Form 8-K

8-K — AMERISERV FINANCIAL INC /PA/

Accession: 0001104659-26-045779

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000707605

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — asrv-20260421x8k.htm (Primary)

EX-99.1 (asrv-20260421xex99d1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: asrv-20260421x8k.htm · Sequence: 1

AMERISERV FINANCIAL, Inc._April 21, 2026

0000707605false00007076052026-04-212026-04-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 21, 2026

AMERISERV FINANCIAL, Inc.

(exact name of registrant as specified in its charter)

Pennsylvania

0-11204

25-1424278

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

Main and Franklin Streets, Johnstown, PA

15901

(address of 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-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title Of Each Class

Trading Symbol

Name of Each Exchange On Which Registered

Common Stock

ASRV

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Form 8-K

Item 2.02 Results of operation and financial condition.

AMERISERV FINANCIAL, Inc. (the "Registrant") announced first quarter 2026 results through March 31, 2026. For a more detailed description of the announcement see the press release attached as Exhibit 99.1.

Item 8.01 Other events.

On April 21, 2026, the Registrant issued a press release announcing that its Board of Directors declared a $0.03 per share quarterly common stock cash dividend. The cash dividend is payable May 18, 2026 to shareholders of record on May 4, 2026. The press release, attached hereto as Exhibit 99.1, is incorporated herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

99.1

Press release dated April 21, 2026, announcing first quarter 2026 earnings through March 31, 2026 and quarterly common stock cash dividend.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

Date: April 21, 2026

/s/ Michael D. Lynch

Michael D. Lynch

EVP & CFO

EX-99.1

Filename: asrv-20260421xex99d1.htm · Sequence: 2

Exhibit 99.1

AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FIRST QUARTER OF 2026 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND

JOHNSTOWN, PA - AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first quarter 2026 net income of $1,794,000, or $0.11 per diluted common share. This compares to net income for the first quarter of 2025 of $1,908,000, or $0.12 per diluted common share. The following table details the Company’s financial performance for the quarters ended March 31, 2026 and 2025:

First

Quarter

2026

First

Quarter

2025

$ Change

% Change

Net income

1,794,000

1,908,000

(114,000)

(6.0)%

Diluted earnings per share

0.11

0.12

(0.01)

(8.3)%

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the first quarter 2026 financial results: “AmeriServ Financial achieved positive operating leverage in the first quarter of 2026 as our total revenue increased at a faster rate than our total non-interest expense. The increase in total revenue was caused by meaningful improvement in our net interest income because of effective balance sheet management. Specifically, our net interest margin increased by 25-basis points from the first quarter of 2025 leading to an $897,000 increase in net interest income, which is important since this category represents approximately 73% of our total revenue. Our Company is well positioned for organic growth in 2026 as we have strong liquidity and solid capital. We will continue to diligently focus on both revenue growth and expense control to further improve the Company’s operating efficiency in 2026.”

All first quarter financial performance metrics within this document are compared to the first quarter of 2025 unless otherwise noted.

Net interest income in the first quarter of 2026 increased by $897,000, or 9.0%, when compared to the first quarter of 2025. The Company’s net interest margin of 3.26% for the first quarter of 2026 represents a 25-basis point improvement from the first quarter of 2025. Along with the significantly improved net interest margin performance, the increase also reflects controlled balance sheet growth, as both total earning assets and total deposits are at higher average levels due to our effective balance sheet management and business development strategies. This, combined with effective pricing strategies, resulted in both the total earning asset yield and cost of interest-bearing funds improving between years. The Federal Reserve’s action to lower short-term interest rates during the final four months of 2025 favorably impacted total interest-bearing deposits and borrowings costs. Also, while the U.S. Treasury yield curve is relatively flat on the short end, yields in the mid to long end of the curve are higher and demonstrate a steeper upward slope which favorably impacted earning asset yields. Management believes the net interest margin will continue to improve as we move through 2026 given the effective execution of our strategy. Non-interest expense increased in the first quarter of 2026 compared to last year’s first quarter while non-interest income decreased compared to the first quarter of 2025. The first quarter provision for credit losses in 2026 was at a normal level but compared unfavorably to a credit recognized for the provision in the first quarter of last year. Overall, the Company’s earnings performance for the first quarter of 2026 compares unfavorably to the first quarter of 2025 by $114,000, or 6.0%, as the improvement in net interest income was more than offset by higher total non-interest expense, the higher provision for credit losses and the lower level of non-interest income.

