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