Citizens Financial Services, Inc (Nasdaq: CZFS), parent company of First Citizens Community Bank (the “Bank”), released today its unaudited consolidated financial results for the three months ended March 31, 2025.
Highlights
— Net income was $7.6 million for the three months ended March 31, 2025, which is 8.5% more than the net income for 2024's comparable period. The increase was driven by the increase in net interest income before the provision for credit losses of $2.0 million offset by the gain on the sale of a division known as Braavo and Bank-owned life insurance (BOLI) death benefits received in 2024. The effective tax rate for the three months ended March 31, 2025 was 18.7% compared to 17.4% in the comparable period in 2024, with the increase due to a decrease in earnings on BOLI due to the passing of a former executive in 2024 and a decrease in the benefit of investments in low-income housing partnerships.
— Net interest income before the provision for credit losses was $23.0 million for the three months ended March 31, 2025, an increase of $2,044,000, or 9.8%, over the same period a year ago and was primarily due to an increase in investment income and a decrease in interest expense on borrowings.
— Return on average equity for the three months (annualized) ended March 31, 2025 was 10.00% compared to 9.95% for the three months (annualized) ended March 31, 2024. If the net impact of the Braavo transaction is excluded from 2024, the return on average equity for the three months (annualized) ended March 31, 2024 was 9.69% (non-GAAP). (1)
— Return on average tangible equity for the three months (annualized) ended March 31, 2025 was 14.09% compared to 14.55% for the three months (annualized) ended March 31, 2024 (non-GAAP). (1)
— Return on average assets for the three months (annualized) ended March 31, 2025 was 1.00% compared to 0.94% for the three months (annualized) ended March 31, 2024.
— Non-performing assets decreased $1,130,000 since December 31, 2024 and totaled $27,482,000 as of March 31, 2025, which is $11,769,000 higher than the balance as of March 31, 2024. The increase from March 31, 2024 is due to loans acquired as part of the HVB acquisition. The Bank's strategy during 2024 for certain acquired loans was to either improve the credit metrics of the non-performing loans or have the customers refinance the loans with another institution or sell the underlying collateral. The decrease since December reflects two large relationships being placed back on accrual status due to making consistent payments for at least six months. As a percent of loans, non-performing assets totaled 1.19%, 1.24% and 0.70% as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. While non-performing assets have increased significantly as of March 31, 2025 when compared to March 31, 2024, specific reserves for these assets have decreased from $1,987,000 to $1,603,000. The specific reserve for March 31, 2024 included $723,000 for loans that were secured by inventory that were charged-off in 2024.
First Quarter of 2025 Compared to the First Quarter of 2024
— For the three months ended March 31, 2025, net income totaled $7,621,000 which compares to net income of $7,024,000 for the comparable period of 2024, an increase of $597,000 or 8.5%. Basic earnings per share of $1.60 for the three months ended March 31, 2025 compares to $1.48 for the 2024 comparable period. Annualized return on equity for the three months ended March 31, 2025 and 2024 was 10.00% and 9.95%, while annualized return on assets was 1.00% and 0.94%, respectively.
— Net interest income before the provision for credit losses for the three months ended March 31, 2025 totaled $23,002,000 compared to $20,958,000 for the three months ended March 31, 2024, resulting in an increase of $2,044,000, or 9.8%. Average interest earning assets increased $58.7 million for the three months ended March 31, 2025 compared to the same period last year, primarily due to the HVB acquisition. Average loans increased $49.0 million, while average investment securities increased $15.2 million. The tax effected net interest margin for the three months ended March 31, 2025 was 3.30% compared to 3.05% for the same period last year. The yield on interest earning assets increased eight basis points to 5.57%, while the cost of interest bearing liabilities decreased nine basis points to 2.80%.
— The provision for the first quarter of 2025 of $625,000 was driven by the annual update of loss drivers, which includes historical loss data, as well as prepayment and curtailment speeds compared to $785,000 for the first quarter of 2024, which was driven by the annual updates for 2024 as well as provision for Braavo-related loans that were not sold.
— Total non-interest income was $3,427,000 for the three months ended March 31, 2025, $1,544,000 less than the comparable period last year. The primary drivers of the decrease were the gain on the sale of assets associated with Braavo and BOLI death benefits received in 2024. Additionally due to the interest rate environment, gains on the sale of loans is lower in 2025 than 2024.
