JOHNSTOWN, Pa., Jan. 20, 2026 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2025 net income of $1,442,000, or $0.09 per diluted common share. This earnings performance represented a $553,000, or 62.2%, improvement from the fourth quarter of 2024 when net income totaled $889,000, or $0.05 per diluted common share. For the year ended December 31, 2025, the Company reported net income of $5,612,000, or $0.34 per diluted common share. This represented a 61.9% increase in earnings per share from the full year 2024 when net income totaled $3,601,000, or $0.21 per diluted common share. The following table details the Company's financial performance for the three- and twelve-month periods ended December 31, 2025 and 2024:
Fourth Fourth Year Ended Year Ended
Quarter Quarter December 31, December 31,
2025 2024
2025 2024
Net income $
1,442,000 $
889,000 $
5,612,000 $
3,601,000
Diluted earnings per share $
0.09 $
0.05 $
0.34 $
0.21
Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2025 financial results: "AmeriServ Financial's improved financial performance in 2025 was driven by increased revenue which caused us to achieve earnings growth while absorbing a higher provision for credit losses which was needed to bring final resolution to our largest non-performing loan. The increase in total revenue was caused by meaningful improvement in our net interest income for both the fourth quarter and full year of 2025 because of effective balance sheet management. Specifically, our net interest margin increased by 34-basis points for the 2025 year leading to a $6.2 million increase in net interest income, which is important since this category represents approximately 70% of our total revenue. Additionally, our non-interest expense also favorably declined in 2025. We will continue to diligently focus on both revenue growth and expense control to further improve the Company's operating efficiency in 2026. Finally, both our book value per share and tangible book value(1) per share experienced growth in 2025 increasing by 11.2% to $7.22 and 12.9% to $6.39, respectively, during the past year."
All fourth quarter and full year 2025 financial performance metrics within this document are compared to the fourth quarter and full year 2024 unless otherwise noted.
Net interest income in the fourth quarter of 2025 increased by $1.4 million, or 14.6%, from the prior year's fourth quarter and, for the full year of 2025, increased by $6.2 million, or 17.2%, when compared to the full year of 2024. The Company's net interest margin of 3.23% for the fourth quarter of 2025 and 3.15% for the full year of 2025 represents a 35-basis point improvement for the quarter and a 34-basis point increase for the full year. Along with the significantly improved net interest margin performance, the increase also reflects controlled balance sheet growth, as both total earning assets and total deposits are at higher average levels due to our effective balance sheet management and business development strategies. This, combined with effective pricing strategies, resulted in both the total earning asset yield and cost of interest-bearing funds improving between years. The Federal Reserve's action to lower short-term interest rates during 2024 and 2025 favorably impacted total interest-bearing deposits and borrowings costs. Also, while the U.S. Treasury yield curve remains modestly inverted on the short end, yields in the mid to long end of the curve are higher and demonstrate a steeper upward slope which favorably impacted earning asset yields. Management believes the net interest margin will continue to improve throughout 2026 given the effective execution of our strategy. Non-interest expense increased for the fourth quarter but declined for the full year of 2025 compared to 2024 and favorably impacted full year earnings performance as management works to carefully control operating costs and gain efficiency improvements. Non-interest income in 2025 is lower for the fourth quarter and full year of 2025 when compared to both time periods of last year. The 2025 provision for credit losses compared favorably to last year for the quarter but compared unfavorably to 2024 for the full year. Overall, the Company's earnings performance for the full year of 2025 exceeds earnings for the full year of 2024 by $2.0 million, or 55.8%, and results from increased net interest income and lower total non-interest expense which more than offset the higher provision for credit losses and lower level of non-interest income.
Total average loans for the full year of 2025 grew from the full year average of 2024 by $23.7 million, or 2.3%, due to consistent new loan funding opportunities. However, in the second half of 2025, commercial real estate (CRE) loan payoff activity exceeded originations and resulted in a $35.4 million, or 3.3%, decrease in total loans since December 31, 2024. This heightened payoff activity also caused total average loans for the fourth quarter of 2025 to compare unfavorably to the 2024 fourth quarter average by $12.8 million, or 1.2%. Overall, total loans continue to be well above the $1.0 billion threshold, averaging $1.045 billion for the fourth quarter of 2025. Total loan interest income improved in both time periods of 2025 compared to 2024 due to the more favorable interest rate environment, and a portion of CRE loans, that were booked during the COVID pandemic when interest rates were low, repricing upward during 2025. Also favorably impacting loan interest income was a higher level of loan fee income primarily due to prepayment fees collected on the increased early CRE payoff activity experienced during 2025. Total 2025 full year loan fee income was $553,000, or 58.8%, higher when compared to the full year of 2024. These favorable items resulted in 2025 full year total loan interest income improving by $3.4 million, or 6.0%, when compared to the full year of 2024.
