24.04.2020 23:40:00

Citizens Financial Services, Inc. Reports Unaudited First Quarter 2020 Financial Results

MANSFIELD, Pa., April 24, 2020 /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, 2020.

Highlights

  • The acquisition of MidCoast Community Bancorp, Inc. was completed effective April 17, 2020 and the merger of computer and operating systems occurred on April 18th. The acquisition included $231.3 million of loans and $207.8 million of deposits. Based on the closing price on April 17th, the deal valuation was approximately $27.0 million. Merger and acquisitions costs for 2020 totaled $376,000 as of March 31, 2020.
  • Net income was $4.5 million for the three months ended March 31, 2020, which is 2.9% higher than the net income for 2019's comparable period. The effective tax rate for the first three months of 2020 was 16.4% compared to 15.7% in the comparable period in 2019.
  • Net interest income before the provision for loan losses was $12.9 million for the three months ended March 31, 2020, an increase of $975,000, or 8.2%, over the same period a year ago.
  • Return on average equity for the three months (annualized) ended March 31, 2020 was 11.48% compared to 12.12% for the three months (annualized) ended March 31, 2019. Excluding merger and acquisitions costs, the annualized return on average equity for the three months ended March 31, 2020 would have been 12.34%. (1)
  • Return on average tangible equity for the three months (annualized) ended March 31, 2020 was 13.59% compared to 14.62% for the three months (annualized) ended March 31, 2019. (1)
  • Return on average assets for the three months (annualized) ended March 31, 2020 was 1.24% compared to 1.22% for the three months (annualized) ended March 31, 2019. Excluding merger and acquisitions costs, the annualized return on average assets for the three months ended March 31, 2020 would have been 1.34%. (1)

Covid 19 pandemic response and loan profile

  • The Company participated in the Paycheck Protection Program (PPP) for loans provided under the auspices of the Small Business Administration (SBA). As of April 16th, the date where Phase I funds were allocated under the PPP program, the Company received approval from the SBA for 422 loans totaling $47.2 million, which will earn interest at 1% per annum for up to 24 months and will generate fee income of approximately $2.0 million. We will also be participating in Phase II of the PPP program. A portion of these loans may be forgiven by the SBA depending on the customers usage of the proceeds.
  • Additionally, as support for our communities, we created a payment relief program, which includes the following:
    • Waiver of late fees for March, April and May
    • Interest-only payment options for consumers and businesses for 60 to 90 days.
    • Deferral of principal payments for consumers and businesses in certain industries for 60-120 days.
    • Waiver of CD early withdrawal penalties through June 1.
  • Through April 23, we have provided relief to customers with outstanding balances of $32.5 million, or approximately 3.0% of total loans, which includes residential and commercial customers.
  • The Company tracks industry concentrations to identify risks that could lead to additional credit exposure. As a result of the Covid 19 pandemic, the Company has determined that Hotels/Motels and restaurants represent a higher level of credit risk. At March 31, 2020, the Company has limited loan concentrations to these industries as follows:
    • Hotels/Motels - $18.9 million or 1.7% of outstanding loans, and 87.6% pass rated
    • Restaurants - $13.1 million or 1.2% of outstanding loans, and 86.8% pass rated
  • Our agricultural relationships are also being strained by the pandemic as demand for certain products has declined and processing plant issues have resulted in further strains on our customers as a result of the pandemic. Agricultural lending comprises $346.8 million, or 31.7% of outstanding balances as of March 31, 2020.

