AmeriServ Financial Q3 earnings rise 21.9% to $3.1M

Q: How much did ASRV earn in the third quarter of 2026?

AmeriServ reported third-quarter 2026 net income of $3.1 million, or $0.18 per diluted common share. Third-quarter 2025 net income was $2.544 million, or $0.15 per diluted common share.

Q: What dividend did ASRV declare, and when is it payable?

AmeriServ declared a $0.03 per-share quarterly cash dividend, payable November 16, 2026, to shareholders of record November 2, 2026.

The board declared a $0.03 quarterly cash dividend, payable November 16, 2026, to shareholders of record November 2, 2026.

Filing Impact

(High)

Filing Sentiment

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Form Type

8-K

Rhea-AI Filing Summary

AmeriServ Financial, Inc. (ASRV) reported third-quarter 2026 net income of $3.1 million, up 21.9% from $2.544 million a year earlier; diluted earnings per share were $0.18 versus $0.15. For the nine months ended September 30, 2026, net income was $7.632 million versus $4.170 million, and diluted EPS rose 80% to $0.45 from $0.25.

Nine-month net interest income increased 7.3% to $33.609 million, while net interest margin was 3.34%, up 21 basis points. Higher wealth-management fees, lower interest expense and a lower provision for credit losses contributed to results. Non-interest expense rose 5.2% to $37.296 million, including higher consulting costs; non-performing assets were $8.192 million at September 30, 2026, down 3.8% since December 31, 2025.

The board declared a $0.03 per-share quarterly cash dividend, payable November 16, 2026, to shareholders of record November 2, 2026. Management believes favorable net interest margin performance will continue into the fourth quarter. The company and bank said their capital positions exceeded the regulatory defined well-capitalized status.

1 point · 0 major

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Positive

Moderate pointThird-quarter net income rose 21.9% to $3.1 million.

Negative

None.

Filing Explained

AmeriServ reports that its subordinated debt shifted from a five-year fixed rate of 3.75% to a floating 6.94% rate on September 1, 2026; the repricing added $72,000 to third-quarter interest expense.

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, or exhibit attachments filed with this report.

Key Figures

Third-quarter net income: $3.1 million Third-quarter diluted earnings per share: $0.18 per diluted common share Nine-month net income: $7.632 million +3 more

6 metrics

Third-quarter net income $3.1 million Third quarter 2026; up 21.9% from $2.544 million in third quarter 2025

Third-quarter diluted earnings per share $0.18 per diluted common share Third quarter 2026, compared with $0.15 in third quarter 2025

Nine-month net income $7.632 million Nine months ended September 30, 2026; up 83% from $4.170 million in 2025

Nine-month diluted earnings per share $0.45 per diluted common share Nine months ended September 30, 2026; up 80% from $0.25 in 2025

Nine-month net interest margin 3.34% Nine months ended September 30, 2026; 21-basis-point increase from 2025

Quarterly common stock cash dividend $0.03 per share Payable November 16, 2026, to shareholders of record November 2, 2026

Key Terms

net interest margin, provision for credit losses, non-performing assets, tangible book value

4 terms

net interest margin financial

"net interest margin of 3.41% for the third quarter 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

"lower provision for credit losses reflecting improvement in the bank’s asset quality"

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 totaled $8.2 million at September 30, 2026"

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 book value financial

"tangible book value of $6.38 per common share"

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

Earnings Snapshot

Net income: $3.1 million · Guidance included

Third quarter and first nine months ended September 30, 2026

Net income $3.1 million Up 21.9% from $2.544 million in the third quarter of 2025

Diluted earnings per share $0.18 Compared with $0.15 in the third quarter of 2025

Nine-month net income $7.632 million Up 83% from $4.170 million in the first nine months of 2025

Nine-month diluted earnings per share $0.45 Up 80% from $0.25 in the first nine months of 2025

Guidance

Management believes the favorable net interest margin performance experienced in the first nine months of 2026 will continue into the fourth quarter.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did ASRV earn in the third quarter of 2026?

AmeriServ reported third-quarter 2026 net income of $3.1 million, or $0.18 per diluted common share. Third-quarter 2025 net income was $2.544 million, or $0.15 per diluted common share.

What dividend did ASRV declare, and when is it payable?

AmeriServ declared a $0.03 per-share quarterly cash dividend, payable November 16, 2026, to shareholders of record November 2, 2026.

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

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Available on EDGAR 10/20/2026 - 09:02 AM EDT Accepted by SEC EDGAR 10/20/2026 - 09:01 AM EDT

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	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 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		$	0.03		$	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			16,519			16,519			16,519
Diluted	$	0.12		$	(0.02)		$	0.15		$	0.25
Average number of common shares outstanding		16,519			16,519			16,519			16,519
Cash dividends paid per share	$	0.03		$	0.03		$	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		16			16			16
Common shares outstanding		16,964,267			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		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			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		50			59		91			200
Net realized losses on investment securities		0			0		(21)			(21)
(Loss) gain on trading securities		(63)			60		(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		28			58			39			125
Net realized losses on investment securities		0			0			0			0
(Loss) gain on trading securities		0			35			55			90
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			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		27,000		27,000		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		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
Net income		0		0		0		3,100		0		3,100
Exercise of stock options and stock option expense		0		0		90		0		0		90
Adjustment for defined benefit pension plan		0		0		0		0		2,534		2,534
Adjustment for unrealized loss on available for sale securities		0		0		0		0		(6,288)		(6,288)
Market value adjustment for interest rate hedge		0		0		0		0		10		10
Common stock cash dividend		0		0		0		(507)		0		(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		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			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			16,964,267				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			16,519,267			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

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