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CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULT

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Citizens Financial Services (Nasdaq: CZFS) reported unaudited Q2 2024 financial results, highlighting significant growth due to the acquisition of HV Bancorp last year. Net income for the first six months of 2024 rose to $12.3 million, a 351.7% increase from $2.7 million in the same period in 2023. For Q2 2024, net income was $5.3 million, up $9.4 million from a net loss in Q2 2023. Net interest income for the first half of 2024 was $42.3 million, a 17.4% increase. The provision for credit losses was $2.8 million, primarily due to loans retained from HVB's Braavo division. Non-interest income increased to $8.3 million, driven by gains from the sale of Braavo assets. Total non-interest expenses were $32.9 million, a slight increase. The effective tax rate for the first six months was 17.4%, compared to 13.4% in 2023. The dividend declared was $0.49 per share, a 2.1% increase. As of June 30, 2024, total assets were $2.95 billion.

Citizens Financial Services (Nasdaq: CZFS) ha riportato i risultati finanziari non verificati del secondo trimestre 2024, evidenziando una crescita significativa grazie all'acquisizione di HV Bancorp lo scorso anno. Il reddito netto per i primi sei mesi del 2024 è aumentato a $12,3 milioni, con un aumento del 351,7% rispetto a $2,7 milioni nello stesso periodo del 2023. Per il secondo trimestre 2024, il reddito netto è stato di $5,3 milioni, un aumento di $9,4 milioni rispetto a una perdita netta nel secondo trimestre del 2023. Il reddito netto da interessi per la prima metà del 2024 è stato di $42,3 milioni, con un incremento del 17,4%. Il fondo per le perdite su crediti ammontava a $2,8 milioni, principalmente a causa dei prestiti mantenuti dalla divisione Braavo di HVB. Il reddito non da interessi è aumentato a $8,3 milioni, alimentato dai guadagni dalla vendita degli asset di Braavo. Le spese non da interessi totali sono state di $32,9 milioni, con un leggero aumento. L'aliquota fiscale effettiva per i primi sei mesi è stata del 17,4%, rispetto al 13,4% nel 2023. Il dividendo dichiarato è stato di $0,49 per azione, un aumento del 2,1%. Al 30 giugno 2024, il totale attivo era di $2,95 miliardi.

Citizens Financial Services (Nasdaq: CZFS) reportó resultados financieros no auditados del segundo trimestre de 2024, destacando un crecimiento significativo debido a la adquisición de HV Bancorp el año pasado. El ingreso neto para los primeros seis meses de 2024 aumentó a $12.3 millones, un aumento del 351.7% en comparación con $2.7 millones en el mismo período de 2023. Para el segundo trimestre de 2024, el ingreso neto fue de $5.3 millones, un aumento de $9.4 millones frente a una pérdida neta en el segundo trimestre de 2023. Los intereses netos en la primera mitad de 2024 fueron de $42.3 millones, un incremento del 17.4%. La provisión para pérdidas crediticias fue de $2.8 millones, principalmente por préstamos retenidos de la división Braavo de HVB. Los ingresos no por intereses aumentaron a $8.3 millones, impulsados por ganancias de la venta de activos de Braavo. Los gastos no por intereses totales fueron $32.9 millones, con un ligero aumento. La tasa impositiva efectiva para los primeros seis meses fue del 17.4%, en comparación con el 13.4% en 2023. El dividendo declarado fue de $0.49 por acción, un aumento del 2.1%. A partir del 30 de junio de 2024, los activos totales eran de $2.95 mil millones.

시민재무서비스 (Nasdaq: CZFS)는 2024년 2분기 감사되지 않은 재무 결과를 보고하며, 지난해 HV Bancorp 인수에 따른 상당한 성장을 강조했습니다. 2024년 상반기 순이익은 1230만 달러로 증가했으며, 이는 2023년 같은 기간의 270만 달러에서 351.7% 증가한 결과입니다. 2024년 2분기 순이익은 530만 달러로, 2023년 2분기 순손실에서 940만 달러 증가했습니다. 2024년 상반기 순이자수익은 4230만 달러로, 17.4% 증가했습니다. 신용 손실에 대한 충당금은 280만 달러로, HVB의 Braavo 부문에서 보유한 대출로 인해 발생했습니다. 비이자수익은 Braavo 자산 판매의 이익으로 인해 830만 달러로 증가했습니다. 총 비이자 비용은 3290만 달러로, 약간의 증가를 보였습니다. 상반기 기준 유효 세율은 17.4%로, 2023년의 13.4%에서 증가했습니다. 선언된 배당금은 주당 0.49달러로, 2.1% 증가했습니다. 2024년 6월 30일 현재 총 자산은 29억 5천만 달러였습니다.

Citizens Financial Services (Nasdaq: CZFS) a annoncé des résultats financiers non audités pour le deuxième trimestre 2024, mettant en avant une croissance significative en raison de l'acquisition de HV Bancorp l'année dernière. Le revenu net pour les six premiers mois de 2024 a augmenté à 12,3 millions de dollars, ce qui représente une augmentation de 351,7% par rapport à 2,7 millions de dollars durant la même période en 2023. Pour le deuxième trimestre 2024, le revenu net s'est élevé à 5,3 millions de dollars, en hausse de 9,4 millions de dollars par rapport à une perte nette au deuxième trimestre 2023. Le revenu d'intérêts net pour la première moitié de 2024 était de 42,3 millions de dollars, en hausse de 17,4%. La provision pour pertes de crédit s'élevait à 2,8 millions de dollars, principalement en raison des prêts conservés de la division Braavo de HVB. Le revenu non lié aux intérêts a augmenté à 8,3 millions de dollars, grâce aux gains issus de la vente d'actifs Braavo. Les frais non liés aux intérêts totaux étaient de 32,9 millions de dollars, avec une légère augmentation. Le taux d'imposition effectif pour les six premiers mois était de 17,4%, comparé à 13,4% en 2023. Le dividende déclaré était de 0,49 dollar par action, soit une augmentation de 2,1%. Au 30 juin 2024, le total des actifs s'élevait à 2,95 milliards de dollars.

