MANSFIELD, Pa., Oct. 23,
2023 /PRNewswire/ -- Citizens Financial Services,
Inc. (Nasdaq: CZFS), parent company of First Citizens Community
Bank, released today its unaudited consolidated financial results
for the three and nine months ended September 30, 2023.
Highlights
- The third quarter of 2023, represents the first full quarter
that the acquisition of HV Bancorp, Inc. ("HVB") is included in the
Company's financial results. The acquisition of HVB in the first
half of 2023 contributed significant growth to net interest income
in the third quarter of 2023. Merger and acquisitions costs for
2023 total $9.3 million through
September 30, 2023. The provision for
credit losses on non-purchase credit deteriorated loans (the "NPC
Provision") was $4.6 million.
- Net income for the first nine months of 2023 was $10.3 million, which was $10.9 million, or 51.5% less than 2022's net
income through September 30, 2022 due
to the one-time merger and acquisition costs and the NPC Provision.
The effective tax rate for the first nine months of 2023 was 16.4%
compared to 17.9% in the comparable period in 2022.
- Net income was $7.5 million for
the three months ended September 30,
2023 and 2022. The effective tax rate for the three months
ended September 30, 2023 was 17.5%
compared to 18.0% in the comparable period in 2022.
- Net interest income before the provision for credit losses was
$58.4 million for the nine months
ended September 30, 2023, an increase
of $5.6 million, or 10.5%, over the
same period a year ago.
- Return on average equity for the three and nine months
(annualized) ended September 30, 2023
was 10.10% and 5.21% compared to 13.34% and 12.77% for the three
and nine months (annualized) ended September
30, 2022. If the death benefits received from life insurance
on a former employee, the one-time costs associated with the
acquisition and the NPC Provision are excluded, the return on
average equity for the three and nine months (annualized) ended
September 30, 2023 would have been
10.50% and 10.76%, respectively (1).
- Return on average tangible equity for the three and nine months
(annualized) ended September 30, 2023
was 14.37% and 6.56% compared to 15.60% and 15.00% for the three
and nine months (annualized) ended September
30, 2022. (1) If the death benefits received from life
insurance on a former employee, the one-time costs associated with
the acquisition and the NPC Provision are excluded, the return on
average tangible equity for the three and nine months (annualized)
ended September 30, 2023 would have
been 14.94% and 13.56%. (1)
- Return on average assets for the three and nine months
(annualized) ended September 30, 2023
was 1.02% and 0.53% compared to 1.31% and 1.27% for the three and
nine months (annualized) ended September 30,
2022. If the death benefits received from life insurance on
a former employee, the one-time costs associated with the
acquisition and the NPC Provision are excluded, the return on
average assets for the three and nine months (annualized) ended
September 30, 2023 would have been
1.06% and 1.09% (1).
Nine Months Ended September 30,
2023 Compared to 2022
- For the nine months ended September 30,
2023, net income totaled $10,271,000 which compares to net income of
$21,185,000 for the first nine months
of 2022, a decrease of $10,914,000.
Basic earnings per share of $2.40 for
the first nine months of 2023 compares to $5.28 for the first nine months last year.
Annualized return on equity for the nine months ended September 30, 2023 and 2022 was 5.21% and 12.77%,
while annualized return on assets was 0.53% and 1.27%,
respectively. If the death benefits received from life insurance on
a former employee, the one-time costs associated with the
acquisition and the NPC Provision are excluded, basic earnings per
share, the annualized return on average equity and average assets
would be $4.95, 10.76% and 1.09%,
respectively. (1)
- Net interest income before the provision for credit loss for
the nine months ended September 30,
2023 totaled $58,405,000
compared to $52,837,000 for the nine
months ended September 30, 2022,
resulting in an increase of $5,568,000, or 10.5%. Average interest earning
assets increased $319.8 million for
the nine months ended September 30,
2023 compared to the same period last year, primarily due to
the HVB acquisition and growth that occurred in the second half of
2022 in the Delaware market.
Average loans increased $356.6
million while average investment securities increased
$10.7 million. The yield on interest
earning assets increased 1.13% to 4.91%, while the cost of
interest-bearing liabilities increased 160 basis points to 2.11%
due to the rise in market interest rates and competitive pressure.
The tax effected net interest margin for the nine months ended
September 30, 2023 was 3.25% compared
to 3.39% for the same period last year.
- The provision for credit losses for the nine months ended
September 30, 2023 was $5,328,000 compared to $1,425,000 for the nine months ended September 30, 2022, an increase of $3,903,000. As a result of the acquisition, the
Bank recorded a $4.6 million
provision for credit losses for loans acquired that did not have
any credit deterioration at the time of purchase. Excluding the
impact of the acquisition, the provision would have decreased
$688,000 when comparing the nine
month period of 2023 to 2022 with the decrease being attributable
to lower loan growth in 2023 compared to 2022.
- Total non-interest income was $8,251,000 for the nine months ended September 30, 2023, which is $824,000 more than the non-interest income of
$7,427,000 for the same period last
year. The primary driver was revenues associated with the HVB
acquisition, which includes additional service charge revenue,
earnings on bank owned life insurance and gains on loans sold. In
addition to the earnings on bank owned life insurance obtained as
part of the acquisition, the Company received $195,000 of death benefits upon the passing of a
former employee.
