AmeriServ Financial, Inc. (ASRV) valuation at a glance
- Price
- $4.88
- Market cap
- $83M
- P/S (TTM)
- 1.4×
CompaniesASRV
ASRV
AmeriServ Financial, Inc.
Financial Servicescommunity bankbelow tangible bookNIM recoverymicrocap
Overview
$4.88+1.0%
Market Cap
$83M
SEC filings
P/E (TTM)
9.7×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
0.0%
SEC filings
FCF Yield
0.1%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
3/5PA community bank at about 0.76x tangible book with NIM up 24bp YoY and non-performing loans halved since Q2 2025.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 94/100
Value3/3
Futuren/a
Past3/4
Health1/1
Dividend3/3
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
AmeriServ Financial is the Johnstown, Pennsylvania holding company for AmeriServ Financial Bank, a $1.46 billion asset commercial bank combining deposit gathering and commercial and commercial real estate lending with a wealth management business that produced $3.09 million of fees in Q2 2026. It screens as deep value because the 2026-09-16 close of $4.88 sits roughly 24 percent under the $6.45 tangible book value per share reported at 2026-06-30, against a recovering earnings base: Q2 2026 net income of $2.738 million versus a $282 thousand net loss in Q2 2025, annualized return on average equity of 9.12 percent, and net interest margin of 3.34 percent versus 3.10 percent a year earlier. The strongest counter-evidence is funding and concentration: uninsured deposits were $497.0 million, the 25 largest depositors were 29.5 percent of deposits and the 25 largest credits 25.8 percent of loans, both higher than at 2025-12-31, and the filings reviewed do not disclose the commercial real estate concentration ratio against the 300 percent risk-based capital supervisory guidance. Confirmation would come from a second and third consecutive quarter of margin expansion with stable deposit costs and no rebuild in non-accrual loans.
Bull Case
ValuationTangible book value per share was $6.45 at 2026-06-30 against a $4.88 close on 2026-09-16, and tangible common equity to tangible assets improved 21 basis points from 2025-12-31 to 7.55 percent.
MarginQ2 2026 net interest income rose $942 thousand, or 9.1 percent, to $11.336 million as interest expense fell 7.3 percent to $6.763 million and net interest margin widened to 3.34 percent from 3.10 percent.
CreditNon-performing loans fell to 0.76 percent of loans at 2026-06-30 from 1.42 percent a year earlier, and first-half 2026 net charge-offs were $230 thousand, or 0.05 percent of average loans, versus $3.0 million and 0.56 percent in first-half 2025.
Bear Case
FundingEstimated uninsured deposits were $497.0 million at 2026-06-30, up from $476.2 million at 2025-12-31, and the 25 largest depositors were 29.5 percent of total deposits versus 28.5 percent at year-end 2025.
ConcentrationThe 25 largest credits were 25.8 percent of total loans at 2026-06-30, up from 24.6 percent at 2025-12-31, and the 10-Q discloses commercial real estate exposure qualitatively without a concentration ratio against the 300 percent risk-based capital guidance.
ScaleTotal assets of $1.462 billion and a $0.03 quarterly dividend costing $510 thousand leave little operating leverage, and loans and loans held for sale declined $17.2 million, or 1.7 percent, in the first six months of 2026 as payoffs exceeded originations.
Key Metrics
Market Cap
$83M
SEC filings
Enterprise Value
$122M
Calculated from SEC filings
Revenue (TTM)
$61M
SEC filings
P/E (TTM)
9.7×
SEC filings
Forward P/E
–
yfinance
P/S (TTM)
1.4×
SEC filings
P/B
0.7×
SEC filings
EV/EBITDA
–
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
0.0%
SEC filings
Operating Margin
22.2%
SEC filings
Net Margin
13.9%
SEC filings
Free Cash Flow
$41.0K
SEC filings
FCF Yield
0.1%
Calculated from SEC filings
Debt / Equity
–
SEC filings
Current Ratio
–
SEC filings
Short Interest
1.2%
SEC filings
Institutional Own.