Citizens Financial Services (Nasdaq: CZFS) hat unaudited Finanzdaten für das zweite Quartal 2024 veröffentlicht und dabei ein signifikantes Wachstum aufgrund der Akquisition von HV Bancorp im letzten Jahr hervorgehoben. Das Nettoeinkommen für die ersten sechs Monate von 2024 stieg auf 12,3 Millionen US-Dollar, was einem 351,7% Anstieg gegenüber 2,7 Millionen US-Dollar im selben Zeitraum 2023 entspricht. Im zweiten Quartal 2024 betrug das Nettoeinkommen 5,3 Millionen US-Dollar, ein Anstieg von 9,4 Millionen US-Dollar im Vergleich zu einem Nettverlust im zweiten Quartal 2023. Das Zinsergebnis für die erste Hälfte 2024 betrug 42,3 Millionen US-Dollar, was einem Anstieg von 17,4% entspricht. Die Rückstellung für Kreditverluste belief sich auf 2,8 Millionen US-Dollar, hauptsächlich aufgrund von Krediten, die von der Braavo-Division der HVB gehalten wurden. Das nicht Zinsgebundene Einkommen stieg auf 8,3 Millionen US-Dollar, bedingt durch Gewinne aus dem Verkauf von Braavo-Vermögenswerten. Die gesamten nicht Zinsgebundenen Ausgaben betrugen 32,9 Millionen US-Dollar, ein leichter Anstieg. Der effektive Steuersatz für die ersten sechs Monate lag bei 17,4%, verglichen mit 13,4% im Jahr 2023. Die erklärte Dividende betrug 0,49 US-Dollar pro Aktie, ein Anstieg von 2,1%. Zum 30. Juni 2024 betrugen die Gesamtaktiva 2,95 Milliarden US-Dollar.

Positive
  • Net income for the first six months of 2024 increased by 351.7% to $12.3 million.
  • Net interest income for the first half of 2024 rose by 17.4% to $42.3 million.
  • Non-interest income increased by $3.9 million due to Braavo asset sales and HVB acquisition.
  • Total assets reached $2.95 billion as of June 30, 2024.
  • Dividend declared was $0.49 per share, a 2.1% increase.
Negative
  • Provision for credit losses was $2.8 million, impacted by HVB's Braavo loans.
  • Non-performing assets increased by $4.3 million since December 31, 2023.
  • Deposits decreased by $48.4 million from December 31, 2023, to $2.27 billion as of June 30, 2024.

Insights

Citizens Financial Services' Q2 2024 results reveal a mixed financial picture. The company's net income for the first six months of 2024 was $12.3 million, a substantial 351.7% increase from the same period in 2023. This significant jump is primarily due to one-time merger and acquisition costs and credit loss provisions recorded in Q2 2023, rather than organic growth.

The acquisition of HV Bancorp has bolstered the company's balance sheet and expanded its geographic reach. However, the integration has not been without challenges. The company is exiting the Braavo online lending platform acquired through HVB, which has resulted in increased charge-offs and provisions for credit losses.

Key financial metrics show improvement:

  • Net interest income before provision for credit losses increased by 17.4% to $42.3 million
  • Return on average equity improved to 7.91% from 2.22%
  • Return on average assets rose to 0.82% from 0.23%

However, these improvements are partly offset by increased non-interest expenses and a higher effective tax rate. The company's loan-to-deposit ratio of 99.24% is concerning, as it leaves little room for further loan growth without additional deposit gathering or alternative funding sources.

While the overall picture shows improvement, investors should closely monitor the company's ability to manage the challenges associated with the HVB acquisition and its exit from the Braavo platform.

Citizens Financial Services' Q2 2024 results highlight both opportunities and challenges in the current banking environment. The acquisition of HV Bancorp has significantly expanded the bank's footprint, but it's also introduced complexities that require careful management.

The 17.4% increase in net interest income is commendable, especially given the challenging interest rate environment. However, the bank's net interest margin compressed slightly from 3.23% to 3.09% year-over-year, reflecting the industry-wide pressure on margins due to rising deposit costs.

The bank's decision to exit the Braavo online lending platform is prudent, given the increased credit risk associated with this business line. However, the resulting charge-offs and provisions have impacted profitability in the short term.

Of particular concern is the increase in non-performing assets and past due loans. Non-performing assets rose by $4.3 million since December 2023, while loans past due 30-89 days increased by $10.2 million. This trend warrants close monitoring, as it could signal potential credit quality issues on the horizon.

The bank's high loan-to-deposit ratio of 99.24% is another area of concern. This leaves little room for loan growth without additional funding sources, which could pressure profitability if the bank needs to rely on more expensive wholesale funding.

Overall, while Citizens Financial Services has shown resilience and growth, it faces challenges in integrating its acquisition, managing credit quality and navigating the competitive deposit landscape. The bank's performance in the coming quarters will be important in determining its ability to overcome these hurdles and deliver sustainable growth.

MANSFIELD, Pa., July 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 six months ended June 30, 2024.

