Financial Performance - AmeriServ Financial reported a net loss of $375,000, or $0.02 per diluted share for Q2 2024, compared to a net loss of $187,000, or $0.01 per diluted share in Q2 2023[1]. - For the first six months of 2024, net income increased by 15.1% to $1,529,000, or $0.09 per diluted share, compared to $1,328,000, or $0.08 per diluted share in the same period of 2023[1]. - Net income for the first half of 2024 was $1.529 million, with a return on average assets of 0.22%[22]. - Net income for Q1 2024 was $1,904 thousand, a significant improvement from a net loss of $375 thousand in Q1 2023[29]. - Net income for the quarter was $1,904 thousand, compared to $1,515 thousand in the same quarter last year, reflecting a year-over-year increase of 25.7%[35]. - Year-to-date net income for 2024 stands at $1,328 million, with a loss of $187 million reported in the second quarter[40]. Income and Expenses - Total non-interest income for Q2 2024 increased by $510,000, or 13.2%, compared to Q2 2023, while it declined by $50,000, or 0.5%, for the first half of 2024[13]. - The company's net interest income decreased by $235,000, or 2.6%, in Q2 2024, and by $1.0 million, or 5.4%, for the first six months compared to the same periods in 2023[3]. - Total non-interest expense increased by $120,000, or 0.9%, in Q2 2024 compared to Q2 2023, and by $21,000, or 0.1%, in the first half of 2024 compared to the first half of 2023[14]. - Professional fees related to activist investor costs were $1.3 million in Q2 2024, down from $1.1 million in Q2 2023[15]. - Total non-interest income totaled $4,947 thousand in Q1 2024, a decrease from $5,507 thousand in Q1 2023, indicating a decline of 10.2%[29]. - Total non-interest expense was $11,864 thousand in Q1 2024, compared to $11,963 thousand in Q1 2023, showing a slight decrease of 0.8%[29]. Loans and Credit Losses - Total average loans increased by approximately $43.5 million, or 4.4%, in the first half of 2024, averaging $1.030 billion[4]. - The provision for credit losses in Q2 2024 was $434,000, compared to $43,000 in Q2 2023, indicating an increase in expense of $391,000[10]. - The allowance for loan credit losses at June 30, 2024, was $2.4 million, or 19.6%, higher than the allowance at June 30, 2023, reflecting a strengthening of reserves[12]. - The allowance for credit losses on loans increased to $15,053 thousand in Q4 2023 from $12,313 thousand in Q3 2023, a rise of 22.3%[26]. - Non-performing assets totaled $12.817 million as of June 30, 2024[25]. Assets and Equity - Total assets were $1.4 billion, with shareholders' equity of $103.7 million and a book value of $6.28 per common share as of June 30, 2024[17]. - Total assets reached $1,390,103 thousand, a slight increase from $1,346,794 thousand year-over-year, indicating a growth of about 3.2%[33]. - Total liabilities and shareholders' equity stood at $1,390,103 thousand, consistent with total assets, maintaining a balanced financial position[33]. - Shareholders' equity increased to $102,677 thousand from $104,913 thousand, reflecting a decrease of about 2.4% year-over-year[33]. - The tangible common equity ratio decreased to 6.44% in Q4 2023 from 6.50% in Q3 2023[26]. Dividends and Stock Repurchase - The Company repurchased 628,003 shares of common stock at a price of $2.38, which was accretive to shareholders[17]. - The company declared common stock cash dividends totaling $1,029 thousand during the quarter, consistent with prior periods[35]. Efficiency and Ratios - The efficiency ratio for Q2 2024 was 100.33, compared to 86.60 in Q1 2024[22]. - The return on average tangible common equity for the first quarter was 8.67%, a significant improvement from (1.70)% in the previous quarter[37]. - The return on average tangible common equity (annualized) was reported at 6.73%, reflecting a decrease of 0.82%[41]. Other Financial Metrics - Total deposits grew by $12.0 million, or 1.0%, since December 31, 2023, reflecting customer loyalty and confidence[7]. - Total interest expense increased by $1.9 million, or 32.3%, in Q2 2024, and by $4.3 million, or 39.7%, for the first six months compared to the same periods in 2023[8]. - Total health care cost was $422,000, or 22.0%, lower compared to last year due to effective negotiations with the health care provider[14]. - The market value per common share increased to $3.24 in Q4 2023 from $2.65 in Q3 2023, reflecting a growth of 22.3%[26]. - The market value adjustment for interest rate hedge showed a positive adjustment of $630 thousand, indicating effective risk management strategies[35].