Total investment securities averaged $246.4 million for the fourth quarter of 2025, which was $14.8 million, or 6.4%, higher than the $231.6 million average for the fourth quarter of 2024. Additionally, overnight short-term investments were sharply higher by $34.6 million in the fourth quarter of 2025. These increases reflect the higher level of loan prepayment activity, as well as our liquidity position strengthening during 2025 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 $29.0 million, or 13.2%, since December 31, 2024. 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 $744,000, or 31.2%, for the fourth quarter and by $1.4 million, or 14.9%, for the full year of 2025 compared to last year. Overall, the full year average balance of total interest earning assets increased from last year's full year average by $46.4 million, or 3.6%, while total interest income increased by $4.8 million, or 7.3%, from the 2024 year.
On the liability side of the balance sheet, total average deposits for the full year of 2025 were $67.3 million, or 5.8%, higher when compared to the full year average of 2024 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 83.8% in the fourth quarter of 2025, 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 favorably decreased by $295,000, or 3.9%, for the fourth quarter of 2025 and decreased by $1.4 million, or 4.5%, for the full year when compared to both time periods of 2024. Deposit interest expense increased slightly by $23,000, or 0.1%, for the full year of 2025 despite total average interest-bearing deposits growing significantly by $71.7 million, or 7.2%, compared to the full year of 2024. The small increase in deposit interest expense reflects the benefit of the Federal Reserve easing monetary policy during the final four months of 2024 and the latter portion of 2025. This reduction in interest-bearing deposit costs contributed to the previously mentioned improvement in the net interest margin. The Federal Reserve's action to ease monetary policy by another 75-basis points at their final three Federal Open Market Committee meetings in 2025 is anticipated to continue to have a favorable impact on interest bearing deposit costs as we move into 2026. Overall, total deposit cost (including the benefit of non-interest-bearing demand deposits) averaged 2.06% for the full year of 2025, which is a 12-basis point improvement from the full year of 2024.
Total borrowings interest expense decreased by $340,000, or 28.8%, for the fourth quarter of 2025 and declined by $1.4 million, or 27.7%, for the full year when compared to both time periods of 2024. The Company's utilization of overnight borrowed funds for the full year of 2025 was significantly lower than it was for the full year of 2024, resulting in the full year average decreasing by $22.4 million, or 80.1%, due to the higher level of total average deposits. The decrease in borrowings interest expense also reflects the Federal Reserve's 2024 action to ease monetary policy by 100-basis points as well as their 2025 action to ease monetary policy by an additional 75-basis points which had an immediate and favorable impact on the cost of overnight borrowed funds.
The Company recorded a $724,000 provision for credit losses in the fourth quarter of 2025 after recording a $1.1 million provision in the fourth quarter of 2024, resulting in a decrease in provision expense of $334,000, or 31.6%. The provision for credit losses in the fourth quarter was needed due to charge-off and charge-down activity within both the commercial & industrial (C&I) and CRE loan portfolios. For the full year of 2025, the Company recognized a $4.1 million provision for credit losses after recognizing an $884,000 provision for credit losses for the full year of 2024, resulting in an unfavorable increase of $3.2 million. The significant increase in the provision for credit losses for the full year primarily related to a $3.1 million charge-off in 2025 that was necessary to resolve the Company's largest problem CRE loan.
Non-performing assets decreased meaningfully since September 30, 2025, by $6.4 million, or 43.0%, and totaled $8.5 million. The decrease reflects workout efforts and the charge-down of one C&I relationship as well as the payoff and final resolution of our largest problem loan. Non-performing loans represented 0.80% of total loans at December 31, 2025, and decreased by 59-basis points from September 30, 2025. The Company recognized net loan charge-offs of $1.9 million, or 0.74% of total average loans, in the fourth quarter of 2025 compared to net loan charge-offs of $1.5 million, or 0.58% of total average loans, in the fourth quarter of 2024. For the full year, the Company recognized net loan charge-offs of $4.9 million, or 0.46% of total average loans, in 2025 compared to net loan charge-offs of $2.0 million, or 0.19% of total average loans, in 2024. Overall, the Company's allowance for loan credit losses provided 158% coverage of non-performing loans and 1.27% of total loans at December 31, 2025.
