Form 8-K

8-K — AMERISERV FINANCIAL INC /PA/

Accession: 0001104659-26-117201

Filed: 2026-10-20

Period: 2026-10-20

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-20261020x8k.htm (Primary)

EX-99.1 (asrv-ex99d1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: asrv-20261020x8k.htm · Sequence: 1

AMERISERV FINANCIAL, Inc._October 20, 2026

0000707605false00007076052026-10-202026-10-20

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) October 20, 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 third quarter and first nine months of 2026 results through September 30, 2026. For a more detailed description of the announcement see the press release attached as Exhibit 99.1.

Item 8.01 Other events.

On October 20, 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 November 16, 2026 to shareholders of record on November 2, 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 October 20, 2026, announcing third quarter and first nine months of 2026 earnings through September 30, 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: October 20, 2026

/s/ Jeffrey A. Stopko

Jeffrey A. Stopko

President, Chief Executive Officer & Chief Financial Officer

EX-99.1

Filename: asrv-ex99d1.htm · Sequence: 2

Exhibit 99.1

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

JOHNSTOWN, PA - AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2026 net income of $3,100,000, or $0.18 per diluted common share. This earnings performance represented a $556,000, or 21.9%, improvement from the third quarter of 2025 when net income totaled $2,544,000, or $0.15 per diluted common share. For the nine-month period ended September 30, 2026, the Company reported net income of $7,632,000, or $0.45 per diluted common share. This represented an 80.0% increase in earnings per share from the nine-month period of 2025 when net income totaled $4,170,000, or $0.25 per diluted common share. The following table details the Company’s financial performance for the three- and nine-month periods ended September 30, 2026 and 2025:

Third

Quarter

2026

Third

Quarter

2025

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Net income

3,100,000

2,544,000

7,632,000

4,170,000

Diluted earnings per share

0.18

0.15

0.45

0.25

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the third quarter 2026 financial results: “AmeriServ Financial achieved record quarterly earnings in the third quarter of 2026 due to growth in total revenue and favorable asset quality trends. The increase in total revenue was caused by improvement in our net interest income for both the third quarter and first nine months of 2026 because of effective balance sheet management. Specifically, our net interest margin increased by 21-basis points in the first nine months of 2026 leading to a $2.3 million increase in net interest income, which is important since it represents approximately 72% of our total revenue. The reengineering of our wealth management business is yielding positive results and contributed to growth in non-interest revenue. Our Company is well positioned for growth in the future as we have solid capital and improving efficiency.”

All third quarter and nine months 2026 financial performance metrics within this document are compared to the third quarter and nine months of 2025 unless otherwise noted.

Net interest income in the third quarter of 2026 increased by $438,000, or 4.0%, from the prior year's third quarter and, for the first nine months of 2026, increased by $2.3 million, or 7.3%, when compared to the first nine months of 2025. The Company’s net interest margin of 3.41% for the third quarter of 2026 and 3.34% for the nine months of 2026 represents a 14-basis point improvement for the quarter and a 21-basis point increase for the nine-months. Along with the sharply 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 effective balance sheet management. This, combined with effective pricing strategies and a steeper U.S. Treasury yield curve, resulted in both the total earning asset yield and cost of interest-bearing funds improving between years. Management believes the favorable net interest margin performance experienced in the first nine months of 2026 will continue into the fourth quarter. Earnings performance in 2026 was also favorably impacted by a lower provision for credit losses reflecting improvement in the bank’s asset quality. An increase in non-interest expense for both 2026 time periods was partially offset by improved non-interest income for the same time frames. Overall, the improvement in the Company’s financial performance was caused by increased total revenue and a lower provision for credit losses which more than offset higher non-interest expense resulting in earnings through nine months of 2026 exceeding earnings through nine months of 2025 by $3.5 million, or 83%.

Total investment securities averaged $311.5 million for the third quarter of 2026, which was $55.8 million, or 21.8%, higher than the $255.8 million average for the third quarter of 2025. Similar trends were noted for the nine-month period. These increases reflect a higher level of loan prepayment activity as well as our liquidity position strengthening 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 $44.6 million, or 17.9%, since December 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 $719,000, or 25.7%, for the third quarter and by $2.0 million, or 25.3%, for the first nine months of 2026 compared to the same time periods last year.

