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CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FIRST QUARTER 2026 FINANCIAL RESULTS

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MANSFIELD, Pa., April 29, 2026

MANSFIELD, Pa., April 29, 2026 /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, 2026.

Highlights
  • Net income was $10.4 million for the three months ended March 31, 2026, which is 36.15% more than the net income for 2025's comparable period. The increase was driven by the increase in net interest income before the provision for credit losses of $3.1 million. The effective tax rate for the three months ended March 31, 2026 was 18.3% compared to 19.1% in the comparable period in 2025, with the decrease due to increases in nontaxable interest income and earnings on BOLI due to the purchase of additional insurance policies in the first quarter of 2026.
  • Net interest income before the provision for credit losses was $26.1 million for the three months ended March 31, 2026, an increase of $3,111,000, or 13.5%, over the same period a year ago and was primarily due to an increase in loan interest income and a decrease in interest expense on deposits and borrowings.
  • Return on average equity for the three months (annualized) ended March 31, 2026 was 12.03% compared to 10.00% for the three months (annualized) ended March 31, 2025.
  • Return on average tangible equity for the three months (annualized) ended March 31, 2026 was 16.15% compared to 14.09% for the three months (annualized) ended March 31, 2025 (non-GAAP). (1)
  • Return on average assets for the three months (annualized) ended March 31, 2026 was 1.34% compared to 1.00% for the three months (annualized) ended March 31, 2025.
  • Non-performing assets increased $10,914,000 since December 31, 2025 and totaled $40,103,000 as of March 31, 2026, which is $12,621,000 higher than the balance as of March 31, 2025. The increase from December 31, 2025 is due to four commercial real estate loan relationships being placed on non-accrual status during the first quarter of 2026 due to becoming more than 90 days past due.  The Bank's continued strategy for certain acquired loans is to either improve the credit metrics of the non-performing loans or sell the underlying collateral or have the customers refinance the loans with another institution. As a percent of loans, non-performing assets totaled 1.74%, 1.24% and 1.19% as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. While non-performing assets have increased significantly as of March 31, 2026 when compared to December 31, 2025 and March 31, 2025, specific reserves for these assets have remained stable at $1,862,000, $1,912,758 and $1,603,000 at March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

First Quarter of 2026 Compared to the First Quarter of 2025
  • For the three months ended March 31, 2026, net income totaled $10,376,000 which compares to net income of $7,621,000 for the comparable period of 2025, an increase of $2,755,000 or 36.2%.  Basic earnings per share of $2.16 for the three months ended March 31, 2026 compares to $1.59 for the 2025 comparable period. Annualized return on equity for the three months ended March 31, 2026 and 2025 was 12.03% and 10.00%, while annualized return on assets was 1.34% and 1.00%, respectively.
  • Net interest income before the provision for credit losses for the three months ended March 31, 2026 totaled $26,113,000 compared to $23,002,000 for the three months ended March 31, 2025, resulting in an increase of $3,111,000, or 13.5%. Average interest earning assets increased $26.4 million for the three months ended March 31, 2026 compared to the same period last year, primarily due to organic growth in our commercial and agricultural loan portfolios offset by decreases in consumer loans. During the first quarter of 2026, the Company recovered $683,000 in previously charged-off interest that offset the charged-off interest related to the loans placed on non-accrual status during the first quarter of 2026. The tax effected net interest margin for the three months ended March 31, 2026 was 3.72% compared to 3.30% for the same period last year. The yield on interest earning assets increased 14 basis points to 5.71%, while the cost of interest bearing liabilities decreased 34 basis points to 2.46%.
  • The provision for credit losses for the first quarter of 2025 of $500,000 was driven by the annual update of loss drivers, which includes historical loss data, as well as prepayment and curtailment speeds and the potential impact of the Iran war compared to $625,000 for the first quarter of 2025, which was driven by the annual updates for 2025.
  • Total non-interest income was $3,690,000 for the three months ended March 31, 2026, $263,000 more than the comparable period last year.  The primary driver of the increase was an increase in earning on bank owned life insurance of $224,000, as the result of purchasing $22,000,000 of additional insurance in the first quarter of 2026.
  • Total non-interest expenses for the three months ended March 31, 2026 totaled $16,601,000 compared to $16,378,000 for the same period last year, which is an increase of $223,000, or 1.4%.
  • The provision for income taxes increased $521,000 when comparing the three months ended March 31, 2026 to the same period in 2025. This increase was attributable to an increase in income before provision for income taxes of $3,276,000.  The effective tax rate was 18.3% and 19.1% for the three months ended March 31, 2026 and 2025, respectively.

