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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2022

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

For the transition period from ____________ to_____________

Commission File Number 0-11204

AmeriServ Financial, Inc.

(Exact name of registrant as specified in its charter)

Pennsylvania

    

25-1424278

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Main & Franklin Streets, P.O. Box 430, Johnstown, PA

15907-0430

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (814) 533-5300

Securities registered pursuant to Section 12(b) of the Act:

Title Of Each Class

Trading Symbol

Name of Each Exchange On Which Registered

Common Stock

ASRV

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes    No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding at August 1, 2022

Common Stock, par value $0.01

17,109,097

AmeriServ Financial, Inc.

INDEX

Page No.

PART I.

FINANCIAL INFORMATION

Item 1. Financial Statements

3

Consolidated Balance Sheets (Unaudited) – June 30, 2022 and December 31, 2021

3

Consolidated Statements of Operations (Unaudited) – Three and six months ended June 30, 2022 and 2021

4

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) – Three and six months ended June 30, 2022 and 2021

5

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three and six months ended June 30, 2022 and 2021

6

Consolidated Statements of Cash Flows (Unaudited) – Six months ended June 30, 2022 and 2021

7

Notes to Unaudited Consolidated Financial Statements

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

Item 3. Quantitative and Qualitative Disclosure About Market Risk

54

Item 4. Controls and Procedures

55

PART II. OTHER INFORMATION

55

Item 1. Legal Proceedings

55

Item 1A. Risk Factors

55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

55

Item 3. Defaults Upon Senior Securities

55

Item 4. Mine Safety Disclosures

55

Item 5. Other Information

55

Item 6. Exhibits

56

2

Item 1. Financial Statements

AmeriServ Financial, Inc.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

June 30, 2022

December 31, 2021

ASSETS

 

  

 

  

Cash and due from depository institutions

$

18,318

$

24,748

Interest bearing deposits

 

10,714

 

10,942

Short-term investments

 

 

5,411

Cash and cash equivalents

 

29,032

 

41,101

Investment securities:

 

  

 

  

Available for sale, at fair value

 

172,252

 

163,171

Held to maturity (fair value $55,115 on June 30, 2022 and $55,516 on December 31, 2021)

 

59,003

 

53,751

Loans held for sale

 

1,254

 

983

Loans

 

964,797

 

985,880

Less: Unearned income

 

464

 

826

Less: Allowance for loan losses

 

11,568

 

12,398

Net loans

 

952,765

 

972,656

Premises and equipment:

 

 

Operating lease right-of-use asset

666

667

Financing lease right-of-use asset

2,548

2,684

Other premises and equipment, net

14,275

14,082

Accrued interest income receivable

 

4,094

 

3,984

Intangible assets:

 

 

Goodwill

 

13,611

 

13,611

Core deposit intangible

 

142

 

158

Bank owned life insurance

 

39,475

 

38,842

Net deferred tax asset

 

2,779

 

Federal Home Loan Bank stock

 

2,388

 

2,692

Federal Reserve Bank stock

 

2,125

 

2,125

Other assets

 

24,993

 

25,053

TOTAL ASSETS

$

1,321,402

$

1,335,560

LIABILITIES

Non-interest bearing deposits

$

217,149

$

211,106

Interest bearing deposits

 

925,607

 

928,272

Total deposits

 

1,142,756

 

1,139,378

Short-term borrowings

 

 

Advances from Federal Home Loan Bank

 

34,028

 

42,653

Operating lease liabilities

679

682

Financing lease liabilities

2,791

2,899

Subordinated debt

 

26,624

 

26,603

Total borrowed funds

 

64,122

 

72,837

Net deferred tax liability

 

 

934

Other liabilities

 

8,132

 

5,862

TOTAL LIABILITIES

 

1,215,010

 

1,219,011

SHAREHOLDERS' EQUITY

 

  

 

  

Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,737,916 shares issued and 17,109,097 shares outstanding on June 30, 2022; 26,710,319 shares issued and 17,081,500 shares outstanding on December 31, 2021

 

267

 

267

Treasury stock at cost, 9,628,819 shares on June 30, 2022 and December 31, 2021

 

(83,280)

 

(83,280)

Capital surplus

 

146,175

 

146,069

Retained earnings

 

63,463

 

60,005

Accumulated other comprehensive loss, net

 

(20,233)

 

(6,512)

TOTAL SHAREHOLDERS' EQUITY

 

106,392

 

116,549

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,321,402

$

1,335,560

See accompanying notes to unaudited consolidated financial statements.