Three Months Ended March 31, 2020 Compared to March 31, 2019

  • For the three months ended March 31, 2020, net income totaled $4,531,000 which compares to net income of $4,405,000 for the first three months of 2019, an increase of $126,000 or 2.9%. Basic earnings per share of $1.29 for first three months of 2020 compares to $1.25 for the 2019 comparable period. Annualized return on equity for the three months ended March 31, 2020 and 2019 was 11.48% and 12.12%, while annualized return on assets was 1.24% and 1.22%, respectively. If merger and acquisition costs are excluded, the annualized return on average equity and average assets would be 12.34% and 1.34%, respectively. (1)
  • Net interest income before the provision for loan loss for the three months ended March 31, 2020 totaled $12,890,000 compared to $11,915,000 for the three months ended March 31, 2019, resulting in an increase of $975,000, or 8.2%. Average interest earning assets increased $11.3 million for the three months ended March 31, 2020 compared to the same period last year. Average loans increased $21.4 million while average investment securities decreased $9.6 million. The tax effected net interest margin for the three months ended March 31, 2020 was 3.84% compared to 3.62% for the same period last year, which was impacted by the decrease in the average cost on interest bearing liabilities of 23 bps, to 0.91%.
  • The provision for loan losses for the three months ended March 31, 2020 and 2019 was $400,000. While loans decreased in 2020 compared to positive net loan growth in the first quarter of 2019, the provision for 2020 was based on the potential impact the Covid-19 pandemic may have on the local and national economies.
  • Total non-interest income was $1,851,000 for the three months ended March 31, 2020, which is $182,000 less than for the comparable period last year. The primary driver was a decrease of $254,000 in the value of equity securities during the first quarter, compared to an increase of $11,000 in the first quarter of 2019. The decrease in our equity portfolio was consistent with the decrease experienced by the stock market as a result of the pandemic.
  • Total non-interest expenses for the three months ended March 31, 2020 totaled $8,921,000 compared to $8,322,000 for the same period last year, which is an increase of $599,000, or 7.2%. Salaries and benefits increased $385,000 primarily due to merit increases and increased health care costs. Expenses associated with MidCoast acquisition accounted for $376,000 of the increase in expenses in the first quarter. Other expenses increased $156,000, which was primarily due to fraudulent charges on customer accounts.
  • The provision for income taxes increased $68,000 when comparing the three months ended March 31, 2020 to the same period in 2019 as a result of an increase in income before income tax of $194,000 and certain merger and acquisition expenses being non-deductible for tax purposes.

Balance Sheet and Other Information:

  • At March 31, 2020, total assets were $1.45 billion, compared to $1.47 billion at December 31, 2019 and $1.45 billion at March 31, 2019.
  • Available for sale securities of $257.8 million at March 31, 2020 increased $17.1 million from December 31, 2019 and $13.4 million from March 31, 2019. The yield on the investment portfolio increased from 2.69% to 2.82% on a tax equivalent basis.
  • Net loans as of March 31, 2020 totaled $1.08 billion and decreased $22.3 million from December 31, 2019 after several large pay-offs and increased $1.6 million from March 31, 2019. The decrease in loans was driven by the early pay-offs and limited demand in the first quarter.
  • The allowance for loan losses totaled $14,247,000 at March 31, 2020 which is an increase of $402,000 from December 31, 2019. The increase is due to recording a provision for loan losses of $400,000 and recoveries of $11,000, offset by charge-offs of $9,000. The allowance as a percent of total loans was 1.30% as of March 31, 2020 and 1.24% as of December 31, 2019.
  • Deposits decreased $6.0 million from December 31, 2019, to $1.21 billion at March 31, 2020, primarily due a decrease in brokered CD's of $10.2 million. Borrowed funds decreased $1.6 million from December 31, 2019 to $83.6 million at March 31, 2020. Non-interest-bearing deposits increased $696,000 from December 31, 2019 to $204.5 million at March 31, 2020.
  • Stockholders' equity totaled $159.9 million at March 31, 2020, compared to $154.8 million at December 31, 2019, an increase of $5.1 million. The increase was attributable to net income for the three months ended March 31, 2020 totaling $4.5 million, offset by cash dividends for the first quarter totaling $2.0 million and net treasury stock activity of $1.0 million. As a result of decreases in market interest rates impacting the fair value of investment securities, the unrealized gain on available for sale investment securities, net of tax, improved $3.4 million from December 31, 2019.

Dividend Declared

On March 3, 2020, the Board of Directors declared a cash dividend of $0.55 per share, which included a $0.10 special dividend and was paid on March 27, 2020 to shareholders of record at the close of business on March 13, 2020. The quarterly cash dividend is an increase of 26.0% over the regular cash dividend of $0.441 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2019.

Citizens Financial Services, Inc. has nearly 2,000 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 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,



2020

2019



Income and Performance Ratios





Net Income 

$              4,531

$          4,405



Return on average assets (annualized)

1.24%

1.22%



Return on average equity (annualized)

11.48%

12.12%



Return on average tangible equity (annualized) (a)

13.59%

14.62%



Net interest margin (tax equivalent)(a)

3.84%

3.62%



Earnings per share - basic (b)

$                1.29

$            1.25



Earnings per share - diluted (b)

$                1.29

$            1.25



Cash dividends paid per share (b)

$              0.550

$          0.441













Asset quality





Allowance for loan and lease losses

$            14,247

$        13,084



Non-performing assets

$            14,522

$        16,059



Allowance for loan and lease losses/total loans

1.30%

1.20%



Non-performing assets to total loans

1.33%

1.47%



Annualized net charge-offs to total loans

0.00%

0.07%













Equity





Book value per share (b)