Highlights

  • The acquisition of HV Bancorp, Inc. ("HVB,") completed one year ago, has bolstered the Company's balance sheet growth and expanded its geographic reach into demographically attractive markets. The acquisition has resulted in positive increases to non-interest income driven by gains on loans sold and the gain on the sale of certain assets acquired through HVB's online lending platform known as Braavo. The Company executed the sale of HVB's Braavo division during the first quarter of 2024 and has been exiting the remaining lending relationships not included in the sale. The Company has experienced a modest increase in charge-offs on loans that were originated and sourced by HVB's Braavo division as it exits this business line.
  • Net income for the first six months of 2024 was $12.3 million, which was $9.6 million, or 351.7% more than 2023's net income through June 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 six months of 2024 was 17.4% compared to 13.4% in the comparable period in 2023.
  • Net income was $5.3 million for the three months ended June 30, 2024, which was $9.4 million more than the net loss for 2023's comparable period due to the one-time merger and acquisition costs and the NPC Provision recorded in the second quarter of 2023. The effective tax rate for the three months ended June 30, 2024 was 17.4% compared to 22.3% in the comparable period in 2023.
  • Net interest income before the provision for credit losses was $42.3 million for the six months ended June 30, 2024, an increase of $6.3 million, or 17.4%, over the same period a year ago.
  • The provision for credit losses for the three and six months ended June 30, 2024 was $2.0 million and $2.8 million, respectively. The provision was significantly impacted by loans that were not sold as part of the Braavo sale that occurred in the first quarter of 2024. The vast majority of the Braavo loans that were retained after the sale were originated by HVB subsequent to the Company's initial loan due diligence procedures and were current from then until the acquisition close. The provision for the three and six months ended June 30, 2024, directly attributable to these loans was $1,137,000 and $1,806,000, respectively. As of June 30, 2024, the Company has approximately $700,000 of Braavo loans that are performing.
  • Return on average equity for the three and six months (annualized) ended June 30, 2024 was 6.73% and 7.91% compared to (6.62%) and 2.22% for the three and six months (annualized) ended June 30, 2023. 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 three and six months (annualized) ended June 30, 2024 would have been 7.88% and 8.37%, respectively (1).
  • Return on average tangible equity for the three and six months (annualized) ended June 30, 2024 was 10.76% and 12.64% compared to (9.19%) and 3.06% for the three and six months (annualized) ended June 30, 2023. 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 three and six months (annualized) ended June 30, 2024 would have been 12.59% and 13.37%. (1)
  • Return on average assets for the three and six months (annualized) ended June 30, 2024 was 0.71% and 0.82% compared to (0.68%) and 0.23% for the three and six months (annualized) ended June 30, 2023. 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 three and six months (annualized) ended June 30, 2024 would have been 0.83% and 0.87% (1).

Six Months Ended June 30, 2024 Compared to 2023

  • For the six months ended June 30, 2024, net income totaled $12,299,000 which compares to net income of $2,723,000 for the first six months of 2023, an increase of $9,576,000. Basic earnings per share of $2.59 for the first six months of 2024 compared to $0.66 for the first six months last year. Annualized return on equity for the six months ended June 30, 2024 and 2023 was 7.91% and 2.22%, while annualized return on assets was 0.82% and 0.23%, respectively. The increase in performance when comparing 2024 to 2023 was due to the one time costs associated with the merger and the NPC Provision recorded in 2023.
  • Net interest income before the provision for credit loss for the six months ended June 30, 2024 totaled $42,258,000 compared to $36,001,000 for the six months ended June 30, 2023, resulting in an increase of $6,257,000, or 17.4%. Average interest earning assets increased $500.7 million for the six months ended June 30, 2024 compared to the same period last year, primarily due to the HVB acquisition. Average loans increased $525.0 million while average investment securities decreased $35.9 million. The yield on interest earning assets increased 88 basis points to 5.52%, while the cost of interest-bearing liabilities increased 116 basis points to 2.99% due to the rise in market interest rates and competitive pressure. The tax effected net interest margin for the six months ended June 30, 2024 was 3.09% compared to 3.23% for the same period last year.
  • The provision for credit losses for the six months ended June 30, 2024 was $2,787,000 compared to $4,853,000 for the six months ended June 30, 2023, a decrease of $2,066,000. The provision for 2024 was impacted by the Braavo loans as previously mentioned and an increase in past due 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 $2,525,000 when comparing the six month period of 2024 to 2023 with the increase being attributable to the Braavo loans and the increase in past due and substandard loans in 2024.
  • Total non-interest income was $8,307,000 for the six months ended June 30, 2024, which is $3,853,000 more than the non-interest income of $4,454,000 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 half of 2024, the Company experienced a smaller unrealized loss on its equity investment portfolio compared to 2023.
  • Total non-interest expenses for the six months ended June 30, 2024 totaled $32,889,000 compared to $32,458,000 for the same period last year, which is an increase of $431,000. Salary and benefit costs increased $4,314,000 due to an additional 74.2 FTEs as a result of the acquisition, merit increases for 2024, as well as an increase in health insurance costs of $712,000. The increases in occupancy, furniture and fixtures, software expenses and amortization expenses was due to the acquisition and additional branches as part of it. FDIC insurance expense increased $409,000 due to the Company's increased size and the Bank's lower leverage capital ratio. 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 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 merger with HVB totaled $8,646,000 in 2023 and included professional and consulting fees, printing, travel, contract termination payments and severance-related expenses.
  • The provision for income taxes increased $2,169,000 when comparing the six months ended June 30, 2024 to the same period in 2023 as a result of an increase in income before income tax of $11,745,000.

