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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AmeriServ Financial Inc | NASDAQ:ASRV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.09 | 3.83% | 2.44 | 2.37 | 2.45 | 2.44 | 2.44 | 2.44 | 2,516 | 14:31:34 |
|
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)
|
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☒
|
|
| Emerging growth company ☐ | | | | |
|
Title Of Each Class
|
| |
Trading Symbol
|
| |
Name of Each Exchange On Which Registered
|
|
|
Common Stock
|
| |
ASRV
|
| |
The NASDAQ Stock Market LLC
|
|
|
8.45% Beneficial Unsecured Securities, Series A (AmeriServ Financial Capital Trust I)
|
| |
ASRVP
|
| |
The NASDAQ Stock Market LLC
|
|
|
Class
|
| |
Outstanding at May 1, 2019
|
|
|
Common Stock, par value $0.01
|
| |
17,542,676
|
|
| | | | | |
| | |
Page No.
|
| |||
PART I. FINANCIAL INFORMATION: | | | | | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 8 | | | |
| | | | 32 | | | |
| | | | 44 | | | |
| | | | 44 | | | |
PART II. OTHER INFORMATION | | | | | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 46 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from depository institutions
|
| | | $ | 21,675 | | | | | $ | 27,970 | | |
Interest bearing deposits
|
| | | | 3,940 | | | | | | 2,740 | | |
Short-term investments in money market funds
|
| | | | 4,056 | | | | | | 4,184 | | |
Total cash and cash equivalents
|
| | | | 29,671 | | | | | | 34,894 | | |
Investment securities: | | | | | | | | | | | | | |
Available for sale, at fair value
|
| | | | 154,025 | | | | | | 146,731 | | |
Held to maturity (fair value $40,730 on March 31, 2019 and $40,324 on December 31, 2018)
|
| | | | 40,528 | | | | | | 40,760 | | |
Loans held for sale
|
| | | | 619 | | | | | | 847 | | |
Loans
|
| | | | 862,882 | | | | | | 862,604 | | |
Less: Unearned income
|
| | | | 367 | | | | | | 322 | | |
Allowance for loan losses
|
| | | | 8,107 | | | | | | 8,671 | | |
Net loans
|
| | | | 854,408 | | | | | | 853,611 | | |
Premises and equipment: | | | | | | | | | | | | | |
Operating lease right-of-use asset
|
| | | | 911 | | | | | | — | | |
Financing lease right-of-use asset
|
| | | | 3,272 | | | | | | — | | |
Other premises and equipment, net
|
| | | | 14,378 | | | | | | 13,348 | | |
Accrued interest income receivable
|
| | | | 3,932 | | | | | | 3,489 | | |
Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Bank owned life insurance
|
| | | | 38,523 | | | | | | 38,395 | | |
Net deferred tax asset
|
| | | | 4,323 | | | | | | 3,637 | | |
Federal Home Loan Bank stock
|
| | | | 4,035 | | | | | | 4,520 | | |
Federal Reserve Bank stock
|
| | | | 2,125 | | | | | | 2,125 | | |
Other assets
|
| | | | 4,988 | | | | | | 6,379 | | |
TOTAL ASSETS
|
| | | $ | 1,167,682 | | | | | $ | 1,160,680 | | |
LIABILITIES | | | | | | | | | | | | | |
Non-interest bearing deposits
|
| | | $ | 152,695 | | | | | $ | 150,627 | | |
Interest bearing deposits
|
| | | | 805,084 | | | | | | 798,544 | | |
Total deposits
|
| | | | 957,779 | | | | | | 949,171 | | |
Short-term borrowings
|
| | | | 30,912 | | | | | | 41,029 | | |
Advances from Federal Home Loan Bank
|
| | | | 48,571 | | | | | | 46,721 | | |
Operating lease liabilities
|
| | | | 928 | | | | | | — | | |
Financing lease liabilities
|
| | | | 3,295 | | | | | | — | | |
Guaranteed junior subordinated deferrable interest debentures, net
|
| | | | 12,943 | | | | | | 12,939 | | |
Subordinated debt, net
|
| | | | 7,493 | | | | | | 7,488 | | |
Total borrowed funds
|
| | | | 104,142 | | | | | | 108,177 | | |
Other liabilities
|
| | | | 6,700 | | | | | | 5,355 | | |
TOTAL LIABILITIES
|
| | | | 1,068,621 | | | | | | 1,062,703 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,643,495 shares
issued and 17,540,676 shares outstanding on March 31, 2019; 26,609,811 shares issued and 17,619,303 shares outstanding on December 31, 2018 |
| | | | 266 | | | | | | 266 | | |
Treasury stock at cost, 9,102,819 shares on March 31, 2019 and 8,990,508 shares on December 31, 2018
|
| | | | (81,055 ) | | | | | | (80,579 ) | | |
Capital surplus
|
| | | | 145,870 | | | | | | 145,782 | | |
Retained earnings
|
| | | | 48,262 | | | | | | 46,733 | | |
Accumulated other comprehensive loss, net
|
| | | | (14,282 ) | | | | | | (14,225 ) | | |
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 99,061 | | | | | | 97,977 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 1,167,682 | | | | | $ | 1,160,680 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
INTEREST INCOME | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 10,418 | | | | | $ | 9,818 | | |
Interest bearing deposits
|
| | | | 6 | | | | | | 4 | | |
Short-term investments in money market funds
|
| | | | 69 | | | | | | 43 | | |
Investment securities:
|
| | | | | | | | | | | | |
Available for sale
|
| | | | 1,319 | | | | | | 1,029 | | |
Held to maturity
|
| | | | 352 | | | | | | 323 | | |
Total Interest Income
|
| | | | 12,164 | | | | | | 11,217 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Deposits
|
| | | | 2,730 | | | | | | 1,781 | | |
Short-term borrowings
|
| | | | 102 | | | | | | 92 | | |
Advances from Federal Home Loan Bank
|
| | | | 235 | | | | | | 186 | | |
Financing lease liabilities
|
| | | | 30 | | | | | | — | | |
Guaranteed junior subordinated deferrable interest debentures
|
| | | | 280 | | | | | | 280 | | |
Subordinated debt
|
| | | | 130 | | | | | | 130 | | |
Total Interest Expense
|
| | | | 3,507 | | | | | | 2,469 | | |
NET INTEREST INCOME
|
| | | | 8,657 | | | | | | 8,748 | | |
Provision (credit) for loan losses
|
| | | | (400 ) | | | | | | 50 | | |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES
|
| | | | 9,057 | | | | | | 8,698 | | |
NON-INTEREST INCOME | | | | | | | | | | | | | |
Wealth management fees
|
| | | | 2,396 | | | | | | 2,426 | | |
Service charges on deposit accounts
|
| | | | 310 | | | | | | 383 | | |
Net gains on sale of loans
|
| | | | 62 | | | | | | 98 | | |
Mortgage related fees
|
| | | | 44 | | | | | | 39 | | |
Net realized losses on investment securities
|
| | | | — | | | | | | (148 ) | | |
Bank owned life insurance
|
| | | | 128 | | | | | | 132 | | |
Other income
|
| | | | 665 | | | | | | 705 | | |
Total Non-Interest Income
|
| | | | 3,605 | | | | | | 3,635 | | |
NON-INTEREST EXPENSE | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 6,301 | | | | | | 6,093 | | |