- Total non-interest expenses for the nine months ended
September 30, 2023 totaled
$49,037,000 compared to $33,045,000 for the same period last year, which
is an increase of $15,992,000, or
48.39%. The primary driver of the increase is the merger and
acquisition costs of completing the HVB acquisition that total
$9,269,000. Merger and acquisitions
costs for the merger with HVB include professional and consulting
fees, printing, travel, contract termination payments and severance
related expenses. Salary and benefit costs increased $4,769,000 due to an additional 35.3 FTEs due to
the acquisition, merit increases for 2023 as well as an increase in
health insurance costs of $685,000.
The increases in occupancy and furniture and fixtures was due to
the acquisition and additional branches as part of it. Due to
growth that occurred in 2022 and the acquisition, FDIC insurance
expense increased $560,000.
- The provision for income taxes decreased $2,589,000 when comparing the nine months ended
September 30, 2023 to the same period
in 2022 as a result of a decrease in income before income tax of
$13,503,000 primarily due to the
one-time merger costs.
Three Months Ended September 30,
2023 Compared to September 30,
2022
- For the three months ended September 30,
2023, net income totaled $7,548,000 which compares to net income of
$7,544,000 for the comparable period
of 2022, an increase of $4,000. Basic
earnings per share of $1.61 for the
three months ended September 30, 2023
compares to $1.88 for the 2022
comparable period. Annualized return on equity for the three months
ended September 30, 2023 and 2022 was
10.10% and 13.34%, while annualized return on assets was 1.02% and
1.31%, respectively. If the death benefits received from life
insurance on a former employee, the one-time costs associated with
the acquisition and the NPC Provision are excluded, basic earnings
per share, the annualized return on average equity and average
assets would be $1.67, 10.50% and
1.06%, respectively. (1)
- Net interest income before the provision for credit loss for
the three months ended September 30,
2023 totaled $22,404,000
compared to $18,846,000 for the three
months ended September 30, 2022,
resulting in an increase of $3,558,000, or 18.9%. Average interest earning
assets increased $532.1 million for
the three months ended September 30,
2023 compared to the same period last year as a result of
the HVB acquisition. Average loans increased $543.4 million while average investment
securities decreased $19.1 million.
The tax effected net interest margin for the three months ended
September 30, 2023 was 3.29% compared
to 3.44% for the same period last year, which was impacted by the
increase in the average cost on interest bearing liabilities of 187
basis points, to 2.56%.
- The provision for credit losses for the three months ended
September 30, 2023 was $475,000 compared to $725,000 for the three months ended September 30, 2022, a decrease of $250,000. The decrease in the provision is due to
lower loan growth in the third quarter of 2023 compared to the same
period in 2022.
- Total non-interest income was $3,797,000 for the three months ended
September 30, 2023, which is
$1,105,000 more than for the
comparable period last year. The primary driver was the impact of
the acquisition, which increased service charge revenue, gains on
loans sold and earnings on bank owned life insurance. In addition
to the impact of the acquisition on earnings on bank owned life
insurance, the Company received $195,000 of death benefits upon the passing of a
former employee.
- Total non-interest expenses for the three months ended
September 30, 2023 totaled
$16,579,000 compared to $11,614,000 for the same period last year, which
is an increase of $4,965,000. Merger
and acquisition costs totaled $623,000 for the third quarter of 2023. Salaries
and benefits increased $3.2 million
due to an increase in headcount of 88 FTEs as a result of the
acquisition. The increases in occupancy and furniture and fixtures
was due to the acquisition and additional branches as part of it.
Due to growth that occurred in 2022 and the acquisition, FDIC
insurance expense increased $215,000.
- The provision for income taxes decreased $56,000 when comparing the three months ended
September 30, 2023 to the same period
in 2022 as a result of a decrease in income before income tax of
$52,000 and earnings on bank owned
life insurance being exempt from Federal income tax. The effective
tax rate was 17.5% and 18.0% for the three months ended
September 30, 2023 and 2022,
respectively.
Balance Sheet and Other Information:
- At September 30, 2023, total
assets were $2.96 billion, compared
to $2.33 billion at December 31, 2022 and $2.35 billion at September
30, 2022.
- Available for sale securities of $417.8
million at September 30, 2023
decreased $21.7 million from
December 31, 2022 and $27.4 million from September 30, 2022. As part of the HVB
acquisition, $79.2 million of
available for sale securities were acquired, of which $76.1 million were sold prior to June 30, 2023. The yield on the investment
portfolio increased from 1.83% to 2.18% on a tax equivalent
basis.
- Net loans as of September 30,
2023 totaled $2.22 billion and
increased $518.5 million from
December 31, 2022 as a result of the
acquisition. Excluding the acquisition, loans would have increased
$42.2 million during 2023.
- The allowance for credit losses - loans totaled $21,455,000 at September
30, 2023 which is an increase of $2,903,000 from December
31, 2022 and is due to the acquisition and the
implementation of the CECL accounting standard effective
January 1, 2023. The impact of the
acquisition was an increase of $6.3
million, of which $4.6 million
was in provision with the remaining $1.7
million due to purchase credit deteriorated ("PCD") loans.
The impact of adopting ASC 326 was a decrease of $3.3 million in the allowance for credit losses –
loans. Loan recoveries and charge-offs were $41,000 and $819,000, respectively, for the nine months ended
September 30, 2023. Of the
$819,000 charge-off, $763,000 was related to a loan acquired as part
of the acquisition that was fully reserved at the time of the
acquisition. A provision for credit losses – loans of $701,000 was recorded during 2023. The allowance
as a percent of total loans was 0.96% as of September 30, 2023 and 1.05% as of December 31, 2022.