Balance Sheet and Other Information:
  • At March 31, 2026, total assets were $3.03 billion compared to $3.06 billion at December 31, 2025 and $3.02 billion at March 31, 2025. The loan to deposit ratio as of March 31, 2026 was 94.14% compared to 98.89% as of December 31, 2025 and 97.92% as of March 31, 2025.
  • Available for sale securities of $448.3 million at March 31, 2026 increased $3.5 million from December 31, 2025 and $17.6 million from March 31, 2025. The yield on the investment portfolio increased from 2.85% to 3.35% on a tax equivalent basis due to securities purchased during a higher rate environment and lower yielding securities maturing. Investment activity for 2026 has focused on replacing securities as they mature.  
  • Net loans totaled $2.28 billion at March 31, 2026 in comparison to $2.33 billion as of December 31, 2025 and $2.29 billion at March 31, 2025.  The decrease since December 31, 2025 and March 31, 2025 of $68.6 million and $89.7 million, respectively, was due to the seasonal decrease in student loans that typically occurs late in the first quarter or early in the second quarter. A large component of the increase in commercial loans was due to construction loans being transferred via a permanent financing arrangement. In addition, we continue to see strong demand in commercial real estate in our south eastern Pennsylvania and Delaware markets.  
  • The allowance for credit losses - loans totaled $22,894,000 at March 31, 2026 which is an  increase of $88,000 from December 31, 2025 due to changes in expected prepayment and curtailment speeds, economic forecasts and the Iran war. The provision for credit losses on loans was $144,000 for the first quarter of 2026. Loan recoveries and charge-offs were $22,000 and $78,000, respectively, for the three months ended March 31, 2026. The allowance as a percent of total loans was 1.00% as of March 31, 2026 and 0.97% as of December 31, 2025.
  • Deposits increased $64.2 million from December 31, 2025, to $2.44 billion at March 31, 2026, with the increase driven by an increase in brokered deposits of $52.8 million, which total $112.8 million at March 31, 2026. The increase in brokered deposits was to offset the seasonal decrease in municipal deposits. Competitive pressure for deposits remains high.
  • Borrowed funds totaled $198.7 million as of March 31, 2026, a $110.7 million decrease from December 31, 2025 due to the decrease in loans and increase in deposits.  
  • Stockholders' equity totaled $343.6 million at March 31, 2026, compared to $338.1 million at December 31, 2025, an increase of $5.5 million. Excluding accumulated other comprehensive loss (AOCL), stockholders' equity increased $7.8 million and totals $358.3 million (non-GAAP). The increase in stockholders' equity, excluding AOCL, was attributable to net income for the three months ended March 31, 2026 totaling $10.4 million, offset by cash dividends for the first quarter totaling $2.4 million. As a result of increases in market interest rates impacting the fair value of investment securities and swaps, AOCL increased $2.3 million from December 31, 2025.

Dividend Declared

On March 2, 2026, the Board of Directors declared a cash dividend of $0.50 per share, which was paid on March 27, 2026 to shareholders of record at the close of business on March 13, 2026. This quarterly cash dividend is an increase of 2.0% over the regular cash dividend of $0.49 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2025.    

