CITIZENS FINANCIAL SERVICES INC
For the period ended Dec 31, 2024. Filed Jan 30, 2025.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Dec 31, 2024 · Filed Jan 30, 2025
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Contents
EX-99.1 · Dividend Declared
Dividend Declared
On December 3, 2024, the Board of Directors declared a cash dividend of $0.49 per share, which was paid on December 27, 2024 to shareholders of record at the close of business on December 13, 2024. The quarterly cash dividend is an increase of 1.0% over the regular cash dividend of $0.485 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2024.
Citizens Financial Services, Inc. has nearly 1,850 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.
(1) See reconciliation of GAAP and non-GAAP measures at the end of the press release
| CITIZENS FINANCIAL SERVICES, INC. | ||||
|---|---|---|---|---|
| CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||
| (UNAUDITED) | ||||
| (Dollars in thousands, except per share data) | ||||
| As of or For The · As of or For The | ||||
| Three Months Ended · Year Ended | ||||
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Income and Performance Ratios | ||||
| Net Income | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| Return on average assets (annualized) | 1.06% | 1.01% | 0.93% | 0.67% |
| Return on average equity (annualized) | 10.63% | 11.29% | 9.59% | 7.39% |
| Return on average tangible equity (annualized) (a) | 15.10% | 16.88% | 13.84% | 10.00% |
| Net interest margin (tax equivalent) (a) | 3.26% | 3.13% | 3.13% | 3.21% |
| Earnings per share - basic (b) | $ 1.68 | $ 1.59 | $ 5.86 | $ 4.02 |
| Earnings per share - diluted (b) | $ 1.68 | $ 1.59 | $ 5.85 | $ 4.02 |
| Cash dividends paid per share (b) | $ 0.490 | $ 0.485 | $ 1.950 | $ 1.920 |
| Number of shares used in computation - basic (b) | 4,750,062 | 4,746,719 | 4,750,185 | 4,429,162 |
| Number of shares used in computation - diluted (b) | 4,752,505 | 4,746,720 | 4,755,066 | 4,429,162 |
| Asset quality | ||||
| Allowance for credit losses - loans | $ 21,699 | $ 21,153 | ||
| Non-performing assets | $ 28,612 | $ 13,177 | ||
| Allowance for credit losses - loans to total loans | 0.94% | 0.94% | ||
| Non-performing assets to total loans | 1.24% | 0.59% | ||
| Annualized net charge-offs to total loans | 0.01% | 0.09% | 0.11% | 0.06% |
| Equity | ||||
| Book value per share (b) | $ 62.97 | $ 58.83 | ||
| Tangible Book value per share (a) (b) | $ 44.35 | $ 40.02 | ||
| Market Value (Last reported trade of month) | $ 63.31 | $ 64.72 | ||
| Common shares outstanding | 4,759,612 | 4,706,994 | ||
| Other | ||||
| Average Full Time Equivalent Employees | 388.5 | 395.3 | 392.0 | 357.7 |
| Loan to Deposit Ratio | 97.11% | 96.87% | ||
| Trust assets under management | $ 180,710 | $ 167,894 | ||
| Brokerage assets under management | $ 395,869 | $ 329,446 | ||
| Balance Sheet Highlights | December 31, | December 31, | ||
| 2024 · 2023 | ||||
| Assets | $ 3,025,724 | $ 2,975,321 | ||
| Investment securities | 427,659 | 419,539 | ||
| Loans (net of unearned income) | 2,313,242 | 2,248,836 | ||
| Allowance for credit losses - loans | 21,699 | 21,153 | ||
| Deposits | 2,382,028 | 2,321,481 | ||
| Stockholders' Equity | 299,734 | 279,666 | ||
| (a) See reconcilation of GAAP and Non-GAAP measures at the end of the press release | ||||
