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) January 20, 2009
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 fourth quarter and full year results through December 31, 2008. For a more detailed description of the announcement see the press release attached as Exhibit #99.1.
Exhibits
--------
Exhibit 99.1
Press release dated January 20, 2009, announcing the fourth quarter and full year results through December 31, 2008.
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/Jeffrey A. Stopko
Jeffrey A. Stopko
Senior Vice President
& CFO
Date: January 20, 2009
Exhibit 99.1
AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE FOURTH QUARTER AND FULL YEAR 0F 2008
JOHNSTOWN, PA – AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2008 net income of $1,615,000 or $0.07 per diluted share. This represents an increase of $691,000 or 74.8% over the fourth quarter 2007 net income of $924,000 or $0.04 per diluted share. For the year ended December 31, 2008, the Company earned $5,509,000 or $0.25 per diluted share. This also represents an increase of $2,475,000 or 81.6% when compared to net income of $3,034,000 or $0.14 per diluted share for the full year 2007. The following table highlights the Company’s financial performance for the both the quarters and years ended December 31, 2008 and 2007:
| Fourth Quarter 2008 | Fourth Quarter 2007 |
| Year Ended December 31, 2008 | Year Ended December 31, 2007 |
|
|
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|
|
|
Net income | $1,615,000 | $924,000 |
| $5,509,000 | $3,034,000 |
Diluted earnings per share | $ 0.07 | $ 0.04 |
| $ 0.25 | $ 0.14 |
Allan R. Dennison, President and Chief Executive Officer, commented on the 2008 financial results, “AmeriServ Financial’s strong growth in earnings in 2008 resulted from our disciplined focus on maintaining a high quality conservatively positioned balance sheet during a historic period of economic turmoil and crisis within the financial markets. I was particularly pleased that we were able to have a record year in growing our loan portfolio by $71 million or 11.1% by extending credit to quality borrowers within the communities in which we operate. The current recessionary environment makes the future more difficult to forecast, but we enter 2009 with an improved net interest margin, sound asset quality, and strong capital levels which should provide us with greater financial flexibility.”
The Company’s net interest income in the fourth quarter of 2008 increased by $2.0 million from the prior year’s fourth quarter and for the full year of 2008 increased by $4.9 million or 20.2% when compared to 2007. The Company’s net interest margin when compared to the same prior year periods was up sharply by 76 basis points to 3.84% for the fourth quarter of 2008 and was up by 58 basis points to 3.64% for the full year 2008. This improved net interest margin resulted from a combination of strong loan growth and balance sheet positioning which allowed the Company to benefit from the significant Federal Reserve reductions in short-term interest rates and the return to a more traditional positively sloped yield curve. As a result of these changes, the Company’s interest expense on deposits and borrowings declined at a faster rate than the interest income on loans and investment securities. Additionally, the improved earning asset mix with fewer investment securities and more loans outstanding also contributed to the increased net interest income and margin in 2008. For the full year 2008, total loans increased by $71 million or 11.1% with $43 million of this growth occurring during the fourth quarter. The 2008 loan growth was driven by increased commercial and commercial real-estate loan production particularly in the suburban Pittsburgh market. Overall, net interest income has now increased for eight consecutive quarters.
The Company recorded a $625,000 provision for loan losses in the fourth quarter of 2008 compared to a $150,000 provision in the fourth quarter of 2007. For the full year 2008, the Company recorded a $2.9 million loan loss provision which represented an increase of $2.6 million over the 2007 full year loan loss provision of $300,000. When determining the provision for loan losses, the Company considers a number of factors some of which include periodic credit reviews, delinquency and charge-off trends, concentrations of credit, loan volume trends and broader local and national economic trends. The higher loan provision in 2008 was caused by the Company’s decision to strengthen its allowance for loan losses due to the downgrade of the rating classification of several specific performing commercial loans and uncertainties in the local and national economies. Overall net charge-offs were up moderately in 2008 when compared to 2007. Specifically, for the full year 2008, net charge-offs amounted to $1.3 million or 0.20% of total loans compared to net charge-offs of $1.1 million or 0.19% of total loans for the full year 2007. Non-performing assets increased by $182,000 since the third quarter of 2008 but are still lower than the year-end 2007 level. Non-performing assets totaled $4.6 million or 0.65% of total loans at December 31, 2008 compared to $5.3 million or 0.83% of total loans at December 31, 2007. Overall, the allowance for loan losses provided 195% coverage of non-performing assets and was 1.26% of total loans at December 31, 2008 compared to 137% of non-performing assets and 1.14% of total loans at December 31, 2007. Note also that the Company has no direct exposure to sub-prime mortgage loans in either the loan or investment portfolios.