Three Months Ended June 30, 2024 Compared to June 30, 2023

  • For the three months ended June 30, 2024, net income totaled $5,275,000 which compares to net loss of $4,144,000 for the comparable period of 2023, an increase of $9,419,000. Basic earnings (loss) per share of $1.11 for the three months ended June 30, 2024 compares to ($1.00) for the 2023 comparable period. Annualized return on equity for the three months ended June 30, 2024 and 2023 was 6.73% and (6.62%), while annualized return on assets was 0.71% and (0.68%), respectively.
  • Net interest income before the provision for credit loss for the three months ended June 30, 2024 totaled $21,300,000 compared to $17,921,000 for the three months ended June 30, 2023, resulting in an increase of $3,379,000, or 18.9%. Average interest earning assets increased $444.8 million for the three months ended June 30, 2024 compared to the same period last year as a result of the HVB acquisition. Average loans increased $488.1 million while average investment securities decreased $41.3 million. The average cost on interest bearing liabilities increased 100 basis points to 3.00%. The tax effected net interest margin for the three months ended June 30, 2024 was 3.15% compared to 3.17% for the same period last year.
  • The provision for credit losses for the three months ended June 30, 2024 was $2,002,000 compared to $4,853,000 for the three months ended June 30, 2023, a decrease of $2,851,000. The provision for 2024 was impacted by the Braavo loans as previously mentioned and an increase in past due 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 $1,740,000 when comparing the second quarter of 2024 to the second quarter of 2023 with the increase being attributable to the Braavo loans and the increase in past due and substandard loans in 2024.
  • Total non-interest income was $3,336,000 for the three months ended June 30, 2024, which is $1,056,000 more than the comparable period last year. As a result of the acquisition, service charges, gains on loans sold, earnings on bank owned life insurance and other income all increased.
  • Total non-interest expenses for the three months ended June 30, 2024 totaled $16,246,000 compared to $20,680,000 for the same period last year, which is a decrease of $4,434,000. Salary and benefit costs increased $1,701,000 due to an additional 67.5 FTEs as a result of the acquisition and merit increases for 2024. The increases in occupancy, furniture and fixtures, software expenses and amortization expenses was due to the acquisition and additional branches as part of it. FDIC insurance expense increased $184,000 due to the Company's increased size and the Bank's lower leverage capital ratio. 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. Merger and acquisitions costs for the merger with HVB totaled $8,402,000 in the second quarter of 2023.
  • The provision for income taxes increased $2,301,000 when comparing the three months ended June 30, 2024 to the same period in 2023 as a result of an increase in income before income tax of $11,720,000.

Balance Sheet and Other Information:

  • At June 30, 2024, total assets were $2.95 billion, compared to $2.98 billion at December 31, 2023 and $2.89 billion at June 30, 2023. The loan to deposit ratio as of June 30, 2024 was 99.24% compared to 96.87% as of December 31, 2023 and 95.44% as of June 30, 2023.
  • Available for sale securities of $402.7 million at June 30, 2024 decreased $14.9 million from December 31, 2023 and $31.7 million from June 30, 2023. The yield on the investment portfolio increased from 2.14% to 2.32% on a tax equivalent basis due to securities purchased during a higher rate environment and lower yielding securities maturing. Investment activity has been limited in the first half of 2024.
  • Net loans as of June 30, 2024 totaled $2.23 billion an increase of $5.2 million from December 31, 2023, due 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 June 30, 2023, loans have grown $91.7 million with increases experienced in multiple portfolio sectors.
  • The allowance for credit losses - loans totaled $22,797,000 at June 30, 2024 which is an increase of $1,199,000 from December 31, 2023. The increase is due to change in expected prepayment speeds, an increase in past due and substandard loans and specific reserves on non-performing loans. The provision for credit losses on loans was $2,986,000 for the first half of 2024. Loan recoveries and charge-offs were $14,000 and $1,356,000, respectively, for the six months ended June 30, 2024 with the majority of the charge-offs associated with loans acquired as part of the HVB acquisition that were originated after the Company performed its initial loan due diligence procedures and which were current from then until the acquisition close. The allowance as a percent of total loans was 1.01% as of June 30, 2024 and 0.94% as of December 31, 2023.
  • Non-performing assets totaled $17.9 million as of June 30, 2024, an increase of $4.3 million since December 31, 2023. The increase was driven by the Braavo relationships and one large commercial relationship, which was placed on non-accrual status during the second quarter of 2024. Loans past due 30-89 days totaled $20.7 million, an increase of $10.2 million from December 31, 2023. The increase was driven by loans acquired as part of the HVB acquisition that matured during the second quarter and are in the process of being underwritten and extended in accordance with Company policies.
  • Deposits decreased $48.4 million from December 31, 2023, to $2.27 billion at June 30, 2024. With the rise in interest rates, competitive pressure for deposits continues to be at the forefront. Additionally, we have numerous state and political organizations with seasonal funding timelines, which results in a decrease in balances in the first half of the year. At June 30, 2024, the Bank estimates that balances held by customers in excess of the FDIC insurance limit ($250,000 per insured account) totaled $1.04 billion, or 45.7% 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 (almost exclusively municipal deposits). The total of these items was $498.0 million, or 21.9% of the Bank's total deposits, as of June 30, 2024.
  • Stockholders' equity totaled $286.5 million at June 30, 2024, compared to $279.7 million at December 31, 2023, an increase of $6.8 million. Excluding accumulated other comprehensive loss (AOCI), stockholders equity increased $7.8 million and totals $312.4 million. The increase in stockholders equity, excluding AOCI, was attributable to net income for the six months ended June 30, 2024 totaling $12.3 million, offset by cash dividends for the half of 2024 totaling $4.6 million, net treasury and restricted stock activity of $165,000. As a result of changes in market interest rates impacting the fair value of investment securities and swaps, AOCI decreased $1.0 million from December 31, 2023.