Total average loans for the third quarter of 2026 declined from the third quarter of 2025 by $62.5 million, or 5.9%, due to increased loan payoff activity, particularly from the commercial real estate (CRE) portfolio, which exceeded loan originations. A similar trend was noted for the nine-month period as total average loans dropped $49.1 million, or 4.6%. As a result of this decline in the CRE loan portfolio and growth in the bank’s capital, the bank’s CRE loan concentration in relation to capital has dropped from 352% at December 31, 2025, to 319% at September 30, 2026. Total loan interest income decreased by $933,000, or 5.9%, for the third quarter and by $1.4 million, or 3.0%, for the first nine months of 2026 compared to the same time periods last year. This decline reflects the lower average loan balance more than offsetting the benefits of a better 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 in 2026. Overall, through nine months of 2026, the average balance of total interest earning assets increased from last year’s average by $7.3 million, or 0.5%, while total interest income increased by $676,000, or 1.3%, from the first nine months of 2025 due to the increased revenue contribution from the investment securities portfolio.

On the liability side of the balance sheet, total deposits averaged $1.24 billion for the third quarter of 2026 which was modestly higher than the third quarter of 2025 average 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 81.0% in the third 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 by $652,000, or 8.7%, for the third quarter of 2026 and decreased by $1.6 million, or 7.3%, for the nine months when compared to both time periods of 2025. Deposit interest expense declined by $1.1 million, or 5.8%, through the first nine months of 2026 despite total average interest-bearing deposits growing by $29.0 million, or 2.7%, compared to the first nine months of last year. 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 1.92% for both the third quarter and first nine months of 2026, which is an 18-basis point improvement from the third quarter of 2025.

Total borrowings interest expense decreased by $93,000, or 10.0%, for the third quarter of 2026 and declined by $493,000, or 17.7%, for the first nine months when compared to both time periods of 2025. Due to the higher level of total average deposits, management elected not to replace maturing Federal Home Loan Bank (FHLB) advances during the first nine months of 2026. Therefore, the total average balance of FHLB borrowings for the first nine months of 2026 decreased by $15.9 million, or 27.7%, from the same period of last year. The cost of the company’s subordinated debt increased as of September 1, 2026, from its previous five-year fixed rate of 3.75% to a floating rate of 6.94% (311-basis points over three-month term SOFR) which increased interest expense by $72,000 in the third quarter of 2026.

The Company recorded a $3,000 provision for credit losses recovery in the third quarter of 2026 after recording a $360,000 provision for credit losses in the third quarter of 2025, resulting in a favorable shift of $363,000. For the first nine months of 2026, the Company recognized an $80,000 provision for credit losses recovery after recognizing a $3.4 million provision for credit losses in the first nine months of 2025, resulting in a net favorable change of $3.5 million. The provision recovery in both the third quarter and first nine months of 2026 reflected a continuing favorable trend for historical loan loss rates along with a softening of reserve requirements due to the contraction in the size of the loan portfolio. The large provision for credit losses in the first nine months of 2025 was needed to resolve the Company’s largest non-performing loan which also included a related $2.8 million loan charge-off in the second quarter of last year.

Non-performing assets totaled $8.2 million at September 30, 2026, which represented a decrease of $326,000, or 3.8%, since year-end 2025. Non-performing loans represented 0.77% of total loans on September 30, 2026. The Company recognized net loan charge-offs of $228,000, or 0.03% of total average loans, in the first nine months of 2026 compared to net loan charge-offs of $2.9 million, or 0.37% of total average loans, in the first nine months of 2025. Overall, the Company’s allowance for loan credit losses provided 169% coverage of non-performing loans and represented 1.29% of total loans at September 30, 2026.

Total non-interest income in the third quarter of 2026 increased by $117,000, or 2.7%, from the prior year's third quarter and increased by $434,000, or 3.4%, in the first nine months of 2026 when compared to the first nine months of 2025. The increase in both time periods was due primarily to higher levels of wealth management fees in 2026 which increased by $595,000 in the third quarter and $903,000, or 10.6%, for the nine-month period. The third quarter increase included the receipt of a $402,000 transition payment for moving our broker dealer to Ameriprise Financial Services. The remainder of the increase for both periods was due to market appreciation of customer assets as the equity markets moved to record levels throughout 2026. Overall, the fair market value of wealth management assets totaled $2.8 billion at September 30, 2026, and increased by $121.9 million, or 4.5%, since December 31, 2025. Other income also increased by $366,000 for the third quarter and $328,000 for the nine months of 2026 due largely to positive adjustments to the fair market value of interest rate swaps related to a risk participation agreement for a commercial banking customer. These favorable items were partially offset by a decrease in BOLI revenue of $291,000 for the third quarter and $199,000 for the nine months due to fewer death claims in 2026. The Company also recognized a loss on trading securities of $438,000 for the third quarter and $441,000 for the nine months of 2026 as rising interest rates negatively impacted the performance of this asset.