— Total non-interest expenses for the three months ended March 31, 2025 totaled $16,428,000 compared to $16,643,000 for the same period last year, which is a decrease of $215,000, or 1.3%. Professional fees decreased due to the legal fees associated with the sale of certain Braavo assets during 2024. ORE expenses increased due to the gain on the sale of an ORE property recorded in 2024.
— The provision for income taxes increased $278,000 when comparing the three months ended March 31, 2025 to the same period in 2024. This increase was attributable to increase in income before provision for income taxes of $875,000 and death benefits received upon the passing of a former employees in 2024 that are not subject to income tax. The effective tax rate was 18.7% and 17.4% for the three months ended March 31, 2025 and 2024, respectively.
Balance Sheet and Other Information:
— At March 31, 2025, total assets were $3.02 billion compared to $3.03 billion at December 31, 2024 and $2.92 billion at March 31, 2024. The loan to deposit ratio as of March 31, 2025 was 97.92% compared to 97.11% as of December 31, 2024 and 97.25% as of March 31, 2024.
— Available for sale securities of $430.7 million at March 31, 2025 increased $4.8 million from December 31, 2024 and $25.8 million from March 31, 2024. The yield on the investment portfolio increased from 2.29% to 2.85% on a tax equivalent basis due to securities purchased during a higher rate environment and lower yielding securities maturing. Investment activity for 2025 has focused on replacing securities as they mature.
— Net loans totaled $2.29 billion at both March 31, 2025 and December 31, 2024. In comparison to March 31, 2024, loans have grown $75.5 million due to an increase in outstanding student loans.
— The allowance for credit losses – loans totaled $22,081,000 at March 31, 2025 which is an increase of $382,000 from December 31, 2024 and is due to changes in expected prepayment speeds and economic forecasts. The provision for credit losses on loans was $538,000 for the first quarter of 2025. Loan recoveries and charge-offs were $29,000 and $185,000, respectively, for the three months ended March 31, 2025. The allowance as a percent of total loans was 0.95% as of March 31, 2025 and 0.94% as of December 31, 2024.
— Deposits decreased $17.2 million from December 31, 2024, to $2.36 billion at March 31, 2025. Competitive pressure for deposits remains high. Brokered CD's have decreased $14.6 million since December 31, 2024, accounting for most of the change since year end.
— Borrowed funds totaled $302.0 million as of March 31, 2025, a $4.3 million increase from December 31, 2024.
— Stockholders' equity totaled $308.3 million at March 31, 2025, compared to $299.7 million at December 31, 2024, an increase of $8.6 million. Excluding accumulated other comprehensive loss (AOCL), stockholders equity increased $5.3 million and totals $328.5 million (non-GAAP). The increase in stockholders equity, excluding AOCL, was attributable to net income for the three months ended March 31, 2025 totaling $7.6 million, offset by cash dividends for the first quarter totaling $2.3 million. As a result of decreases in market interest rates impacting the fair value of investment securities and swaps, AOCL decreased $3.3 million from December 31, 2024.
Dividend Declared
On March 4, 2025, the Board of Directors declared a cash dividend of $0.495 per share, which was paid on March 28, 2025 to shareholders of record at the close of business on March 14, 2025. This quarterly cash dividend is an increase of 2.1% over the regular cash dividend of $0.485 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2024.
