AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2025 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND

, /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2025 net income of $2,544,000, or $0.15 per diluted common share. This earnings performance represented a $1,361,000, or 115.0%, improvement from the third quarter of 2024 when net income totaled $1,183,000, or $0.07 per diluted common share. For the nine-month period ended September 30, 2025, the Company reported net income of $4,170,000, or $0.25 per diluted common share. This represented a 56.3% increase in earnings per share from the nine-month period of 2024 when net income totaled $2,712,000, or $0.16 per diluted common share. The following table details the Company's financial performance for the three- and nine-month periods ended September 30, 2025 and 2024: Third Quarter 2025 Third Quarter 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Net income $ 2,544,000 $ 1,183,000 $ 4,170,000 $ 2,712,000 Diluted earnings per share $ 0.15 $ 0.07 $ 0.25 $ 0.16 Jeffrey A. Stopko, President and Chief Executive Officer, commented on the third quarter 2025 financial results: "AmeriServ Financial achieved record quarterly earnings in the third quarter of 2025 due to our continued focus on generating positive operating leverage. The increase in total revenue was caused by meaningful improvement in our net interest income for both the third quarter and first nine months of 2025 because of effective balance sheet management. Specifically, our net interest margin increased by 41-basis points for the first nine months of 2025 leading to a $4.8 million increase in net interest income which is important since this category represents approximately 70% of our total revenue. Additionally, our non-interest expense has favorably declined for the first nine months of 2025. We will continue to diligently focus on both revenue growth and expense control to further improve the Company's operating efficiency." All third quarter and nine months 2025 financial performance metrics within this document are compared to the third quarter and nine months of 2024 unless otherwise noted. The Company's strong third quarter earnings reflected continued improvement in core performance along with higher than typical revenue from good income sources such as loan prepayment fees and bank owned life insurance (BOLI). Net interest income in the third quarter of 2025 increased by $2.1 million, or 23.9%, from the prior year's third quarter and, for the first nine months of 2025, increased by $4.8 million, or 18.2%, when compared to the first nine months of 2024. The Company's net interest margin of 3.27% for the third quarter of 2025 and 3.13% for the nine months of 2025 represents a 56-basis point improvement for the quarter and a 41-basis point increase for the nine months. Along with the significantly improved net interest margin performance, the increase also reflects controlled balance sheet growth, as both total loans and total deposits are at higher average levels due to management's effective 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 the latter portion of 2024 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 through the remainder of 2025 given the effective execution of our strategy along with the Federal Reserve's action to ease monetary policy in September 2025, which should further reduce funding costs. While non-interest expense is up for the quarter, it is lower through the first nine months of 2025 and favorably impacted year-to-date earnings performance as management works to carefully control operating costs. Conversely, non-interest income in 2025 is lower than what was recognized in the first nine months of last year but compares favorably quarter over quarter. Unfavorably impacting earnings was the Company recognizing a higher provision for credit losses for both the third quarter and nine months of 2025 when compared to both time periods of 2024. Overall, the Company's earnings performance through the first nine months of 2025 exceeds earnings through the first nine months of 2024 by $1.5 million, or 53.8%, 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 in the first nine months of 2025 grew from the 2024 nine-month average by $35.9 million, or 3.5%, due to consistent new loan funding opportunities throughout 