AmeriServ Financial (NASDAQ: ASRV) swings to Q2 2026 profit

Q: How did AmeriServ Financial (ASRV) perform in the second quarter of 2026?

AmeriServ Financial reported Q2 2026 net income of $2,738,000 , or $0.16 per diluted share , compared with a $282,000 net loss, or $(0.02) per share, in Q2 2025. The improvement reflected higher net interest income, better margin, and lower credit costs.

Q: How did AmeriServ Financial (ASRV) net interest margin and revenue change in 2026?

Net interest income rose by $942,000 , or 9.1% , in Q2 2026 and $1.8 million , or 9.0% , year to date versus 2025. Net interest margin improved to 3.34% for Q2 2026 and 3.30% year to date, a 24-basis point increase for both periods.

Q: What is the current dividend and yield for AmeriServ Financial (ASRV)?

The board declared a $0.03 per share quarterly common stock cash dividend, payable August 17, 2026 to shareholders of record on August 3, 2026 . This represents a 3.1% annualized yield using the July 17, 2026 closing stock price of $3.90 .

Q: How strong are AmeriServ Financial (ASRV) asset quality and reserves?

At June 30, 2026, non-performing loans were 0.76% of total loans and non-performing assets totaled $8.4 million . Year-to-date net charge-offs were $230,000 , or 0.05% of average loans, and the allowance for loan credit losses covered 167% of non-performing loans.

Q: What is AmeriServ Financial (ASRV) capital and book value position as of June 30, 2026?

AmeriServ Financial reported total assets of $1.46 billion and shareholders’ equity of $123.1 million . Book value was $7.26 per common share and tangible book value was $6.45 , rising $0.55 and $0.56 , respectively, over the past 12 months.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

AmeriServ Financial, Inc. reported a sharp turnaround in profitability for the second quarter of 2026. Net income was $2,738,000, or $0.16 per diluted share, compared with a net loss of $282,000, or $(0.02) per share, a year earlier. For the six months ended June 30, 2026, net income was $4,532,000, or $0.27 per diluted share, a 170.0% increase in earnings per share from $0.10 in the 2025 period.

Results were driven by higher net interest income and margin, lower funding costs, and improved credit quality. Net interest income rose about 9% year over year for both the quarter and year-to-date, with net interest margin at 3.34% in the quarter and 3.30% year to date, a 24-basis point improvement versus 2025. The company recorded a $294,000 provision for credit losses recovery in the quarter versus a $3.1 million provision a year earlier, while non-performing loans were 0.76% of total loans at June 30, 2026 and the allowance covered 167% of non-performing loans.

Total assets were $1.46 billion, shareholders’ equity was $123.1 million, and tangible book value was $6.45 per share, up 9.5% over 12 months. The board declared a quarterly common stock cash dividend of $0.03 per share, payable August 17, 2026 to shareholders of record on August 3, 2026, representing a 3.1% annualized yield based on a $3.90 share price and a 22.2% payout ratio on 2026 year-to-date earnings.

Positive

Profitability rebounded strongly with Q2 2026 net income of $2.74M versus a prior-year loss and six-month earnings of $4.53M, lifting diluted EPS to $0.27, a 170.0% increase over the first half of 2025.
Core margin and funding costs improved: net interest margin reached 3.34% in Q2 2026 (up 24 bps), net interest income grew roughly 9%, and total interest expense fell 7.3% year over year for the quarter.
Credit quality and reserves strengthened as the company recorded a $294,000 provision for credit losses recovery in Q2 2026 versus a $3.1M provision a year earlier; net charge-offs fell to 0.05% of average loans year to date and non-performing loans were only 0.76% of total loans with 167% reserve coverage.
Capital and book value increased with shareholders’ equity at $123.1M, book value per share of $7.26, and tangible book value per share of $6.45 at June 30, 2026, rising 8.2% and 9.5%, respectively, over the prior 12 months.
Shareholder returns enhanced via dividend as the board declared a $0.03 quarterly common dividend, equating to a 3.1% annualized yield on a $3.90 share price and a 22.2% payout ratio based on 2026 year-to-date earnings.

Negative

Operating expenses rose meaningfully, with total non-interest expense up 9.3% in Q2 2026 and 7.2% year to date versus 2025, driven largely by a 57.6% quarterly and 63.0% year-to-date increase in professional fees related to expanded consulting services.