- Deposits increased $490.9 million
from December 31, 2022, to
$2.33 billion at September 30, 2023, due to the acquisition, which
increased deposits by $533.4 million.
Excluding the acquisition, deposits decreased $42.4 million. With the rise in market interest
rates, competitive pressure for deposits has increased.
Additionally, we have numerous state and political organizations as
customers who utilized funds during the first half of 2023 for
various projects and bond payments. At September 30, 2023, the Bank estimates that
balances held by customers in excess of the FDIC insurance limit
($250,000 per insured account)
totaled $1.08 billion, or 46.4% of
the Bank's total deposits. Included in this balance are balances
held through Intrafi, which provides customers with FDIC insurance
coverage by placing customer funds with insured banks within the
Intrafi network, as well as deposits collateralized by securities
(almost exclusively municipal deposits). The total of these items
was $491.6 million, or 21.1% of the
Bank's total deposits, as of September 30,
2023.
- Stockholders' equity totaled $262.7
million at September 30, 2023,
compared to $200.1 million at
December 31, 2022, an increase of
$62.5 million. The increase was
attributable to issuing 693,858 shares with a value of $60.1 million as part of the acquisition and net
income for the nine months ended September
30, 2023 totaling $10.3
million, offset by net cash dividends for the first nine
months of 2023 totaling $6.2 million,
net treasury stock activity of $99,000 and an increase of $1.8 million attributable to the CECL adjustment
made effective January 1, 2023. As a
result of changes in market interest rates impacting the fair value
of investment securities and swaps, accumulated other comprehensive
loss increased $3.5 million from
December 31, 2022.
Dividend Declared
On September 1, 2023, the Board of
Directors declared a cash dividend of $0.49 per share, which was paid on September 29, 2023 to shareholders of record at
the close of business on September 15,
2023. The quarterly cash dividend is an increase of 3.1%
over the regular cash dividend of $0.475 per share declared one year ago, as
adjusted for the 1% stock dividend declared in June 2023.
Citizens Financial Services, Inc. has nearly 1,925 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
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2023
|
2022
|
2023
|
2022
|
Income and
Performance Ratios
|
|
|
|
|
Net Income
|
$
7,548
|
$
7,544
|
$
10,271
|
$
21,185
|
Return on average
assets (annualized)
|
1.02 %
|
1.31 %
|
0.53 %
|
1.27 %
|
Return on average
equity (annualized)
|
10.10 %
|
13.34 %
|
5.21 %
|
12.77 %
|
Return on average
tangible equity (annualized) (a)
|
14.37 %
|
15.60 %
|
6.56 %
|
15.00 %
|
Net interest margin
(tax equivalent)(a)
|
3.29 %
|
3.44 %
|
3.25 %
|
3.39 %
|
Earnings per share -
basic (b)
|
$
1.61
|
$
1.88
|
$
2.40
|
$
5.28
|
Earnings per share -
diluted (b)
|
$
1.61
|
$
1.88
|
$
2.40
|
$
5.28
|
Cash dividends paid per
share (b)
|
$
0.490
|
$
0.475
|
$
1.451
|
$
1.407
|
Number of shares used
in computation - basic (b)
|
4,699,952
|
4,006,794
|
4,275,259
|
4,009,855
|
Number of shares used
in computation - diluted (b)
|
4,699,952
|
4,007,028
|
4,275,259
|
4,009,857
|
|
|
|
|
|
|
|
|
|
|
Asset
quality
|
|
|
|
|
Allowance for credit
losses - loans
|
$
21,455
|
$
18,291
|
|
|
Non-performing
assets
|
$
13,621
|
$
8,088
|
|
|
Allowance for credit
losses - loans/total loans
|
0.96 %
|
1.05 %
|
|
|
Non-performing assets
to total loans
|
0.61 %
|
0.47 %
|
|
|
Annualized net
charge-offs to total loans
|
0.14 %
|
0.00 %
|
0.05 %
|
0.04 %
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Book value per share
(b)
|
$
63.60
|
$
56.67
|
|
|
Tangible Book value per
share (a) (b)
|
$
44.77
|
$
48.51
|
|
|
Market Value (Last
reported trade of month)
|
$
47.92
|
$
70.20
|
|
|
Common shares
outstanding
|
4,706,111
|
3,971,342
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
Average Full Time
Equivalent Employees
|
400.1
|
312.1
|
345.2
|
309.9
|
Loan to Deposit
Ratio
