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The Bank is subject to supervision and regular examination by the Federal Reserve Bank of Philadelphia and the PDB. Various federal and state laws and regulations govern many aspects of its banking operations. The following is a summary of key data (dollars in thousands) and ratios of the Bank at December 31, 2017:2020:

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​					​	​	​	​
Headquarters		Johnstown, PA				Johnstown, PA
Total Assets		$	1,151,205		​	$	1,265,574	​
Total Investment Securities			159,956		​		181,820	​
Total Loans and Loans Held for Sale (net of unearned income)			892,758		​		978,345	​
Total Deposits			948,145		​		1,055,120	​
Total Net Income			4,337		​		5,792	​
Asset Leverage Ratio			8.75	%	​		9.03	%
Return on Average Assets			0.38		​		0.47	​
Return on Average Equity			4.37		​		5.32	​
Total Full-time Equivalent Employees			232		​		233	​

TABLE OF CONTENTSThe commercial loan segment also includes Paycheck Protection Program (PPP) loans. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) authorized the Small Business Administration (SBA) to guarantee 100% of the PPP loans made to eligible borrowers pursuant to standards as defined by the SBA. The SBA guarantee on PPP loans minimizes the level of credit risk associated with the loans. As a result, such loans are assigned a 0% risk weight for purposes of calculating the Company’s risk-based capital ratios. Therefore, it was deemed appropriate to not allocate any portion of the loan loss reserve for the PPP loans.

Commercial Loans Secured by Non-Owner Occupied Real Estate

This category includes various types of loans, including acquisition and construction of investment property, owner-occupied property and operating property. Maximum term, minimum cash flow coverage, leasing requirements, maximum amortization and maximum loan to value ratios are controlled by the Bank’s credit policy and follow industry guidelines and norms, and regulatory limitations. Personal guarantees are normally required during the construction phase on construction credits and are frequently obtained on mid to smaller CRE loans. In addition to economic risk, this category is subject to geographic and portfolio concentration risk, each of which are monitored and considered in underwriting.

The Company utilizes a robust and diligent risk management framework to monitor the non-owner occupied commercial real estate segment of the portfolio. This analysis considers more forward looking credit metrics such as stress test results and underwriting trend data, coupled with risk tolerance and concentration guidelines. The process is intended to allow identification of emerging risk, in part, to determine any future change to lending policy, underwriting practices or broader lending strategy prior to any indication of performance deterioration.

Residential Real Estate — Mortgages

This category includes mortgages that are secured by residential property. Underwriting of loans within this category is pursuant to Freddie Mac/Fannie Mae underwriting guidelines, with the exception of Community Reinvestment Act (CRA) loans, which have more liberal standards. A meaningful portion of this portfolio consists of home equity loans. The major risk in this category is that a significant downward economic trend would increase unemployment and cause payment default. The Bank does not engage, and has never engaged, in subprime residential mortgage lending.

Consumer Loans

This category includes consumer installment loans and revolving credit plans. Underwriting is pursuant to industry norms and guidelines. The major risk in this category is a significant economic downturn.

INVESTMENTS

The strategic focus of the investment securities portfolio is managed for liquidity and earnings in a prudent manner that is consistent with proper bank asset/liability management and current banking practices. The objectives of portfolio management include consideration of proper liquidity levels, interest rate and market valuation sensitivity, and profitability. The investment portfolio of the Company and its subsidiaries are proactively managed in accordance with federal and state laws and regulations and in accordance with generally accepted accounting principles (GAAP).

The investment portfolio is primarily made up of AAA rated agency mortgage-backed securities, short maturity agency securities, high quality corporate securities, and select taxable municipal securities, and agency securities. Management strives to maintain a portfolio duration that is less than 60 months. All holdings must meet standards documented in its investment policy.policy, unless otherwise approved by the Company’s CEO or the Asset/Liability Management Committee.

