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) January 24, 2006
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 fourth quarter and full year results as of December 31, 2005. For a more detailed description of the announcement see the press release attached as Exhibit #99.1.
Exhibits
--------
Exhibit 99.1
Press release dated January 24, 2006, announcing the fourth quarter and full year results as of December 31, 2005.
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
Senior Vice President
& CFO
Date: January 24, 2006
Exhibit 99.1
AMERISERV FINANCIAL RETURNS TO PROFITABILITY IN THE FOURTH QUARTER OF 2005
JOHNSTOWN, PA – AmeriServ Financial, Inc. (NASDAQ: ASRV) returned to profitability in the fourth quarter of 2005 by reporting net income of $220,000 or $0.01 per diluted share which compared favorably to the net loss of $10.9 million or ($0.64) per diluted share reported in the fourth quarter of 2004. For the full year 2005, the Company reported a reduced net loss of $9.1 million or ($0.45) per share when compared to the net loss of $9.7 million or ($0.66) per share for the 2004 year. The following table highlights the Company’s financial performance for both the quarters and years ended December 31, 2005 and 2004:
Fourth Quarter 2005 | Fourth Quarter 2004 | Year Ended December 31, 2005 | Year Ended December 31, 2004 | ||
Net income (loss) | $220,000 | ($10,941,000) | ($9,141,000) | ($9,719,000) | |
Diluted earnings per share | 0.01 | (0.64) | (0.45) | (0.66) |
Allan R. Dennison, President and Chief Executive Officer, commented on the fourth quarter 2005 results, “All phases of our previously announced balance sheet restructuring were successfully completed by the end of 2005. This included, within the fourth quarter, the redemption at par of $7.2 million of high coupon trust preferred securities for which the Company incurred a $210,000 charge to write-off related unamortized issuance costs. AmeriServ began to realize the benefits of a traditional community bank balance sheet in the fourth quarter of 2005 as our net interest margin improved to 3.21%. This represented an increase of 78 basis points over the third quarter 2005 performance and an increase of 86 basis points when compared to the 2004 fourth quarter net interest margin of 2.35%. We will now be able to fully focus on community banking and our growing trust company in order to drive meaningf ul earnings improvement in 2006.
The Company did not record a provision for loan losses in the fourth quarter of 2005 compared to a provision of $1.1 million or 0.87% of total loans in the fourth quarter of 2004. Net charge-offs were also lower in the fourth quarter of 2005 amounting to $292,000 or 0.21% of total loans compared to net charge-offs of $1.1 million or 0.84% of total loans in the prior year fourth quarter. For the full year 2005, the Company recorded a negative loan loss provision of $175,000 compared to a provision of $1.8 million for 2004 or a net favorable change of $1.9 million. The overall reduced provision in 2005 resulted from a sustained improvement in asset quality. Net charge-offs in 2005 totaled $575,000 or only 0.11% of total loans compared to net charge-offs of $3.4 million or 0.68% of total loans in 2004. Non-performing assets have remained in a range of $3.3 to $5.0 million for the past six quarters ending the 2005 year at $4.3 million or 0.78% of total loans. As a result of these asset quality improvements and a reduced loan loss reserve, the allowance for loan losses provided 212% coverage of non-performing assets at December 31, 2005 compared to 254% coverage at December 31, 2004. The allowance for loan losses as a percentage of total loans amounted to 1.66% at December 31, 2005.
