Exhibit 99.1

AMERISERV FINANCIAL REPORTS EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2025 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND

JOHNSTOWN, PA - AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a second quarter 2025 net loss of $282,000, or $0.02 per diluted common share. This earnings performance represented a $93,000 improvement from the second quarter of 2024 when the net loss totaled $375,000, or $0.02 per diluted common share. For the six-month period ended June 30, 2025, the Company reported net income of $1,626,000, or $0.10 per diluted common share. This represented an 11.1% increase in earnings per share from the six-month period of 2024 when net income totaled $1,529,000, or $0.09 per diluted common share. The following table details the Company’s financial performance for the three- and six-month periods ended June 30, 2025 and 2024:


	Second Quarter 2025		Second Quarter 2024		Six Months Ended June 30, 2025		Six Months Ended June 30, 2024

Net income (loss)	$	(282,000)	$	(375,000)	$	1,626,000	$	1,529,000
Diluted earnings per share	$	(0.02)	$	(0.02)	$	0.10	$	0.09

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the second quarter 2025 financial results: “The resolution of our largest problem loan in the second quarter of 2025 resulted in an increased provision for credit losses which caused the modest loss reported for the quarter. AmeriServ Financial has achieved positive operating leverage in both quarters of 2025 as our total revenue increased while our non-interest expenses declined. The increase in total revenue was caused by meaningful improvement in our net interest margin which increased by 34 basis points for the first six months of 2025 leading to a $2.7 million increase in net interest income. We believe that our balance sheet is well positioned for further quarterly net interest income growth and net interest margin improvement, which is important since this category represents approximately 70% of our total revenue. Additionally, our non-interest expense has favorably declined in both quarters of 2025. We will continue to diligently focus on both expense control and revenue growth to further improve the Company’s operating efficiency.”

All second quarter and six months 2025 financial performance metrics within this document are compared to the second quarter and six months of 2024 unless otherwise noted.

The Company's net interest income in the second quarter of 2025 increased by $1.5 million, or 17.1%, from the prior year's second quarter and, for the first six months of 2025, increased by $2.7 million, or 15.3%, when compared to the first six months of 2024. The Company’s net interest margin of 3.10% for the second quarter of 2025 and 3.06% for the six months of 2025 represents a 36-basis point improvement for the quarter and a 34-basis point increase for the six months. The increase reflects controlled balance sheet growth, as both total loans and total deposits are at higher 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 second half of 2025. Earnings performance so far in 2025 was also favorably impacted by a lower level of total non-interest expense as management works to carefully control operating costs. Unfavorably impacting earnings was the Company recognizing a significantly higher provision for credit losses for both the second quarter and six months of 2025 when compared to both time periods of 2024. Also, non-interest income is lower than what was recognized in both time periods last year. Overall, the improvement in the Company’s performance including increased net interest income and lower total non-interest expense more than offset the higher provision for credit losses and lower level of non-interest income resulting in earnings through six months of 2025 exceeding earnings through the first six months of 2024 by $97,000, or 6.3%.

Total average loans in the first six months of 2025 grew from the 2024 six-month average by $37.2 million, or 3.6%, due to consistent new loan funding opportunities throughout 2024. So far in 2025, loan originations modestly exceed payoff activity and resulted in an $811,000, or 0.1%, increase in total loans since December 31, 2024. Overall, total loans continue to be well above the $1.0 billion threshold, averaging $1.069 billion for the second quarter of 2025. Total loan interest income improved in the first half of 2025 compared to the first half 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, have been repricing upward during the first six months of 2025. These favorable items resulted in total loan interest income improving by $1.7 million, or 6.0%, when the first half of 2025 is compared to first half of 2024.

Total investment securities averaged $236.8 million for the first half of 2025, which was $1.5 million, or 0.6%, lower than the $238.3 million average for the first half of 2024. The decrease reflects management’s 2024 strategy to allocate more cash flow from the securities portfolio to higher yielding loans while the Company controlled the amount of high cost overnight borrowed funds. However, our liquidity position strengthened during the first six 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 $17.9 million, or 8.1%, 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 caused interest income from investments to increase by $316,000, or 6.4%, for the first six months of 2025 compared to last year’s first six months. Overall, through six months, the average balance of total interest earning assets increased from last year’s average by $45.5 million, or 3.6%, while total interest income increased by $2.0 million, or 6.0%, from the first half of 2024.