Citizens Financial Services, Inc. has nearly 1,790 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,

2026 2025
Income and Performance Ratios


Net Income $            10,376 $          7,621
Return on average assets (annualized) 1.34 % 1.00 %
Return on average equity (annualized) 12.03 % 10.00 %
Return on average tangible equity (annualized) (a) 16.15 % 14.09 %
Net interest margin (tax equivalent) (a) 3.72 % 3.30 %
Earnings per share - basic (b) $                2.16 $            1.59
Earnings per share - diluted (b) $                2.16 $            1.59
Cash dividends paid per share (b) $              0.500 $          0.490
Number of shares used in computation - basic (b) 4,798,170 4,797,611
Number of shares used in computation - diluted (b) 4,799,078 4,799,016








Asset quality


Allowance for credit losses - loans $            22,894 $        22,081
Non-performing assets $            40,103 $        27,482
Allowance for credit losses - loans to total loans 1.00 % 0.95 %
Non-performing assets to total loans 1.74 % 1.19 %
Annualized net charge-offs to total loans 0.01 % 0.03 %








Equity


Book value per share (b) $              71.51 $          64.14
Tangible book value per share (a) (b) $              53.23 $          45.73
Market Value per share (last reported trade of month)                                    $              61.15 $          58.05
Common shares outstanding 4,804,936 4,759,672








Other


Average Full Time Equivalent Employees 386.4 379.7
Loan to Deposit Ratio 94.14 % 97.92 %
Trust assets under management $          191,602 $      178,007
Brokerage assets under management $          319,485 $      397,204








Balance Sheet Highlights  March 31, December 31, March 31,

2026 2025 2025




Assets $       3,026,478 $    3,064,564 $       3,016,338
Investment securities 450,120 446,556 432,438
Loans (net of unearned income) 2,298,222 2,350,622 2,315,663
Allowance for credit losses - loans 22,894 22,806 22,081
Deposits 2,441,185 2,376,979 2,364,854
Stockholders' Equity 343,578 338,051 308,296








(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) 2026 2025 2025
ASSETS:


Cash and due from banks:


  Noninterest-bearing $            26,798 $          23,933 $             28,127
  Interest-bearing 6,307 10,358 8,659
Total cash and cash equivalents 33,105 34,291 36,786




Interest bearing time deposits with other banks 3,820 3,820 3,820




Equity securities 1,834 1,815 1,737




Available-for-sale securities 448,286 444,741 430,701




Loans held for sale 5,874 9,393 6,054




Loans (net of allowance for credit losses - loans: $22,894 at March 31, 2026; 


    $22,806 at December 31, 2025 and $22,081 at March 31, 2025) 2,275,328 2,327,816 2,293,582




Premises and equipment 20,715 20,998 21,627
Accrued interest receivable 10,941 10,698 10,918
Goodwill 85,758 85,758 85,758
Bank owned life insurance 74,071 51,501 50,578
Other intangibles 2,073 2,221 2,707
Fair value of derivative instruments - asset 7,104 6,927 9,120
Deferred tax asset 12,240 11,440 14,436
Other assets 45,329 53,145 48,514




TOTAL ASSETS $       3,026,478 $     3,064,564 $        3,016,338




LIABILITIES:


Deposits:


  Noninterest-bearing $          509,638 $        516,657 $           505,826
  Interest-bearing 1,931,547 1,860,322 1,859,028
Total deposits 2,441,185 2,376,979 2,364,854
Borrowed funds 198,738 309,448 302,027
Accrued interest payable 3,748 3,130 3,143
Fair value of derivative instruments - liability 4,186 4,100 5,196
Other liabilities 35,043 32,856 32,822
TOTAL LIABILITIES 2,682,900 2,726,513 2,708,042
STOCKHOLDERS' EQUITY:


Preferred Stock $1.00 par value; authorized


  3,000,000 shares; none issued in 2025 or 2024 - - -
Common stock


  $1.00 par value; authorized 25,000,000 shares at March 31, 2026, December 31, 2025 and      