2024. So far in 2025, loan payoff activity has exceeded originations and resulted in a $12.7 million, or 1.2%, decrease in total loans since December 31, 2024. Overall, total loans continue to be well above the $1.0 billion threshold, averaging $1.067 billion for the third quarter of 2025. Total loan interest income improved in the first nine months of 2025 compared to the first nine months of 2024 due to the increased level of average total loans outstanding, and a portion of commercial real estate (CRE) loans, that were booked at the onset of the COVID pandemic when interest rates were low, repricing upward during the first nine months of 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 payoff activity experienced so far this year. Total 2025 year to date loan fee income is $544,000, or 95.8%, higher when compared to the same timeframe in 2024. These favorable items resulted in total loan interest income improving by $3.0 million, or 7.2%, when the first nine months of 2025 is compared to first nine months of 2024. Total investment securities averaged $242.9 million for the third quarter of 2025, which was $4.4 million, or 1.8%, higher than the $238.5 million average for the third quarter of 2024. The increase reflects the higher level of loan prepayment activity, as well as our liquidity position strengthening during the first nine months of 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 $17.3 million, or 7.9%, 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 improved yields for new securities purchases as well as several subordinated debt instruments being called during 2025 and replaced with higher yielding investments caused interest income from investments to increase by $388,000, or 16.1%, for the quarter and by $704,000, or 9.6%, for the first nine months of 2025 compared to last year. Overall, through nine months, the average balance of total interest earning assets increased from last year's average by $47.7 million, or 3.7%, while total interest income increased by $3.8 million, or 7.6%, from the first nine months of 2024. On the liability side of the balance sheet, total average deposits through the first nine months of 2025 were $69.5 million, or 6.0%, higher when compared to the first nine months 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 86.2% in the third 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 $345,000, or 4.4%, for the third quarter of 2025 and decreased by $1.1 million, or 4.7%, for the nine months when compared to both time periods of 2024. Deposit interest expense declined by $22,000, or 0.1%, through the first nine months of 2025 despite total average interest-bearing deposits growing by $71.9 million, or 7.3%, compared to the first nine months of last year. The year to date decrease in deposit interest expense reflects the benefit of the Federal Reserve easing monetary policy during the final four months of 2024. 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 in September 2025 is anticipated to have a favorable impact on fourth quarter interest bearing deposit costs. Overall, total deposit cost (including the benefit of non-interest-bearing demand deposits which declined modestly between years) averaged 2.07% in the first nine months of 2025, which is a 12-basis point improvement from the first nine months of 2024. Total borrowings interest expense decreased by $379,000, or 29.0%, for the third quarter of 2025 and declined by $1.0 million, or 27.4%, for the first nine months when compared to both time periods of 2024. The Company's utilization of overnight borrowed funds for the nine months of 2025 was significantly lower than the first nine months of 2024, resulting in the year-to-date average decreasing by $23.8 million, or 78.8%, 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 which had an immediate and favorable impact on the cost of overnight borrowed funds. The Company recorded a $360,000 provision for credit losses in the third quarter of 2025 after recording a provision recovery of $51,000 in the third quarter of 2024, resulting in an increase in expense of $411,000. For the first nine months of 2025, the Company recognized a $3.4 million provision for credit losses after recognizing a $174,000 provision for credit losses recovery in the first nine months of 2024, resulting in a net unfavorable change