The Company’s non-interest income in the fourth quarter of 2008 decreased by $384,000 from the prior year’s fourth quarter but for the full year of 2008 increased by $1.7 million when compared to the full year 2007. The quarterly decrease was primarily due to a $288,000 decline in trust and investment advisory fees due to reductions in the market value of assets managed due to lower equity values in the fourth quarter of 2008. Other income also declined as there was a non-recurring $200,000 gain realized in the fourth quarter of 2007 on the sale of a bank owned operations facility that was no longer being fully utilized. For the full year 2008, the increase in non-interest income was primarily due to a $1.4 million increase in revenue from bank owned life insurance due to the payment of death claims in 2008. The remainder of the increase in non-interest income was driven by increases in several other non-interest revenue categories. Deposit service charges increased by $490,000 or 19.0% due to increased overdraft fees and greater service charge revenue that resulted from a realignment of the bank’s checking accounts to include more fee based products. The Company also recorded an increase on gains realized on residential mortgage loan sales into the secondary market that amounted to $170,000 for the full year 2008. This increase reflects improved residential mortgage production from the Company’s primary market as this has been an area of emphasis in the Company’s strategic plan. Finally, the Company took advantage of the positively sloped yield curve to position the investment portfolio for better future earnings by selling some of the lower yielding securities in the portfolio and replacing them with higher yielding securities with a modestly longer duration. Overall, the Company realized a net security loss of $95,000 in 2008.
Total non-interest expense in the fourth quarter of 2008 increased by $345,000 from the prior year’s fourth quarter and for the full year of 2008 increased by $965,000 or 2.8% when compared to 2007. The higher annual 2008 expenses were due to an $887,000 increase in other expenses, a $385,000 increase in professional fees, and a $91,000 charge on the prepayment of $6 million of Federal Home Loan Bank Advances. Note that the increase in other expenses was due to higher advertising and business development expenses, increased other real-estate owned expenses, and the non-recurrence of a $400,000 expense recovery related to a previous mortgage servicing operation that was realized in 2007. The increased professional fees resulted primarily from higher legal, consulting and other professional fees in 2008. The $91,000 FHLB debt prepayment charge resulted from the Company’s decision to retire some higher cost advances and replace them with lower cost current market rate advances in order to reduce ongoing interest expense. While salaries and employee benefits expenses were higher in the fourth quarter of 2008, they were down by $122,000 for the full year due primarily to reduced medical insurance premiums. The $368,000 annual reduction in equipment expense resulted from the benefits achieved from the migration to a new core data processing operating system and mainframe processor.
ASRV had total assets of $967 million, total shareholders’ equity of $113 million and a book value of $4.39 per share at December 31, 2008. With the receipt of $21 million of preferred stock from the U.S. Treasury’s Capital Purchase Program on December 19, 2008, the Company’s asset leverage ratio increased to 12.15% at December 31, 2008 compared to 9.74% as December 31, 2007. The Company also completed its previously announced stock repurchase program during the fourth quarter of 2008 by repurchasing 743,200 shares at an average price of $2.33. For the full year 2008, the Company repurchased 1,097,700 shares of its common stock at an average price of $2.58.
As a result of the decision by the Company to accept a preferred stock investment under the U.S. Treasury’s Capital Purchase Program for a period of three years the Company is no longer permitted to repurchase stock or declare and pay common dividends without the consent of the U.S. Treasury.
