Ameriserv Financial Inc. · NASDAQ:ASRV
Ameriserv Financial — Shareholder Meeting (July 2025)
54 slides from Ameriserv Financial's shareholder meeting presentation, Jul 29, 2025
Slide 1: Annual Shareholder Meeting Held July 29, 2025
Annual Shareholder Meeting HELD: July 29, 2025
Slide 2: J. Michael Adams, Jr., Chairman of the Board
2 J. Michael Adams, Jr. Chairman of the Board
Slide 3: Welcome
Welcome 3 Welcome to our Annual Shareholder Meeting. We appreciate your ongoing loyalty and support.
Slide 4: Agenda
Agenda 4 • Welcome and Introductions • Report on Existence of Quorum • Opening of the Polls • Presentation and Voting on Proposals o Proposal 1 – Election of Directors o Proposal 2 – Advisory Vote on Executive Compensation o Proposal 3 – Advisory Vote on Frequency of Future Advisory Votes on Executi
Slide 5: Chairman Remarks
Chairman Remarks • Board of Directors • Cooperation Agreement • Consulting Agreement • Business Development • Union Partnerships 5
Slide 6: Michael D. Lynch, EVP and Chief Financial Officer
Michael D. Lynch Executive Vice President Chief Financial Officer | Chief Investment Officer | Chief Risk Officer 6
Slide 7: Forward-Looking Statements
7 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 8: Net Income
Net Income $4,598 $7,072 $7,448 ($3,346) $3,601 ($4,000) ($2,000) $0 $2,000 $4,000 $6,000 $8,000 2020 2021 2022 2023 2024 8 (Thousands)
Slide 9: Earnings Per Common Share
$0.27 $0.41 $0.43 ($0.20) $0.21 ($0.20) ($0.10) $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 2020 2021 2022 2023 2024 Earnings Per Common Share 9
Slide 10: Net Interest Income
Net Interest Income $36,367 $39,083 $40,563 $36,020 $36,048 $25,000.00 $35,000.00 $45,000.00 2020 2021 2022 2023 2024 10 (Thousands)
Slide 11: Net Interest Margin
Net Interest Margin % 3.19% 3.15% 3.27% 2.86% 2.81% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 2020 2021 2022 2023 2024 11
Slide 12: Total Average Loans
Total Average Loans $923 $989 $978 $997 $1,038 $600 $700 $800 $900 $1,000 $1,100 2020 2021 2022 2023 2024 12 (Millions)
Slide 13: Total Average Deposits
Total Average Deposits $1,035 $1,154 $1,156 $1,154 $1,169 $700 $800 $900 $1,000 $1,100 $1,200 2020 2021 2022 2023 2024 13 (Millions)
Slide 14: 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 2020 2021 2022 2023 2024 $2,375 $1,100 $50 $7,429 $884 $309 $47 $1,705 $3,457 $1,548 14 (Thousands)
Slide 15: Non-Performing Assets from the Loan Portfolio
Non - Performing Assets from the Loan Portfolio $3,331 $3,323 $5,200 $12,393 $12,657 $0 $3,000 $6,000 $9,000 $12,000 $15,000 2020 2021 2022 2023 2024 15 (Thousands)
Slide 16: Non-Interest Revenue
Non - Interest Revenue $16,275 $17,761 $16,692 $16,389 $17,975 $12,000 $14,000 $16,000 $18,000 $20,000 2020 2021 2022 2023 2024 16 (Thousands)
Slide 17: Non-Interest Expense
Non - Interest Expense $44,455 $46,970 $48,004 $47,141 $47,231 $2,227 $1,509 $35,000 $40,000 $45,000 $50,000 $55,000 2020 2021 2022 2023 2024 17 $ 49,368 Activist Related Expenses Non - Interest Expense Excluding Activist Related Expenses (Thousands) $ 48,740
Slide 18: 2024 Summary
18 2024 Summary • The Company’s 2024 earnings improvement was driven by the favorable comparison in the provision for credit losses, improved total revenue, and lower non - interest expense. • Our community banking business continued to benefit from diversified revenue streams, with strong revenue a
Slide 19: 2024 Summary
19 • We concluded 2024 with positive momentum driven by our strongest quarterly loan and deposit growth during the fourth quarter. We also saw solid growth in net interest income as our fourth quarter net interest margin increased by 17 basis points on a sequential basis. • We believe that our balan
Slide 20: Jeffrey A. Stopko, President & CEO
20 Jeffrey A. Stopko President & CEO
Slide 21: Overview of AmeriServ Financial, Inc.
