Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FIRST QUARTER 2022 FINANCIAL RESULTS

gbafNews28

MANSFIELD, Pa., April 29, 2022 /PRNewswire/ — Citizens Financial Services, Inc. (OTC Pink: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three months ended March 31, 2022.

Highlights
  • The Company has applied to list its common stock on the Nasdaq Capital Market.
  • Net loan growth totaled $36.9 million in the first quarter of 2022, or 10.4% on an annualized basis.
  • Net income was $6.7 million for the three months ended March 31, 2022, which is 20.4% less than the net income for 2021's comparable period. The decrease was due to life insurance proceeds received in the first quarter of 2021 due to the passing of two former employees and decreased amortization associated with loans issued through the Paycheck Protection Program (PPP). The effective tax rate for the three months ended March 31, 2022 was 17.9% compared to 16.0% in the comparable period in 2021, with the increase being due to life insurance proceeds being exempt from taxable income.
  • Net interest income before the provision for loan losses was $16.2 million for the three months ended March 31, 2022, a decrease of $179,000, or 1.1%, over the same period a year ago. Amortization associated with PPP loans was $676,000 less in 2022 than 2021
  • Non-performing assets decreased $3,925,000 since March 31, 2021 and total $8,953,000 as of March 31, 2022, which is comparable to the balance at December 31, 2021. As a percent of loans, non-performing assets totaled 0.61%, 0.61% and 0.92% as of March 31, 2022, December 31, 2021 and March 31, 2021.
  • Return on average equity for the three months (annualized) ended March 31, 2022 was 12.46% compared to 17.25% for the three months (annualized) ended March 31, 2021.
  • Return on average tangible equity for the three months (annualized) ended March 31, 2022 was 14.70% compared to 20.74% for the three months (annualized) ended March 31, 2021 (non-GAAP). (1)
  • Return on average assets for the three months (annualized) ended March 31, 2022 was 1.26% compared to 1.77% for the three months (annualized) ended March 31, 2021.
  • If the life insurance proceeds on former employees are excluded, the return on average equity and average assets would be 14.90% and 1.52%, respectively, for three months (annualized) ended March 31, 2021 (non-GAAP). (1)
First Quarter of 2022 Compared to the First Quarter of 2021
  • For the three months ended March 31, 2022, net income totaled $6,740,000 which compares to net income of $8,463,000 for the comparable period of 2021, a decrease of $1,723,000 or 20.4%. Basic earnings per share of $1.71 for the three months ended March 31, 2022 compares to $2.14 for the 2021 comparable period. Annualized return on equity for the three months ended March 31, 2022 and 2021 was 12.46% and 17.25%, while annualized return on assets was 1.26% and 1.77%, respectively, with ratios in 2021 benefitting from life insurance proceeds on two former employees. If the activity associated with the passing of the former employees and the excess PPP amortization for 2021 compared to 2022 are excluded, basic earnings per share in 2021 would have been $1.64 compared to $1.71 for the first quarter of 2022 (non-GAAP) (1)
  • Net interest income before the provision for loan losses for the three months ended March 31, 2022 totaled $16,262,000 compared to $16,441,000 for the three months ended March 31, 2021, resulting in a decrease of $179,000, or 1.1%. Amortization on PPP loans decreased $676,000 during 2022 compared to 2021. Average interest earning assets increased $230.6 million for the three months ended March 31, 2022 compared to the same period last year as a result of growth in interest bearing cash, investments and organic loan growth funded by deposit growth. Average loans increased $51.3 million, while average investment securities increased $153.2 million. The tax effected net interest margin for the three months ended March 31, 2022 was 3.27% compared to 3.73% for the same period last year, which was impacted by the decrease in the average yield on interest earning assets of 57 basis points to 3.58%. The decrease in amortization on PPP loans accounts for 15 bps of the decrease in margin and the yield on interest earning assets. A large component of the remaining decrease is due to the percentage of interest earning assets in cash and investments in 2022 compared to 2021, which earn lower yields than loans.
  • The provision for loan losses for the three months ended March 31, 2022 was $250,000, a $400,000 decrease to the comparable period in 2021. The decrease in the provision is attributable to the improved credit metrics of the loan portfolio in comparison to March 31, 2021 and less impact from the COVID-19 pandemic on the economy.
