<SEC-DOCUMENT>0000707605-18-000002.txt : 20180111
<SEC-HEADER>0000707605-18-000002.hdr.sgml : 20180111
<ACCEPTANCE-DATETIME>20180111160019
ACCESSION NUMBER:		0000707605-18-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180111
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20180111
DATE AS OF CHANGE:		20180111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERISERV FINANCIAL INC /PA/
		CENTRAL INDEX KEY:			0000707605
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				251424278
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11204
		FILM NUMBER:		18523689

	BUSINESS ADDRESS:	
		STREET 1:		MAIN & FRANKLIN STS
		STREET 2:		PO BOX 430
		CITY:			JOHNSTOWN
		STATE:			PA
		ZIP:			15907
		BUSINESS PHONE:		8145335300

	MAIL ADDRESS:	
		STREET 1:		MAIN & FRANKLIN STS
		STREET 2:		PO BOX 430
		CITY:			JOHNSTOWN
		STATE:			PA
		ZIP:			15907
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>law01188k.htm
<DESCRIPTION>TAX LAW IMPACT
<TEXT>
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<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Layton, William">
<META NAME="date" CONTENT="2018-01-05T17:32:00Z">
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<DIV style="width:624px"><P style="margin:0px; font-size:18pt"><B>UNITED STATES</B></P>
<P style="margin:0px; font-size:18pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px"><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:18pt"><B>FORM 8-K</B></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:12pt"><B>CURRENT REPORT</B></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:12pt"><B>Pursuant to Section 13 or 15(d) of</B></P>
<P style="margin:0px; font-size:12pt"><B>The Securities Exchange Act of 1934</B></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px"><B>January 11, 2018</B></P>
<P style="margin:0px">Date of Report (Date of earliest event reported)</P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-size:18pt"><B>AMERISERV FINANCIAL, INC.</B></P>
<P style="margin:0px">(Exact name of registrant as specified in its charter)</P>
<P style="margin:0px">&#160;</P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=230 /><TD width=14 /><TD width=230 /><TD width=1 /><TD width=13 /><TD width=1 /><TD width=229 /><TD width=1 /><TD width=1 /></TR>
<TR><TD style="margin-top:0px; padding:0px" width=230><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=14><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=230><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=14 colspan=2><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=230 colspan=2><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center><B>Pennsylvania</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center><B>0-11204</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center><B>25-1424278</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>(State or other jurisdiction</P>
<P style="margin:0px" align=center>of incorporation)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>(Commission</P>
<P style="margin:0px" align=center>File Number)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center>(IRS Employer</P>
<P style="margin:0px" align=center>Ident. No.)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230><P style="margin:0px" align=center>&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center>&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=2 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=475 colspan=4><P style="margin:0px" align=center><B>Main and Franklin Streets, Johnstown, Pennsylvania</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center><B>15901</B></P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=0.933 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=475 colspan=4><P style="margin:0px" align=center>(Address of principal executive offices)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=bottom width=14 colspan=2><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px" align=center>(Zip Code)</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=0.933 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center>&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center><B>(814) 533-5300</B></P>
<P style="margin:0px" align=center>Registrant<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s telephone number, including area code</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center>&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center><B>N/A</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=720 colspan=9><P style="margin:0px" align=center>(Former name or former address, if changed since last report.)</P>
</TD></TR>
</TABLE>
<DIV style="width:624px"><P style="margin:0px"><BR></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px">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:</P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-family:'Wingdings'">o<FONT style="font-family:'Times New Roman'"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-family:'Wingdings'">o<FONT style="font-family:'Times New Roman'"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-family:'Wingdings'">o<FONT style="font-family:'Times New Roman'"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; font-family:'Wingdings'">o<FONT style="font-family:'Times New Roman'"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))</FONT></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&#160;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #7F0000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; page-break-before:always"><B>Item 8.01 &nbsp;&nbsp;&nbsp;&nbsp;Other Events.</B></P>