  March 31, 2025: issued 5,256,083 at March 31, 2026 and 5,255,807 at December 31, 2025 5,256 5,256 5,208
  and 5,207,824 at March 31, 2025 147,986 147,965 145,010
Retained earnings 221,597 213,623 194,709
Accumulated other comprehensive loss (14,682) (12,377) (20,239)
Treasury stock, at cost:  451,147 shares at March 31, 2026, 448,727 shares 


  at December 31, 2025 and 448,152 shares at March 31, 2025 (16,579) (16,416) (16,392)
TOTAL STOCKHOLDERS' EQUITY 343,578 338,051 308,296
TOTAL LIABILITIES AND


   STOCKHOLDERS' EQUITY $       3,026,478 $     3,064,564 $        3,016,338

 
CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)


Three Months Ended

March 31, 
(in thousands, except share and per share data)                                                   2026 2025
INTEREST INCOME:

Interest and fees on loans $      36,362 $       35,556
Interest-bearing deposits with banks 103 143
Investment securities:

    Taxable 2,511 2,339
    Nontaxable 879 547
    Dividends 422 429
TOTAL INTEREST INCOME 40,277 39,014
INTEREST EXPENSE:

Deposits 11,305 12,294
Borrowed funds 2,859 3,718
TOTAL INTEREST EXPENSE 14,164 16,012
NET INTEREST INCOME 26,113 23,002
Provision for credit losses 500 625
NET INTEREST INCOME AFTER

    PROVISION FOR CREDIT LOSSES 25,613 22,377
NON-INTEREST INCOME:

Service charges 1,324 1,291
Trust 235 224
Brokerage and insurance 569 683
Gains on loans sold 265 272
Equity security gains (losses), net 19 (11)
Earnings on bank owned life insurance 570 346
Other 708 622
TOTAL NON-INTEREST INCOME 3,690 3,427
NON-INTEREST EXPENSES:

Salaries and employee benefits 10,276 10,289
Occupancy  1,412 1,356
Furniture and equipment 287 265
Professional fees 540 517
FDIC insurance expense 395 450
Pennsylvania shares tax 377 319
Amortization of intangibles 106 127
Software expenses 455 432
Other real estate owned expenses  196 119
Other 2,557 2,504
TOTAL NON-INTEREST EXPENSES 16,601 16,378
Income before provision for income taxes 12,702 9,426
Provision for income tax expense  2,326 1,805
NET INCOME $      10,376 $         7,621



PER COMMON SHARE DATA:

Net Income - Basic $          2.16 $           1.59
Net Income - Diluted $          2.16 $           1.59
Cash Dividends Paid  $        0.500 $         0.490



Number of shares used in computation - basic 4,798,170 4,797,611
Number of shares used in computation - diluted 4,799,078 4,799,016

 

 
CITIZENS FINANCIAL SERVICES, INC.




QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION



(UNAUDITED)




(in thousands, except per share data)
Three Months Ended,


March 31, Dec 31, Sept 30, June 30, March 31,

2026 2025 2025 2025 2025
Interest income $      40,277 $       41,151 $       40,254 $       38,749 $       39,014
Interest expense 14,164 14,940 15,114 15,101 16,012
Net interest income 26,113 26,211 25,140 23,648 23,002
Provision for credit losses 500 500 500 750 625
Net interest income after provision for credit losses 25,613 25,711 24,640 22,898 22,377
Non-interest income 3,671 3,387 3,820 3,632 3,438
Investment securities gains (losses), net 19 11 34 33 (11)
Non-interest expenses 16,601 16,173 16,084 16,097 16,378
Income before provision for income taxes 12,702 12,936 12,410 10,466 9,426
Provision for income tax expense 2,326 2,453 2,405 2,003 1,805
Net income  $      10,376 $       10,483 $       10,005 $         8,463 $         7,621
Earnings Per Share - Basic $          2.16 $          2.19 $          2.09 $          1.76 $          1.59
Earnings Per Share - Diluted $          2.16 $          2.18 $          2.09 $          1.76 $          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 March 31, 