39.6%
SEC filings
Insider Own.
26.7%
SEC filings
Shares Out.
17.0M
SEC filings
Float
12.8M
SEC filings
Valuation
Price vs Fair Value
Now $4.88
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| ASRV | $83M | 9.5× | 1.4× | – | +43.0% | 0.0% | 14.0% |
| CCNE | $1.01B | 10.7× | 3.1× | – | +51.0% | 0.0% | 29.0% |
| MPB | $943M | 12.9× | 3.6× | – | +45.0% | 0.0% | 26.0% |
| CZFS | $394M | 9.6× | 3.4× | – | +10.0% | 0.0% | 36.0% |
| FRAF | $287M | 11.7× | 3.1× | – | +5.0% | 0.0% | 27.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 57.3 | 52.4 | 54.0 | 59.3 |
| Net Income | 7.4 | (3.3) | 3.6 | 5.6 |
| Diluted EPS | 0.43 | -0.20 | 0.21 | 0.34 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 23.0 | 14.0 | 17.7 | 50.9 |
| Total Assets | 1,364 | 1,390 | 1,422 | 1,454 |
| Total Debt | 138.4 | 115.6 | 101.7 | 75.3 |
| Total Liabilities | 1,258 | 1,287 | 1,315 | 1,335 |
| Shareholders' Equity | 106.2 | 102.3 | 107.2 | 119.3 |
| Shares Out. (M) | 17.1 | 17.1 | 16.5 | 16.5 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 5.2 | 6.3 | 2.7 | 3.2 |
| Capital Expenditure | (2.1) | (1.4) | (1.7) | (1.1) |
| Free Cash Flow | 3.1 | 4.9 | 1.0 | 2.1 |
| Investing Cash Flow | (56.3) | (40.0) | (23.1) | 11.1 |
| Financing Cash Flow | 32.9 | 24.8 | 24.1 | 18.9 |
Figures normalized from AmeriServ Financial Inc.'s SEC 10-K filed 2026-03-18. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-03-18 ↗
Catalysts
Q3 2026 results
Earningshigh relevance
Third quarter 2026 earnings release
Prior quarterly results were released on 8-K dated 2026-07-21 and 2026-04-21, implying a similar late-October cadence; the test is whether net interest margin holds above the 3.34 percent printed for Q2 2026.
Q3 2026 10-Q
Earnings
Form 10-Q for the quarter ending 2026-09-30
The Q2 filing landed 2026-08-14; the next 10-Q updates non-accrual loans, uninsured deposit levels and the accumulated other comprehensive loss of $7.825 million carried at 2026-06-30.
Dividend declaration
Corporate
Quarterly common dividend action
The common dividend was declared at $0.03 per share in both Q2 2026 and Q2 2025; a change in that rate would signal management's read on the capital and earnings trajectory.