Net occupancy expense
|
| | | | 658 | | | | | | 670 | | |
Equipment expense
|
| | | | 361 | | | | | | 391 | | |
Professional fees
|
| | | | 1,120 | | | | | | 1,184 | | |
Supplies, postage and freight
|
| | | | 173 | | | | | | 168 | | |
Miscellaneous taxes and insurance
|
| | | | 277 | | | | | | 290 | | |
Federal deposit insurance expense
|
| | | | 80 | | | | | | 162 | | |
Other expense
|
| | | | 1,323 | | | | | | 1,162 | | |
Total Non-Interest Expense
|
| | | | 10,293 | | | | | | 10,120 | | |
PRETAX INCOME
|
| | | | 2,369 | | | | | | 2,213 | | |
Provision for income tax expense
|
| | | | 491 | | | | | | 446 | | |
NET INCOME
|
| | | | 1,878 | | | | | | 1,767 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
PER COMMON SHARE DATA: | | | | | | | | | | | | | |
Basic:
|
| | | | | | | | | | | | |
Net income
|
| | | $ | 0.11 | | | | | $ | 0.10 | | |
Average number of shares outstanding
|
| | | | 17,578 | | | | | | 18,079 | | |
Diluted:
|
| | | | | | | | | | | | |
Net income
|
| | | $ | 0.11 | | | | | $ | 0.10 | | |
Average number of shares outstanding
|
| | | | 17,664 | | | | | | 18,181 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
COMPREHENSIVE INCOME | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | |
Pension obligation change for defined benefit plan
|
| | | | (1,835 ) | | | | | | 1,044 | | |
Income tax effect
|
| | | | 385 | | | | | | (219 ) | | |
Unrealized holding gains (losses) on available for sale securities arising during
period |
| | | | 1,763 | | | | | | (1,666 ) | | |
Income tax effect
|
| | | | (370 ) | | | | | | 350 | | |
Reclassification adjustment for (gains) losses on available for sale securities included
in net income |
| | | | — | | | | | | 148 | | |
Income tax effect
|
| | | | — | | | | | | (31 ) | | |
Other comprehensive loss
|
| | | | (57 ) | | | | | | (374 ) | | |
Comprehensive income
|
| | | $ | 1,821 | | | | | $ | 1,393 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
COMMON STOCK | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 266 | | | | | | 266 | | |
New common shares issued for exercise of stock options
|
| | | | — | | | | | | — | | |
Balance at end of period
|
| | | | 266 | | | | | | 266 | | |
TREASURY STOCK | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | (80,579 ) | | | | | | (78,233 ) | | |
Treasury stock, purchased at cost (112,311 and 105,663 shares in 2019 and 2018, respectively)
|
| | | | (476 ) | | | | | | (445 ) | | |
Balance at end of period
|
| | | | (81,055 ) | | | | | | (78,678 ) | | |
CAPITAL SURPLUS | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 145,782 | | | | | | 145,707 | | |
New common shares issued for exercise of stock options (33,684 and 10,817 shares in 2019 and 2018, respectively)
|
| | | | 85 | | | | | | 28 | | |
Stock option expense
|
| | | | 3 | | | | | | 4 | | |
Balance at end of period
|
| | | | 145,870 | | | | | | 145,739 | | |
RETAINED EARNINGS | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 46,733 | | | | | | 40,312 | | |
Net income
|
| | | | 1,878 | | | | | | 1,767 | | |
Cash dividend declared on common stock
|
| | | | (349 ) | | | | | | (272 ) | | |
Balance at end of period
|
| | | | 48,262 | | | | | | 41,807 | | |
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | (14,225 ) | | | | | | (12,950 ) | | |
Other comprehensive loss
|
| | | | (57 ) | | | | | | (374 ) | | |
Balance at end of period
|
| | | | (14,282 ) | | | | | | (13,324 ) | | |
TOTAL STOCKHOLDERS’ EQUITY
|
| | | $ | 99,061 | | | | | $ | 95,810 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision (credit) for loan losses
|
| | | | (400 ) | | | | | | 50 | | |
Depreciation and amortization expense
|
| | | | 450 | | | | | | 405 | | |
Net amortization of investment securities
|
| | | | 66 | | | | | | 103 | | |
Net realized losses on investment securities – available for sale
|
| | | | — | | | | | | 148 | | |
Net gains on loans held for sale
|
| | | | (62 ) | | | | | | (98 ) | | |
Amortization of deferred loan fees
|
| | | | (30 ) | | | | | | (35 ) | | |
Origination of mortgage loans held for sale
|
| | | | (3,866 ) | | | | | | (4,061 ) | | |
Sales of mortgage loans held for sale
|
| | | | 4,156 | | | | | | 6,441 | | |
(Increase) decrease in accrued interest receivable
|
| | | | (443 ) | | | | | | 48 | | |
Decrease in accrued interest payable
|
| | | | (17 ) | | | | | | (121 ) | | |
Earnings on bank owned life insurance
|
| | | | (128 ) | | | | | | (132 ) | | |
Deferred income taxes
|
| | | | 532 | | | | | | 447 | | |
Stock compensation expense
|
| | | | 3 | | | | | | 4 | | |
Net change in operating leases
|
| | | | (4 ) | | | | | | — | | |
Other, net
|
| | | | (434 ) | | | | | | (1,401 ) | | |
Net cash provided by operating activities
|
| | | | 1,701 | | | | | | 3,565 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of investment securities – available for sale
|
| | | | (9,063 ) | | | | | | (13,168 ) | | |
Purchase of investment securities – held to maturity
|
| | | | — | | | | | | (855 ) | | |
Proceeds from sales of investment securities – available for sale
|
| | | | — | | | | | | 4,479 | | |
Proceeds from maturities of investment securities – available for sale
|
| | | | 3,484 | | | | | | 3,695 | | |
Proceeds from maturities of investment securities – held to maturity
|
| | | | 214 | | | | | | 917 | | |
Purchase of regulatory stock
|
| | | | (4,104 ) | | | | | | (3,924 ) | | |
Proceeds from redemption of regulatory stock
|
| | | | 4,589 | | | | | | 4,334 | | |
Long-term loans originated
|
| | | | (40,640 ) | | | | | | (28,694 ) | | |
Principal collected on long-term loans
|
| | | | 48,654 | | | | | | 44,999 | | |
Loan participations purchased
|
| | | | (8,399 ) | | | | | | (2,000 ) | | |
Proceeds from sale of other real estate owned
|
| | | | 176 | | | | | | 12 | | |
Purchase of premises and equipment
|
| | | | (1,395 ) | | | | | | (77 ) | | |
Net cash (used in) provided by investing activities
|
| | | | (6,484 ) | | | | | | 9,718 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase (decrease) in deposit balances
|
| | | | 8,608 | | | | | | (3,739 ) | | |
Net decrease in other short-term borrowings
|
| | | | (10,117 ) | | | | | | (12,189 ) | | |
Principal borrowings on advances from Federal Home Loan Bank
|
| | | | 2,850 | | | | | | 1,740 | | |
Principal repayments on advances from Federal Home Loan Bank