Total non-interest expense in the third quarter of 2026 increased by $176,000, or 1.5%, when compared to the third quarter of 2025 and increased by $1.9 million, or 5.2%, during the first nine months of 2026 when compared to the same period in 2025. Professional fees increased by $664,000 for the third quarter and by $1.7 million, or 76.0%, for the nine months due to additional expenses related to expanded consulting services provided to the Company by SB Value Partners in accordance with the amended and restated consulting agreement. The costs related to the migration and upgrade of the bank’s core processing system caused data processing and IT expense

to increase by $110,000 for the third quarter and $202,000 for the first nine months of 2026. A reduced number of employees in 2026 caused salaries and employee benefits to decrease by $90,000 in the third quarter and to increase by only $248,000, or 1.1%, for the nine-month period. Other expenses decreased by $500,000 in the third quarter and $266,000, or 7.0%, for the nine months as the bank recognized a favorable settlement charge credit of $410,000 on the bank’s defined benefit pension plan in the third quarter of 2026.

The Company recorded income tax expense of $1.8 million in the first nine months of 2026, or an effective tax rate of 19.2%, which compares to income tax expense of $948,000, or an effective tax rate of 18.5%, in the first nine months of 2025. The higher income tax expense in 2026 was caused by the Company’s increased pre-tax earnings this year.

The Company had total assets of $1.45 billion, shareholders' equity of $122 million, a book value of $7.18 per common share and a tangible book value of $6.38(1) per common share on September 30, 2026. Book value per common share increased by $0.24, or 3.5%, and tangible book value per common share also increased by $0.27, or 4.4%, over the past 12 months. The Company and Bank continued to maintain a strong capital position that exceeds the regulatory defined well-capitalized status as of September 30, 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 November 16, 2026, to shareholders of record on November 2, 2026. This cash dividend represents a 2.6% annualized yield using the October 16, 2026, closing stock price of $4.54 and a 20% payout ratio based upon 2026 year to date 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

SEPTEMBER 30, 2026

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

(Unaudited)

2026

1QTR

2QTR

3QTR

YEAR TO DATE

PERFORMANCE DATA FOR THE PERIOD:

Net income (loss)

1,794

2,738

3,100

7,632

PERFORMANCE PERCENTAGES (annualized):

Return on average assets

0.50

0.75

0.85

0.70

Return on average equity

6.03

9.12

10.07

8.43

Return on average tangible common equity (1)

6.80

10.29

11.34

9.50

Net interest margin

3.26

3.34

3.41

3.34

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

0.08

0.01

0.00

0.03

Efficiency ratio (3)

83.26

80.22

75.78

79.66

EARNINGS PER COMMON SHARE:

Basic

0.11

0.16

0.18

0.45

Average number of common shares outstanding

16,927

16,964

16,977

16,957

Diluted

0.11

0.16

0.18

0.45

Average number of common shares outstanding

16,928

16,966

16,996

16,961

Cash dividends paid per share

0.03

0.09

2025

1QTR

2QTR

3QTR

YEAR TO DATE

PERFORMANCE DATA FOR THE PERIOD:

Net income (loss)

1,908

(282)

2,544

4,170

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

5.05

Return on average tangible common equity (1)

8.14

(1.16)

10.32

5.77

Net interest margin

3.01

3.10

3.27

3.13

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

0.02

1.09

(0.01)

0.37

Efficiency ratio (3)

83.67

80.73

77.55

80.55

EARNINGS PER COMMON SHARE:

Basic

0.12

(0.02)

0.15

0.25

Average number of common shares outstanding

16,519

Diluted

0.12

(0.02)

0.15

0.25

Average number of common shares outstanding

16,519

Cash dividends paid per share

0.03

0.09

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

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

(Unaudited)

2026

1QTR

2QTR

3QTR

FINANCIAL CONDITION DATA AT PERIOD END:

Assets

1,472,654

1,462,143

1,447,826

Short-term investments/overnight funds

41,039

14,188

10,963

Investment securities, net of allowance for credit losses - securities

263,085

290,636

293,057

Trading securities

7,164

8,588

7,884

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

1,031,482

1,015,774

996,543

Allowance for credit losses - loans

13,206

12,896

12,891

Intangible assets

13,662

13,658

13,654

Deposits

1,269,950

1,261,327

1,250,350

Short-term and FHLB borrowings

40,895

36,195

32,845

Subordinated debt, net

26,778

26,788

26,798

Shareholders’ equity

120,703

123,084

122,023

Non-performing assets

8,722

8,380

8,192

Tangible common equity ratio (1)

7.34

7.55

7.56

Community bank leverage ratio – AmeriServ Financial Bank

9.45

9.46

9.73

PER COMMON SHARE:

Book value

7.12

7.26

7.18

Tangible book value (1)

6.31

6.45

6.38

Market value (2)

3.62

3.88

4.61

Wealth management assets – fair market value (4)

2,613,708

2,756,776

2,803,549

STATISTICAL DATA AT PERIOD END:

Full-time equivalent employees

299

297

285

Branch locations

Common shares outstanding

16,964,267

16,989,267

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

Community bank leverage ratio – AmeriServ Financial Bank

9.20

9.12

9.26

9.32

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

2QTR

3QTR

YEAR TO DATE

INTEREST INCOME

Interest and fees on loans

14,406

14,601

14,755

43,762

Interest on investments

3,096

3,498

3,514

10,108

Total Interest Income

17,502

18,099

18,269

53,870

INTEREST EXPENSE

Deposits

5,919

6,064

5,990

17,973

All borrowings

755

699

834

2,288

Total Interest Expense

6,674

6,763

6,824

20,261

NET INTEREST INCOME

10,828

11,336

11,445

33,609

Provision (recovery) for credit losses

217

(294)

(3)

(80)

NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES

10,611

11,630

11,448

33,689

NON-INTEREST INCOME

Wealth management fees

2,860

3,094

3,444

9,398

Service charges on deposit accounts

302

275

247

824

Mortgage banking revenue

200

Net realized losses on investment securities

(21)

(Loss) gain on trading securities

(63)

(438)

(441)

Bank owned life insurance

238

362

242

842

Other income

580

717

953

2,250

Total Non-Interest Income

3,967

4,567

4,518

13,052

NON-INTEREST EXPENSE

Salaries and employee benefits

7,225

7,412

7,227

21,864

Net occupancy expense

843

789

744

2,376

Equipment expense

408

435

409

1,252

Professional fees

1,165

1,423

1,265

3,853

Data processing and IT expense

1,267

1,230

1,357

3,854

FDIC deposit insurance expense

210

196

180

586

Other expense

1,240

1,313

958

3,511

Total Non-Interest Expense

12,358

12,798

12,140

37,296

PRETAX INCOME (LOSS)

2,220

3,399

3,826

9,445

Income tax expense (benefit)

426

661

726

1,813

NET INCOME (LOSS)

1,794

2,738

3,100

7,632

2025

1QTR

2QTR

3QTR

YEAR TO DATE

INTEREST INCOME

Interest and fees on loans

14,508

14,932

15,688

45,128

Interest on investments

2,514

2,757

2,795

8,066

Total Interest Income

17,022

17,689

18,483

53,194

INTEREST EXPENSE

Deposits

6,124

6,408

6,549

19,081

All borrowings

967

887

927

2,781

Total Interest Expense

7,091

7,295

7,476

21,862

NET INTEREST INCOME

9,931

10,394

11,007

31,332

Provision (recovery) for credit losses

(97)

3,133

360

3,396

NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES

10,028

7,261

10,647

27,936

NON-INTEREST INCOME

Wealth management fees

2,864

2,782

2,849

8,495

Service charges on deposit accounts

306

301

338

945

Mortgage banking revenue

125

Net realized losses on investment securities

(Loss) gain on trading securities

Bank owned life insurance

264

244

533

1,041

Other income

659

676

587

1,922

Total Non-Interest Income

4,121

4,096

4,401

12,618

NON-INTEREST EXPENSE

Salaries and employee benefits

7,223

7,076

7,317

21,616

Net occupancy expense

841

746

705

2,292

Equipment expense

390

404

376

1,170

Professional fees

685

903

601

2,189

Data processing and IT expense

1,252

1,153

1,247

3,652

FDIC deposit insurance expense

240

260

740

Other expense

1,132

1,187

1,458

3,777

Total Non-Interest Expense

11,763

11,709

11,964

35,436

PRETAX INCOME (LOSS)

