$ASRV

AMERISERV FINANCIAL INC /PA/

CIK:0000707605|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Interest and fees on loans	$ 14,601	$ 14,932	$ 29,007	$ 29,440
Interest bearing deposits and short-term investments	292	175	550	289
Investment securities:
Available for sale	2,270	1,876	4,283	3,686
Held to maturity	876	665	1,639	1,255
Trading securities	60	41	122	41
Total Interest Income	18,099	17,689	35,601	34,711
INTEREST EXPENSE
Deposits	6,064	6,408	11,983	12,532
Short-term borrowings	3	43	12	119
Advances from Federal Home Loan Bank	409	555	868	1,157
Financing lease liabilities	23	25	47	51
Subordinated debt	264	264	527	527
Total Interest Expense	6,763	7,295	13,437	14,386
Net Interest Income	11,336	10,394	22,164	20,325
(Recovery) provision for credit losses	(294)	3,133	(77)	3,036
Net Interest Income after (Recovery) Provision for Credit Losses	11,630	7,261	22,241	17,289
NON-INTEREST INCOME
Non-interest income	3,871	3,601	7,481	7,071
Mortgage banking revenue	59	58	109	86
Trading securities revenue (loss)	60	35	(3)	35
Bank owned life insurance	362	244	600	508
Other income	717	676	1,297	1,335
Total Non-Interest Income	4,567	4,096	8,534	8,217
NON-INTEREST EXPENSE
Salaries and employee benefits	7,412	7,076	14,637	14,299
Net occupancy expense	789	746	1,632	1,587
Equipment expense	435	404	843	794
Professional fees	1,423	903	2,588	1,588
Data processing and IT expense	1,230	1,153	2,497	2,405
Supplies, postage and freight	184	172	376	346
Miscellaneous taxes and insurance	397	364	761	712
Federal deposit insurance expense	196	240	406	480
Other expense	732	651	1,416	1,261
Total Non-Interest Expense	12,798	11,709	25,156	23,472
PRETAX INCOME (LOSS)	3,399	(352)	5,619	2,034
Provision (credit) for income taxes	661	(70)	1,087	408
NET INCOME (LOSS)	$ 2,738	$ (282)	$ 4,532	$ 1,626
Basic:
Net income (loss) (in dollars per share)	$ 0.16	$ (0.02)	$ 0.27	$ 0.1
Average number of shares outstanding (in shares)	16,964,267	16,519,267	16,945,963	16,519,267
Diluted:
Net income (loss) (in dollars per share)	$ 0.16	$ (0.02)	$ 0.27	$ 0.1
Average number of shares outstanding (in shares)	16,965,554	16,519,267	16,946,940	16,519,267
Wealth management fees
NON-INTEREST INCOME
Non-interest income	$ 3,094	$ 2,782	$ 5,954	$ 5,646
Service charges on deposit accounts
NON-INTEREST INCOME
Non-interest income	$ 275	$ 301	$ 577	$ 607