Total non-interest income in the fourth quarter of 2025 decreased by $82,000, or 1.8%, from the prior year's fourth quarter and declined by $986,000, or 5.5%, for the full year of 2025 when compared to the full year of 2024. Wealth management fees improved by $122,000, or 4.1%, for the quarter but were lower for the full year by $758,000, or 6.2%. The decrease in wealth management fees for the full year is attributed to the volatility and uncertainty that existed in the financial markets due to government fiscal policy, particularly earlier in 2025 and a net loss of accounts in the first half of the year. Additionally, the Financial Services division benefited from several large new business cases in 2024. The quarter over quarter favorable variance is due to the rebound in equity markets after the first quarter of 2025 market decline and resulted in management fees improving as the year progressed. Overall, the fair market value of wealth management assets totaled $2.7 billion at December 31, 2025 and increased by $122.5 million, or 4.8%, since December 31, 2024. Also, contributing to the unfavorable comparison for total non-interest income in the full year was a lower level of other income by $400,000, or 12.9%, after the Company recognized a $250,000 signing bonus from the renewal of a contract with Visa in the first quarter of 2024 while there was no such bonus in 2025. The remaining portion of the decrease to other income for the full year and the fourth quarter of 2025 was due to the Company recognizing a more favorable adjustment in 2024 to the fair market value of an interest rate swap related risk participation agreement as well as the credit valuation adjustment to the market value of the interest rate swap contracts. Mortgage banking revenue was lower by $120,000, or 39.5%, for the full year and resulted from a decreased level of residential mortgage production in 2025. Positively impacting non-interest income in 2025 was a higher level of BOLI revenue by $217,000, or 20.3%, for the full year due to the Company receiving three death claims during the year. Finally, the Company recognized gains on trading securities of $28,000 for the quarter and $118,000 for the full year from a trading account established in the second quarter of 2025.
Total non-interest expense in the fourth quarter of 2025 increased by $1.0 million, or 8.8%, when compared to the fourth quarter of 2024 but decreased by $404,000, or 0.8%, for the full year of 2025 when compared to the full year of 2024. Professional fees increased by $670,000, or 74.8%, for the quarter but were $1.0 million, or 21.5%, lower for the full year. The unfavorable comparison in professional fees for the quarter was due to additional expense related to an amended and restated consulting agreement with SB Value Partners that expands the nature and scope of the consulting services provided to the Company. Details of this revised agreement were provided in the Company's Current Report on Form 8-K filed on January 7, 2026. The favorable full year comparison for professional fees occurred as legal and professional services costs were unfavorably impacted by litigation and responses to the actions of an activist investor in 2024. This matter was resolved in June 2024 as a result of a Settlement Agreement. Salaries & employee benefits increased by $283,000, or 4.0%, for the fourth quarter and $552,000, or 1.9%, compared to the full year of 2024. Within this broad category for the full year, health care costs are $355,000, or 10.6%, higher as the Company did not have to recognize any premium costs in January 2024 due to the effective negotiations with our health care provider last year. Total salaries increased by $668,000, or 3.3%, due primarily to annual salary merit increases. Additionally, helping to offset the higher costs within total salaries & employee benefits were reduced levels of incentive compensation by $405,000, or 27.6%, in the wealth management and commercial lending divisions. Finally, data processing and IT expenses were $138,000, or 2.9%, higher for the full year of 2025 when compared to last year due to additional expenses related to monitoring our computing and network environment.
The Company recorded income tax expense of $1.2 million in 2025, or an effective tax rate of 17.4%, which compares to income tax expense of $798,000, or an effective tax rate of 18.1%, in 2024. The lower effective tax rate in 2025 was caused by additional tax-free income from BOLI.