Insider transaction pattern
Governance
Further Form 4 activity following the CEO open-market purchase
A Form 4 filed 2026-09-14 reports a 2,000 share open-market purchase at $4.94 on 2026-09-11 by the President and CEO; continuation or reversal of that pattern is observable in subsequent Form 4 filings.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Commercial real estate concentration is not quantified against supervisory guidance in the filings reviewed | Regulatory | High | Medium | If the ratio is elevated, regulators can require enhanced risk management, higher allowances or capital, which would constrain lending and capital return. |
| Uninsured and concentrated deposit funding | Liquidity | Medium | Medium | Estimated uninsured deposits of $497.0 million and a top-25 depositor share of 29.5 percent at 2026-06-30 mean a small number of relationships can drive funding cost or balance sheet size. |
| Single large credits can reverse the credit improvement | Financial | Medium | Medium | The 2025 provision spike followed one Pittsburgh mixed-use commercial real estate loan with a $2.8 million charge-down; the top 25 credits are 25.8 percent of loans. |
| Rate path pressure on the margin | Market/Macro | Medium | Medium | The 10-Q states net interest income was slightly negative in upward rate scenarios because deposit and overnight borrowing costs reprice faster than assets. |
| Securities marks and share count creep | Financial | Low | Medium | Accumulated other comprehensive loss was $7.825 million at 2026-06-30 and held-to-maturity securities carried at $85.736 million had a $81.712 million fair value; shares outstanding rose to 16,979,267 at 2026-08-10 from 16,522,267 at 2025-11-10 with no repurchase program disclosed. |
Technical Snapshot
52-Week Range
–$4.88–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
No controlling shareholder is identified in the filings reviewed and the 2026-06-08 DEF 14A beneficial ownership table was not parsed in the source research. Recent Form 4 direction is mixed: the President and CEO reported an open-market purchase of 2,000 shares at $4.94 on 2026-09-11 (filed 2026-09-14), holding 171,379 shares afterward; an EVP reported option exercises at $3.32 with sales of 10,000 shares at $4.77 to $5.11 on 2026-08-31; and several directors received small stock awards at $5.1046 on 2026-08-17. Driver Management and Abbott Cooper ran a proxy campaign against the company through 2024, with the last related DFAN14A filings in April 2024; SEC full-text searches run 2026-09-17 for that pairing returned no 2025 or 2026 hits and the 2026 proxy statement does not name them, so the campaign appears inactive, though the formal outcome was not confirmed. No stock repurchase program was found in the 10-Q or 10-K text reviewed.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Stopko Jeffrey A | President & CEO ASRV & Bank | Buy | 2K | $4.94 | 2026-09-11 | $9.9K |
| Finui David A | EVP - ASRV Wealth & Cap. Mgmt. | Sell | 3.5K | $5.11 | 2026-08-31 | $17.9K |
| Finui David A | EVP - ASRV Wealth & Cap. Mgmt. | Sell | 6.5K | $4.77 | 2026-09-04 | $31K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| ASRV | $83M | 9.5× | 1.4× | – | +43.0% | 0.0% | 14.0% |
| CCNE | $1.01B | 10.7× | 3.1× | – | +51.0% | 0.0% | 29.0% |
| MPB | $943M | 12.9× | 3.6× | – | +45.0% | 0.0% | 26.0% |
| CZFS | $394M | 9.6× | 3.4× | – | +10.0% | 0.0% | 36.0% |
| FRAF | $287M | 11.7× | 3.1× | – | +5.0% | 0.0% | 27.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026 swings to record quarterly earnings on margin and credit
The quarter ended 2026-06-30 produced net income of $2.738 million, or $0.16 per diluted share, versus a $282 thousand net loss in Q2 2025, with a $294 thousand recovery of credit losses against a $3.133 million provision a year earlier. Net interest margin of 3.34 percent was 24 basis points above Q2 2025, and the community bank leverage ratio was 9.46 percent.
2026-09-17SEC 10-Q
Balance sheet mix shifted toward securities in the first half of 2026
Deposits rose $13.2 million, or 1.1 percent, in the first six months of 2026 while loans and loans held for sale fell $17.2 million, or 1.7 percent, on payoff activity; cash and equivalents dropped 44.9 percent to $28.045 million as securities grew. Total assets were $1.462 billion and total shareholders equity $123.084 million at 2026-06-30.
2026-09-17Research
Open items carried from the source research
The commercial real estate concentration ratio versus the 300 percent risk-based capital guidance was not located in the 10-Q or 10-K text searched, and the beneficial ownership table in the 2026 proxy was not parsed. Both remain unverified rather than confirmed clean.
Sources
AmeriServ Financial, Inc. valuation questions
What is AmeriServ Financial, Inc.'s market cap?
AmeriServ Financial, Inc. (ASRV) has a market capitalization (its market value, often searched as "net worth") of $83M, and an enterprise value of $122M.