Core Viewpoint - AmeriServ Financial, Inc. reported a net loss of $375,000 for Q2 2024, a decline from a net loss of $187,000 in Q2 2023, while net income for the first half of 2024 increased by 15.1% to $1,529,000 compared to the same period in 2023 [1][2]. Financial Performance - Q2 2024 net interest income decreased by $235,000 (2.6%) year-over-year, and for the first six months, it decreased by $1.0 million (5.4%) [2]. - The net interest margin for Q2 2024 was 2.74%, down 15 basis points from the previous year, but improved from Q4 2023 [2]. - Total non-interest income increased by $510,000 (13.2%) in Q2 2024 compared to Q2 2023, but declined slightly by $50,000 (0.5%) for the first half of 2024 [11]. Loan and Deposit Growth - Total average loans increased by approximately $43.5 million (4.4%) in both Q2 and the first six months of 2024 compared to 2023, with total loans averaging $1.030 billion [3]. - Total average deposits rose by $7.8 million (0.7%) in the first half of 2024 compared to the same period in 2023, reflecting strong customer loyalty [5]. Interest Expense and Margin - Total interest expense increased by $1.9 million (32.3%) in Q2 2024 and by $4.3 million (39.7%) for the first six months compared to the previous year [6]. - The average cost of total deposits was 2.18% in the first half of 2024, up 57 basis points from 1.61% in the same period of 2023 [7]. Credit Losses and Non-Performing Assets - The provision for credit losses was $434,000 in Q2 2024, up from $43,000 in Q2 2023, while the first half of 2024 saw a recovery of $123,000 compared to a provision of $1.2 million in the same period of 2023 [9]. - Non-performing assets increased from $12.2 million at March 31, 2024, to $12.8 million at June 30, 2024, representing 1.23% of total loans [10]. Shareholder Value and Capital Position - The book value per share increased by $0.22 (3.6%) to $6.28 as of June 30, 2024, largely due to the repurchase of shares from an activist investor [14]. - The company maintained strong capital ratios exceeding regulatory requirements as of June 30, 2024 [14].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to_____________ Commission File Number 0-11204 AmeriServ Financial, Inc. (Exact name of registrant as specified in its charter) Pennsylvania ...

Exhibit 99.1 AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FIRST QUARTER OF 2024 Net Income Up 25.7% Compared to First Quarter of 2023 JOHNSTOWN, PA - AmeriServ Financial, Inc. (NASDAQ: ASRV) today reported first quarter 2024 net income of $1,904,000, or $0.11 per diluted common share. This earnings performance represented a $389,000, or 25.7%, increase over the first quarter of 2023 when net income totaled $1,515,000, or $0.09 per diluted common share. The following table details the Company's financial per ...

Net Income Up 25.7% Compared to First Quarter of 2023 JOHNSTOWN, Pa., April 16, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) today reported first quarter 2024 net income of $1,904,000, or $0.11 per diluted common share. This earnings performance represented a $389,000, or 25.7%, increase over the first quarter of 2023 when net income totaled $1,515,000, or $0.09 per diluted common share. The following table details the Company's financial performance for the quarters ended March 31, 2024 an ...