Filing Explained

At June 30, 2026, common shares outstanding were 16,964,267, up from 16,519,267 a year earlier; each unchanged existing share represents a smaller proportion of the company.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Income: $2,738,000 YTD 2026 Diluted EPS: $0.27 Q2 2026 Net Interest Margin: 3.34% +5 more

8 metrics

Q2 2026 Net Income $2,738,000 Second quarter 2026 versus net loss of $282,000 in second quarter 2025

YTD 2026 Diluted EPS $0.27 Six months ended June 30, 2026, a 170.0% increase from $0.10 in 2025

Q2 2026 Net Interest Margin 3.34% Second quarter 2026 net interest margin, 24-basis point improvement versus 2025

Q2 2026 Provision for Credit Losses $(294,000) Provision for credit losses recovery in Q2 2026 versus $3.1 million provision in Q2 2025

Non-performing Loans Ratio 0.76% Non-performing loans as a percentage of total loans at June 30, 2026

Total Assets $1.46 billion Total assets at June 30, 2026

Quarterly Dividend per Share $0.03 Common stock cash dividend payable August 17, 2026 to shareholders of record August 3, 2026

Tangible Book Value per Share $6.45 Tangible book value per common share at June 30, 2026, up 9.5% over 12 months

Key Terms

net interest margin, provision for credit losses, non-performing assets, tangible common equity ratio, +2 more

6 terms

net interest margin financial

"our net interest margin increased by 24-basis points in the first six months of 2026"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

provision for credit losses financial

"The Company recorded a $294,000 provision for credit losses recovery in the second quarter of 2026"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

non-performing assets financial

"Non-performing assets were relatively stable since December 31, 2025, decreasing by $138,000"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

tangible common equity ratio financial

"Overall, the Company’s allowance for loan credit losses provided 167% coverage of non-performing loans"

Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.

efficiency ratio financial

"Efficiency ratio (3) ... 80.22 ... 81.68"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

bank owned life insurance financial

"BOLI revenue increased by $118,000 in the second quarter of 2026"

Bank owned life insurance is a type of life insurance a bank buys on the lives of its employees so the bank, rather than the employee’s family, receives the payout when a covered person dies. It acts like a long-term asset that pays income and can help cover costs such as employee benefits or unexpected losses; investors watch it because the holding affects a bank’s reported earnings, cash flow stability, and capital position much like a conservative investment portfolio would.

Earnings Snapshot

Q2 2026 net income: $2,738,000

second quarter and six months ended June 30, 2026

Q2 2026 net income $2,738,000 versus net loss of $282,000 in Q2 2025

YTD 2026 net income $4,532,000 versus $1,626,000 in first six months of 2025

YTD 2026 diluted EPS $0.27 up 170.0% from $0.10 in the 2025 six-month period

Q2 2026 net interest margin 3.34% 24-basis point improvement versus Q2 2025

Q2 2026 return on average assets 0.75% compared with (0.08)% in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 07/21/2026 - 10:12 AM Accepted by SEC EDGAR 07/21/2026 - 10:11 AM

FAQ

How did AmeriServ Financial (ASRV) perform in the second quarter of 2026?

AmeriServ Financial reported Q2 2026 net income of $2,738,000, or $0.16 per diluted share, compared with a $282,000 net loss, or $(0.02) per share, in Q2 2025. The improvement reflected higher net interest income, better margin, and lower credit costs.

What were AmeriServ Financial (ASRV) earnings for the first six months of 2026?

For the six months ended June 30, 2026, AmeriServ Financial generated net income of $4,532,000, or $0.27 per diluted share. This represents a 170.0% increase in earnings per share versus the 2025 period, when net income was $1,626,000, or $0.10 per diluted share.

How did AmeriServ Financial (ASRV) net interest margin and revenue change in 2026?

Net interest income rose by $942,000, or 9.1%, in Q2 2026 and $1.8 million, or 9.0%, year to date versus 2025. Net interest margin improved to 3.34% for Q2 2026 and 3.30% year to date, a 24-basis point increase for both periods.

What is the current dividend and yield for AmeriServ Financial (ASRV)?

The board declared a $0.03 per share quarterly common stock cash dividend, payable August 17, 2026 to shareholders of record on August 3, 2026. This represents a 3.1% annualized yield using the July 17, 2026 closing stock price of $3.90.

