,999 653,886 659,064
Stockholders' equity 113,166 68,544 73,354 78,407
Trust assets 1,439,062 1,408,099 1,433,001 1,356,109
Non-performing assets 12,602 4,097 6,596 5,961
Asset leverage ratio 6.47% 6.67% 6.65% 6.69%
PER COMMON SHARE:
Book value (A) $8.49 $5.14 $5.47 $5.83
Market value 11.25 3.56 3.91 4.25
Market price to book value 132.51% 69.32% 71.41% 72.90%
STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees 734 473 479 477
Branch locations 44 21 22 22
Common shareholders 5,190 5,153 5,145 5,130
Common shares
outstanding 13,328,741 13,337,865 13,399,536 13,451,805
NOTES:
(A) Other comprehensive income had a negative impact of $0.06 on book
value per share at December 31, 2001.
(B) First quarter 2000 data includes Three Rivers Bank which was spun-off
on April 1, 2000.
AMERISERV FINANCIAL, INC.
Nasdaq NMS: ASRV
Average Balance Sheet Data (In thousands)
(Quarterly Data Unaudited)
Note: 2000 data appears before 2001.
2000 2001
4QTR TWELVE 4QTR TWELVE
MONTHS MONTHS
Interest earning assets:
Loans and loans held for
sale, net of unearned
income $587,137 $722,663 $574,635 $563,392
Deposits with banks 8,412 5,729 16,367 17,173
Federal funds sold 3,623 1,056 2,597 1,087
Total investment
securities 552,083 741,335 555,537 599,427
Total interest earning
assets 1,151,255 1,470,783 1,149,136 1,181,079
Non-interest earning assets:
Cash and due from banks 21,113 24,725 23,400 21,627
Premises and equipment 13,617 14,918 13,385 13,348
Other assets 62,870 63,191 73,978 68,192
Allowance for loan losses (5,496) (6,705) (5,759) (5,798)
Total assets $1,243,359 $1,566,912 $1,254,140 $1,278,448
Interest bearing liabilities:
Interest bearing deposits:
Interest bearing demand $46,704 $58,424 $47,586 $47,530
Savings 92,260 112,829 90,652 91,926
Money market 133,049 142,903 131,981 134,799
Other time 298,659 383,657 302,667 303,135
Total interest bearing
deposits 570,672 697,813 572,886 577,390
Borrowings:
Federal funds purchased,
securities sold under
agreements to repurchase,
and other short-term
borrowings 45,624 119,184 49,611 54,217
Advanced from Federal
Home Loan Bank 419,698 508,503 397,276 423,767
Guaranteed junior
subordinated deferrable
interest debentures 34,500 34,500 34,500 34,500
Long-term debt 1,999 4,037 - 2,543
Total interest bearing
liabilities 1,072,493 1,364,037 1,054,273 1,092,417
Non-interest bearing liabilities:
Demand deposits 84,436 105,824 99,752 91,033
Other liabilities 12,036 15,628 14,628 14,217
Stockholders' equity 74,394 81,423 85,487 80,781
Total liabilities and
stockholders' equity $1,243,359 $1,566,912 $1,254,140 $1,278,448
AMERISERV FINANCIAL, INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(Quarterly data unaudited)
2001
YEAR
INTEREST INCOME 1QTR 2QTR 3QTR 4QTR TO DATE
Interest and fees on
loans $11,699 $11,119 $11,058 $11,010 $44,886
Total investment
portfolio 9,475 9,878 9,507 7,913 36,773
Total Interest Income 21,174 20,997 20,565 18,923 81,659
INTEREST EXPENSE
Deposits 5,970 5,547 5,375 4,650 21,542
All other funding sources 8,089 8,274 8,323 7,233 31,919
Total Interest Expense 14,059 13,821 13,698 11,883 53,461
NET INTEREST INCOME 7,115 7,176 6,867 7,040 28,198
Provision for loan losses 315 330 315 390 1,350
NET INTEREST INCOME AFTER
PROVISION FOR LOAN
LOSSES 6,800 6,846 6,552 6,650 26,848
NON-INTEREST INCOME
Trust fees 1,247 1,204 1,114 1,194 4,759
Net realized gains on
investment securities
available for sale 381 253 179 1,100 1,913
Net realized gains on
loans and loans held
for sale 176 170 186 186 718
Service charges on
deposit accounts 465 482 523 705 2,175
Net mortgage servicing fees 121 88 92 48 349
Bank owned life insurance 313 308 313 313 1,247
Gain on sale of branch - - 1,396 - 1,396
Other income 1,627 1,151 1,508 1,232 5,518
Total Non-interest Income 4,330 3,656 5,311 4,778 18,075
NON-INTEREST EXPENSE
Salaries and employee
benefits 4,847 4,716 4,877 5,145 19,585
Net occupancy expense 751 651 641 715 2,758
Equipment expense 812 685 684 759 2,940
Professional fees 683 682 678 893 2,936
FDIC deposit insurance
expense 31 31 29 31 122
Amortization of goodwill
and core deposit
intangibles 683 683 683 683 2,732
Impairment charge for
mortgage servicing rights 367 141 1,636 366 2,510
Wholesale mortgage
production exit costs - (103) (152) (19) (274)
Other expenses 2,086 2,222 2,552 2,367 9,227
Total Non-interest
Expense 10,260 9,708 11,628 10,940 42,536
INCOME BEFORE INCOME TAXES 870 794 235 488 2,387
