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of Contents](#TOC)\n\n​\n\n​\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\n**Washington, D.C. 20549**\n\n​\n\n​\n\n**FORM****10-Q**\n\n​\n\n​\n\n**☒****   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n​\n\nFor the quarterly period ended March 31, 2026\n\n​\n\n**☐****   Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n​\n\nFor the transition period from**____________**to**_____________**\n\n​\n\nCommission File Number******0-11204**\n\n​\n\n​\n\n**AmeriServ Financial, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Pennsylvania**\n\n**  ​ ​ ​**\n\n**25-1424278**\n\n​\n\n(State or other jurisdiction of incorporation or organization)\n\n​\n\n(I.R.S. Employer Identification No.)\n\n​\n\n​\n\n​\n\n​\n\n**Main & Franklin Streets****,** **P.O. Box 430****,****Johnstown****,****PA**\n\n​\n\n**15907-0430**\n\n(Address of principal executive offices)\n\n​\n\n(Zip Code)\n\n​\n\nRegistrant’s telephone number, including area code **(****814****)****533-5300**\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\nTitle Of Each Class\n\nTrading Symbol\n\nName of Each Exchange On Which Registered\n\nCommon Stock\n\nASRV\n\nThe NASDAQ Stock Market LLC\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ⌧  No  ◻\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ⌧  No  ◻\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge Accelerated Filer ◻\n\nAccelerated Filer ◻\n\nNon-accelerated Filer ⌧\n\nSmaller Reporting Company ☒\n\n​\n\n​\n\n​\n\nEmerging growth Company ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ◻\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☒\n\n​\n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.\n\n​\n\n**Class**\n\n**  ​ ​ ​**\n\n**Outstanding at May 12, 2026**\n\n**​**\n\nCommon Stock, par value $0.01\n\n16,964,267\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nAmeriServ Financial, Inc.\n\nINDEX\n\n​\n\n​\n\n**Page No.**\n\n​\n\n​\n\n**PART I. FINANCIAL INFORMATION**\n\n​\n\n[**Item 1.** Financial Statements](#Item1FinancialStatements_839031)\n\n3\n\n[Consolidated Balance Sheets (Unaudited) – March 31, 2026 and December 31, 2025](#CONSOLIDATEDBALANCESHEETS_232276)\n\n3\n\n[Consolidated Statements of Operations (Unaudited) – Three months ended March 31, 2026 and 2025](#CONSOLIDATEDSTATEMENTSOFOPERATIONS_79997)\n\n4\n\n[Consolidated Statements of Comprehensive Income (Unaudited) – Three months ended March 31, 2026 and 2025](#CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINC)\n\n5\n\n[Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three months ended March 31, 2026 and 2025](#CONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHO)\n\n6\n\n[Consolidated Statements of Cash Flows (Unaudited) – Three months ended March 31, 2026 and 2025](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_248708)\n\n7\n\n[Notes to Unaudited Consolidated Financial Statements](#NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTA)\n\n8\n\n[**Item 2.** Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_19)\n\n38\n\n[**Item 3.** Quantitative and Qualitative Disclosure About Market Risk](#Item3QUANTITATIVEANDQUALITATIVEDISCLOSUR)\n\n52\n\n[**Item 4.** Controls and Procedures](#Item4CONTROLSANDPROCEDURES_258552)\n\n52\n\n[**PART II. OTHER INFORMATION**](#PartIIOtherInformation_11462)\n\n53\n\n[**Item 1.** Legal Proceedings](#Item1LegalProceedings_581238)\n\n53\n\n[**Item 1A.** Risk Factors](#Item1ARiskFactors_667062)\n\n53\n\n[**Item 2.** Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n53\n\n[**Item 3.** Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_211487)\n\n53\n\n[**Item 4.** Mine Safety Disclosures](#Item4MineSafetyDisclosures_945641)\n\n53\n\n[**Item 5.** Other Information](#Item5OtherInformation_142914)\n\n53\n\n[**Item 6.** Exhibits](#Item6Exhibits_160881)\n\n54\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)"}