|
| | | | (1,000 ) | | | | | | (2,000 ) | | |
Principal payments on financing lease liabilities
|
| | | | (41 ) | | | | | | — | | |
Stock options exercised
|
| | | | 85 | | | | | | 28 | | |
Purchase of treasury stock
|
| | | | (476 ) | | | | | | (445 ) | | |
Common stock dividends
|
| | | | (349 ) | | | | | | (272 ) | | |
Net cash used in financing activities
|
| | | | (440 ) | | | | | | (16,877 ) | | |
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
| | | | (5,223 ) | | | | | | (3,594 ) | | |
CASH AND CASH EQUIVALENTS AT JANUARY 1
|
| | | | 34,894 | | | | | | 34,188 | | |
CASH AND CASH EQUIVALENTS AT MARCH 31
|
| | | $ | 29,671 | | | | | $ | 30,594 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Noninterest income: | | | | | | | | | | | | | |
In-scope of Topic 606 | | | | | | | | | | | | | |
Wealth management fees
|
| | | $ | 2,396 | | | | | $ | 2,426 | | |
Service charges on deposit accounts
|
| | | | 310 | | | | | | 383 | | |
Other
|
| | | | 420 | | | | | | 417 | | |
Noninterest income (in-scope of topic 606)
|
| | | | 3,126 | | | | | | 3,226 | | |
Noninterest income (out-of-scope of topic 606)
|
| | | | 479 | | | | | | 409 | | |
Total noninterest income
|
| | | $ | 3,605 | | | | | $ | 3,635 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
(In thousands, except per
share data) |
| |||||||||
Numerator: | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding (basic)
|
| | | | 17,578 | | | | | | 18,079 | | |
Effect of stock options
|
| | | | 86 | | | | | | 102 | | |
Weighted average common shares outstanding (diluted)
|
| | | | 17,664 | | | | | | 18,181 | | |
Earnings per common share: | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.11 | | | | | $ | 0.10 | | |
Diluted
|
| | | | 0.11 | | | | | | 0.10 | | |
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency
|
| | | $ | 7,606 | | | | | $ | 3 | | | | | $ | (65 ) | | | | | $ | 7,544 | | |
US Agency mortgage-backed securities
|
| | | | 94,806 | | | | | | 983 | | | | | | (537 ) | | | | | | 95,252 | | |
Municipal
|
| | | | 13,298 | | | | | | 228 | | | | | | (110 ) | | | | | | 13,416 | | |
Corporate bonds
|
| | | | 38,334 | | | | | | 127 | | | | | | (648 ) | | | | | | 37,813 | | |
Total
|
| | | $ | 154,044 | | | | | $ | 1,341 | | | | | $ | (1,360 ) | | | | | $ | 154,025 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency mortgage-backed securities
|
| | | $ | 9,764 | | | | | $ | 137 | | | | | $ | (53 ) | | | | | $ | 9,848 | | |
Municipal
|
| | | | 24,729 | | | | | | 341 | | | | | | (151 ) | | | | | | 24,919 | | |
Corporate bonds and other securities
|
| | | | 6,035 | | | | | | 6 | | | | | | (78 ) | | | | | | 5,963 | | |
Total
|
| | | $ | 40,528 | | | | | $ | 484 | | | | | $ | (282 ) | | | | | $ | 40,730 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency
|
| | | $ | 7,685 | | | | | $ | 4 | | | | | $ | (160 ) | | | | | $ | 7,529 | | |
US Agency mortgage-backed securities
|
| | | | 90,169 | | | | | | 516 | | | | | | (1,158 ) | | | | | | 89,527 | | |
Municipal
|
| | | | 13,301 | | | | | | 114 | | | | | | (234 ) | | | | | | 13,181 | | |
Corporate bonds
|
| | | | 37,359 | | | | | | 131 | | | | | | (996 ) | | | | | | 36,494 | | |
Total
|
| | | $ | 148,514 | | | | | $ | 765 | | | | | $ | (2,548 ) | | | | | $ | 146,731 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency mortgage-backed securities
|
| | | $ | 9,983 | | | | | $ | 78 | | | | | $ | (132 ) | | | | | $ | 9,929 | | |
Municipal
|
| | | | 24,740 | | | | | | 131 | | | | | | (404 ) | | | | | | 24,467 | | |
Corporate bonds and other securities
|
| | | | 6,037 | | | | | | 13 | | | | | | (122 ) | | | | | | 5,928 | | |
Total
|
| | | $ | 40,760 | | | | | $ | 222 | | | | | $ | (658 ) | | | | | $ | 40,324 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
US Agency
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,891 | | | | | $ | (65 ) | | | | | $ | 5,891 | | | | | $ | (65 ) | | |
US Agency mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | 40,841 | | | | | | (590 ) | | | | | | 40,841 | | | | | | (590 ) | | |
Municipal
|
| | | | — | | | | | | — | | | | | | 13,384 | | | | | | (261 ) | | | | | | 13,384 | | | | | | (261 ) | | |
Corporate bonds and other securities
|
| | | | 12,344 | | | | | | (213 ) | | | | | | 19,229 | | | | | | (513 ) | | | | | | 31,573 | | | | | | (726 ) | | |
Total
|
| | | $ | 12,344 | | | | | $ | (213 ) | | | | | $ | 79,345 | | | | | $ | (1,429 ) | | | | | $ | 91,689 | | | | | $ | (1,642 ) | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
US Agency
|
| | | $ | 244 | | | | | $ | (6 ) | | | | | $ | 5,631 | | | | | $ | (154 ) | | | | | $ | 5,875 | | | | | $ | (160 ) | | |
US Agency mortgage-backed securities
|
| | | | 17,718 | | | | | | (177 ) | | | | | | 39,983 | | | | | | (1,113 ) | | | | | | 57,701 | | | | | | (1,290 ) | | |
Municipal
|
| | | | 6,601 | | | | | | (71 ) | | | | | | 15,880 | | | | | | (567 ) | | | | | | 22,481 | | | | | | (638 ) | | |
Corporate bonds and other securities
|
| | | | 15,221 | | | | | | (440 ) | | | | | | 17,038 | | | | | | (678 ) | | | | | | 32,259 | | | | | | (1,118 ) | | |
Total
|
| | | $ | 39,784 | | | | | $ | (694 ) | | | | | $ | 78,532 | | | | | $ | (2,512 ) | | | | | $ | 118,316 | | | | | $ | (3,206 ) | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Available for sale
|
| |
Held to maturity
|
| ||||||||||||||||||
| | |
Cost Basis
|
| |
Fair Value
|
| |
Cost Basis
|
| |
Fair Value
|
| ||||||||||||
Within 1 year
|
| | | $ | 1,006 | | | | | $ | 1,005 | | | | | $ | 1,000 | | | | | $ | 953 | | |
After 1 year but within 5 years
|
| | | | 22,552 | | | | | | 22,456 | | | | | | 5,192 | | | | | | 5,168 | | |
After 5 years but within 10 years
|
| | | | 44,406 | | | | | | 44,189 | | | | | | 19,023 | | | | | | 19,149 | | |
After 10 years but within 15 years
|
| | | | 29,382 | | | | | | 29,521 | | | | | | 9,816 | | | | | | 9,971 | | |
Over 15 years
|
| | | | 56,698 | | | | | | 56,854 | | | | | | 5,497 | | | | | | 5,489 | | |
Total
|
| | | $ | 154,044 | | | | | $ | 154,025 | | | | | $ | 40,528 | | | | | $ | 40,730 | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Commercial: | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 157,555 | | | | | $ | 158,279 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 86,934 | | | | | | 91,905 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 365,281 | | | | | | 356,543 | | |