Citizens Financial Services, Inc. has nearly 1,850 shareholders, the majority of whom reside in markets where its offices are located.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere periodically by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
(1) See reconciliation of GAAP and non-gaap measures at the end of the press release
CITIZENS FINANCIAL SERVICES, INC.CONSOLIDATED FINANCIAL HIGHLIGHTS(UNAUDITED)(Dollars in thousands, except per share data) As of or For The Three Months Ended March 31, 2025 2024Income and Performance RatiosNet Income $ 7,621 $ 7,024Return on average assets (annualized) 1.00% 0.94%Return on average equity (annualized) 10.00% 9.95%Return on average tangible equity (annualized) (a) 14.09% 14.55%Net interest margin (tax equivalent) (a) 3.30% 3.05%Earnings per share – basic (b) $ 1.60 $ 1.48Earnings per share – diluted (b) $ 1.60 $ 1.48Cash dividends paid per share (b) $ 0.495 $ 0.485Number of shares used in computation – basic (b) 4,750,538 4,748,442Number of shares used in computation – diluted (b) 4,751,943 4,748,442Asset qualityAllowance for credit losses – loans $ 22,081 $ 21,598Non-performing assets $ 27,482 $ 15,713Allowance for credit losses – loans to total loans 0.95% 0.96%Non-performing assets to total loans 1.19% 0.70%Annualized net charge-offs to total loans 0.03% 0.12%EquityBook value per share (b) $ 64.78 $ 59.47Tangible Book value per share (a) (b) $ 46.19 $ 40.70Market Value per share (Last reported trade of month) $ 58.05 $ 49.20Common shares outstanding 4,759,672 4,706,993OtherAverage Full Time Equivalent Employees 379.7 394.1Loan to Deposit Ratio 97.92% 97.25%Trust assets under management $ 178,007 $ 173,716Brokerage assets under management $ 397,204 $ 362,408Balance Sheet Highlights March 31, December 31, March 31, 2025 2024 2024Assets $ 3,016,338 $ 3,025,724 $ 2,921,103Investment securities 432,438 427,659 406,523Loans (net of unearned income) 2,315,663 2,313,242 2,239,659Allowance for credit losses – loans 22,081 21,699 21,598Deposits 2,364,854 2,382,028 2,302,881Stockholders' Equity 308,296 299,734 282,674(a) See reconciliation of GAAP and Non-GAAP measures at the end of the press release(b) Prior period amounts were adjusted to reflect stock dividends.
CITIZENS FINANCIAL SERVICES, INC.CONSOLIDATED BALANCE SHEET(UNAUDITED) March 31, December 31, March 31,(in thousands except share data) 2025 2024 2024ASSETS:Cash and due from banks:Noninterest-bearing $ 28,127 $ 30,284 $ 14,047Interest-bearing 8,659 11,918 15,572Total cash and cash equivalents 36,786 42,202 29,619Interest bearing time deposits with other banks 3,820 3,820 3,820Equity securities 1,737 1,747 1,658Available-for-sale securities 430,701 425,912 404,865Loans held for sale 6,054 9,607 8,346Loans (net of allowance for credit losses – loans: $22,081 at March 31, 2025;$21,699 at December 31, 2024 and $21,598 at March 31, 2024) 2,293,582 2,291,543 2,218,061Premises and equipment 21,627 21,395 21,083Accrued interest receivable 10,918 10,307 10,596Goodwill 85,758 85,758 85,758Bank owned life insurance 50,578 50,341 49,418Other intangibles 2,707 2,892 3,450Fair value of derivative instruments – asset 9,120 10,370 14,857Deferred tax asset 14,436 15,199 17,672Other assets 48,514 54,631 51,900TOTAL ASSETS $ 3,016,338 $ 3,025,724 $ 2,921,103LIABILITIES:Deposits:Noninterest-bearing $ 505,826 $ 532,776 $ 523,844Interest-bearing 1,859,028 1,849,252 1,779,037Total deposits 2,364,854 2,382,028 2,302,881Borrowed funds 302,027 297,721 283,565Accrued interest payable 3,143 4,693 4,123Fair value of derivative instruments – liability 5,196 5,817 8,698Other liabilities 32,822 35,731 39,162TOTAL LIABILITIES 2,708,042 2,725,990 2,638,429STOCKHOLDERS' EQUITY:Preferred Stock $1.00 par value; authorized3,000,000 shares; none issued in 2025 or 2024 – – -Common stock$1.00 par value; authorized 25,000,000 shares at March 31, 2025, December 31, 2024 andMarch 31, 2024: issued 5,207,824 at March 31, 2025 and 5,207,577 at December 31, 2024 5,208 5,208 5,161and 5,160,754 at March 31, 2024 145,010 144,984 143,227Retained earnings 194,709 189,443 177,693Accumulated other comprehensive loss (20,239) (23,521) (26,620)Treasury stock, at cost: 448,152 at March 31, 2025 and 447,965 sharesat December 31, 2024 and 453,763 shares at March 31, 2024 (16,392) (16,380) (16,787)TOTAL STOCKHOLDERS' EQUITY 308,296 299,734 282,674TOTAL LIABILITIES ANDSTOCKHOLDERS' EQUITY $ 3,016,338 $ 3,025,724 $ 2,921,103