|
96.20 %
|
93.00 %
|
|
|
Trust assets under
management
|
$
164,012
|
$
143,297
|
|
|
Brokerage assets under
management
|
$
305,951
|
$
268,878
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Highlights
|
September
30,
|
December 31,
|
September
30,
|
|
|
2023
|
2022
|
2022
|
|
|
|
|
|
|
Assets
|
$
2,959,216
|
$ 2,333,393
|
$
2,349,711
|
|
Investment
securities
|
419,665
|
441,714
|
447,479
|
|
Loans (net of unearned
income)
|
2,246,396
|
1,724,999
|
1,737,953
|
|
Allowance for credit
losses - loans
|
21,455
|
18,552
|
18,291
|
|
Deposits
|
2,335,135
|
1,844,208
|
1,868,711
|
|
Stockholders'
Equity
|
262,686
|
200,147
|
191,430
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
September
30,
|
December 31,
|
September
30,
|
(in thousands except
share data)
|
2023
|
2022
|
2022
|
ASSETS:
|
|
|
|
Cash and due from
banks:
|
|
|
|
Noninterest-bearing
|
$
25,267
|
$
24,814
|
$
21,519
|
Interest-bearing
|
18,069
|
1,397
|
1,629
|
Total cash and cash
equivalents
|
43,336
|
26,211
|
23,148
|
|
|
|
|
Interest bearing time
deposits with other banks
|
4,566
|
6,055
|
6,055
|
|
|
|
|
Equity
securities
|
1,858
|
2,208
|
2,257
|
|
|
|
|
Available-for-sale
securities
|
417,807
|
439,506
|
445,222
|
|
|
|
|
Loans held for
sale
|
14,155
|
725
|
1,280
|
|
|
|
|
Loans (net of allowance
for credit losses - loans: $21,455 at September 30,
2023;
|
|
|
|
$18,552 at December 31, 2022 and $18,291 at September 30,
2023)
|
2,224,941
|
1,706,447
|
1,719,662
|
|
|
|
|
Premises and
equipment
|
21,421
|
17,619
|
17,367
|
Accrued interest
receivable
|
10,327
|
7,332
|
6,544
|
Goodwill
|
84,758
|
31,376
|
31,376
|
Bank owned life
insurance
|
49,586
|
39,355
|
39,137
|
Other
intangibles
|
3,866
|
1,272
|
1,371
|
Fair value of
derivative instruments - asset
|
18,144
|
16,599
|
17,674
|
Deferred tax
asset
|
21,384
|
12,886
|
13,486
|
Other assets
|
43,067
|
25,802
|
25,132
|
|
|
|
|
TOTAL
ASSETS
|
$
2,959,216
|
$ 2,333,393
|
$
2,349,711
|
|
|
|
|
LIABILITIES:
|
|
|
|
Deposits:
|
|
|
|
Noninterest-bearing
|
$
542,144
|
$
396,260
|
$
381,380
|
Interest-bearing
|
1,792,991
|
1,447,948
|
1,487,331
|
Total
deposits
|
2,335,135
|
1,844,208
|
1,868,711
|
Borrowed
funds
|
316,151
|
257,278
|
258,922
|
Accrued interest
payable
|
2,726
|
1,232
|
922
|
Fair value of
derivative instruments - liability
|
10,694
|
9,726
|
10,450
|
Other
liabilities
|
31,824
|
20,802
|
19,276
|
TOTAL
LIABILITIES
|
2,696,530
|
2,133,246
|
2,158,281
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Preferred Stock $1.00
par value; authorized
|
|
|
|
3,000,000
shares; none issued in 2023 or 2022
|
-
|
-
|
-
|
Common stock
|
|
|
|
$1.00 par value;
authorized 25,000,000 shares at September 30, 2023, December 31,
2022 and
|
|
|
|
September 30,
2022: issued 5,160,754 at September 30, 2023 and 4,427,687 at
December 31, 2022 and
|
|
|
|
September 30,
2022
|
5,161
|
4,428
|
4,428
|
Additional paid-in
capital
|
143,302
|
80,911
|
80,869
|
Retained
earnings
|
167,740
|
164,922
|
158,953
|
Accumulated other
comprehensive loss
|
(36,643)
|
(33,141)
|
(35,855)
|
Treasury stock, at
cost: 454,643 at September 30, 2023 and 456,478
shares
|
|
|
|
at December 31,
2022 and 456,345 shares at September 30, 2022
|
(16,874)
|
(16,973)
|
(16,965)
|
TOTAL STOCKHOLDERS'
EQUITY
|
262,686
|
200,147
|
191,430
|
TOTAL LIABILITIES
AND
|
|
|
|
STOCKHOLDERS' EQUITY
|
$
2,959,216
|
$ 2,333,393
|
$
2,349,711
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
(in thousands,
except share and per share data)
|
2023
|
2022
|
2023
|
2022
|
INTEREST
INCOME:
|
|
|
|
|
Interest and fees on
loans
|
$
33,772
|
$
19,396
|
$
80,438
|
$ 52,436
|
Interest-bearing
deposits with banks
|
264
|
61
|
462
|
333
|
Investment
securities:
|
|
|
|
|
Taxable
|
1,734
|
1,514
|
4,973
|
4,050
|
Nontaxable
|
540
|
630
|
1,729
|
1,830
|
Dividends
|
379
|
182
|
1,004
|
356
|
TOTAL INTEREST
INCOME
|
36,689
|
21,783
|
88,606
|
59,005
|
INTEREST
EXPENSE:
|
|
|
|
|
Deposits
|
10,100
|
1,838
|
19,519
|
4,469
|
Borrowed
funds
|
4,185
|
1,099
|
10,682
|
1,699
|
TOTAL INTEREST
EXPENSE
|
14,285
|
2,937
|
30,201
|
6,168
|