2026 2025

Average
Average Average
Average

Balance (1) Interest Rate Balance (1) Interest Rate
(dollars in thousands) $ $ % $ $ %
ASSETS





Interest-bearing deposits at banks 21,668 74 1.39 23,985 114 1.93
Interest bearing time deposits at banks 3,820 29 3.08 3,820 29 3.08
Investment securities:





  Taxable 358,323 2,933 3.27 382,640 2,768 2.89
  Tax-exempt (3) 125,051 1,112 3.56 103,015 693 2.69
Investment securities 483,374 4,045 3.35 485,655 3,461 2.85
Loans: (2)(3)(4)





  Residential mortgage loans 338,473 4,941 5.92 352,194 5,099 5.87
  Construction loans 89,831 1,526 6.89 163,440 2,922 7.25
  Commercial Loans 1,414,754 21,505 6.16 1,274,453 19,779 6.29
  Agricultural Loans 376,065 6,260 6.75 356,868 4,726 5.37
  Loans to state & political subdivisions 60,220 672 4.53 53,731 517 3.90
  Other loans 97,777 1,595 6.62 145,450 2,615 7.29
  Loans, net of discount (2)(3)(4) 2,377,120 36,499 6.23 2,346,136 35,658 6.16
Total interest-earning assets 2,885,982 40,647 5.71 2,859,596 39,262 5.57
Cash and due from banks 9,240

9,620

Bank premises and equipment 20,932

21,545

Other assets 194,190

175,273

Total non-interest earning assets 224,362

206,438

Total assets 3,110,344

3,066,034

LIABILITIES AND STOCKHOLDERS' EQUITY





Interest-bearing liabilities:





  Business Interest Checking 25,443 57 0.91 17,640 40 0.94
  NOW accounts 710,694 3,322 1.90 739,808 4,054 2.22
  Savings accounts 288,772 338 0.47 292,981 348 0.48
  Money market accounts 461,474 2,915 2.56 417,907 3,025 2.94
  Certificates of deposit 540,278 4,673 3.51 507,944 4,827 3.85
Total interest-bearing deposits 2,026,661 11,305 2.26 1,976,280 12,294 2.52
Other borrowed funds 304,144 2,859 3.81 346,416 3,718 4.35
Total interest-bearing liabilities 2,330,805 14,164 2.46 2,322,696 16,012 2.80
Demand deposits 381,074

371,893

Other liabilities 42,241

43,493

Total non-interest-bearing liabilities 423,315

415,386

Stockholders' equity 356,224

327,952

Total liabilities & stockholders' equity 3,110,344

3,066,034

Net interest income
26,483

23,250
Net interest spread (5)

3.25 %

2.77 %
Net interest income as a percentage





  of average interest-earning assets

3.72 %

3.30 %
Ratio of interest-earning assets





  to interest-bearing liabilities

124 %

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 2026 and 2025. 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)





March 31, December 31, September 30, June 30, March 31,

2026 2025 2025 2025 2025
Real estate:




  Residential $         336,066 $        340,972 $       344,790 $       341,671 $       350,221
  Commercial 1,249,900 1,218,514 1,180,655 1,151,585 1,117,240
  Agricultural 344,938 347,448 342,487 331,995 329,985
  Construction 83,217 93,965 107,867 138,307 168,896
Consumer 19,592 88,210 109,458 22,364 109,339
Other commercial loans 170,628 179,166 171,345 174,740 158,133
Other agricultural loans 30,004 30,247 27,142 28,366 28,488
State & political subdivision loans 63,877 52,100 51,644 52,727 53,361
Total loans 2,298,222 2,350,622 2,335,388 2,241,755 2,315,663
Less: allowance for credit losses - loans 22,894 22,806 22,454 22,109 22,081
Net loans $      2,275,328 $     2,327,816 $    2,312,934 $    2,219,646 $    2,293,582