Real estate – residential mortgage
|
| | | | 235,109 | | | | | | 237,964 | | |
Consumer
|
| | | | 17,636 | | | | | | 17,591 | | |
Loans, net of unearned income
|
| | | $ | 862,515 | | | | | $ | 862,282 | | |
|
| | |
Three months ended March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Balance at
December 31, 2018 |
| |
Charge-
Offs |
| |
Recoveries
|
| |
Provision
(Credit) |
| |
Balance at
March 31, 2019 |
| |||||||||||||||
Commercial
|
| | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (448 ) | | | | | $ | 2,614 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 3,389 | | | | | | (63 ) | | | | | | 11 | | | | | | 36 | | | | | | 3,373 | | |
Real estate-residential mortgage
|
| | | | 1,235 | | | | | | (61 ) | | | | | | 8 | | | | | | 31 | | | | | | 1,213 | | |
Consumer
|
| | | | 127 | | | | | | (82 ) | | | | | | 18 | | | | | | 62 | | | | | | 125 | | |
Allocation for general risk
|
| | | | 863 | | | | | | — | | | | | | — | | | | | | (81 ) | | | | | | 782 | | |
Total
|
| | | $ | 8,671 | | | | | $ | (206 ) | | | | | $ | 42 | | | | | $ | (400 ) | | | | | $ | 8,107 | | |
|
| | |
Three months ended March 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Balance at
December 31, 2017 |
| |
Charge-
Offs |
| |
Recoveries
|
| |
Provision
(Credit) |
| |
Balance at
March 31, 2018 |
| |||||||||||||||
Commercial
|
| | | $ | 4,298 | | | | | $ | (162 ) | | | | | $ | 8 | | | | | $ | (160 ) | | | | | $ | 3,984 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 3,666 | | | | | | — | | | | | | 13 | | | | | | (129 ) | | | | | | 3,550 | | |
Real estate-residential mortgage
|
| | | | 1,102 | | | | | | (114 ) | | | | | | 10 | | | | | | 269 | | | | | | 1,267 | | |
Consumer
|
| | | | 128 | | | | | | (99 ) | | | | | | 12 | | | | | | 101 | | | | | | 142 | | |
Allocation for general risk
|
| | | | 1,020 | | | | | | — | | | | | | — | | | | | | (31 ) | | | | | | 989 | | |
Total
|
| | | $ | 10,214 | | | | | $ | (375 ) | | | | | $ | 43 | | | | | $ | 50 | | | | | $ | 9,932 | | |
|
| | |
At March 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Commercial
|
| |
Commercial Loans
Secured by Non-Owner Occupied Real Estate |
| |
Real Estate-
Residential Mortgage |
| |
Consumer
|
| |
Allocation for
General Risk |
| |
Total
|
| ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment
|
| | | | 244,489 | | | | | | 365,270 | | | | | | 235,109 | | | | | | 17,636 | | | | | | | | | | | | 862,504 | | |
Total loans
|
| | | $ | 244,489 | | | | | $ | 365,281 | | | | | $ | 235,109 | | | | | $ | 17,636 | | | | | | | | | | | $ | 862,515 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation
|
| | | | 2,614 | | | | | | 3,362 | | | | | | 1,213 | | | | | | 125 | | | | | | 782 | | | | | | 8,096 | | |
Total allowance for loan losses
|
| | | $ | 2,614 | | | | | $ | 3,373 | | | | | $ | 1,213 | | | | | $ | 125 | | | | | $ | 782 | | | | | $ | 8,107 | | |
|
| | |
At December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
Commercial
|
| |
Commercial Loans
Secured by Non-Owner Occupied Real Estate |
| |
Real Estate-
Residential Mortgage |
| |
Consumer
|
| |
Allocation for
General Risk |
| |
Total
|
| ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment
|
| | | | 250,184 | | | | | | 356,532 | | | | | | 237,964 | | | | | | 17,591 | | | | | | | | | | | | 862,271 | | |
Total loans
|
| | | $ | 250,184 | | | | | $ | 356,543 | | | | | $ | 237,964 | | | | | $ | 17,591 | | | | | | | | | | | $ | 862,282 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation
|
| | | | 3,057 | | | | | | 3,378 | | | | | | 1,235 | | | | | | 127 | | | | | | 863 | | | | | | 8,660 | | |
Total allowance for loan losses
|
| | | $ | 3,057 | | | | | $ | 3,389 | | | | | $ | 1,235 | | | | | $ | 127 | | | | | $ | 863 | | | | | $ | 8,671 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Impaired Loans with
Specific Allowance |
| |
Impaired Loans with no
Specific Allowance |
| |
Total Impaired Loans
|
| |||||||||||||||||||||
| | |
Recorded
Investment |
| |
Related
Allowance |
| |
Recorded
Investment |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |||||||||||||||
Commercial loans secured by non-owner occupied real estate
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Impaired Loans with
Specific Allowance |
| |
Impaired Loans with no
Specific Allowance |
| |
Total Impaired Loans
|
| |||||||||||||||||||||
| | |
Recorded
Investment |
| |
Related
Allowance |
| |
Recorded
Investment |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |||||||||||||||
Commercial loans secured by non-owner occupied real estate
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Average loan balance: | | | | | | | | | | | | | |
Commercial
|
| | | $ | — | | | | | $ | 1,063 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 11 | | | | | | 280 | | |
Average investment in impaired loans
|
| | | $ | 11 | | | | | $ | 1,343 | | |
Interest income recognized: | | | | | | | | | | | | | |
Commercial
|
| | | $ | — | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | — | | | | | | — | | |
Interest income recognized on a cash basis on impaired loans
|
| | | $ | — | | | | | $ | — | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 154,114 | | | | | $ | 1,702 | | | | | $ | 1,739 | | | | | $ | — | | | | | $ | 157,555 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 84,301 | | | | | | 1,496 | | | | | | 1,137 | | | | | | — | | | | | | 86,934 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 358,806 | | | | | | 6,271 | | | | | | 193 | | | | | | 11 | | | | | | 365,281 | | |
Total
|
| | | $ | 597,221 | | | | | $ | 9,469 | | | | | $ | 3,069 | | | | | $ | 11 | | | | | $ | 609,770 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 154,510 | | | | | $ | 2,089 | | | | | $ | 1,680 | | | | | $ | — | | | | | $ | 158,279 | | |
Commercial loans secured by owner occupied real
estate |
| | | | 86,997 | | | | | | 3,769 | | | | | | 1,139 | | | | | | — | | | | | | 91,905 | | |
Commercial loans secured by non-owner occupied
real estate |
| | | | 349,954 | | | | | | 6,316 | | | | | | 262 | | | | | | 11 | | | | | | 356,543 | | |
Total
|
| | | $ | 591,461 | | | | | $ | 12,174 | | | | | $ | 3,081 | | | | | $ | 11 | | | | | $ | 606,727 | | |
|
| | |
March 31, 2019
|
| |||||||||
| | |
Performing
|
| |
Non-Performing
|
| ||||||
Real estate – residential mortgage
|
