Company: ASRV
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001558370-25-008853
Chunk: 6

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-25
Form: 11-K
Chunk 6
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, and hardship withdrawals.

Upon termination of employment of a participant who was not fully vested in their Employer Account, the non-vested portion shall be forfeited in the plan year of their termination, and such forfeitures shall be used in the year of forfeiture as described herein. Any amounts forfeited shall be applied to restore the participant’s forfeitures if they are re-employed by the Employer or an Affiliated Employer before they have a period of Break in Service of five years and then, if available, used to pay reasonable administrative expenses of the Plan. Participant forfeitures totaled$122,776and $23,757during the years ended December 31, 2024 and 2023, respectively.Forfeiture balances totaling $122,776 for the year ended December 31, 2024 were used to pay administrative expenses of the Plan in 2025. Forfeiture balances totaling $23,757for the year ended December 31, 2023 were used to offset administrative expenses in 2024.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Plan are prepared on the accrual basis of accounting.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s Pension Committee determines the Plan’s valuation policies utilizing information provided by investment advisors, custodians, and insurance companies. See Note 6 for discussion of Fair Value Measurements.

Purchase and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation)

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includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Interest income is recorded on an accrual basis. No allowance for credit losses has been recorded as of December 31, 2024 or 2023. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to