3

AmeriServ Financial, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three months ended

Six months ended

    

June 30, 

June 30, 

    

2022

    

2021

    

2022

    

2021

INTEREST INCOME

 

  

 

  

 

  

 

  

 

Interest and fees on loans

 

$

9,725

 

$

10,283

 

$

19,221

 

$

20,610

 

Interest bearing deposits

 

1

 

3

 

2

 

4

Short-term investments

 

63

 

8

 

80

 

15

Investment securities:

 

  

 

  

 

  

 

  

Available for sale

 

1,304

 

1,171

 

2,427

 

2,259

Held to maturity

 

434

 

373

 

825

 

719

Total Interest Income

 

11,527

 

11,838

 

22,555

 

23,607

INTEREST EXPENSE

 

  

 

  

 

  

 

  

Deposits

 

956

 

1,306

 

1,752

 

2,708

Short-term borrowings

 

3

 

 

3

 

1

Advances from Federal Home Loan Bank

 

156

 

227

 

332

 

464

Financing lease liabilities

25

27

51

54

Guaranteed junior subordinated deferrable interest debentures

 

 

281

 

 

561

Subordinated debt

 

263

 

130

 

526

 

260

Total Interest Expense

 

1,403

 

1,971

 

2,664

 

4,048

Net Interest Income

 

10,124

 

9,867

 

19,891

 

19,559

Provision (credit) for loan losses

 

(325)

 

100

 

(725)

 

500

Net Interest Income after Provision (Credit) for Loan Losses

 

10,449

 

9,767

 

20,616

 

19,059

NON-INTEREST INCOME

 

  

 

  

 

  

 

  

Wealth management fees

 

2,976

 

3,022

 

6,141

 

5,894

Service charges on deposit accounts

 

263

 

224

 

535

 

425

Net gains on loans held for sale

 

35

 

122

 

130

 

617

Mortgage related fees

 

32

 

99

 

65

 

229

Net realized gains on investment securities

 

 

84

 

 

84

Bank owned life insurance

 

231

 

218

 

440

 

550

Other income

 

601

 

630

 

1,162

 

1,214

Total Non-Interest Income

 

4,138

 

4,399

 

8,473

 

9,013

NON-INTEREST EXPENSE

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

6,963

 

6,867

 

14,368

 

13,808

Net occupancy expense

 

697

 

649

 

1,438

 

1,329

Equipment expense

 

415

 

403

 

812

 

793

Professional fees

 

1,510

 

1,396

 

2,834

 

2,710

Supplies, postage and freight

 

144

 

149

 

309

 

328

Miscellaneous taxes and insurance

 

349

 

312

 

672

 

604

Federal deposit insurance expense

 

130

 

155

 

275

 

310

Branch acquisition costs

 

 

193

 

 

303

Other expense

 

1,902

 

1,914

 

2,881

 

3,158

Total Non-Interest Expense

 

12,110

 

12,038

 

23,589

 

23,343

PRETAX INCOME

2,477

2,128

5,500

4,729

Provision for income taxes

496

420

1,101

940

NET INCOME

$

1,981

$

1,708

$

4,399

$

3,789

PER COMMON SHARE DATA:

Basic:

Net income

$

0.12

$

0.10

$

0.26

$

0.22

Average number of shares outstanding

17,109

17,073

17,102

17,068

Diluted:

Net income

$

0.12

$

0.10

$

0.26

$

0.22

Average number of shares outstanding

17,149

17,131

17,148

17,114

See accompanying notes to unaudited consolidated financial statements.

4

AmeriServ Financial, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

(Unaudited)

Three months ended

Six months ended

    

June 30, 

June 30, 

2022

    

2021

    

2022

    

2021

COMPREHENSIVE (LOSS) INCOME

 

  

 

  

 

  

 

  

Net income

$

1,981

$

1,708

$

4,399

$

3,789

Other comprehensive (loss) income

 

  

 

  

 

  

 

  

Pension obligation change for defined benefit plan

 

(5,681)

 

5,210

 

(4,518)

 

5,768

Income tax effect

 

1,193

 

(1,094)

 

949

 

(1,211)

Unrealized holding gains (losses) on available for sale securities arising during period

 

(5,433)

 

735

 

(12,851)

 

(773)

Income tax effect

 

1,141

 

(154)

 

2,699

 

163

Reclassification adjustment for net realized gains on available for sale securities included in net income

 

 

(84)

 

 

(84)

Income tax effect

 

 

18

 

 

18

Other comprehensive (loss) income

 

(8,780)

 

4,631

 

(13,721)

 

3,881

Comprehensive (loss) income

$

(6,799)

$

6,339

$

(9,322)

$

7,670

See accompanying notes to unaudited consolidated financial statements.

