MANSFIELD, Penn., Oct. 30,
2024 /PRNewswire/ -- Citizens Financial Services,
Inc. (Nasdaq: CZFS), parent company of First Citizens Community
Bank, released today its unaudited consolidated financial results
for the three and nine months ended September 30, 2024.
Highlights
- Net income for the first nine months of 2024 was $19.8 million, which was $9.6 million, or 93.1% more than net income for
the nine months ended September 30,
2023 due to the one-time merger and acquisition costs and
the provision for credit losses on non-purchase credit deteriorated
loans (the "NPC Provision") recorded in the second quarter of 2023.
The effective tax rate for the first nine months of 2024 was 17.8%
compared to 16.4% in the comparable period in 2023.
- Net income was $7.5 million for
the three months ended September 30,
2024 and 2023. The effective tax rate for the three months
ended September 30, 2024 was 18.5%
compared to 17.5% in the comparable period in 2023.
- During the first quarter of 2024, the Company completed the
sale of certain assets acquired as part of the HVB acquisition,
which included loans and accrued interest, and software, as well as
transferring certain contracts, processes and employees of a
division internally known as Braavo. The proceeds from the sale
totaled approximately $7.2 million
and generated a pre-tax gain of approximately $1.1 million. Legal fees associated with the sale
totaled approximately $201,000.
- Net interest income before the provision for credit losses was
$63.6 million for the nine months
ended September 30, 2024, an increase
of $5.2 million, or 8.9%, over the
same period a year ago.
- The provision for credit losses for the nine months ended
September 30, 2024 was $2.6 million. The provision was significantly
impacted by loans that were not sold as part of the Braavo sale
that was completed in the first quarter of 2024. The provision for
the nine months ended September 30,
2024, directly attributable to these loans was $1,806,000. During the three months ended
September 30, 2024, a negative
provision for credit losses of $200,000 was recorded. As of September 30, 2024, the Company had approximately
$884,000 of Braavo loans all of which
were considered performing as of September
30, 2024.
- Return on average equity for the three and nine months ended
September 30, 2024 (annualized) was
9.53% and 8.45% compared to 10.10% and 5.21% for the three and nine
months ended September 30, 2023
(annualized). If the provision for the credit losses attributable
to the Braavo loans and the gain on the sale of Braavo are
excluded, the return on average equity for the nine months ended
September 30, 2024 would have been
8.76% (annualized) (1).
- Return on average tangible equity for the three and nine months
ended September 30, 2024 (annualized)
was 14.82% and 13.39% compared to 14.37% and 6.56% for the three
and nine months ended September 30,
2023 (annualized). If the provision for the credit losses
attributable to the Braavo loans and the gain on the sale of Braavo
are excluded, the return on average tangible equity for the nine
months ended September 30, 2024 would
have been 13.87% (annualized) (1).
- Return on average assets for the three and nine months ended
September 30, 2024 (annualized) was
1.00% and 0.88% compared to 1.02% and 0.53% for the three and nine
months ended September 30, 2023
(annualized). If the provision for the credit losses attributable
to the Braavo loans and the gain on the sale of Braavo are
excluded, the return on average assets for the nine months ended
September 30, 2024 would have been
0.91% (annualized) (1).
Nine Months Ended September 30,
2024 Compared to 2023
- For the nine months ended September 30,
2024, net income totaled $19,835,000 which compares to net income of
$10,271,000 for the first nine months
of 2023, an increase of $9,564,000.
Basic earnings per share of $4.18 for
the first nine months of 2024 compared to $2.38 for the first nine months last year.
Annualized return on equity for the nine months ended September 30, 2024 and 2023 was 8.45% and 5.21%,
while annualized return on assets was 0.88% and 0.53%,
respectively. The increase in performance when comparing 2024 to
2023 was due to the one time costs associated with the acquisition
of HV Bancorp, Inc., ("HVB") and the NPC Provision recorded in
2023.
- Net interest income before the provision for credit loss for
the nine months ended September 30,
2024 totaled $63,582,000
compared to $58,405,000 for the nine
months ended September 30, 2023,
resulting in an increase of $5,177,000, or 8.9%. Average interest earning
assets increased $345.6 million for
the nine months ended September 30,
2024 compared to the same period last year, primarily due to
the HVB acquisition. Average loans increased $376.7 million while average investment
securities decreased $36.9 million.
The yield on interest earning assets increased 63 basis points to
5.54%, while the cost of interest-bearing liabilities increased 91
basis points to 3.02% due to the rise in market interest rates and
competitive pressure. The tax effected net interest margin for the
nine months ended September 30, 2024
was 3.09% compared to 3.25% for the same period last year.
- The provision for credit losses for the nine months ended
September 30, 2024 was $2,587,000 compared to $5,328,000 for the nine months ended September 30, 2023, a decrease of $2,741,000. The provision for 2024 was impacted
by the Braavo loans as previously mentioned and an increase in past
due, non-accrual and classified loans during the second quarter of
2024. As a result of the HVB acquisition during 2023, the Company
recorded a $4.6 million provision for
credit losses for loans acquired that did not have any credit
deterioration at the time of purchase. Excluding the impact of the
acquisition from 2023, the provision would have increased
$1,850,000 when comparing the nine
month period of 2024 to 2023 with the increase being attributable
to the Braavo loans and the increase in past due, non-accrual and
substandard loans in 2024.
- Total non-interest income was $12,062,000 for the nine months ended
September 30, 2024, which is
$3,946,000 more than the non-interest
income of $8,116,000 for the same
period last year. The primary drivers were the gain on the sale of
assets associated with Braavo and activity due to the HVB
acquisition. As a result of the acquisition, service charges, gains
on loans sold, earnings on bank owned life insurance and other
income all increased. Earnings on bank owned life insurance also
increased due to the passing of a former employee in the first
quarter of 2024. During the first nine months of 2024, the Company
experienced a gain on its equity investment portfolio compared to a
loss during the comparable period in 2023.
