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 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 third quarter and first nine months results through September 30, 2009. 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 20, 2009, announcing the third quarter and first nine months results through September 30, 2009.
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
Executive Vice President
& CFO
Date: October 20, 2009
Exhibit 99.1
AMERISERV FINANCIAL REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2009
JOHNSTOWN, PA –AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a third quarter 2009 net loss of $2.8 million or $0.15 per diluted share. This represents a decrease of $4 million from the third quarter 2008 net income of $1.1 million or $0.05 per diluted share. For the nine month period ended September 30, 2009, the Company reported a net loss of $3.2 million or $0.19 per diluted share. This also represents a decrease of $7.1 million when compared to net income of $3.9 million or $0.18 per diluted share for the first nine months of 2008. The following table highlights the Company’s financial performance for both the three and nine month periods ended September 30, 2009 and 2008:
| Third Quarter 2009 | Third Quarter 2008 |
| Nine Months Ended September 30, 2009 | Nine Months Ended September 30, 2008 |
|
|
|
|
|
|
Net income (loss) | ($2,810,000) | $1,149,000 |
| ($3,216,000) | $3,894,000 |
Diluted earnings per share |
($ 0.15) |
$ 0.05 |
|
($ 0.19) | $0.18 |
Allan R. Dennison, retiring President and Chief Executive Officer, commented on the third quarter 2009 financial results, “AmeriServ Financial reported a loss for the third quarter of 2009 due to an increased provision for loan losses. The continued recessionary economy is now clearly impacting our commercial borrowers based in Western Pennsylvania. We appropriately increased our allowance for loan losses to respond to this deterioration in asset quality evidenced by higher levels of non-performing assets and classified loans. This higher provision unfortunately more than offset some strong fundamentals, such as, increased net interest income that resulted from solid loan and deposit growth experienced within our bank during 2009. Overall at September 30, 2009, our allowance for loan losses represented 2.66% of total loans outstanding and provided 94% coverage of non-performing loans. AmeriServ Financial is well capitalized to work through this challenging economic period with a tangible common equity ratio of 8.16% and an asset leverage ratio of 11.41% at the end of the third quarter 2009.”
The Company’s net interest income in the third quarter of 2009 increased by $694,000 from the prior year’s third quarter, and for the first nine months of 2009 increased by $3.3 million or 15.8% when compared to the first nine months of 2008. The Company’s net interest margin of 3.65% for the first nine months of 2009 is also 16 basis points better than the 3.49% net interest margin achieved during the first nine months of 2008. The increased net interest income and margin resulted from a combination of good loan growth and the pricing benefits achieved from a steeper positively sloped yield curve. Specifically, total loans averaged $726 million in the first nine months of 2009, an increase of $94 million or 14.8% over the same period in 2008. This growth caused overall loan interest revenue to increase for both 2009 periods despite the lower interest rate environment in 2009. The loan growth was driven by increased commercial real-estate loan production as the majority of increased residential mortgage loan production has been sold into the secondary market. The Company’s strong liquidity position has been supported by total deposits that averaged $756 million in the first nine months of 2009, an increase of $58 million or 8.3% over the same 2008 period. The Company believes that uncertainties in the financial markets and the economy have contributed to growth in both money market and demand deposits as consumers have looked for safety in well capitalized community banks like AmeriServ Financial. Additionally, the Company also benefited from a favorable decline in interest expense caused by the more rapid downward repricing of both deposits and Federal Home Loan Bank borrowings due to the market decline in short-term interest rates.
The Company appropriately strengthened its allowance for loan losses in the third quarter and first nine months of 2009 in response to deterioration in asset quality. Specifically, non-performing assets increased by $9.0 million from $14.7 million or 1.98% of total loans at June 30, 2009 to $23.7 million or 3.28% of total loans at September 30, 2009. The following two credits were responsible for the increased level of non-performing assets: 1) In response to the Shared National Credit Examination, the Company transferred a $10 million commercial loan relationship to a borrower in the restaurant industry to non-accrual status. The Company restructured this loan at its maturity by entering into a forbearance agreement with the borrower to make reduced payments over a six-month period in an effort to give the borrower greater flexibility to restructure its operations to improve its cash flows during this difficult economic period. The Company has never had any payment delinquency with this borrower who is performing in accordance with the terms of the forbearance agreement. A $3.5 million specific reserve has been established against this credit. 2) A $3.1 million loan to a borrower in the heavy construction equipment rental business was transferred to non-accrual status. This borrower was experiencing cash flow difficulties that caused payment delinquency. A $622,000 reserve has been established against this credit.