  • Total non-interest income was $2,431,000 for the three months ended March 31, 2022, which is $1,804,000 less than the comparable period last year. The primary drivers were the earnings of bank owned life insurance, which decreased $1,108,000 as the result of the passing of two former employees in 2021, gains on loans sold which decreased $398,000 due to a decrease in refinancing activity with the rise in rates that occurred in the first quarter of 2022, a loss on equity securities of $232,000 as a result of market performance when comparing 2022 to 2021. Other income decreased $205,000 due to fee income on derivative transactions for customers recorded in 2021. There were no corresponding fees in 2022.
  • Total non-interest expenses for the three months ended March 31, 2022 totaled $10,231,000 compared to $9,947,000 for the same period last year, which is an increase of $284,000, or 2.86%. Salary and benefit costs increased $650,000 due to an addition 7.3 FTEs and merit increases for 2022. Salary and benefit costs for 2021 benefitted from a $400,000 reduction in deferred compensation due to the passing of a former executive in the first quarter of 2021. The decrease in ORE expenses of $453,000 is due to gains on the sale of ORE properties that totaled $487,000. There were no gains or losses on sales in the first quarter of 2021.
  • The provision for income taxes increased $144,000 when comparing the three months ended March 31, 2022 to the same period in 2021 as a result of a decrease in income before income tax of $1,867,000. The effective tax rate was 17.9% and 16.0% for the three months ended March 31, 2022 and 2021, respectively. It should be noted the earnings on bank owned life insurance are exempt from Federal income tax and accounts for the difference in tax rates between 2021 and 2022.
Balance Sheet and Other Information:
  • At March 31, 2022, total assets were $2.18 billion compared to $2.14 billion at December 31, 2021 and $2.0 billion at March 31, 2021. The loan to deposit ratio as of March 31, 2022 was 78.69% compared to 78.51% as of December 31, 2021 and 83.23% as of March 31, 2021.
  • Available for sale securities of $461.5 million at March 31, 2022 increased $49.1 million from December 31, 2021 and $139.5 million from March 31, 2021. The yield on the investment portfolio decreased from 2.18% to 1.70% on a tax equivalent basis due to the amount of securities purchased in 2020 and 2021, which was a low rate environment due to the pandemic. Purchases made in the first quarter of 2022 have been at higher rates than those made in 2020 and 2021.
  • Net loans as of March 31, 2022 totaled $1.46 billion and increased $36.9 million from December 31, 2021, which is 10.4% on an annualized basis. In comparison to March 31, 2021, loans have grown $73.3 million, or 5.3%, and if PPP loans are excluded loans increased $98.7 million or 7.3%.
  • The allowance for loan losses totaled $17,556,000 at March 31, 2022 which is an increase of $252,000 from December 31, 2021. The increase is due to recording a provision for loan losses of $250,000 and recoveries of $7,000, offset by charge-offs of $5,000. The allowance as a percent of total loans was 1.19% as of March 31, 2022 and 1.20% as of December 31, 2021.
  • Deposits increased $42.9 million from December 31, 2021, to $1.88 billion at March 31, 2022, primarily due to customers holding more cash and new customer relationships in the Delaware market.
  • Stockholders' equity totaled $202.7 million at March 31, 2022, compared to $212.5 million at December 31, 2021, a decrease of $9.7 million. Excluding accumulated other comprehensive loss (AOCI), stockholders equity increased $4.9 million and totals $217.5 million. The increase in stockholders equity, excluding AOCI, was attributable to net income for the three months ended March 31, 2022 totaling $6.7 million, offset by cash dividends for the first quarter totaling $1.9. As a result of changes in interest rates impacting the fair value of investment securities, the unrealized loss on available for sale investment securities, net of tax, increased $16.6 million from December 31, 2021.
Dividend Declared

On March 1, 2022, the Board of Directors declared a cash dividend of $0.475 per share, which was paid on March 25, 2022 to shareholders of record at the close of business on March 11, 2022. This quarterly cash dividend is an increase of 3.26% over the regular cash dividend of $0.460 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2021.    