- Total non-interest expenses for the nine months ended
September 30, 2024 totaled
$48,918,000 compared to $48,902,000 for the same period last year, which
is an increase of $16,000. Salary and
benefit costs increased $4,024,000
due to an additional 47.8 FTEs as a result of the acquisition,
merit increases for 2024, as well as an increase in health
insurance costs due to additional headcount and claims. The
increases in occupancy, furniture and fixtures, software expenses
and amortization expenses was due to the HVB acquisition and
additional branches as part of it. FDIC insurance expense increased
$589,000 due to the Company's
increased size and the Bank's lower leverage capital ratio during
the first half of 2024 compared to 2023. Professional fees
increased due to increased legal expenses, of which $201,000 was related to the sale of certain
Braavo assets. Other expenses increased primarily due to the
acquisition, with increases experienced in subscriptions, marketing
and advertising, postage, printing, data communication expenses and
FHLB letter of credit fees. Independent of the HVB acquisition,
other expenses increased due to insurance reimbursement received in
2023 to cover amounts previously charged-off through expense.
Merger and acquisitions costs for the HVB acquisition totaled
$9,269,000 in 2023 and included
professional and consulting fees, printing, travel, contract
termination payments and severance-related expenses.
- The provision for income taxes increased $2,284,000 when comparing the nine months ended
September 30, 2024 to the same period
in 2023 as a result of an increase in income before income tax of
$11,848,000.
Three Months Ended September 30,
2024 Compared to September 30,
2023
- For the three months ended September 30,
2024, net income totaled $7,536,000 which compares to net income of
$7,548,000 for the comparable period
of 2023, a decrease of $12,000. Basic
earnings per share was $1.59 for the
three months ended September 30, 2024
and 2023. Annualized return on equity for the three months ended
September 30, 2024 and 2023 was 9.53%
and 10.10%, while annualized return on assets was 1.00% and 1.02%,
respectively.
- Net interest income before the provision for credit loss for
the three months ended September 30,
2024 totaled $21,324,000
compared to $22,404,000 for the three
months ended September 30, 2023,
resulting in a decrease of $1,080,000, or 4.8%. Charged-off interest for
three month period ended September 30,
2024 was $345,000 compared to
$34,000 for the three months ended
September 30, 2023. Average interest
earning assets increased $39.4
million for the three months ended September 30, 2024 compared to the same period
last year due to organic growth. Average loans increased
$85.0 million while average
investment securities decreased $39.0
million. The tax effected net interest margin for the three
months ended September 30, 2024 was
3.09% compared to 3.29% for the same period last year, which was
impacted by the increase in the average cost on interest bearing
liabilities of 50 basis points, to 3.06%.
- During the three months ended September
30, 2024, there was a negative provision for credit losses
of $200,000 compared to a provision
for credit losses for the three months ended September 30, 2023 of was $475,000. The decrease in the provision was
primarily due to changes in qualitative factors in the calculation
related to inflation.
- Total non-interest income was $3,755,000 for the three months ended
September 30, 2024, which is
$93,000 more than for the comparable
period last year. The primary driver was the increase in gains on
loans sold. The decrease in earnings on bank owned life insurance
was due to the Company receiving $195,000 of death benefits upon the passing of a
former employee in the third quarter of 2023.
- Total non-interest expenses for the three months ended
September 30, 2024 totaled
$16,029,000 compared to $16,444,000 for the same period last year, which
is a decrease of $415,000. Salaries
and benefits decreased $290,000 due
to a decrease in headcount of 4.4 FTEs and commission expense for
the comparable periods. FDIC insurance expense increased
$180,000 due to the Company's
increased size and the Bank's lower leverage capital ratio. Merger
and acquisition costs totaled $623,000 for the third quarter of 2023.
- The provision for income taxes increased $115,000 when comparing the three months ended
September 30, 2024 to the same period
in 2023 as a result of an increase in income before income tax of
$103,000 and earnings on bank owned
life insurance being exempt from Federal income tax. The effective
tax rate was 18.5% and 17.5% for the three months ended
September 30, 2024 and 2023,
respectively.
Balance Sheet and Other Information:
- At September 30, 2024, total
assets were $3.03 billion, compared
to $2.98 billion at December 31, 2023 and $2.96 billion at September
30, 2023. The loan to deposit ratio as of September 30, 2024 was 95.14% compared to 96.87%
as of December 31, 2023 and 96.20% as
of September 30, 2023.
- Available for sale securities of $419.2
million at September 30, 2024
increased $1.6 million from
December 31, 2023 and $1.4 million from September 30, 2023. The yield on the investment
portfolio increased from 2.18% to 2.36% on a tax equivalent basis
due to securities purchased during a higher rate environment and
lower yielding securities maturing. During 2024, we have purchased
$36.2 million of investments, which
have helped to offset the $42.7
million of investments that have matured or have been called
during 2024.
- Net loans as of September 30,
2024 totaled $2.31 billion an
increase of $81.6 million from
December 31, 2023, due to primarily
to an increase in student loans outstanding. Loans would have
increased an additional $6.1 million,
if not for the Braavo disposition. In comparison to September 30, 2023, loans have grown $84.6 million with increases experienced in
multiple portfolio sectors.