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
January 20, 2009
(In thousands, except per share and ratio data)
(All quarterly and 2008 data unaudited)
2008
| 1QTR | 2QTR | 3QTR | 4QTR | YEAR |
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| TO DATE |
PERFORMANCE DATA FOR THE PERIOD: |
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Net income | $1,229 | $1,516 | $1,149 | $1,615 | $5,509 |
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PERFORMANCE PERCENTAGES (annualized): |
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Return on average assets | 0.55% | 0.71% | 0.52% | 0.69% | 0.62% |
Return on average equity | 5.43 | 6.64 | 4.93 | 6.68 | 5.93 |
Net interest margin | 3.32 | 3.58 | 3.59 | 3.84 | 3.64 |
Net charge-offs as a percentage of average loans | 0.06 | 0.46 | 0.04 | 0.23 | 0.20 |
Loan loss provision as a percentage of average loans | 0.10 | 0.89 | 0.48 | 0.36 | 0.45 |
Efficiency ratio | 82.87 | 73.20 | 79.72 | 77.46 | 78.11 |
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PER COMMON SHARE: |
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Net income: |
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Basic | $0.06 | $0.07 | $0.05 | $0.07 | $0.25 |
Average number of common shares outstanding | 22,060 | 21,847 | 21,855 | 21,571 | 21,833 |
Diluted | 0.06 | 0.07 | 0.05 | 0.07 | 0.25 |
Average number of common shares outstanding | 22,062 | 21,848 | 21,856 | 21,571 | 21,975 |
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2007
| 1QTR | 2QTR | 3QTR | 4QTR | YEAR |
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| TO DATE |
PERFORMANCE DATA FOR THE PERIOD: |
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Net income | $428 | $808 | $874 | $924 | $3,034 |
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PERFORMANCE PERCENTAGES (annualized): |
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Return on average assets | 0.20% | 0.37% | 0.39% | 0.41% | 0.34% |
Return on average equity | 2.05 | 3.79 | 4.00 | 4.12 | 3.51 |
Net interest margin | 2.97 | 3.01 | 3.00 | 3.08 | 3.06 |
Net charge-offs as a percentage of average loans | 0.06 | 0.07 | 0.61 | 0.01 | 0.19 |
Loan loss provision as a percentage of average loans | - | - | 0.10 | 0.09 | 0.05 |
Efficiency ratio | 94.16 | 88.52 | 87.15 | 86.04 | 88.85 |
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PER COMMON SHARE: |
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Net income: |
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Basic | $0.02 | $0.04 | $0.04 | $0.04 | $0.14 |
Average number of common shares outstanding | 22,159 | 22,164 | 22,175 | 22,184 | 22,171 |
Diluted | 0.02 | 0.04 | 0.04 | 0.04 | 0.14 |
Average number of common shares outstanding | 22,166 | 22,171 | 22,177 | 22,186 | 22,173 |
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AMERISERV FINANCIAL, INC.
(In thousands, except per share, statistical, and ratio data)
(All quarterly and 2008 data unaudited)
2008
| 1QTR | 2QTR | 3QTR | 4QTR |
PERFORMANCE DATA AT PERIOD END |
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Assets | $902,349 | $877,230 | $911,306 | $966,929 |
Investment securities | 151,967 | 148,819 | 148,777 | 158,253 |
Loans | 632,934 | 623,798 | 663,996 | 707,108 |
Allowance for loan losses | 7,309 | 7,963 | 8,677 | 8,910 |
Goodwill and core deposit intangibles | 14,254 | 14,038 | 13,821 | 13,605 |
Deposits | 682,459 | 722,913 | 688,998 | 694,956 |
FHLB borrowings | 106,579 | 40,214 | 106,897 | 133,778 |
Stockholders’ equity | 91,558 | 92,248 | 93,671 | 113,252 |
Non-performing assets | 3,050 | 3,717 | 4,390 | 4,572 |
Asset leverage ratio | 9.78% | 10.47% | 10.37% | 12.15% |
PER COMMON SHARE: |
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Book value (A) | $4.19 | $4.22 | $4.29 | $4.39 |
Market value | 2.79 | 2.98 | 2.51 | 1.99 |
Market price to book value | 66.62% | 70.59% | 58.57% | 45.31% |
Trust assets – fair market value (B) | $1,828,475 | $1,813,231 | $1,678,398 | $1,554,351 |
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STATISTICAL DATA AT PERIOD END: |
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Full-time equivalent employees | 350 | 353 | 352 | 353 |
Branch locations | 19 | 18 | 18 | 18 |
Common shares outstanding | 21,842,691 | 21,850,773 | 21,859,409 | 21,128,831 |
2007
| 1QTR | 2QTR | 3QTR | 4QTR |
PERFORMANCE DATA AT PERIOD END |
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Assets | $891,559 | $876,160 | $897,940 | $904,878 |
Investment securities | 185,338 | 174,508 | 170,765 | 163,474 |
Loans | 603,834 | 604,639 | 629,564 | 636,155 |
Allowance for loan losses | 8,010 | 7,911 | 7,119 | 7,252 |
Goodwill and core deposit intangibles | 15,119 | 14,903 | 14,687 | 14,470 |
Deposits | 768,947 | 762,902 | 763,771 | 710,439 |
FHLB borrowings | 15,170 | 4,258 | 23,482 | 82,115 |
Stockholders’ equity | 85,693 | 86,226 | 88,517 | 90,294 |
Non-performing assets | 2,706 | 2,825 | 2,463 | 5,280 |
Asset leverage ratio | 10.23% | 10.36% | 10.44% | 9.74% |
PER COMMON SHARE: |
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Book value | $3.87 | $3.89 | $3.99 | $4.07 |
Market value | 4.79 | 4.40 | 3.33 | 2.77 |
Market price to book value | 123.88% | 113.12% | 83.44% | 68.07% |
Trust assets – fair market value (B) | $1,828,475 | $1,872,366 | $1,846,240 | $1,883,307 |
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STATISTICAL DATA AT PERIOD END: |
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Full-time equivalent employees | 375 | 376 | 358 | 351 |
Branch locations | 21 | 21 | 20 | 20 |
Common shares outstanding | 22,161,445 | 22,167,235 | 22,180,650 | 22,188,997 |
NOTES:
(A) Preferred stock received through the Capital Purchase Program is excluded from the book value per common share calculation.