Overall, the Company recorded a $6.3 million provision for loan losses in the third quarter of 2009 compared to a $775,000 provision in the third quarter of 2008, or an increase of $5.5 million. For the nine month period ended September 30, 2009, the Company recorded an $11.4 million provision for loan losses compared to a $2.3 million provision for the first nine months of 2008, or an increase of $9.1 million. When determining the provision for loan losses, the Company considers a number of factors some of which include periodic credit reviews, non-performing, delinquency and charge-off trends, concentrations of credit, loan volume trends and broader local and national economic trends. In addition to the higher level of non-performing loans, the increased loan loss provision in 2009 was also caused by the Company’s decision to strengthen its allowance for loan losses due to the downgrade of the rating classification of several performing commercial loans and uncertainties in the local and national economies. Actual credit losses realized through charge-off, however, are running fairly comparable with the prior year. For the nine month period ended September 30, 2009, net charge-offs have amounted to $1.1 million or 0.19% of total loans compared to net charge-offs of $875,000 or 0.18% of total loans for the same nine month period in 2008. In summary, the balance in the allowance for loan losses has increased from $8.9 million at December 31, 2008 to $19.3 million at September 30, 2009. The allowance provided 94% coverage of non-performing loans and was 2.66% of total loans at September 30, 2009, compared to 264% of non-performing loans and 1.26% of total loans at December 31, 2008.
The Company’s non-interest income in the third quarter of 2009 decreased by $313,000 from the prior year’s third quarter and for the first nine months of 2009 decreased by $2.4 million when compared to the first nine months of 2008. The largest item responsible for the quarterly decline was a $323,000 decrease in trust and investment advisory fees as a result of reductions in the market value of assets managed due to lower equity and real estate values in 2009. The largest item causing the nine month decline was related to bank owned life insurance. Bank owned life insurance revenue returned to a more typical level in 2009 as the 2008 revenue was impacted by the payment of $1.6 million in death claims. Trust and investment advisory fees also declined by $1.0 million for the nine month period while deposit service charges dropped by $217,000 due to fewer overdraft fees. These negative items were partially offset by increased gains on asset sales. Specifically, gains realized on residential mortgage sales into the secondary market in 2009 increased by $146,000 for the nine month period due to increased mortgage purchase and refinance activity in the Company’s primary market. The Company also took advantage of market opportunities and generated $164,000 of gains on the sale of investment securities in 2009 compared to a $117,000 loss on a portfolio repositioning strategy executed in 2008.
Total non-interest expense in the third quarter of 2009 increased by $782,000 from the prior year’s third quarter and for the first nine months of 2009 increased by $1.8 million or 6.7% when compared to the first nine months of 2008. Higher FDIC deposit insurance expense is a key factor responsible for both the quarterly and year-to-date increase in non-interest expense in 2009. Specifically, the third quarter FDIC expense is up by $281,000 due to a higher basic assessment rate while the nine month expense is up by $962,000 due to the higher basic rate and the industry mandated special five basis point or $435,000 assessment realized in the second quarter of 2009. Total salaries and benefits expense in 2009 increased by $356,000 in the third quarter and $789,000 for the nine month period due to greater salary costs as a result of normal merit increases and higher sales related incentive compensation along with greater pension expense. Professional fees increased by $128,000 for the third quarter and $242,000 for the nine-month period due to increased legal fees and recruitment costs in 2009. Other expenses in both periods have also been negatively impacted by increased other real estate owned expense. These negative items were partially offset by a reduction in core deposit amortization expense of $217,000 for the third quarter and $541,000 for the nine month period as a branch core deposit intangible was fully amortized in the first quarter of 2009.
ASRV had total assets of $959 million and shareholders’ equity of $111 million or a book value of $4.25 per common share at September 30, 2009. The Company remained well capitalized with an asset leverage ratio of 11.41% and a tangible common equity to tangible assets ratio of 8.16% at September 30, 2009.