Investment securities classified as held to maturity are carried at amortized cost while investment securities classified as available for sale are reported at fair market value. The following table sets forth the cost basis and fair value of the Company’s investment portfolio as of the periods indicated:

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For for Commerce. The city also hosts annual events such as the Flood City Music Festival and the Thunder in the Valley Motorcycle Rally, each of which draw several thousand visitors. The Johnstown, PA MSA unemployment rate decreasedincreased from a 6.8%5.0% average in 20162019 to a 6.0%9.6% average in 2017.2020. The Johnstown, PA MSA continues to have one of the highest jobless rates among the 18 metropolitan statistical areas across the state. This, coupled with a declining population trend, creates a challenge moving forward.

Economic conditions are stronger in the State College market and have demonstrated the same improvement experienced in the national economy. The community is a college town, dominated economically and demographically by the presence of the University Park campus of the Pennsylvania State University. “Happy Valley” is another often-used term to refer to the State College area, including the borough and the townships of College, Harris, Patton, and Ferguson. The unemployment rate for the State College MSA decreasedincreased from a 4.1%3.1% average in 20162019 to a 3.7%5.8% average in 20172020 and remains the one of the lowest of all regions in the Commonwealth. A large percentage of the population in State College falls into the 18 to 34 year old34-year-old age group, while potential customers in the Cambria/Somerset markets tend to be over 50 years of age.

Hagerstown in Washington County, Maryland offers a rare combination of business advantages providing a major crossroads location that is convenient to the entire East Coast at the intersection of I-81 and I-70. It has a workforce of over 400,000 with strengths in manufacturing and technology. It also offers an affordable cost of doing business and living, all within an hour of the Washington, D.C./Baltimore regions. There are also plenty of facilities and land slated for industrial/commercial development. Hagerstown has become a choice location for manufacturers, financial services, and distribution companies. The Hagerstown, MD-Martinsburg, WV MSA unemployment rate increased from a 3.7% average in 2019 to a 6.5% average in 2020.

The Company also has loan production offices in MonroevilleWilkins Township in Allegheny County and Altoona in Blair County, Pennsylvania, and Hagerstown in Washington County, Maryland. MonroevillePennsylvania. Wilkins Township in Allegheny County, Pennsylvania is located 15 miles east of the city of Pittsburgh. While the city is historically known for its steel industry, today its economy is largely based on healthcare, education, technology and financial services. The city of Pittsburgh is home to many colleges, universities and research facilities, the most well-known of which are Carnegie Mellon University, Duquesne University and the University of Pittsburgh. Pittsburgh is rich in art and culture. Pittsburgh museums and cultural sites include the Andy Warhol Museum, the Carnegie Museum of Art, the Frick Art & Historical Center, and Pittsburgh Center for the Arts among numerous others. Pittsburgh is also the home of the Pirates, Steelers and Penguins. The unemployment rate for the Pittsburgh MSA decreasedincreased from a 5.7%4.1% average in 20162019 to a 5.0%9.3% average in 2017.2020.

Altoona is the business center of Blair County, Pennsylvania with a strong retail, government and manufacturing base. The top field of employment in Altoona and the metro area is healthcare. Its location along I-99 draws from a large

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INDUSTRY REGULATION

The banking and trust industry, and the operation of bank holding companies, is highly regulated by federal and state law, and by numerous regulations adopted by the federal banking agencies and state banking agencies. Bank regulation affects all aspects of conducting business as a bank, including such major items as minimum capital requirements, limits on types and amounts of investments, loans and other assets, as well as borrowings and other liabilities, and numerous restrictions or requirements on the loan terms and other products made available to customers, particularly consumers. Federal deposit insurance from the Federal Deposit Insurance Corporation (the FDIC) is required for all banks in the United States, and maintaining FDIC insurance requires observation of the various rules of the FDIC, as well as payment of deposit insurance premiums. New branches, or acquisitions or mergers, are required to be pre-approved by the responsible agency, which in the case of the Company and the Bank is the Federal Reserve and the PDB. The Bank provides detailed financial information to its regulators, including a quarterly call report that is filed pursuant to detailed prescribed instructions to ensure that all U.S. banks report the same way. The U.S. banking laws and regulations are frequently updated and amended, especially in response to crises in the financial industry, such as the global financial crisis of 2008, which resulted in the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010 (the Dodd-Frank Act), a statute affecting many facets of the financial industry. The Economic Growth, Regulatory Relief, and Consumer Protection Act was enacted into law in 2018 and was designed to ease certain restrictions imposed by the Dodd-Frank Act. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted into law on March 27, 2020 in response to the COVID-19 pandemic.

