Ameriserv Financial Inc. · NASDAQ:ASRV
Ameriserv Financial — Investor Presentation (July 2026)
45 slides from Ameriserv Financial's investor presentation, Jul 23, 2026
Slide 1: Investor Presentation July 2026
Investor Presentation July 2026
Slide 2: Presenters: Jeffrey A. Stopko, President and CEO, and Chief Financial Officer
Jeffrey A. Stopko President Chief Executive Officer | Chief Financial Officer 2
Slide 3: Forward-Looking Statements
3 Forward - Looking Statements This presentation contains various forward - looking statements and includes assumptions concerning the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates, intentions, operations, future results, and prospects, including statements that
Slide 4: Net Income
Net Income $7,072 $7,448 ($3,346) $3,601 $5,612 ($4,000) ($2,000) $0 $2,000 $4,000 $6,000 $8,000 2021 2022 2023 2024 2025 4 (Thousands)
Slide 5: Earnings Per Common Share
$0.41 $0.43 ($0.20) $0.21 $0.34 ($0.20) ($0.10) $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 2021 2022 2023 2024 2025 Earnings Per Common Share 5
Slide 6: Net Interest Income
Net Interest Income $39,083 $40,563 $36,020 $36,048 $42,263 $25,000.00 $35,000.00 $45,000.00 2021 2022 2023 2024 2025 6 (Thousands)
Slide 7: Net Interest Margin
Net Interest Margin % 3.15% 3.27% 2.86% 2.81% 3.15% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 2021 2022 2023 2024 2025 7
Slide 8: Total Average Loans
Total Average Loans $989 $978 $997 $1,038 $1,061 $600 $700 $800 $900 $1,000 $1,100 2021 2022 2023 2024 2025 8 (Millions)
Slide 9: Total Average Deposits
Total Average Deposits $1,154 $1,156 $1,154 $1,169 $1,236 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 2021 2022 2023 2024 2025 9 (Millions)
Slide 10: Provision for Credit Losses vs. Net Charge-Offs
Provision for Credit Losses vs. Net Charge - Offs $0 $2,000 $4,000 $6,000 $8,000 2021 2022 2023 2024 2025 $1,100 $50 $7,429 $884 $4,120 $47 $1,705 $3,457 $2,022 $4,893 10 (Thousands)
Slide 11: Non-Performing Assets from the Loan Portfolio
Non - Performing Assets from the Loan Portfolio $3,323 $5,200 $12,393 $13,657 $8,518 $0 $3,000 $6,000 $9,000 $12,000 $15,000 2021 2022 2023 2024 2025 11 (Thousands)
Slide 12: Non-Interest Revenue
Non - Interest Revenue $17,761 $16,692 $16,389 $17,975 $16,989 $12,000 $14,000 $16,000 $18,000 $20,000 2021 2022 2023 2024 2025 12 (Thousands)
Slide 13: Non-Interest Expense
Non - Interest Expense $46,970 $48,004 $49,368 $48,740 $48,336 $44,000 $46,000 $48,000 $50,000 2021 2022 2023 2024 2025 13 (Thousands)
Slide 14: Overview of AmeriServ Financial, Inc.