How strong are AmeriServ Financial (ASRV) asset quality and reserves?

At June 30, 2026, non-performing loans were 0.76% of total loans and non-performing assets totaled $8.4 million. Year-to-date net charge-offs were $230,000, or 0.05% of average loans, and the allowance for loan credit losses covered 167% of non-performing loans.

What is AmeriServ Financial (ASRV) capital and book value position as of June 30, 2026?

AmeriServ Financial reported total assets of $1.46 billion and shareholders’ equity of $123.1 million. Book value was $7.26 per common share and tangible book value was $6.45, rising $0.55 and $0.56, respectively, over the past 12 months.

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) July 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 second quarter and first six months of 2026 results through June 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 July 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 August 17, 2026 to shareholders of record on August 3, 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 July 21, 2026, announcing second quarter and first six months of 2026 earnings through June 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: July 21, 2026	By	/s/ Jeffrey A. Stopko
		Jeffrey A. Stopko
		President, Chief Executive Officer & Chief Financial Officer

Exhibit 99.1

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

JOHNSTOWN, PA - AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2026 net income of $2,738,000, or $0.16 per diluted common share. This compares to a net loss for the second quarter of 2025 of $282,000, or $0.02 per diluted common share. For the six-month period ended June 30, 2026, the Company reported net income of $4,532,000, or $0.27 per diluted common share. This represented a 170.0% increase in earnings per share from the six-month period of 2025 when net income totaled $1,626,000, or $0.10 per diluted common share. The following table details the Company’s financial performance for the three- and six-month periods ended June 30, 2026 and 2025:


	Second Quarter 2026		Second Quarter 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025

Net income (loss)	$	2,738,000	$	(282,000)	$	4,532,000	$	1,626,000
Diluted earnings per share	$	0.16	$	(0.02)	$	0.27	$	0.10

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the second quarter 2026 financial results: “AmeriServ Financial achieved record quarterly earnings in the second quarter of 2026 due to growth in total revenue and favorable asset quality trends. The increase in total revenue was caused by meaningful improvement in our net interest income for both the second quarter and first six months of 2026 because of effective balance sheet management. Specifically, our net interest margin increased by 24-basis points in the first six months of 2026 leading to a $1.8 million increase in net interest income, which is important since it represents approximately 72% of our total revenue. Improved wealth management fees also contributed to growth in non-interest revenue. Our Company is well positioned for organic growth in the second half of 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.”

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

Net interest income in the second quarter of 2026 increased by $942,000, or 9.1%, from the prior year's second quarter and, for the first six months of 2026, increased by $1.8 million, or 9.0%, when compared to the first six months of 2025. The Company’s net interest margin of 3.34% for the second quarter of 2026 and 3.30% for the six months of 2026 represents a 24-basis point improvement for both the quarter and six-month periods. 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, 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 latter portion of 2025 favorably impacted total interest-bearing deposits and borrowings costs. Also, the U.S. Treasury yield curve demonstrating a more traditional steeper upward slope favorably impacted earning asset yields. Management believes the net interest margin will continue to improve through the second half of 2026. 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 six months of 2026 exceeding earnings through six months of 2025 by $2.9 million, or 179%.

Total investment securities averaged $295.2 million for the second quarter of 2026, which was $38.7 million, or 15.1%, higher than the $256.4 million average for the second quarter of 2025. Additionally, overnight short-term investments were higher by $21.1 million in the second quarter of 2026. Similar trends were noted for the six-month period. These increases reflect a higher level of loan prepayment activity as well as our liquidity position strengthening in the fourth quarter of 2025 and throughout the first half 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 $42.2 million, or 17.0%, 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 $741,000, or 26.9%, for the second quarter and by $1.3 million, or 25.1%, for the first six months of 2026 compared to the same time periods last year.

Total average loans for the second quarter of 2026 declined from the second quarter of 2025 by $47.2 million, or 4.4%, 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 six-month period as total average loans dropped $42.3 million, or 4.0%. However, total loans continue to be above the $1.0 billion threshold, averaging $1.022 billion for the second quarter of 2026. Total loan interest income decreased by $331,000, or

2.2%, for the second quarter and by $433,000, or 1.5%, for the first six 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 during the first half of 2026. Overall, through six months of 2026, the average balance of total interest earning assets increased from last year’s average by $13.7 million, or 1.0%, while total interest income increased by $890,000, or 2.6%, from the first half of 2025 due to the increased revenue contribution from the investment securities portfolio.

