2016 Q4 Form 10-Q Financial Statement

#000114420416131578 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3
Revenue $10.58M $10.48M
YoY Change 2.92% -1.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $490.0K $420.0K
YoY Change 11.36% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.998M $1.970M
YoY Change 18.22% 20.71%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.573M $1.511M
YoY Change -11.13% -40.3%
Income Tax $423.0K $446.0K
% Of Pretax Income 26.89% 29.52%
Net Earnings $1.150M $1.065M
YoY Change -16.3% -41.9%
Net Earnings / Revenue 10.87% 10.17%
Basic Earnings Per Share $0.06 $0.06
Diluted Earnings Per Share $0.06 $0.06
COMMON SHARES
Basic Shares Outstanding 18.90M shares 18.90M shares
Diluted Shares Outstanding 18.96M shares

Balance Sheet

Concept 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $34.07M $30.52M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $11.70M $11.80M
YoY Change -3.37% -4.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.70M $8.600M
YoY Change 18.89% 3.61%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.154B $1.146B
YoY Change 0.46% 3.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $12.80M $7.900M
YoY Change -73.72% -85.09%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.80M $7.900M
YoY Change -73.72% -85.09%
LONG-TERM LIABILITIES
Long-Term Debt $20.30M $20.30M
YoY Change 0.0% 54.96%
Other Long-Term Liabilities $12.00M $5.600M
YoY Change 30.43% -25.33%
Total Long-Term Liabilities $32.30M $25.90M
YoY Change 9.49% 25.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.80M $7.900M
Total Long-Term Liabilities $32.30M $25.90M
Total Liabilities $1.058B $1.046B
YoY Change 2.76% 5.46%
SHAREHOLDERS EQUITY
Retained Earnings $36.00M
YoY Change 3.9%
Common Stock $145.8M
YoY Change 0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $74.83M
YoY Change 0.0%
Treasury Stock Shares 7.618M shares 7.618M shares
Shareholders Equity $95.40M $100.0M
YoY Change
Total Liabilities & Shareholders Equity $1.154B $1.146B
YoY Change 0.42% 3.14%

Cashflow Statement

Concept 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $1.150M $1.065M
YoY Change -16.3% -41.9%
Depreciation, Depletion And Amortization $490.0K $420.0K
YoY Change 11.36% 0.0%
Cash From Operating Activities $8.970M -$6.700M
YoY Change 174.31% -537.91%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$350.0K
YoY Change 94.74% 59.09%
Acquisitions
YoY Change
Other Investing Activities -$11.17M $4.710M
YoY Change -50.68% -14.98%
Cash From Investing Activities -$11.54M $4.360M
YoY Change -49.5% -18.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.120M 5.850M
YoY Change -83.15% -446.15%
NET CHANGE
Cash From Operating Activities 8.970M -6.700M
Cash From Investing Activities -11.54M 4.360M
Cash From Financing Activities 6.120M 5.850M
Net Change In Cash 3.550M 3.510M
YoY Change -78.81% -31.98%
FREE CASH FLOW
Cash From Operating Activities $8.970M -$6.700M
Capital Expenditures -$370.0K -$350.0K
Free Cash Flow $9.340M -$6.350M
YoY Change 169.94% -462.86%

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3650000 USD
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540000 USD
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880000 USD
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4943000 USD
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4502000 USD
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1795000 USD
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1441000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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17000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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33000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
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1348000 USD
CY2016Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
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1104000 USD
CY2016Q3 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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1000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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12000 USD
CY2016Q3 us-gaap Financing Receivable Recorded Investment Current
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dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
AMERISERV FINANCIAL INC /PA/
dei Entity Central Index Key
EntityCentralIndexKey
0000707605
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
ASRV
CY2016Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18903472 shares
CY2015Q4 us-gaap Preferred Stock Liquidation Preference
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1000
CY2015Q4 us-gaap Preferred Stock No Par Value
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2000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
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21000 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
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21000 shares
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CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2016Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
26521291 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
26488630 shares
CY2016Q3 us-gaap Common Stock Shares Outstanding
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18903472 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
7617819 shares
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
7617819 shares
us-gaap Income Taxes Paid
IncomeTaxesPaid
1100000 USD
CY2015Q3 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1900000 USD
CY2015Q3 asrv Loss On Sale Of Securities
LossOnSaleOfSecurities
36000 USD
asrv Loss On Sale Of Securities
LossOnSaleOfSecurities
36000 USD
CY2016Q3 asrv Individual Loan Balance Is Classified As Nonaccrual Status Or Troubled Debt Restructure
IndividualLoanBalanceIsClassifiedAsNonaccrualStatusOrTroubledDebtRestructure
100000 USD
asrv Timely Payments On Contract Terms For Minimum Consecutive Months Prior To Consideration For Removing Loan From Tdr Status
TimelyPaymentsOnContractTermsForMinimumConsecutiveMonthsPriorToConsiderationForRemovingLoanFromTdrStatus
P6M
asrv Minimum Number Of Consecutive Months Payment For Removing Loan From Nonaccrual Status
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CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Due From Two To Three Years Of Balance Sheet Date
FederalHomeLoanBankAdvancesMaturitiesSummaryDueFromTwoToThreeYearsOfBalanceSheetDate
12000000 USD
CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Due From Three To Four Years Of Balance Sheet Date
FederalHomeLoanBankAdvancesMaturitiesSummaryDueFromThreeToFourYearsOfBalanceSheetDate
12000000 USD
CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Due From Four To Five Years Of Balance Sheet Date
FederalHomeLoanBankAdvancesMaturitiesSummaryDueFromFourToFiveYearsOfBalanceSheetDate
11000000 USD
CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Due After Five Years Of Balance Sheet Date
FederalHomeLoanBankAdvancesMaturitiesSummaryDueAfterFiveYearsOfBalanceSheetDate
8042000 USD
CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Average Interest Rate Two To Three Years From Balance Sheet Date
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CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Average Interest Rate Four To Five Years From Balance Sheet Date
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CY2016Q3 us-gaap Federal Home Loan Bank Advances Maturities Summary Average Interest Rate After Five Years From Balance Sheet Date
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CY2015Q4 us-gaap Federal Home Loan Bank Advances Maturities Summary Due From Two To Three Years Of Balance Sheet Date
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12000000 USD
CY2015Q4 us-gaap Federal Home Loan Bank Advances Maturities Summary Due From Four To Five Years Of Balance Sheet Date
FederalHomeLoanBankAdvancesMaturitiesSummaryDueFromFourToFiveYearsOfBalanceSheetDate
7000000 USD
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5000000 USD
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0.0106 pure
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0.0148 pure
CY2015Q4 us-gaap Federal Home Loan Bank Advances Maturities Summary Average Interest Rate Four To Five Years From Balance Sheet Date
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CY2015Q4 us-gaap Federal Home Loan Bank Advances Maturities Summary Average Interest Rate After Five Years From Balance Sheet Date
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0.0169 pure
CY2016Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-40000 USD
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24000 USD
CY2016Q3 asrv Total Reclassifications For The Period
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CY2015Q3 asrv Total Reclassifications For The Period
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24000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-117000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
5000 USD
asrv Total Reclassifications For The Period
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-117000 USD
asrv Total Reclassifications For The Period
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5000 USD
asrv Defined Benefit Plan Vesting Period
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P5Y
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 5pt"> 2. Basis of Preparation</h2> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt" align="left">The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a fair presentation have been included. They are not, however, necessarily indicative of the results of consolidated operations for a full-year.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt" align="left">For further information, refer to the consolidated financial statements and accompanying notes included in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2015.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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