of $3.6 million. The provision for credit losses in the third quarter was primarily related to an increase in specific reserves related to a commercial/owner- occupied CRE loan relationship. The significant increase in the provision for credit losses for the nine-month period related to an additional $2.8 million charge-off that was necessary to resolve the Company's largest problem asset, which was disclosed in our second quarter 2025 press release. Non-performing assets decreased since June 30, 2025, by $1.5 million, or 8.9%, and totaled $15.0 million. The decrease primarily reflects the charge off of an impaired corporate security. A reserve was previously established for this investment. Also contributing to the decrease in non-performing assets was the payoff of a CRE loan that was previously classified as non-performing. Non-performing loans represented 1.39% of total loans at September 30, 2025. The Company recognized net loan charge-offs of $2.9 million, or 0.37% of total average loans, in the first nine months of 2025 compared to net loan charge-offs of $488,000, or 0.06% of total average loans, in the first nine months of 2024. Overall, the Company's allowance for loan credit losses provided 98% coverage of non-performing loans and 1.36% of total loans at September 30, 2025. Total non-interest income in the third quarter of 2025 increased by $198,000, or 4.7%, from the prior year's third quarter but declined by $904,000, or 6.7%, in the first nine months of 2025 when compared to the first nine months of 2024. Wealth management fees were lower in both time periods of 2025, by $201,000, or 6.6%, for the quarter and by $880,000, or 9.4%, for the nine months. The decrease in wealth management fees is attributed to the volatility and uncertainty that existed in the financial markets due to government fiscal policy, particularly earlier in 2025. While equity markets rebounded during the second and third quarters of 2025, the first quarter 2025 decline in major market indexes unfavorably impacted equity securities resulting in management fees declining. Additionally, the Financial Services division benefited from several large new business cases in 2024. Overall, the fair market value of wealth management assets totaled $2.7 billion at September 30, 2025 and increased by $102.1 million, or 4.0%, since December 31, 2024. Also, contributing to the unfavorable comparison for total non-interest income in the first nine months were lower levels of other income by $183,000, or 8.3%, 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. Mortgage banking revenue was lower by $46,000, or 54.1%, for the quarter and by $106,000, or 45.9%, for the nine months and resulted from a decreased level of residential mortgage production in 2025. Positively impacting non-interest income in both time periods was a higher level of BOLI revenue by $289,000 for the quarter and by $220,000, or 26.8%, for the nine months due to the Company receiving two death claims during the third quarter of 2025. Finally, the Company recognized gains on trading securities of $55,000 for the quarter and $90,000 for the nine months from a $5 million trading account established in the second quarter of 2025. Total non-interest expense in the third quarter of 2025 increased by $243,000, or 2.1%, when compared to the third quarter of 2024 but decreased by $1.4 million, or 3.9%, during the first nine months of 2025 when compared to the first nine months of 2024. Professional fees decreased by $191,000, or 24.1%, for the third quarter and were $1.7 million, or 43.7%, lower for the nine months as 2024 legal and professional services costs were unfavorably impacted by litigation and responses to the actions of an activist investor. This matter was resolved in June 2024 as a result of a Settlement Agreement. Also favorably impacting total non-interest expense for the nine months were lower other expenses by $147,000, or 3.7%, primarily driven by the Company having to recognize a $410,000 pension settlement charge in 2024 while no such charge was required so far in 2025. This was partially offset by the bank having to recognize additional workout expenses related to a loan relationship secured by an owner-occupied CRE property. The additional costs related to this property were the primary reason for the unfavorable quarter over