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 4,532	$ 1,626
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
(Recovery) provision for credit losses	(77)	3,036
Depreciation and amortization expense	1,118	1,053
Amortization expense of core deposit intangible	9	11
Amortization of fair value adjustment on acquired time deposits		(1)
Net accretion of investment securities	(172)	(25)
Net accretion of deferred loan fees	(123)	(84)
Net gains on loans held for sale	(49)	(56)
Origination of mortgage loans held for sale	(4,393)	(3,201)
Sales of mortgage loans held for sale	3,923	3,557
Increase in accrued interest receivable	(424)	(252)
(Decrease) increase in accrued interest payable	(929)	669
Earnings on bank owned life insurance	(600)	(508)
Deferred income taxes	618	234
Common stock issued	707
Net change in trading securities	(1,335)	(4,205)
Net change in operating leases	(94)	(88)
Other, net	(3,470)	(1,229)
Net cash (used in) provided by operating activities	(759)	537
INVESTING ACTIVITIES
Purchase of investment securities - available for sale	(49,243)	(25,856)
Purchase of investment securities - held to maturity	(17,701)	(5,958)
Proceeds from maturities of investment securities - available for sale	19,444	14,885
Proceeds from maturities of investment securities - held to maturity	4,373	2,283
Purchase of regulatory stock	(1,111)	(5,631)
Proceeds from redemption of regulatory stock	1,254	6,084
Net decrease (increase) in loans	17,599	(4,047)
Purchase of premises and equipment	(867)	(141)
Proceeds from sale of other real estate owned and repossessed assets	33	1,414
Proceeds from life insurance policies	442	351
Net cash used in investing activities	(25,777)	(16,616)
FINANCING ACTIVITIES
Net increase in deposit balances	13,199	43,539
Net decrease in other short-term borrowings		(11,954)
Principal borrowings on advances from Federal Home Loan Bank		1,408
Principal repayments on advances from Federal Home Loan Bank	(8,420)	(8,543)
Principal payments on financing lease liabilities	(98)	(93)
Stock options exercised	27
Common stock dividend paid	(1,018)	(991)
Net cash provided by financing activities	3,690	23,366
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(22,846)	7,287
CASH AND CASH EQUIVALENTS AT JANUARY 1	50,891	17,746
CASH AND CASH EQUIVALENTS AT JUNE 30	$ 28,045	$ 25,033

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from depository institutions	$ 13,857	$ 11,473
Interest bearing deposits and short-term investments	14,188	39,418
Cash and cash equivalents	28,045	50,891
Investment securities, net of allowance for credit losses:
Available for sale, at fair value (allowance for credit losses $30 on June 30, 2026)	204,900	176,228
Held to maturity (fair value $81,712 on June 30, 2026 and $68,916 on December 31, 2025; allowance for credit losses $67 on June 30, 2026 and $90 on December 31, 2025)	85,736	72,256
Trading securities	8,588	7,253
Loans held for sale	760	241
Loans (net of unearned income $404 on June 30, 2026 and $466 on December 31, 2025)	1,015,014	1,032,727
Less: Allowance for credit losses	12,896	13,128
Net loans	1,002,118	1,019,599
Premises and equipment:
Operating lease right-of-use asset	1,299	1,395
Financing lease right-of-use asset	1,994	2,106
Other premises and equipment, net	13,877	13,929
Accrued interest income receivable	5,981	5,557
Intangible assets:
Goodwill	13,611	13,611
Core deposit intangible	47	56
Bank owned life insurance	39,680	39,308
Federal Home Loan Bank stock	3,642	3,785
Federal Reserve Bank stock	2,161	2,161
Other real estate owned and repossessed assets	142	216
Other assets	49,562	45,221
TOTAL ASSETS	1,462,143	1,453,813
LIABILITIES
Non-interest bearing deposits	165,484	159,198
Interest bearing deposits	1,095,843	1,088,930
Total deposits	1,261,327	1,248,128
Advances from Federal Home Loan Bank	36,195	44,615
Operating lease liabilities	1,332	1,426
Financing lease liabilities	2,403	2,501
Subordinated debt	26,788	26,767
Total borrowed funds	66,718	75,309
Net deferred tax liability	2,127	1,636
Other liabilities	8,887	9,428
TOTAL LIABILITIES	1,339,059	1,334,501
SHAREHOLDERS' EQUITY
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 27,221,089 shares issued and 16,964,267 shares outstanding on June 30, 2026 and 26,779,089 shares issued, 216,500 shares issuable, and 16,522,267 shares outstanding on December 31, 2025	272	270
Treasury stock at cost, 10,256,822 shares on June 30, 2026 and December 31, 2025	(84,791)	(84,791)
Capital surplus	147,802	147,070
Retained earnings	67,626	64,112
Accumulated other comprehensive loss	(7,825)	(7,349)
TOTAL SHAREHOLDERS' EQUITY	123,084	119,312
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,462,143	$ 1,453,813