The Company’s net interest income in the fourth quarter of 2005 increased by $679,000 from the prior year fourth quarter and for the full year 2005 increased by $646,000 when compared to the full year 2004. This increase reflects the benefit of an improved net interest margin that has more than offset a sizable decline in the level of average earning assets. The improved net interest margin has resulted from the balance sheet restructuring measures executed in both the fourth quarter of 2004 and the third quarter of 2005. This balance sheet restructuring was facilitated by the successful private placement of $36.1 million of common stock over the past 15 months and included the prepayment of $225 million of high cost Federal Home Loan Bank (FHLB) borrowings and related interest rate hedges, and the retirement of $22.5 million of 8.45% coupon trust preferred securities. Consequently, for the fourth quarter of 2005 the net interest margin increased by 86 basis points to 3.21% while the level of average earning assets declined by $184 million when compared to the fourth quarter of 2004. For the full year 2005 the net interest margin increased by 48 basis points to 2.76% while the level of average earning assets declined by $153 million when compared to the full year 2004. For both the fourth quarter and full year 2005, the decline in average assets was attributable to the sale of investment securities, the proceeds of which were used to repay the FHLB debt. The Company’s net interest income, margin and average earning assets did benefit from increased loans in the earning asset mix as total loans outstanding averaged $525 million in 2005 a $28 million or 5.7% increase from 2004. This loan growth was most evident in the commercial loan portfolio. Deposits continued their recovery from the low point reached in the fourth quarter of 2004. Total deposit s averaged $700 million in 2005, a $37 million or 5.5% increase from 2004 due largely to increased deposits from the trust company’s operations. This deposit growth also allowed the Company to further reduce FHLB borrowings as these borrowings amounted to only 7.3% of total assets at December 31, 2005 compared to 25.0% of total assets at December 31, 2004.
The Company’s non-interest income in the fourth quarter of 2005 increased by $580,000 from the prior year fourth quarter but for the full year 2005 declined by $3.8 million when compared to 2004. The fourth quarter 2005 improvement was due to no losses realized on investment security sales in the fourth quarter of 2005 compared to $460,000 of losses realized on investment security sales in the fourth quarter of 2004. Also, trust fees increased by $193,000 or 14.1% due to continued successful new business development efforts. The largest factor responsible for the full year 2005 $3.8 million decline in non-interest income was $2.5 million of losses on investment security sales associated with the third quarter balance sheet restructuring. The Company had realized investment security gains of $816,000 in 2004 thus causing a net unfavorable change of $3.3 million. Other income declined by $91 5,000 for the full year 2005 as the Company benefited from $578,000 of additional gains on the sale of other real estate owned properties in 2004. Lower mortgage production related revenues also contributed to the decrease in other income in 2005 and a $142,000 decline in gains on loan sales into the secondary market. These items overshadowed a $766,000 or 14.3% increase in trust fees for the full year 2005 due to continued successful new business development efforts and the full benefit of new customer fee schedules that were implemented in the fourth quarter of 2004.
The Company’s non-interest expense in the fourth quarter of 2005 decreased by $13.7 million from the prior year fourth quarter and for the full year 2005 declined by $671,000 when compared to 2004. The fourth quarter 2004 included $12.6 million of FHLB debt prepayment penalties related to the retirement of $125 million of FHLB convertible advances. The Company incurred a similar charge of $12.3 million in the third quarter of 2005 related to the prepayment of all remaining $100 million of FHLB convertible advances and the termination of all interest rate hedges associated with this FHLB debt. The fourth quarter of 2004 also included a $476,000 charge to write-off unamortized issuance costs related to the $15.3 million of trust preferred securities that were retired last year. The Company’s fourth quarter 2005 expenses included a charge of $210,000 to write-off unamortized issuance costs rel ated to the $7.2 million of trust preferred securities that were retired in the fourth quarter of 2005. Aside from these balance sheet restructuring related costs, professional fees were up by $545,000 for the full year 2005 due to costs associated with implementing Sarbanes-Oxley Section 404. The Company did benefit from reduced amortization of core deposit intangibles that decreased by $285,000 for the full year 2005 and a $153,000 reduction in occupancy and equipment expenses due to cost savings from closure of the Company’s Harrisburg branch office and lower property taxes. Also, the loss from discontinued operations declined by $735,000 in the fourth quarter of 2005 and by $1.1 million for the full year 2005 as a result of the closure of the unprofitable mortgage servicing operation. Overall, excluding all balance sheet restructuring related charges, the Company’s ongoing focus on reducing expenses resulted in lower non-interest expenses in 2005 despite the additional c osts associated with implementing Sarbanes-Oxley Section 404.
