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.
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(1) See
reconciliation of GAAP and non-GAAP measures at the end of the
press release
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CITIZENS FINANCIAL SERVICES,
INC.
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CONSOLIDATED FINANCIAL
HIGHLIGHTS
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(UNAUDITED)
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(Dollars in thousands, except per share
data)
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As of or For
The
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As of or For
The
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Three Months
Ended
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Six Months
Ended
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June 30,
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June 30,
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2024
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2023
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2024
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2023
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Income and Performance Ratios
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Net Income
(Loss)
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$
5,275
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$
(4,144)
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$
12,299
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$
2,723
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Return on average
assets (annualized)
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0.71 %
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(0.68 %)
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0.82 %
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0.23 %
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Return on average
equity (annualized)
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6.73 %
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(6.62 %)
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7.91 %
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2.22 %
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Return on average
tangible equity (annualized) (a)
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10.76 %
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(9.19 %)
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12.64 %
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3.06 %
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Net interest margin
(tax equivalent)(a)
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3.15 %
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3.17 %
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3.09 %
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3.23 %
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Earnings (loss) per
share - basic (b)
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$
1.11
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$
(1.00)
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$
2.59
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$
0.66
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Earnings (loss)
per share - diluted (b)
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$
1.11
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$
(1.00)
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$
2.59
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$
0.66
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Cash dividends paid per
share (b)
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$
0.485
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$
0.475
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$
0.970
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$
0.949
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Number of shares used
in computation - basic (b)
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4,748,927
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4,159,966
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4,748,523
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4,106,005
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Number of shares used
in computation - diluted (b)
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4,753,697
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4,159,966
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4,753,918
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4,106,005
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Asset quality
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Allowance for credit
losses - loans
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$
22,797
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$
21,652
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Non-performing
assets
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$
17,924
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$
13,638
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Allowance for credit
losses - loans to total loans
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1.01 %
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1.00 %
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Non-performing assets
to total loans
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0.79 %
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0.63 %
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Annualized net
charge-offs to total loans
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0.12 %
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0.00 %
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0.12 %
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0.00 %
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Equity
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Book value per share
(b)
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$
60.19
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$
55.38
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Tangible Book value per
share (a) (b)
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$
41.49
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$
36.69
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Market Value (Last
reported trade of month)
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$
44.94
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$
74.47
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Common shares
outstanding
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4,759,486
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4,706,768
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Other
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Average Full Time
Equivalent Employees
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389.7
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322.2
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391.9
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317.7
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Loan to Deposit
Ratio
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99.24 %
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95.44 %
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Trust assets under
management
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$
174,703
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$ 169,956
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Brokerage assets under
management
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$
368,379
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$ 307,336
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Balance Sheet Highlights
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June 30,
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December
31,
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June 30,
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2024
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2023
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2023
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Assets
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$
2,947,531
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$
2,975,321
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$
2,891,808
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Investment
securities
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404,231
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419,539
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436,164
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Loans (net of unearned
income)
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2,255,716
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2,239,659
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2,162,842
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Allowance for credit
losses - loans
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22,797
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21,598
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21,652
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Deposits
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2,273,095
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2,321,481
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2,266,100
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Stockholders'
Equity
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286,470
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279,666
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263,228
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(a) See
reconciliation of GAAP and Non-GAAP measures at the end of the
press release
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(b) Prior period
amounts were adjusted to reflect stock dividends.
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CITIZENS FINANCIAL SERVICES,
INC.
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CONSOLIDATED BALANCE SHEET
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(UNAUDITED)
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June 30,
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December
31,
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June 30,
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(in thousands except share
data)
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2024
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2023
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2023
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ASSETS:
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Cash and due from
banks:
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Noninterest-bearing
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$
22,023
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$
37,733
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$
28,740
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Interest-bearing
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16,410
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15,085
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15,969
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Total cash and cash
equivalents
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38,433
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52,818
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44,709
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Interest bearing time
deposits with other banks
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3,820
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4,070
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4,814
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Equity
securities
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1,570
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1,938
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1,849
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Available-for-sale
securities
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402,661
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417,601
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434,315
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Loans held for
sale
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14,227
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9,379
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14,940
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Loans (net of allowance
for credit losses - loans: $22,797 at June 30, 2024;
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$21,153 at December 31, 2023 and $21,652 at June 30,
2023)
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2,232,919
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2,227,683
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2,141,190
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Premises and
equipment
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20,899
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21,384
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21,382
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Accrued interest
receivable
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10,782
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11,043
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9,283
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Goodwill
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85,758
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85,758
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84,758
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Bank owned life
insurance
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49,746
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49,897
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50,194
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Other
intangibles
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3,244
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3,650
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4,071
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Fair value of
derivative instruments - asset
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13,111
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13,687
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16,395
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Deferred tax
asset
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17,185
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17,339
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20,108
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Other assets
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53,176
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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
|
|
|
|
|
|
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.