| (b) Prior period amounts were adjusted to reflect stock dividends. | ||||
| CITIZENS FINANCIAL SERVICES, INC. | ||
|---|---|---|
| CONSOLIDATED BALANCE SHEET | ||
| (UNAUDITED) | ||
| December 31, | December 31, | |
| (in thousands except share data) | 2024 | 2023 |
| ASSETS: | ||
| Cash and due from banks: | ||
| Noninterest-bearing | $ 30,284 | $ 37,733 |
| Interest-bearing | 11,918 | 15,085 |
| Total cash and cash equivalents | 42,202 | 52,818 |
| Interest bearing time deposits with other banks | 3,820 | 4,070 |
| Equity securities | 1,747 | 1,938 |
| Available-for-sale securities | 425,912 | 417,601 |
| Loans held for sale | 9,607 | 9,379 |
| Loans (net of allowance for credit losses - loans: $21,699 at December 31, 2024; | ||
| $21,153 at December 31, 2023) | 2,291,543 | 2,227,683 |
| Premises and equipment | 21,395 | 21,384 |
| Accrued interest receivable | 10,307 | 11,043 |
| Goodwill | 85,758 | 85,758 |
| Bank owned life insurance | 50,341 | 49,897 |
| Other intangibles | 2,892 | 3,650 |
| Fair value of derivative instruments - asset | 10,370 | 13,687 |
| Deferred tax asset | 15,199 | 17,339 |
| Other assets | 54,631 | 59,074 |
| TOTAL ASSETS | $ 3,025,724 | $ 2,975,321 |
| LIABILITIES: | ||
| Deposits: | ||
| Noninterest-bearing | $ 532,776 | $ 523,784 |
| Interest-bearing | 1,849,252 | 1,797,697 |
| Total deposits | 2,382,028 | 2,321,481 |
| Borrowed funds | 297,721 | 322,036 |
| Accrued interest payable | 4,693 | 4,298 |
| Fair value of derivative instruments - liability | 5,817 | 7,922 |
| Other liabilities | 35,731 | 39,918 |
| TOTAL LIABILITIES | 2,725,990 | 2,695,655 |
| 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 December 31, 2024, and 2023: | ||
| issued 5,207,577 at December 31, 2024 and 5,160,754 at December 31, 2023 | 5,208 | 5,161 |
| Additional paid-in capital | 144,984 | 143,233 |
| Retained earnings | 189,443 | 172,975 |
| Accumulated other comprehensive loss | (23,521) | (24,911) |
| Treasury stock, at cost: 447,965 at December 31, 2024 and 453,760 shares | ||
| at December 31, 2023 | (16,380) | (16,792) |
| TOTAL STOCKHOLDERS' EQUITY | 299,734 | 279,666 |
| TOTAL LIABILITIES AND | ||
| STOCKHOLDERS' EQUITY | $ 3,025,724 | $ 2,975,321 |
| CITIZENS FINANCIAL SERVICES, INC. | ||||
|---|---|---|---|---|
| CONSOLIDATED STATEMENT OF INCOME | ||||
| (UNAUDITED) | ||||
| Three Months Ended · Year Ended | ||||
| December 31, | December 31, | |||
| (in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 |
| INTEREST INCOME: | ||||
| Interest and fees on loans | $ 36,630 | $ 35,637 | $ 142,688 | $ 116,075 |
| Interest-bearing deposits with banks | 156 | 274 | 851 | 736 |
| Investment securities: | ||||
| Taxable | 2,112 | 1,663 | 7,135 | 6,636 |
| Nontaxable | 524 | 535 | 2,093 | 2,264 |
| Dividends | 371 | 403 | 1,550 | 1,407 |
| TOTAL INTEREST INCOME | 39,793 | 38,512 | 154,317 | 127,118 |
| INTEREST EXPENSE: | ||||
| Deposits | 13,875 | 12,180 | 52,326 | 31,699 |
| Borrowed funds | 3,045 | 4,477 | 15,536 | 15,159 |
| TOTAL INTEREST EXPENSE | 16,920 | 16,657 | 67,862 | 46,858 |
| NET INTEREST INCOME | 22,873 | 21,855 | 86,455 | 80,260 |
| Provision for credit losses | - | 200 | 2,587 | 937 |
| Provision for credit losses - acquisition day 1 non-PCD | - | - | - | 4,591 |
| NET INTEREST INCOME AFTER | ||||
| PROVISION FOR CREDIT LOSSES | 22,873 | 21,655 | 83,868 | 74,732 |
| NON-INTEREST INCOME: | ||||
| Service charges | 1,356 | 1,443 | 5,749 | 5,639 |