- The allowance for credit losses - loans totaled $21,695,000 at September
30, 2024 which is an increase of $542,000 from December 31,
2023. The increase is due to change in expected prepayment
speeds, changes in economic forecasts and an increase in past due
and substandard loans. The provision for credit losses on loans was
$3,086,000 for the first nine months
of 2024. Loan recoveries and charge-offs were $24,000 and $2,568,000, respectively, for the nine months
ended September 30, 2024 with the
majority of the charge-offs associated with loans acquired as part
of the HVB acquisition. The allowance as a percent of total loans
was 0.93% as of September 30, 2024
and 0.94% as of December 31,
2023.
- Non-performing assets totaled $24.0
million as of September 30,
2024, an increase of $10.9
million since December 31,
2023. The increase was driven by four large commercial
relationships being placed on non-accrual status during the first
nine months of 2024. These loans were acquired as part of the HVB
acquisition with three of the loans maturing that are still in the
process of being underwritten and extended in accordance with
Company policies. Of these relationships, only one required a
specific reserve as of September 30,
2024, which was approximately $355,000. Accruing loans past due 30-89 days
totaled $7.4 million, a decrease of
$3.0 million from December 31, 2023 that was driven by loans
transferred to non-accrual status during 2024.
- Deposits increased $128.7 million
from December 31, 2023, to
$2.45 billion at September 30, 2024. With the rise in market
interest rates, competitive pressure for deposits continues to be
at the forefront. Additionally, we have numerous state and
political organization depositors with seasonal funding timelines,
which resulted in an increase in balances in the first nine months
of the year. We also increased the amount of outstanding brokered
deposits as of September 30, 2024 in
comparison to December 31, 2023. At
September 30, 2024, brokered deposits
totaled $141.6 million compared to
$109.3 million at December 31, 2024. At September 30, 2024, the Bank estimates that
balances held by customers in excess of the FDIC insurance limit
($250,000 per insured account)
totaled $1.24 billion, or 50.5% of
the Bank's total deposits. Included in this balance are balances
held through Intrafi, which provides customers with additional FDIC
insurance, as well as deposits collateralized by securities or
letters of credit (almost exclusively municipal deposits). The
total of these items was $695.0
million, or 28.4% of the Bank's total deposits, as of
September 30, 2024.
- Stockholders' equity totaled $298.7
million at September 30, 2024,
compared to $279.7 million at
December 31, 2023, an increase of
$19.0 million. Excluding accumulated
other comprehensive loss (AOCI), stockholders' equity increased
$13.0 million and totals $317.6 million. The increase in stockholders'
equity, excluding AOCI, was attributable to net income for the nine
months ended September 30, 2024
totaling $19.8 million, offset by
cash dividends for 2024 totaling $7.0
million, net treasury and restricted stock activity of
$293,000. As a result of decreases in
market interest rates impacting the fair value of investment
securities and swaps, AOCI decreased $6.0
million from December 31,
2023.
Dividend Declared
On September 3, 2024, the Board of
Directors declared a cash dividend of $0.49 per share, which was paid on September 27, 2024 to shareholders of record at
the close of business on September 13,
2024. The quarterly cash dividend is an increase of 1.0%
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 1,900 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
|
As of or For
The
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2024
|
2023
|
2024
|
2023
|
|
Income and
Performance Ratios
|
|
|
|
|
|
Net Income
|
$
7,536
|
$
7,548
|
$
19,835
|
$
10,271
|
|
Return on average
assets (annualized)
|
1.00 %
|
1.02 %
|
0.88 %
|
0.53 %
|
|
Return on average
equity (annualized)
|
9.53 %
|
10.10 %
|
8.45 %
|
5.21 %
|
|
Return on average
tangible equity (annualized) (a)
|
14.82 %
|
14.37 %
|
13.39 %
|
6.56 %
|
|
Net interest margin
