1. CZFS reported Q1 2025 net income of $7.62 million, a 8.5% increase. 2. Cash dividend raised to $0.495 per share, up 2.1% from last year. 3. Return on average assets increased to 1.00% compared to 0.94% last year. 4. Non-performing assets increased significantly to $27.48 million from $15.71 million. 5. Book value per share increased to $64.78, demonstrating solid shareholder equity.
The positive earnings growth and increasing dividends generally indicate a strong financial position, similar to past trends where earnings growth led to stock appreciation. However, the substantial rise in non-performing assets raises potential concerns.
The reported financial results indicate strong performance metrics crucial for investor confidence, though concerns over loan quality should not be overlooked.
Positive earnings results and dividend increases typically impact stock prices rapidly, as seen with similar firms improving their financial health. The immediate effect should be observable in the next few trading sessions.
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.
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.
(Dollars in thousands, except per share data)
| As of or For The | Three Months Ended March 31, | 2025 | 2024 |
|---|---|---|---|
| Net Income | $ 7,621 | $ 7,024 | |
| Earnings per share - basic | $ 1.60 | $ 1.48 | |
| Cash dividends paid per share | $ 0.495 | $ 0.485 | |
| Asset quality - Non-performing assets | $ 27,482 | $ 15,713 |
As of March 31, 2025
| Assets | 2025 | 2024 |
|---|---|---|
| Total Assets | $ 3,016,338 | $ 2,921,103 |
| Loans | $ 2,315,663 | $ 2,239,659 |
| Deposits | $ 2,364,854 | $ 2,302,881 |
For the three months ended March 31, 2025, consolidated total interest income was $39,014 thousand, and total interest expense was $16,012 thousand, resulting in net interest income of $23,002 thousand.
SOURCE Citizens Financial Services, Inc.