| Trust | 187 | 181 | 816 | 764 |
| Brokerage and insurance | 608 | 495 | 2,381 | 1,924 |
| Gains on loans sold | 596 | 737 | 2,316 | 1,464 |
| Equity security gains (losses), net | 18 | 79 | 145 | (144) |
| Available for sale security losses, net | - | - | - | (51) |
| Earnings on bank owned life insurance | 350 | 313 | 1,684 | 1,254 |
| Gain on sale of Braavo division | - | - | 1,102 | - |
| Other | 224 | 241 | 1,208 | 755 |
| TOTAL NON-INTEREST INCOME | 3,339 | 3,489 | 15,401 | 11,605 |
| NON-INTEREST EXPENSES: | ||||
| Salaries and employee benefits | 9,725 | 9,392 | 39,347 | 34,990 |
| Occupancy | 1,208 | 1,253 | 5,013 | 4,123 |
| Furniture and equipment | 247 | 254 | 1,038 | 822 |
| Professional fees | 578 | 688 | 2,599 | 1,962 |
| FDIC insurance expense | 407 | 475 | 1,996 | 1,475 |
| Pennsylvania shares tax | 248 | (310) | 1,114 | 583 |
| Amortization of intangibles | 132 | 154 | 564 | 373 |
| Software expenses | 445 | 510 | 1,953 | 1,784 |
| ORE (recovery) expenses | (34) | 40 | 212 | 166 |
| Merger and acquisition expenses | - | - | - | 9,269 |
| Other | 3,712 | 3,464 | 11,750 | 9,275 |
| TOTAL NON-INTEREST EXPENSES | 16,668 | 15,920 | 65,586 | 64,822 |
| Income before provision for income taxes | 9,544 | 9,224 | 33,683 | 21,515 |
| Provision for income tax expense | 1,561 | 1,684 | 5,865 | 3,704 |
| NET INCOME | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| PER COMMON SHARE DATA: | ||||
| Net Income - Basic | $ 1.68 | $ 1.59 | $ 5.86 | $ 4.02 |
| Net Income - Diluted | $ 1.68 | $ 1.59 | $ 5.85 | $ 4.02 |
| Cash Dividends Paid | $ 0.490 | $ 0.485 | $ 1.950 | $ 1.920 |
| Number of shares used in computation - basic | 4,750,062 | 4,746,719 | 4,750,185 | 4,429,162 |
| Number of shares used in computation - diluted | 4,752,505 | 4,746,720 | 4,755,066 | 4,429,162 |
| CITIZENS FINANCIAL SERVICES, INC. | |||||
|---|---|---|---|---|---|
| QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION | |||||
| (UNAUDITED) | |||||
| (in thousands, except per share data) | Three Months Ended, | ||||
| Dec 31, | Sept 30, | June 30, | March 31, | Dec 31, | |
| 2024 | 2024 | 2024 | 2024 | 2023 | |
| Interest income | $ 39,793 | $ 38,689 | $ 37,902 | $ 37,933 | $ 38,512 |
| Interest expense | 16,920 | 17,365 | 16,602 | 16,975 | 16,657 |
| Net interest income | 22,873 | 21,324 | 21,300 | 20,958 | 21,855 |
| Provision (negative) for credit losses | - | (200) | 2,002 | 785 | 200 |
| Net interest income after provision (negative) for credit losses | 22,873 | 21,524 | 19,298 | 20,173 | 21,655 |
| Non-interest income | 3,321 | 3,596 | 3,423 | 4,916 | 3,410 |
| Investment securities gains (losses), net | 18 | 159 | (87) | 55 | 79 |
| Non-interest expenses | 16,668 | 16,029 | 16,246 | 16,643 | 15,920 |
| Income before provision for income taxes | 9,544 | 9,250 | 6,388 | 8,501 | 9,224 |
| Provision for income tax expense | 1,561 | 1,714 | 1,113 | 1,477 | 1,684 |
| Net income | $ 7,983 | $ 7,536 | $ 5,275 | $ 7,024 | $ 7,540 |
| Earnings Per Share - Basic | $ 1.68 | $ 1.59 | $ 1.11 | $ 1.48 | $ 1.59 |
| Earnings Per Share - Diluted | $ 1.68 | $ 1.59 | $ 1.11 | $ 1.48 | $ 1.59 |
| CITIZENS FINANCIAL SERVICES, INC. | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED AVERAGE BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY TAX-EQUIVALENT BASIS | ||||||
| (UNAUDITED) | ||||||
| Three Months Ended December 31, | ||||||