CITIZENS FINANCIAL SERVICES, INC.CONSOLIDATED STATEMENT OF INCOME(UNAUDITED) Three Months Ended March 31,(in thousands, except share and per share data) 2025 2024INTEREST INCOME:Interest and fees on loans $ 35,556 $ 35,133Interest-bearing deposits with banks 143 243Investment securities:Taxable 2,339 1,624Nontaxable 547 532Dividends 429 401TOTAL INTEREST INCOME 39,014 37,933INTEREST EXPENSE:Deposits 12,294 12,321Borrowed funds 3,718 4,654TOTAL INTEREST EXPENSE 16,012 16,975NET INTEREST INCOME 23,002 20,958Provision for credit losses 625 785NET INTEREST INCOME AFTERPROVISION FOR CREDIT LOSSES 22,377 20,173NON-INTEREST INCOME:Service charges 1,291 1,372Trust 224 244Brokerage and insurance 683 665Gains on loans sold 272 417Equity security (losses) gains, net (11) 55Earnings on bank owned life insurance 346 668Gain on sale of Braavo division – 1,102Other 622 448TOTAL NON-INTEREST INCOME 3,427 4,971NON-INTEREST EXPENSES:Salaries and employee benefits 10,289 10,290Occupancy 1,356 1,324Furniture and equipment 265 236Professional fees 517 703FDIC insurance expense 450 525Pennsylvania shares tax 319 310Amortization of intangibles 127 149Software expenses 432 514Other real estate owned expenses (recovery) 119 (13)Other 2,554 2,605TOTAL NON-INTEREST EXPENSES 16,428 16,643Income before provision for income taxes 9,376 8,501Provision for income tax expense 1,755 1,477NET INCOME $ 7,621 $ 7,024PER COMMON SHARE DATA:Net Income – Basic $ 1.60 $ 1.48Net Income – Diluted $ 1.60 $ 1.48Cash Dividends Paid $ 0.495 $ 0.485Number of shares used in computation – basic 4,750,538 4,748,442Number of shares used in computation – diluted 4,751,943 4,748,442
CITIZENS FINANCIAL SERVICES, INC.QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION(UNAUDITED)(in thousands, except per share data) Three Months Ended, March 31, Dec 31, Sept 30, June 30, March 31, 2025 2024 2024 2024 2024Interest income $ 39,014 $ 39,793 $ 38,689 $ 37,902 $ 37,933Interest expense 16,012 16,920 17,365 16,602 16,975Net interest income 23,002 22,873 21,324 21,300 20,958Provision (release) for credit losses 625 – (200) 2,002 785Net interest income after provision (release) for credit losses 22,377 22,873 21,524 19,298 20,173Non-interest income 3,438 3,321 3,596 3,423 4,916Investment securities (losses) gains , net (11) 18 159 (87) 55Non-interest expenses 16,428 16,668 16,029 16,246 16,643Income before provision for income taxes 9,376 9,544 9,250 6,388 8,501Provision for income tax expense 1,755 1,561 1,714 1,113 1,477Net income $ 7,621 $ 7,983 $ 7,536 $ 5,275 $ 7,024Earnings Per Share – Basic $ 1.60 $ 1.68 $ 1.59 $ 1.11 $ 1.48Earnings Per Share – Diluted $ 1.60 $ 1.68 $ 1.59 $ 1.11 $ 1.48
CITIZENS FINANCIAL SERVICES, INC.CONSOLIDATED AVERAGE BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY TAX-EQUIVALENT BASIS(UNAUDITED) Three Months Ended March 31, 2025 2024 Average Average Average Average Balance (1) Interest Rate Balance (1) Interest Rate(dollars in thousands) $ $ % $ $ %Short-term investments:Interest-bearing deposits at banks 23,985 114 1.93 29,184 212 2.92Interest bearing time deposits at banks 3,820 29 3.08 4,054 31 3.08Investment securities:Taxable 382,640 2,768 2.89 362,963 2,025 2.23Tax-exempt (3) 103,015 693 2.69 107,497 674 2.51Investment securities 485,655 3,461 2.85 470,460 2,699 2.29Loans: (2)(3)(4)Residential mortgage loans 352,194 5,099 5.87 359,720 5,059 5.66Construction loans 163,440 2,922 7.25 189,898 3,491 7.39Commercial Loans 1,255,129 19,426 6.28 1,236,308 19,519 6.35Agricultural Loans 356,868 