quarter comparison for other expenses. Salaries & employee benefits increased by $269,000, or 1.3%, compared to last year's first nine months. Within this broad category, health care costs are $364,000, or 15.1%, 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 $411,000, or 2.7%, due to annual salary merit increases. Additionally, helping to offset the higher costs within total salaries & employee benefits were reduced levels of incentive compensation by $444,000, or 37.8%, in the wealth management and commercial lending divisions. The Company recorded income tax expense of $948,000 in the first nine months of 2025, or an effective tax rate of 18.5%, which compares to income tax expense of $611,000, or an effective tax rate of 18.4%, in the first nine months of 2024. The Company had total assets of $1.46 billion, shareholders' equity of $114.6 million, a book value of $6.94 per common share and a tangible book value of $6.11(1) per common share on September 30, 2025. Book value per common share increased by $0.39, or 6.0%, and tangible book value per common share increased by $0.39, or 6.8%, since September 30, 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 September 30, 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 November 17, 2025 to shareholders of record on November 3, 2025. This cash dividend represents a 4.0% annualized yield using the October 17, 2025 closing stock price of $3.01 and a 36% payout ratio based upon 2025 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; 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 September 30, 2025 (Dollars in thousands, except per share and ratio data) (Unaudited) 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 2024 1QTR 2QTR 3QTR YEAR TO DATE PERFORMANCE DATA FOR THE PERIOD: Net income (loss) $ 1,904 $ (375) $ 1,183 $ 2,712 PERFORMANCE PERCENTAGES (annualized): Return on average assets 0.55 % (0.11) % 0.34 % 0.26 % Return on average equity 7.51 (1.47) 4.51 3.52 Return on average tangible common equity (1) 8.67 (1.70) 5.19 4.06 Net interest margin 2.70 2.74 2.71 2.72 Net charge-offs (recoveries) as a percentage of average loans 0.05 0.08 0.06 0.06 Efficiency ratio (3) 86.60 100.33 89.49 92.09 EARNINGS PER COMMON SHARE: Basic $ 0.11 $ (0.02) $ 0.07 $ 0.16 Average number of common shares outstanding 17,147 17,030 16,519 16,897 Diluted $ 0.11 $ (0.02) $ 0.07 $ 0.16 Average number of common shares outstanding 17,147 17,030 16,519 16,897 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) 2025 1QTR 2QTR 3QTR FINANCIAL CONDITION DATA AT PERIOD END: Assets $ 1,431,524 $ 1,448,733 $ 1,461,494 Short-term investments/overnight funds 3,865 4,805 39,098 Investment securities, net of allowance for credit losses - securities 231,454 237,320 236,740 Trading securities 0 4,205 4,462 Total loans and loans held for sale, net of unearned income 1,062,326 1,069,220 1,055,683 Allowance for credit losses - loans 13,812 14,060 14,408 Intangible assets 13,682 13,677 13,672 Deposits 1,216,838 1,244,533 1,258,588 Short-term and FHLB borrowings 63,121 51,611 48,023 Subordinated debt, net 26,736 26,747 26,757 Shareholders' equity 110,759 110,921 114,575 Non-performing assets 14,971 16,419 14,953 Tangible common equity ratio (1) 6.85 % 6.78 % 6.97 % Total capital (to risk weighted assets) ratio 12.73 12.50 12.97 PER COMMON SHARE: Book value $ 6.70 $ 6.71 $ 6.94 Tangible book value (1) 5.88 5.89 6.11 Market value (2) 2.43 3.04 2.90 Wealth management assets – fair market value (4) $ 2,486,920 $ 2,583,839 $ 2,661,214 STATISTICAL DATA AT PERIOD END: Full-time equivalent employees 298 309 306 Branch locations 16 16 16 Common shares outstanding 16,519,267 16,519,267 16,519,267 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 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 275 267 303 845 Mortgage banking revenue 28 58 39 125 Gain on trading securities 0 35 55 90 Bank owned life insurance 264 244 533 1,041 Other income 690 710 622 2,022 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 2024 1QTR 2QTR 3QTR YEAR TO DATE INTEREST INCOME Interest and fees on loans $ 13,776 $ 14,003 $ 14,301 $ 42,080 Interest on investments 2,448 2,507 2,407 7,362 Total Interest Income 16,224 16,510 16,708 49,442 INTEREST EXPENSE Deposits 6,199 6,389 6,515 19,103 All borrowings 1,278 1,246 1,306 3,830 Total Interest Expense 7,477 7,635 7,821 