StockNews.AI
CZFS
StockNews.AI
201 days

CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FULL YEAR AND FOURTH QUARTER 2024 FINANCIAL RESULTS

1. CZFS reported a net income increase to $7,983K from $7,540K. 2. EPS rose to $1.68, up from $1.59 year-over-year. 3. A cash dividend increased by 1% over the previous year. 4. Non-performing assets increased to 1.24% of total loans. 5. Total assets have grown to $3,025,724K compared to $2,975,321K.

28m saved
Insight
Article

FAQ

Why Bullish?

The increase in net income and EPS indicates strong performance, historically boosting share price.

How important is it?

Stable earnings growth and a dividend increase can significantly attract investors, affecting stock performance.

Why Short Term?

Positive earnings reports often lead to immediate investor interest, affecting short-term price movements.

Related Companies

CZFS
MANSFIELD, Pa., Jan. 30, 2025 /PRNewswire/ -- Citizens Financial Services, Inc. (Nasdaq: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three months and year ended December 31, 2024. Highlights 2024 Compared to 2023 Three Months Ended December 31, 2024 Compared to December 31, 2023 Balance Sheet and Other Information: 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 SOURCE Citizens Financial Services, Inc.

Related News