4,726 5.37 344,468 4,405 5.14Loans to state & political subdivisions 53,731 517 3.90 56,648 550 3.90Other loans 164,774 2,968 7.31 110,140 2,217 8.10Loans, net of discount (2)(3)(4) 2,346,136 35,658 6.16 2,297,182 35,241 6.17Total interest-earning assets 2,859,596 39,262 5.57 2,800,880 38,183 5.48Cash and due from banks 9,620 9,822Bank premises and equipment 21,545 21,289Other assets 175,273 178,841Total non-interest earning assets 206,438 209,952Total assets 3,066,034 3,010,832LIABILITIES AND STOCKHOLDERS' EQUITYInterest-bearing liabilities:Business Interest Checking 17,640 40 0.94 – – -NOW accounts 739,808 4,054 2.22 799,968 5,223 2.63Savings accounts 292,981 348 0.48 302,091 387 0.52Money market accounts 417,907 3,025 2.94 381,042 2,793 2.95Certificates of deposit 507,944 4,827 3.85 422,420 3,918 3.73Total interest-bearing deposits 1,976,280 12,294 2.52 1,905,521 12,321 2.60Other borrowed funds 346,416 3,718 4.35 375,972 4,654 4.98Total interest-bearing liabilities 2,322,696 16,012 2.80 2,281,493 16,975 2.99Demand deposits 371,893 370,951Other liabilities 43,493 49,488Total non-interest-bearing liabilities 415,386 420,439Stockholders' equity 327,952 308,900Total liabilities & stockholders' equity 3,066,034 3,010,832Net interest income 23,250 21,208Net interest spread (5) 2.77% 2.49%Net interest income as a percentageof average interest-earning assets 3.30% 3.05%Ratio of interest-earning assetsto interest-bearing liabilities 123% 123%(1) Averages are based on daily averages.(2) Includes loan origination and commitment fees.(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison usinga statutory federal income tax rate of 21% for 2025 and 2024. See reconciliation of GAAP and non-gaap measures at the endof the press release(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets.(5) Interest rate spread represents the difference between the average rate earned on interest-earning assetsand the average rate paid on interest-bearing liabilities.
CITIZENS FINANCIAL SERVICES, INC.CONSOLIDATED SUMMARY OF LOANS BY TYPE; NON-PERFORMING ASSETS; and ALLOWANCE FOR CREDIT LOSSES(UNAUDITED)(Excludes Loans Held for Sale)(In Thousands) March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024Real estate:Residential $ 350,221 $ 351,398 $ 353,254 $ 354,588 $ 357,779Commercial 1,117,240 1,121,435 1,110,548 1,110,269 1,115,900Agricultural 329,985 327,722 331,734 327,057 318,413Construction 168,896 164,326 178,706 180,157 184,506Consumer 129,943 133,207 143,064 70,542 53,101Other commercial loans 137,529 131,310 134,285 130,851 129,438Other agricultural loans 28,488 29,662 24,537 26,247 24,345State & political subdivision loans 53,361 54,182 54,874 56,005 56,177Total loans 2,315,663 2,313,242 2,331,002 2,255,716 2,239,659Less: allowance for credit losses – loans 22,081 21,699 21,695 22,797 21,598Net loans $ 2,293,582 $ 2,291,543 $ 2,309,307 $ 2,232,919 $ 2,218,061Past due and non-performing assetsTotal Loans past due 30-89 days and still accruing $ 9,632 $ 8,015 $ 7,423 $ 20,652 $ 6,311Non-accrual loans $ 23,545 $ 25,701 $ 20,858 $ 14,949 $ 14,693Loans past due 90 days or more and accruing 1,393 276 701 285 820Non-performing loans $ 24,938 $ 25,977 $ 21,559 $ 15,234 $ 15,513Other real estate owned 2,544 2,635 2,486 2,690 200Total Non-performing assets $ 27,482 $ 28,612 $ 24,045 $ 17,924 $ 15,713 Three Months EndedAnalysis of the Allowance for Credit Losses – Loans March 31, December 31, September 30, June 30, March 31,(In Thousands) 2025 2024 2024 2024 2024Balance, beginning of period $ 21,699 $ 21,695 $ 22,797 $ 21,598 $ 21,153Charge-offs (185) (105) (1,212) (682) (674)Recoveries 29 19 10 7 7Net charge-offs (156) (86) (1,202) (675) (667)Provision for credit losses – loans 538 90 100 1,874 1,112Balance, end of period $ 22,081 $ 21,699 $ 21,695 $ 22,797 $ 21,598