Branch Map Overview ▪ $1.45 Billion Community Bank Headquartered in Johnstown, PA ▪ 16 Retail Branches ▪ 2 Loan Production Offices ▪ Sizable Wealth Management Division with $2.6 Billion Customer Assets Under Administration ▪ Stable deposit base in core markets with 20% deposit market share in Cambri
Slide 22: Net Income/Loss
Net Income/Loss $1,515 ($187) $648 ($5,322) $1,904 ($375) $1,183 $888 $1,908 ($282) ($6,500) ($4,000) ($1,500) $1,000 $3,500 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 22 (Thousands)
Slide 23: Earnings Per Share
Earnings Per Share $0.09 ($0.01) $0.04 ($0.31) $0.11 ($0.02) $0.07 $0.05 $0.12 ($0.02) ($0.35) ($0.25) ($0.15) ($0.05) $0.05 $0.15 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 23
Slide 24: Provision for Credit Losses
Provision for Credit Losses $1,179 $43 $189 $6,018 ($557) $434 ($50) $1,058 ($97) $3,133 ($1,000) $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 24 (Thousands)
Slide 25: Pre-Provision Net Revenue
Pre - Provision Net Revenue $1,918 $1,502 $1,270 $324 $2,085 $1,207 $1,264 $2,179 $2,288 $2,781 $0 $1,000 $2,000 $3,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 25 Excluding Non - Typical Events (Thousands)
Slide 26: Key Constituents We Manage For
Key Constituents We Manage For 26 AmeriServ Strategic Plan Shareholders Customers Employees Community
Slide 27: AmeriServ Strategic Plan
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 27
Slide 28: Our Value Equation
Our Value Equation 28 Commercial Banking A profitable 124 - year - old community bank with $1.45 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
Slide 29: Deposit Composition
Demand Deposits $203 Savings, NOW & Money Market $665 Certificates of Deposit $326 Jumbo Certificates of Deposit $50 16% 54% 26% 4% $1.244 Billion Deposit Composition ($mm) As of June 30, 2025 Financially Strong Balance Sheet 29
Slide 30: Loan Portfolio Composition
Residential Mortgage $176 Home Equity & Consumer $109 Commercial & Industrial $143 Commercial Real Estate $641 $1.069 B illion 73% Commercial / 27% Retail Non - Owner Occupied CRE / Total Capital Ratio: 378% 30 Loan Portfolio Composition ($mm) As of June 30, 2025
Slide 31: Commercial Loan Portfolio Diversification
$254 33% $293 37% $102 13% $135 17% Johnstown Pittsburgh Hagerstown State College/Altoona Loan Total = $784 Million Financially Strong Balance Sheet 31 Commercial Loan Portfolio Diversification ($mm) As of June 30, 2025
Slide 32: Interest Rate Risk
Interest Rate Risk • Quarterly net interest income bottomed in the 4Q 2023 and has now grown for six consecutive quarters • Pace of net interest margin improvement has accelerated since the Federal Reserve reduced short term interest rates in the latter part of 2024 • Meaningful scheduled asset repr
Slide 33: Net Interest Income
Net Interest Income $9,522 $9,110 $8,800 $8,589 $8,747 $8,874 $8,888 $9,539 $9,930 $10,394 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 33 (Thousands)
Slide 34: Net Interest Margin
Net Interest Margin 3.03% 2.89% 2.76% 2.63% 2.70% 2.74% 2.71% 2.88% 3.01% 3.10% 2.00% 2.50% 3.00% 3.50% 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 34
Slide 35: Average Deposits vs. Total Deposit Cost
Average Deposits vs. Total Deposit Cost % 1,103 1,165 1,189 1,161 1,159 1,163 1,159 1,145 1,149 1,158 1,149 1,159 1,160 1,163 1,165 1,188 1,218 1,240 0.52% 0.45% 0.40% 0.31% 0.28% 0.33% 0.59% 1.02% 1.48% 1.74% 1.95% 2.11% 2.15% 2.21% 2.22% 2.13% 2.04% 2.07% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50%
Slide 36: 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 good deposit growth in both 2024 and 2025 • High quality investment securities portfolio that has a manageable duration of four years and out