Branch Map Overview ▪ $1.46 Billion Community Bank Headquartered in Johnstown, PA ▪ 16 Retail Branches ▪ 2 Loan Production Offices ▪ Sizable Wealth Management Division with $2.8 Billion Customer Assets Under Administration ▪ Strategic alliance with Federated Hermes to broaden investment opportunitie
Slide 15: Net Income/Loss
Net Income/Loss $1,904 ($375) $1,183 $888 $1,908 ($282) $2,544 $1,442 $1,794 $2,738 ($1,000) $0 $1,000 $2,000 $3,000 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 15 (Thousands)
Slide 16: Earnings Per Share
Earnings Per Share $0.11 ($0.02) $0.07 $0.05 $0.12 ($0.02) $0.15 $0.09 $0.11 $0.16 ($0.05) $0.00 $0.05 $0.10 $0.15 $0.20 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 16
Slide 17: Key Constituents We Manage For
Key Constituents We Manage For 17 AmeriServ Strategic Plan Shareholders Customers Employees Community
Slide 18: AmeriServ Strategic Plan
18 Create long - term value for our shareholders by: • Maintaining financially strong balance sheet • Appropriately managing risk • Improving earnings performance • Disciplined capital allocation AmeriServ Strategic Plan
Slide 19: Our Value Equation
Our Value Equation 19 Commercial Banking A profitable 125 - year - old community bank with $1.5 billion in total assets at 16 branches in Pennsylvania and Maryland. Union Focused Serves as the largest union bank in Pennsylvania with multiple union - specific products and services. Trust and Wealth M
Slide 20: Deposit Composition
Demand Deposits $162 Savings, NOW & Money Market $733 Certificates of Deposit $363 13% 58% 29% $1.258 Billion Deposit Composition ($mm) As of June 30, 2026 Financially Strong Balance Sheet 20
Slide 21: Loan Portfolio Composition
Residential Mortgage $172 Home Equity & Consumer $113 Commercial & Industrial $142 Commercial Real Estate $ 587 $1.014 B illion 72% Commercial / 28% Retail Non - Owner Occupied CRE / Total Capital Ratio: 342% 21 Loan Portfolio Composition ($mm) As of June 30, 2026
Slide 22: Commercial Loan Portfolio Diversification
$254 35% $262 36% $100 14% $114 15% Johnstown Pittsburgh Hagerstown State College/Altoona Loan Total = $730 Million Financially Strong Balance Sheet 22 Commercial Loan Portfolio Diversification ($mm) As of June 30, 2026
Slide 23: Interest Rate Risk
Interest Rate Risk • Quarterly net interest income has shown good growth since the third quarter of 2024 • Effective balance sheet management has resulted in net interest margin improvement as the bank’s earning asset yield has increased while the cost of funds has decreased • Meaningful scheduled a
Slide 24: Net Interest Income
Net Interest Income $8,747 $8,874 $8,888 $9,539 $9,930 $10,394 $11,007 $10,931 $10,828 $11,336 $6,000 $8,000 $10,000 $12,000 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 24 (Thousands)
Slide 25: Net Interest Margin
Net Interest Margin 2.70% 2.74% 2.71% 2.88% 3.01% 3.10% 3.27% 3.23% 3.26% 3.34% 2.00% 2.50% 3.00% 3.50% 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 25
Slide 26: Average Deposits vs. Total Deposit Cost
Average Deposits vs. Total Deposit Cost % 1,160 1,163 1,165 1,188 1,218 1,240 1,238 1,248 1,242 1,270 2.15% 2.21% 2.22% 2.13% 2.04% 2.07% 2.10% 2.03% 1.93% 1.92% 1.75% 2.00% 2.25% $975 $1,075 $1,175 $1,275 $1,375 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q Average Deposits Total Deposit Cost 26
Slide 27: Credit Risk
27 Credit Risk • Asset quality trends have demonstrated improvement since the resolution of the Bank’s largest problem loan in the second quarter of 2025 • The Company has a longer - term history of disciplined underwriting, robust CRE risk management practices and controlled net loan charge - offs
Slide 28: Provision for Credit Losses
Provision for Credit Losses ($557) $434 ($50) $1,058 ($97) $3,133 $360 $724 $217 ($294) ($1,000) $0 $1,000 $2,000 $3,000 $4,000 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 28 (Thousands)
Slide 29: Non-Performing Assets
Non - Performing Assets $12,161 $12,817 $12,657 $13,657 $14,971 $16,419 $14,963 $8,518 $8,722 $8,380 $0 $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 29 (Thousands)
Slide 30: Liquidity Risk