The Company recognized an income tax benefit of approximately $5.9 million for both the full year 2005 and 2004 due to the pre-tax losses incurred in both years and the Company’s belief that it will generate sufficient earnings in future periods to utilize these net operating loss carryforwards. In 2005 and 2004, the Company also lowered its income tax expense by approximately $475,000 and $700,000, respectively, due to a reduction in reserves for prior year tax contingencies as a result of the successful conclusion of an IRS examination on several open tax years.
At December 31, 2005, ASRV had total assets of $880 million and shareholders’ equity of $85 million or $3.82 per share. The Company’s asset leverage ratio improved to 10.24% at December 31, 2005 compared to 9.20% at December 31, 2004. AmeriServ Financial, Inc., is the parent of AmeriServ Financial Bank and AmeriServ Trust & Financial Services in Johnstown, AmeriServ Associates of State College, and AmeriServ Life Insurance Company.
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 NMS: ASRV
SUPPLEMENTAL FINANCIAL PERFORMANCE DATA
January 24, 2006
(In thousands, except per share and ratio data)
(All quarterly and 2005 data unaudited)
2005
1QTR | 2QTR | 3QTR | 4QTR | YEAR | |
TO DATE | |||||
PERFORMANCE DATA FOR THE PERIOD: | |||||
Net income (loss) | $833 | $370 | ($10,564) | $220 | ($9,141) |
PERFORMANCE PERCENTAGES (annualized): | |||||
Return on average equity | 3.95% | 1.75% | (49.42)% | 1.03% | (10.77)% |
Net interest margin | 2.75 | 2.63 | 2.43 | 3.21 | 2.76 |
Net charge-offs as a percentage of average loans | 0.05 | 0.06 | 0.11 | 0.21 | 0.11 |
Loan loss provision as a percentage of average loans | - | (0.21) | 0.08 | - | (0.03) |
Efficiency ratio | 94.42 | 96.81 | 362.60 | 96.65 | 143.54 |
PER COMMON SHARE: | |||||
Net income (loss): | |||||
Basic | $0.04 | $0.02 | ($0.53) | $0.01 | ($0.45) |
Average number of common shares outstanding | 19,720,827 | 19,726,345 | 19,785,455 | 22,109,065 | 20,340,459 |
Diluted | 0.04 | 0.02 | (0.53) | 0.01 | (0.45) |
Average number of common shares outstanding | 19,760,049 | 19,764,647 | 19,785,455 | 22,123,011 | 20,340,459 |
2004
1QTR | 2QTR | 3QTR | 4QTR | YEAR | |
TO DATE | |||||
PERFORMANCE DATA FOR THE PERIOD: | |||||
Net income (loss) | $226 | $254 | $742 | ($10,941) | ($9,719) |
PERFORMANCE PERCENTAGES (annualized): | |||||
Return on average equity | 1.21% | 1.41% | 4.21% | (54.13)% | (13.04)% |
Net interest margin | 2.39 | 2.25 | 2.15 | 2.35 | 2.28 |
Net charge-offs as a percentage of average loans | 0.48 | 0.48 | 0.92 | 0.84 | 0.68 |
Loan loss provision as a percentage of average loans | 0.31 | 0.21 | - | 0.87 | 0.35 |
Efficiency ratio | 93.83 | 94.80 | 96.89 | 295.04 | 138.03 |
PER COMMON SHARE: | |||||
Net income (loss): | |||||
Basic | $0.02 | $0.02 | $0.05 | ($0.64) | ($0.66) |
Average number of common shares outstanding | 13,962,010 | 13,969,211 | 13,975,838 | 17,208,353 | 14,783,297 |
Diluted | 0.02 | 0.02 | 0.05 | (0.64) | (0.66) |
Average number of common shares outstanding | 14,025,836 | 14,023,577 | 14,009,952 | 17,208,353 | 14,783,297 |
AMERISERV FINANCIAL, INC.