Total investment securities averaged $271.6 million for the first quarter of 2026, which was $24.9 million, or 10.1%, higher than the $246.7 million average for the first quarter of 2025. Additionally, overnight short-term investments were higher by $17.0 million in the first quarter of 2026. These increases reflect a higher level of loan prepayment activity as well as our liquidity position strengthening throughout 2025 and the first quarter of 2026 due to deposit growth. Therefore, more funds were available to invest in the securities portfolio during a time when security yields improved, making purchases more attractive. As a result, the securities portfolio grew by $31.6 million, or 13.7%, since March 31, 2025. New investment security purchases were also necessary to replace cash flow from maturing securities to maintain appropriate balances for pledging purposes related to public fund deposits. The higher balances and improved yields for new securities purchases caused interest income from investments to increase by $582,000, or 23.2%, for the first quarter of 2026 compared to last year’s first quarter.

Total average loans for the first quarter of 2026 declined from the first quarter of 2025 by $37.5 million, or 3.5%, due to increased loan payoff activity, particularly from the commercial real estate (CRE) portfolio, during the second half of 2025 and exceeded loan originations. Total loans continue to be above the $1.0 billion threshold, averaging $1.027 billion for the first quarter of 2026. Total loan interest income in the first quarter of 2026 declined compared to the first quarter of 2025 as the lower average loan balance more than offset the more favorable interest rate environment in 2026, and a portion of CRE loans, that were booked during the COVID pandemic when interest rates were low, repricing upward during the first quarter of 2026. Total loan interest income decreased by $102,000, or 0.7%, when compared to the first quarter of 2025. Overall, the first quarter of 2026 average balance of total interest earning assets increased from last year’s first quarter average by $11.7 million, or 0.9%, while total interest income increased by $480,000, or 2.8%, from the first quarter of 2025.

On the liability side of the balance sheet, total average deposits for the first quarter of 2026 were $24.5 million, or 2.0%, higher when compared to the first quarter average of 2025 due to the Company’s successful business development efforts. Additionally, the Company’s core deposit base continues to demonstrate the strength and stability that it has for many years due to customer loyalty and confidence in AmeriServ Financial Bank. The Company does not utilize brokered deposits as a funding source. The loan to deposit ratio averaged 82.7% in the first quarter of 2026, which indicates that the Company has ample capacity to continue to grow its loan portfolio and is well positioned to support our customers and our community during times of economic volatility.

Total interest expense decreased favorably by $417,000, or 5.9%, for the first quarter of 2026 when compared to the same time period of 2025. Deposit interest expense decreased by $205,000, or 3.3%, despite total average interest-bearing deposits growing by $39.2 million, or 3.8%, compared to the first quarter of 2025. The decrease in deposit interest expense reflects management’s effective deposit pricing strategies along with the benefit of the Federal Reserve easing monetary policy during the final four months of 2025. This reduction in interest-bearing deposit costs contributed to the previously mentioned improvement in the net interest margin. Overall, total deposit cost (including the benefit of non-interest-bearing demand deposits) averaged 1.93% for the first quarter of 2026, which is an 11-basis point improvement from the first quarter of 2025.

Total borrowings interest expense decreased by $212,000, or 21.9%, for the first quarter of 2026. The Company’s utilization of overnight borrowed funds during the first quarter of 2026 was lower than it was for the first quarter of 2025, resulting in the first quarter average decreasing by $5.6 million, or 86.7%, due to the higher level of total average deposits. Also, management elected not to replace the majority of maturing Federal Home Loan Bank (FHLB) term advances during the full year of 2025 and did not replace any during the first quarter of 2026 because of the strength of the Company’s liquidity position. Therefore, the total average balance of advances from the FHLB during the first quarter of 2026 decreased by $12.2 million, or 22.2%, from last year’s first quarter. The decrease in borrowings interest expense also reflects the Federal Reserve’s 2025 action to ease monetary policy by 75-basis points which had an immediate and favorable impact on the cost of overnight borrowed funds.

The Company recorded a $217,000 provision for credit losses in the first quarter of 2026 after recording a $97,000 provision recovery in the first quarter of 2025, resulting in an unfavorable shift of $314,000. The provision for credit losses in the first quarter reflects a $284,000 provision for credit losses on loans resulting from updates to both historical loss rates and qualitative adjustments and an additional $27,000 of provision expense was recognized to create a partial reserve for a senior debt corporate investment within the securities portfolio. Both of these items were partially offset by a $94,000 provision recovery related to unfunded commitments because of a decline in outstanding loan commitments.