(B) Not recognized on the balance sheet.
AMERISERV FINANCIAL, INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(All quarterly and 2008 data unaudited)
2008
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| YEAR |
INTEREST INCOME | 1QTR | 2QTR | 3QTR | 4QTR | TO DATE |
Interest and fees on loans | $10,462 | $9,862 | $10,015 | $10,680 | $41,019 |
Total investment portfolio | 1,820 | 1,588 | 1,717 | 1,675 | 6,800 |
Total Interest Income | 12,282 | 11,450 | 11,732 | 12,355 | 47,819 |
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INTEREST EXPENSE |
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Deposits | 4,499 | 3,861 | 3,774 | 3,546 | 15,680 |
All borrowings | 1,048 | 623 | 727 | 624 | 3,022 |
Total Interest Expense | 5,547 | 4,484 | 4,501 | 4,170 | 18,702 |
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NET INTEREST INCOME | 6,735 | 6,966 | 7,231 | 8,185 | 29,117 |
Provision for loan losses | 150 | 1,375 | 775 | 625 | 2,925 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,585 | 5,591 | 6,456 | 7,560 | 26,192 |
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NON-INTEREST INCOME |
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Trust fees | 1,790 | 1,737 | 1,691 | 1,513 | 6,731 |
Net realized gains (losses) on investment securities | - | (137) | 20 | 22 | (95) |
Net realized gains on loans held for sale | 89 | 121 | 138 | 129 | 477 |
Service charges on deposit accounts | 734 | 807 | 771 | 757 | 3,069 |
Investment advisory fees | 226 | 218 | 185 | 150 | 779 |
Bank owned life insurance | 249 | 1,923 | 260 | 263 | 2,695 |
Other income | 750 | 674 | 702 | 642 | 2,768 |
Total Non-interest Income | 3,838 | 5,343 | 3,767 | 3,476 | 16,424 |
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NON-INTEREST EXPENSE |
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Salaries and employee benefits | 4,830 | 4,812 | 4,758 | 4,817 | 19,217 |
Net occupancy expense | 661 | 653 | 586 | 661 | 2,561 |
Equipment expense | 431 | 414 | 402 | 430 | 1,677 |
Professional fees | 769 | 910 | 922 | 981 | 3,582 |
FHLB prepayment penalty | - | 91 | - | - | 91 |
FDIC deposit insurance expense | 22 | 20 | 30 | 41 | 113 |
Amortization of core deposit intangibles | 216 | 216 | 217 | 216 | 865 |
Other expenses | 1,850 | 1,909 | 1,869 | 1,903 | 7,531 |
Total Non-interest Expense | 8,779 | 9,025 | 8,784 | 9,049 | 35,637 |
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PRETAX INCOME | 1,644 | 1,909 | 1,439 | 1,987 | 6,979 |
Income tax expense | 415 | 393 | 290 | 372 | 1,470 |
NET INCOME | $1,229 | $1,516 | $1,149 | $1,615 | $5,509 |
2007
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| YEAR |
INTEREST INCOME | 1QTR | 2QTR | 3QTR | 4QTR | TO DATE |
Interest and fees on loans | $10,061 | $10,303 | $10,591 | $10,608 | $41,563 |
Total investment portfolio | 2,114 | 2,005 | 1,863 | 1,834 | 7,816 |
Total Interest Income | 12,175 | 12,308 | 12,454 | 12,442 | 49,379 |
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INTEREST EXPENSE |
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Deposits | 5,699 | 5,931 | 5,994 | 5,187 | 22,811 |
All borrowings | 521 | 364 | 438 | 1,022 | 2,345 |
Total Interest Expense | 6,220 | 6,295 | 6,432 | 6,209 | 25,156 |
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NET INTEREST INCOME | 5,955 | 6,013 | 6,022 | 6,233 | 24,223 |
Provision for loan losses | - | - | 150 | 150 | 300 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,955 | 6,013 | 5,872 | 6,083 | 23,923 |
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NON-INTEREST INCOME |
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Trust fees | 1,704 | 1,689 | 1,677 | 1,683 | 6,753 |
Net realized gains on loans held for sale | 25 | 79 | 116 | 87 | 307 |