(tax equivalent) (a)
|
3.09 %
|
3.29 %
|
3.09 %
|
3.25 %
|
|
Earnings per share -
basic (b)
|
$
1.59
|
$
1.59
|
$
4.18
|
$
2.38
|
|
Earnings per share -
diluted (b)
|
$
1.59
|
$
1.59
|
$
4.17
|
$
2.38
|
|
Cash dividends paid per
share (b)
|
$
0.490
|
$
0.485
|
$
1.460
|
$
1.435
|
|
Number of shares used
in computation - basic (b)
|
4,749,679
|
4,746,541
|
4,748,988
|
4,321,848
|
|
Number of shares used
in computation - diluted (b)
|
4,751,224
|
4,746,541
|
4,753,927
|
4,321,848
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality
|
|
|
|
|
|
Allowance for credit
losses - loans
|
$
21,695
|
$
21,455
|
|
|
|
Non-performing
assets
|
$
24,045
|
$
13,621
|
|
|
|
Allowance for credit
losses - loans to total loans
|
0.93 %
|
0.96 %
|
|
|
|
Non-performing assets
to total loans
|
1.03 %
|
0.61 %
|
|
|
|
Annualized net
charge-offs to total loans
|
0.21 %
|
0.14 %
|
0.15 %
|
0.05 %
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Book value per share
(b)
|
$
62.75
|
$
55.27
|
|
|
|
Tangible Book value per
share (a) (b)
|
$
44.08
|
$
36.62
|
|
|
|
Market Value (Last
reported trade of month)
|
$
58.75
|
$
47.92
|
|
|
|
Common shares
outstanding
|
4,759,730
|
4,706,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
Average Full Time
Equivalent Employees
|
395.7
|
400.1
|
393.0
|
345.2
|
|
Loan to Deposit
Ratio
|
95.14 %
|
96.20 %
|
|
|
|
Trust assets under
management
|
$
181,052
|
$ 164,012
|
|
|
|
Brokerage assets under
management
|
$
388,594
|
$ 305,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Highlights
|
September
30,
|
December 31,
|
September
30,
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
Assets
|
$
3,026,468
|
$
2,975,321
|
$ 2,959,216
|
|
|
Investment
securities
|
420,920
|
419,539
|
419,665
|
|
|
Loans (net of unearned
income)
|
2,331,002
|
2,248,836
|
2,246,396
|
|
|
Allowance for credit
losses - loans
|
21,695
|
21,153
|
21,455
|
|
|
Deposits
|
2,450,149
|
2,321,481
|
2,335,135
|
|
|
Stockholders'
Equity
|
298,654
|
279,666
|
262,686
|
|
|
|
(a) See
reconcilation 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)
|
|
|
September
30,
|
December 31,
|
September
30,
|
|
(in thousands except
share data)
|
2024
|
2023
|
2023
|
|
ASSETS:
|
|
|
|
|
Cash and due from
banks:
|
|
|
|
|
Noninterest-bearing
|
$
26,780
|
$
37,733
|
$
25,267
|
|
Interest-bearing
|
9,983
|
15,085
|
18,069
|
|
Total cash and cash
equivalents
|
36,763
|
52,818
|
43,336
|
|
|
|
|
|
Interest bearing time
deposits with other banks
|
3,820
|
4,070
|
4,566
|
|
|
|
|
|
Equity
securities
|
1,730
|
1,938
|
1,858
|
|
|
|
|
|
Available-for-sale
securities
|
419,190
|
417,601
|
417,807
|
|
|
|
|
|
Loans held for
sale
|
13,520
|
9,379
|
14,155
|
|
|
|
|
|
Loans (net of allowance
for credit losses - loans: $21,695 at September 30,
2024;
|
|
|
|
|
$21,153 at December 31, 2023 and $21,455 at September 30,
2023)
|
2,309,307
|
2,227,683
|
2,224,941
|
|
|
|
|
|
Premises and
equipment
|
21,237
|
21,384
|
21,421
|
|
Accrued interest
receivable
|
10,803
|
11,043
|
10,327
|
|
Goodwill
|
85,758
|
85,758
|
84,758
|
|
Bank owned life
insurance
|
50,084
|
49,897
|
49,586
|
|
Other
intangibles
|
3,083
|
3,650
|
3,866
|
|
Fair value of
derivative instruments - asset
|
8,993
|
13,687
|
18,144
|
|
Deferred tax
asset
|
14,449
|
17,339
|
21,384
|
|
Other assets
|
47,731
|
59,074
|
43,067
|
|
|
|
|
|
TOTAL
ASSETS
|
$
3,026,468
|
$
2,975,321
|
$
2,959,216
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
Deposits:
|
|
|
|
|
Noninterest-bearing
|
$
548,218
|
$
523,784
|
$
542,144
|
|
Interest-bearing
|
1,901,931
|
1,797,697
|
1,792,991
|
|
Total
deposits
|
2,450,149
|
2,321,481
|
2,335,135
|
|
Borrowed
funds
|
231,732
|
322,036
|
316,151
|
|
Accrued interest
payable
|
5,549
|
4,298
|
2,726
|
|
Fair value of
derivative instruments - liability
|
4,763
|
7,922
|
10,694
|
|
Other
liabilities
|
35,621
|
39,918
|
31,824
|
|
TOTAL
LIABILITIES
|
2,727,814
|
2,695,655
|
2,696,530
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
Preferred Stock $1.00
par value; authorized
|
|
|
|
|
3,000,000
shares; none issued in 2024 or 2023
|
-
|
-
|
-
|
|
Common stock
|
|
|
|
|
$1.00 par value;
authorized 25,000,000 shares at September 30, 2024, December 31,
2023 and
|
|
|
|
|
September 30,