Citizens Financial Services, Inc. has nearly 1,900 shareholders, the majority of whom reside in markets where its offices are located.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance.  Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.  Forward-looking statements are not guarantees of future performance.  Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.  Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere periodically by the Company or on its behalf.  The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

(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

Three Months Ended

March 31,

2022

2021

Income and Performance Ratios

Net Income 

$              6,740

$          8,463

Return on average assets (annualized)

1.26%

1.77%

Return on average equity (annualized)

12.46%

17.25%

Return on average tangible equity (annualized) (a)

14.70%

20.74%

Net interest margin (tax equivalent)(a)

3.27%

3.73%

Earnings per share – basic (b)

$                1.71

$            2.14

Earnings per share – diluted (b)

$                1.71

$            2.14

Cash dividends paid per share (b)

$              0.475

$          0.460

Number of shares used in computation – basic (b)

3,939,125

3,948,446

Number of shares used in computation – diluted (b)

3,939,182

3,948,446

Asset quality

Allowance for loan and lease losses

$            17,556

$        16,560

Non-performing assets

$              8,953

$        12,878

Allowance for loan and lease losses/total loans

1.19%

1.18%

Non-performing assets to total loans

0.61%

0.92%

Annualized net (recoveries) charge-offs to total loans

0.00%

(0.03)%

Equity

Book value per share (b)

$              55.14

$          50.06

Tangible Book value per share (a) (b)

$              46.80

$          41.69

Market Value (Last reported trade of month)

$              63.50

$          59.65

Common shares outstanding

3,944,347

3,912,679

Other

Average Full Time Equivalent Employees

304.7

297.4

Loan to Deposit Ratio

78.69%

83.23%

Trust assets under management

$         156,245

$      150,871

Brokerage assets under management

$         280,635

$      252,888

Balance Sheet Highlights 

March 31,

December 31,

March 31,

2022

2021

2021

Assets

$      2,177,887

$   2,143,863

$      1,995,610

Investment securities

463,915

414,672

324,085

Loans (net of unearned income)

1,478,695

1,441,533

1,404,401

Allowance for loan losses

17,556

17,304

16,560

Deposits

1,879,090

1,836,151

1,687,470

Stockholders' Equity

202,745

212,492

198,807

(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)

March 31,

December 31,

March 31,

(in thousands except share data)

2022

2021

2021

ASSETS:

Cash and due from banks:

  Noninterest-bearing

$           30,934

$         14,051

$             18,164

  Interest-bearing

83,181

158,782

132,664

Total cash and cash equivalents

114,115

172,833

150,828

Interest bearing time deposits with other banks

10,528

11,026

13,509

Equity securities

2,444

2,270

2,118

Available-for-sale securities

461,471

412,402

321,967

Loans held for sale

644

4,554

9,946

Loans (net of allowance for loan losses: $17,556 at March 31, 2022; 

    $17,304 at December 31, 2021 and $16,560 at March 31, 2021)

1,461,139

1,424,229

1,387,841

Premises and equipment

16,852

17,016

17,450

Accrued interest receivable

5,414

5,235

5,572

Goodwill

31,376

31,376

31,376

Bank owned life insurance

38,710

38,503

30,190

Other intangibles

1,547

1,627

1,696

Other assets

33,647

22,792

23,117

TOTAL ASSETS

$      2,177,887

$    2,143,863

$        1,995,610

LIABILITIES:

Deposits:

  Noninterest-bearing

$         366,820

$       358,073

$           336,438

  Interest-bearing

1,512,270

1,478,078

1,351,032

Total deposits

1,879,090

1,836,151

1,687,470

Borrowed funds

68,214

73,977

86,171

Accrued interest payable

714

711

913

Other liabilities

27,124

20,532

22,249

TOTAL LIABILITIES

1,975,142

1,931,371

1,796,803

STOCKHOLDERS' EQUITY:

Preferred Stock $1.00 par value; authorized

  3,000,000 shares; none issued in 2022 or 2021

Common stock

  $1.00 par value; authorized 25,000,000 shares at March 31, 2022, December 31, 2021 and      

  March 31, 2021: issued 4,388,901 at March 31, 2022 and December 31, 2021 and  

  4,350,342 at March 31, 2021

4,389

4,389

4,350

Additional paid-in capital

78,396

78,395

75,908

Retained earnings

150,876

146,010

133,270

Accumulated other comprehensive (loss) income 

(14,765)

(155)

1,002

Treasury stock, at cost:  444,554 at March 31, 2022 and 444,481 shares 

  at December 31, 2021 and 437,663 shares at March 31, 2021

(16,151)

(16,147)

(15,723)

TOTAL STOCKHOLDERS' EQUITY

202,745

212,492

198,807

TOTAL LIABILITIES AND

   STOCKHOLDERS' EQUITY

$      2,177,887

$    2,143,863

$        1,995,610

 

CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)

Three Months Ended

March 31, 

(in thousands, except per share data)

2022

2021

INTEREST INCOME:

Interest and fees on loans

$     15,920

$       16,694

Interest-bearing deposits with banks

116

106

Investment securities:

    Taxable

1,112

850

    Nontaxable

583

544

    Dividends

84

101

TOTAL INTEREST INCOME

17,815

18,295

INTEREST EXPENSE:

Deposits

1,275

1,598

Borrowed funds

278

256

TOTAL INTEREST EXPENSE

1,553

1,854

NET INTEREST INCOME

16,262

16,441

Provision for loan losses

250

650

NET INTEREST INCOME AFTER

    PROVISION FOR LOAN LOSSES

16,012

15,791

NON-INTEREST INCOME:

Service charges

1,248

1,106

Trust

249

307

Brokerage and insurance

481

376

Gains on loans sold

105

503

Equity security (losses) gains, net

(45)

187

Available for sale security gains, net

50

Earnings on bank owned life insurance

207

1,315

Other

186

391

TOTAL NON-INTEREST INCOME

2,431

4,235

NON-INTEREST EXPENSES:

Salaries and employee benefits

6,913

6,263

Occupancy 

794

783

Furniture and equipment

129

143

Professional fees

339

448

FDIC insurance expense

135

129

Pennsylvania shares tax

339

339

Amortization of intangibles

40

49

Software expenses

341

313

ORE expenses

(367)

86

Other

1,568

1,394

TOTAL NON-INTEREST EXPENSES

10,231

9,947

Income before provision for income taxes

8,212

10,079

Provision for income taxes

1,472

1,616

NET INCOME

$       6,740

$         8,463

PER COMMON SHARE DATA:

Net Income – Basic

$          1.71

$           2.14

Net Income – Diluted

$          1.71

$           2.14

Cash Dividends Paid 

$       0.475

$         0.460

Number of shares used in computation – basic

3,939,125

3,948,446

Number of shares used in computation – diluted

3,939,182

3,948,446

 

CITIZENS FINANCIAL SERVICES, INC.

QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)

(in thousands, except share data)

Three Months Ended,

March 31,

Dec 31,

Sept 30,

June 30,

March 31,

2022

2021

2021

2021

2021

Interest income

$     17,815

$      18,505

$      18,342

$      18,075

$      18,295

Interest expense

1,553

1,636

1,752

1,863

1,854

Net interest income

16,262

16,869

16,590

16,212

16,441

Provision for loan losses

250

400

500

650

Net interest income after provision for loan losses

16,012

16,869

16,190

15,712

15,791

Non-interest income

2,476

2,461

2,618

2,677

3,998

Investment securities gains (losses), net

(45)

51

234

29

237

Non-interest expenses

10,231

10,883

10,400

10,320

9,947

Income before provision for income taxes

8,212

8,498

8,642

8,098

10,079

Provision for income taxes

1,472

1,554

1,578

1,451

1,616

Net income

$       6,740

$        6,944

$        7,064

$        6,647

$        8,463

Earnings Per Share Basic

$         1.71

$          1.85

$          2.04

$          1.39

$          2.14

Earnings Per Share Diluted

$         1.71

$          1.85

$          2.04

$          1.39

$          2.14

 