| 2024 · 2023 | ||||||
| Average · Average · Average · Average | ||||||
| Balance (1) | Interest | Rate | Balance (1) | Interest | Rate | |
| (dollars in thousands) | $ | $ | % | $ | $ | % |
| ASSETS | ||||||
| Interest-bearing deposits at banks | 17,680 | 126 | 2.84 | 18,507 | 239 | 5.12 |
| Interest bearing time deposits at banks | 3,820 | 30 | 3.12 | 4,410 | 35 | 3.06 |
| Investment securities: | ||||||
| Taxable | 368,221 | 2,483 | 2.70 | 377,292 | 2,066 | 2.19 |
| Tax-exempt (3) | 103,375 | 664 | 2.57 | 108,353 | 678 | 2.50 |
| Investment securities | 471,596 | 3,147 | 2.67 | 485,645 | 2,744 | 2.26 |
| Loans: (2)(3)(4) | ||||||
| Residential mortgage loans | 355,108 | 5,146 | 5.77 | 358,735 | 5,120 | 5.66 |
| Construction loans | 173,427 | 3,276 | 7.51 | 197,420 | 3,653 | 7.34 |
| Commercial Loans | 1,248,114 | 19,716 | 6.28 | 1,208,249 | 19,482 | 6.40 |
| Agricultural Loans | 355,557 | 5,275 | 5.90 | 339,720 | 4,302 | 5.02 |
| Loans to state & political subdivisions | 55,333 | 555 | 3.99 | 56,710 | 562 | 3.93 |
| Other loans | 139,567 | 2,770 | 7.90 | 130,468 | 2,627 | 7.99 |
| Loans, net of discount (2)(3)(4) | 2,327,106 | 36,738 | 6.28 | 2,291,302 | 35,746 | 6.19 |
| Total interest-earning assets | 2,820,202 | 40,041 | 5.65 | 2,799,864 | 38,764 | 5.49 |
| Cash and due from banks | 9,088 | 11,215 | ||||
| Bank premises and equipment | 21,291 | 21,446 | ||||
| Other assets | 186,815 | 191,231 | ||||
| Total non-interest earning assets | 217,194 | 223,892 | ||||
| Total assets | 3,037,396 | 3,023,756 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Interest-bearing liabilities: | ||||||
| NOW accounts | 759,604 | 4,648 | 2.43 | 816,067 | 5,344 | 2.60 |
| Savings accounts | 289,798 | 367 | 0.50 | 312,575 | 417 | 0.53 |
| Money market accounts | 422,624 | 3,351 | 3.15 | 400,971 | 2,910 | 2.88 |
| Certificates of deposit | 544,320 | 5,509 | 4.03 | 401,932 | 3,509 | 3.46 |
| Total interest-bearing deposits | 2,016,346 | 13,875 | 2.74 | 1,931,545 | 12,180 | 2.50 |
| Other borrowed funds | 273,604 | 3,045 | 4.43 | 351,492 | 4,477 | 5.05 |
| Total interest-bearing liabilities | 2,289,950 | 16,920 | 2.94 | 2,283,037 | 16,657 | 2.89 |
| Demand deposits | 395,714 | 389,927 | ||||
| Other liabilities | 29,545 | 46,888 | ||||
| Total non-interest-bearing liabilities | 425,259 | 436,815 | ||||
| Stockholders' equity | 322,187 | 303,904 | ||||
| Total liabilities & stockholders' equity | 3,037,396 | 3,023,756 | ||||
| Net interest income | 23,121 | 22,107 | ||||
| Net interest spread (5) | 2.71% | 2.60% | ||||
| Net interest income as a percentage | ||||||
| of average interest-earning assets | 3.26% | 3.13% | ||||
| Ratio of interest-earning assets | ||||||
| to interest-bearing liabilities | 123% | 123% | ||||
| (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) | ||||||
| Year Ended December 31, | ||||||
| 2024 · 2023 | ||||||
| Average · Average · Average · Average | ||||||
| Balance (1) | Interest | Rate | Balance (1) | Interest | Rate | |
| (dollars in thousands) | $ | $ | % | $ | $ | % |
| ASSETS | ||||||
| Interest-bearing deposits at banks | 28,264 | 730 | 2.58 | 24,470 | 572 | 2.34 |
| Interest bearing time deposits at banks | 3,878 | 121 | 3.09 | 5,255 | 164 | 3.10 |
| Investment securities: | ||||||
| Taxable | 359,724 | 8,685 | 2.41 | 383,241 | 8,043 | 2.10 |
| Tax-exempt (3) | 105,141 | 2,650 | 2.52 | 112,806 | 2,866 | 2.54 |