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
October 20, 2009
(In thousands, except per share and ratio data)
(All quarterly and 2009 data unaudited)
2009
| 1QTR | 2QTR | 3QTR | YEAR | |
|
|
|
|
| TO DATE |
| PERFORMANCE DATA FOR THE PERIOD: |
|
|
|
|
| Net income (loss) | $533 | $(939) | $(2,810) | $(3,216) |
| Net income (loss) available to common shareholders | 274 | (1,202) | (3,073) | (4,001) |
|
|
|
|
|
|
| PERFORMANCE PERCENTAGES (annualized): |
|
|
|
|
| Return on average assets | 0.22% | (0.39)% | (1.15)% | (0.44)% |
| Return on average equity | 1.90 | (3.29) | (9.83) | (3.77) |
| Net interest margin | 3.72 | 3.66 | 3.57 | 3.65 |
| Net charge-offs as a percentage of average loans | 0.03 | 0.19 | 0.35 | 0.19 |
| Loan loss provision as a percentage of average loans | 1.02 | 2.79 | 3.42 | 2.10 |
| Efficiency ratio | 78.22 | 82.56 | 84.00 | 81.57 |
|
|
|
|
|
|
| PER COMMON SHARE: |
|
|
|
|
| Net income (loss): |
|
|
|
|
| Basic | $0.01 | $(0.06) | $(0.15) | $(0.19) |
| Average number of common shares outstanding | 21,137 | 21,151 | 21,178 | 21,156 |
| Diluted | 0.01 | (0.06) | (0.15) | (0.19) |
| Average number of common shares outstanding | 21,137 | 21,152 | 21,182 | 21,159 |
|
|
|
|
|
|
2008
| 1QTR | 2QTR | 3QTR | YEAR |
|
|
|
| TO DATE |
PERFORMANCE DATA FOR THE PERIOD: |
|
|
|
|
Net income | $1,229 | $1,516 | $1,149 | $3,894 |
Net income available to common shareholders | 1,229 | 1,516 | 1,149 | 3,894 |
|
|
|
|
|
PERFORMANCE PERCENTAGES (annualized): |
|
|
|
|
Return on average assets | 0.55% | 0.71% | 0.52% | 0.59% |
Return on average equity | 5.43 | 6.64 | 4.93 | 5.66 |
Net interest margin | 3.32 | 3.58 | 3.59 | 3.49 |
Net charge-offs as a percentage of average loans | 0.06 | 0.46 | 0.04 | 0.18 |
Loan loss provision as a percentage of average loans | 0.10 | 0.89 | 0.48 | 0.49 |
Efficiency ratio | 82.87 | 73.20 | 79.72 | 78.33 |
|
|
|
|
|
PER COMMON SHARE: |
|
|
|
|
Net income: |
|
|
|
|
Basic | $0.06 | $0.07 | $0.05 | $0.18 |
Average number of common shares outstanding | 22,060 | 21,847 | 21,855 | 21,921 |
Diluted | 0.06 | 0.07 | 0.05 | 0.18 |
Average number of common shares outstanding | 22,062 | 21,848 | 21,856 | 21,922 |
|
|
|
|
|
AMERISERV FINANCIAL, INC.
(In thousands, except per share, statistical, and ratio data)
(All quarterly and 2009 data unaudited)
2009
| 1QTR | 2QTR | 3QTR |
|
PERFORMANCE DATA AT PERIOD END |
|
|
|
|
Assets | $975,062 | $978,899 | $959,344 |
|
Short-term investment in money market funds | 10,817 | 7,516 | 6,565 |
|
Investment securities | 138,853 | 136,119 | 138,715 |
|
Loans | 726,961 | 739,649 | 722,540 |
|
Allowance for loan losses | 10,661 | 13,606 | 19,255 |
|
Goodwill and core deposit intangibles | 13,498 | 13,498 | 12,950 |
|
Deposits | 746,813 | 783,807 | 779,185 |
|
FHLB borrowings | 90,346 | 57,702 | 44,451 |
|
Shareholders’ equity | 114,254 | 112,880 | 110,706 |
|
Non-performing assets | 5,099 | 14,670 | 23,689 |
|
Asset leverage ratio | 11.82% | 11.61% | 11.41% |
|
Tangible common equity ratio | 8.35 | 8.17 | 8.16 |
|
PER COMMON SHARE: |
|
|
|
|
Book value (A) | $4.44 | $4.37 | $4.25 |
|
Market value | 1.67 | 1.85 | 1.80 |
|
Trust assets – fair market value (B) | $1,432,375 | $1,376,272 | $1,340,119 |
|
|
|
|
|
|
STATISTICAL DATA AT PERIOD END: |
|
|
|
|
Full-time equivalent employees | 355 | 352 | 350 |
|
Branch locations | 18 | 18 | 18 |
|
Common shares outstanding | 21,144,700 | 21,156,801 | 21,215,115 |
|
2008
| 1QTR | 2QTR | 3QTR | 4QTR |