| | | $ | 233,970 | | | | | $ | 1,139 | | |
Consumer
|
| | | | 17,636 | | | | | | — | | |
Total
|
| | | $ | 251,606 | | | | | $ | 1,139 | | |
|
| | |
December 31, 2018
|
| |||||||||
| | |
Performing
|
| |
Non-Performing
|
| ||||||
Real estate – residential mortgage
|
| | | $ | 236,754 | | | | | $ | 1,210 | | |
Consumer
|
| | | | 17,591 | | | | | | — | | |
Total
|
| | | $ | 254,345 | | | | | $ | 1,210 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
Past Due |
| |
Total
Past Due |
| |
Total
Loans |
| |
90 Days
Past Due and Still Accruing |
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 157,555 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 157,555 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate
|
| | | | 86,934 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,934 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 365,281 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 365,281 | | | | | | — | | |
Real estate – residential mortgage
|
| | | | 231,558 | | | | | | 2,213 | | | | | | 753 | | | | | | 585 | | | | | | 3,551 | | | | | | 235,109 | | | | | | — | | |
Consumer
|
| | | | 17,463 | | | | | | 172 | | | | | | 1 | | | | | | — | | | | | | 173 | | | | | | 17,636 | | | | | | — | | |
Total
|
| | | $ | 858,791 | | | | | $ | 2,385 | | | | | $ | 754 | | | | | $ | 585 | | | | | $ | 3,724 | | | | | $ | 862,515 | | | | | $ | — | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
Past Due |
| |
Total
Past Due |
| |
Total
Loans |
| |
90 Days
Past Due and Still Accruing |
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 158,279 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 158,279 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate
|
| | | | 91,905 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 91,905 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 355,963 | | | | | | 580 | | | | | | — | | | | | | — | | | | | | 580 | | | | | | 356,543 | | | | | | — | | |
Real estate – residential mortgage
|
| | | | 232,465 | | | | | | 3,651 | | | | | | 472 | | | | | | 1,376 | | | | | | 5,499 | | | | | | 237,964 | | | | | | — | | |
Consumer
|
| | | | 17,408 | | | | | | 153 | | | | | | 30 | | | | | | — | | | | | | 183 | | | | | | 17,591 | | | | | | — | | |
Total
|
| | | $ | 856,020 | | | | | $ | 4,384 | | | | | $ | 502 | | | | | $ | 1,376 | | | | | $ | 6,262 | | | | | $ | 862,282 | | | | | $ | — | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Non-accrual loans | | | | | | | | | | | | | |
Commercial loans secured by non-owner occupied real estate
|
| | | $ | 11 | | | | | $ | 11 | | |
Real estate-residential mortgage
|
| | | | 1,139 | | | | | | 1,210 | | |
Total
|
| | | | 1,150 | | | | | | 1,221 | | |
Other real estate owned | | | | | | | | | | | | | |
Commercial loans secured by owner occupied real estate
|
| | | | — | | | | | | 157 | | |
Real estate-residential mortgage
|
| | | | 18 | | | | | | — | | |
Total
|
| | | | 18 | | | | | | 157 | | |
TDR’s not in non-accrual
|
| | | | — | | | | | | — | | |
Total non-performing assets including TDR
|
| | | $ | 1,168 | | | | | $ | 1,378 | | |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned
|
| | | | 0.14 % | | | | | | 0.16 % | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Interest income due in accordance with original terms
|
| | | $ | 15 | | | | | $ | 27 | | |
Interest income recorded
|
| | | | — | | | | | | — | | |
Net reduction in interest income
|
| | | $ | 15 | | | | | $ | 27 | | |
|
| | |
At March 31, 2019
|
| ||||||||||||
Type
|
| |
Maturing
|
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||
Open Repo Plus
|
| |
Overnight
|
| | | $ | 30,912 | | | | | | 2.70 % | | |
Advances
|
| |
2019
|
| | | | 11,500 | | | | | | 1.53 | | |
| | |
2020
|
| | | | 16,729 | | | | | | 1.74 | | |
| | |
2021
|
| | | | 9,496 | | | | | | 2.28 | | |
| | |
2022
|
| | | | 7,996 | | | | | | 2.81 | | |
| | |
2023
|
| | | | 2,850 | | | | | | 2.65 | | |
Total advances
|
| | | | | | | 48,571 | | | | | | 2.02 | | |
Total FHLB borrowings
|
| | | | | | $ | 79,483 | | | | | | 2.29 % | | |
|
| | |
At December 31, 2018
|
| ||||||||||||
Type
|
| |
Maturing
|
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||
Open Repo Plus
|
| |
Overnight
|
| | | $ | 41,029 | | | | | | 2.62 % | | |
Advances
|
| |
2019
|
| | | | 12,500 | | | | | | 1.51 | | |
| | |
2020
|
| | | | 16,729 | | | | | | 1.74 | | |
| | |
2021
|
| | | | 9,496 | | | | | | 2.28 | | |
| | |
2022
|
| | | | 6,996 | | | | | | 2.86 | | |
| | |
2023
|
| | | | 1,000 | | | | | | 2.86 | | |
Total advances
|
| | | | | | | 46,721 | | | | | | 1.98 | | |
Total FHLB borrowings
|
| | | | | | $ | 87,750 | | | | | | 2.28 % | | |
|
| | |
Three months ended
March 31, 2019 |
| |||
Lease cost | | | | | | | |
Financing lease cost: | | | | | | | |
Amortization of right-of-use asset
|
| | | $ | 64 | | |
Interest expense
|
| | | | 30 | | |
Operating lease cost
|
| | | | 29 | | |
Total lease cost
|
| | | $ | 123 | | |
|
| | |
Operating
|
| |
Financing
|
| ||||||
Weighted-average remaining term (years)
|
| | | | 12.4 | | | | | | 17.5 | | |
Weighted-average discount rate
|
| | | | 3.44 % | | | | | | 3.59 % | | |
| | |
Operating
|
| |
Financing
|
| ||||||
Undiscounted cash flows due: | | | | | | | | | | | | | |
Within 1 year
|
| | | $ | 117 | | | | | $ | 295 | | |
After 1 year but within 2 years
|
| | | | 118 | | | | | | 289 | | |
After 2 years but within 3 years
|
| | | | 120 | | | | | | 276 | | |
After 3 years but within 4 years
|
| | | | 85 | | | | | | 278 | | |
After 4 years but within 5 years
|
| | | | 69 | | | | | | 262 | | |
After 5 years
|
| | | | 641 | | | | | | 3,184 | | |
Total undiscounted cash flows
|
| | | | 1,150 | | | | | | 4,584 | | |
Discount on cash flows
|
| | | | (222 ) | | | | | | (1,289 ) | | |
Total lease liabilities
|
| | | $ | 928 | | | | | $ | 3,295 | | |
|
| | |
Three months ended
March 31, 2019 |
| |
Three months ended
March 31, 2018 |
| ||||||||||||||||||||||||||||||
| | |
Net
Unrealized Gains and (Losses) on Investment Securities AFS (1) |
| |
Defined
Benefit Pension Items (1) |
| |
Total
(1)
|
| |
Net
Unrealized Gains and (Losses) on Investment Securities AFS (1) |
| |
Defined
Benefit Pension Items (1) |
| |
Total
(1)
|
| ||||||||||||||||||
Beginning balance
|
| | | $ | (1,409 ) | | | | | $ | (12,816 ) | | | | | $ | (14,225 ) | | | | | $ | (327 ) | | | | | $ | (12,623 ) | | | | | $ | (12,950 ) | | |