The Company had total assets of $1.45 billion, shareholders' equity of $119.3 million, a book value of $7.22 per common share and a tangible book value(1) of $6.39 per common share on December 31, 2025. Book value per common share increased by $0.73, or 11.2%, and tangible book value per common share also increased by $0.73, or 12.9%, since December 31, 2024, due to a favorable adjustment for both the unrealized loss on available for sale securities and the Company's defined benefit pension plan along with the Company's improved earnings. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status as of December 31, 2025.
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 February 17, 2026 to shareholders of record on February 2, 2026. This cash dividend represents a 3.7% annualized yield using the January 16, 2026 closing stock price of $3.22 and a 35.3% payout ratio based upon 2025 full year 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; 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, 2024. 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
December 31, 2025
(Dollars in thousands, except per share and ratio data)
(Unaudited)
2025
1QTR 2QTR 3QTR 4QTR FULL YEAR
2025
PERFORMANCE DATA FOR THE PERIOD:
Net income (loss) $
1,908 $
(282) $
2,544 $
1,442 $
5,612
PERFORMANCE PERCENTAGES (annualized):
Return on average assets 0.54 (0.08) 0.70 0.39 0.39
% % % % %
Return on average equity 7.12 (1.02) 9.06 4.96 5.03
Return on average tangible common equity (1) 8.14 (1.16) 10.32 5.63 5.73
Net interest margin 3.01 3.10 3.27 3.23 3.15
Net charge-offs (recoveries) as a percentage of average loans 0.02 1.09 (0.01) 0.74 0.46
Efficiency ratio (3) 83.67 80.73 77.55 84.14 81.47
EARNINGS PER COMMON SHARE:
Basic $
0.12 $
(0.02) $
0.15 $
0.09 $
0.34
Average number of common shares outstanding 16,519 16,519 16,519 16,521 16,520
Diluted $
0.12 $
(0.02) $
0.15 $
0.09 $
0.34
Average number of common shares outstanding 16,519 16,519 16,519 16,562 16,530
Cash dividends paid per share $
0.03 $
0.03 $
0.03 $
0.03 $
0.12
2024
1QTR 2QTR 3QTR 4QTR FULL YEAR
2024
PERFORMANCE DATA FOR THE PERIOD:
Net income (loss) $
1,904 $
(375) $
1,183 $
889 $
3,601
PERFORMANCE PERCENTAGES (annualized):
Return on average assets 0.55 (0.11) 0.34 0.25 0.26
% % % % %
Return on average equity 7.51 (1.47) 4.51 3.30 3.46
Return on average tangible common equity (1) 8.67 (1.70) 5.19 3.78 3.98
Net interest margin 2.70 2.74 2.71 2.88 2.81
Net charge-offs (recoveries) as a percentage of average loans 0.05 0.08 0.06 0.58 0.19
Efficiency ratio (3) 86.60 100.33 89.49 84.71 90.18
EARNINGS PER COMMON SHARE:
Basic $
0.11 $
(0.02) $
0.07 $
0.05 $
0.21
Average number of common shares outstanding 17,147 17,030 16,519 16,519 16,802
Diluted $
0.11 $
(0.02) $
0.07 $
0.05 $
0.21
Average number of common shares outstanding 17,147 17,030 16,519 16,519 16,802
Cash dividends paid per share $
0.03 $
0.03 $
0.03 $
0.03 $
0.12
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
--CONTINUED--
(Dollars in thousands, except per share, statistical, and ratio data)
(Unaudited)
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
% % % %
Total capital (to risk weighted assets) ratio 12.73 12.50 12.97 13.30
PER COMMON SHARE:
Book value $
6.70 $
6.71 $
6.94 $
7.22
Tangible book value (1) 5.88 5.89 6.11 6.39
Market value (2) 2.43 3.04 2.90 3.19
Wealth management assets - fair market value (4) $
2,486,920 $
2,583,839 $
2,661,214 $
2,681,678
STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees 298 309 306 298
Branch locations 16 16 16 16
