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
Annual Shareholder Meeting HELD: July 29, 2025
Slide 2: J. Michael Adams, Jr., Chairman of the Board
J. Michael Adams, Jr. Chairman of the Board 2
Slide 3: Welcome
Welcome Welcome to our Annual Shareholder Meeting. We appreciate your ongoing loyalty and support. 3
Slide 4: Agenda
Agenda • 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 Executive
Slide 5: Chairman Remarks
Chairman Remarks • Board of Directors • Cooperation Agreement • Consulting Agreement • Business Development • Union Partnerships 5
Slide 6: Michael D. Lynch
Michael D. Lynch Executive Vice President Chief Financial Officer | Chief Investment Officer | Chief Risk Officer 6
Slide 7: Forward-Looking Statements
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 inclu
Slide 8: Net Income
Net Income (Thousands) $8,000 $7,448 $7,072 $6,000 $4,000 $4,598 $3,601 $2,000 $0 ($2,000) ($3,346) ($4,000) 2020 2021 2022 2023 2024 8
Slide 9: Earnings Per Common Share
Earnings Per Common Share $0.50 $0.40 $0.43 $0.41 $0.30 $0.27 $0.20 $0.21 $0.10 $0.00 ($0.10) ($0.20) ($0.20) 2020 2021 2022 2023 2024 9
Slide 10: Net Interest Income
Net Interest Income (Thousands) $45,000.00 $40,563 $39,083 $35,000.00 $36,367 $36,020 $36,048 $25,000.00 2020 2021 2022 2023 2024 10
Slide 11: Net Interest Margin %
Net Interest Margin % 4.00% 3.50% 3.27% 3.19% 3.15% 3.00% 2.86% 2.81% 2.50% 2.00% 1.50% 2020 2021 2022 2023 2024 11
Slide 12: Total Average Loans
Total Average Loans (Millions) $1,100 $1,038 $1,000 $989 $997 $978 $900 $923 $800 $700 $600 2020 2021 2022 2023 2024 12
Slide 13: Total Average Deposits
Total Average Deposits (Millions) $1,200 $1,169 $1,154 $1,156 $1,154 $1,100 $1,000 $1,035 $900 $800 $700 2020 2021 2022 2023 2024 13
Slide 14: Provision for Credit Losses vs. Net Charge-Offs
Provision for Credit Losses vs. Net Charge-Offs (Thousands) $7,429 $8,000 $6,000 $3,457 $4,000 $2,375 $1,705 $1,548 $2,000 $1,100 $884 $309 $47 $50 $0 2020 2021 2022 2023 2024 14
Slide 15: Non-Performing Assets from the Loan Portfolio
Non-Performing Assets from the Loan Portfolio (Thousands) $15,000 $12,000 $12,393 $12,657 $9,000 $6,000 $5,200 $3,000 $3,331 $3,323 $0 2020 2021 2022 2023 2024 15
Slide 16: Non-Interest Revenue
Non-Interest Revenue (Thousands) $20,000 $18,000 $17,975 $17,761 $16,692 $16,000 $16,275 $16,389 $14,000 $12,000 2020 2021 2022 2023 2024 16
Slide 17: Non-Interest Expense
Non-Interest Expense (Thousands) $55,000 $50,000 $49,368 $48,740 $2,227 $1,509 $48,004 $46,970 $47,141 $47,231 $45,000 $44,455 $40,000 $35,000 2020 2021 2022 2023 2024 Activist Related Expenses Non-Interest Expense Excluding Activist Related Expenses 17
Slide 18: 2024 Summary
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 and pr
Slide 19: 2024 Summary
2024 Summary • 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
Slide 20: Jeffrey A. Stopko, President & CEO
Jeffrey A. Stopko President & CEO 20
Slide 21: Overview of AmeriServ Financial, Inc.