| Investment securities | 464,865 | 11,335 | 2.44 | 496,047 | 10,909 | 2.20 |
| Loans: (2)(3)(4) | ||||||
| Residential mortgage loans | 356,292 | 20,758 | 5.83 | 290,971 | 15,918 | 5.47 |
| Construction loans | 182,714 | 13,607 | 7.45 | 135,315 | 9,485 | 7.01 |
| Commercial Loans | 1,242,182 | 78,912 | 6.35 | 1,081,488 | 64,561 | 5.97 |
| Agricultural Loans | 350,588 | 18,978 | 5.41 | 342,980 | 17,061 | 4.97 |
| Loans to state & political subdivisions | 55,919 | 2,213 | 3.96 | 59,308 | 2,299 | 3.88 |
| Other loans | 107,656 | 8,654 | 8.04 | 94,519 | 7,204 | 7.62 |
| Loans, net of discount (2)(3)(4) | 2,295,351 | 143,122 | 6.24 | 2,004,581 | 116,528 | 5.81 |
| Total interest-earning assets | 2,792,358 | 155,308 | 5.56 | 2,530,353 | 128,173 | 5.07 |
| Cash and due from banks | 9,306 | 9,341 | ||||
| Bank premises and equipment | 21,124 | 19,871 | ||||
| Other assets | 183,674 | 139,474 | ||||
| Total non-interest earning assets | 214,104 | 168,686 | ||||
| Total assets | 3,006,462 | 2,699,039 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Interest-bearing liabilities: | ||||||
| NOW accounts | 765,445 | 19,205 | 2.51 | 666,505 | 13,396 | 2.01 |
| Savings accounts | 296,275 | 1,532 | 0.52 | 318,299 | 1,314 | 0.41 |
| Money market accounts | 397,942 | 12,482 | 3.14 | 364,385 | 8,713 | 2.39 |
| Certificates of deposit | 481,862 | 19,107 | 3.97 | 328,553 | 8,276 | 2.52 |
| Total interest-bearing deposits | 1,941,524 | 52,326 | 2.70 | 1,677,742 | 31,699 | 1.89 |
| Other borrowed funds | 323,409 | 15,536 | 4.80 | 326,577 | 15,159 | 4.64 |
| Total interest-bearing liabilities | 2,264,933 | 67,862 | 3.00 | 2,004,319 | 46,858 | 2.34 |
| Demand deposits | 385,702 | 382,979 | ||||
| Other liabilities | 40,593 | 38,419 | ||||
| Total non-interest-bearing liabilities | 426,295 | 421,398 | ||||
| Stockholders' equity | 315,234 | 273,322 | ||||
| Total liabilities & stockholders' equity | 3,006,462 | 2,699,039 | ||||
| Net interest income | 87,446 | 81,315 | ||||
| Net interest spread (5) | 2.56% | 2.73% | ||||
| Net interest income as a percentage | ||||||
| of average interest-earning assets | 3.13% | 3.21% | ||||
| Ratio of interest-earning assets | ||||||
| to interest-bearing liabilities | 123% | 126% | ||||
| (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) | |||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |
| 2024 | 2024 | 2024 | 2024 | 2023 | |
| Real estate: | |||||
| Residential | $ 351,398 | $ 353,254 | $ 354,588 | $ 357,779 | $ 359,990 |
| Commercial | 1,121,435 | 1,110,548 | 1,110,269 | 1,115,900 | 1,092,887 |
| Agricultural | 327,722 | 331,734 | 327,057 | 318,413 | 314,802 |
| Construction | 164,326 | 178,706 | 180,157 | 184,506 | 195,826 |
| Consumer | 133,207 | 143,064 | 70,542 | 53,101 | 61,316 |
| Other commercial loans | 131,310 | 134,285 | 130,851 | 129,438 | 136,168 |
| Other agricultural loans | 29,662 | 24,537 | 26,247 | 24,345 | 30,673 |
| State & political subdivision loans | 54,182 | 54,874 | 56,005 | 56,177 | 57,174 |
| Total loans | 2,313,242 | 2,331,002 | 2,255,716 | 2,239,659 | 2,248,836 |
| Less: allowance for credit losses - loans | 21,699 | 21,695 | 22,797 | 21,598 | 21,153 |
| Net loans | $ 2,291,543 | $ 2,309,307 | $ 2,232,919 | $ 2,218,061 | $ 2,227,683 |
| Past due and non-performing assets | |||||
| Total Loans past due 30-89 days and still accruing | $ 8,015 | $ 7,423 | $ 20,652 | $ 6,311 | $ 10,457 |