(In thousands, except per share, statistical, and ratio data)
(All quarterly and 2005 data unaudited)
2005
1QTR | 2QTR | 3QTR | 4QTR | ||
PERFORMANCE DATA AT PERIOD END | |||||
Assets | $996,450 | $996,786 | $901,194 | $880,176 | |
Investment securities | 381,124 | 385,398 | 253,082 | 231,924 | |
Loans | 527,344 | 522,437 | 544,900 | 550,602 | |
Allowance for loan losses | 9,856 | 9,480 | 9,435 | 9,143 | |
Goodwill and core deposit intangibles | 12,896 | 12,680 | 12,464 | 12,247 | |
Mortgage servicing rights | - | - | - | - | |
Deposits | 725,369 | 691,740 | 698,297 | 712,655 | |
Stockholders’ equity | 83,720 | 86,267 | 85,022 | 84,474 | |
Trust assets – fair market value (B) | 1,465,028 | 1,487,496 | 1,600,968 | 1,606,978 | |
Non-performing assets | 3,819 | 3,334 | 3,323 | 4,316 | |
Asset leverage ratio | 9.77% | 9.92% | 9.90% | 10.24% | |
PER COMMON SHARE: | |||||
Book value (A) | $4.24 | $4.37 | $3.85 | $3.82 | |
Market value | 5.61 | 5.35 | 4.35 | 4.38 | |
Market price to book value | 132.35% | 122.36% | 113.07% | 114.65% | |
STATISTICAL DATA AT PERIOD END: | |||||
Full-time equivalent employees | 394 | 383 | 384 | 378 | |
Branch locations | 22 | 22 | 22 | 22 | |
Common shares outstanding | 19,722,884 | 19,729,678 | 22,105,786 | 22,112,273 |
2004
1QTR | 2QTR | 3QTR | 4QTR | |
PERFORMANCE DATA AT PERIOD END | ||||
Assets | $1,099,564 | $1,178,406 | $1,088,849 | $1,009,976 |
Investment securities | 504,980 | 581,553 | 488,617 | 401,019 |
Loans | 503,404 | 500,522 | 506,551 | 521,416 |
Allowance for loan losses | 11,379 | 10,932 | 9,827 | 9,893 |
Goodwill and core deposit intangibles | 13,905 | 13,547 | 13,329 | 13,112 |
Mortgage servicing rights | 1,493 | 1,642 | 1,395 | - |
Deposits | 656,348 | 670,941 | 659,176 | 644,391 |
Stockholders’ equity | 77,721 | 67,213 | 73,471 | 85,219 |
Trust assets – fair market value (B) | 1,256,064 | 1,246,458 | 1,228,126 | 1,309,362 |
Non-performing assets | 13,482 | 10,155 | 5,047 | 3,894 |
Asset leverage ratio | 7.75% | 7.71% | 7.85% | 9.20% |
PER COMMON SHARE: | ||||
Book value | $5.57 | $4.81 | $5.26 | $4.32 |
Market value | 6.10 | 5.55 | 5.00 | 5.17 |
Market price to book value | 109.52% | 115.50% | 95.13% | 119.62% |
STATISTICAL DATA AT PERIOD END: | ||||
Full-time equivalent employees | 415 | 412 | 409 | 406 |
Branch locations | 23 | 23 | 23 | 23 |
Common shares outstanding | 13,965,737 | 13,972,424 | 13,978,726 | 19,717,841 |
NOTES:
(A) Other comprehensive income had a negative impact of $0.18 on book value per share at December 31, 2005.
(B) Not recognized on the balance sheet.