PERFORMANCE DATA AT PERIOD END |
|
|
|
|
Assets | $902,349 | $877,230 | $911,306 | $966,929 |
Short-term investment in money market funds | 5,682 | 6,952 | 7,147 | 15,578 |
Investment securities | 146,285 | 141,867 | 141,630 | 142,675 |
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 |
Shareholders’ 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% |
Tangible common equity ratio | 8.70 | 9.06 | 8.90 | 8.31 |
PER COMMON SHARE: |
|
|
|
|
Book value (A) | $4.19 | $4.22 | $4.29 | $4.39 |
Market value | 2.79 | 2.98 | 2.51 | 1.99 |
Trust assets – fair market value (B) | $1,838,029 | $1,813,231 | $1,678,398 | $1,554,351 |
|
|
|
|
|
STATISTICAL DATA AT PERIOD END: |
|
|
|
|
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 |
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 2009 data unaudited)
2009
|
|
|
| YEAR |
INTEREST INCOME | 1QTR | 2QTR | 3QTR | TO DATE |
Interest and fees on loans | $10,349 | $10,544 | $10,247 | $31,140 |
Total investment portfolio | 1,586 | 1,511 | 1,451 | 4,548 |
Total Interest Income | 11,935 | 12,055 | 11,698 | 35,688 |
|
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|
|
|
INTEREST EXPENSE |
|
|
|
|
Deposits | 3,255 | 3,405 | 3,316 | 9,976 |
All borrowings | 539 | 479 | 457 | 1,475 |
Total Interest Expense | 3,794 | 3,884 | 3,773 | 11,451 |
|
|
|
|
|
NET INTEREST INCOME | 8,141 | 8,171 | 7,925 | 24,237 |
Provision for loan losses | 1,800 | 3,300 | 6,300 | 11,400 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,341 | 4,871 | 1,625 | 12,837 |
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
Trust fees | 1,559 | 1,438 | 1,377 | 4,374 |
Net realized gains on investment securities | 101 | 63 | - | 164 |
Net realized gains on loans held for sale | 118 | 163 | 213 | 494 |
Service charges on deposit accounts | 673 | 710 | 712 | 2,095 |
Investment advisory fees | 137 | 152 | 176 | 465 |
Bank owned life insurance | 250 | 254 | 258 | 762 |
Other income | 723 | 711 | 718 | 2,152 |
Total Non-interest Income | 3,561 | 3,491 | 3,454 | 10,506 |
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
Salaries and employee benefits | 5,092 | 4,983 | 5,114 | 15,189 |
Net occupancy expense | 722 | 641 | 602 | 1,965 |
Equipment expense | 415 | 442 | 398 | 1,255 |
Professional fees | 920 | 873 | 1,050 | 2,843 |
FDIC deposit insurance expense | 32 | 691 | 311 | 1,034 |
Amortization of core deposit intangibles | 108 | - | - | 108 |
Other expenses | 1,873 | 2,006 | 2,091 | 5,970 |
Total Non-interest Expense | 9,162 | 9,636 | 9,566 | 28,364 |
|
|
|
|
|
PRETAX INCOME (LOSS) | 740 | (1,274) | (4,487) | (5,021) |
Income tax expense (benefit) | 207 | (335) | (1,677) | (1,805) |
NET INCOME (LOSS) | 533 | (939) | (2,810) | (3,216) |
Preferred stock dividends | 259 | 263 | 263 | 785 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $274 | $(1,202) | $(3,073) | $(4,001) |
2008
|
|
|
| YEAR |
INTEREST INCOME | 1QTR | 2QTR | 3QTR | TO DATE |
Interest and fees on loans | $10,462 | $9,862 | $10,015 | $30,339 |
Total investment portfolio | 1,820 | 1,588 | 1,717 | 5,125 |
Total Interest Income | 12,282 | 11,450 | 11,732 | 35,464 |
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
Deposits | 4,499 | 3,861 | 3,774 | 12,134 |
All borrowings | 1,048 | 623 | 727 | 2,398 |
Total Interest Expense | 5,547 | 4,484 | 4,501 | 14,532 |
|
|
|
|
|
NET INTEREST INCOME | 6,735 | 6,966 | 7,231 | 20,932 |
Provision for loan losses | 150 | 1,375 | 775 | 2,300 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,585 | 5,591 | 6,456 | 18,632 |