| Non-accrual loans | $ 25,701 | $ 20,858 | $ 14,949 | $ 14,693 | $ 12,187 |
| Loans past due 90 days or more and accruing | 276 | 701 | 285 | 820 | 516 |
| Non-performing loans | $ 25,977 | $ 21,559 | $ 15,234 | $ 15,513 | $ 12,703 |
| Other real estate owned | 2,635 | 2,486 | 2,690 | 200 | 474 |
| Total Non-performing assets | $ 28,612 | $ 24,045 | $ 17,924 | $ 15,713 | $ 13,177 |
| Three Months Ended | |||||
| Analysis of the Allowance for Credit Losses - Loans | December 31, | September 30, | June 30, | March 31, | December 31, |
| (In Thousands) | 2024 | 2024 | 2024 | 2024 | 2023 |
| Balance, beginning of period | $ 21,695 | $ 22,797 | $ 21,598 | $ 21,153 | $ 21,455 |
| Charge-offs | (105) | (1,212) | (682) | (674) | (510) |
| Recoveries | 19 | 10 | 7 | 7 | 8 |
| Net (charge-offs) recoveries | (86) | (1,202) | (675) | (667) | (502) |
| Provision for credit losses - loans | 90 | 100 | 1,874 | 1,112 | 200 |
| Balance, end of period | $ 21,699 | $ 21,695 | $ 22,797 | $ 21,598 | $ 21,153 |
| CITIZENS FINANCIAL SERVICES, INC. | ||||
|---|---|---|---|---|
| Reconciliation of GAAP and Non-GAAP Financial Measures | ||||
| (UNAUDITED) | ||||
| (Dollars in thousands, except per share data) | ||||
| As of | ||||
| December 31, | ||||
| 2024 · 2023 | ||||
| Tangible Equity | ||||
| Stockholders Equity - GAAP | $ 299,734 | $ 279,666 | ||
| Intangible Assets | (88,650) | (89,408) | ||
| Tangible Equity - Non-GAAP | 211,084 | 190,258 | ||
| Shares outstanding adjusted for June 2024 stock Dividend | 4,759,612 | 4,753,583 | ||
| Tangible Book value per share - Non-GAAP | $ 44.35 | $ 40.02 | ||
| As of | ||||
| December 31, | ||||
| 2024 · 2023 | ||||
| Tangible Equity per share | ||||
| Stockholders Equity per share - GAAP | $ 62.97 | $ 58.83 | ||
| Adjustment for intangible assets | (18.62) | (18.81) | ||
| Tangible Book value per share - Non-GAAP | $ 44.35 | $ 40.02 | ||
| For the Three Months Ended · For the Year Ended | ||||
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Return on Average Assets Excluding Accumulated Other Comprehensive Loss (AOCL) | ||||
| Average Stockholders Equity - GAAP | $ 3,015,467 | $ 2,987,084 | $ 2,981,322 | $ 2,666,841 |
| Average AOCL | (21,929) | (36,672) | (25,140) | (32,198) |
| Average Assets, Excluding AOCL - Non-GAAP | 3,037,396 | 3,023,756 | 3,006,462 | 2,699,039 |
| Net Income - GAAP | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| Annualized Return on Average Assets-GAAP | 1.06% | 1.01% | 0.93% | 0.67% |
| Annualized Return on Average Assets, Excluding AOCL - Non-GAAP | 1.05% | 1.00% | 0.93% | 0.66% |
| For the Three Months Ended · For the Year Ended | ||||
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Return on Average Equity Excluding Accumulated Other Comprehensive Loss (AOCL) | ||||
| Average Stockholders Equity - GAAP | $ 300,258 | $ 267,232 | $ 290,094 | $ 241,124 |
| Average AOCL | (21,929) | (36,672) | (25,140) | (32,198) |
| Average Stockholder's Equity, Excluding AOCL - Non-GAAP | 322,187 | 303,904 | 315,234 | 273,322 |
| Net Income - GAAP | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| Annualized Return on Average Stockholder's Equity-GAAP | 10.63% | 11.29% | 9.59% | 7.39% |
| Annualized Return on Average Stockholder's Equity, Excluding AOCL - Non-GAAP | 9.91% | 9.93% | 8.82% | 6.52% |
| For the Three Months Ended · For the Year Ended | ||||