Provision (benefit) for
income taxes 174 156 (5) 87 412
NET INCOME $696 $638 $240 $401 $1,975
2000
YEAR
INTEREST INCOME 1QTR 2QTR 3QTR 4QTR TO DATE
Interest and fees
on loans $22,333 $12,612 $12,510 $12,318 $59,773
Total investment
portfolio 19,139 9,761 9,529 9,096 47,525
Total Interest Income 41,472 22,373 22,039 21,414 107,298
INTEREST EXPENSE
Deposits 10,838 5,875 6,203 6,353 29,269
All other funding
sources 15,275 8,760 8,498 8,037 40,570
Total Interest Expense 26,113 14,635 14,701 14,390 69,839
NET INTEREST INCOME 15,359 7,738 7,338 7,024 37,459
Provision for loan losses 249 174 249 1,424 2,096
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 15,110 7,564 7,089 5,600 35,363
NON-INTEREST INCOME
Trust fees 1,324 1,232 1,257 1,245 5,058
Net realized gains(losses)
on investment securities
available for sale (889) (17) (30) (16) (952)
Net realized gains on
loans and loans held
for sale 308 423 706 327 1,764
Wholesale cash processing
fees 120 - - - 120
Service charges on
deposit accounts 870 455 436 461 2,222
Net mortgage servicing
fees 190 243 251 170 854
Bank owned life insurance 437 289 299 283 1,308
Other income 1,541 1,666 1,528 1,500 6,235
Total Non-interest Income 3,901 4,291 4,447 3,970 16,609
NON-INTEREST EXPENSE
Salaries and employee
benefits 8,184 5,073 4,932 5,116 23,305
Net occupancy expense 1,288 692 681 754 3,415
Equipment expense 1,154 795 777 823 3,549
Professional fees 865 582 607 777 2,831
FDIC deposit insurance
expense 62 34 33 33 162
Amortization of goodwill
and core deposit
intangibles 792 693 690 683 2,858
Impairment charge(credit)
for mortgage servicing
rights (55) - - 394 339
Spin-off costs 593 1,632 327 - 2,552
Wholesale mortgage
production exit costs - - - 1,498 1,498
Other expenses 4,114 2,265 2,233 2,613 11,225
Total Non-interest
Expense 16,997 11,766 10,280 12,691 51,734
INCOME (LOSS) BEFORE
INCOME TAXES 2,014 89 1,256 (3,121) 238
Provision (benefit)
for income taxes (597) 79 203 (1,163) (1,478)
NET INCOME (LOSS) $2,611 $10 $1,053 ($1,958) $1,716
AMERISERV FINANCIAL, INC.
PRO FORMA(A)
CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(Quarterly data unaudited)
2000
YEAR
INTEREST INCOME 1QTR(A) 2QTR 3QTR 4QTR TO DATE(A)
Interest and fees on
loans $12,606 $12,612 $12,510 $12,318 $50,046
Total investment
portfolio 10,766 9,761 9,529 9,096 39,152
Total Interest Income 23,372 22,373 22,039 21,414 89,198
INTEREST EXPENSE
Deposits 5,764 5,875 6,203 6,353 24,195
All other funding
sources 9,338 8,760 8,498 8,037 34,633
Total Interest Expense 15,102 14,635 14,701 14,390 58,828
NET INTEREST INCOME 8,270 7,738 7,338 7,024 30,370
Provision for loan losses 99 174 249 1,424 1,946
NET INTEREST INCOME AFTER
PROVISION FOR LOAN
LOSSES 8,171 7,564 7,089 5,600 28,424
NON-INTEREST INCOME
Trust fees 1,249 1,232 1,257 1,245 4,983
Net realized gains(losses)
on investment securities
available for sale (387) (17) (30) (16) (450)
Net realized gains on
loans and loans held
for sale 322 423 706 327 1,778
Service charges on
deposit accounts 428 455 436 461 1,780
Net mortgage servicing fees 190 243 251 170 854
Bank owned life insurance 291 289 299 283 1,162
Other income 1,185 1,666 1,528 1,500 5,879
Total Non-interest Income 3,278 4,291 4,447 3,970 15,986
NON-INTEREST EXPENSE
Salaries and employee
benefits 5,672 5,073 4,932 5,116 20,793
Net occupancy expense 753 692 681 754 2,880
Equipment expense 746 795 777 823 3,141
Professional fees 598 582 607 777 2,564
FDIC deposit insurance
expense 34 34 33 33 134
Amortization of goodwill
and core deposit
intangibles 693 693 690 683 2,759
Impairment charge (credit)
for mortgage servicing
rights (55) - - 394 339
Spin-off costs 135 1,632 327 - 2,094
Wholesale mortgage
production exit costs - - - 1,498 1,498
Other expenses 1,832 2,265 2,233 2,613 8,943
Total Non-interest
Expense 10,408 11,766 10,280 12,691 45,145
INCOME (LOSS) BEFORE
INCOME TAXES 1,041 89 1,256 (3,121) (735)
Provision (benefit) for
income taxes (120) 79 203 (1,163) (1,001)
NET INCOME (LOSS) $1,161 $10 $1,053 ($1,958) $266
(A) Pro forma financial data excludes Three Rivers Bank which was spun-off
on April 1, 2000.
SOURCE AmeriServ Financial, Inc.
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Audio:http://www.videonewswire.com/ameriserv/012302
CONTACT:
Jeffrey A. Stopko, Senior Vice President and
CFO of AmeriServ, +1-814-533-5310 or
jstopko@ameriservfinancial.com
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