AMERISERV FINANCIAL, INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(All quarterly and 2005 data unaudited)
2005
YEAR | ||||||
INTEREST INCOME | 1QTR | 2QTR | 3QTR | 4QTR | TO DATE | |
Interest and fees on loans | $7,954 | $8,105 | $8,200 | $8,688 | $32,947 | |
Total investment portfolio | 3,737 | 3,607 | 3,273 | 2,301 | 12,918 | |
Total Interest Income | 11,691 | 11,712 | 11,473 | 10,989 | 45,865 | |
INTEREST EXPENSE | ||||||
Deposits | 2,845 | 3,188 | 3,290 | 3,662 | 12,985 | |
All other funding sources | 2,551 | 2,533 | 2,725 | 959 | 8,768 | |
Total Interest Expense | 5,396 | 5,721 | 6,015 | 4,621 | 21,753 | |
NET INTEREST INCOME | 6,295 | 5,991 | 5,458 | 6,368 | 24,112 | |
Provision for loan losses | - | (275) | 100 | - | (175) | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,295 | 6,266 | 5,358 | 6,368 | 24,287 | |
NON-INTEREST INCOME | ||||||
Trust fees | 1,472 | 1,506 | 1,586 | 1,565 | 6,129 | |
Net realized gains (losses)on investment securities available for sale | 78 | - | (2,577) | - | (2,499) | |
Net realized gains on loans held for sale | 72 | 83 | 27 | 27 | 209 | |
Service charges on deposit accounts | 584 | 704 | 723 | 689 | 2,700 | |
Bank owned life insurance | 250 | 254 | 256 | 257 | 1,017 | |
Other income | 692 | 633 | 643 | 685 | 2,653 | |
Total Non-interest Income | 3,148 | 3,180 | 658 | 3,223 | 10,209 | |
NON-INTEREST EXPENSE | ||||||
Salaries and employee benefits | 4,751 | 4,680 | 4,804 | 4,827 | 19,062 | |
Net occupancy expense | 668 | 592 | 649 | 683 | 2,552 | |
Equipment expense | 639 | 622 | 620 | 628 | 2,509 | |
Professional fees | 823 | 938 | 1,483 | 998 | 4,242 | |
FDIC deposit insurance expense | 71 | 69 | 76 | 73 | 289 | |
Amortization of core deposit intangibles | 216 | 216 | 216 | 217 | 865 | |
Prepayment penalties | - | - | 12,287 | - | 12,287 | |
Other expenses | 1,775 | 1,789 | 2,143 | 1,867 | 7,614 | |
Total Non-interest Expense | 8,943 | 8,906 | 22,278 | 9,293 | 49,420 | |
INCOME (LOSS) BEFORE INCOME TAXES | 500 | 540 | (16,262) | 298 | (14,924) | |
Provision (benefit) for income taxes | (398) | 96 | (5,689) | 89 | (5,902) | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | $898 | $444 | ($10,573) | $209 | ($9,022) | |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | (65) | (74) | 9 | 11 | (119) | |
NET INCOME (LOSS) | $833 | $370 | ($10,564) | $220 | ($9,141) | |
2004
YEAR | |||||||
INTEREST INCOME | 1QTR | 2QTR | 3QTR | 4QTR | TO DATE | ||
Interest and fees on loans | $7,691 | $7,679 | $7,346 | $7,581 | $30,297 | ||
Total investment portfolio | 5,228 | 4,943 | 5,352 | 4,284 | 19,807 | ||
Total Interest Income | 12,919 | 12,622 | 12,698 | 11,865 | 50,104 | ||
INTEREST EXPENSE | |||||||
Deposits | 2,543 | 2,529 | 2,628 | 2,636 | 10,336 | ||
All other funding sources | 4,164 | 4,180 | 4,418 | 3,540 | 16,302 | ||
Total Interest Expense | 6,707 | 6,709 | 7,046 | 6,176 | 26,638 | ||
NET INTEREST INCOME | 6,212 | 5,913 | 5,652 | 5,689 | 23,466 | ||
Provision for loan losses | 384 | 259 | - | 1,115 | 1,758 | ||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,828 | 5,654 | 5,652 | 4,574 | 21,708 | ||
NON-INTEREST INCOME | |||||||
Trust fees | 1,267 | 1,347 | 1,377 | 1,372 | 5,363 | ||
Net realized gains (losses) on investment securities available for sale | 937 | 111 | 228 | (460) | 816 | ||
Net realized gains on loans held for sale | 40 | 115 | 108 | 88 | 351 | ||
