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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 September 30, 2023

   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 November 1, 2023

Common Stock, par value $0.01

17,147,270

AmeriServ Financial, Inc.

INDEX

Page No.

PART I.

FINANCIAL INFORMATION

Item 1. Financial Statements

3

Consolidated Balance Sheets (Unaudited) – September 30, 2023 and December 31, 2022

3

Consolidated Statements of Operations (Unaudited) – Three and nine months ended September 30, 2023 and 2022

4

Consolidated Statements of Comprehensive Loss (Unaudited) – Three and nine months ended September 30, 2023 and 2022

5

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three and nine months ended September 30, 2023 and 2022

6

Consolidated Statements of Cash Flows (Unaudited) – Nine months ended September 30, 2023 and 2022

7

Notes to Unaudited Consolidated Financial Statements

8

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

42

Item 3. Quantitative and Qualitative Disclosure About Market Risk

63

Item 4. Controls and Procedures

63

PART II. OTHER INFORMATION

63

Item 1. Legal Proceedings

63

Item 1A. Risk Factors

63

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

64

Item 3. Defaults Upon Senior Securities

64

Item 4. Mine Safety Disclosures

64

Item 5. Other Information

64

Item 6. Exhibits

65

2

Item 1. Financial Statements

AmeriServ Financial, Inc.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

September 30, 2023

December 31, 2022

ASSETS

 

  

 

  

Cash and due from depository institutions

$

14,430

$

18,830

Interest bearing deposits and short-term investments

 

3,598

 

4,132

Cash and cash equivalents

 

18,028

 

22,962

Investment securities, net of allowance for credit losses:

 

  

 

  

Available for sale, at fair value (allowance for credit losses $926 on September 30, 2023)

 

169,052

 

179,508

Held to maturity (fair value $52,391 on September 30, 2023 and $55,192 on December 31, 2022; allowance for credit losses $32 on September 30, 2023)

 

60,283

 

61,878

Loans held for sale

 

 

59

Loans (net of unearned income $401 on September 30, 2023 and $343 on December 31, 2022)

 

1,002,306

 

990,766

Less: Allowance for credit losses

 

12,313

 

10,743

Net loans

 

989,993

 

980,023

Premises and equipment:

 

 

Operating lease right-of-use asset

583

630

Financing lease right-of-use asset

2,353

2,413

Other premises and equipment, net

14,190

14,460

Accrued interest income receivable

 

5,650

 

4,804

Intangible assets:

 

 

Goodwill

 

13,611

 

13,611

Core deposit intangible

 

107

 

128

Bank owned life insurance

 

39,429

 

38,895

Net deferred tax asset

 

4,855

 

2,789

Federal Home Loan Bank stock

 

4,922

 

5,754

Federal Reserve Bank stock

 

2,125

 

2,125

Other assets

 

36,608

 

33,835

TOTAL ASSETS

$

1,361,789

$

1,363,874

LIABILITIES

Non-interest bearing deposits

$

178,458

$

195,123

Interest bearing deposits

 

950,832

 

913,414

Total deposits

 

1,129,290

 

1,108,537

Short-term borrowings

 

63,451

 

88,641

Advances from Federal Home Loan Bank

 

22,117

 

19,765

Operating lease liabilities

595

643

Financing lease liabilities

2,656

2,680

Subordinated debt

 

26,675

 

26,644

Total borrowed funds

 

115,494

 

138,373

Other liabilities

 

15,679

 

10,786

TOTAL LIABILITIES

 

1,260,463

 

1,257,696

SHAREHOLDERS' EQUITY

 

  

 

  

Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,776,089 shares issued and 17,147,270 shares outstanding on September 30, 2023; 26,746,436 shares issued and 17,117,617 shares outstanding on December 31, 2022

 

268

 

267

Treasury stock at cost, 9,628,819 shares on September 30, 2023 and December 31, 2022

 

(83,280)

 

(83,280)

Capital surplus

 

146,354

 

146,225

Retained earnings

 

64,738

 

65,486

Accumulated other comprehensive loss, net

 

(26,754)

 

(22,520)

TOTAL SHAREHOLDERS' EQUITY

 

101,326

 

106,178

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,361,789

$

1,363,874

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

Nine months ended

    

September 30, 

September 30, 

2023

    

2022

    

2023

    

2022

INTEREST INCOME

 

  

 

  

 

  

 

  

Interest and fees on loans

 

$

13,154

 

$

10,691

 

$

38,039

 

$

29,912

Interest bearing deposits and short-term investments

 