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 March 31,

2022

2021

Average

Average

Average

Average

Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

$

$

%

$

$

%

ASSETS

Interest-bearing deposits at banks

123,379

46

0.15

94,523

19

0.08

Interest bearing time deposits at banks

10,957

70

2.59

13,730

87

2.57

Investment securities:

  Taxable

339,097

1,196

1.41

200,492

951

1.90

  Tax-exempt (3)

115,020

738

2.57

100,422

689

2.74

Investment securities

454,117

1,934

1.70

300,914

1,640

2.18

Loans: (2)(3)(4)

  Residential mortgage loans

200,838

2,331

4.71

203,941

2,553

5.08

  Construction loans

61,518

607

4.00

38,314

410

4.34

  Commercial Loans

767,830

8,582

4.53

713,900

9,063

5.15

  Agricultural Loans

350,784

3,749

4.33

358,565

3,830

4.33

  Loans to state & political subdivisions

46,984

367

3.17

62,516

598

3.87

  Other loans

27,193

349

5.20

26,605

348

5.30

  Loans, net of discount (2)(3)(4)

1,455,147

15,985

4.46

1,403,841

16,802

4.85

Total interest-earning assets

2,043,600

18,035

3.58

1,813,008

18,548

4.15

Cash and due from banks

6,393

6,377

Bank premises and equipment

16,976

17,003

Other assets

79,371

80,953

Total non-interest earning assets

102,740

104,333

Total assets

2,146,340

1,917,341

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

  NOW accounts

501,502

319

0.26

422,135

320

0.31

  Savings accounts

317,176

74

0.09

268,252

89

0.13

  Money market accounts

346,073

223

0.26

238,788

176

0.30

  Certificates of deposit

322,867

659

0.83

380,791

1,013

1.08

Total interest-bearing deposits

1,487,618

1,275

0.35

1,309,966

1,598

0.49

Other borrowed funds

68,295

278

1.65

86,226

256

1.20

Total interest-bearing liabilities

1,555,913

1,553

0.40

1,396,192

1,854

0.54

Demand deposits

356,444

306,377

Other liabilities

17,569

18,582

Total non-interest-bearing liabilities

374,013

324,959

Stockholders' equity

216,414

196,190

Total liabilities & stockholders' equity

2,146,340

1,917,341

Net interest income

16,482

16,694

Net interest spread (5)

3.17%

3.61%

Net interest income as a percentage

  of average interest-earning assets

3.27%

3.73%

Ratio of interest-earning assets

  to interest-bearing liabilities

131%

130%

(1) Averages are based on daily averages.

(2) Includes loan origination and commitment fees.

(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using

       a statutory federal income tax rate of 21% for 2022 and 2021. 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 LOAN LOSSES

(UNAUDITED)

(Excludes Loans Held for Sale)

(In Thousands)

March 31,

December 31,

September 30,

June 30, 

March 31,

2022

2021

2021

2021

2021

Real estate:

  Residential

$     201,567

$      201,097

$       204,853

$      202,171

$      203,273

  Commercial

724,876

687,338

657,485

641,633

605,547

  Agricultural

305,517

312,011

312,442

310,274

315,313

  Construction

66,738

55,036

68,408

63,065

42,651

Consumer

21,460

25,858

31,042

8,684

26,181

Other commercial loans

69,051

74,585

92,188

104,349

109,168

Other agricultural loans

39,904

39,852

28,562

33,720

41,378

State & political subdivision loans

49,582

45,756

47,928

51,213

60,890

Total loans

1,478,695

1,441,533

1,442,908

1,415,109

1,404,401

Less: allowance for loan losses

17,556

17,304

17,334

16,931

16,560

Net loans

$  1,461,139

$   1,424,229

$   1,425,574

$   1,398,178

$   1,387,841

Past due and non-performing assets

Total Loans past due 30-89 days and still accruing

$          2,096

$              967

$           1,482

$          1,495

$          2,383

Non-accrual loans

$          7,810

$          7,616

$           8,858

$          9,082

$        10,680

Loans past due 90 days or more and accruing

12

46

83

49

478

Non-performing loans

$          7,822

$          7,662

$           8,941

$          9,131

$        11,158

OREO

1,131

1,180

1,277

1,811

1,720

Total Non-performing assets

$          8,953

$          8,842

$         10,218

$        10,942

$        12,878

Three Months Ended March 31,

Analysis of the Allowance for loan Losses

March 31,

December 31,

September 30,

June 30,

March 31,

(In Thousands)

2022

2021

2021

2021

2021

Balance, beginning of period

$       17,304

$        17,334

$         16,931

$        16,560

$        15,815

Charge-offs

(5)

(65)

(7)

(138)

(4)

Recoveries

7

35

10

9

99

Net (charge-offs) recoveries

2

(30)

3

(129)

95

Provision for loan losses

250

400

500

650

Balance, end of period

$       17,556

$        17,304

$         17,334

$        16,931

$        16,560

 

CITIZENS FINANCIAL SERVICES, INC.

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(Dollars in thousands, except per share data)

As of 

March 31

2022

2021

Tangible Equity

Stockholders Equity – GAAP

$         202,745

$           198,807

Accumulated other comprehensive (income) loss

14,765

(1,002)

Intangible Assets

(32,923)

(33,072)

Tangible Equity – Non-GAAP

184,587

164,733

Shares outstanding adjusted for June 2021 stock Dividend

3,944,347

3,951,238

Tangible Book value per share (a) 

$              46.80

$               41.69

As of 

March 31

2022

2021

Tangible Equity per share

Stockholders Equity per share – GAAP

$              51.40

$               50.31

Adjustments for accumulated other comprehensive loss (income)

3.74

(0.25)

Book value per share

55.14

50.06

Adjustments for intangible assets

(8.34)

(8.37)

Tangible Book value per share – Non-GAAP

$              46.80

$               41.69

For the Three Months Ended

March 31

2022

2021

Return on Average Tangible Equity

Average Stockholders Equity – GAAP

$         212,517

$           198,617

Average Accumulated Other Comprehensive Loss (Income)

3,897

(2,427)

Average Intangible Assets

(32,956)

(32,998)

Average Tangible Equity – Non-GAAP

183,458

163,192

Net Income

$              6,740

$               8,463

Annualized Return on Average Tangible Equity

14.70%

20.74%

For the Three Months Ended

March 31

2022

2021

Return on Average Assets and Equity Excluding  BOLI Death Benefits

Net Income

$               6,740

$               8,463

BOLI death benefits

1,155

Net Income excluding merger and acquisition costs

$               6,740

$               7,308

Average Assets

2,146,340

1,917,341

Annualized Return on Average stockholders equity, excluding BOLI Death Benefits

1.26%

1.52%

Average Stockholders Equity – GAAP

$           216,414

$           196,190

Annualized Return on Average stockholders equity, excluding BOLI Death Benefits

12.46%

14.90%

Earnings per share, excluding death activity of former employees and excess PPP amortization

Net Income

$               6,740

$               8,463

BOLI death benefits

(1,155)

After Tax excess PPP amortizatoin

(534)

After Tax deferred compensation reversal for former employee

(316)

Net income excluding one time items

$               6,740

$               6,458

Number of shares used in computation – basic

3,939,125

3,948,446

Earnings per share, excluding death activity of former employees and excess PPP amortization non-GAAP

1.71

1.64

For the Three Months Ended

March 31, 

Reconciliation of net interest income on fully taxable equivalent basis

2022

2021

Total interest income

$           17,815

$             18,295

Total interest expense

1,553

1,854

Net interest income

16,262

16,441

Tax equivalent adjustment

220

253

Net interest income (fully taxable equivalent)

$           16,482

$             16,694

 

Cision View original content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-first-quarter-2022-financial-results-301536575.html

SOURCE Citizens Financial Services, Inc.

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.