Common shares outstanding 16,519,267 16,519,267 16,519,267 16,522,267
2024
1QTR 2QTR 3QTR 4QTR
FINANCIAL CONDITION DATA AT PERIOD END:
Assets $
1,384,516 $
1,403,438 $
1,405,187 $
1,422,362
Short-term investments/overnight funds 3,353 2,925 4,877 3,855
Investment securities, net of allowance for credit losses - securities 230,419 230,425 230,042 219,457
Trading securities 0 0 0 0
Total loans and loans held for sale, net of unearned income 1,026,586 1,039,258 1,040,421 1,068,409
Allowance for credit losses - loans 14,639 14,611 14,420 13,912
Intangible assets 13,705 13,699 13,693 13,688
Deposits 1,176,578 1,170,359 1,189,330 1,200,995
Short-term and FHLB borrowings 60,858 85,495 66,312 70,700
Subordinated debt, net 26,695 26,706 26,716 26,726
Shareholders' equity 103,933 103,661 108,182 107,248
Non-performing assets 12,161 12,817 12,657 13,657
Tangible common equity ratio (1) 6.58 6.47 6.79 6.64
% % % %
Total capital (to risk weighted assets) ratio 13.10 12.77 12.87 12.70
PER COMMON SHARE:
Book value $
6.06 $
6.28 $
6.55 $
6.49
Tangible book value (1) 5.26 5.45 5.72 5.66
Market value (2) 2.60 2.26 2.61 2.68
Wealth management assets - fair market value (4) $
2,603,493 $
2,580,402 $
2,603,856 $
2,559,155
STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees 304 310 302 302
Branch locations 16 16 16 16
Common shares outstanding 17,147,270 16,519,267 16,519,267 16,519,267
_________________________________________
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)
2025
1QTR 2QTR 3QTR 4QTR FULL YEAR
2025
INTEREST INCOME
Interest and fees on loans $
14,508 $
14,932 $
15,688 $
15,032 $
60,160
Interest on investments 2,514 2,757 2,795 3,128 11,194
Total Interest Income 17,022 17,689 18,483 18,160 71,354
INTEREST EXPENSE
Deposits 6,124 6,408 6,549 6,390 25,471
All borrowings 967 887 927 839 3,620
Total Interest Expense 7,091 7,295 7,476 7,229 29,091
NET INTEREST INCOME 9,931 10,394 11,007 10,931 42,263
Provision (recovery) for credit losses (97) 3,133 360 724 4,120
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES 10,028 7,261 10,647 10,207 38,143
NON-INTEREST INCOME
Wealth management fees 2,864 2,782 2,849 3,065 11,560
Service charges on deposit accounts 275 267 303 300 1,145
Mortgage banking revenue 28 58 39 59 184
Gain on trading securities 0 35 55 28 118
Bank owned life insurance 264 244 533 243 1,284
Other income 690 710 622 676 2,698
Total Non-Interest Income 4,121 4,096 4,401 4,371 16,989
NON-INTEREST EXPENSE
Salaries and employee benefits 7,223 7,076 7,317 7,323 28,939
Net occupancy expense 841 746 705 692 2,984
Equipment expense 390 404 376 389 1,559
Professional fees 685 903 601 1,566 3,755
Data processing and IT expense 1,252 1,153 1,247 1,301 4,953
FDIC deposit insurance expense 240 240 260 247 987
Other expense 1,132 1,187 1,458 1,382 5,159
Total Non-Interest Expense 11,763 11,709 11,964 12,900 48,336
PRETAX INCOME (LOSS) 2,386 (352) 3,084 1,678 6,796
Income tax expense (benefit) 478 (70) 540 236 1,184
NET INCOME (LOSS) $
1,908 $
(282) $
2,544 $
1,442 $
5,612
2024
1QTR 2QTR 3QTR 4QTR FULL YEAR
2024
INTEREST INCOME
Interest and fees on loans $
13,776 $
14,003
$ 14,301 $
14,679 $
56,759
Interest on investments 2,448 2,507 2,407 2,384 9,746
Total Interest Income 16,224 16,510 16,708 17,063 66,505
INTEREST EXPENSE
Deposits 6,199 6,389 6,515 6,345 25,448
All borrowings 1,278 1,246 1,306 1,179 5,009
Total Interest Expense 7,477 7,635 7,821 7,524 30,457
NET INTEREST INCOME 8,747 8,875 8,887 9,539 36,048
Provision (recovery) for credit losses (557) 434 (51) 1,058 884
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES 9,304 8,441 8,938 8,481 35,164