On the liability side of the balance sheet, total average deposits through the first six months of 2025 were $67.8 million, or 5.8%, higher when compared to the first six 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 second 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 $340,000, or 4.5%, for the second quarter of 2025 and decreased by $726,000, or 4.8%, for the six months when compared to both time periods of 2024. Deposit interest expense declined by $56,000, or 0.4%, through the first six months of 2025 despite total average interest-bearing deposits growing by $68.7 million, or 7.0%, compared to the first six 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. Overall, total deposit cost (including the benefit of non-interest-bearing demand deposits which remained relatively stable between years) averaged 2.06% in the first half of 2025, which is a 12-basis point improvement from the first half of 2024.

Total borrowings interest expense decreased by $359,000, or 28.8%, for the second quarter of 2025 and declined by $670,000, or 26.5%, for the first six months when compared to both time periods of 2024. The Company’s utilization of overnight borrowed funds in the first half of 2025 was significantly lower than the first half of 2024 by $26.0 million, or 83.8%, 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. Advances from the Federal Home Loan Bank averaged $52.9 million for the first half of 2025, which is $3.6 million, or 7.3%, higher than the $49.3 million average for the first half of 2024. Management’s strategy to increase term advances to lock in lower rates than overnight borrowings is due to the inversion in the short end of the yield curve and has favorably impacted net interest income.

The Company recorded a $3.1 million provision for credit losses in the second quarter of 2025 after recording provision expense of $434,000 in the second quarter of 2024, resulting in an increase in expense of $2.7 million. For the first six months of 2025, the Company recognized a $3.0 million provision for credit losses after recognizing a $123,000 provision for credit losses recovery in the first six months of 2024, resulting in a net unfavorable change of $3.2 million. The provision for credit losses expense in the second quarter of 2025 primarily reflects the resolution of the Company’s largest problem asset, a mixed use commercial real estate retail/office property in the Pittsburgh market. The provision covers an additional $2.8 million charge-off that was necessary to write this property down to a court approved sales price at a hearing that was held in late June. The second quarter provision for credit losses also reflects an increase in historical loss rates, due to this large charge-off, used to calculate the allowance for loan credit losses in accordance with current expected credit losses (CECL).

Non-performing assets increased since March 31, 2025, by $1.4 million, or 9.7%, and totaled $16.4 million. The increase reflects the net impact of the charge-off of the mixed use CRE loan, mentioned in the previous paragraph, which was more than offset by the transfer of three C&I loans from one borrower relationship and one additional $935,000 CRE loan into non-accrual status. Non-performing loans represented 1.42% of total loans at June 30, 2025. The Company recognized net loan charge-offs of $3.0 million, or 0.56% of total average loans, in the first six months of 2025 compared to net loan charge-offs of $332,000, or 0.06% of total average loans, in the first six months of 2024. Overall, the Company’s allowance for loan credit losses provided 93% coverage of non-performing loans and 1.32% of total loans at June 30, 2025.

Total non-interest income in the second quarter of 2025 decreased by $276,000, or 6.3%, from the prior year's second quarter and declined by $1.1 million, or 11.8%, in the first half of 2025 when compared to the first half of 2024. The decrease in both time periods was due to lower levels of wealth management fees by $277,000, or 9.1%, for the quarter and by $679,000, or 10.7%, for the six months. Also, contributing to the unfavorable comparison for the six months were lower levels of other income by $285,000, or 16.9%, bank owned life insurance (BOLI) by $69,000, or 12.0%, and mortgage banking revenue by $60,000, or 41.1%. 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 quarter 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 benefitted from several large new business cases in 2024. Overall, the fair market value of wealth management assets totaled $2.6 billion at June 30, 2025 and increased by $24.7 million, or 1.0%, since December 31, 2024. The decrease in other income for the six months of 2025 was primarily due to the Company recognizing a $250,000 signing bonus from the renewal of a contract with Visa

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

SUPPLEMENTAL FINANCIAL PERFORMANCE DATA

June 30, 2025

(Dollars in thousands, except per share and ratio data)

(Unaudited)

2025


	1QTR			2QTR			YEAR TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income (loss)	$	1,908		$	(282)		$	1,626

PERFORMANCE PERCENTAGES (annualized):
Return on average assets		0.54	%		(0.08)	%		0.23	%
Return on average equity		7.12			(1.02)			2.99
Return on average tangible common equity (1)		8.14			(1.16)			3.41
Net interest margin		3.01			3.10			3.06
Net charge-offs as a percentage of average loans		0.02			1.09			0.56
Efficiency ratio (3)		83.67			80.73			82.18

