AMERISERV FINANCIAL INC /PA/

Listed Company

ASRVCIK 0000707605NasdaqNon-AcceleratedSmaller ReportingNational Commercial BanksPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

$14.63M

Net Income

$5.61M

Total Assets

$1.45B

Equity

$119.31M

Shares Out

16.96M

Op. Cash Flow

$3.19M

Business

AMERISERV FINANCIAL INC /PA/ is a bank holding company that owns and operates a state‑chartered commercial bank and related subsidiaries, providing centralized management, risk oversight and administrative services. It offers retail and commercial banking products and services, including deposit accounts, consumer and mortgage loans, commercial real estate and business lending, ATM and electronic banking, and trust, wealth management and investment advisory services. Key business segments include AmeriServ Financial Bank and the AmeriServ Wealth and Capital Management division, with an SEC‑registered investment advisory subsidiary. The company distributes its services through branch locations, ATMs, loan production offices and secondary market channels primarily across regional Pennsylvania markets and parts of Maryland.

Summary from filing dated 2025-03-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Taxable	60	57	52	41	40
Tax exempt	188,000	121,000	89,000	71,000	89,000
Interest bearing deposits and short-term investments	826,000	250,000	251,000	209,000	60,000
Available for sale	8	7	7	6	5
Held to maturity	3	2	2	2	1
Trading securities	144,000	—	—	—	—
Total Interest Income	71	67	61	49	47
Deposits	25	25	21	6	5
Short-term borrowings	266,000	2	2	364,000	1,000
Advances from Federal Home Loan Bank	2	2	731,000	553,000	875,000
Financing lease liabilities	100,000	108,000	97,000	100,000	106,000
Subordinated debt	1	1	1	1	854,000
Total Interest Expense	29	30	25	8	8
Net Interest Income	42	36	36	—	—
Provision for credit losses	4	884,000	7	50,000	1
Net Interest Income after Provision for Credit Losses	38	35	29	41	38
Non-interest income	15	16	14	15	15
Mortgage banking revenue	184,000	304,000	—	—	—
Trading securities revenue	118,000	—	—	—	—
Bank owned life insurance	1	1	1	1	1
Other income	3	3	2	3	3
Total Non-Interest Income	17	18	16	17	18
Salaries and employee benefits	29	28	30	28	28
Net occupancy expense	3	3	3	3	3
Equipment expense	2	2	2	2	2
Professional fees	4	5	5	3	3
Data processing and IT expense	5	5	4	4	4
Supplies, postage and freight	701,000	670,000	668,000	651,000	668,000
Miscellaneous taxes and insurance	1	1	1	1	1
Federal deposit insurance expense	987,000	1	715,000	515,000	655,000
Other expense	3	3	3	5	5
Total Non-Interest Expense	48	49	49	48	47
PRETAX INCOME	7	4	−4	9	9
Provision for income taxes	1	798,000	−1	2	2
NET INCOME	6	4	−3	7	7
Net income (in dollars per share)	0.34	0.21	−0.2	0.44	0.41
Average number of shares outstanding (in shares)	17	17	17	17	17
Net income (in dollars per share)	0.34	0.21	−0.2	0.43	0.41
Average number of shares outstanding (in shares)	17	17	17	17	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from depository institutions	12	14	10	19	25
Interest bearing deposits and short-term investments	39	4	4	4	—
Cash and cash equivalents	51	18	14	23	—
Available for sale, at fair value (allowance for credit losses $360 on December 31, 2024)	176	156	166	180	—
Held to maturity (fair value $68,916 on December 31, 2025 and $58,471 on December 31, 2024; allowance for credit losses $90 on December 31, 2025 and $89 on December 31, 2024)	72	64	64	62	—
Trading securities	7	—	—	—	—
Loans held for sale	241,000	460,000	130,000	59,000	983,000
Loans (net of unearned income $466 on December 31, 2025 and $517 on December 31, 2024)	1,033	1,068	1,038	991	—
Less: Allowance for credit losses	13	14	15	11	12
Net loans	1,020	1,054	1,023	980	—
Operating lease right-of-use asset	1	2	646,000	630,000	667,000
Financing lease right-of-use asset	2	2	2	2	3
Other premises and equipment, net	14	14	14	14	14
Accrued interest income receivable	6	5	6	5	4
Goodwill	14	14	14	14	14
Core deposit intangible	56,000	77,000	101,000	128,000	—
Bank owned life insurance	39	40	40	39	39
Net deferred tax asset	—	1	3	3	—
Federal Home Loan Bank stock	4	5	5	6	3
Federal Reserve Bank stock	2	2	2	2	2
Other real estate owned and repossessed assets	216,000	2	15,000	—	—
Other assets	45	43	37	34	25
TOTAL ASSETS	1,454	1,422	1,390	1,364	1,336
Non-interest bearing deposits	159	172	172	195	211
Interest bearing deposits	1,089	1,029	986	913	928
Total deposits	1,248	1,201	1,158	1,109	1,139
Short-term borrowings	—	15	41	89	—
Advances from Federal Home Loan Bank	45	56	45	20	43
Operating lease liabilities	1	2	658,000	643,000	682,000
Financing lease liabilities	3	3	3	3	3
Subordinated debt	27	27	27	27	27
Total borrowed funds	75	102	116	138	73
Net deferred tax liability	2	—	—	—	934,000
Other liabilities	9	12	13	11	6
TOTAL LIABILITIES	1,335	1,315	1,287	1,258	1,219
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,779,089 shares issued, 216,500 shares issuable, and 16,522,267 shares outstanding on December 31, 2025 and 26,776,089 shares issued and 16,519,267 shares outstanding on December 31, 2024	270,000	268,000	268,000	267,000	267,000
Treasury stock at cost, 10,256,822 shares on December 31, 2025 and December 31, 2024	−85	−85	−83	−83	−83
Capital surplus	147	146	146	146	146
Retained earnings	64	60	59	65	60
Accumulated other comprehensive loss	−7	−15	−20	−23	−7
TOTAL SHAREHOLDERS' EQUITY	119	107	102	106	117
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,454	1,422	1,390	1,364	1,336