On the liability side of the balance sheet, total deposits averaged $1.27 billion for the second quarter of 2026 which was $29.8 million, or 2.4%, higher than the second 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 80.5% in the second 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 $532,000, or 7.3%, for the second quarter of 2026 and decreased by $949,000, or 6.6%, for the six months when compared to both time periods of 2025. Deposit interest expense declined by $549,000, or 4.4%, through the first six months of 2026 despite total average interest-bearing deposits growing by $39.6 million, or 3.8%, compared to the first six 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 the second quarter of 2026, which is a 15-basis point improvement from the second quarter of 2025.

Total borrowings interest expense decreased by $188,000, or 21.2%, for the second quarter of 2026 and declined by $400,000, or 21.6%, for the first six months when compared to both time periods of 2025. The Company’s utilization of overnight borrowed funds during the first six months of 2026 was lower than it was for the first half of 2025, resulting in the average decreasing by $4.4 million, or 88.5%, 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 half 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 half of 2026 decreased by $13.0 million, or 24.5%, from the same period of last year. 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 $294,000 provision for credit losses recovery in the second quarter of 2026 after recording a $3.1 million provision for credit losses in the second quarter of 2025, resulting in a favorable shift of $3.4 million. For the first six months of 2026, the Company recognized a $77,000 provision for credit losses recovery after recognizing a $3.0 million provision for credit losses in the first six months of 2025, resulting in a net favorable change of $3.1 million. The large provision for credit losses in the second quarter of 2025 was needed to resolve the Company’s largest non-performing loan which also included a related $2.8 million loan charge-off. The provision recovery in the second quarter of 2026 reflected a continuing favorable trend for historical loss rates along with a softening of reserve requirements due to the contraction in the size of the loan portfolio.

Non-performing assets were relatively stable since December 31, 2025, decreasing by $138,000, or 1.6%, and totaling $8.4 million. Non-performing loans represented 0.76% of total loans on June 30, 2026. The Company recognized net loan charge-offs of $230,000, or 0.05% of total average loans, in the first six months of 2026 compared to net loan charge-offs of $3.0 million, or 0.56% of total average loans, in the first six months of 2025. Overall, the Company’s allowance for loan credit losses provided 167% coverage of non-performing loans and represented 1.27% of total loans at June 30, 2026.

Total non-interest income in the second quarter of 2026 increased by $471,000, or 11.5%, from the prior year's second quarter and increased by $317,000, or 3.9%, in the first half of 2026 when compared to the first half of 2025. The increase in both time periods was due to higher levels of wealth management fees and bank owned life insurance (BOLI) revenue. Wealth management fees increased by $312,000, or 11.2%, for the second quarter and by $308,000, or 5.5%, for the six months due to market appreciation of customer assets as the equity markets moved to record levels in the second quarter of 2026. Overall, the fair market value of wealth management assets totaled $2.8 billion at June 30, 2026, and increased by $75 million, or 2.8%, since December 31, 2025. BOLI revenue increased by $118,000 in the second quarter of 2026 and by $92,000 for the six-month period due to the receipt of a larger death claim in 2026.

Total non-interest expense in the second quarter of 2026 increased by $1.1 million, or 9.3%, when compared to the second quarter of 2025 and increased by $1.7 million, or 7.2%, during the first half of 2026 when compared to the first half of 2025. Professional fees increased by $520,000, or 57.6%, for the second quarter and by $1.0 million, or 63.0%, for the six 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. Salaries and employee benefits increased by $336,000, or 4.7%, for the second quarter and $338,000, or 2.4%, for the six months due primarily to annual salary increases. Other expenses increased by $126,000, or 10.6%, for the second quarter and

$234,000, or 10.1%, for the six months due to the bank having to recognize additional workout expenses related to a loan relationship secured by an owner-occupied CRE property.

The Company recorded income tax expense of $1.1 million in the first half of 2026, or an effective tax rate of 19.3%, which compares to income tax expense of $408,000, or an effective tax rate of 20.1%, in the first half of 2025.