2023: issued 5,207,343 at September 30, 2024 and 5,160,754 at
December 31, 2023 and
|
|
|
|
|
September 30,
2023
|
5,207
|
5,161
|
5,161
|
|
Additional paid-in
capital
|
144,927
|
143,233
|
143,302
|
|
Retained
earnings
|
183,792
|
172,975
|
167,740
|
|
Accumulated other
comprehensive loss
|
(18,916)
|
(24,911)
|
(36,643)
|
|
Treasury stock, at
cost: 447,613 at September 30, 2024 and 453,760
shares
|
|
|
|
|
at December 31,
2023 and 454,643 shares at September 30, 2023
|
(16,356)
|
(16,792)
|
(16,874)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
298,654
|
279,666
|
262,686
|
|
TOTAL LIABILITIES
AND
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
$
3,026,468
|
$
2,975,321
|
$
2,959,216
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
(UNAUDITED)
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
(in thousands,
except share and per share data)
|
2024
|
2023
|
2024
|
2023
|
|
INTEREST
INCOME:
|
|
|
|
|
|
Interest and fees on
loans
|
$ 35,858
|
$
33,772
|
$
106,058
|
$
80,438
|
|
Interest-bearing
deposits with banks
|
190
|
264
|
695
|
462
|
|
Investment
securities:
|
|
|
|
|
|
Taxable
|
1,736
|
1,734
|
5,023
|
4,973
|
|
Nontaxable
|
517
|
540
|
1,569
|
1,729
|
|
Dividends
|
388
|
379
|
1,179
|
1,004
|
|
TOTAL INTEREST
INCOME
|
38,689
|
36,689
|
114,524
|
88,606
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
Deposits
|
13,475
|
10,100
|
38,451
|
19,519
|
|
Borrowed
funds
|
3,890
|
4,185
|
12,491
|
10,682
|
|
TOTAL INTEREST
EXPENSE
|
17,365
|
14,285
|
50,942
|
30,201
|
|
NET INTEREST
INCOME
|
21,324
|
22,404
|
63,582
|
58,405
|
|
(Negative) provision
for credit losses
|
(200)
|
475
|
2,587
|
737
|
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
4,591
|
|
NET INTEREST INCOME
AFTER
|
|
|
|
|
|
(NEGATIVE) PROVISION FOR CREDIT LOSSES
|
21,524
|
21,929
|
60,995
|
53,077
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
Service
charges
|
1,636
|
1,692
|
4,393
|
4,196
|
|
Trust
|
184
|
172
|
629
|
583
|
|
Brokerage and
insurance
|
545
|
473
|
1,773
|
1,429
|
|
Gains on loans
sold
|
752
|
460
|
1,648
|
674
|
|
Equity security gains
(losses), net
|
159
|
69
|
127
|
(223)
|
|
Available for sale
security losses, net
|
-
|
-
|
-
|
(51)
|
|
Earnings on bank owned
life insurance
|
338
|
489
|
1,334
|
941
|
|
Gain on sale of Braavo
division
|
-
|
-
|
1,102
|
-
|
|
Other
|
141
|
307
|
1,056
|
567
|
|
TOTAL NON-INTEREST
INCOME
|
3,755
|
3,662
|
12,062
|
8,116
|
|
NON-INTEREST
EXPENSES:
|
|
|
|
|
|
Salaries and employee
benefits
|
9,715
|
10,005
|
29,622
|
25,598
|
|
Occupancy
|
1,215
|
1,221
|
3,805
|
2,870
|
|
Furniture and
equipment
|
260
|
255
|
791
|
568
|
|
Professional
fees
|
620
|
506
|
2,021
|
1,274
|
|
FDIC insurance
expense
|
555
|
375
|
1,589
|
1,000
|
|
Pennsylvania shares
tax
|
226
|
297
|
866
|
893
|
|
Amortization of
intangibles
|
136
|
157
|
432
|
219
|
|
Software
expenses
|
500
|
551
|
1,508
|
1,274
|
|
ORE expenses
|
84
|
111
|
246
|
126
|
|
Merger and acquisition
expenses
|
-
|
623
|
-
|
9,269
|
|
Other
|
2,718
|
2,343
|
8,038
|
5,811
|
|
TOTAL NON-INTEREST
EXPENSES
|
16,029
|
16,444
|
48,918
|
48,902
|
|
Income before provision
for income taxes
|
9,250
|
9,147
|
24,139
|
12,291
|
|
Provision for income
tax expense
|
1,714
|
1,599
|
4,304
|
2,020
|
|
NET
INCOME
|
$
7,536
|
$
7,548
|
$ 19,835
|
$
10,271
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
Net Income -
Basic
|
$
1.59
|
$
1.59
|
$
4.18
|
$
2.38
|
|
Net Income -
Diluted
|
$
1.59
|
$
1.59
|
$
4.17
|
$
2.38
|
|
Cash Dividends
Paid
|
$
0.490
|
$
0.485
|
$
1.460
|
$ 1.435
|
|
|
|
|
|
|
Number of shares used
in computation - basic
|
4,749,679
|
4,746,541
|
4,748,988
|
4,321,848
|
|
Number of shares used
in computation - diluted
|
4,751,224
|
4,746,541
|
4,753,927
|
4,321,848
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
QUARTERLY CONDENSED,
CONSOLIDATED INCOME STATEMENT INFORMATION
|
|
(UNAUDITED)
|
|
(in thousands,
except per share data)
|
|
Three Months
Ended,
|
|
|
June
30,
|
June 30,
|
March 31,
|
Dec 31,
|
Sept 30,
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
|
Interest
income
|
$ 38,689
|
$ 37,902
|
$ 37,933
|
$ 38,512
|
$ 36,689
|
|
Interest
expense
|
17,365
|
16,602
|
16,975
|
16,657
|
14,285
|
|
Net interest