Dividend Declared

On June 4, 2024, the Board of Directors declared a cash dividend of $0.49 per share, which was paid on June 28, 2024 to shareholders of record at the close of business on June 14, 2024. The quarterly cash dividend is an increase of 2.1% over the regular cash dividend of $0.475 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2024, payable on June 28, 2024 to shareholders of record at the close of business on June 14, 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

Six Months Ended


June 30,

June 30,


2024

2023

2024

2023

Income and Performance Ratios





Net Income (Loss)

$              5,275

$         (4,144)

$           12,299

$          2,723

Return on average assets (annualized)

0.71 %

(0.68 %)

0.82 %

0.23 %

Return on average equity (annualized)

6.73 %

(6.62 %)

7.91 %

2.22 %

Return on average tangible equity (annualized) (a)

10.76 %

(9.19 %)

12.64 %

3.06 %

Net interest margin (tax equivalent)(a)

3.15 %

3.17 %

3.09 %

3.23 %

Earnings (loss) per share - basic (b)

$                1.11

$          (1.00)

$               2.59

$            0.66

Earnings (loss)  per share - diluted (b)

$                1.11

$          (1.00)

$               2.59

$            0.66

Cash dividends paid per share (b)

$              0.485

$          0.475

$             0.970

$          0.949

Number of shares used in computation - basic (b)

4,748,927

4,159,966

4,748,523

4,106,005

Number of shares used in computation - diluted (b)

4,753,697

4,159,966

4,753,918

4,106,005











Asset quality





Allowance for credit losses - loans

$            22,797

$        21,652



Non-performing assets

$            17,924

$        13,638



Allowance for credit losses - loans to total loans

1.01 %

1.00 %



Non-performing assets to total loans

0.79 %

0.63 %



Annualized net charge-offs to total loans

0.12 %

0.00 %

0.12 %

0.00 %











Equity





Book value per share (b)

$              60.19

$          55.38



Tangible Book value per share (a) (b)

$              41.49

$          36.69



Market Value (Last reported trade of month)

$              44.94

$          74.47



Common shares outstanding

4,759,486

4,706,768













Other





Average Full Time Equivalent Employees

389.7

322.2

391.9

317.7

Loan to Deposit Ratio

99.24 %

95.44 %



Trust assets under management

$          174,703

$      169,956



Brokerage assets under management

$          368,379

$      307,336













Balance Sheet Highlights

June 30,

December 31,

June 30,



2024

2023

2023







Assets

$       2,947,531

$    2,975,321

$       2,891,808


Investment securities

404,231

419,539

436,164


Loans (net of unearned income)

2,255,716

2,239,659

2,162,842


Allowance for credit losses - loans

22,797

21,598

21,652


Deposits

2,273,095

2,321,481

2,266,100


Stockholders' Equity

286,470

279,666

263,228












(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)









June 30,

December 31,

June 30,

(in thousands except share data)

2024

2023

2023

ASSETS:




Cash and due from banks:




  Noninterest-bearing

$            22,023

$          37,733

$             28,740

  Interest-bearing

16,410

15,085

15,969

Total cash and cash equivalents

38,433

52,818

44,709





Interest bearing time deposits with other banks

3,820

4,070

4,814





Equity securities

1,570

1,938

1,849





Available-for-sale securities

402,661

417,601

434,315





Loans held for sale

14,227

9,379

14,940





Loans (net of allowance for credit losses - loans: $22,797 at June 30, 2024;




    $21,153 at December 31, 2023 and $21,652 at June 30, 2023)

2,232,919

2,227,683

2,141,190





Premises and equipment

20,899

21,384

21,382

Accrued interest receivable

10,782

11,043

9,283

Goodwill

85,758

85,758

84,758

Bank owned life insurance

49,746

49,897

50,194

Other intangibles

3,244

3,650

4,071

Fair value of derivative instruments - asset

13,111

13,687

16,395

Deferred tax asset

17,185

17,339

20,108

Other assets

53,176

59,074

43,800





TOTAL ASSETS

$       2,947,531

$     2,975,321

$        2,891,808





LIABILITIES:




Deposits:




  Noninterest-bearing

$          501,991

$        523,784

$           553,097

  Interest-bearing

1,771,104

1,797,697

1,713,003

Total deposits

2,273,095

2,321,481

2,266,100

Borrowed funds

334,829

322,036

318,200

Accrued interest payable

5,482

4,298

2,256

Fair value of derivative instruments - liability

7,319

7,922

9,303

Other liabilities

40,336

39,918

32,721

TOTAL LIABILITIES

2,661,061

2,695,655

2,628,580

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 June 30, 2024, December 31, 2023 and     




  June 30, 2023: issued 5,207,343 at June 30, 2024 and 5,160,754 at December 31, 2023 and 




  June 30, 2023

5,207

5,161

5,161

Additional paid-in capital

144,985

143,233

143,351

Retained earnings

178,588

172,975

162,499

Accumulated other comprehensive loss

(25,932)

(24,911)

(30,980)

Treasury stock, at cost:  447,857 at June 30, 2024 and 453,760 shares




  at December 31, 2023 and 456,986 shares at June 30, 2023

(16,378)

(16,792)

(16,803)

TOTAL STOCKHOLDERS' EQUITY

286,470

279,666

263,228

TOTAL LIABILITIES AND




   STOCKHOLDERS' EQUITY

$       2,947,531

$     2,975,321

$        2,891,808





 

CITIZENS FINANCIAL SERVICES, INC.