The Company had total assets of $1.46 billion, shareholders' equity of $123.1 million, a book value of $7.26 per common share and a tangible book value of $6.45(1) per common share on June 30, 2026. Book value per common share increased by $0.55, or 8.2%, and tangible book value per common share also increased by $0.56, or 9.5%, 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 June 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 August 17, 2026, to shareholders of record on August 3, 2026. This cash dividend represents a 3.1% annualized yield using the July 17, 2026, closing stock price of $3.90 and a 22.2% 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

June 30, 2026

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

(Unaudited)

2026


	1QTR			2QTR			YEAR TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income (loss)	$	1,794		$	2,738		$	4,532

PERFORMANCE PERCENTAGES (annualized):
Return on average assets		0.50	%		0.75	%		0.63	%
Return on average equity		6.03			9.12			7.58
Return on average tangible common equity (1)		6.80			10.29			8.55
Net interest margin		3.26			3.34			3.30
Net charge-offs as a percentage of average loans		0.08			0.01			0.05
Efficiency ratio (3)		83.26			80.22			81.68

EARNINGS PER COMMON SHARE:
Basic	$	0.11		$	0.16		$	0.27
Average number of common shares outstanding		16,927			16,964			16,946
Diluted	$	0.11		$	0.16		$	0.27
Average number of common shares outstanding		16,928			16,966			16,947
Cash dividends paid per share	$	0.03		$	0.03		$	0.06

2025


		1QTR		2QTR			YEAR TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income (loss)	$	1,908		$	(282)		$	1,626

PERFORMANCE PERCENTAGES (annualized):
Return on average assets		0.54	%		(0.08)	%		0.23	%
Return on average equity		7.12			(1.02)			2.99
Return on average tangible common equity (1)		8.14			(1.16)			3.41
Net interest margin		3.01			3.10			3.06
Net charge-offs as a percentage of average loans		0.02			1.09			0.56
Efficiency ratio (3)		83.67			80.73			82.18

EARNINGS PER COMMON SHARE:
Basic	$	0.12		$	(0.02)		$	0.10
Average number of common shares outstanding		16,519			16,519			16,519
Diluted	$	0.12		$	(0.02)		$	0.10
Average number of common shares outstanding		16,519			16,519			16,519
Cash dividends paid per share	$	0.03		$	0.03		$	0.06

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

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

(Unaudited)

2026



	1QTR			2QTR
FINANCIAL CONDITION DATA AT PERIOD END:
Assets	$	1,472,654		$	1,460,481
Short-term investments/overnight funds		41,039			14,188
Investment securities, net of allowance for credit losses - securities		263,085			290,636
Trading securities		7,164			8,588
Total loans and loans held for sale, net of unearned income		1,031,482			1,014,112
Allowance for credit losses - loans		13,206			12,896
Intangible assets		13,662			13,658
Deposits		1,269,950			1,259,665
Short-term and FHLB borrowings		40,895			36,195
Subordinated debt, net		26,778			26,788
Shareholders’ equity		120,703			123,084
Non-performing assets		8,722			8,380
Tangible common equity ratio (1)		7.34	%		7.56	%
Community bank leverage ratio – AmeriServ Financial Bank		9.45			9.46
PER COMMON SHARE:
Book value	$	7.12		$	7.26
Tangible book value (1)		6.31			6.45
Market value (2)		3.62			3.88
Wealth management assets – fair market value (4)	$	2,613,708		$	2,756,776

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees		299			297
Branch locations		16			16
Common shares outstanding		16,964,267			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		0			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		16			16			16			16
Common shares outstanding		16,519,267			16,519,267			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		YEAR TO DATE
INTEREST INCOME
Interest and fees on loans		$	14,406	$	14,601		$	29,007
Interest on investments			3,096		3,498			6,594
Total Interest Income			17,502		18,099			35,601

INTEREST EXPENSE
Deposits			5,919		6,064			11,983
All borrowings			755		699			1,454
Total Interest Expense			6,674		6,763			13,437

NET INTEREST INCOME			10,828		11,336			22,164
Provision (recovery) for credit losses			217		(294)			(77)
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES			10,611		11,630			22,241

NON-INTEREST INCOME
Wealth management fees			2,860		3,094			5,954
Service charges on deposit accounts			302		275			577
Mortgage banking revenue			50		59			109
(Loss) gain on trading securities			(63)		60			(3)
Bank owned life insurance			238		362			600
Other income			580		717			1,297
Total Non-Interest Income			3,967		4,567			8,534