NON-INTEREST INCOME
Wealth management fees 3,266 3,059 3,050 2,943 12,318
Service charges on deposit accounts 293 293 304 298 1,188
Mortgage banking revenue 39 107 85 73 304
Gain on trading securities 0 0 0 0 0
Bank owned life insurance 337 240 244 246 1,067
Other income 1,012 673 520 893 3,098
Total Non-Interest Income 4,947 4,372 4,203 4,453 17,975
NON-INTEREST EXPENSE
Salaries and employee benefits 7,117 7,108 7,122 7,040 28,387
Net occupancy expense 791 730 706 741 2,968
Equipment expense 386 391 371 391 1,539
Professional fees 1,002 2,094 792 896 4,784
Data processing and IT expense 1,159 1,142 1,287 1,227 4,815
FDIC deposit insurance expense 255 250 255 261 1,021
Other expense 1,154 1,582 1,188 1,302 5,226
Total Non-Interest Expense 11,864 13,297 11,721 11,858 48,740
PRETAX INCOME (LOSS) 2,387 (484) 1,420 1,076 4,399
Income tax expense (benefit) 483 (109) 237 187 798
NET INCOME (LOSS) $
1,904 $
(375)
$ 1,183 $
889 $
3,601
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
AVERAGE BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
2025 2024
4QTR TWELVE 4QTR TWELVE
MONTHS MONTHS
Interest earning assets:
Loans and loans held for sale, net of unearned income $
1,045,475 $
1,061,417 $
1,058,273 $
1,037,734
Short-term investments and bank deposits 38,509 18,567 3,908 3,853
Investment securities 246,448 240,771 231,641 236,683
Trading securities 5,924 3,923 0 0
Total interest earning assets 1,336,356 1,324,678 1,293,822 1,278,270
Non-interest earning assets:
Cash and due from banks 14,528 15,305 14,695 14,333
Premises and equipment 17,506 17,672 18,628 18,610
Other assets 100,414 102,531 101,607 100,845
Allowance for credit losses (14,671) (14,868) (15,026) (15,310)
Total assets $
1,454,133 $
1,445,318 $
1,413,726 $
1,396,748
Interest bearing liabilities:
Interest bearing deposits:
Interest bearing demand $
242,071 $
249,972 $
233,474 $
225,741
Savings 121,251 121,945 119,342 120,231
Money market 342,221 324,166 319,415 314,138
Other time 374,631 365,700 337,073 330,013
Total interest bearing deposits 1,080,174 1,061,783 1,009,304 990,123
Borrowings:
Short-term borrowings 3,028 5,555 21,209 27,963
Advances from Federal Home Loan Bank 46,680 50,017 54,348 51,590
Subordinated debt 27,000 27,000 27,000 27,000
Lease liabilities 3,967 4,092 4,297 4,337
Total interest bearing liabilities 1,160,849 1,148,447 1,116,158 1,101,013
Non-interest bearing liabilities:
Demand deposits 168,070 174,295 178,457 178,686
Other liabilities 9,974 10,970 11,896 12,973
Shareholders' equity 115,240 111,606 107,215 104,076
Total liabilities and shareholders' equity $
1,454,133 $
1,445,318 $
1,413,726 $
1,396,748
AMERISERV FINANCIAL, INC.
NASDAQ: ASRV
CHANGES IN SHAREHOLDERS' EQUITY
(Dollars in thousands)
(Unaudited)
2025
COMMON TREASURY SURPLUS RETAINED ACCUMULATED TOTAL
STOCK STOCK EARNINGS OTHER
COMPREHENSIVE
(LOSS) INCOME
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 0 0 691 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 $
268 $
(84,791) $
147,072 $
64,112 $
(7,349) $
119,312
2024
COMMON TREASURY SURPLUS RETAINED ACCUMULATED TOTAL
STOCK STOCK EARNINGS OTHER
COMPREHENSIVE
(LOSS) INCOME
Balance at December 31, 2023 $
268 $
(83,280) $
146,364 $
58,901 $
(19,976) $
102,277
Net income 0 0 0 1,904 0 1,904
Exercise of stock options and stock option expense 0 0 8 0 0 8
Adjustment for defined benefit pension plan 0 0 0 0 (131) (131)
Adjustment for unrealized loss on available for sale securities 0 0 0 0 (241) (241)
Market value adjustment for interest rate hedge 0 0 0 0 630 630