Liquidity Risk • Stable diverse core deposit base generated in our local communities • Do not use brokered deposits as a funding source • Bank has experienced steady deposit growth over the past two years • High quality investment securities portfolio that has a manageable duration of approximately
Slide 31: Analysis of Insured Deposits
Insured Deposits Under $250,000 Public Funds that are Collateralized Uninsured Deposits 2 6 % 13% 6 1 % Financially Strong Balance Sheet 31 Analysis of Insured Deposits As of June 30, 2026
Slide 32: Investment Composition
Mortgage Back Securities $193 Municipal Securities $51 Corporate Securities $48 17 % 16% 63% Financially Strong Balance Sheet 32 Investment Composition ($mm) As of June 30, 2026 5% Other $15 $307 Million
Slide 33: Trust & Wealth Management
Trust & Wealth Management • Profitable division with good financial contribution to ASRV • Has several distinct and profitable niche product lines: ▪ Retirement Services, Personal Trust, Investment Management, ERECT Fund & Perpetual Care Services • Strategic alliance with Federated Hermes broadens i
Slide 34: Trust & Wealth Management Revenue Diversification
Non - Interest Income 28% Net Interest Income 72% ASRV generates more revenue from non - interest income than our peers due to our large wealth management division. Trust & Wealth Management Revenue Diversification Promotes Positive Operating Leverage 34
Slide 35: Wealth Management Revenue
Wealth Management Revenue $3,266 $3,059 $3,051 $2,944 $2,865 $2,781 $2,849 $3,065 $2,859 $3,094 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 35 (Thousands)
Slide 36: Union Focused Company: Existing Union Relationships
• Wealth Management division is trustee for the $250 million ERECT FUND • ASRV Bank is a preferred mortgage and consumer loan provider for the Pennsylvania State Education Association ▪ Since inception we have originated $261 million of mortgage loans and $87 million of consumer loans • ASRV Bank ha
Slide 37: Union Focused Company: Future Business Opportunities
• Robust union business development program being driven by board members with deep ties to organized labor • Internal team comprised of both management and union employees whose focus is on expanding relationships with existing union customers and the identification of banking and wealth management
Slide 38: Capital Allocation Strategies and Earnings Growth
• Focus on growing EPS, book value and tangible book value per share through improved earnings. • Return capital to shareholders primarily through dividends. No share repurchases authorized at this time with the board expected to revisit this option in the second half of 2026. • Capital return strat
Slide 39: Community Bank Leverage Ratio
Community Bank Leverage Ratio 9.20% 9.12% 9.26% 9.32% 9.45% 9.46% 7.00% 8.00% 9.00% 10.00% Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 CBLR - ASRV Bank Current Requirement New Requirement 7/1/26 39 ASRV Bank
Slide 40: Capital Allocation – Common Stock Dividends
Capital Allocation – Common Stock Dividends 40 • Common stock dividends provide shareholders with an ongoing cash return and a competitive dividend yield of approximately 3.0% based upon the current stock price • ASRV has demonstrated a longer - term pattern of responsible dividend increases which c
Slide 41: Common Dividend Per Share
Common Dividend Per Share $0.010 $0.015 $0.020 $0.025 $0.030 $0.00 $0.01 $0.02 $0.03 $0.04 1Q '16 1Q '17 1Q '18 1Q '19 1Q '20 1Q '21 1Q '22 1Q '23 1Q '24 1Q '25 1Q '26 41
Slide 42: Efficiency Ratio
Efficiency Ratio 86.60% 100.33% 89.49% 84.71% 83.67% 80.71% 77.55% 84.14% 83.26% 80.21% 50% 60% 70% 80% 90% 100% 110% 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 42
Slide 43: Tangible Book Value Per Share
Tangible Book Value Per Share $5.26 $5.45 $5.72 $5.66 $5.88 $5.89 $6.11 $6.39 $6.31 $6.45 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 1Q '24 2Q 3Q 4Q 1Q '25 2Q 3Q 4Q 1Q '26 2Q 43
Slide 44: Capital Allocation – ASRV Stock Price
• Since last year’s annual meeting our common stock price has increased by $1.22, or 43% outpacing the performance of the NASDAQ Community Bank Index • From a purchase standpoint, at the current price of $4.06, ASRV stock trades at attractive multiples of 8.0 times trailing 12 - month earnings and 6
Slide 45: AMERI
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