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	6	4	−3	—	—
Depreciation and amortization expense	2	2	2	2	2
Amortization expense of core deposit intangible	21,000	24,000	27,000	30,000	19,000
Amortization of fair value adjustment on acquired time deposits	−1,000	−8,000	−33,000	−101,000	−98,000
Net (accretion) amortization of investment securities	−98,000	76,000	49,000	108,000	222,000
Net amortization of deferred loan fees	−234,000	−132,000	−104,000	−553,000	−1
Net gains on loans held for sale	−116,000	−174,000	−169,000	−208,000	−664,000
Origination of mortgage loans held for sale	−7	−11	−9	−9	−14
Sales of mortgage loans held for sale	8	11	9	11	20
(Increase) decrease in accrued interest receivable	−71,000	43,000	−725,000	−820,000	1
Increase (decrease) in accrued interest payable	552,000	−335,000	3	45,000	−490,000
Deferred income taxes	992,000	−34,000	−565,000	533,000	729,000
Stock compensation expense	—	8,000	45,000	50,000	43,000
Common stock issuable	691,000	—	—	—	—
Net change in trading securities	−7	—	—	—	—
Net change in operating leases	−178,000	−169,000	—	—	—
Other, net	−2	−2	−1	−3	−4
Net cash provided by operating activities	3	3	6	5	10
Purchase of investment securities - available for sale	−55	−16	−21	−58	−62
Purchase of investment securities - held to maturity	−16	−6	−8	−11	−16
Proceeds from maturities of investment securities - available for sale	40	26	18	20	39
Proceeds from maturities of investment securities - held to maturity	7	6	6	3	7
Proceeds from sale of investment securities - available for sale	0	935,000	17	2	960,000
Purchase of regulatory stock	−12	−15	−20	−11	−2
Proceeds from redemption of regulatory stock	13	16	20	8	4
Net decrease (increase) in loans	31	−33	—	—	—
Purchase of premises and equipment	−1	−2	−1	−2	−1
Proceeds from sale of other real estate owned and repossessed assets	1	264,000	39,000	14,000	8,000
Proceeds from life insurance policies	2	711,000	387,000	1	1
Net cash provided by (used in) investing activities	11	−23	−40	−56	−488,000
Net increase in deposit balances	47	43	50	−31	42
Net decrease in other short-term borrowings	−15	−26	−48	89	−25
Principal borrowings on advances from Federal Home Loan Bank	2	29	42	—	2
Principal repayments on advances from Federal Home Loan Bank	−13	−17	−18	−23	−24
Principal payments on financing lease liabilities	−188,000	−168,000	−228,000	−219,000	−210,000
Stock options exercised	9,000	—	94,000	106,000	57,000
Purchases of treasury stock	—	−2	—	—	—
Common stock dividend paid	−2	−2	−2	−2	−2
Net cash provided by financing activities	19	24	25	33	146,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	33	4	−9	−18	10

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