Common stock cash dividend 0 0 0 (514) 0 (514)
Balance at March 31, 2024 $
268 $
(83,280) $
146,372 $
60,291 $
(19,718) $
103,933
Net loss 0 0 0 (375) 0 (375)
Treasury stock, purchased at cost 0 (1,511) 0 0 0 (1,511)
Adjustment for defined benefit pension plan 0 0 0 0 2,177 2,177
Adjustment for unrealized loss on available for sale securities 0 0 0 0 (119) (119)
Market value adjustment for interest rate hedge 0 0 0 0 71 71
Common stock cash dividend 0 0 0 (515) 0 (515)
Balance at June 30, 2024 $
268 $
(84,791) $
146,372 $
59,401 $
(17,589) $
103,661
Net income 0 0 0 1,183 0 1,183
Adjustment for defined benefit pension plan 0 0 0 0 753 753
Adjustment for unrealized gain on available for sale securities 0 0 0 0 3,966 3,966
Market value adjustment for interest rate hedge 0 0 0 0 (886) (886)
Common stock cash dividend 0 0 0 (495) 0 (495)
Balance at September 30, 2024 $
268 $
(84,791) $
146,372 $
60,089 $
(13,756) $
108,182
Net income 0 0 0 889 0 889
Adjustment for defined benefit pension plan 0 0 0 0 1,479 1,479
Adjustment for unrealized loss on available for sale securities 0 0 0 0 (3,208) (3,208)
Market value adjustment for interest rate hedge 0 0 0 0 402 402
Common stock cash dividend 0 0 0 (496) 0 (496)
Balance at December 31, 2024 $
268 $
(84,791) $
146,372 $
60,482 $
(15,083) $
107,248
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.
2025
1QTR 2QTR 3QTR 4QTR FULL YEAR
2025
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income (loss) $
1,908 $
(282) $
2,544 $
1,442 $
5,612
Average shareholders' equity 108,706 110,939 111,470 115,240 111,606
Less: Average intangible assets 13,684 13,679 13,674 13,669 13,676
Average tangible common equity 95,022 97,260 97,796 101,571 97,930
Return on average tangible common equity (annualized) 8.14 (1.16) 10.32 5.63 5.73
% % % % %
1QTR 2QTR 3QTR
4QTR
TANGIBLE COMMON EQUITY
Total shareholders' equity $
110,759 $
110,921 $
114,575 $
119,312
Less: Intangible assets 13,682 13,677 13,672 13,667
Tangible common equity 97,077 97,244 100,903 105,645
TANGIBLE ASSETS
Total assets 1,431,524 1,448,733 1,461,494 1,453,813
Less: Intangible assets 13,682 13,677 13,672 13,667
Tangible assets 1,417,842 1,435,056 1,447,822 1,440,146
Tangible common equity ratio 6.85 6.78 6.97 7.34
% % % %
Total shares outstanding 16,519,267 16,519,267 16,519,267 16,522,267
Tangible book value per share $
5.88 $
5.89 $
6.11 $
6.39
2024
1QTR 2QTR 3QTR 4QTR FULL YEAR
2024
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income (loss) $
1,904 $
(375) $
1,183 $
889 $
3,601
Average shareholders' equity 101,997 102,677 104,416 107,215 104,076
Less: Average intangible assets 13,708 13,701 13,695 13,690 13,699
Average tangible common equity 88,289 88,976 90,721 93,525 90,377
Return on average tangible common equity (annualized) 8.67 (1.70) 5.19 3.78 3.98
% % % % %
1QTR 2QTR 3QTR 4QTR
TANGIBLE COMMON EQUITY
Total shareholders' equity $
103,933 $
103,661 $
108,182 $
107,248
Less: Intangible assets 13,705 13,699 13,693 13,688
Tangible common equity 90,228 89,962 94,489 93,560
TANGIBLE ASSETS
Total assets 1,384,516 1,403,438 1,405,187 1,422,362
Less: Intangible assets 13,705 13,699 13,693 13,688
Tangible assets 1,370,811 1,389,739 1,391,494 1,408,674
Tangible common equity ratio 6.58 6.47 6.79 6.64
% % % %
Total shares outstanding 17,147,270 16,519,267 16,519,267 16,519,267
Tangible book value per share $
5.26 $
5.45 $
5.72 $
5.66
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SOURCE AmeriServ Financial, Inc.
Jeffrey A. Stopko, President & CEO, (814) 533-5310; Michael D. Lynch, EVP & CFO, (814) 533-5193