$              44.78

$          41.23



Tangible Book value per share (a) (b)

$              37.77

$          34.20



Market Value (Last reported trade of month)

$              49.00

$          64.00



Common shares outstanding

3,506,009

3,498,834



Number of shares used in computation - basic (b)

3,515,500

3,528,466



Number of shares used in computation - diluted (b)

3,515,500

3,528,466













Other





Average Full Time Equivalent Employees

255.3

261.8



Loan to Deposit Ratio

90.75%

92.32%



Trust assets under management

$         110,419

$      125,342



Brokerage assets under management

$         200,145

$      196,840













Balance Sheet Highlights 

March 31,

December 31,

March 31,



2020

2019

2019







Assets

$      1,464,729

$   1,466,339

$      1,448,054


Investment securities

258,437

241,407

244,964


Loans (net of unearned income)

1,093,720

1,115,569

1,090,917


Allowance for loan losses

14,247

13,845

13,084


Deposits

1,205,150

1,211,118

1,181,654


Stockholders' Equity

159,923

154,774

142,845












(a) See reconcilation of 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)

2020

2019

2019

ASSETS:




Cash and due from banks:




  Noninterest-bearing

$           20,663

$         17,727

$             16,384

  Interest-bearing

858

793

1,450

Total cash and cash equivalents

21,521

18,520

17,834





Interest bearing time deposits with other banks

14,506

14,256

15,498





Equity securities

649

701

527





Available-for-sale securities

257,788

240,706

244,437





Loans held for sale

2,006

815

182





Loans (net of allowance for loan losses: $14,247 at March 31, 2020; 




    $13,845 at December 31, 2019 and $13,084 at March 31, 2019)

1,079,473

1,101,724

1,077,833





Premises and equipment

16,222

15,933

16,177

Accrued interest receivable

4,587

4,555

4,769

Goodwill

23,296

23,296

23,296

Bank owned life insurance

28,284

28,128

27,656

Other intangibles

1,294

1,346

1,547

Other assets

15,103

16,359

18,298





TOTAL ASSETS

$      1,464,729

$    1,466,339

$        1,448,054





LIABILITIES:




Deposits:




  Noninterest-bearing

$         204,489

$       203,793

$           184,988

  Interest-bearing

1,000,661

1,007,325

996,666

Total deposits

1,205,150

1,211,118

1,181,654

Borrowed funds

83,563

85,117

108,263

Accrued interest payable

906

1,088

1,092

Other liabilities

15,187

14,242

14,200

TOTAL LIABILITIES

1,304,806

1,311,565

1,305,209

STOCKHOLDERS' EQUITY:




Preferred Stock $1.00 par value; authorized




  3,000,000 shares; none issued in 2020 or 2019

-

-

-

Common stock




  $1.00 par value; authorized 25,000,000 shares at March 31, 2019, December 31, 2019 and      




  March 31, 2019: issued 3,938,668 at March 31, 2019 and December 31, 2019 and  




  3,904,212 at March 31, 2019

3,939

3,939

3,904

Additional paid-in capital

55,129

55,089

53,102

Retained earnings

113,374

110,800

102,574

Accumulated other comprehensive income (loss)

2,918

(629)

(2,825)

Treasury stock, at cost:  432,659 at March 31, 2020 and 413,607 shares 




  at December 31, 2019 and 405,378 shares at March 31, 2019

(15,437)

(14,425)

(13,910)

TOTAL STOCKHOLDERS' EQUITY

159,923

154,774

142,845

TOTAL LIABILITIES AND




   STOCKHOLDERS' EQUITY

$      1,464,729

$    1,466,339

$        1,448,054

 

 

CITIZENS FINANCIAL SERVICES, INC.



CONSOLIDATED STATEMENT OF INCOME



(UNAUDITED)




Three Months Ended


March 31, 

(in thousands, except per share data)

2020

2019

INTEREST INCOME:



Interest and fees on loans

$     13,638

$    13,314

Interest-bearing deposits with banks

95

104

Investment securities:



    Taxable

1,107

1,108

    Nontaxable

389

357

    Dividends

110

134

TOTAL INTEREST INCOME

15,339

15,017

INTEREST EXPENSE:



Deposits

1,987

2,314

Borrowed funds

462

788

TOTAL INTEREST EXPENSE

2,449

3,102

NET INTEREST INCOME

12,890

11,915

Provision for loan losses

400

400

NET INTEREST INCOME AFTER



    PROVISION FOR LOAN LOSSES

12,490

11,515

NON-INTEREST INCOME:



Service charges

1,081

1,099

Trust

198

232

Brokerage and insurance

340

293

Gains on loans sold

167

99

Equity security gains (losses), net

(254)

11

Earnings on bank owned life insurance

156

151

Other

163

148

TOTAL NON-INTEREST INCOME

1,851

2,033

NON-INTEREST EXPENSES:



Salaries and employee benefits

5,414

5,029

Occupancy 

526

592

Furniture and equipment

131

155

Professional fees

325

442

FDIC insurance expense

71

111

Pennsylvania shares tax

275

275

Amortization of intangibles

50

66

Merger and acquisition

376

-

Software expenses

247

227

ORE expenses

32

107

Other

1,474

1,318

TOTAL NON-INTEREST EXPENSES

8,921

8,322

Income before provision for income taxes

5,420

5,226

Provision for income taxes

889

821

NET INCOME

$        4,531

$      4,405




PER COMMON SHARE DATA:



Net Income - Basic

$          1.29

$        1.25

Net Income - Diluted

$          1.29

$        1.25

Cash Dividends Paid 

$        0.550

$      0.441




Number of shares used in computation - basic

3,515,500

3,528,466

Number of shares used in computation - diluted

3,515,500

3,528,466

 

 

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,


2020

2019

2019

2019

2019

Interest income

$     15,339

$      15,587

$      15,874

$      15,502

$      15,017

Interest expense

2,449

2,797

2,975

3,166

3,102

Net interest income

12,890

12,790

12,899

12,336

11,915

Provision for loan losses

400

525

400

350

400

Net interest income after provision for loan losses

12,490

12,265

12,499

11,986

11,515

Non-interest income

2,105

2,083

2,140

1,997

2,022

Investment securities gains (losses), net

(254)

66

37

30

11

Non-interest expenses

8,921

8,368

8,414

8,237

8,322

Income before provision for income taxes

5,420

6,046

6,262

5,776

5,226

Provision for income taxes

889

1,003

1,066

930

821

Net income

$       4,531

$        5,043

$        5,196

$        4,846

$        4,405

Earnings Per Share Basic

$         1.29

$          1.43

$          1.48

$          1.38

$          1.25

Earnings Per Share Diluted

$         1.29

$          1.43

$          1.48

$          1.38

$          1.25

 

 

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, 


2020

2019


Average


Average

Average


Average


Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

$

$

%

$

$

%

ASSETS







Interest-bearing deposits at banks

9,538

3

0.17

8,759

7

0.32

Interest bearing time deposits at banks

14,272

92

2.59

15,498

97

2.54

Investment securities

242,448

1,710

2.82

252,053

1,693

2.69

Loans: (2)(3)(4)







  Residential mortgage loans

215,838

2,843

5.30

215,670

2,825

5.31

  Construction loans

17,726

223

5.06

28,439

357

5.09

  Commercial Loans

415,199

5,534

5.36

401,813

5,423

5.47

  Agricultural Loans

360,179

4,112

4.59

334,520

3,739

4.53

  Loans to state & political subdivisions

94,122

939

4.01

100,922

978

3.93

  Other loans

9,461

171

7.27

9,768

184

7.64

  Loans, net of discount (2)(3)(4)

1,112,525

13,822

5.00

1,091,132

13,506

5.02

Total interest-earning assets

1,378,783

15,627

4.56

1,367,442

15,303

4.54

Cash and due from banks

6,263



6,741



Bank premises and equipment

16,062



16,263



Other assets

56,983



54,278



Total non-interest earning assets

79,308



77,282



Total assets

1,458,091



1,444,724



LIABILITIES AND STOCKHOLDERS' EQUITY







Interest-bearing liabilities:







  NOW accounts

332,068

437

0.53

328,357

578

0.71

  Savings accounts

225,985

184

0.33

211,149

184

0.35

  Money market accounts

174,294

393

0.91

161,424

505

1.27

  Certificates of deposit

261,278

973

1.50

293,385

1,047

1.45

Total interest-bearing deposits

993,625

1,987

0.80

994,315

2,314

0.94

Other borrowed funds

93,849

462

1.98

113,829

788

2.81

Total interest-bearing liabilities

1,087,474

2,449

0.91

1,108,144

3,102

1.14

Demand deposits

196,604



176,989



Other liabilities

16,082



14,199



Total non-interest-bearing liabilities

212,686



191,188



Stockholders' equity

157,931



145,392



Total liabilities & stockholders' equity

1,458,091



1,444,724



Net interest income


13,178



12,201


Net interest spread (5)