NON-INTEREST EXPENSE
Salaries and employee benefits			7,225		7,412			14,637
Net occupancy expense			843		789			1,632
Equipment expense			408		435			843
Professional fees			1,165		1,423			2,588
Data processing and IT expense			1,267		1,230			2,497
FDIC deposit insurance expense			210		196			406
Other expense			1,240		1,313			2,553
Total Non-Interest Expense			12,358		12,798			25,156

PRETAX INCOME (LOSS)			2,220		3,399			5,619
Income tax expense (benefit)			426		661			1,087
NET INCOME (LOSS)		$	1,794	$	2,738		$	4,532

2025


	1QTR			2QTR			YEAR TO DATE
INTEREST INCOME
Interest and fees on loans		$	14,508		$	14,932		$	29,440
Interest on investments			2,514			2,757			5,271
Total Interest Income			17,022			17,689			34,711

INTEREST EXPENSE
Deposits			6,124			6,408			12,532
All borrowings			967			887			1,854
Total Interest Expense			7,091			7,295			14,386

NET INTEREST INCOME			9,931			10,394			20,325
Provision (recovery) for credit losses			(97)			3,133			3,036
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES			10,028			7,261			17,289

NON-INTEREST INCOME
Wealth management fees			2,864			2,782			5,646
Service charges on deposit accounts			306			301			607
Mortgage banking revenue			28			58			86
(Loss) gain on trading securities			0			35			35
Bank owned life insurance			264			244			508
Other income			659			676			1,335
Total Non-Interest Income			4,121			4,096			8,217

NON-INTEREST EXPENSE
Salaries and employee benefits			7,223			7,076			14,299
Net occupancy expense			841			746			1,587
Equipment expense			390			404			794
Professional fees			685			903			1,588
Data processing and IT expense			1,252			1,153			2,405
FDIC deposit insurance expense			240			240			480
Other expense			1,132			1,187			2,319
Total Non-Interest Expense			11,763			11,709			23,472

PRETAX INCOME (LOSS)			2,386			(352)			2,034
Income tax expense (benefit)			478			(70)			408
NET INCOME (LOSS)		$	1,908		$	(282)		$	1,626

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

AVERAGE BALANCE SHEET DATA

(Dollars in thousands)

(Unaudited)

	2026				2025
	2QTR		SIX MONTHS		2QTR		SIX MONTHS
Interest earning assets:
Loans and loans held for sale, net of unearned income	$	1,022,054	$	1,024,595	$	1,069,207	$	1,066,931
Short-term investments and bank deposits		31,469		30,165		10,349		11,085
Investment securities		295,151		283,422		256,436		251,587
Trading securities		8,128		7,687		5,040		2,534
Total interest earning assets		1,356,802		1,345,869		1,341,032		1,332,137

Non-interest earning assets:
Cash and due from banks		13,495		13,733		15,431		15,599
Premises and equipment		17,232		17,315		17,648		17,822
Other assets		93,806		94,350		88,637		88,860
Allowance for credit losses		(13,594)		(13,516)		(15,007)		(14,745)
Total assets	$	1,467,741	$	1,457,751	$	1,447,741	$	1,439,673

Interest bearing liabilities:
Interest bearing deposits:
Interest bearing demand	$	336,953	$	330,501	$	322,136	$	331,819
Savings		125,239		124,645		123,078		122,106
Money market		271,584		261,318		245,971		241,888
Other time		369,282		373,214		371,801		354,249
Total interest bearing deposits		1,103,058		1,089,678		1,062,986		1,050,062
Borrowings:
Short-term borrowings		306		577		3,604		5,005
Advances from Federal Home Loan Bank		37,146		39,907		50,899		52,891
Subordinated debt		27,000		27,000		27,000		27,000
Lease liabilities		3,778		3,823		4,137		4,172
Total interest bearing liabilities		1,171,288		1,160,985		1,148,626		1,139,130

Non-interest bearing liabilities:
Demand deposits		167,043		166,573		177,337		179,053
Other liabilities		9,048		9,675		10,839		11,661
Shareholders’ equity		120,362		120,518		110,939		109,829
Total liabilities and shareholders’ equity	$	1,467,741	$	1,457,751	$	1,447,741	$	1,439,673