Non-performing assets were relatively stable since December 31, 2025, increasing by $204,000, or 2.4%, and totaling $8.7 million. The increase reflects the transfer of a $500,000 senior debt corporate security into non-accrual status that became impaired during the first quarter of 2026. The transfer of this security into non-accrual status more than offset a $296,000 reduction to non-performing loans since year end 2025. Non-performing loans represented 0.78% of total loans at March 31, 2026 and decreased by 2-basis points from December 31, 2025. The Company recognized net loan charge-offs of $206,000, or 0.08% of total average loans, in the first quarter of 2026 compared to net loan charge-offs of $64,000, or 0.02% of total average loans, in the first quarter of 2025. Overall, the Company’s allowance for loan credit losses provided 165% coverage of non-performing loans and represented 1.28% of total loans at March 31, 2026.

Total non-interest income in the first quarter of 2026 decreased by $154,000, or 3.7%, from the prior year's first quarter. Other income is lower by $110,000, or 15.9%, after a net gain was recognized from two separate sales in the first quarter of 2025 of a Bank branch office and an OREO property. There was no such sale activity in the first quarter of 2026. Also, contributing to the unfavorable comparison for total non-interest income was the Company recognizing a $63,000 loss on trading securities from a $7.2 million trading account that did not exist in the first quarter of 2025. Partially offsetting these unfavorable items were increases to service charges on deposit accounts by $27,000, or 9.8%, because of the deposit growth the Company experienced and a $22,000, or 78.6%, increase in mortgage banking revenue due to increased production in 2026. Finally, wealth management fees are relatively consistent with the level achieved in the first quarter of 2025. Overall, the fair market value of wealth management assets totaled $2.6 billion at March 31, 2026 and decreased by $68.0 million, or 2.5%, since December 31, 2025.

Total non-interest expense in the first quarter of 2026 increased by $595,000, or 5.1%, when compared to the first quarter of 2025. Professional fees increased by $480,000, or 70.1%, due to additional expenses related to the amended and restated consulting agreement with SB Value Partners that expands the nature and scope of the consulting services provided to the Company. Details of this revised agreement were provided in the Company’s Report on Form 8-K filed on January 7, 2026. Also contributing to the increase in professional fees were higher costs for recruitment and outside professional services. Other expenses were $108,000, or 9.5%, higher due to the bank having to recognize additional workout expenses related to a loan relationship secured by an owner-occupied CRE property. The additional costs related to this property were the sole reason for the unfavorable quarter over quarter comparison for other expenses. Slightly offsetting the higher level of expense was reduced FDIC deposit insurance expense by $30,000, or 12.5%.

The Company recorded income tax expense of $426,000 in the first quarter of 2026, or an effective tax rate of 19.2%, which compares to income tax expense of $478,000, or an effective tax rate of 20.0%, in the first quarter of 2025.

The Company had total assets of $1.47 billion, shareholders' equity of $120.7 million, a book value of $7.12 per common share and a tangible book value of $6.31(1) per common share on March 31, 2026. Book value per common share increased by $0.42, or 6.3%, and tangible book value per common share also increased by $0.43, or 7.3%, over the past 12 months. The Company and Bank continued to maintain strong capital ratios that exceed the regulatory defined well-capitalized status as of March 31, 2026.

QUARTERLY COMMON STOCK DIVIDEND

The Company’s Board of Directors declared a $0.03 per share quarterly common stock cash dividend. The cash dividend is payable May 18, 2026, to shareholders of record on May 4, 2026. This cash dividend represents a 3.0% annualized yield using the April 17, 2026 closing stock price of $3.94 and a 27.3% payout ratio based upon 2026 first quarter earnings.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, market conditions, dividend program, and future payment obligations. These statements may be identified by such forward-looking terminology as "continuing," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy," or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in the financial markets, the level of inflation, and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects to our banking platform, including risks and unanticipated costs related to a core system migration; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers’ expectations for convenience and security; and the inability to successfully implement or expand new lines of business or new products and services. These forward-looking statements involve risks and uncertainties that could cause AmeriServ's results to differ materially from management's current expectations. Such risks and uncertainties are detailed in AmeriServ's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements are based on the beliefs and assumptions of AmeriServ's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement.