Other comprehensive income (loss) before reclassifications
|
| | | | 1,393 | | | | | | (1,739 ) | | | | | | (346 ) | | | | | | (1,316 ) | | | | | | 517 | | | | | | (799 ) | | |
Amounts reclassified from
accumulated other comprehensive loss |
| | | | — | | | | | | 289 | | | | | | 289 | | | | | | 117 | | | | | | 308 | | | | | | 425 | | |
Net current period other comprehensive income (loss)
|
| | | | 1,393 | | | | | | (1,450 ) | | | | | | (57 ) | | | | | | (1,199 ) | | | | | | 825 | | | | | | (374 ) | | |
Ending balance
|
| | | $ | (16 ) | | | | | $ | (14,266 ) | | | | | $ | (14,282 ) | | | | | $ | (1,526 ) | | | | | $ | (11,798 ) | | | | | $ | (13,324 ) | | |
|
| | |
Amount reclassified from accumulated
other comprehensive loss (1) |
| | |||||||||||
Details about accumulated other
comprehensive loss components |
| |
For the three
months ended March 31, 2019 |
| |
For the three
months ended March 31, 2018 |
| |
Affected line item in the
consolidated statement of operations |
| ||||||
Realized loss on sale of securities
|
| | | $ | — | | | | | $ | 148 | | | | Net realized loss on investment securities | |
| | | | | — | | | | | | (31 ) | | | | Provision for income tax expense | |
| | | | $ | — | | | | | $ | 117 | | | | Net of tax | |
Amortization of estimated defined benefit pension plan loss
|
| | | $ | 366 | | | | | $ | 390 | | | | Other expense | |
| | | | | (77 ) | | | | | | (82 ) | | | | Provision for income tax expense | |
| | | | $ | 289 | | | | | $ | 308 | | | | Net of tax | |
Total reclassifications for the period
|
| | | $ | 289 | | | | | $ | 425 | | | | Net income | |
|
| | |
At March 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
COMPANY
|
| |
BANK
|
| |
MINIMUM
REQUIRED FOR CAPITAL ADEQUACY PURPOSES |
| |
TO BE WELL
CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* |
| ||||||||||||||||||||||||
| | |
AMOUNT
|
| |
RATIO
|
| |
AMOUNT
|
| |
RATIO
|
| |
RATIO
|
| |
RATIO
|
| ||||||||||||||||||
Total Capital (To Risk Weighted
Assets) |
| | | $ | 129,825 | | | | | | 13.37 % | | | | | $ | 116,107 | | | | | | 12.01 % | | | | | | 8.00 % | | | | | | 10.00 % | | |
Common Equity Tier 1 (To Risk
Weighted Assets) |
| | | | 101,399 | | | | | | 10.44 | | | | | | 107,050 | | | | | | 11.08 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted
Assets) |
| | | | 113,275 | | | | | | 11.67 | | | | | | 107,050 | | | | | | 11.08 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets)
|
| | | | 113,275 | | | | | | 9.87 | | | | | | 107,050 | | | | | | 9.45 | | | | | | 4.00 | | | | | | 5.00 | | |
| | |
At December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
COMPANY
|
| |
BANK
|
| |
MINIMUM
REQUIRED FOR CAPITAL ADEQUACY PURPOSES |
| |
TO BE WELL
CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* |
| ||||||||||||||||||||||||
| | |
AMOUNT
|
| |
RATIO
|
| |
AMOUNT
|
| |
RATIO
|
| |
RATIO
|
| |
RATIO
|
| ||||||||||||||||||
Total Capital (To Risk Weighted
Assets) |
| | | $ | 129,178 | | | | | | 13.53 % | | | | | $ | 115,451 | | | | | | 12.14 % | | | | | | 8.00 % | | | | | | 10.00 % | | |
Common Equity Tier 1 (To Risk
Weighted Assets) |
| | | | 100,258 | | | | | | 10.50 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted
Assets) |
| | | | 112,130 | | | | | | 11.74 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets)
|
| | | | 112,130 | | | | | | 9.71 | | | | | | 105,891 | | | | | | 9.28 | | | | | | 4.00 | | | | | | 5.00 | | |
At March 31, 2019
|
| ||||||||||||||||||||||||
| | |
HEDGE
TYPE |
| |
AGGREGATE
NOTIONAL AMOUNT |
| |
WEIGHTED
AVERAGE RATE RECEIVED/(PAID) |
| |
REPRICING
FREQUENCY |
| |
INCREASE
(DECREASE) IN INTEREST EXPENSE |
| |||||||||
SWAP ASSETS
|
| |
FAIR VALUE
|
| | | $ | 21,744,694 | | | | | | 4.79 % | | | | MONTHLY | | | | $ | 9,008 | | |
SWAP LIABILITIES
|
| |
FAIR VALUE
|
| | | | (21,744,694 ) | | | | | | (4.79 ) | | | | MONTHLY | | | | | (9,008 ) | | |
NET EXPOSURE
|
| | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
At March 31, 2018
|
| ||||||||||||||||||||||||
| | |
HEDGE
TYPE |
| |
AGGREGATE
NOTIONAL AMOUNT |
| |
WEIGHTED
AVERAGE RATE RECEIVED/(PAID) |
| |
REPRICING
FREQUENCY |
| |
INCREASE
(DECREASE) IN INTEREST EXPENSE |
| |||||||||
SWAP ASSETS
|
| |
FAIR VALUE
|
| | | $ | 16,813,329 | | | | | | 3.88 % | | | | MONTHLY | | | | $ | (23,543 ) | | |
SWAP LIABILITIES
|
| |
FAIR VALUE
|
| | | | (16,813,329 ) | | | | | | (3.88 ) | | | | MONTHLY | | | | | 23,543 | | |
NET EXPOSURE
|
| | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
| | |
Three months ended
March 31, 2019 |
| |||||||||
| | |
Total
revenue |
| |
Net income
(loss) |
| ||||||
Retail banking
|
| | | $ | 6,674 | | | | | $ | 1,181 | | |
Commercial banking
|
| | | | 4,419 | | | | | | 1,767 | | |
Wealth management
|
| | | | 2,417 | | | | | | 444 | | |
Investment/Parent
|
| | | | (1,248 ) | | | | | | (1,514 ) | | |
Total
|
| | | $ | 12,262 | | | | | $ | 1,878 | | |
|
| | |
Three months ended
March 31, 2018 |
| |||||||||
| | |
Total
revenue |
| |
Net income
(loss) |
| ||||||
Retail banking
|
| | | $ | 6,139 | | | | | $ | 706 | | |
Commercial banking
|
| | | | 4,455 | | | | | | 1,560 | | |
Wealth management
|
| | | | 2,443 | | | | | | 508 | | |
Investment/Parent
|
| | | | (653 ) | | | | | | (1,007 ) | | |
Total
|
| | | $ | 12,384 | | | | | $ | 1,767 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Components of net periodic benefit cost | | | | | | | | | | | | | |
Service cost
|
| | | $ | 374 | | | | | $ | 409 | | |
Interest cost
|
| | | | 402 | | | | | | 303 | | |
Expected return on plan assets
|
| | | | (762 ) | | | | | | (711 ) | | |
Recognized net actuarial loss
|
| | | | 366 | | | | | | 386 | | |
Net periodic pension cost
|
| | | $ | 380 | | | | | $ | 387 | | |
|
| | |
Fair Value Measurements at March 31, 2019
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
US Agency securities
|
| | | $ | 7,544 | | | | | $ | — | | | | | $ | 7,544 | | | | | $ | — | | |
US Agency mortgage-backed securities
|
| | | | 95,252 | | | | | | — | | | | | | 95,252 | | | | | | — | | |
Municipal securities
|
| | | | 13,416 | | | | | | — | | | | | | 13,416 | | | | | | — | | |
Corporate bonds
|
| | | | 37,813 | | | | | | — | | | | | | 37,813 | | | | | | — | | |
Fair value swap asset
|
| | | | 210 | | | | | | — | | | | | | 210 | | | | | | — | | |
Fair value swap liability
|
