Citizens Financial Services, Inc. - CZFS STOCK NEWS

Citizens Financial Services, Inc. (NASDAQ: CZFS) announced it has gained necessary regulatory approvals from the Pennsylvania Department of Banking and Securities and the Federal Reserve for its acquisition of HV Bancorp, Inc. (HVBC). The transaction is expected to close on June 16, 2023, pending customary conditions. Shareholders of HVBC will receive election materials during the week of May 8, 2023, allowing them to select their form of consideration. Citizens Financial, a bank holding company with $2.3 billion in assets, operates through First Citizens Community Bank, which has 33 offices across Pennsylvania, Delaware, and New York. This strategic acquisition aims to enhance market presence and improve operational efficiencies.

Citizens Financial Services, Inc. (Nasdaq: CZFS) reported its unaudited financial results for 2022, showing net income of $29.1 million, a slight decline of 0.2% compared to 2021. The company opened two new branches in 2022 and plans to open another in 2023. Net loan growth reached $282.2 million or 19.8%, while non-performing assets decreased to $7.5 million. The return on average equity was 12.98%, down from 14.26% in 2021. Net interest income increased by 9.1% to $72.1 million, yet total non-interest income fell by 21% to $9.7 million. A cash dividend of $0.480 per share was declared, reflecting a 3.13% increase.

Citizens Financial Services, Inc. (CZFS) has declared a cash dividend of $0.48 per share, marking a 3.1% increase from last year's $0.465 per share dividend. The dividend is payable on December 30, 2022 to shareholders of record by the close of business on December 16, 2022. The company, with a market cap of $2.30 billion, operates First Citizens Community Bank across Pennsylvania, Delaware, and New York. President and CEO Randall Black emphasized the bank's commitment to shareholder trust and financial resilience.

Citizens Financial Services, Inc. (Nasdaq: CZFS) reported its financial results for the three and nine months ending September 30, 2022. The company announced plans to acquire HV Bancorp, expected to close in early 2023. Net income for the nine-month period was $21.2 million, down 4.5% from the previous year, while net income for Q3 increased 6.8% to $7.5 million. Net loan growth was strong at $295.4 million year-to-date, representing a 27.7% annualized increase. Non-performing assets decreased to 0.47%. A quarterly cash dividend of $0.480 per share was declared, reflecting a 3.13% increase.

Citizens Financial Services and HV Bancorp announced a definitive agreement for HVBC to merge into CZFS. HVBC shareholders can choose $30.50 cash or 0.400 shares of CZFS stock, with a total transaction value of approximately $67.4 million. This merger aims to enhance CZFS's presence in Pennsylvania, Delaware, and New Jersey. Post-merger, the combined assets are expected to exceed $2.78 billion. The merger, approved by both companies' boards, is anticipated to complete in the first half of 2023, pending regulatory and shareholder approvals.

Citizens Financial Services, Inc. (CZFS) declared a cash dividend of $0.48 per share, payable on September 30, 2022. Shareholders recorded by the close of business on September 16, 2022 will receive this dividend, reflecting a 3.1% increase from last year’s $0.465, adjusted for a 1% stock dividend in June 2022. The company's President, Randall Black, stated that the uplisting to the Nasdaq Capital Market supports their growth and commitment to rewarding shareholders.

Citizens Financial Services, Inc. (Nasdaq: CZFS) reported its unaudited financial results for the six months ended June 30, 2022, showing net income of $13.6 million, a 9.7% decline from the previous year, mainly due to prior life insurance proceeds and lower loan sale gains amid rising mortgage rates. The bank experienced a net loan growth of $116.7 million for Q2 and $153.6 million year-to-date, marking a 21.6% annualized increase. Non-performing assets decreased to $8.36 million, with a 0.52% ratio of total loans. A dividend of $0.475 per share was declared, up 3.20% from last year.

The Board of Directors of Citizens Financial Services declared a cash dividend of $0.475 per share and a 1% stock dividend, payable on June 24, 2022, to shareholders of record by June 10, 2022. This marks a 3.2% increase over last year's cash dividend of $0.460. CEO Randall Black highlighted the strength of their Community Banking model and the recent approval to uplist on Nasdaq, aiming to enhance shareholder value. Citizens Financial Services holds assets of $2.19 billion and operates 30 offices across Pennsylvania, Delaware, and New York.

Citizens Financial Services (Nasdaq: CZFS) announced its uplisting to the Nasdaq Capital Market, effective June 3, 2022. This strategic move is expected to boost liquidity, improve access to capital, and enhance shareholder value. CEO Randall Black highlighted that this uplisting coincides with the company's 150th anniversary and reflects its growth, with 2021 results showing $2.1 billion in assets, $1.8 billion in deposits, and record net income of $29.1 million.