While it is impractical to discuss all laws and regulations that regularly affect the business of the Company and its subsidiaries, set forth below is an overview of some of the major provisions and statutes that apply.

CAPITAL REQUIREMENTS

One of the most significant regulatory requirements for banking institutions is minimalminimum capital, imposed as a ratio of capital to assets. The Federal Deposit Insurance Act, as amended (the FDIA), identifies five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. It requires U.S. federal bank regulatory agencies to implement systems for “prompt corrective action” for insured depository institutions that do not meet minimum capital requirements based on these categories. The FDICIA imposesBoth federal and state banking regulation impose progressively more restrictive constraints on operations, management and capital distributions, depending on the category in which an institution is classified. Unless a bank is well capitalized, it is subject to restrictions on its ability to utilize brokered deposits and on other aspects of its operations. Generally, a bank is prohibited from paying any dividend or making any capital distribution or paying any management fee to its holding company if the bank would thereafter be undercapitalized.

As of December 31, 2017,2020, the Company believes that its bank subsidiary was well capitalized, based on the prompt corrective action guidelines described above. On January 1, 2015, U.S. federal banking agencies implemented the new Basel III capital standards, which establish the minimum capital levels to be considered well-capitalized and reviserevised the prompt corrective action requirements under banking regulations. The revisions from the previous standards include a revised definition of capital, the introduction of a minimum common equity tier 1 capital ratio and changed risk weightings for certain assets. The implementation of the new rules will be phased in over a four year period ending January 1, 2019 with minimum capital requirements becoming increasingly more strict each year of the transition. The new minimum capital to risk-adjusted assets requirements (which includes the impact of the capital conservation buffer applicable to each year) are as follows:

		Minimum Capital								Well Capitalized
		Effective January 1,
		2016				2017
Common equity tier 1 capital ratio			5.125	%			5.75	%			6.5	%
Tier 1 capital ratio			6.625	%			7.25	%			8.0	%
Total capital ratio			8.625	%			9.25	%			10.0	%

Under the newcurrent rules, in order to avoid limitations on capital distributions (including

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period, from 0.625%of 2.50% of total risk weighted assets.

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The capital to risk-adjusted assets in 2016requirements for minimum capital plus the applicable buffer, and the requirement to 2.50% in 2019. Implementationbe “well capitalized,” are as follows:

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In addition, see the discussion of the deductionscommunity bank leverage ratio under the Economic Growth, Regulatory Relief, and other adjustments to common equity tier 1 capital began on January 1, 2015 and will be phased-in over a three-year period (beginning at 40% on January 1, 2015, 60% on January 1, 2016 and an additional 20% per year thereafter).Consumer Protection Act below.

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DIVIDEND RESTRICTIONS

The primary source of cash to pay dividends, if any, to the Company’s shareholders and to meet the Company’s obligations is dividends paid to the Company by the Bank and the Trust Company. Dividend payments by the Bank to the Company are subject to the laws of the Commonwealth of Pennsylvania, the Banking Code, the FDIA and the regulation of the PDB and of the Federal Reserve. Under the Banking Act and the FDIA, a bank may not pay any dividends if, after paying such dividends, it would be undercapitalized under applicable capital requirements. In addition to these explicit limitations, the federal regulatory agencies are authorized to prohibit a banking subsidiary or bank holding company from engaging in unsafe or unsound banking practices. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice.

It is the policy of the Federal Reserve that bank holding companies should pay cash dividends on common stock only out of income available from the immediately preceding year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. The policy provides that bank holding companies should not maintain a level of cash dividend that undermines the bank holding company’s ability to serve as a source of strength to its banking subsidiary. A bank holding company may not pay dividends when it is insolvent.

For more information regarding quarterly cash dividends, see Part II, Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities below.