income
|
21,324
|
21,300
|
20,958
|
21,855
|
22,404
|
|
(Negative) provision
for credit losses
|
(200)
|
2,002
|
785
|
200
|
475
|
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
-
|
-
|
|
Net interest income
after (negative) provision for credit losses
|
21,524
|
19,298
|
20,173
|
21,655
|
21,929
|
|
Non-interest
income
|
3,596
|
3,423
|
4,916
|
3,410
|
3,593
|
|
Investment
securities gains (losses), net
|
159
|
(87)
|
55
|
79
|
69
|
|
Non-interest
expenses
|
16,029
|
16,246
|
16,643
|
15,920
|
16,444
|
|
Income before
provision for income taxes
|
9,250
|
6,388
|
8,501
|
9,224
|
9,147
|
|
Provision for income
tax expense
|
1,714
|
1,113
|
1,477
|
1,684
|
1,599
|
|
Net
income
|
$
7,536
|
$
5,275
|
$
7,024
|
$
7,540
|
$
7,548
|
|
Earnings Per Share -
Basic
|
$
1.59
|
$
1.11
|
$
1.48
|
$
1.59
|
$
1.59
|
|
Earnings Per Share -
Diluted
|
$
1.59
|
$
1.11
|
$
1.48
|
$
1.59
|
$
1.59
|
|
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
September 30,
|
|
2024
|
2023
|
|
Average
|
|
Average
|
Average
|
|
Average
|
|
Balance
(1)
|
Interest
|
Rate
|
Balance (1)
|
Interest
|
Rate
|
|
(dollars in
thousands)
|
$
|
$
|
%
|
$
|
$
|
%
|
|
ASSETS
|
|
|
|
|
|
|
|
Short-term
investments:
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
18,374
|
160
|
3.44
|
24,096
|
225
|
3.70
|
|
Total short-term
investments
|
18,374
|
160
|
3.44
|
24,096
|
225
|
3.70
|
|
Interest bearing time
deposits at banks
|
3,820
|
30
|
3.12
|
4,579
|
39
|
3.38
|
|
Investment
securities:
|
|
|
|
|
|
|
|
Taxable
|
352,377
|
2,124
|
2.41
|
386,806
|
2,113
|
2.19
|
|
Tax-exempt
(3)
|
104,342
|
653
|
2.50
|
108,959
|
683
|
2.51
|
|
Investment
securities
|
456,719
|
2,777
|
2.43
|
495,765
|
2,796
|
2.26
|
|
Loans:
(2)(3)(4)
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
355,551
|
5,322
|
5.95
|
357,388
|
4,925
|
5.47
|
|
Construction
loans
|
183,521
|
3,473
|
7.53
|
166,204
|
3,339
|
7.97
|
|
Commercial
Loans
|
1,234,951
|
19,522
|
6.29
|
1,196,675
|
18,983
|
6.29
|
|
Agricultural
Loans
|
356,105
|
4,816
|
5.38
|
342,499
|
4,285
|
4.96
|
|
Loans to state
& political subdivisions
|
55,418
|
553
|
3.97
|
60,820
|
611
|
3.99
|
|
Other
loans
|
111,717
|
2,282
|
8.13
|
88,710
|
1,750
|
7.83
|
|
Loans, net of
discount (2)(3)(4)
|
2,297,263
|
35,968
|
6.23
|
2,212,296
|
33,893
|
6.08
|
|
Total
interest-earning assets
|
2,776,176
|
38,935
|
5.58
|
2,736,736
|
36,953
|
5.36
|
|
Cash and due from
banks
|
9,119
|
|
|
10,696
|
|
|
|
Bank premises and
equipment
|
20,864
|
|
|
21,401
|
|
|
|
Other assets
|
197,275
|
|
|
190,431
|
|
|
|
Total non-interest
earning assets
|
227,258
|
|
|
222,528
|
|
|
|
Total
assets
|
3,003,434
|
|
|
2,959,264
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
NOW
accounts
|
736,449
|
4,559
|
2.46
|
789,513
|
4,468
|
2.25
|
|
Savings
accounts
|
293,990
|
387
|
0.52
|
326,452
|
426
|
0.52
|
|
Money market
accounts
|
406,363
|
3,366
|
3.30
|
403,628
|
2,682
|
2.64
|
|
Certificates of
deposit
|
502,226
|
5,163
|
4.09
|
347,783
|
2,524
|
2.88
|
|
Total interest-bearing
deposits
|
1,939,028
|
13,475
|
2.76
|
1,867,376
|
10,100
|
2.15
|
|
Other borrowed
funds
|
319,909
|
3,890
|
4.84
|
347,326
|
4,185
|
4.78
|
|
Total
interest-bearing liabilities
|
2,258,937
|
17,365
|
3.06
|
2,214,702
|
14,285
|
2.56
|
|
Demand
deposits
|
393,632
|
|
|
408,531
|
|
|
|
Other
liabilities
|
34,487
|
|
|
37,118
|
|
|
|
Total
non-interest-bearing liabilities
|
428,119
|
|
|
445,649
|
|
|
|
Stockholders'
equity
|
316,378
|
|
|
298,913
|
|
|
|
Total liabilities
& stockholders' equity
|
3,003,434
|
|
|
2,959,264
|
|
|
|
Net interest
income
|
|
21,570
|
|
|
22,668
|
|
|
Net interest spread
(5)
|
|
|
2.52 %
|
|
|
2.80 %
|
|
Net interest income as
a percentage
|
|
|
|
|
|
|
|
of average
interest-earning assets
|
|
|
3.09 %
|
|
|
3.29 %
|
|
Ratio of
interest-earning assets
|
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
|
123 %
|
|
|
124 %
|
|
|
(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
using
|
|
a statutory
federal income tax rate of 21% for 2024 and 2023. See
reconciliation of GAAP and non-gaap measures at the
end
|
|
of 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 assets
|
|
and the average rate
paid on interest-bearing liabilities.
