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

JOHNSTOWN, Pa., Oct. 20, 2026 /PRNewswire/ -- 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 View original content to download multimedia:https://www.prnewswire.com/news-releases/ameriserv-financial-reports-increased-earnings-for-the-third-quarter-and-first-nine-months-of-2026-and-announces-quarterly-common-stock-cash-dividend-302913141.html SOURCE AmeriServ Financial, Inc.