NET INTEREST
INCOME
|
22,404
|
18,846
|
58,405
|
52,837
|
Provision for credit
losses
|
475
|
725
|
737
|
1,425
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
-
|
4,591
|
-
|
NET INTEREST INCOME
AFTER
|
|
|
|
|
PROVISION FOR CREDIT LOSSES
|
21,929
|
18,121
|
53,077
|
51,412
|
NON-INTEREST
INCOME:
|
|
|
|
|
Service
charges
|
1,692
|
1,509
|
4,196
|
4,081
|
Trust
|
172
|
187
|
583
|
620
|
Brokerage and
insurance
|
473
|
446
|
1,429
|
1,428
|
Gains on loans
sold
|
595
|
95
|
809
|
241
|
Equity security gains
(losses), net
|
69
|
(19)
|
(223)
|
(198)
|
Available for sale
security losses, net
|
-
|
(6)
|
(51)
|
(6)
|
Earnings on bank owned
life insurance
|
489
|
216
|
941
|
635
|
Other
|
307
|
264
|
567
|
626
|
TOTAL NON-INTEREST
INCOME
|
3,797
|
2,692
|
8,251
|
7,427
|
NON-INTEREST
EXPENSES:
|
|
|
|
|
Salaries and employee
benefits
|
10,140
|
6,933
|
25,733
|
20,964
|
Occupancy
|
1,221
|
779
|
2,870
|
2,327
|
Furniture and
equipment
|
255
|
122
|
568
|
416
|
Professional
fees
|
506
|
588
|
1,274
|
1,321
|
FDIC insurance
expense
|
375
|
160
|
1,000
|
440
|
Pennsylvania shares
tax
|
297
|
339
|
893
|
1,017
|
Amortization of
intangibles
|
157
|
40
|
219
|
120
|
Software
expenses
|
551
|
370
|
1,274
|
1,069
|
ORE expenses
(income)
|
111
|
122
|
126
|
(125)
|
Merger and acquisition
expenses
|
623
|
-
|
9,269
|
-
|
Other
|
2,343
|
2,161
|
5,811
|
5,496
|
TOTAL NON-INTEREST
EXPENSES
|
16,579
|
11,614
|
49,037
|
33,045
|
Income before provision
for income taxes
|
9,147
|
9,199
|
12,291
|
25,794
|
Provision for income
tax expense
|
1,599
|
1,655
|
2,020
|
4,609
|
NET
INCOME
|
$
7,548
|
$
7,544
|
$
10,271
|
$ 21,185
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
Net Income -
Basic
|
$
1.61
|
$
1.88
|
$
2.40
|
$
5.28
|
Net Income -
Diluted
|
$
1.61
|
$
1.88
|
$
2.40
|
$
5.28
|
Cash Dividends
Paid
|
$
0.490
|
$
0.475
|
$
1.451
|
$
1.407
|
|
|
|
|
|
Number of shares used
in computation - basic
|
4,699,952
|
4,006,794
|
4,275,259
|
4,009,855
|
Number of shares used
in computation - diluted
|
4,699,952
|
4,007,028
|
4,275,259
|
4,009,857
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
|
|
QUARTERLY CONDENSED,
CONSOLIDATED INCOME (LOSS) STATEMENT INFORMATION
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
(in thousands,
except per share data)
|
|
Three Months
Ended,
|
|
|
|
Sept
30,
|
June 30,
|
March 31,
|
Dec 31,
|
Sept 30,
|
|
2023
|
2023
|
2023
|
2022
|
2022
|
Interest
income
|
$
36,689
|
$
26,810
|
$
25,107
|
$
24,352
|
$
21,783
|
Interest
expense
|
14,285
|
8,889
|
7,027
|
5,055
|
2,937
|
Net interest
income
|
22,404
|
17,921
|
18,080
|
19,297
|
18,846
|
Provision for credit
losses
|
475
|
262
|
-
|
258
|
725
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
4,591
|
-
|
-
|
-
|
Net interest income
after provision for credit losses
|
21,929
|
13,068
|
18,080
|
19,039
|
18,121
|
Non-interest
income
|
3,728
|
2,405
|
2,392
|
2,368
|
2,717
|
Investment
securities gains (losses), net
|
69
|
(125)
|
(218)
|
(57)
|
(25)
|
Non-interest
expenses
|
16,579
|
20,680
|
11,778
|
11,649
|
11,614
|
Income (loss) before
provision for income taxes
|
9,147
|
(5,332)
|
8,476
|
9,701
|
9,199
|
Provision for income
tax expense (benefit)
|
1,599
|
(1,188)
|
1,609
|
1,826
|
1,655
|
Net income
(loss)
|
$
7,548
|
$
(4,144)
|
$
6,867
|
$
7,875
|
$
7,544
|
Earnings (Loss) Per
Share Basic
|
$
1.61
|
$
(1.01)
|
$
1.71
|
$
1.97
|
$
1.88
|
Earnings (Loss) Per
Share Diluted
|
$
1.61
|
$
(1.01)
|
$
1.71
|
$
1.97
|
$
1.88
|
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
September 30,
|
|
2023
|
2022
|
|
Average
|
|
Average
|
Average
|
|
Average
|
|
Balance
(1)
|
Interest
|
Rate
|
Balance (1)
|
Interest
|
Rate
|
(dollars in
thousands)
|
$
|
$
|
%
|
$
|
$
|
%
|
ASSETS
|
|
|
|
|
|
|
Short-term
investments:
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
24,096
|
225
|
3.70
|
14,255
|
12
|
0.33
|
Total short-term
investments
|
24,096
|
225
|
3.70
|
14,255
|
12
|
0.33
|
Interest bearing time
deposits at banks
|
4,579
|
39
|
3.38
|
6,640
|
49
|
2.93
|
Investment
securities:
|
|
|
|
|
|
|
Taxable
|
386,806
|