Past due and non-performing assets










Total Loans past due 30-89 days and still accruing $             7,056 $            9,269 $         13,228 $         18,554 $          9,632






Non-accrual loans $           37,670 $          26,602 $         20,523 $         24,595 $         23,545
Loans past due 90 days or more and accruing 75 229 37 347 1,393
Non-performing loans $           37,745 $          26,831 $         20,560 $         24,942 $         24,938
Other real estate owned 2,358 2,358 2,434 2,434 2,544
Total Non-performing assets $           40,103 $          29,189 $         22,994 $         27,376 $         27,482



















Three Months Ended
Analysis of the Allowance for Credit Losses - Loans March 31, December 31, September 30, June 30, March 31,
(In Thousands) 2026 2025 2025 2025 2025
Balance, beginning of period $           22,806 $          22,454 $         22,109 $         22,081 $         21,699
Charge-offs (78) (57) (20) (596) (185)
Recoveries 22 6 17 25 29
Net charge-offs (56) (51) (3) (571) (156)
Provision for credit losses - loans 144 403 348 599 538
Balance, end of period $           22,894 $          22,806 $         22,454 $         22,109 $         22,081

 
CITIZENS FINANCIAL SERVICES, INC.

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(Dollars in thousands, except per share data)





As of 

March 31

2026 2025
Tangible Equity

Stockholders' Equity - GAAP $          343,578 $           308,296
Intangible Assets (87,831) (88,465)
Tangible Equity - Non-GAAP 255,747 219,831
Shares outstanding adjusted for June 2025 stock Dividend 4,804,936 4,806,745
Tangible Book value per share - Non-GAAP $              53.23 $               45.73




As of 

March 31

2026 2025
Tangible Equity per share

Stockholders' Equity per share - GAAP $              71.51 $               64.14
Adjustment for intangible assets (18.28) (18.41)
Tangible Book value per share - Non-GAAP $              53.23 $               45.73







For the Three Months Ended

March 31,

2026 2025
Return on Average Assets Excluding Accumulated Other Comprehensive Loss (AOCL)

Average Assets - GAAP $       3,099,013 $        3,042,963
Average AOCL (11,331) (23,071)
Average Assets, Excluding AOCL - Non-GAAP 3,110,344 3,066,034
Net Income - GAAP $            10,376 $               7,621
Annualized Return on Average Assets-GAAP 1.34 % 1.00 %
Annualized Return on Average Assets, Excluding AOCL - Non-GAAP 1.33 % 0.99 %




For the Three Months Ended

March 31,

2026 2025
Return on Average Equity Excluding Accumulated Other Comprehensive Loss (AOCL)          

Average Stockholders' Equity - GAAP $          344,893 $           304,881
Average AOCL (11,331) (23,071)
Average Stockholders' Equity, Excluding AOCL - Non-GAAP 356,224 327,952
Net Income - GAAP $            10,376 $               7,621
Annualized Return on Average Stockholders' Equity-GAAP 12.03 % 10.00 %
Annualized Return on Average Stockholders' Equity, Excluding AOCL - Non-GAAP 11.65 % 9.30 %




For the Three Months Ended

March 31,

2026 2025
Return on Average Tangible Equity

Average Stockholders' Equity - GAAP $          344,893 $           304,881
Average Intangible Assets (87,916) (88,570)
Average Tangible Equity - Non-GAAP 256,977 216,311
Net Income - GAAP $            10,376 $               7,621
Annualized Return on Average Tangible Equity Non-GAAP 16.15 % 14.09 %




For the Three Months Ended

March 31,
Reconciliation of net interest income on fully taxable equivalent basis 2026 2025
Total interest income $            40,277 $             39,014
Total interest expense 14,164 16,012
Net interest income 26,113 23,002
Tax equivalent adjustment 370 248
Net interest income (fully taxable equivalent) - Non-GAAP $            26,483 $             23,250

 

Cision View original content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-first-quarter-2026-financial-results-302756410.html

SOURCE Citizens Financial Services, Inc.

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