56

 

72

 

186

 

154

Investment securities:

 

  

 

  

 

  

 

  

Available for sale

 

1,745

 

1,490

 

5,237

 

3,917

Held to maturity

 

484

 

447

 

1,430

 

1,272

Total Interest Income

 

15,439

 

12,700

 

44,892

 

35,255

INTEREST EXPENSE

 

  

 

  

 

  

 

  

Deposits

 

5,653

 

1,720

 

14,861

 

3,472

Short-term borrowings

 

512

 

36

 

1,341

 

39

Advances from Federal Home Loan Bank

 

188

 

127

 

398

 

459

Financing lease liabilities

24

25

72

76

Subordinated debt

 

263

 

263

 

789

 

789

Total Interest Expense

 

6,640

 

2,171

 

17,461

 

4,835

Net Interest Income

 

8,799

 

10,529

 

27,431

 

30,420

Provision (credit) for credit losses

 

189

 

500

 

1,411

 

(225)

Net Interest Income after Provision (Credit) for Credit Losses

 

8,610

 

10,029

 

26,020

 

30,645

NON-INTEREST INCOME

 

  

 

  

 

  

 

  

Wealth management fees

 

2,845

 

2,813

 

8,372

 

8,954

Service charges on deposit accounts

 

311

 

289

 

857

 

824

Net gains on loans held for sale

 

59

 

53

 

123

 

183

Mortgage related fees

 

41

 

27

 

108

 

92

Gain on sale of Visa Class B shares

1,748

Bank owned life insurance

 

321

 

329

 

802

 

769

Other income

 

679

 

815

 

1,615

 

1,977

Total Non-Interest Income

 

4,256

 

4,326

 

13,625

 

12,799

NON-INTEREST EXPENSE

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

7,358

 

7,071

 

22,261

 

21,439

Net occupancy expense

 

719

 

698

 

2,204

 

2,136

Equipment expense

 

376

 

393

 

1,213

 

1,205

Professional fees

 

1,146

 

948

 

4,361

 

2,416

Data processing and IT expense

1,139

1,036

3,297

2,926

Supplies, postage and freight

 

144

 

172

 

487

 

481

Miscellaneous taxes and insurance

 

321

 

350

 

983

 

1,022

Federal deposit insurance expense

 

195

 

125

 

495

 

400

Other expense

 

697

 

934

 

1,934

 

3,291

Total Non-Interest Expense

 

12,095

 

11,727

 

37,235

 

35,316

PRETAX INCOME

771

2,628

2,410

8,128

Provision for income taxes

124

526

435

1,627

NET INCOME

$

647

$

2,102

$

1,975

$

6,501

PER COMMON SHARE DATA:

Basic:

Net income

$

0.04

$

0.12

$

0.12

$

0.38

Average number of shares outstanding

17,147

17,111

17,142

17,105

Diluted:

Net income

$

0.04

$

0.12

$

0.12

$

0.38

Average number of shares outstanding

17,147

17,145

17,146

17,146

See accompanying notes to unaudited consolidated financial statements.

4

AmeriServ Financial, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

Three months ended

Nine months ended

    

September 30, 

September 30, 

2023

    

2022

    

2023

    

2022

COMPREHENSIVE LOSS

 

  

 

  

 

  

 

  

Net income

$

647

$

2,102

$

1,975

$

6,501

Other comprehensive loss

 

  

 

  

 

  

 

  

Pension obligation change for defined benefit plan

 

 

(59)

 

 

(4,577)

Income tax effect

 

 

12

 

 

961

Unrealized holding losses on available for sale securities arising during period

 

(3,418)

 

(8,064)

 

(6,091)

 

(20,915)

Income tax effect

 

718

 

1,694

 

1,280

 

4,393

Fair value change for interest rate hedge

 

400

 

 

733

 

Income tax effect

 

(84)

 

 

(156)

 

Other comprehensive loss

 

(2,384)

 

(6,417)

 

(4,234)

 

(20,138)

Comprehensive loss

$

(1,737)

$

(4,315)

$

(2,259)

$

(13,637)

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

Nine months ended

    

September 30, 

September 30, 

2023

    

2022

    

2023

    

2022

COMMON STOCK

 

  

 

  

 

  

 

  

Balance at beginning of period

$

268

$

267

$

267

$

267

New common shares issued for exercise of stock options (3,520 shares for the three months ended September 30, 2022 and 29,653 and 31,117 shares for the nine months ended September 30, 2023 and 2022, respectively)