Financial Performance - Net income for 2023 was a loss of $3,346 thousand, contrasting with a net income of $7,448 thousand in 2022, reflecting a decline of approximately 144.9%[249] - Total revenue for the company reached $990,766 thousand, an increase from $983,185 thousand, reflecting a growth of approximately 0.6%[425] - The total comprehensive income for 2023 was a loss of $802 thousand, an improvement from a loss of $8,560 thousand in 2022, indicating a positive trend[255] - The company reported a net loss of $3.346 million in 2023, compared to a net income of $7.448 million in 2022, representing a significant decline[324] Assets and Liabilities - Total assets increased to $1,389,638 thousand in 2023 from $1,363,874 thousand in 2022, representing a growth of approximately 1.9%[247] - Total liabilities increased to $1,287,361 thousand in 2023 from $1,257,696 thousand in 2022, an increase of about 2.4%[247] - Total shareholders' equity decreased to $102,277 thousand in 2023 from $106,178 thousand in 2022, a reduction of about 3.4%[258] - Cash and cash equivalents at the end of 2023 were $14,027 thousand, down from $22,962 thousand at the end of 2022, a decrease of about 38.5%[261] Income and Expenses - Net interest income after provision for credit losses decreased to $28,591 thousand in 2023 from $40,513 thousand in 2022, a decline of about 29.4%[249] - Total interest income rose to $60,860 thousand in 2023, up from $49,058 thousand in 2022, marking an increase of approximately 24.0%[249] - Non-interest income totaled $16,389 thousand in 2023, slightly down from $16,692 thousand in 2022, a decrease of about 1.8%[249] - The company made total interest payments of $21.771 million in 2023, an increase from $8.450 million in 2022[328] Credit Losses and Provisions - Provision for credit losses significantly increased to $7,429 thousand in 2023 compared to $50 thousand in 2022, indicating a substantial rise in credit risk management[249] - The allowance for credit losses rose to $15,053 thousand in 2023 from $10,743 thousand in 2022, an increase of approximately 40.0%[247] - The total allowance for credit losses at December 31, 2023, was $15.053 million, up from $10.743 million at December 31, 2022[397] - The company recorded a provision for credit losses of $6.6 million in 2023, a significant increase from $50,000 in 2022 and $1.1 million in 2021[392] Loan Portfolio and Charge-offs - The loan portfolio totaled $1,038,271,000 as of December 31, 2023, with significant segments including $89,147,000 in owner-occupied commercial real estate and $174,670,000 in residential mortgages[385] - Net loan charge-offs for 2023 were approximately $3.5 million, representing 0.35% of total average loans, compared to $1.7 million or 0.17% in 2022[392] - The total outstanding balance for commercial real estate (non-owner occupied) reached $450,744,000, with special mention loans at $11,015,000[419] - Total gross charge-offs for the current period amounted to $804,000, with a significant increase from previous periods[416] Investment Securities - The total investment securities available for sale amounted to $184.018 million, with a fair value of $165.711 million as of December 31, 2023[368] - The total investment securities held to maturity was $63.979 million, with a fair value of $58.621 million as of December 31, 2023[369] - The Company realized $5,000 in gross investment security gains and $927,000 in gross investment security losses for 2023, resulting in a net realized loss of $729,000 after an income tax benefit of $193,000[365] - The fair value of U.S. Agency mortgage-backed securities was $93.075 million as of December 31, 2023, down from $104.820 million in the previous year[360] Dividends and Shareholder Returns - Cash dividends declared increased to $0.120 per share in 2023 from $0.115 per share in 2022, a rise of about 4.3%[252] - The company declared cash dividends of $2,058 thousand in 2023, compared to $1,967 thousand in 2022, marking an increase of approximately 4.6%[261] Non-Performing Assets - Non-performing assets increased from $5.2 million at December 31, 2022 to $12.4 million at December 31, 2023, primarily due to the transfer of a commercial real estate loan into non-accrual status[405] - Total non-performing assets included $12,167,000 as of December 31, 2023, with $9,140,000 classified as non-accrual loans[404] - The allowance for credit losses coverage ratio of non-performing assets was 121% as of December 31, 2023, compared to 207% as of December 31, 2022[406] Accounting Changes - The Company adopted ASU 2016-13 effective January 1, 2023, impacting the accounting for investment securities[277] - The adoption of ASU 2016-13 resulted in a $1.2 million increase to the allowance for credit losses on the loan portfolio and a $177,000 increase for unfunded commitments[348] - The company recorded a cumulative effect decrease to retained earnings of $1.2 million, net of tax, due to the adoption of ASU 2016-13[345]

JOHNSTOWN, Pa., Jan. 23, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a fourth quarter 2023 net loss of $5,321,000, or $0.31 per diluted common share. This compares to net income for the fourth quarter of 2022 of $947,000, or $0.06 per diluted common share. For the year ended December 31, 2023, the Company reported a net loss of $3,346,000, or $0.20 per diluted common share. This compares to net income of $7,448,000, or $0.43 per diluted common share, for the full year of 2022. The ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to_____________ Commission File Number 0-11204 AmeriServ Financial, Inc. (Exact name of registrant as specified in its charter) Pennsylva ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to_____________ Commission File Number 0-11204 AmeriServ Financial, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 2 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to_____________ Commission File Number 0-11204 AmeriServ Financial, Inc. (Exact name of registrant as specified in its charter) Pennsylvania ...