2,113
|
2.19
|
391,774
|
1,696
|
1.73
|
Tax-exempt
(3)
|
108,959
|
683
|
2.51
|
123,046
|
797
|
2.59
|
Investment
securities
|
495,765
|
2,796
|
2.26
|
514,820
|
2,493
|
1.94
|
Loans:
(2)(3)(4)
|
|
|
|
|
|
|
Residential
mortgage loans
|
357,388
|
4,925
|
5.47
|
204,352
|
2,416
|
4.69
|
Construction
loans
|
166,204
|
3,339
|
7.97
|
76,934
|
885
|
4.56
|
Commercial
Loans
|
1,196,675
|
18,983
|
6.29
|
900,297
|
10,732
|
4.73
|
Agricultural
Loans
|
342,499
|
4,285
|
4.96
|
346,380
|
3,887
|
4.45
|
Loans to state
& political subdivisions
|
60,820
|
611
|
3.99
|
59,454
|
502
|
3.35
|
Other
loans
|
88,710
|
1,750
|
7.83
|
81,499
|
1,074
|
5.23
|
Loans, net of
discount (2)(3)(4)
|
2,212,296
|
33,893
|
6.08
|
1,668,916
|
19,496
|
4.63
|
Total
interest-earning assets
|
2,736,736
|
36,953
|
5.36
|
2,204,631
|
22,050
|
3.96
|
Cash and due from
banks
|
10,696
|
|
|
6,755
|
|
|
Bank premises and
equipment
|
21,401
|
|
|
17,437
|
|
|
Other assets
|
190,431
|
|
|
82,012
|
|
|
Total non-interest
earning assets
|
222,528
|
|
|
106,204
|
|
|
Total
assets
|
2,959,264
|
|
|
2,310,835
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
NOW
accounts
|
789,513
|
4,468
|
2.25
|
530,234
|
675
|
0.51
|
Savings
accounts
|
326,452
|
426
|
0.52
|
328,056
|
106
|
0.13
|
Money market
accounts
|
403,628
|
2,682
|
2.64
|
347,460
|
515
|
0.59
|
Certificates of
deposit
|
347,783
|
2,524
|
2.88
|
288,926
|
542
|
0.74
|
Total interest-bearing
deposits
|
1,867,376
|
10,100
|
2.15
|
1,494,676
|
1,838
|
0.49
|
Other borrowed
funds
|
347,326
|
4,185
|
4.78
|
189,174
|
1,099
|
2.30
|
Total
interest-bearing liabilities
|
2,214,702
|
14,285
|
2.56
|
1,683,850
|
2,937
|
0.69
|
Demand
deposits
|
408,531
|
|
|
380,110
|
|
|
Other
liabilities
|
37,118
|
|
|
20,618
|
|
|
Total
non-interest-bearing liabilities
|
445,649
|
|
|
400,728
|
|
|
Stockholders'
equity
|
298,913
|
|
|
226,257
|
|
|
Total liabilities
& stockholders' equity
|
2,959,264
|
|
|
2,310,835
|
|
|
Net interest
income
|
|
22,668
|
|
|
19,113
|
|
Net interest spread
(5)
|
|
|
2.80 %
|
|
|
3.27 %
|
Net interest income as
a percentage
|
|
|
|
|
|
|
of average
interest-earning assets
|
|
|
3.29 %
|
|
|
3.44 %
|
Ratio of
interest-earning assets
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
|
124 %
|
|
|
131 %
|
|
|
|
|
|
|
|
(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 2023 and 2022. 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)
|
|
|
Nine Months Ended
September 30,
|
|
2023
|
2022
|
|
Average
|
|
Average
|
Average
|
|
Average
|
|
Balance
(1)
|
Interest
|
Rate
|
Balance (1)
|
Interest
|
Rate
|
(dollars in
thousands)
|
$
|
$
|
%
|
$
|
$
|
%
|
ASSETS
|
|
|
|
|
|
|
Short-term
investments:
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
21,772
|
333
|
2.04
|
65,727
|
150
|
0.31
|
Total short-term
investments
|
21,772
|
333
|
2.04
|
65,727
|
150
|
0.31
|
Interest bearing time
deposits at banks
|
5,540
|
129
|
3.11
|
9,126
|
183
|
2.70
|
Investment
securities:
|
|
|
|
|
|
|
Taxable
|
385,246
|
5,977
|
2.07
|
368,702
|
4,406
|
1.59
|
Tax-exempt
(3)
|
114,307
|
2,188
|
2.55
|
120,107
|
2,316
|
2.57
|
Investment
securities
|
499,553
|
8,165
|
2.18
|
488,809
|
6,722
|
1.83
|
Loans:
(2)(3)(4)
|
|
|
|
|
|
|
Residential
mortgage loans
|
268,562
|
10,797
|
5.38
|
202,856
|
7,128
|
4.70
|
Construction
loans
|
114,386
|
5,831
|
6.82
|
69,437
|
2,213
|
4.26
|
Commercial
Loans
|
1,039,006
|
45,079
|
5.80
|
829,366
|
28,808
|
4.64
|
Agricultural
Loans
|
344,079
|
12,759
|
4.96
|
347,771
|
11,342
|
4.36
|
Loans to state
& political subdivisions
|
60,183
|
1,736
|
3.86
|
54,836
|
1,327
|
3.24
|
Other
loans
|
82,405
|
4,579
|
7.43
|
47,732
|
1,868
|
5.23
|
Loans, net of
discount (2)(3)(4)
|
1,908,621
|
80,781
|
5.66
|
1,551,998
|
52,686
|
4.54
|
Total
interest-earning assets
|
2,435,486
|
89,408
|
4.91
|
2,115,660
|
59,741
|
3.78
|
Cash and due from
banks
|
8,709
|
|
|
6,652
|
|
|
Bank premises and
equipment
|
19,340
|
|
|
17,199
|
|
|
Other assets
|
126,075
|
|
|
82,726
|
|
|
Total non-interest
earning assets
|
154,124
|
|
|
106,577
|
|
|
Total
assets
|
2,589,610
|
|
|