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 w
Slide 22: Net Income/Loss
Net Income/Loss (Thousands) $3,500 $1,904 $1,908 $1,515 $1,183 $648 $888 $1,000 ($187) ($375) ($282) ($1,500) ($4,000) ($5,322) ($6,500) 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 22
Slide 23: Earnings Per Share
Earnings Per Share $0.15 $0.12 $0.11 $0.09 $0.07 $0.04 $0.05 $0.05 ($0.01) ($0.02) ($0.02) ($0.05) ($0.15) ($0.25) ($0.31) ($0.35) 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 23
Slide 24: Provision for Credit Losses
Provision for Credit Losses (Thousands) $6,018 $6,000 $5,000 $4,000 $3,133 $3,000 $2,000 $1,179 $1,058 $1,000 $434 $43 $189 $0 ($50) ($97) ($1,000) ($557) 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 24
Slide 25: Pre-Provision Net Revenue
Pre-Provision Net Revenue Excluding Non-Typical Events (Thousands) $3,000 $2,781 $2,288 $2,179 $2,085 $2,000 $1,918 $1,502 $1,270 $1,207 $1,264 $1,000 $324 $0 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 25
Slide 26: AmeriServ Strategic Plan
AmeriServ Strategic Plan Key Constituents We Manage For Shareholders Customers Employees Community 26
Slide 27: AmeriServ Strategic Plan
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 27
Slide 28: Our Value Equation
Our Value Equation Commercial Trust and Wealth Union Focused Banking Management A profitable 124-year-old A $2.6 billion Trust and Serves as the largest community bank with Wealth Management union bank in $1.45 billion in total operation with several Pennsylvania with assets at 16 branches in distin
Slide 29: Financially Strong Balance Sheet
Financially Strong Balance Sheet Deposit Composition ($mm) As of June 30, 2025 Jumbo Certificates of Deposit $50 Demand Deposits $203 4% 16% Certificates of Deposit $326 26% 54% Savings, NOW & Money Market $665 $1.244 Billion 29
Slide 30: Financially Strong Balance Sheet
Financially Strong Balance Sheet Loan Portfolio Composition ($mm) As of June 30, 2025 Home Equity & Consumer $109 Commercial & Industrial $143 Commercial Real Estate $641 $1.069 Billion Residential Mortgage $176 73% Commercial / 27% Retail Non-Owner Occupied CRE / Total Capital Ratio: 378% 30
Slide 31: Financially Strong Balance Sheet
Financially Strong Balance Sheet Commercial Loan Portfolio Diversification ($mm) As of June 30, 2025 $135 17% $254 33% $102 13% $293 37% Loan Total = $784 Million Johnstown Pittsburgh Hagerstown State College/Altoona 31
Slide 32: Diligent Focus on Risk Management
Diligent Focus on Risk Management 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
Slide 33: Net Interest Income
Net Interest Income (Thousands) $11,000 $10,394 $9,930 $10,000 $9,522 $9,539 $9,110 $9,000 $8,800 $8,874 $8,888 $8,747 $8,589 $8,000 $7,000 $6,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 33
Slide 34: Net Interest Margin
Net Interest Margin 3.50% 3.10% 3.03% 3.01% 3.00% 2.89% 2.88% 2.76% 2.74% 2.70% 2.71% 2.63% 2.50% 2.00% 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 % 1,250 2.15% 2.21% 2.22% 2.13% 1,240 2.25% 2.11% 1,218 1.95% 1,189 1,188 2.00% 2.07% 2.04% 1,165 1,161 1,159 1,163 1,159 1,158 1,159 1,160 1,163 1,165 1,145 1,149 1,149 1.75% 1,150 1.74% 1.48% 1,103 1.50% 1.25% 1,050 1.02% 1.00% 0.75% 0.59% 950 0.45% 0.40% 0.
Slide 36: Diligent Focus on Risk Management
Diligent Focus on Risk Management 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 managea
Slide 37: Financially Strong Balance Sheet
Financially Strong Balance Sheet Analysis of Insured Deposits As of June 30, 2025 Uninsured Deposits 13% Public Funds that are Collateralized 25% Insured Deposits 62% Under $250,000 37
Slide 38: Diligent Focus on Risk Management
Diligent Focus on Risk Management 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 cha
Slide 39: Non-Performing Assets
Non-Performing Assets (Thousands) $16,419 $14,971 $15,000 $13,657 $12,817 $12,657 $12,393 $12,161 $12,000 $9,000 $5,650 $5,939 $6,000 $4,599 $3,000 $0 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 39
Slide 40: Trust & Wealth Management Revenue Diversification
Trust & Wealth Management 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. 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 (Thousands) $4,000 $3,266 $3,059 $3,051 $3,000 $2,897 $2,944 $2,844 $2,865 $2,736 $2,788 $2,781 $2,000 $1,000 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 42
Slide 43: Union Focused Company
Union Focused Company Existing Union Relationships that Generate Revenue • 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 m
Slide 44: Union Focused Company
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
Slide 45: Capital Allocation Strategies and Earnings Growth
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
Slide 46: Regulatory Capital Ratios
Regulatory Capital Ratios As of June 30, 2025 15.00% 12.50% 12.14% 12.00% 10.94% 10.94% 9.08% 9.08% 9.12% 9.00% 7.55% 6.00% 3.00% 0.00% Common Equity Tier 1 Capital Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio Ratio Consolidated Bank Regulatory Well-Capitalized Requirement 46
Slide 47: Capital Allocation – Common Stock Dividends
Capital Allocation – Common Stock Dividends • 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 correlat
Slide 48: Common Dividend Per Share
Common Dividend Per Share $0.04 $0.030 $0.03 $0.025 $0.020 $0.02 $0.015 $0.01 $0.010 $0.00 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 110% 106.83% 101.55% 100.33% 100% 92.60% 89.49% 90% 86.60% 84.71% 83.67% 79.58% 80.71% 80% 70% 60% 50% 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 $6.25 $5.88 $5.89 $5.72 $5.75 $5.66 $5.45 $5.38 $5.24 $5.26 $5.25 $5.11 $5.16 $4.75 $4.25 $3.75 1Q '23 2Q 3Q 4Q 1Q '24 2Q 3Q 4Q 1Q '25 2Q 50
Slide 51: Our Value With a Catalyst Equation
Our Value With a Catalyst Equation A Focused Efficiency Optimization Strategy Across All Business Lines to Increase Business Development, Best in Class Products/Services and Shareholder Returns Commercial Trust and Wealth Union Focused Banking Management A profitable 124-year-old A $2.6 billion Trus
Slide 52: J. Michael Adams, Jr.
J. Michael Adams, Jr. Chairman of the Board 52
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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