AmeriServ Financial Inc 2025年度报告

Contents. 1Financial Highlights2A Message to Our Shareholders5Operations Review Our Mission. AmeriServ Financial is committed toincreasing shareholder value bystriving for consistently improvingfinancial performance; providing ourcustomers with products and exceptionalservice for every step in their lifetimefinancial journey; cultivating anemployee atmosphere rooted in trust,empowerment and growth; and servingour communities through employeeinvolvement and a philanthropic spirit. Financial Highlights. A Message to Our Shareholders. Against a backdrop of policy uncertainty,persistent inflation, and evolving trade dynamics,AmeriServ Financial remained a steady presencein 2025 for the customers and communitieswe serve. However, steadiness does not meanstanding still. Throughout the year, we investedin building the innovative partnerships andtechnology infrastructure that will help todrive our competitive edge in the years ahead.Supported by a highly engaged employeeworkforce, we are truly better together as webuild value for our shareholders and provideexceptional banking for life experiences forour customers. strengths. Customers who have trusted usacross varying economic environments deepenedthat partnership in 2025. Deposit growth isessential: It allows us to lend actively into ourcommunities, generating a positive impact onour region’s economic activity, while strengtheningour own profitability. Additionally, our non-interest expense alsofavorably declined in 2025. We will continueto diligently focus on both revenue growth andexpense control to further improve the Company’soperating efficiency in 2026. Our year-over-year earnings growth is the clearestmeasure of progress we can offer our shareholders,and we are optimistic that our improving financialposition will fuel a stronger stock price in thefuture. Additionally, our tangible book value pershare experienced growth in 2025, increasing by12.9% to $6.39, during the past year. Consistentgrowth of tangible book value per share is alsoan important contributor to longer term valuecreation for a community bank. IMPROVED FINANCIAL PERFORMANCEIN 2025 After navigating two difficult years marked by aninverted yield curve that pressured net interestincome, we entered 2025 on firmer footing anddelivered on the recovery we had anticipated.Despite concerns about inflation and tariffpressures, conditions stabilized and the economyperformed well, with the S&P 500 ending the yearnear record highs. WEALTH MANAGEMENT PARTNERSHIPS For the year ended December 31, 2025,AmeriServ Financial reported net income of$5.6 million or $0.34 per diluted common share(EPS). This represented a 61.9% increase inEPS from the full year of 2024 when net incometotaled $3.6 million or $0.21 EPS. Our improvedfinancial performance in 2025 was driven byincreased revenue, which caused us to achieveearnings growth while absorbing a higher provisionfor credit losses—which was needed to bring finalresolution to our largest non-performing loan. Wealth management, which representsapproximately 30% of our revenue, was anotherarea of notable success in 2025. We signed anew consulting agreement with SB ValuePartners L.P. (SBV) to help grow and optimizethe $2.6 billion of customer assets underadministration in our trust and wealthmanagement business. The first phase of theengagement ended with meaningful restructuring,including cost savings, to improve the efficiencyof this important business. Another critically important outcome from thisengagement was a new strategic alliance thatwe have formed with Federated Hermes Inc., aleading global investment management companyheadquartered in Pittsburgh. By forming thisalliance with Federated Hermes, we can nowoffer our individual and institutional wealthmanagement customers best in class investmentresearch and options, strengthening our ability tomeet their long-term financial goals. Since the endof 2025, we have already moved over $400 millionof customer investments to the Federated Hermesplatform further strengthening this relationshipwhich is beneficial for both parties. The increase in total revenue was caused bymeaningful improvement in our net interestincome for the full year of 2025 because ofeffective balance sheet management.Specifically, our net interest margin increasedby 34-basis points for the 2025 year, leading toa $6.2 million increase in net interest income,which is important since this category representsapproximately 70% of our total revenue. We also saw healthy growth in average loans anddeposits outstanding. Our loan-to-deposit ratioremains a strong 83%, and the loyalty of ourcustomers continues to be one of our greatest J. Michael Adams, Jr.Chairman Jeffrey A. StopkoPresident & CEO OUR UNIQUE LABOR PARTNERSHIP AmeriServ Financial Bank is one of only twounion banks in the United States publicly tradedon NASDAQ. Nearly half of our employees aremembers of the United Steelworkers of America(USW). We value our partnership with