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Return on Average Tangible Equity | ||||
| Average Stockholders Equity - GAAP | $ 300,258 | $ 267,232 | $ 290,094 | $ 241,124 |
| Average Intangible Assets | (88,757) | (88,536) | (89,031) | (62,993) |
| Average Tangible Equity - Non-GAAP | 211,501 | 178,696 | 201,063 | 178,131 |
| Net Income - GAAP | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| Annualized Return on Average Tangible Equity Non-GAAP | 15.10% | 16.88% | 13.84% | 10.00% |
| For the Three Months Ended · For the Year Ended | ||||
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Return on Average Assets and Equity Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale and merger and acquisition costs | ||||
| Net Income - GAAP | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| After tax gain on sale of Braavo, net of legal fees | - | - | (712) | - |
| After tax provisision associatated with Braavo loans remaining after sale | - | - | 1,427 | - |
| After tax provision for credit losses - acquisition day 1 non-PCD | - | - | - | 3,627 |
| After Tax merger and acquisition costs | - | - | - | 7,513 |
| Net Income excluding merger and acquisition costs - Non-GAAP | $ 7,983 | $ 7,540 | $ 28,533 | $ 28,951 |
| Average Assets | 3,015,467 | 2,987,084 | 2,981,322 | 2,666,841 |
| Annualized Return on Average assets, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax and merger and acquisition costs - Non-GAAP | 1.06% | 1.01% | 0.96% | 1.09% |
| Average Stockholders Equity - GAAP | $ 300,258 | $ 267,232 | $ 290,094 | $ 241,124 |
| 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 | 10.63% | 11.29% | 9.84% | 12.01% |
| Average Tangible Equity - Non-GAAP | 211,501 | 178,696 | 201,063 | 178,131 |
| 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 | 15.10% | 16.88% | 14.19% | 16.25% |
| For the Three Months Ended · For the Year Ended | ||||
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Earnings per share, Excluding sale of Braavo assets, net of legal fees and merger and acquisition costs | ||||
| Net Income - GAAP | $ 7,983 | $ 7,540 | $ 27,818 | $ 17,811 |
| After tax gain on sale of Braavo, net of legal fees | - | - | (712) | - |
| After tax provisision associatated with Braavo loans remaining after sale | - | - | 1,427 | - |
| After tax provision for credit losses - acquisition day 1 non-PCD | - | - | - | 3,627 |
| After Tax merger and acquisition costs | - | - | - | 7,513 |
| Net income excluding one time items - Non-GAAP | $ 7,983 | $ 7,540 | $ 28,533 | $ 28,951 |
| Number of shares used in computation - basic | 4,750,062 | 4,746,719 | 4,750,185 | 4,429,162 |
| 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 | $ 1.68 | $ 1.59 | $ 6.01 | $ 6.54 |
| For the Three Months Ended · For the Year Ended | ||||
|---|---|---|---|---|
| December 31, | December 31, | |||
| Reconciliation of net interest income on fully taxable equivalent basis | 2024 | 2023 | 2024 | 2023 |
| Total interest income | $ 39,793 | $ 38,512 | $ 154,317 | $ 127,118 |
| Total interest expense | 16,920 | 16,657 | 67,862 | 46,858 |
| Net interest income | 22,873 | 21,855 | 86,455 | 80,260 |
| Tax equivalent adjustment | 248 | 252 | 991 | 1,055 |
| Net interest income (fully taxable equivalent) - Non-GAAP | $ 23,121 | $ 22,107 | $ 87,446 | $ 81,315 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.