CONSOLIDATED STATEMENT OF INCOME (LOSS)





(UNAUDITED)






Three Months Ended

Six Months Ended


June 30,

June 30,

(in thousands, except share and per share data)

2024

2023

2024

2023

INTEREST INCOME:





Interest and fees on loans

$      35,067

$       24,117

$      70,200

$     46,666

Interest-bearing deposits with banks

262

127

505

198

Investment securities:





    Taxable

1,663

1,683

3,287

3,239

    Nontaxable

520

572

1,052

1,189

    Dividends

390

311

791

625

TOTAL INTEREST INCOME

37,902

26,810

75,835

51,917

INTEREST EXPENSE:





Deposits

12,655

5,480

24,976

9,419

Borrowed funds

3,947

3,409

8,601

6,497

TOTAL INTEREST EXPENSE

16,602

8,889

33,577

15,916

NET INTEREST INCOME

21,300

17,921

42,258

36,001

Provision for credit losses

2,002

262

2,787

262

Provision for credit losses - acquisition day 1 non-PCD

-

4,591

-

4,591

NET INTEREST INCOME AFTER





    PROVISION FOR CREDIT LOSSES

19,298

13,068

39,471

31,148

NON-INTEREST INCOME:





Service charges

1,385

1,293

2,757

2,504

Trust

201

181

445

411

Brokerage and insurance

563

442

1,228

956

Gains on loans sold

479

169

896

214

Equity security losses, net

(87)

(74)

(32)

(292)

Available for sale security losses, net

-

(51)

-

(51)

Earnings on bank owned life insurance

328

234

996

452

Gain on sale of Braavo division

-

-

1,102

-

Other

467

86

915

260

TOTAL NON-INTEREST INCOME

3,336

2,280

8,307

4,454

NON-INTEREST EXPENSES:





Salaries and employee benefits

9,617

7,916

19,907

15,593

Occupancy

1,266

814

2,590

1,649

Furniture and equipment

295

162

531

313

Professional fees

698

387

1,401

768

FDIC insurance expense

509

325

1,034

625

Pennsylvania shares tax

330

298

640

596

Amortization of intangibles

147

31

296

62

Software expenses

494

372

1,008

723

ORE expenses (income)

175

(11)

162

15

Merger and acquisition expenses

-

8,402

-

8,646

Other

2,715

1,984

5,320

3,468

TOTAL NON-INTEREST EXPENSES

16,246

20,680

32,889

32,458

Income (loss) before provision (benefit) for income taxes

6,388

(5,332)

14,889

3,144

Provision (benefit) for income tax expense

1,113

(1,188)

2,590

421

NET INCOME (LOSS)

$        5,275

$       (4,144)

$      12,299

$       2,723






PER COMMON SHARE DATA:





Net Income (loss) - Basic

$          1.11

$         (1.00)

$          2.59

$        0.66

Net Income (loss) - Diluted

$          1.11

$         (1.00)

$          2.59

$        0.66

Cash Dividends Paid

$        0.485

$         0.475

$        0.970

$       0.949






Number of shares used in computation - basic

4,748,927

4,159,966

4,748,523

4,106,005

Number of shares used in computation - diluted

4,753,697

4,159,966

4,753,918

4,106,005






 

CITIZENS FINANCIAL SERVICES, INC.






QUARTERLY CONDENSED, CONSOLIDATED INCOME (LOSS) STATEMENT INFORMATION






(UNAUDITED)






(in thousands, except per share data)


Three Months Ended,




June 30,

March 31,

Dec 31,

Sept 30,

June 30,


2024

2024

2023

2023

2023

Interest income

$      37,902

$       37,933

$       38,512

$       36,689

$       26,810

Interest expense

16,602

16,975

16,657

14,285

8,889

Net interest income

21,300

20,958

21,855

22,404

17,921

Provision for credit losses

2,002

785

200

475

262

Provision for credit losses - acquisition day 1 non-PCD

-

-

-

-

4,591

Net interest income after provision for credit losses

19,298

20,173

21,655

21,929

13,068

Non-interest income

3,423

4,916

3,410

3,593

2,405

Investment securities (losses) gains, net

(87)

55

79

69

(125)

Non-interest expenses

16,246

16,643

15,920

16,444

20,680

Income (loss) before provision for income taxes

6,388

8,501

9,224

9,147

(5,332)

Provision for income tax expense (benefit)

1,113

1,477

1,684

1,599

(1,188)

Net income (loss)

$        5,275

$         7,024

$         7,540

$         7,548

$       (4,144)

Earnings (Loss) Per Share Basic

$          1.11

$          1.48

$          1.59

$          1.59

$         (1.00)

Earnings (Loss) Per Share Diluted

$          1.11

$          1.48

$          1.59

$          1.59

$         (1.00)







 

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 June 30,


2024

2023


Average


Average

Average


Average


Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

$

$

%

$

$

%

ASSETS







Interest-bearing deposits at banks

18,353

232

5.11

18,193

82

1.79

Interest bearing time deposits at banks

3,820

30

3.16

6,000

45

2.99

Investment securities:







  Taxable

355,321

2,053

2.31

388,327

1,994

2.05

  Tax-exempt (3)

105,379

658

2.50

113,674

725

2.55

Investment securities

460,700

2,711

2.35

502,001

2,719

2.17

Loans: (2)(3)(4)







  Residential mortgage loans

358,448

5,232

5.87

236,167

3,168

5.39

  Construction loans

184,103

3,367

7.36

90,635

1,353

5.99

  Commercial Loans

1,251,484

20,154

6.48

983,666

13,772

5.62

  Agricultural Loans

346,107

4,482

5.21

345,467

4,221

4.90

  Loans to state & political subdivisions

56,290

556

3.97

60,395

582

3.87

  Other loans

68,805

1,383

8.08

60,770

1,136

7.50

  Loans, net of discount (2)(3)(4)

2,265,237

35,174

6.25

1,777,100

24,232

5.47

Total interest-earning assets

2,748,110

38,147

5.58

2,303,294

27,078

4.72

Cash and due from banks

9,199



8,386



Bank premises and equipment

21,053



18,960



Other assets

195,528



102,155



Total non-interest earning assets

225,780



129,501



Total assets

2,973,890



2,432,795



LIABILITIES AND STOCKHOLDERS' EQUITY







Interest-bearing liabilities:







  NOW accounts

766,142

4,776

2.51

545,527

2,067

1.52

  Savings accounts

299,318

391

0.53

314,745

265

0.34

  Money market accounts

381,377

2,972

3.13

330,453

1,847

2.24

  Certificates of deposit

457,570

4,516

3.97

283,694

1,301

1.84

Total interest-bearing deposits

1,904,407

12,655

2.67

1,474,419

5,480

1.49

Other borrowed funds

324,736

3,947

4.89

307,523

3,409

4.45

Total interest-bearing liabilities

2,229,143

16,602

3.00

1,781,942

8,889

2.00

Demand deposits

382,312



397,084



Other liabilities

49,051



3,379



Total non-interest-bearing liabilities

431,363



400,463



Stockholders' equity

313,384



250,390



Total liabilities & stockholders' equity

2,973,890



2,432,795



Net interest income


21,545



18,189


Net interest spread (5)



2.58 %



2.71 %

Net interest income as a percentage







  of average interest-earning assets



3.15 %



3.17 %

Ratio of interest-earning assets







  to interest-bearing liabilities



123 %



129 %








(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)



Six Months Ended June 30,


2024

2023


Average


Average

Average


Average


Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

$

$

%

$

$

%

ASSETS







Interest-bearing deposits at banks

30,119

445

2.97

16,395

108

1.33

Interest bearing time deposits at banks

3,937

60

3.06

6,028

90

3.00

Investment securities:







  Taxable

359,142

4,078

2.27

384,453

3,864

2.01

  Tax-exempt (3)

106,438

1,332

2.50

117,025

1,505

2.57

Investment securities

465,580

5,410

2.32

501,478

5,369

2.14

Loans: (2)(3)(4)







  Residential mortgage loans

358,472

10,291

5.77

224,059

5,872

5.28

  Construction loans

187,001

6,858

7.38

88,048

2,492

5.71

  Commercial Loans

1,243,546

39,674

6.42

959,221

26,097

5.49

  Agricultural Loans

345,287

8,887

5.18

344,882

8,474

4.95

  Loans to state & political subdivisions

56,469

1,106

3.94

59,860

1,125

3.79

  Other loans

89,472

3,599

8.09

79,199

2,828

7.20

  Loans, net of discount (2)(3)(4)

2,280,247

70,415

6.21

1,755,269

46,888

5.39

Total interest-earning assets

2,779,883

76,330

5.52

2,279,170

52,455

4.64

Cash and due from banks

9,511



7,716



Bank premises and equipment

21,171



18,292



Other assets

181,792



96,542



Total non-interest earning assets

212,474



122,550



Total assets

2,992,357



2,401,720



LIABILITIES AND STOCKHOLDERS' EQUITY







Interest-bearing liabilities:







  NOW accounts

783,055

9,999

2.57

527,960

3,584

1.37

  Savings accounts

300,704

778

0.52

317,063

471

0.30

  Money market accounts

381,209

5,765

3.04

325,841

3,121

1.93

  Certificates of deposit

439,995

8,434

3.86

281,482

2,243

1.61

Total interest-bearing deposits

1,904,963

24,976

2.64

1,452,346

9,419

1.31

Other borrowed funds

350,354

8,601

4.94

303,344

6,497

4.32

Total interest-bearing liabilities

2,255,317

33,577

2.99

1,755,690

15,916

1.83

Demand deposits

376,632



386,104



Other liabilities

49,266



15,157



Total non-interest-bearing liabilities

425,898



401,261



Stockholders' equity

311,142



244,769



Total liabilities & stockholders' equity

2,992,357



2,401,720



Net interest income


42,753



36,539


Net interest spread (5)



2.53 %



2.81 %

Net interest income as a percentage







  of average interest-earning assets



3.09 %



3.23 %

Ratio of interest-earning assets







  to interest-bearing liabilities



123 %



130 %








(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)







June 30,

March 31,

December 31,

September 30,

June 30,


2024

2024

2023

2023

2023

Real estate:






  Residential

$         354,588

$       357,779

$       359,990

$       356,381

$       358,025

  Commercial

1,110,269

1,115,900

1,092,887

1,081,123

1,080,513

  Agricultural

327,057

318,413

314,802

314,164

312,302

  Construction

180,157

184,506

195,826

175,320

156,927

Consumer

70,542

53,101

61,316

115,753

42,701

Other commercial loans

130,851

129,438

136,168

120,347

120,288

Other agricultural loans

26,247

24,345

30,673

26,648

30,615

State & political subdivision loans

56,005

56,177

57,174

56,660

61,471

Total loans

2,255,716

2,239,659

2,248,836

2,246,396

2,162,842

Less: allowance for credit losses - loans

22,797

21,598

21,153

21,455

21,652

Net loans

$      2,232,919

$    2,218,061

$    2,227,683

$    2,224,941

$    2,141,190







Past due and non-performing assets












Total Loans past due 30-89 days and still accruing

$           20,652

$          6,311

$         10,457

$          5,960

$          4,828







Non-accrual loans

$           14,949

$         14,693

$         12,187

$         13,139

$         13,073

Loans past due 90 days or more and accruing

285

820

516

8

139

Non-performing loans

$           15,234

$         15,513

$         12,703

$         13,147

$         13,212

OREO

2,690

200

474

474

426

Total Non-performing assets

$           17,924

$         15,713

$         13,177

$         13,621

$         13,638




















Three Months Ended

Analysis of the Allowance for Credit Losses - Loans

June 30,

March 31,

December 31,

September 30,

June 30,

(In Thousands)

2024

2024

2023

2023

2023

Balance, beginning of period

$           21,598

$         21,153

$         21,455

$         21,652

$         15,250

Impact of Adopting ASC 326

-

-

-

-

-

Charge-offs

(682)

(674)

(510)

(808)

(4)

Recoveries

7

7

8

10

26

Net (charge-offs) recoveries

(675)

(667)

(502)

(798)

22

PCD allowance for credit loss at acquisition

-

-

-

-

1,689

Provision for credit losses - loans

1,874

1,112

200

601

100

Provision for credit losses - acquisition day 1 non-PCD

-

-

-

-

4,591

Balance, end of period

$           22,797

$         21,598

$         21,153

$         21,455

$         21,652







 

CITIZENS FINANCIAL SERVICES, INC.