SARBANES-OXLEY ACT OF 2002

The Sarbanes-Oxley Act of 2002 is not a banking law, but contains important requirements for public companies in the area of financial disclosure and corporate governance. In accordance with Section 302(a) of the Sarbanes-Oxley Act, written certifications by the Company’s principal executive officer and principal financial officer are required. These certifications attest, among other things, that the Company’s quarterly and annual reports filed with the SEC do not contain any untrue statement of a material fact. In response to the Sarbanes-Oxley Act of 2002, the Company adopted a series of procedures to further strengthen its corporate governance practices. The Company also requires signed certifications from managers who are responsible for internal controls throughout the Company as to the integrity of the information they prepare. These procedures supplement the Company’s Code of Conduct Policy and other procedures that were previously in place. The Company maintains a program designed to comply with Section 404 of the Sarbanes-Oxley Act. This program includedincludes the identification of key processes and accounts, documentation of the design of control effectiveness over processthe key processes and entity level controls, and testing of the effectiveness of key controls.

PRIVACY PROVISIONS

Federal banking regulators adopted rules that limit the ability of banks and other financial institutions to disclose non-public information about customers to non-affiliated third parties. These limitations require disclosure of privacy policies to consumers and, in some circumstances, allow consumers to prevent disclosure of certain personal information to non-affiliated third parties. The privacy provisions affect how consumer information is transmitted through diversified financial companies and conveyed to outside vendors. The Company believes it is in compliance with the various provisions.

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prevent and report money laundering and terrorist financing and to verify the identity of their customers. Failure of a financial institution to maintain and implement adequate programs to combat money laundering and terrorist financing, or to comply with all of the relevant laws or regulations, could have serious legal and reputational consequences for the Company.

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

The Dodd-Frank Act was signed into law on July 21, 2010. This law significantly changed the previous bank regulatory structure and affects the lending, deposit, investment, trading and operating activities of financial institutions and their holding companies.

A provision of the Dodd-Frank Act eliminateseliminated the federal prohibitions on paying interest on demand deposits, thus allowing businesses to have interest bearing checking accounts. The Dodd-Frank Act also broadened the base for FDIC insurance assessments. Assessments will now be based on the average consolidated total assets less tangible equity capital of a financial institution. The Dodd-Frank Act also permanently increased the maximum amount of deposit insurance for banks, savings institutions and credit unions to $250,000 per depositor.

Bank and thrift holding companies with assets of less than $15 billion as of December 31, 2009, such as the Company, are permitted to include trust preferred securities that were issued before May 19, 2010, such as the Company’s 8.45% Trust Preferred Securities, as Tier 1 capital; however, trust preferred securities issued by a bank or thrift holding company (other than those with assets of less than $500 million) after May 19, 2010, will no longer count as Tier 1 capital. Such trust preferred securities still will be entitled to be treated as Tier 2 capital.

The Dodd-Frank Act created the Consumer Financial Protection Bureau (the CFPB), a new independent regulatory agency with broad powers to supervise and enforce consumer protection laws. The CFPB has broad rule-making authority for a wide range of consumer protection laws that apply to all banks and savings institutions, including the authority to prohibit “unfair, deceptive or abusive” acts and practices. The CFPB has examination and enforcement authority over all banks and savings institutions with more than $10 billion in assets. Banks and savings institutions with $10 billion or less in assets such as the Company will continue to be examined for compliance with the consumer laws by their primary bank regulators. The Dodd-Frank Act also weakens the federal preemption rules that have been applicable for national banks and federal savings associations and gives state attorney generals the ability to enforce federal consumer protection laws.

ECONOMIC GROWTH, REGULATORY RELIEF, AND CONSUMER PROTECTION ACT

The Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act”), which was designed to ease certain restrictions imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, was enacted into law on May 24, 2018. Most of the changes made by the Act can be grouped into five general areas: mortgage lending; certain regulatory relief for “community” banks; enhanced consumer protections in specific areas, including subjecting credit reporting agencies to additional requirements; certain regulatory relief for large financial institutions, including increasing the threshold at which institutions are classified a systemically important financial institutions (from $50 billion to $250 billion) and therefore subject to stricter oversight, and revising the rules for larger institution stress testing; and certain changes to federal securities regulations designed to promote capital formation.