| | | | (210 ) | | | | | | — | | | | | | (210 ) | | | | | | — | | |
| | |
Fair Value Measurements at December 31, 2018
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
US Agency securities
|
| | | $ | 7,529 | | | | | $ | — | | | | | $ | 7,529 | | | | | $ | — | | |
US Agency mortgage-backed securities
|
| | | | 89,527 | | | | | | — | | | | | | 89,527 | | | | | | — | | |
Municipal securities
|
| | | | 13,181 | | | | | | — | | | | | | 13,181 | | | | | | — | | |
Corporate bonds
|
| | | | 36,494 | | | | | | — | | | | | | 36,494 | | | | | | — | | |
Fair value swap asset
|
| | | | 257 | | | | | | — | | | | | | 257 | | | | | | — | | |
Fair value swap liability
|
| | | | (257 ) | | | | | | — | | | | | | (257 ) | | | | | | — | | |
| | |
Fair Value Measurements at March 31, 2019
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned
|
| | | | 18 | | | | | | — | | | | | | — | | | | | | 18 | | |
| | |
Fair Value Measurements at December 31, 2018
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned
|
| | | | 157 | | | | | | — | | | | | | — | | | | | | 157 | | |
| | |
Quantitative Information About Level 3 Fair Value Measurements
|
| ||||||||||||
March 31, 2019
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
(Wgtd Avg) |
| |||
Impaired loans
|
| | | $ | — | | | |
Appraisal of collateral
(1),(3)
|
| |
Appraisal adjustments
(2)
|
| |
100% (100)%
|
|
Other real estate
owned |
| | | | 18 | | | |
Appraisal of collateral
(1),(3)
|
| |
Appraisal adjustments
(2)
Liquidation expenses |
| |
43% to 44% (44)%
21% to 24% (21)% |
|
| | |
Quantitative Information About Level 3 Fair Value Measurements
|
| ||||||||||||
December 31, 2018
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
(Wgtd Avg) |
| |||
Impaired loans
|
| | | $ | — | | | |
Appraisal of collateral
(1),(3)
|
| |
Appraisal adjustments
(2)
|
| |
100% (100)%
|
|
Other real estate
owned |
| | | | 157 | | | |
Appraisal of collateral
(1),(3)
|
| |
Appraisal adjustments
(2)
Liquidation expenses |
| |
0% to 39% (8)%
21% to 195% (40)% |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM
|
| | | $ | 40,528 | | | | | $ | 40,730 | | | | | $ | — | | | | | $ | 37,807 | | | | | $ | 2,923 | | |
Loans held for sale
|
| | | | 619 | | | | | | 658 | | | | | | 658 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned
income |
| | | | 854,408 | | | | | | 844,344 | | | | | | — | | | | | | — | | | | | | 844,344 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with stated maturities
|
| | | $ | 287,671 | | | | | $ | 287,582 | | | | | $ | — | | | | | $ | — | | | | | $ | 287,582 | | |
All other borrowings
(1)
|
| | | | 69,007 | | | | | | 72,010 | | | | | | — | | | | | | — | | | | | | 72,010 | | |
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM
|
| | | $ | 40,760 | | | | | $ | 40,324 | | | | | $ | — | | | | | $ | 37,398 | | | | | $ | 2,926 | | |
Loans held for sale
|
| | | | 847 | | | | | | 871 | | | | | | 871 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned
income |
| | | | 853,611 | | | | | | 836,122 | | | | | | — | | | | | | — | | | | | | 836,122 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with stated maturities
|
| | | $ | 277,505 | | | | | $ | 277,010 | | | | | $ | — | | | | | $ | — | | | | | $ | 277,010 | | |
All other borrowings
(1)
|
| | | | 67,148 | | | | | | 69,692 | | | | | | — | | | | | | — | | | | | | 69,692 | | |
| | |
Three months ended
March 31, 2019 |
| |
Three months ended
March 31, 2018 |
| ||||||
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Diluted earnings per share
|
| | | | 0.11 | | | | | | 0.10 | | |
Return on average assets (annualized)
|
| | | | 0.66 % | | | | | | 0.62 % | | |
Return on average equity (annualized)
|
| | | | 7.84 % | | | | | | 7.55 % | | |
| | |
Three months ended
March 31, 2019 |
| |
Three months ended
March 31, 2018 |
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Interest income
|
| | | $ | 12,164 | | | | | $ | 11,217 | | | | | $ | 947 | | | | | | 8.4 % | | |
Interest expense
|
| | | | 3,507 | | | | | | 2,469 | | | | | | 1,038 | | | | | | 42.0 | | |
Net interest income
|
| | | $ | 8,657 | | | | | $ | 8,748 | | | | | $ | (91 ) | | | | | | (1.0 ) | | |
Net interest margin
|
| | | | 3.24 % | | | | | | 3.29 % | | | | | | (0.05 )% | | | | | | N/M | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Rate |
| ||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and loans held for sale, net of unearned income
|
| | | $ | 860,169 | | | | | $ | 10,424 | | | | | | 4.80 % | | | | | $ | 881,485 | | | | | $ | 9,824 | | | | | | 4.47 % | | |
Interest bearing deposits
|
| | | | 1,020 | | | | | | 6 | | | | | | 2.45 | | | | | | 1,025 | | | | | | 4 | | | | | | 1.51 | | |
Short-term investment in money market funds
|
| | | | 7,773 | | | | | | 69 | | | | | | 3.55 | | | | | | 7,133 | | | | | | 43 | | | | | | 2.44 | | |
Investment securities – AFS
|
| | | | 157,112 | | | | | | 1,319 | | | | | | 3.38 | | | | | | 138,027 | | | | | | 1,029 | | | | | | 2.98 | | |
Investment securities – HTM
|
| | | | 41,252 | | | | | | 352 | | | | | | 3.34 | | | | | | 39,106 | | | | | | 323 | | | | | | 3.30 | | |
Total investment securities
|
| | | | 198,364 | | | | | | 1,671 | | | | | | 3.37 | | | | | | 177,133 | | | | | | 1,352 | | | | | | 3.05 | | |
Total interest earning assets/interest
income |
| | | | 1,067,326 | | | | | | 12,170 | | | | | | 4.57 | | | | | | 1,066,776 | | | | | | 11,223 | | | | | | 4.22 | | |
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | | 21,899 | | | | | | | | | | | | | | | | | | 21,859 | | | | | | | | | | | | | | |
Premises and equipment
|
| | | | 18,128 | | | | | | | | | | | | | | | | | | 12,623 | | | | | | | | | | | | | | |
Other assets
|
| | | | 62,081 | | | | | | | | | | | | | | | | | | 62,374 | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | (8,665 ) | | | | | | | | | | | | | | | | | | (10,251 ) | | | | | | | | | | | | | | |
TOTAL ASSETS
|
| | | $ | 1,160,769 | | | | | | | | | | | | | | | | | $ | 1,153,381 | | | | | | | | | | | | | | |
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand
|
| | | $ | 163,893 | | | | | $ | 409 | | | | | | 1.01 % | | | | | $ | 133,379 | | | | | $ | 242 | | | | | | 0.74 % | | |
Savings
|
| | | | 97,851 | | | | | | 40 | | | | | | 0.17 | | | | | | 97,304 | | | | | | 40 | | | | | | 0.17 | | |
Money markets
|