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
CONSOLIDATED AVERAGE
BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A
FULLY TAX-EQUIVALENT BASIS
|
|
(UNAUDITED)
|
|
|
Nine Months Ended
September 30,
|
|
2024
|
2023
|
|
Average
|
|
Average
|
Average
|
|
Average
|
|
Balance
(1)
|
Interest
|
Rate
|
Balance (1)
|
Interest
|
Rate
|
|
(dollars in
thousands)
|
$
|
$
|
%
|
$
|
$
|
%
|
|
ASSETS
|
|
|
|
|
|
|
|
Short-term
investments:
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
29,242
|
605
|
2.76
|
21,772
|
333
|
2.04
|
|
Total short-term
investments
|
29,242
|
605
|
2.76
|
21,772
|
333
|
2.04
|
|
Interest bearing time
deposits at banks
|
3,898
|
90
|
3.08
|
5,540
|
129
|
3.11
|
|
Investment
securities:
|
|
|
|
|
|
|
|
Taxable
|
356,871
|
6,202
|
2.32
|
385,246
|
5,977
|
2.07
|
|
Tax-exempt
(3)
|
105,734
|
1,986
|
2.50
|
114,307
|
2,188
|
2.55
|
|
Investment
securities
|
462,605
|
8,188
|
2.36
|
499,553
|
8,165
|
2.18
|
|
Loans:
(2)(3)(4)
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
357,089
|
15,612
|
5.84
|
268,562
|
10,797
|
5.38
|
|
Construction
loans
|
185,832
|
10,331
|
7.43
|
114,386
|
5,831
|
6.82
|
|
Commercial
Loans
|
1,240,425
|
59,196
|
6.37
|
1,039,006
|
45,079
|
5.80
|
|
Agricultural
Loans
|
348,919
|
13,703
|
5.25
|
344,079
|
12,759
|
4.96
|
|
Loans to state
& political subdivisions
|
56,116
|
1,659
|
3.95
|
60,183
|
1,736
|
3.86
|
|
Other
loans
|
96,942
|
5,882
|
8.10
|
82,405
|
4,579
|
7.43
|
|
Loans, net of
discount (2)(3)(4)
|
2,285,323
|
106,383
|
6.22
|
1,908,621
|
80,781
|
5.66
|
|
Total
interest-earning assets
|
2,781,068
|
115,266
|
5.54
|
2,435,486
|
89,408
|
4.91
|
|
Cash and due from
banks
|
9,379
|
|
|
8,709
|
|
|
|
Bank premises and
equipment
|
21,068
|
|
|
19,340
|
|
|
|
Other assets
|
184,561
|
|
|
126,075
|
|
|
|
Total non-interest
earning assets
|
215,008
|
|
|
154,124
|
|
|
|
Total
assets
|
2,996,076
|
|
|
2,589,610
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
NOW
accounts
|
767,406
|
14,557
|
2.53
|
616,103
|
8,052
|
1.75
|
|
Savings
accounts
|
298,450
|
1,165
|
0.52
|
320,227
|
897
|
0.37
|
|
Money market
accounts
|
389,655
|
9,131
|
3.13
|
352,055
|
5,802
|
2.20
|
|
Certificates of
deposit
|
460,890
|
13,598
|
3.94
|
303,825
|
4,768
|
2.10
|
|
Total interest-bearing
deposits
|
1,916,401
|
38,451
|
2.68
|
1,592,210
|
19,519
|
1.64
|
|
Other borrowed
funds
|
340,132
|
12,491
|
4.91
|
318,180
|
10,682
|
4.49
|
|
Total
interest-bearing liabilities
|
2,256,533
|
50,942
|
3.02
|
1,910,390
|
30,201
|
2.11
|
|
Demand
deposits
|
382,340
|
|
|
380,638
|
|
|
|
Other
liabilities
|
44,303
|
|
|
35,566
|
|
|
|
Total
non-interest-bearing liabilities
|
426,643
|
|
|
416,204
|
|
|
|
Stockholders'
equity
|
312,900
|
|
|
263,016
|
|
|
|
Total liabilities
& stockholders' equity
|
2,996,076
|
|
|
2,589,610
|
|
|
|
Net interest
income
|
|
64,324
|
|
|
59,207
|
|
|
Net interest spread
(5)
|
|
|
2.52 %
|
|
|
2.80 %
|
|
Net interest income as
a percentage
|
|
|
|
|
|
|
|
of average
interest-earning assets
|
|
|
3.09 %
|
|
|
3.25 %
|
|
Ratio of
interest-earning assets
|
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
|
123 %
|
|
|
127 %
|
|
|
(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
using
|
|
a statutory
federal income tax rate of 21% for 2024 and 2023. See
reconciliation of GAAP and non-gaap measures at the
end
|
|
of 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 assets
|
|
and 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)
|
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
September
30,
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
|
Real estate:
|
|
|
|
|
|
|
Residential
|
$
353,254
|
$
354,588
|
$
357,779
|
$ 359,990
|
$ 356,381
|
|
Commercial
|
1,110,548
|
1,110,269
|
1,115,900
|
1,092,887
|
1,081,123
|
|
Agricultural
|
331,734
|
327,057
|
318,413
|
314,802
|
314,164
|
|
Construction
|
178,706
|
180,157
|
184,506
|
195,826
|
175,320
|
|
Consumer
|
143,064
|
70,542
|
53,101
|
61,316
|
115,753
|
|
Other commercial
loans
|
134,285
|
130,851
|
129,438
|
136,168
|
120,347
|
|
Other agricultural
loans
|
24,537
|
26,247
|
24,345
|
30,673
|
26,648
|
|
State & political
subdivision loans
|
54,874
|
56,005
|
56,177
|
57,174
|
56,660
|
|
Total loans
|
2,331,002
|
2,255,716
|
2,239,659
|
2,248,836
|
2,246,396
|
|
Less: allowance for
credit losses - loans
|
21,695
|
22,797
|
21,598
|
21,153
|
21,455
|
|
Net loans
|
$ 2,309,307
|
$
2,232,919
|
$
2,218,061
|
$
2,227,683
|
$
2,224,941
|
|
|
|
|
|
|
|
Past due and
non-performing assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans past due
30-89 days and still accruing
|
$
7,423
|
$
20,652
|
$
6,311
|
$
10,457
|
$
5,960
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
20,858
|
$
14,949
|
$
14,693
|
$
12,187
|
$
13,139
|
|
Loans past due 90 days
or more and accruing
|
701
|
285
|
820
|
516
|
8
|
|
Non-performing
loans
|
$
21,559
|
$
15,234
|
$
15,513
|
$
12,703
|
$
13,147
|
|
OREO
|
2,486
|
2,690
|
200
|
474
|
474
|
|
Total Non-performing
assets
|
$
24,045
|
$
17,924
|
$
15,713
|
$
13,177
|
$
13,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Analysis of the
