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Ameriserv Financial, Inc. a BETTER CUSTOMER EXPERIENCE

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Ameriserv Financial, Inc. a BETTER CUSTOMER EXPERIENCE A ABETTER BETTER CUSTOMERCUSTOMER EXPERIENCEEXPERIENCE AmeriServAmeriServ Financial, Financial, Inc. Inc. 20192019 Annual Annual Report Report CONTENTS OUR MISSION FINANCIAL HIGHLIGHTS Financial Highlights Per Share AmeriServ Financial is committed $ in thousands except per share amounts 2019 2018 Change Change Earnings Per Share 1 (in dollars) Net Income 0.35 0.43 (0.08) (18.6%) A Message to Our Shareholders to increasing shareholder value Book Value at December 31 5.78 5.56 0.22 4.0% 0.43 2 Tangible Book Value at December 31 5.08 4.88 0.20 4.1% A Better Customer Experience 0.35 by striving for consistently Dividends Paid 0.095 0.075 0.020 26.7% 4 0.31 Market Value at December 31 4.20 4.03 0.17 4.2% Technology improving financial performance; 5 For the Year 0.18 Commercial Banking providing our customers with 0.12 6 Net Income $ 6,028 $ 7,768 $ (1,740) (22.4%) Return on Average Assets 0.51% 0.67% (0.16) (23.9%) Wealth Management products and exceptional service 8 Return on Average Equity 6.02% 8.08% (2.06) (25.5%) ‘15 ‘16 ‘17 ‘18 ‘19 Retail Banking At Year-End 10 for every step in their lifetime Tangible Book Assets $ 1,171,184 $ 1,160,680 $ 10,504 0.9% Value Per Share Retail Lending (in dollars) 12 financial journey; cultivating an Loans 887,574 863,129 24,445 2.8% Deposits 960,513 949,171 11,342 1.2% 5.08 Community 4.88 Nonperforming Loans/Total Loans 0.26% 0.16% 0.10 62.5% 4.59 14 employee atmosphere rooted 4.56 4.41 Branch Locations 16 in trust, empowerment and growth; 2019 Capital Returns 2019 Net Income $ 6,028 and serving our communities Common Stock Repurchase Program 2,550 through employee involvement Common Stock Dividend Payments 1,642 Total Capital Returned to Shareholders $ 4,192 and a philanthropic spirit. % of Earnings Returned to Shareholders 69.5% ‘15 ‘16 ‘17 ‘18 ‘19 1 A MESSAGE TO OUR SHAREHOLDERS s 2019 unfolded it became a challenging year for which now approximates 30% of our total revenue. This strong the banking industry and for AmeriServ. These level of fee income provides AmeriServ with better revenue challengesA included net interest margin compression due to diversification than our similar asset-sized peer banks. Federal Reserve interest rate actions, economic uncertainty due to ongoing international tariff issues, and potential policy Our partnership with various unions has also benefitted changes as the country headed into an election year. Despite AmeriServ’s growth initiatives. This includes The ERECT Funds this environment, AmeriServ produced a $0.35 earnings which deploy union pension monies to facilitate 100% union per share (EPS) for 2019 - its second highest EPS since the building projects in western Pennsylvania and eastern Ohio. year 2000. This provides craft union members with jobs that support their families and communities. AmeriServ is also the preferred AmeriServ supported economic growth in the regions that mortgage lender for the Pennsylvania State Education we operate in by providing approximately $250 million in Association (PSEA). This gives AmeriServ access to all areas new loans to both businesses and consumers in 2019. This of Pennsylvania, including many robust real estate markets. represented a meaningful increase of $65 million or 35% in new loans from the 2018 results. This was driven by an active team Activities in consumer, commercial and wealth management of lenders focused on meeting the needs of our customers and services provide critical support to the health of our local supporting our local economies. We were able to fund these economies. Our continued investment in people, technology loans with a growing deposit base that is now approaching and processes will enable AmeriServ to remain competitive $1 billion in size as depositors continued to respond well to our and be positioned to keep our Banking for Life model relevant Banking for Life philosophy. This also reflected a shift away in an ever-changing future. We encourage you to read the from money market and savings accounts and into small pages that follow in this annual report where you will find certificates of deposits, thus adding further stability to our more detailed discussion on the 2019 performance and the loyal core deposit base. future outlook for our key business lines. Capital allocation is an important topic that your Board of ”Our continued focus on active capital Directors evaluates carefully. Our continued focus on active capital returns to our shareholders through both common returns to our shareholders through stock buybacks and a competitive common stock dividend both common stock buybacks and a yielded positive results for our shareholders. It is notable that the tangible book value of AmeriServ shares ended the 2019 competitive common stock dividend year at $5.08, an increase of $0.20 per share or 4.1% over December 2018. We believe that this growth in tangible book yielded positive results for our value per share and an increased common stock cash dividend shareholders.” were