EARNINGS PER COMMON SHARE:
Basic	$	0.12		$	(0.02)		$	0.10
Average number of common shares outstanding		16,519			16,519			16,519
Diluted	$	0.12		$	(0.02)		$	0.10
Average number of common shares outstanding		16,519			16,519			16,519
Cash dividends paid per share	$	0.03		$	0.03		$	0.06

2024


		1QTR		2QTR			YEAR TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income (loss)	$	1,904		$	(375)		$	1,529

PERFORMANCE PERCENTAGES (annualized):
Return on average assets		0.55	%		(0.11)	%		0.22	%
Return on average equity		7.51			(1.47)			3.00
Return on average tangible common equity (1)		8.67			(1.70)			3.47
Net interest margin		2.70			2.74			2.72
Net charge-offs as a percentage of average loans		0.05			0.08			0.06
Efficiency ratio (3)		86.60			100.33			93.35

EARNINGS PER COMMON SHARE:
Basic	$	0.11		$	(0.02)		$	0.09
Average number of common shares outstanding		17,147			17,030			17,089
Diluted	$	0.11		$	(0.02)		$	0.09
Average number of common shares outstanding		17,147			17,030			17,089
Cash dividends paid per share	$	0.03		$	0.03		$	0.06

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

(Dollars in thousands, except per share, statistical, and ratio data)

(Unaudited)

2025



	1QTR			2QTR
FINANCIAL CONDITION DATA AT PERIOD END:
Assets	$	1,431,524		$	1,448,733
Short-term investments/overnight funds		3,865			3,909
Investment securities, net of allowance for credit losses - securities		231,454			237,320
Trading securities		0			5,101
Total loans and loans held for sale, net of unearned income		1,062,326			1,069,220
Allowance for credit losses - loans		13,812			14,060
Intangible assets		13,682			13,677
Deposits		1,216,838			1,244,533
Short-term and FHLB borrowings		63,121			51,611
Subordinated debt, net		26,736			26,747
Shareholders’ equity		110,759			110,921
Non-performing assets		14,971			16,419
Tangible common equity ratio (1)		6.85	%		6.78	%
Total capital (to risk weighted assets) ratio		12.73			12.50
PER COMMON SHARE:
Book value	$	6.70		$	6.71
Tangible book value (1)		5.88			5.89
Market value (2)		2.43			3.04
Wealth management assets – fair market value (4)	$	2,486,920		$	2,583,839

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees		298			309
Branch locations		16			16
Common shares outstanding		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		YEAR TO DATE
INTEREST INCOME
Interest and fees on loans		$	14,508	$	14,932		$	29,440
Interest on investments			2,514		2,757			5,271
Total Interest Income			17,022		17,689			34,711

INTEREST EXPENSE
Deposits			6,124		6,408			12,532
All borrowings			967		887			1,854
Total Interest Expense			7,091		7,295			14,386

NET INTEREST INCOME			9,931		10,394			20,325
Provision (recovery) for credit losses			(97)		3,133			3,036
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES			10,028		7,261			17,289

NON-INTEREST INCOME
Wealth management fees			2,864		2,782			5,646
Service charges on deposit accounts			275		267			542
Mortgage banking revenue			28		58			86
Gain on trading securities			0		35			35
Bank owned life insurance			264		244			508
Other income			690		710			1,400
Total Non-Interest Income			4,121		4,096			8,217

NON-INTEREST EXPENSE
Salaries and employee benefits			7,223		7,076			14,299
Net occupancy expense			841		746			1,587
Equipment expense			390		404			794
Professional fees			685		903			1,588
Data processing and IT expense			1,252		1,153			2,405
FDIC deposit insurance expense			240		240			480
Other expense			1,132		1,187			2,319
Total Non-Interest Expense			11,763		11,709			23,472

PRETAX INCOME (LOSS)			2,386		(352)			2,034
Income tax expense (benefit)			478		(70)			408
NET INCOME (LOSS)		$	1,908	$	(282)		$	1,626

2024


	1QTR		2QTR			YEAR TO DATE
INTEREST INCOME
Interest and fees on loans	$	13,776		$	14,003		$	27,779
Interest on investments		2,448			2,507			4,955
Total Interest Income		16,224			16,510			32,734

INTEREST EXPENSE
Deposits		6,199			6,389			12,588
All borrowings		1,278			1,246			2,524
Total Interest Expense		7,477			7,635			15,112