(1)Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

SUPPLEMENTAL FINANCIAL PERFORMANCE DATA

March 31, 2026

(Dollars in thousands, except per share and ratio data)

(Unaudited)

2026

1QTR

PERFORMANCE DATA FOR THE PERIOD:

Net income (loss)

1,794

PERFORMANCE PERCENTAGES (annualized):

Return on average assets

0.50

Return on average equity

6.03

Return on average tangible common equity (1)

6.80

Net interest margin

3.26

Net charge-offs (recoveries) as a percentage of average loans

0.08

Efficiency ratio (3)

83.26

EARNINGS PER COMMON SHARE:

Basic

0.11

Average number of common shares outstanding

16,927

Diluted

0.11

Average number of common shares outstanding

16,928

Cash dividends paid per share

0.03

2025

1QTR

2QTR

3QTR

4QTR

FULL YEAR 2025

PERFORMANCE DATA FOR THE PERIOD:

Net income (loss)

1,908

(282)

2,544

1,442

5,612

PERFORMANCE PERCENTAGES (annualized):

Return on average assets

0.54

(0.08)

0.70

0.39

Return on average equity

7.12

(1.02)

9.06

4.96

5.03

Return on average tangible common equity (1)

8.14

(1.16)

10.32

5.63

5.73

Net interest margin

3.01

3.10

3.27

3.23

3.15

Net charge-offs (recoveries) as a percentage of average loans

0.02

1.09

(0.01)

0.74

0.46

Efficiency ratio (3)

83.67

80.73

77.55

84.14

81.47

EARNINGS PER COMMON SHARE:

Basic

0.12

(0.02)

0.15

0.09

0.34

Average number of common shares outstanding

16,519

16,521

16,520

Diluted

0.12

(0.02)

0.15

0.09

0.34

Average number of common shares outstanding

16,519

16,562

16,530

Cash dividends paid per share

0.03

0.12

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

(Dollars in thousands, except per share, statistical, and ratio data)

(Unaudited)

2026

1QTR

FINANCIAL CONDITION DATA AT PERIOD END:

Assets

1,472,654

Short-term investments/overnight funds

41,039

Investment securities, net of allowance for credit losses - securities

263,085

Trading securities

7,164

Total loans and loans held for sale, net of unearned income

1,031,482

Allowance for credit losses - loans

13,206

Intangible assets

13,662

Deposits

1,269,950

Short-term and FHLB borrowings

40,895

Subordinated debt, net

26,778

Shareholders’ equity

120,703

Non-performing assets

8,722

Tangible common equity ratio (1)

7.34

Total capital (to risk weighted assets) ratio

13.47

PER COMMON SHARE:

Book value

7.12

Tangible book value (1)

6.31

Market value (2)

3.62

Wealth management assets – fair market value (4)

2,613,708

STATISTICAL DATA AT PERIOD END:

Full-time equivalent employees

299

Branch locations

Common shares outstanding

16,964,267

2025

1QTR

2QTR

3QTR

4QTR

FINANCIAL CONDITION DATA AT PERIOD END:

Assets

1,431,524

1,448,733

1,461,494

1,453,813

Short-term investments/overnight funds

3,865

4,805

39,098

39,418

Investment securities, net of allowance for credit losses - securities

231,454

237,320

236,740

248,484

Trading securities

4,205

4,462

7,253

Total loans and loans held for sale, net of unearned income

1,062,326

1,069,220

1,055,683

1,032,968

Allowance for credit losses - loans

13,812

14,060

14,408

13,128

Intangible assets

13,682

13,677

13,672

13,667

Deposits

1,216,838

1,244,533

1,258,588

1,248,128

Short-term and FHLB borrowings

63,121

51,611

48,023

44,615

Subordinated debt, net

26,736

26,747

26,757

26,767

Shareholders’ equity

110,759

110,921

114,575

119,312

Non-performing assets

14,971

16,419

14,953

8,518

Tangible common equity ratio (1)

6.85

6.78

6.97

7.34

Total capital (to risk weighted assets) ratio

12.73

12.50

12.97

13.30

PER COMMON SHARE:

Book value

6.70

6.71

6.94

7.22

Tangible book value (1)

5.88

5.89

6.11

6.39

Market value (2)

2.43

3.04

2.90

3.19

Wealth management assets – fair market value (4)

2,486,920

2,583,839

2,661,214

2,681,678

STATISTICAL DATA AT PERIOD END:

Full-time equivalent employees

298

309

306

298

Branch locations

Common shares outstanding

16,519,267

16,522,267

NOTES:

(1) Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

(2) Based on closing price reported by the principal market on which the share is traded on the last business day of the corresponding reporting period.