| | | | 241,727 | | | | | | 674 | | | | | | 1.13 | | | | | | 253,665 | | | | | | 422 | | | | | | 0.67 | | |
Time deposits
|
| | | | 315,389 | | | | | | 1,607 | | | | | | 2.07 | | | | | | 293,858 | | | | | | 1,077 | | | | | | 1.49 | | |
Total interest bearing deposits
|
| | | | 818,860 | | | | | | 2,730 | | | | | | 1.35 | | | | | | 778,206 | | | | | | 1,781 | | | | | | 0.93 | | |
Short-term borrowings
|
| | | | 15,413 | | | | | | 102 | | | | | | 2.64 | | | | | | 22,261 | | | | | | 92 | | | | | | 1.64 | | |
Advances from Federal Home Loan
Bank |
| | | | 46,984 | | | | | | 235 | | | | | | 2.03 | | | | | | 45,838 | | | | | | 186 | | | | | | 1.64 | | |
Guaranteed junior subordinated deferrable interest debentures
|
| | | | 13,085 | | | | | | 280 | | | | | | 8.57 | | | | | | 13,085 | | | | | | 280 | | | | | | 8.57 | | |
Subordinated debt
|
| | | | 7,650 | | | | | | 130 | | | | | | 6.80 | | | | | | 7,650 | | | | | | 130 | | | | | | 6.80 | | |
Lease liabilities
|
| | | | 4,224 | | | | | | 30 | | | | | | 2.83 | | | | | | — | | | | | | — | | | | | | — | | |
Total interest bearing liabilities/interest expense
|
| | | | 906,216 | | | | | | 3,507 | | | | | | 1.57 | | | | | | 867,040 | | | | | | 2,469 | | | | | | 1.15 | | |
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits
|
| | | | 150,246 | | | | | | | | | | | | | | | | | | 182,215 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 7,141 | | | | | | | | | | | | | | | | | | 9,170 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 97,166 | | | | | | | | | | | | | | | | | | 94,956 | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 1,160,769 | | | | | | | | | | | | | | | | | $ | 1,153,381 | | | | | | | | | | | | | | |
Interest rate spread
|
| | | | | | | | | | | | | | | | 3.00 | | | | | | | | | | | | | | | | | | 3.07 | | |
Net interest income/Net interest margin
|
| | | | | | | | | | 8,663 | | | | | | 3.24 % | | | | | | | | | | | | 8,754 | | | | | | 3.29 % | | |
Tax-equivalent adjustment
|
| | | | | | | | | | (6 ) | | | | | | | | | | | | | | | | | | (6 ) | | | | | | | | |
Net Interest Income
|
| | | | | | | | | $ | 8,657 | | | | | | | | | | | | | | | | | $ | 8,748 | | | | | | | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Total shareholders’ equity
|
| | | $ | 99,061 | | | | | $ | 97,977 | | |
Less: Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Tangible equity
|
| | | | 87,117 | | | | | | 86,033 | | |
Total assets
|
| | | | 1,167,682 | | | | | | 1,160,680 | | |
Less: Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Tangible assets
|
| | | | 1,155,738 | | | | | | 1,148,736 | | |
Tangible common equity ratio
|
| | | | 7.54 % | | | | | | 7.49 % | | |
Total shares outstanding
|
| | | | 17,540,676 | | | | | | 17,619,303 | | |
Tangible book value per share
|
| | | | 4.97 % | | | | | | 4.88 % | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| |
March 31,
2018 |
| |||||||||
Total accruing loan delinquency (past due 30 to 89 days)
|
| | | $ | 2,568 | | | | | $ | 4,752 | | | | | $ | 8,155 | | |
Total non-accrual loans
|
| | | | 1,150 | | | | | | 1,221 | | | | | | 1,989 | | |
Total non-performing assets including TDR*
|
| | | | 1,168 | | | | | | 1,378 | | | | | | 2,157 | | |
Accruing loan delinquency, as a percentage of total loans, net
of unearned income |
| | | | 0.30 % | | | | | | 0.55 % | | | | | | 0.93 % | | |
Non-accrual loans, as a percentage of total loans, net of unearned income
|
| | | | 0.13 | | | | | | 0.14 | | | | | | 0.23 | | |
Non-performing assets, as a percentage of total loans, net of unearned income, and other real estate owned
|
| | | | 0.14 | | | | | | 0.16 | | | | | | 0.25 | | |
Non-performing assets as a percentage of total assets
|
| | | | 0.10 | | | | | | 0.12 | | | | | | 0.19 | | |
As a percent of average loans, net of unearned income: | | | | | | | | | | | | | | | | | | | |
Annualized net charge-offs
|
| | | | 0.08 | | | | | | 0.11 | | | | | | 0.15 | | |
Annualized provision (credit) for loan losses
|
| | | | (0.19 ) | | | | | | (0.07 ) | | | | | | 0.02 | | |
Total classified loans (loans rated substandard or doubtful)
|
| | | $ | 4,219 | | | | | $ | 4,302 | | | | | $ | 4,355 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| |
March 31,
2018 |
| |||||||||
Allowance for loan losses
|
| | | $ | 8,107 | | | | | $ | 8,671 | | | | | $ | 9,932 | | |
Allowance for loan losses as a percentage of each of the following:
|
| | | | | | | | | | | | | | | | | | |
total loans, net of unearned income
|
| | | | 0.94 % | | | | | | 1.00 % | | | | | | 1.14 % | | |
total accruing delinquent loans (past due 30 to 89 days)
|
| | | | 315.69 | | | | | | 182.47 | | | | | | 121.79 | | |
total non-accrual loans
|
| | | | 704.96 | | | | | | 710.16 | | | | | | 499.35 | | |
total non-performing assets
|
| | | | 694.09 | | | | | | 629.25 | | | | | | 460.45 | | |
| | |
Minimum capital ratio
|
| |||
Common equity tier 1 capital to risk-weighted assets
|
| | | | 4.5 % | | |
Tier 1 capital to risk-weighted assets
|
| | | | 6.0 | | |
Total capital to risk-weighted assets
|
| | | | 8.0 | | |
Tier 1 capital to total average consolidated assets
|
| | | | 4.0 | | |
Interest Rate Scenario
|
| |
Variability of Net
Interest Income |
| |
Change in Market Value of
Portfolio Equity |
| ||||||
200bp increase
|
| | | | 0.4 % | | | | | | 14.5 % | | |
100bp increase
|
| | | | 0.7 | | | | | | 9.4 | | |
100bp decrease
|
| | | | (1.8 ) | | | | | | (16.0 ) | | |
Period
|
| |
Total number of
shares purchased |
| |
Average price
paid per share |
| |
Total number of
shares purchased as part of publicly announced plan |
| |
Maximum number
of shares that may yet be purchased under the plan |
| ||||||||||||
January 1 – 31, 2019
|
| | | | 9,765 | | | | | $ | 4.20 | | | | | | 9,765 | | | | | | 102,546 | | |
February 1 – 28, 2019
|
| | | | 97,255 | | | | | | 4.24 | | | | | | 97,255 | | | | | | 5,291 | | |
March 1 – 31, 2019
|
| | | | 5,291 | | | | | | 4.29 | | | | | | 5,291 | | | | | | — | | |
Total
|
| | | | 112,311 | | | | | | | | | | | | 112,311 | | | | | | | | |
| | | |
AmeriServ Financial, Inc.
Registrant
|
|
| Date: May 10, 2019 | | |
/s/ Jeffrey A. Stopko
Jeffrey A. Stopko
President and Chief Executive Officer |
|
| Date: May 10, 2019 | | |
/s/ Michael D. Lynch
Michael D. Lynch
Senior Vice President and Chief Financial Officer |
|
1 Year AmeriServ Financial Chart |
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