Company: ASRV
Filing Date: 2025-06-16
Form Type: DEF 14A
Source: 0001140361-25-022675
Chunk: 5

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-16
Form: DEF 14A
Chunk 5
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1% from the $0.11 EPS reported in last year’s first quarter. The Company achieved positive operating leverage in the first quarter of 2025 as our total revenue increased while our non-interest expenses declined. The increase in total revenue was caused by meaningful improvement in net interest income as our first quarter net interest margin increased by 31 basis points from the prior year quarter and 13 basis points on a sequential quarter basis. We believe that our balance sheet is well positioned for further quarterly net interest income growth and net interest margin improvement, which is important since this category represents approximately 70% of our total revenue. Additionally, because of the changing interest rate environment and effective capital management, our book value and tangible book value per share increased by 10.6% to $6.70 and 11.8% to $5.88, respectively, during the past 12 months. In regard to shareholder engagement, on April 16, 2025, we announced that the Company signed a new advisory agreement with significant shareholder SB Value Partners, L.P. (“SBV”) to help grow and optimize our $2.5 billion assets under management in our trust and wealth management business. Also, both the Company and SBV mutually agreed to extend the Cooperation Agreement originally signed on April 18, 2024, through 2029. For more detailed discussion regarding these arrangements, see discussion beginning on page 39. SBV currently owns approximately 8.2% of the Company’s outstanding common stock. Over the past year, the Company has benefitted greatly from our collaborative engagement with SBV around ways to improve performance and enhance the Company’s value. These actions demonstrate that our Board is always open to the views of our investors and the Cooperation Agreement with SBV has allowed us to benefit from the constructive feedback of one of our largest institutional shareholders. Additionally, both our CEO and CFO routinely have calls with both institutional and retail shareholders which discuss topics such as earnings performance, capital allocation, and strategic direction and initiatives. 2 INFORMATION ABOUT THE ANNUAL MEETING Why did I receive these materials? You are receiving these materials because, as a shareholder, the Company is soliciting your vote on matters to be considered at the upcoming Annual Meeting. The notice, this proxy statement, and the accompanying proxy card were first sent or given to shareholders on or about June 16, 2025. Please read this proxy statement and vote your shares by mailing the attached proxy card, voting online at www.proxyvote.com, by telephone at