<P style="margin:0px; text-indent:48px; font-size:12pt">On December 22, 2017, <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>H.R.1,<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font> known as the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>Tax Cuts and Jobs Act,<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font> was signed into law (the&#160;<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>Act<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>). &nbsp;The Act, among other things, reduces the corporate income tax rate from 35% to 21%, effective January 1, 2018. &nbsp;As of September&#160;30, 2017, AmeriServ Financial Inc. (the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) had a net deferred tax asset totaling $9.3&#160;million. &nbsp;In light of the passage of the Act, the Company performed a preliminary analysis to determine the impact of the revaluation of the deferred tax asset because of the new lower tax rate. &nbsp;Using information available at this time, the Company estimates that it will reduce the value of its net deferred tax asset by approximately $2.6 million, which will be recorded as additional income tax expense in our statement of operations during the fourth quarter of 2017. &nbsp;This additional non-cash income tax charge is estimated to negatively impact both earnings per share and tangible book value per share by approximately ($0.14) in the fourth quarter of 2017. &nbsp;However, beginning in 2018, the expected reduction in the Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s effective tax rate from near 32% to approximately 20% will provide a meaningful boost to future earnings. &nbsp;The Company expects to release its fourth quarter and full year 2017 earnings on January 23, 2018. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px; font-size:12pt">The Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s revaluation of the deferred tax asset is subject to further refinement as additional information and further clarification of the Act becomes available and further analysis is completed. &nbsp;At this time, the Company is unable to make a final determination of the precise impact on its earnings. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt"><B>Forward-Looking Statements </B></P>
<P style="margin:0px; font-size:12pt">The Company may from time to time make written or oral forward-looking statements, which can be identified by the use of words such as <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>believes,<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font> <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>expects,<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font> <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>anticipates,<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font> <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>estimates<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font> or similar expressions, including statements contained in the Company's filings with the Securities and Exchange Commission (the&#160;<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>SEC<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) (including this Current Report on Form 8-K), in its reports to shareholders and in other communications by the Company, which are made in good faith by the Company pursuant to the &quot;safe harbor&quot; provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the &quot;Reform Act&quot;). &nbsp;All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including statements relating to anticipated impact of the Act on the Company<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s deferred tax asset, effective tax rates and future earnings, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, including year-end or other adjustments in connection with the preparation of audited financial statements for the year ended December 31, 2017, many of which are beyond the Company's control. &nbsp;&nbsp;Such risks and uncertainties are detailed in the Company's filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2016. The statements in this Current Report on Form&#160;8-K are made as of the date of this Current Report on Form&#160;8-K, even if subsequently made available by the Company on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&#160;</P>
<P style="margin:0px" align=center><U>SIGNATURES</U></P>
<P style="margin:0px">&#160;</P>
<P style="margin:0px; text-indent:48px">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.</P>
<P style="margin:0px">&#160;</P>
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<TR><TD style="margin-top:0px; padding:0px" width=426><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=34><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=11><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=197><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=50><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; padding:0px" width=1><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=293 colspan=5><P style="margin:0px">AMERISERV FINANCIAL, INC.</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=259 colspan=4><P style="margin:0px">&#160;</P>
</TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;<FONT style="font-size:10pt">Dated: &nbsp;</FONT><FONT style="font-size:10pt">January</FONT><FONT style="font-size:10pt"> </FONT><FONT style="font-size:10pt">1</FONT><FONT style="font-size:10pt">1</FONT><FONT style="font-size:10pt">, 201</FONT><FONT style="font-size:10pt">8</FONT></P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px">By:</P>
</TD><TD style="margin-top:0px; padding:0px; border-bottom:1px solid #000000" valign=top width=208 colspan=2><P style="margin:0px">/s/ &nbsp;Michael D. Lynch</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=50><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=1><P style="margin:0px; font-size:1pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=11><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=247 colspan=2><P style="margin:0px">Michael D. Lynch</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" valign=top width=426><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=34><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=11><P style="margin:0px; font-size:1pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=247 colspan=2><P style="margin:0px">Senior Vice President and<BR>
Chief Financial Officer</P>
</TD><TD style="margin-top:0px; padding:0px" valign=top width=230 colspan=2><P style="margin:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; padding:0px" width=426><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=34><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=11><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=197><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=50><P style="margin:0px; font-size:8pt">&#160;</P>
</TD><TD style="margin-top:0px; padding:0px" width=1><P style="margin:0px; font-size:8pt">&nbsp;</P></TD></TR>
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