22,933 NET INTEREST INCOME 8,747 8,875 8,887 26,509 Provision (recovery) for credit losses (557) 434 (51) (174) NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES 9,304 8,441 8,938 26,683 NON-INTEREST INCOME Wealth management fees 3,266 3,059 3,050 9,375 Service charges on deposit accounts 293 293 304 890 Mortgage banking revenue 39 107 85 231 Gain on trading securities 0 0 0 0 Bank owned life insurance 337 240 244 821 Other income 1,012 673 520 2,205 Total Non-Interest Income 4,947 4,372 4,203 13,522 NON-INTEREST EXPENSE Salaries and employee benefits 7,117 7,108 7,122 21,347 Net occupancy expense 791 730 706 2,227 Equipment expense 386 391 371 1,148 Professional fees 1,002 2,094 792 3,888 Data processing and IT expense 1,159 1,142 1,287 3,588 FDIC deposit insurance expense 255 250 255 760 Other expense 1,154 1,582 1,188 3,924 Total Non-Interest Expense 11,864 13,297 11,721 36,882 PRETAX INCOME (LOSS) 2,387 (484) 1,420 3,323 Income tax expense (benefit) 483 (109) 237 611 NET INCOME (LOSS) $ 1,904 $ (375) $ 1,183 $ 2,712 AMERISERV FINANCIAL, INC. NASDAQ: ASRV AVERAGE BALANCE SHEET DATA (Dollars in thousands) (Unaudited) 2025 2024 3QTR NINEMONTHS 3QTR NINE MONTHS Interest earning assets: Loans and loans held for sale, net of unearned income $ 1,066,511 $ 1,066,789 $ 1,033,159 $ 1,030,887 Short-term investments and bank deposits 13,347 11,847 3,935 3,835 Investment securities 242,900 238,858 238,492 238,364 Trading securities 4,655 3,249 0 0 Total interest earning assets 1,327,413 1,320,743 1,275,586 1,273,086 Non-interest earning assets: Cash and due from banks 15,502 15,566 13,606 14,212 Premises and equipment 17,543 17,728 18,828 18,604 Other assets 102,459 103,245 101,796 100,593 Allowance for credit losses (15,309) (14,935) (15,182) (15,406) Total assets $ 1,447,608 $ 1,442,347 $ 1,394,634 $ 1,391,089 Interest bearing liabilities: Interest bearing deposits: Interest bearing demand $ 250,169 $ 252,634 $ 223,835 $ 223,163 Savings 122,321 122,179 120,910 120,528 Money market 314,665 318,083 314,436 312,379 Other time 379,299 362,690 329,330 327,659 Total interest bearing deposits 1,066,454 1,055,586 988,511 983,729 Borrowings: Short-term borrowings 9,163 6,406 28,670 30,214 Advances from Federal Home Loan Bank 47,702 51,142 53,418 50,671 Subordinated debt 27,000 27,000 27,000 27,000 Lease liabilities 4,061 4,134 4,383 4,351 Total interest bearing liabilities 1,154,380 1,144,268 1,101,982 1,095,965 Non-interest bearing liabilities: Demand deposits 171,161 176,393 176,286 178,762 Other liabilities 10,597 11,304 11,950 13,332 Shareholders' equity 111,470 110,382 104,416 103,030 Total liabilities and shareholders' equity $ 1,447,608 $ 1,442,347 $ 1,394,634 $ 1,391,089 AMERISERV FINANCIAL, INC. NASDAQ: ASRV CHANGES IN SHAREHOLDERS' EQUITY (Dollars in thousands) (Unaudited) 2025 COMMON STOCK TREASURY STOCK SURPLUS RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME 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 2024 COMMON STOCK TREASURY STOCK SURPLUS RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME TOTAL 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 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 TANGIBLE COMMON EQUITY Total shareholders' equity $ 110,759 $ 110,921 $ 114,575 Less: Intangible assets 13,682 13,677 13,672 Tangible common equity 97,077 97,244 100,903 TANGIBLE ASSETS Total assets 1,431,524 1,448,733 1,461,494 Less: Intangible assets 13,682 13,677 13,672 Tangible assets 1,417,842 1,435,056 1,447,822 Tangible common equity ratio 6.85 % 6.78 % 6.97 % Total shares outstanding 16,519,267 16,519,267 16,519,267 Tangible book value per share $ 5.88 $ 5.89 $ 6.11 2024 1QTR 2QTR 3QTR YEAR TO DATE RETURN ON AVERAGE TANGIBLE COMMON EQUITY Net income (loss) $ 1,904 $ (375) $ 1,183 $ 2,712 Average shareholders' equity 101,997 102,677 104,416 103,030 Less: Average intangible assets 13,708 13,701 13,695 13,702 Average tangible common equity 88,289 88,976 90,721 89,328 Return on average tangible common equity (annualized) 8.67 % (1.70) % 5.19 % 4.06 % 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 SOURCE AmeriServ Financial, Inc. 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AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2025 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND

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