Slide 37: Analysis of Insured Deposits
Insured Deposits Under $250,000 Public Funds that are Collateralized Uninsured Deposits 25% 13% 62% Financially Strong Balance Sheet 37 Analysis of Insured Deposits As of June 30, 2025
Slide 38: Credit Risk
38 Credit Risk • Despite the second quarter 2025 adverse credit performance related to the resolution of the Bank’s largest problem loan, the Company has a longer - term history of disciplined underwriting, robust CRE risk management practices and controlled net loan charge - offs • Non - performing
Slide 39: Non-Performing Assets
Non - Performing Assets $4,599 $5,650 $5,939 $12,393 $12,161 $12,817 $12,657 $13,657 $14,971 $16,419 $0 $3,000 $6,000 $9,000 $12,000 $15,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 39 (Thousands)
Slide 40: Revenue Diversification Promotes Positive Operating Leverage
Non - Interest Income 29% Net Interest Income 71% ASRV generates more revenue from non - interest income than our peers due to our strong wealth management division. Trust & Wealth Management Revenue Diversification Promotes Positive Operating Leverage 40
Slide 41: 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 • Scalable business model well positioned for further
Slide 42: Wealth Management Revenue
Wealth Management Revenue $2,736 $2,788 $2,844 $2,897 $3,266 $3,059 $3,051 $2,944 $2,865 $2,781 $1,000 $2,000 $3,000 $4,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 42 (Thousands)
Slide 43: 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 $239 million of mortgage loans and $79 million of consumer loans • Commercial b
Slide 44: 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 45: Capital Allocation Strategies and Earnings Growth
• Focus on growing EPS, book value and tangible book value per share while executing an efficiency optimization strategy across all business lines. • Return capital to shareholders primarily through dividends. No share repurchases authorized at this time. • Capital return strategies are always subje
Slide 46: Regulatory Capital Ratios
Regulatory Capital Ratios 9.08% 9.08% 12.50% 7.55% 10.94% 10.94% 12.14% 9.12% 0.00% 3.00% 6.00% 9.00% 12.00% 15.00% Common Equity Tier 1 Capital Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio Consolidated Bank 46 As of June 30, 2025 Regulatory Well - Capitalized Requirement
Slide 47: Capital Allocation – Common Stock Dividends
Capital Allocation – Common Stock Dividends 47 • Common stock dividends provide shareholders with an ongoing cash return and a competitive dividend yield of approximately 4% based upon the current stock price • ASRV has demonstrated a longer - term pattern of responsible dividend increases which cor
Slide 48: 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 48
Slide 49: Efficiency Ratio
Efficiency Ratio 79.58% 101.55% 92.60% 106.83% 86.60% 100.33% 89.49% 84.71% 83.67% 80.71% 50% 60% 70% 80% 90% 100% 110% 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 49
Slide 50: Tangible Book Value Per Share
Tangible Book Value Per Share $5.38 $5.24 $5.11 $5.16 $5.26 $5.45 $5.72 $5.66 $5.88 $5.89 $3.75 $4.25 $4.75 $5.25 $5.75 $6.25 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 50
Slide 51: Our Value Equation With a Catalyst
Our Value With a Catalyst Equation 51 Commercial Banking A profitable 124 - year - old community bank with $1.45 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. T
Slide 52: J. Michael Adams, Jr., Chairman of the Board
52 J. Michael Adams, Jr. Chairman of the Board
Slide 53: Announcement of Preliminary Voting Results
Announcement of Preliminary Voting Results 53
Slide 54: Annual Shareholder Meeting
Annual Shareholder Meeting
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