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
Trust fees | 1,790 | 1,737 | 1,691 | 5,218 |
Net realized gains (losses) on investment securities | - | (137) | 20 | (117) |
Net realized gains on loans held for sale | 89 | 121 | 138 | 348 |
Service charges on deposit accounts | 734 | 807 | 771 | 2,312 |
Investment advisory fees | 226 | 218 | 185 | 629 |
Bank owned life insurance | 249 | 1,923 | 260 | 2,432 |
Other income | 750 | 674 | 702 | 2,126 |
Total Non-interest Income | 3,838 | 5,343 | 3,767 | 12,948 |
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
Salaries and employee benefits | 4,830 | 4,812 | 4,758 | 14,400 |
Net occupancy expense | 661 | 653 | 586 | 1,900 |
Equipment expense | 431 | 414 | 402 | 1,247 |
Professional fees | 769 | 910 | 922 | 2,601 |
FHLB prepayment penalty | - | 91 | - | 91 |
FDIC deposit insurance expense | 22 | 20 | 30 | 72 |
Amortization of core deposit intangibles | 216 | 216 | 217 | 649 |
Other expenses | 1,850 | 1,909 | 1,869 | 5,628 |
Total Non-interest Expense | 8,779 | 9,025 | 8,784 | 26,588 |
|
|
|
|
|
PRETAX INCOME | 1,644 | 1,909 | 1,439 | 4,992 |
Income tax expense | 415 | 393 | 290 | 1,098 |
NET INCOME | $1,229 | $1,516 | $1,149 | $3,894 |
Preferred stock dividends | - | - | - | - |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $1,229 | $1,516 | $1,149 | $3,894 |
AMERISERV FINANCIAL, INC.
Nasdaq: ASRV
Average Balance Sheet Data (In thousands)
(All quarterly and 2009 data unaudited)
2009
2008
|
| NINE |
| NINE |
| 3QTR | MONTHS | 3QTR | MONTHS |
Interest earning assets: |
|
|
|
|
Loans and loans held for sale, net of unearned income | $730,152 | $725,657 | $637,841 | $631,948 |
Deposits with banks | 1,746 | 1,762 | 399 | 403 |
Short-term investment in money market funds | 7,388 | 9,804 | 7,983 | 6,922 |
Federal funds | 413 | 156 | 32 | 152 |
Total investment securities | 145,109 | 146,146 | 152,476 | 154,342 |
|
|
|
|
|
Total interest earning assets | 884,808 | 883,525 | 798,731 | 793,767 |
|
|
|
|
|
Non-interest earning assets: |
|
|
|
|
Cash and due from banks | 14,135 | 14,543 | 16,574 | 17,188 |
Premises and equipment | 9,052 | 9,207 | 9,593 | 9,193 |
Other assets | 73,296 | 72,124 | 68,613 | 69,382 |
Allowance for loan losses | (13,658) | (11,301) | (8,088) | (7,582) |
|
|
|
|
|
Total assets | $967,633 | $968,098 | $885,423 | $881,948 |
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
Interest bearing deposits: |
|
|
|
|
Interest bearing demand | $62,479 | $62,050 | $65,704 | $65,169 |
Savings | 72,864 | 72,537 | 71,520 | 70,388 |
Money market | 182,735 | 165,065 | 108,181 | 92,907 |
Other time | 352,584 | 342,076 | 341,455 | 359,255 |
Total interest bearing deposits | 670,662 | 641,728 | 586,860 | 587,719 |
Borrowings: |
|
|
|
|
Federal funds purchased, securities sold under agreements to repurchase, and other short-term borrowings | 29,851 | 59,037 | 60,635 | 57,818 |
Advanced from Federal Home Loan Bank | 13,828 | 13,840 | 10,258 | 11,266 |
Guaranteed junior subordinated deferrable interest debentures | 13,085 | 13,085 | 13,085 | 13,085 |
Total interest bearing liabilities | 727,426 | 727,690 | 670,838 | 669,888 |
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
Demand deposits | 114,548 | 114,365 | 111,136 | 110,366 |
Other liabilities | 12,234 | 12,137 | 10,763 | 9,836 |
Shareholders’ equity | 113,425 | 113,906 | 92,686 | 91,858 |
Total liabilities and shareholders’ equity | $967,633 | $968,098 | $885,423 | $881,948 |