2,222,237
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
NOW
accounts
|
616,103
|
8,052
|
1.75
|
520,882
|
1,392
|
0.36
|
Savings
accounts
|
320,227
|
897
|
0.37
|
323,667
|
260
|
0.11
|
Money market
accounts
|
352,055
|
5,802
|
2.20
|
347,422
|
1,037
|
0.40
|
Certificates of
deposit
|
303,825
|
4,768
|
2.10
|
305,878
|
1,780
|
0.78
|
Total interest-bearing
deposits
|
1,592,210
|
19,519
|
1.64
|
1,497,849
|
4,469
|
0.40
|
Other borrowed
funds
|
318,180
|
10,682
|
4.49
|
112,582
|
1,699
|
2.02
|
Total
interest-bearing liabilities
|
1,910,390
|
30,201
|
2.11
|
1,610,431
|
6,168
|
0.51
|
Demand
deposits
|
380,638
|
|
|
370,785
|
|
|
Other
liabilities
|
35,566
|
|
|
19,785
|
|
|
Total
non-interest-bearing liabilities
|
416,204
|
|
|
390,570
|
|
|
Stockholders'
equity
|
263,016
|
|
|
221,236
|
|
|
Total liabilities
& stockholders' equity
|
2,589,610
|
|
|
2,222,237
|
|
|
Net interest
income
|
|
59,207
|
|
|
53,573
|
|
Net interest spread
(5)
|
|
|
2.80 %
|
|
|
3.27 %
|
Net interest income as
a percentage
|
|
|
|
|
|
|
of average
interest-earning assets
|
|
|
3.25 %
|
|
|
3.39 %
|
Ratio of
interest-earning assets
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
|
127 %
|
|
|
131 %
|
|
|
|
|
|
|
|
(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 2020 and 2019. 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)
|
|
|
|
|
|
|
September
30,
|
June
30,
|
March 31,
|
December 31,
|
September
30,
|
|
2023
|
2023
|
2023
|
2022
|
2022
|
Real estate:
|
|
|
|
|
|
Residential
|
$
356,381
|
$
358,025
|
$
212,793
|
$
210,213
|
$
203,673
|
Commercial
|
1,081,123
|
1,080,513
|
878,972
|
876,569
|
857,314
|
Agricultural
|
314,164
|
312,302
|
312,793
|
313,614
|
317,761
|
Construction
|
175,320
|
156,927
|
75,745
|
80,691
|
79,154
|
Consumer
|
115,753
|
42,701
|
87,101
|
86,650
|
124,375
|
Other commercial
loans
|
120,347
|
120,288
|
64,133
|
63,222
|
66,241
|
Other agricultural
loans
|
26,648
|
30,615
|
32,052
|
34,832
|
29,509
|
State & political
subdivision loans
|
56,660
|
61,471
|
59,886
|
59,208
|
59,926
|
Total loans
|
2,246,396
|
2,162,842
|
1,723,475
|
1,724,999
|
1,737,953
|
Less: allowance for
credit losses - loans
|
21,455
|
21,652
|
15,250
|
18,552
|
18,291
|
Net loans
|
$
2,224,941
|
$ 2,141,190
|
$ 1,708,225
|
$ 1,706,447
|
$ 1,719,662
|
|
|
|
|
|
|
Past due and
non-performing assets
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans past due
30-89 days and still accruing
|
$
5,960
|
$
4,811
|
$
1,336
|
$
3,317
|
$
2,616
|
|
|
|
|
|
|
Non-accrual
loans
|
$
13,139
|
$
13,073
|
$
10,404
|
$
6,938
|
$
7,118
|
Loans past due 90 days
or more and accruing
|
8
|
139
|
41
|
7
|
93
|
Non-performing
loans
|
$
13,147
|
$
13,212
|
$
10,445
|
$
6,945
|
$
7,211
|
OREO
|
474
|
426
|
428
|
543
|
877
|
Total Non-performing
assets
|
$
13,621
|
$
13,638
|
$
10,873
|
$
7,488
|
$
8,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Analysis of the
Allowance for Credit Losses - Loans
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
September
30,
|
(In
Thousands)
|
2023
|
2023
|
2023
|
2022
|
2022
|
Balance, beginning of
period
|
$
21,652
|
$
15,250
|
$
18,552
|
$
18,291
|
$
17,570
|
Impact of Adopting ASC
326
|
-
|
-
|
(3,300)
|
-
|
-
|
|
|
|
|
|
|
Charge-offs
|
(808)
|
(4)
|
(7)
|
(7)
|
(14)
|
Recoveries
|
10
|
26
|
5
|
10
|
10
|
Net (charge-offs)
recoveries
|
(798)
|
22
|
(2)
|
3
|
(4)
|
PCD allowance for
credit loss at acquisition
|
-
|
1,689
|
-
|
-
|
-
|
Provision for credit
losses - loans
|
601
|
100
|
-
|
258
|
725
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
4,591
|
-
|
-
|
-
|
Balance, end of
period
|
$
21,455
|
$
21,652
|
$
15,250
|
$
18,552
|
$
18,291
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Financial Measures
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
September
30,
|
|
|
|
2023
|
2022
|
|
|
Tangible
Equity
|
|
|
|
|
Stockholders Equity -
GAAP
|
$
262,686
|
$
191,430
|
|
|
Accumulated other
comprehensive loss
|
36,643
|
35,855
|
|
|
Intangible
Assets
|
(88,624)
|
(32,747)
|
|
|
Tangible Equity -
Non-GAAP
|
210,705
|
194,538
|
|
|
Shares outstanding