NET INTEREST INCOME		8,747			8,875			17,622
Provision (recovery) for credit losses		(557)			434			(123)
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES		9,304			8,441			17,745

NON-INTEREST INCOME
Wealth management fees		3,266			3,059			6,325
Service charges on deposit accounts		293			293			586
Mortgage banking revenue		39			107			146
Gain on trading securities		0			0			0
Bank owned life insurance		337			240			577
Other income		1,012			673			1,685
Total Non-Interest Income		4,947			4,372			9,319

NON-INTEREST EXPENSE
Salaries and employee benefits		7,117			7,108			14,225
Net occupancy expense		791			730			1,521
Equipment expense		386			391			777
Professional fees		1,002			2,094			3,096
Data processing and IT expense		1,159			1,142			2,301
FDIC deposit insurance expense		255			250			505
Other expense		1,154			1,582			2,736
Total Non-Interest Expense		11,864			13,297			25,161

PRETAX INCOME (LOSS)		2,387			(484)			1,903
Income tax expense (benefit)		483			(109)			374
NET INCOME (LOSS)	$	1,904		$	(375)		$	1,529

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

AVERAGE BALANCE SHEET DATA

(Dollars in thousands)

(Unaudited)

	2025				2024
	2QTR		SIX MONTHS		2QTR		SIX MONTHS
Interest earning assets:
Loans and loans held for sale, net of unearned income	$	1,069,207	$	1,066,931	$	1,029,662	$	1,029,752
Short-term investments and bank deposits		10,349		11,085		3,359		3,786
Investment securities		242,110		236,804		237,801		238,300
Trading securities		5,040		2,534		0		0
Total interest earning assets		1,326,706		1,317,354		1,270,822		1,271,838

Non-interest earning assets:
Cash and due from banks		15,431		15,599		14,460		14,516
Premises and equipment		17,648		17,822		18,733		18,492
Other assets		102,963		103,643		101,012		99,988
Allowance for credit losses		(15,007)		(14,745)		(14,924)		(15,518)
Total assets	$	1,447,741	$	1,439,673	$	1,390,103	$	1,389,316

Interest bearing liabilities:
Interest bearing deposits:
Interest bearing demand	$	255,249	$	253,887	$	222,639	$	222,827
Savings		123,078		122,106		120,126		120,337
Money market		312,858		319,820		313,056		311,350
Other time		371,801		354,249		326,765		326,824
Total interest bearing deposits		1,062,986		1,050,062		982,586		981,338
Borrowings:
Short-term borrowings		3,604		5,005		28,325		30,985
Advances from Federal Home Loan Bank		50,899		52,891		50,670		49,298
Subordinated debt		27,000		27,000		27,000		27,000
Lease liabilities		4,137		4,172		4,466		4,335
Total interest bearing liabilities		1,148,626		1,139,130		1,093,047		1,092,956

Non-interest bearing liabilities:
Demand deposits		177,337		179,053		180,468		179,999
Other liabilities		10,839		11,661		13,911		14,024
Shareholders’ equity		110,939		109,829		102,677		102,337
Total liabilities and shareholders’ equity	$	1,447,741	$	1,439,673	$	1,390,103	$	1,389,316

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

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			YEAR TO DATE
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income (loss)	$	1,908		$	(282)		$	1,626

Average shareholders’ equity		108,706			110,939			109,829
Less: Average intangible assets		13,684			13,679			13,682
Average tangible common equity		95,022			97,260			96,147

Return on average tangible common equity (annualized)		8.14	%		(1.16)	%		3.41	%


	1QTR			2QTR

TANGIBLE COMMON EQUITY
Total shareholders’ equity	$	110,759			$	110,921
Less: Intangible assets		13,682				13,677
Tangible common equity		97,077				97,244

TANGIBLE ASSETS
Total assets		1,431,524				1,448,733
Less: Intangible assets		13,682				13,677
Tangible assets		1,417,842				1,435,056

Tangible common equity ratio		6.85	%			6.78	%

Total shares outstanding		16,519,267				16,519,267

Tangible book value per share	$	5.88			$	5.89

2024



	1QTR			2QTR			YEAR TO DATE
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income (loss)	$	1,904		$	(375)		$	1,529

Average shareholders’ equity		101,997			102,677			102,337
Less: Average intangible assets		13,708			13,701			13,705
Average tangible common equity		88,289			88,976			88,632

Return on average tangible common equity (annualized)		8.67	%		(1.70)	%		3.47	%


	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