Service charges on deposit accounts | 730 | 716 | 692 | 668 | 2,806 | ||
Bank owned life insurance | 275 | 276 | 279 | 278 | 1,108 | ||
Other income | 690 | 796 | 1,385 | 697 | 3,568 | ||
Total Non-interest Income | 3,939 | 3,361 | 4,069 | 2,643 | 14,012 | ||
NON-INTEREST EXPENSE | |||||||
Salaries and employee benefits | 4,710 | 4,605 | 4,706 | 4,992 | 19,013 | ||
Net occupancy expense | 712 | 653 | 620 | 651 | 2,636 | ||
Equipment expense | 648 | 630 | 611 | 689 | 2,578 | ||
Professional fees | 796 | 827 | 1,091 | 983 | 3,697 | ||
FDIC deposit insurance expense | 72 | 71 | 72 | 72 | 287 | ||
Amortization of core deposit intangibles | 358 | 358 | 218 | 216 | 1,150 | ||
Prepayment penalties | - | - | - | 12,637 | 12,637 | ||
Other expenses | 1,888 | 1,693 | 1,726 | 2,786 | 8,093 | ||
Total Non-interest Expense | 9,184 | 8,837 | 9,044 | 23,026 | 50,091 | ||
INCOME (LOSS) BEFORE INCOME TAXES | 583 | 178 | 677 | (15,809) | (14,371) | ||
Provision (benefit) for income taxes | 126 | (55) | (324) | (5,592) | (5,845) | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS | $457 | $233 | $1,001 | ($10,217) | ($8,526) | ||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | (231) | 21 | (259) | (724) | (1,193) | ||
NET INCOME (LOSS) | $226 | $254 | $742 | ($10,941) | ($9,719) | ||
AMERISERV FINANCIAL, INC.
Nasdaq NMS: ASRV
Average Balance Sheet Data (In thousands)
(All quarterly and 2005 data unaudited)
Note: 2004 data appears before 2005.
2004
2005
TWELVE | TWELVE | |||
4QTR | MONTHS | 4QTR | MONTHS | |
Interest earning assets: | ||||
Loans and loans held for sale, net of unearned income | $505,933 | $496,912 | $540,325 | $525,401 |
Deposits with banks | 11,608 | 6,276 | 816 | 770 |
Federal funds sold | - | 68 | - | - |
Total investment securities | 453,232 | 527,958 | 246,096 | 351,955 |
Total interest earning assets | 970,773 | 1,031,214 | 787,237 | 878,126 |
Non-interest earning assets: | ||||
Cash and due from banks | 21,817 | 21,793 | 21,235 | 21,449 |
Premises and equipment | 10,052 | 10,493 | 8,949 | 9,365 |
Assets of discontinued operations | 2,320 | 2,891 | 821 | 1,135 |
Other assets | 58,528 | 61,952 | 66,040 | 63,401 |
Allowance for loan losses | (9,444) | (10,674) | (9,311) | (9,613) |
Total assets | $1,054,046 | $1,117,669 | $874,971 | $963,863 |
Interest bearing liabilities: | ||||
Interest bearing deposits: | ||||
Interest bearing demand | $54,769 | $53,502 | $55,244 | $54,695 |
Savings | 100,054 | 104,187 | 91,324 | 96,819 |
Money market | 119,997 | 120,280 | 166,168 | 156,932 |
Other time | 275,718 | 279,458 | 288,108 | 284,951 |
Total interest bearing deposits | 550,538 | 557,427 | 600,844 | 593,397 |
Borrowings: | ||||
Federal funds purchased, securities sold under agreements to repurchase, and other short-term borrowings | 123,393 | 128,017 | 55,316 | 78,152 |
Advanced from Federal Home Loan Bank | 154,875 | 208,444 | 993 | 73,924 |
Guaranteed junior subordinated deferrable interest debentures | 32,667 | 34,842 | 16,525 | 19,345 |
Total interest bearing liabilities | 861,473 | 928,730 | 673,678 | 764,818 |
Non-interest bearing liabilities: | ||||
Demand deposits | 105,538 | 106,249 | 110,876 | 107,018 |
Liabilities of discontinued operations | 649 | 498 | 222 | 379 |
Other liabilities | 5,983 | 7,635 | 5,974 | 6,780 |
Stockholders’ equity | 80,403 | 74,557 | 84,221 | 84,868 |
Total liabilities and stockholders’ equity | $1,054,046 | $1,117,669 | $874,971 | $963,863 |