Reconciliation of GAAP and Non-GAAP Financial Measures





(UNAUDITED)





(Dollars in thousands, except per share data)











As of




June 30,




2024

2023



Tangible Equity





Stockholders Equity - GAAP

$          286,470

$           263,228



Accumulated other comprehensive loss





Intangible Assets

(89,002)

(88,829)



Tangible Equity - Non-GAAP

197,468

174,399



Shares outstanding adjusted for June 2024 stock Dividend

4,759,486

4,753,357



Tangible Book value per share - Non-GAAP

$              41.49

$               36.69









As of




June 30




2024

2023



Tangible Equity per share





Stockholders Equity per share - GAAP

$              60.19

$               55.38



Adjustment for intangible assets

(18.70)

(18.69)



Tangible Book value per share - Non-GAAP

$              41.49

$               36.69














For the Three Months Ended

For the Six Months Ended


June 30

June 30


2024

2023

2024

2023

Return on Average Tangible Equity





Average Stockholders Equity - GAAP

$          285,184

$           221,557

$               283,834

$          214,753

Average Intangible Assets

(89,119)

(41,189)

(89,220)

(36,922)

Average Tangible Equity - Non-GAAP

196,065

180,368

194,614

177,831

Net Income (Loss) - GAAP

$              5,275

$             (4,144)

$                 12,299

$             2,723

Annualized Return on Average Tangible Equity Non-GAAP

10.76 %

-9.19 %

12.64 %

3.06 %







For the Three Months Ended

For the Six Months Ended


June 30

June 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 (Loss) - GAAP

$              5,275

$             (4,144)

$                 12,299

$             2,723

After tax gain on sale of Braavo, net of legal fees

-

-

(712)

-

After tax provision associated with Braavo loans remaining after sale

898

-

1,427

-

After tax provision for credit losses - acquisition day 1 non-PCD

-

3,627

-

3,627

After Tax merger and acquisition costs

-

6,793

-

7,017

Net Income excluding merger and acquisition costs - Non-GAAP

$              6,173

$               6,276

$                 13,014

$           13,367

Average Assets

2,973,890

2,432,795

2,992,357

2,401,720

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

0.83 %

1.03 %

0.87 %

1.11 %






Average Stockholders Equity - GAAP

$          313,384

$           250,390

$               311,142

$          244,769

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

7.88 %

10.03 %

8.37 %

10.92 %






Average Tangible Equity - Non-GAAP

196,065

180,368

194,614

177,831

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

12.59 %

13.92 %

13.37 %

15.03 %







For the Three Months Ended

For the Six Months Ended


June 30

June 30


2024

2023

2024

2023

Earnings per share, Excluding sale of Braavo assets, net of legal fees and
  merger and acquisition costs





Net Income (Loss) - GAAP

$              5,275

$             (4,144)

$                 12,299

$             2,723

After tax gain on sale of Braavo, net of legal fees

-

-

(712)

-

After tax provision associated with Braavo loans remaining after sale

898

-

1,427

-

After tax provision for credit losses - acquisition day 1 non-PCD

-

3,627

-

3,627

After Tax merger and acquisition costs

-

6,793

-

7,017

Net income excluding one time items - Non-GAAP

$              6,173

$               6,276

$                 13,014

$           13,367

Number of shares used in computation - basic

4,753,697

4,159,966

4,753,918

4,106,005

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

$                1.30

$                 1.51

$                     2.74

$               3.26












For the Three Months Ended

For the Six Months Ended


June 30

June 30

Reconciliation of net interest income on fully taxable equivalent basis

2024

2023

2024

2023

Total interest income

$            37,902

$             26,810

$               127,118

$           37,222

Total interest expense

16,602

8,889

46,858

3,231

Net interest income

21,300

17,921

80,260

33,991

Tax equivalent adjustment

245

268

1,055

469

Net interest income (fully taxable equivalent) - Non-GAAP

$            21,545

$             18,189

$                 81,315

$           34,460






 

Cision View original content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-second-quarter-2024-financial-result-302209998.html

SOURCE CITIZENS FINANCIAL SERVICES, INC.

FAQ

What was Citizens Financial Services' net income for Q2 2024?

Citizens Financial Services reported a net income of $5.3 million for Q2 2024.

How did the acquisition of HV Bancorp impact Citizens Financial Services in 2024?

The acquisition of HV Bancorp bolstered balance sheet growth, increased non-interest income, and expanded geographic reach.

What was the net interest income for Citizens Financial Services in the first half of 2024?

Net interest income for the first half of 2024 was $42.3 million, a 17.4% increase from 2023.

How much was the provision for credit losses for Citizens Financial Services in Q2 2024?

The provision for credit losses was $2.0 million for Q2 2024.

What was the dividend declared by Citizens Financial Services in June 2024?

A dividend of $0.49 per share was declared in June 2024, a 2.1% increase over the previous year.

What were the total assets of Citizens Financial Services as of June 30, 2024?

Total assets were $2.95 billion as of June 30, 2024.

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Citizens Financial Services, Inc.

NASDAQ:CZFS

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CZFS Latest News

Oct 30, 2024
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED THIRD QUARTER 2024 FINANCIAL RESULTS
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Jan 30, 2024
/C O R R E C T I O N -- CITIZENS FINANCIAL SERVICES, INC./
Jan 30, 2024
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FULL YEAR AND FOURTH QUARTER 2023 FINANCIAL RESULTS
Oct 23, 2023
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED THIRD QUARTER 2023 FINANCIAL RESULTS

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