Allowance for Credit Losses - Loans
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
September
30,
|
|
(In
Thousands)
|
2024
|
2024
|
2024
|
2023
|
2023
|
|
Balance, beginning of
period
|
$
22,797
|
$
21,598
|
$
21,153
|
$
21,455
|
$
21,652
|
|
Impact of Adopting ASC
326
|
-
|
-
|
-
|
-
|
-
|
|
Charge-offs
|
(1,212)
|
(682)
|
(674)
|
(510)
|
(808)
|
|
Recoveries
|
10
|
7
|
7
|
8
|
10
|
|
Net (charge-offs)
recoveries
|
(1,202)
|
(675)
|
(667)
|
(502)
|
(798)
|
|
PCD allowance for
credit loss at acquisition
|
-
|
-
|
-
|
-
|
-
|
|
Provision for credit
losses - loans
|
100
|
1,874
|
1,112
|
200
|
601
|
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
-
|
-
|
|
Balance, end of
period
|
$
21,695
|
$
22,797
|
$
21,598
|
$
21,153
|
$
21,455
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Financial Measures
|
|
(UNAUDITED)
|
|
(Dollars in
thousands, except per share data)
|
|
|
As of
|
|
|
|
September
30,
|
|
|
|
2024
|
2023
|
|
|
|
Tangible
Equity
|
|
|
|
|
|
Stockholders Equity -
GAAP
|
$
298,654
|
$
262,686
|
|
|
|
Intangible
Assets
|
(88,841)
|
(88,624)
|
|
|
|
Tangible Equity -
Non-GAAP
|
209,813
|
174,062
|
|
|
|
Shares outstanding
adjusted for June 2024 stock Dividend
|
4,759,730
|
4,752,700
|
|
|
|
Tangible Book value per
share - Non-GAAP
|
$
44.08
|
$
36.62
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
September 30
|
|
|
|
2024
|
2023
|
|
|
|
Tangible Equity per
share
|
|
|
|
|
|
Stockholders Equity per
share - GAAP
|
$
62.75
|
$
55.27
|
|
|
|
Adjustment for
intangible assets
|
(18.67)
|
(18.65)
|
|
|
|
Tangible Book value per
share - Non-GAAP
|
$
44.08
|
$
36.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September 30
|
September 30
|
|
2024
|
2023
|
2024
|
2023
|
|
Return on Average
Tangible Equity
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
292,315
|
$
266,899
|
$
286,681
|
$
232,326
|
|
Average Intangible
Assets
|
(88,931)
|
(88,743)
|
(89,123)
|
(54,386)
|
|
Average Tangible Equity
- Non-GAAP
|
203,384
|
178,156
|
197,558
|
177,940
|
|
Net Income -
GAAP
|
$
7,536
|
$
7,548
|
$
19,835
|
$
10,271
|
|
Annualized Return on
Average Tangible Equity Non-GAAP
|
14.82 %
|
16.95 %
|
13.39 %
|
7.70 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September 30
|
September 30
|
|
2024
|
2023
|
2024
|
2023
|
|
Return 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 costs
|
|
|
|
|
|
Net Income -
GAAP
|
$
7,536
|
$
7,548
|
$
19,835
|
$
10,271
|
|
After tax gain on sale
of Braavo, net of legal fees
|
-
|
-
|
(712)
|
-
|
|
After tax provisision
associatated with Braavo loans remaining after sale
|
-
|
-
|
1,427
|
-
|
|
After tax provision for
credit losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
3,627
|
|
After Tax merger and
acquisition costs
|
-
|
496
|
-
|
7,513
|
|
Net Income excluding
merger and acquisition costs - Non-GAAP
|
$
7,536
|
$
8,044
|
$
20,550
|
$
21,411
|
|
Average
Assets
|
3,003,434
|
2,959,264
|
2,996,076
|
2,589,610
|
|
Annualized 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 %
|
1.09 %
|
0.91 %
|
1.10 %
|
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
316,378
|
$
298,913
|
$
312,900
|
$
263,016
|
|
Annualized 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
|
9.53 %
|
10.76 %
|
8.76 %
|
10.85 %
|
|
|
|
|
|
|
Average Tangible Equity
- Non-GAAP
|
203,384
|
178,156
|
197,558
|
177,940
|
|
Annualized 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
|
14.82 %
|
18.06 %
|
13.87 %
|
16.04 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September 30
|
September 30
|
|
2024
|
2023
|
2024
|
2023
|
|
Earnings per share,
Excluding sale of Braavo assets, net of legal fees
and merger and acquisition costs
|
|
|
|
|
|
Net Income -
GAAP
|
$
7,536
|
$
7,548
|
$
19,835
|
$
10,271
|
|
After tax gain on sale
of Braavo, net of legal fees
|
-
|
-
|
(712)
|
-
|
|
After tax provisision
associatated with Braavo loans remaining after sale
|
-
|
-
|
1,427
|
-
|
|
After tax provision for
credit losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
3,627
|
|
After Tax merger and
acquisition costs
|
-
|
496
|
-
|
7,513
|
|
Net income excluding
one time items - Non-GAAP
|
$
7,536
|
$
8,044
|
$
20,550
|
$
21,411
|
|
Number of shares used
in computation - basic
|
4,751,224
|
4,746,541
|
4,753,927
|
4,321,848
|
|
Basic 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
|
$
1.59
|
$
1.69
|
$
4.32
|
$
4.95
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September 30
|
September 30
|
|
Reconciliation of
net interest income on fully taxable equivalent
basis
|
2024
|
2023
|
2024
|
2023
|
|
Total interest
income
|
$
38,689
|
$
36,689
|
$
114,524
|
$
88,606
|
|
Total interest
expense
|
17,365
|
14,285
|
50,942
|
30,201
|
|
Net interest
income
|
21,324
|
22,404
|
63,582
|
58,405
|
|
Tax equivalent
adjustment
|
246
|
264
|
742
|
802
|
|
Net interest income
(fully taxable equivalent) - Non-GAAP
|
$
21,570
|
$
22,668
|
$
64,324
|
$
59,207
|
View original
content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-third-quarter-2024-financial-results-302292036.html
SOURCE Citizens Financial Services, Inc.