Service charges on deposit accounts | 585 | 636 | 671 | 687 | 2,579 |
Investment advisory fees | 102 | 329 | 275 | 268 | 974 |
Bank owned life insurance | 258 | 265 | 479 | 266 | 1,268 |
Other income | 559 | 594 | 804 | 869 | 2,826 |
Total Non-interest Income | 3,233 | 3,592 | 4,022 | 3,860 | 14,707 |
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NON-INTEREST EXPENSE |
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Salaries and employee benefits | 4,885 | 4,930 | 4,813 | 4,711 | 19,339 |
Net occupancy expense | 664 | 615 | 618 | 597 | 2,494 |
Equipment expense | 546 | 564 | 466 | 469 | 2,045 |
Professional fees | 695 | 818 | 814 | 870 | 3,197 |
FDIC deposit insurance expense | 22 | 22 | 22 | 22 | 88 |
Amortization of core deposit intangibles | 216 | 216 | 216 | 217 | 865 |
Other expenses | 1,645 | 1,357 | 1,824 | 1,818 | 6,644 |
Total Non-interest Expense | 8,673 | 8,522 | 8,773 | 8,704 | 34,672 |
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PRETAX INCOME | 515 | 1,083 | 1,121 | 1,239 | 3,958 |
Income tax expense | 87 | 275 | 247 | 315 | 924 |
NET INCOME | $428 | $808 | $874 | $924 | $3,034 |
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AMERISERV FINANCIAL, INC.
Nasdaq: ASRV
Average Balance Sheet Data (In thousands)
(All quarterly and 2008 data unaudited)
Note: 2007 data appears before 2008.
2007
2008
|
| TWELVE |
| TWELVE |
| 4QTR | MONTHS | 4QTR | MONTHS |
Interest earning assets: |
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|
Loans and loans held for sale, net of unearned income | $625,255 | $607,507 | $680,278 | $641,766 |
Deposits with banks | 603 | 500 | 493 | 583 |
Federal funds | 85 | 2,278 | - | 114 |
Total investment securities | 174,094 | 184,117 | 159,926 | 160,772 |
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Total interest earning assets | 800,037 | 794,402 | 840,697 | 803,235 |
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Non-interest earning assets: |
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Cash and due from banks | 17,797 | 17,750 | 15,581 | 16,786 |
Premises and equipment | 8,328 | 8,623 | 9,751 | 9,333 |
Other assets | 72,823 | 70,369 | 71,786 | 72,249 |
Allowance for loan losses | (7,181) | (7,755) | (8,602) | (7,837) |
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Total assets | $891,804 | $883,389 | $929,213 | $893,766 |
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Interest bearing liabilities: |
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Interest bearing deposits: |
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Interest bearing demand | $55,853 | $56,383 | $63,225 | $64,683 |
Savings | 68,354 | 71,922 | 69,856 | 70,255 |
Money market | 132,141 | 169,696 | 113,703 | 107,843 |
Other time | 352,074 | 346,134 | 325,920 | 341,185 |
Total interest bearing deposits | 608,422 | 644,135 | 572,704 | 583,966 |
Borrowings: |
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Federal funds purchased, securities sold under agreements to repurchase, and other short-term borrowings | 54,051 | 19,844 | 113,093 | 71,636 |
Advanced from Federal Home Loan Bank | 8,585 | 4,852 | 13,101 | 11,725 |
Guaranteed junior subordinated deferrable interest debentures | 13,085 | 13,085 | 13,085 | 13,085 |
Total interest bearing liabilities | 684,143 | 681,916 | 711,983 | 680,412 |
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Non-interest bearing liabilities: |
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Demand deposits | 108,214 | 105,306 | 111,306 | 110,601 |
Other liabilities | 10,385 | 9,703 | 9,751 | 9,816 |
Stockholders’ equity | 89,062 | 86,464 | 96,173 | 92,937 |
Total liabilities and stockholders’ equity | $891,804 | $883,389 | $929,213 | $893,766 |