(3) Ratio calculated by dividing total non-interest expense by tax equivalent net interest income plus total non-interest income.

(4) Not recognized on the consolidated balance sheets.

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

CONSOLIDATED STATEMENT OF INCOME

(Dollars in thousands)

(Unaudited)

2026

1QTR

INTEREST INCOME

Interest and fees on loans

14,406

Interest on investments

3,096

Total Interest Income

17,502

INTEREST EXPENSE

Deposits

5,919

All borrowings

755

Total Interest Expense

6,674

NET INTEREST INCOME

10,828

Provision (recovery) for credit losses

217

NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES

10,611

NON-INTEREST INCOME

Wealth management fees

2,860

Service charges on deposit accounts

302

Mortgage banking revenue

(Loss) gain on trading securities

(63)

Bank owned life insurance

238

Other income

580

Total Non-Interest Income

3,967

NON-INTEREST EXPENSE

Salaries and employee benefits

7,225

Net occupancy expense

843

Equipment expense

408

Professional fees

1,165

Data processing and IT expense

1,267

FDIC deposit insurance expense

210

Other expense

1,240

Total Non-Interest Expense

12,358

PRETAX INCOME (LOSS)

2,220

Income tax expense (benefit)

426

NET INCOME (LOSS)

1,794

2025

1QTR

2QTR

3QTR

4QTR

FULL YEAR 2025

INTEREST INCOME

Interest and fees on loans

14,508

14,932

15,688

15,032

60,160

Interest on investments

2,514

2,757

2,795

3,128

11,194

Total Interest Income

17,022

17,689

18,483

18,160

71,354

INTEREST EXPENSE

Deposits

6,124

6,408

6,549

6,390

25,471

All borrowings

967

887

927

839

3,620

Total Interest Expense

7,091

7,295

7,476

7,229

29,091

NET INTEREST INCOME

9,931

10,394

11,007

10,931

42,263

Provision (recovery) for credit losses

(97)

3,133

360

724

4,120

NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES

10,028

7,261

10,647

10,207

38,143

NON-INTEREST INCOME

Wealth management fees

2,864

2,782

2,849

3,065

11,560

Service charges on deposit accounts

275

267

303

300

1,145

Mortgage banking revenue

184

(Loss) gain on trading securities

118

Bank owned life insurance

264

244

533

243

1,284

Other income

690

710

622

676

2,698

Total Non-Interest Income

4,121

4,096

4,401

4,371

16,989

NON-INTEREST EXPENSE

Salaries and employee benefits

7,223

7,076

7,317

7,323

28,939

Net occupancy expense

841

746

705

692

2,984

Equipment expense

390

404

376

389

1,559

Professional fees

685

903

601

1,566

3,755

Data processing and IT expense

1,252

1,153

1,247

1,301

4,953

FDIC deposit insurance expense

240

260

247

987

Other expense

1,132

1,187

1,458

1,382

5,159

Total Non-Interest Expense

11,763

11,709

11,964

12,900

48,336

PRETAX INCOME (LOSS)

2,386

(352)

3,084

1,678

6,796

Income tax expense (benefit)

478

(70)

540

236

1,184

NET INCOME (LOSS)

1,908

(282)

2,544

1,442

5,612

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

AVERAGE BALANCE SHEET DATA

(Dollars in thousands)

(Unaudited)

2026

2025

1QTR

Interest earning assets:

Loans and loans held for sale, net of unearned income

1,027,165

1,064,629

Short-term investments and bank deposits

28,846

11,828

Investment securities

271,564

246,682

Trading securities

7,240

Total interest earning assets

1,334,815

1,323,139

Non-interest earning assets:

Cash and due from banks

13,975

15,769

Premises and equipment

17,399

17,999

Other assets

94,898

89,087

Allowance for credit losses

(13,437)

(14,480)

Total assets

1,447,650

1,431,514

Interest bearing liabilities:

Interest bearing deposits:

Interest bearing demand

323,978

341,608

Savings

124,044

121,122

Money market

250,933

237,760

Other time

377,195

336,504

Total interest bearing deposits

1,076,150

1,036,994

Borrowings:

Short-term borrowings

851

6,421

Advances from Federal Home Loan Bank

42,700

54,906

Subordinated debt

27,000

Lease liabilities

3,869

4,207

Total interest bearing liabilities

1,150,570

1,129,528

Non-interest bearing liabilities:

Demand deposits

166,099

180,788

Other liabilities

10,305

12,492

Shareholders’ equity

120,676

108,706

Total liabilities and shareholders’ equity

1,447,650

1,431,514

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

2026

Common Stock

Treasury Stock

Surplus

RETAINED EARNINGS

ACCUMULATED OTHER COMPREHENSIVE LOSS

TOTAL

Balance at December 31, 2025

270

(84,791)

140,070

64,112

(7,349)

119,312

Net income

1,794

Exercise of stock options and stock option expense

Adjustment for defined benefit pension plan

346

Adjustment for unrealized loss on available for sale securities

(1,039)

Market value adjustment for interest rate hedge

Common stock issued

705

707

Common stock cash dividend

(508)

Balance at March 31, 2026

272

(84,791)

147,802

65,398

(7,978)

120,703

2025

Common Stock

Treasury Stock

Surplus

RETAINED EARNINGS

ACCUMULATED OTHER COMPREHENSIVE LOSS

TOTAL

Balance at December 31, 2024

268

(84,791)

146,372

60,482

(15,083)

107,248

Net income

1,908

Adjustment for unrealized gain on available for sale securities

2,124

Market value adjustment for interest rate hedge

(25)

Common stock cash dividend

(496)

Balance at March 31, 2025

268

(84,791)

146,372

61,894

(12,984)

110,759

Net loss

(282)

Adjustment for unrealized gain on available for sale securities

901

Market value adjustment for interest rate hedge

Common stock cash dividend

(495)

Balance at June 30, 2025

268

(84,791)

146,372

61,117

(12,045)

110,921

Net income

2,544

Adjustment for unrealized gain on available for sale securities

1,610

Market value adjustment for interest rate hedge

(5)

Common stock cash dividend

(495)

Balance at September 30, 2025

268

(84,791)

146,372

63,166

(10,440)

114,575

Net income

1,442

Exercise of stock options and stock option expense

Common stock issuable

689

691

Adjustment for defined benefit pension plan

2,215

Adjustment for unrealized gain on available for sale securities

843

Market value adjustment for interest rate hedge

Common stock cash dividend

(496)

Balance at December 31, 2025

270

(84,791)

147,070

64,112

(7,349)

119,312

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER SHARE

(Dollars in thousands, except share, per share, and ratio data)

(Unaudited)

The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are "return on average tangible common equity", "tangible common equity ratio", and "tangible book value per share". This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. These non-GAAP measures are used by management in their analysis of the Company's performance or, management believes, facilitate an understanding of the Company's performance. We also believe that presenting non-GAAP financial measures provides additional information to facilitate comparison of our historical operating results and trends in our underlying operating results. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends.

2026

1QTR

RETURN ON AVERAGE TANGIBLE COMMON EQUITY

Net income (loss)

1,794

Average shareholders’ equity

120,676

Less: Average intangible assets

13,664

Average tangible common equity

107,012

Return on average tangible common equity (annualized)

6.80

1QTR

TANGIBLE COMMON EQUITY

Total shareholders’ equity

120,703

Less: Intangible assets

13,662

Tangible common equity

107,041

TANGIBLE ASSETS

Total assets

1,472,654

Less: Intangible assets

13,662

Tangible assets

1,458,992

Tangible common equity ratio

7.34

Total shares outstanding

16,964,267

Tangible book value per share

6.31

2025

1QTR

2QTR

3QTR

4QTR

FULL YEAR 2025

RETURN ON AVERAGE TANGIBLE COMMON EQUITY

Net income (loss)

1,908

(282)

2,544

1,442

5,612

Average shareholders’ equity

108,706

110,939

111,470

115,240

111,606

Less: Average intangible assets

13,684

13,679

13,674

13,669

13,676

Average tangible common equity

95,022

97,260

97,796

101,571

97,930

Return on average tangible common equity (annualized)

8.14

(1.16)

10.32

5.63

5.73

1QTR

2QTR

3QTR

4QTR

TANGIBLE COMMON EQUITY

Total shareholders’ equity

110,759

110,921

114,575

119,312

Less: Intangible assets

13,682

13,677

13,672

13,667

Tangible common equity

97,077

97,244

100,903

105,645

TANGIBLE ASSETS

Total assets

1,431,524

1,448,733

1,461,494

1,453,813

Less: Intangible assets

13,682

13,677

13,672

13,667

Tangible assets

1,417,842

1,435,056

1,447,822

1,440,146

Tangible common equity ratio

6.85

6.78

6.97

7.34

Total shares outstanding

16,519,267

16,522,267

Tangible book value per share

5.88

5.89

6.11

6.39

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