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The analysis made by study report reflects a trend of concentration of bank advances to primarily three provinces or regions of the country i.
The business sector considers that bank advances are a close substitute for money transactions balances.
The financial impact of the sale of securities and the prepayment of the Federal Home Loan Bank advances will reduce the Company's pretax income by approximately $1.
These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products and services; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws; and achieving the expected benefits of the prepayment of the Federal Home Loan Bank advances.
Acquisition of capital assets (208) (288) (208) (288) Increase in Cash 12,057 631 Bank Advances - Beginning of Period (473) (3,586)
The net proceeds of the equity offering will be used as follows: $1 million downstreamed to ASRVB to support the prepayment of approximately $100 million of Federal Home Loan Bank advances (6% interest rate and 2010 maturity) and related interest rate swaps, $1 million capital infusion into AmeriServ Trust and Financial Services Company to support growth, and $7.
This growth in assets was primarily funded by a $54 million increase in deposits to $293 million and, a $16 million increase in Federal Home Loan Bank advances.
Another factor was a margin squeeze associated with sharp increases in short-term cost of funds, primarily from Home Loan Bank advances.
These investments were funded primarily with Federal Home Loan Bank advances.
The company also announced that in the fourth quarter, it is prepaying approximately $42 million in fixed-rate Federal Home Loan Bank advances at a cost of approximately $2.
3 million combined decrease in ESB-NC's deposits and Federal Home Loan Bank advances.
The Corporation prepaid approximately $81 million in longer-term, fixed rate Federal Home Loan Bank advances that carried a weighted average rate of 6.