CITIZENS FINANCIAL SERVICES, INC.Reconciliation of GAAP and Non-GAAP Financial Measures(UNAUDITED)(Dollars in thousands, except per share data) As of March 31 2025 2024Tangible EquityStockholders Equity – GAAP $ 308,296 $ 282,674Intangible Assets (88,465) (89,208)Tangible Equity – Non-GAAP 219,831 193,466Shares outstanding adjusted for June 2024 stock Dividend 4,759,672 4,753,582Tangible Book value per share – Non-GAAP $ 46.19 $ 40.70 As of March 31 2025 2024Tangible Equity per shareStockholders Equity per share – GAAP $ 64.78 $ 59.47Adjustment for intangible assets (18.59) (18.77)Tangible Book value per share – Non-GAAP $ 46.19 $ 40.70 For the Three Months Ended March 31, 2025 2024Return on Average Assets Excluding Accumulated Other Comprehensive Loss (AOCL)Average Stockholders Equity – GAAP $ 3,042,963 $ 2,984,407Average AOCL (23,071) (26,416)Average Assets, Excluding AOCL – Non-GAAP 3,066,034 3,010,823Net Income – GAAP $ 7,621 $ 7,024Annualized Return on Average Assets-GAAP 1.00% 0.94%Annualized Return on Average Assets, Excluding AOCL – Non-GAAP 0.99% 0.93% For the Three Months Ended March 31, 2025 2024Return on Average Equity Excluding Accumulated Other Comprehensive Loss (AOCL)Average Stockholders Equity – GAAP $ 304,881 $ 282,484Average AOCL (23,071) (26,416)Average Stockholder's Equity, Excluding AOCL – Non-GAAP 327,952 308,900Net Income – GAAP $ 7,621 $ 7,024Annualized Return on Average Stockholder's Equity-GAAP 10.00% 9.95%Annualized Return on Average Stockholder's Equity, Excluding AOCL – Non-GAAP 9.30% 9.10% For the Three Months Ended March 31, 2025 2024Return on Average Tangible EquityAverage Stockholders Equity – GAAP $ 304,881 $ 282,484Average Intangible Assets (88,570) (89,321)Average Tangible Equity – Non-GAAP 216,311 193,163Net Income – GAAP $ 7,621 $ 7,024Annualized Return on Average Tangible Equity Non-GAAP 14.09% 14.55% For the Three Months Ended March 31, 2025 2024Return on Average Assets and Equity Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale and merger and acquisition costsNet Income – GAAP $ 7,621 $ 7,024After tax gain on sale of Braavo, net of legal fees – (712)After tax provision associated with Braavo loans remaining after sale – 529Net Income excluding merger and acquisition costs – Non-GAAP $ 7,621 $ 6,841Average Assets 3,042,963 2,984,407Annualized Return on Average assets, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax and merger and acquisition costs – Non-GAAP 1.00% 0.92%Average Stockholders Equity – GAAP $ 304,881 $ 282,484Annualized Return on Average stockholders equity, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax and merger and acquisition costs – Non-GAAP 10.00% 9.69%Average Tangible Equity – Non-GAAP 216,311 193,163Annualized Return on Average Tangible Equity Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax, and merger and acquisition costs – Non-GAAP 14.09% 14.17% For the Three Months Ended March 31, 2025 2024Earnings per share, Excluding sale of Braavo assets, net of legal fees and merger and acquisition costsNet Income – GAAP $ 7,621 $ 7,024After tax gain on sale of Braavo, net of legal fees – (712)After tax provision associated with Braavo loans remaining after sale – 529Net income excluding one time items – Non-GAAP $ 7,621 $ 6,841Number of shares used in computation – basic 4,750,538 4,748,442Basic and Diluted earnings per share, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax, and merger and acquisition costs – Non-GAAP $ 1.60 $ 1.44 For the Three Months Ended March 31,Reconciliation of net interest income on fully taxable equivalent basis 2025 2024Total interest income $ 39,014 $ 37,933Total interest expense 16,012 16,975Net interest income 23,002 20,958Tax equivalent adjustment 248 250Net interest income (fully taxable equivalent) – Non-GAAP $ 23,250 $ 21,208
https://c212.net/c/img/favicon.png?sn=PH76086&sd=2025-04-30
View original content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-first-quarter-2025-financial-results-302442046.html
SOURCE Citizens Financial Services, Inc.
https://rt.newswire.ca/rt.gif?NewsItemId=PH76086&Transmission_Id=202504300840PR_NEWS_USPR_____PH76086&DateId=20250430