2,386

(352)

3,084

5,118

Income tax expense (benefit)

478

(70)

540

948

NET INCOME (LOSS)

1,908

(282)

2,544

4,170

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

AVERAGE BALANCE SHEET DATA

(Dollars in thousands)

(Unaudited)

2026

2025

3QTR

NINE MONTHS

3QTR

NINE MONTHS

Interest earning assets:

Loans and loans held for sale, net of unearned income

1,004,045

1,017,670

1,066,511

1,066,789

Short-term investments and bank deposits

11,061

23,727

13,347

11,847

Investment securities

311,534

292,896

255,760

252,993

Trading securities

8,291

7,890

4,655

3,249

Total interest earning assets

1,334,931

1,342,183

1,340,273

1,334,878

Non-interest earning assets:

Cash and due from banks

13,787

13,752

15,502

15,566

Premises and equipment

17,302

17,311

17,543

17,728

Other assets

92,957

93,879

89,599

89,110

Allowance for credit losses

(13,335)

(13,454)

(15,309)

(14,935)

Total assets

1,445,642

1,453,671

1,447,608

1,442,347

Interest bearing liabilities:

Interest bearing deposits:

Interest bearing demand

336,198

332,421

313,736

325,725

Savings

124,460

124,582

122,321

122,179

Money market

249,546

257,350

251,097

244,992

Other time

364,235

370,190

379,300

362,690

Total interest bearing deposits

1,074,439

1,084,543

1,066,454

1,055,586

Borrowings:

Short-term borrowings

9,471

3,574

9,163

6,406

Advances from Federal Home Loan Bank

34,073

37,941

47,702

51,142

Subordinated debt

27,000

Lease liabilities

3,679

3,775

4,061

4,134

Total interest bearing liabilities

1,148,662

1,156,833

1,154,380

1,144,268

Non-interest bearing liabilities:

Demand deposits

164,957

166,029

171,161

176,393

Other liabilities

9,922

9,757

10,597

11,304

Shareholders’ equity

122,101

121,052

111,470

110,382

Total liabilities and shareholders’ equity

1,445,642

1,453,671

1,447,608

1,442,347

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)

147,070

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

Net income

2,738

Adjustment for unrealized gain on available for sale securities

137

Market value adjustment for interest rate hedge

Common stock cash dividend

(510)

Balance at June 30, 2026

272

(84,791)

147,802

67,626

(7,825)

123,084

Net income

3,100

Exercise of stock options and stock option expense

Adjustment for defined benefit pension plan

2,534

Adjustment for unrealized loss on available for sale securities

(6,288)

Market value adjustment for interest rate hedge

Common stock cash dividend

(507)

Balance at September 30, 2026

272

(84,791)

147,892

70,219

(11,569)

122,023

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

2QTR

3QTR

YEAR TO DATE

RETURN ON AVERAGE TANGIBLE COMMON EQUITY

Net income (loss)

1,794

2,738

3,100

7,632

Average shareholders’ equity

120,676

120,362

122,101

121,052

Less: Average intangible assets

13,664

13,659

13,655

13,659

Average tangible common equity

107,012

106,703

108,446

107,393

Return on average tangible common equity (annualized)

6.80

10.29

11.34

9.50

1QTR

2QTR

3QTR

TANGIBLE COMMON EQUITY

Total shareholders’ equity

120,703

123,084

122,023

Less: Intangible assets

13,662

13,658

13,654

Tangible common equity

107,041

109,426

108,369

TANGIBLE ASSETS

Total assets

1,472,654

1,462,143

1,447,826

Less: Intangible assets

13,662

13,658

13,654

Tangible assets

1,458,992

1,448,485

1,434,172

Tangible common equity ratio

7.34

7.55

7.56

Total shares outstanding

16,964,267

16,989,267

Tangible book value per share

6.31

6.45

6.38

2025

1QTR

2QTR

3QTR

YEAR TO DATE

RETURN ON AVERAGE TANGIBLE COMMON EQUITY

Net income (loss)

1,908

(282)

2,544

4,170

Average shareholders’ equity

108,706

110,939

111,470

110,382

Less: Average intangible assets

13,684

13,679

13,674

13,679

Average tangible common equity

95,022

97,260

97,796

96,703

Return on average tangible common equity (annualized)

8.14

(1.16)

10.32

5.77

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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