 

 

 

1

 

Balance at end of period

 

268

 

267

 

268

 

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

 

146,343

 

146,175

 

146,225

 

146,069

New common shares issued for exercise of stock options (3,520 shares for the three months ended September 30, 2022 and 29,653 and 31,117 shares for the nine months ended September 30, 2023 and 2022, respectively)

 

 

11

 

94

 

91

Stock option expense

 

11

 

12

 

35

 

38

Balance at end of period

 

146,354

 

146,198

 

146,354

 

146,198

RETAINED EARNINGS

 

  

 

  

 

  

 

  

Balance at beginning of period

 

64,604

 

63,463

 

65,486

 

60,005

Net income

 

647

 

2,102

 

1,975

 

6,501

Cash dividend declared on common stock ($0.030 for the three months ended September 30, 2023 and 2022 and $0.090 and $0.085 for the nine months ended September 30, 2023 and 2022, respectively)

 

(513)

 

(513)

 

(1,542)

 

(1,454)

Cumulative effect adjustment for adoption of ASU 2016-13

 

 

 

(1,181)

 

Balance at end of period

 

64,738

 

65,052

 

64,738

 

65,052

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET

 

  

 

  

 

  

 

  

Balance at beginning of period

 

(24,370)

 

(20,233)

 

(22,520)

 

(6,512)

Other comprehensive loss

 

(2,384)

 

(6,417)

 

(4,234)

 

(20,138)

Balance at end of period

 

(26,754)

 

(26,650)

 

(26,754)

 

(26,650)

TOTAL SHAREHOLDERS’ EQUITY

$

101,326

$

101,587

$

101,326

$

101,587

See accompanying notes to unaudited consolidated financial statements.

6

AmeriServ Financial, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine months ended

    

September 30, 

 

2023

    

2022

OPERATING ACTIVITIES

Net income

$

1,975

$

6,501

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

 

  

 

  

Provision (credit) for credit losses

 

1,411

 

(225)

Depreciation and amortization expense

 

1,543

 

1,531

Amortization expense of core deposit intangible

 

21

 

23

Amortization of fair value adjustment on acquired time deposits

 

(29)

 

(83)

Net amortization of investment securities

 

43

 

98

Net amortization of deferred loan fees

 

(83)

 

(486)

Net gains on loans held for sale

 

(123)

 

(183)

Origination of mortgage loans held for sale

 

(6,441)

 

(8,239)

Sales of mortgage loans held for sale

 

6,623

 

9,405

Increase in accrued interest receivable

 

(846)

 

(636)

Increase (decrease) in accrued interest payable

 

2,069

 

(571)

Earnings on bank-owned life insurance

 

(802)

 

(769)

Deferred income taxes

 

(166)

 

601

Stock compensation expense

 

35

 

38

Net change in operating leases

(48)

(69)

Other, net

 

(4)

 

(5,082)

Net cash provided by operating activities

 

5,178

 

1,854

INVESTING ACTIVITIES

 

  

 

  

Purchase of investment securities — available for sale

 

(11,771)

 

(49,372)

Purchase of investment securities — held to maturity

 

(2,943)

 

(11,104)

Proceeds from maturities of investment securities — available for sale

 

15,216

 

15,755

Proceeds from maturities of investment securities — held to maturity

 

4,457

 

2,244

Proceeds from sales of investment securities — available for sale

 

 

1,519

Purchase of regulatory stock

 

(15,747)

 

(4,405)

Proceeds from redemption of regulatory stock

 

16,579

 

3,190

Long-term loans originated

 

(140,065)

 

(163,679)

Principal collected on long-term loans

 

128,421

 

168,215

Purchases of premises and equipment

 

(1,010)

 

(1,621)

Proceeds from sale of other real estate owned and repossessed assets

 

39

 

14

Proceeds from life insurance policies

 

387

 

670

Net cash used in investing activities

 

(6,437)

 

(38,574)

FINANCING ACTIVITIES

 

  

 

  

Net increase in deposit balances

 

20,782

 

13,518

Net (decrease) increase in other short-term borrowings

 

(25,190)

 

26,274

Principal borrowings on advances from Federal Home Loan Bank

 

17,920

 

Principal repayments on advances from Federal Home Loan Bank

 

(15,568)

 

(14,131)

Principal payments on financing lease liabilities

(171)

(163)

Stock options exercised

 

94

 

91

Common stock dividend paid

 

(1,542)

 

(1,454)

Net cash (used in) provided by financing activities

 

(3,675)