5

AmeriServ Financial, Inc.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except share and per share data)

(Unaudited)

Three months ended

Six months ended

    

June 30, 

June 30, 

2022

    

2021

    

2022

    

2021

COMMON STOCK

 

  

 

  

 

  

 

  

Balance at beginning of period

$

267

$

267

$

267

$

267

New common shares issued for exercise of stock options (13 and 6,000 shares for the three months ended June 30, 2022 and 2021, respectively and 27,597 and 14,856 shares for the six months ended June 30, 2022 and 2021, respectively)

 

 

 

 

Balance at end of period

 

267

 

267

 

267

 

267

TREASURY STOCK

 

  

 

  

 

  

 

  

Balance at beginning of period

 

(83,280)

 

(83,280)

 

(83,280)

 

(83,280)

Treasury stock purchased

 

 

 

 

Balance at end of period

 

(83,280)

 

(83,280)

 

(83,280)

 

(83,280)

CAPITAL SURPLUS

 

  

 

  

 

  

 

  

Balance at beginning of period

 

146,162

 

145,997

 

146,069

 

145,969

New common shares issued for exercise of stock options (13 and 6,000 shares for the three months ended June 30, 2022 and 2021, respectively and 27,597 and 14,856 shares for the six months ended June 30, 2022 and 2021, respectively)

 

 

15

 

80

 

39

Stock option expense

 

13

 

13

 

26

 

17

Balance at end of period

 

146,175

 

146,025

 

146,175

 

146,025

RETAINED EARNINGS

 

  

 

  

 

  

 

  

Balance at beginning of period

 

61,996

 

56,295

 

60,005

 

54,641

Net income

 

1,981

 

1,708

 

4,399

 

3,789

Cash dividend declared on common stock ($0.030 amd $0.025 per share for the three months ended June 30, 2022 and 2021, respectively and $0.055 amd $0.050 per share for the six months ended June 30, 2022 and 2021, respectively)

 

(514)

 

(426)

 

(941)

 

(853)

Balance at end of period

 

63,463

 

57,577

 

63,463

 

57,577

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET

 

  

 

  

 

  

 

  

Balance at beginning of period

 

(11,453)

 

(13,948)

 

(6,512)

 

(13,198)

Other comprehensive (loss) income

 

(8,780)

 

4,631

 

(13,721)

 

3,881

Balance at end of period

 

(20,233)

 

(9,317)

 

(20,233)

 

(9,317)

TOTAL SHAREHOLDERS’ EQUITY

$

106,392

$

111,272

$

106,392

$

111,272

See accompanying notes to unaudited consolidated financial statements.

6

AmeriServ Financial, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Six months ended

    

June 30, 

    

 

2022

    

2021

 

OPERATING ACTIVITIES

Net income

$

4,399

$

3,789

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision (credit) for loan losses

 

(725)

 

500

Depreciation and amortization expense

 

1,029

 

1,021

Amortization expense of core deposit intangible

 

16

 

3

Amortization of fair value adjustment on acquired time deposits

 

(63)

 

(15)

Net amortization of investment securities

 

63

 

120

Net realized gains on investment securities available for sale

 

 

(84)

Net gains on loans held for sale

 

(130)

 

(617)

Net amortization of deferred loan fees

 

(396)

 

(737)

Origination of mortgage loans held for sale

 

(7,518)

 

(10,620)

Sales of mortgage loans held for sale

 

7,377

 

17,334

(Increase) decrease in accrued interest receivable

 

(110)

 

183

Decrease in accrued interest payable

 

(346)

 

(604)

Earnings on bank-owned life insurance

 

(440)

 

(550)

Deferred income taxes

 

455

 

905

Stock compensation expense

 

26

 

17

Net change in operating leases

(48)

(47)

Other, net

 

(2,541)

 

(1,347)

Net cash provided by operating activities

 

1,048

 

9,251

INVESTING ACTIVITIES

 

  

 

  

Purchase of investment securities — available for sale

 

(34,396)

 

(45,456)

Purchase of investment securities — held to maturity

 

(7,114)

 

(11,275)

Proceeds from maturities of investment securities — available for sale

 

12,427

 

21,965

Proceeds from maturities of investment securities — held to maturity

 

1,836

 

1,905

Proceeds from sales of investment securities — available for sale

 

 

960

Purchase of regulatory stock

 

(1,100)

 

(738)

Proceeds from redemption of regulatory stock

 

1,404