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		0		0		0		1,794		0		1,794
Exercise of stock options and stock option expense		0		0		27		0		0		27
Adjustment for defined benefit pension plan		0		0		0		0		346		346
Adjustment for unrealized loss on available for sale securities		0		0		0		0		(1,039)		(1,039)
Market value adjustment for interest rate hedge		0		0		0		0		64		64
Common stock issued		2		0		705		0		0		707
Common stock cash dividend		0		0		0		(508)		0		(508)
Balance at March 31, 2026	$	272	$	(84,791)	$	147,802	$	65,398	$	(7,978)	$	120,703
Net income		0		0		0		2,738		0		2,738
Adjustment for unrealized gain on available for sale securities		0		0		0		0		137		137
Market value adjustment for interest rate hedge		0		0		0		0		16		16
Common stock cash dividend		0		0		0		(510)		0		(510)
Balance at June 30, 2026	$	272	$	(84,791)	$	147,802	$	67,626	$	(7,825)	$	123,084

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		0		0		0		1,908		0		1,908
Adjustment for unrealized gain on available for sale securities		0		0		0		0		2,124		2,124
Market value adjustment for interest rate hedge		0		0		0		0		(25)		(25)
Common stock cash dividend		0		0		0		(496)		0		(496)
Balance at March 31, 2025	$	268	$	(84,791)	$	146,372	$	61,894	$	(12,984)	$	110,759
Net loss		0		0		0		(282)		0		(282)
Adjustment for unrealized gain on available for sale securities		0		0		0		0		901		901
Market value adjustment for interest rate hedge		0		0		0		0		38		38
Common stock cash dividend		0		0		0		(495)		0		(495)
Balance at June 30, 2025	$	268	$	(84,791)	$	146,372	$	61,117	$	(12,045)	$	110,921
Net income		0		0		0		2,544		0		2,544
Adjustment for unrealized gain on available for sale securities		0		0		0		0		1,610		1,610
Market value adjustment for interest rate hedge		0		0		0		0		(5)		(5)
Common stock cash dividend		0		0		0		(495)		0		(495)
Balance at September 30, 2025	$	268	$	(84,791)	$	146,372	$	63,166	$	(10,440)	$	114,575
Net income		0		0		0		1,442		0		1,442
Exercise of stock options and stock option expense		0		0		9		0		0		9
Common stock issuable		2		0		689		0		0		691
Adjustment for defined benefit pension plan		0		0		0		0		2,215		2,215
Adjustment for unrealized gain on available for sale securities		0		0		0		0		843		843
Market value adjustment for interest rate hedge		0		0		0		0		33		33
Common stock cash dividend		0		0		0		(496)		0		(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			YEAR TO DATE
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income (loss)	$	1,794		$	2,738		$	4,532

Average shareholders’ equity		120,676			120,362			120,518
Less: Average intangible assets		13,664			13,659			13,662
Average tangible common equity		107,012			106,703			106,856

Return on average tangible common equity (annualized)		6.80	%		10.29	%		8.55	%


	1QTR			2QTR

TANGIBLE COMMON EQUITY
Total shareholders’ equity	$	120,703			$	123,084
Less: Intangible assets		13,662				13,658
Tangible common equity		107,041				109,426

TANGIBLE ASSETS
Total assets		1,472,654				1,460,481
Less: Intangible assets		13,662				13,658
Tangible assets		1,458,992				1,446,823

Tangible common equity ratio		7.34	%			7.56	%

Total shares outstanding		16,964,267				16,964,267

Tangible book value per share	$	6.31			$	6.45

2025



	1QTR			2QTR			YEAR TO DATE
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income (loss)	$	1,908		$	(282)		$	1,626

Average shareholders’ equity		108,706			110,939			109,829
Less: Average intangible assets		13,684			13,679			13,682
Average tangible common equity		95,022			97,260			96,147

Return on average tangible common equity (annualized)		8.14	%		(1.16)	%		3.41	%


	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			16,519,267			16,519,267				16,522,267

Tangible book value per share	$	5.88		$	5.89		$	6.11			$	6.39

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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EX-99.1 EX-99.1 1.2 MB

AmeriServ Financial (NASDAQ: ASRV) swings to Q2 2026 profit

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Filing Explained

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