Some of the key provisions of the Act as it relates to community banks and bank holding companies include, but are not limited to: (i) designating mortgages held in portfolio as “qualified mortgages” for banks with less than $10 billion in assets, subject to certain documentation and product limitations; (ii) exempting banks with less than $10 billion in assets from Volcker Rule requirements relating to proprietary trading; (iii) simplifying capital calculations for banks with less than $10 billion in assets by requiring federal banking agencies to establish a community bank leverage ratio of tangible equity to average consolidate assets not less than 8% or more than 10% and provide that banks that maintain tangible equity in excess of such ratio will be deemed to be in compliance with risk-based capital and leverage requirements;

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ITEM 1A.   RISK FACTORS

Not applicable.

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ITEM 1B.   UNRESOLVED STAFF COMMENTS

The Company has no unresolved staff comments from the SEC for the reporting periods presented.

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ITEM 2.   PROPERTIES

The principal offices of the Company and the Bank occupy the five-story AmeriServ Financial building at the corner of Main and Franklin Streets in Johnstown plus twelveeleven floors of the building adjacent thereto. The Company occupies the main office and its subsidiary entities have 13 other locations which are owned. SixSeven additional locations are leased with terms expiring from January 1, 2018May 31, 2022 to July 31, 2030.June 30, 2033.

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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA

SELECTED FIVE-YEAR CONSOLIDATED FINANCIAL DATA

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​																					​	AT OR FOR THE YEAR ENDED DECEMBER 31,														​
​																						2020			2019			2018			2017			2016		​
		AT OR FOR THE YEAR ENDED DECEMBER 31,
		2017				2016				2015				2014				2013
		(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS)
​																					​	(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS)														​
SUMMARY OF INCOME STATEMENT DATA:																						​			​			​			​			​		​
Total interest income		$	44,356			$	41,869			$	41,881			$	40,441			$	39,343		​	$	46,882	​	$	49,767	​	$	47,094	​	$	44,356	​	$	41,869	​
Total interest expense			8,795				7,735				6,520				6,397				6,482		​		10,515	​		14,325	​		11,600	​		8,795	​		7,735	​
Net interest income			35,561				34,134				35,361				34,044				32,861		​		36,367	​		35,442	​		35,494	​		35,561	​		34,134	​
Provision (credit) for loan losses			800				3,950				1,250				375				(1,100	)	​		2,375	​		800	​		(600)	​		800	​		3,950	​
Net interest income after provision (credit) for loan losses			34,761				30,184				34,111				33,669				33,961		​		33,992	​		34,642	​		36,094	​		34,761	​		30,184	​
Total non-interest income			14,645				14,638				15,267				14,323				15,744		​		16,275	​		14,773	​		14,224	​		14,645	​		14,638	​
Total non-interest expense			40,766				41,615				41,038				43,371				42,223		​		44,455	​		41,815	​		40,873	​		40,726	​		41,615	​
Income before income taxes			8,640				3,207				8,340				4,621				7,482		​		5,812	​		7,600	​		9,445	​		8,680	​		3,207	​
Provision for income taxes			5,347				897				2,343				1,598				2,289		​		1,214	​		1,572	​		1,677	​		5,387	​		897	​
Net income		$	3,293			$	2,310			$	5,997			$	3,023			$	5,193		​	$	4,598	​	$	6,028	​	$	7,768	​	$	3,293	​	$	2,310	​
Net income available to common shareholders		$	3,293			$	2,295			$	5,787			$	2,813			$	4,984		​	$	4,598	​	$	6,028	​	$	7,768	​	$	3,293	​	$	2,295	​
PER COMMON SHARE DATA:																					​			​			​			​			​			​
Basic earnings per share		$	0.18			$	0.12			$	0.31			$	0.15			$	0.26		​	$	0.27	​	$	0.35	​	$	0.43	​	$	0.18	​	$	0.12	​
Diluted earnings per share			0.18				0.12				0.31				0.15				0.26		​		0.27	​		0.35	​		0.43	​		0.18	​		0.12	​
Cash dividends declared			0.06				0.05				0.04				0.04				0.03		​		0.100	​		0.095	​		0.075	​		0.060	​		0.050	​
Book value at period end			5.25				5.05				5.19				4.97				4.91		​		6.12	​		5.78	​		5.56	​		5.25	​		5.05	​
BALANCE SHEET AND OTHER DATA:																					​			​			​			​			​			​
Total assets		$	1,167,655			$	1,153,780			$	1,148,497			$	1,089,263			$	1,056,036		​	$	1,279,713	​	$	1,171,184	​	$	1,160,680	​	$	1,167,655	​	$	1,153,780	​
Loans and loans held for sale, net of unearned income			892,758				886,858				883,987				832,131				786,748		​		978,345	​		887,574	​		863,129	​		892,758	​		886,858	​
Allowance for loan losses			10,214				9,932				9,921				9,623				10,104		​		11,345	​		9,279	​		8,671	​		10,214	​		9,932	​
Investment securities available for sale			129,138				127,077				119,467				127,110				141,978		​		144,165	​		141,749	​		146,731	​		129,138	​		127,077	​
Investment securities held to maturity			38,752				30,665				21,419				19,840				18,187		​		44,222	​		39,936	​		40,760	​		38,752	​		30,665	​
Deposits			947,945				967,786				903,294				869,881				854,522		​		1,054,920	​		960,513	​		949,171	​		947,945	​		967,786	​
Total borrowed funds			115,701				78,645				117,058				93,965				79,640		​		114,080	​		100,574	​		108,177	​		115,701	​		78,645	​
Stockholders’ equity			95,102				95,395				118,973				114,407				113,307		​		104,399	​		98,614	​		97,977	​		95,102	​		95,395	​
Full-time equivalent employees			302				305				318				314				352		​		299	​		309	​		303	​		302	​		305	​
SELECTED FINANCIAL RATIOS:																					​			​			​			​			​			​
Return on average assets			0.28	%			0.20	%			0.54	%			0.29	%			0.51	%	​		0.37	%		0.51	%		0.67	%		0.28	%		0.20	%
Return on average total equity			3.42				2.30				5.10				2.61				4.69		​		4.52	​		6.02	​		8.08	​		3.42	​		2.30	​
Loans and loans held for sale, net of unearned income, as a percent of deposits, at period end			94.18				91.64				97.86				95.66				92.07		​		92.74	​		92.41	​		90.94	​		94.18	​		91.64	​
Ratio of average total equity to average assets			8.24				8.79				10.65				10.92				10.86		​		8.21	​		8.52	​		8.28	​		8.24	​		8.79	​
Common stock cash dividends as a percent of net income available to common shareholders			33.80				41.18				13.03				26.73				11.36		​		37.09	​		27.36	​		17.31	​		33.80	​		41.18	​
Interest rate spread			3.14				3.08				3.33				3.36				3.39		​		3.01	​		3.05	​		3.08	​		3.14	​		3.08	​
Net interest margin			3.32				3.26				3.49				3.52				3.56		​		3.19	​		3.29	​		3.31	​		3.32	​		3.26	​
Allowance for loan losses as a percentage of loans, net of unearned income, at period end			1.15				1.12				1.13				1.16				1.29		​		1.16	​		1.05	​		1.00	​		1.14	​		1.12	​
Non-performing assets as a percentage of loans and other real estate owned, at period end			0.34				0.18				0.71				0.35				0.52		​		0.34	​		0.26	​		0.16	​		0.34	​		0.18	​
Net charge-offs as a percentage of average loans			0.06				0.44				0.11				0.11				0.18		​		0.03	​		0.02	​		0.11	​		0.06	​		0.44	​
Ratio of earnings to fixed charges and preferred dividends:(1)
Excluding interest on deposits			4.22X				2.26X				4.68X				3.30X				5.13X
Including interest on deposits			1.97				1.40				2.19				1.67				2.07
Cumulative one year interest rate sensitivity gap ratio, at period end			1.22				1.44				1.23				1.13				1.09