factors contributing to an increase in the AmeriServ common stock price in 2019. You may recall that in late 2018 AmeriServ expanded its AmeriServ continues to maintain a strong balance sheet Hagerstown, Maryland loan production office into a full- and conservatively manages its businesses in the face of fledged Financial Banking Center housing a full-service retail ever-changing economic conditions, regulatory pressures branch along with commercial lenders with a goal to ultimately and political uncertainties. We appreciate your support in provide residential mortgage loans and wealth management the form of owning shares of this company and pledge our services. We are pleased that the Hagerstown community has commitment to manage this company in the best interest welcomed this new financial center and we have exceeded of our constituencies – shareholders, customers, staff our first-year target with over $8 million in deposits. As the and communities. future unfolds, we plan to build an even larger presence in this growing marketplace. In our Trust and Financial Services Company, with assets under administration of $2.3 billion, we saw a record level of fees in Allan R. Dennison, Chairman 2018, and in 2019 we are pleased to report that a new record was set for the second consecutive year. Much of this was fueled by our retirement savings customers showing continued support of our stewardship of their funds. Wealth management revenues are our largest component of non-interest income Jeffrey A. Stopko, President & CEO Jeffrey A. Stopko & Allan R. Dennison 2 3 TECHNOLOGY A BETTER CUSTOMER EXPERIENCE meriServ’s seamless customer service – supported by multiple banking channels and enhanced productA offerings – extends to virtually every customer interaction at the bank. This ease of doing business with AmeriServ is anchored in the sophisticated digital posture we have taken with our technology platforms to enable peak performance and customer satisfaction. In 2019, AmeriServ’s digital transformation continued. xceptional customer service is For Retail Banking, a new online account opening system is now an AmeriServ differentiator and available, providing the convenience and security necessary a fundamental part of our strategic vision. E for opening deposit accounts from the comfort of your home In many ways, it is the most important thing or office. This joins with our increasingly popular mobile we provide. banking features, including mobile check deposit and bill pay, In an era when rates, terms and conditions to create a digital network that carries nearly half of all our are being commoditized, AmeriServ offers current retail banking transactions. customers a balanced, seasoned approach Additional online benefits include the popular “Chat” feature built around Banking for Life that recognizes on the AmeriServ website, which puts customers and prospects individual lifestyles, personal financial goals in touch with our call center experts. As a result, users receive and unique needs. We take our cues from an expanded, personalized experience that brings customer customer conversations and interactions, service to a new level on the website. not products and services. Our Business Services offerings have also benefitted directly We look to build relationships, nurture from an expanded investment in technology. Over the past financial lives and grow confidence and trust. year, the new business services digital platform has been fully We take a holistic view and help customers implemented to deliver payroll and ACH origination, external ”A complete redesign of the support their financial lives in new and money transfers, Positive Pay and reconcilement so customers different ways and allow them to envision look and feel of our consumer can easily and rapidly match funds. Through our investment how those lives might change over time. in our mobile check deposit platform, business customers can e-banking suite (online banking) Ultimately, we work to help them achieve remotely deposit checks and this has proven to be a popular their financial potential. is another project that will be and needed feature that is widely used. Everyone at AmeriServ is part of this team. undertaken in 2020. ” A new digital enhancement within the branch offices came to fruition in 2019 with the addition of New Account Desk, From branch to boardroom, everyone knows AmeriServ is also investigating account aggregating platforms which allows for electronic document exchange and electronic his or her role in creating a better customer that would provide customers with snapshots of their entire signatures, saving customers time in making return trips to the experience. And, each employee is eligible financial picture. The platform is designed to be customized by bank and creating a paperless account opening experience. for our Shining Star Club program that the customer with multiple accounts, both from inside the bank recognizes extra efforts wherever they occur The bandwidth between branches has also been greatly and from outside, including credit cards, other bank accounts in our banking family.
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