adjusted for June 2023 stock Dividend
|
4,706,768
|
4,010,551
|
|
|
Tangible Book value per
share - Non-GAAP
|
$
44.77
|
$
48.51
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
September
30,
|
|
|
|
2023
|
2022
|
|
|
Tangible Equity per
share
|
|
|
|
|
Stockholders Equity per
share - GAAP
|
$
55.82
|
$
47.73
|
|
|
Adjustments for
accumulated other comprehensive loss
|
7.78
|
8.94
|
|
|
Book value per
share
|
63.60
|
56.67
|
|
|
Adjustment for
intangible assets
|
(18.83)
|
(8.16)
|
|
|
Tangible Book value per
share - Non-GAAP
|
$
44.77
|
$
48.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2023
|
2022
|
2023
|
2022
|
Return on Average
Tangible Equity
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
266,899
|
$
199,981
|
$
232,326
|
$
204,075
|
Average Accumulated
Other Comprehensive Loss
|
32,014
|
26,276
|
30,690
|
17,161
|
Average Intangible
Assets
|
(88,743)
|
(32,781)
|
(54,386)
|
(32,870)
|
Average Tangible Equity
- Non-GAAP
|
210,170
|
193,476
|
208,630
|
188,366
|
Net
Income
|
$
7,548
|
$
7,544
|
$
10,271
|
$
21,185
|
Annualized Return on
Average Tangible Equity
|
14.37 %
|
15.60 %
|
6.56 %
|
15.00 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2023
|
2022
|
2023
|
2022
|
Return on Average
Assets and Equity Excluding boli death benefits, merger and
acquisition costs and provision for credit losses - acquisition day
1 non-PCD
|
|
|
|
|
Net
Income
|
$
7,548
|
$
7,544
|
$
10,271
|
$
21,185
|
Boli death
benefits
|
(195)
|
-
|
(195)
|
-
|
After tax provision for
credit losses - acquisition day 1 non-PCD
|
-
|
-
|
3,627
|
-
|
After Tax merger and
acquisition costs
|
496
|
-
|
7,513
|
-
|
Net Income excluding
merger and acquisition costs
|
$
7,849
|
$
7,544
|
$
21,216
|
$
21,185
|
Average
Assets
|
2,959,264
|
2,310,835
|
2,589,610
|
2,222,237
|
Annualized Return on
Average stockholders equity, Excluding boli death benefits,
merger and acquisition costs and provision for credit losses -
acquisition day 1 non-PCD
|
1.06 %
|
1.31 %
|
1.09 %
|
1.27 %
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
298,913
|
$
226,257
|
$
263,016
|
$
221,236
|
Annualized Return on
Average stockholders equity, Excluding boli death benefits,
merger and acquisition costs and provision for credit losses -
acquisition day 1 non-PCD
|
10.50 %
|
13.34 %
|
10.76 %
|
12.77 %
|
|
|
|
|
|
Average Tangible Equity
- Non-GAAP
|
210,170
|
193,476
|
208,630
|
188,366
|
Annualized Return on
Average Tangible Equity Excluding boli death benefits,
merger and acquisition costs and provision for credit losses -
acquisition day 1 non-PCD
|
14.94 %
|
15.60 %
|
13.56 %
|
15.00 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share,
Excluding boli death benefits, merger and acquisition costs and
provision for credit losses - acquisition day 1
non-PCD
|
|
|
|
|
Net
Income
|
$
7,548
|
$
7,544
|
$
10,271
|
$
21,185
|
Boli death
benefits
|
(195)
|
|
(195)
|
|
After tax provision for
credit losses - acquisition day 1 non-PCD
|
-
|
-
|
3,627
|
-
|
After Tax merger and
acquisition costs
|
496
|
-
|
7,513
|
-
|
Net income excluding
one time items
|
$
7,849
|
$
7,544
|
$
21,216
|
$
21,185
|
Number of shares used
in computation - basic
|
4,699,952
|
4,007,028
|
4,275,259
|
4,009,857
|
Earnings per share,
excluding merger and acquisition costs and provision for
credit losses - acquisition day 1 non-PCD
|
$
1.67
|
$
1.88
|
$
4.95
|
$
5.28
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Nine Months
Ended
|
|
September
30,
|
September
30,
|
Reconciliation of
net interest income on fully taxable equivalent
basis
|
2023
|
2022
|
2023
|
2022
|
Total interest
income
|
$
36,689
|
$
21,783
|
$
37,222
|
$
36,370
|
Total interest
expense
|
14,285
|
2,937
|
3,231
|
3,717
|
Net interest
income
|
22,404
|
18,846
|
33,991
|
32,653
|
Tax equivalent
adjustment
|
264
|
267
|
469
|
485
|
Net interest income
(fully taxable equivalent)
|
$
22,668
|
$
19,113
|
$
34,460
|
$
33,138
|
View original
content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-third-quarter-2023-financial-results-301964555.html
SOURCE Citizens Financial Services, Inc.