3.65%



3.40%

Net interest income as a percentage







  of average interest-earning assets



3.84%



3.62%

Ratio of interest-earning assets







  to interest-bearing liabilities



127%



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 2020 and 2019. See reconciliation of 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, 


2020

2019

2019

2019

2019

Real estate:






  Residential

$     216,179

$      217,088

$       215,717

$      213,014

$      214,635

  Commercial

338,490

342,023

349,269

347,430

334,371

  Agricultural

300,606

311,464

305,948

294,332

295,547

  Construction

17,926

15,519

11,448

20,950

18,611

Consumer

9,533

9,947

9,709

9,854

9,773

Other commercial loans

71,038

69,970

76,785

76,179

74,323

Other agricultural loans

46,170

55,112

50,334

41,689

43,245

State & political subdivision loans

93,778

94,446

95,824

96,174

100,412

Total loans

1,093,720

1,115,569

1,115,034

1,099,622

1,090,917

Less: allowance for loan losses

14,247

13,845

13,679

13,304

13,084

Net loans

$  1,079,473

$   1,101,724

$   1,101,355

$   1,086,318

$   1,077,833







Past due and non-performing assets












Total Loans past due 30-89 days and still accruing

$          3,159

$          2,711

$           2,672

$          2,599

$          4,470







Non-accrual loans

$       11,302

$        11,536

$         13,223

$        12,534

$        11,700

Loans past due 90 days or more and accruing

164

487

103

175

64

Non-performing loans

$       11,466

$        12,023

$         13,326

$        12,709

$        11,764

OREO

3,056

3,404

3,497

3,853

4,295

Total Non-performing assets

$       14,522

$        15,427

$         16,823

$        16,562

$        16,059




















3 Months 

3 Months 

3 Months 

3 Months 

3 Months 


Ended

Ended

Ended

Ended

Ended

Analysis of the Allowance for loan Losses

March 31,

December 31,

September 30,

June 30,

March 31,

(In Thousands)

2020

2019

2019

2019

2019

Balance, beginning of period

$       13,845

$       13,679

$         13,304

$        13,084

$        12,884

Charge-offs

(9)

(370)

(34)

(139)

(214)

Recoveries

11

11

9

9

14

Net (charge-offs) recoveries

2

(359)

(25)

(130)

(200)

Provision for loan losses

400

525

400

350

400

Balance, end of period

$       14,247

$       13,845

$         13,679

$        13,304

$        13,084

 

 

CITIZENS FINANCIAL SERVICES, INC.



Reconciliation of GAAP and Non-GAAP Financial Measures



(UNAUDITED)



(Dollars in thousands, except per share data)







As of 


March 31


2020

2019

Tangible Equity



Stockholders Equity - GAAP

$      159,923

$           142,845

Accumulated other comprehensive (gain) loss

(2,918)

2,825

Intangible Assets

(24,590)

(24,843)

Tangible Equity - Non-GAAP

132,415

120,827

Shares outstanding adjusted for June 2019 stock Dividend

3,506,009

3,533,290

Tangible Book value per share (a) 

$           37.77

$               34.20





As of 


March 31


2020

2019

Tangible Equity per share



Stockholders Equity per share - GAAP

$           45.61

$               40.43

Adjustments for accumulated other comprehensive loss

(0.83)

0.80

Book value per share

44.78

41.23

Adjustments for intangible assets

(7.01)

(7.03)

Tangible Book value per share - Non-GAAP

$           37.77

$               34.20








For the Three Months Ended


March 31


2020

2019

Return on Average Tangible Equity



Average Stockholders Equity - GAAP

$      157,905

$           141,578

Average Accumulated Other Comprehensive Loss

(26)

(3,814)

Average Intangible Assets

24,603

24,872

Average Tangible Equity - Non-GAAP

133,328

120,520

Net Income

$           4,531

$               4,405

Annualized Return on Average Tangible Equity

13.59%

14.62%








For the Three
Months Ended
March 31,
2020


Return on Average Assets and Equity Excluding Merger and Acquisition Costs


Net Income

$            4,531


After Tax merger and acquisition costs

339


Net Income excluding merger and acquisition costs

$            4,870


Average Assets

1,458,091


Annualized Return on Average stockholders equity, excluding Merger and Acquisition costs

1.34%





Average Stockholders Equity - GAAP

$        157,905


Annualized Return on Average stockholders equity, excluding Merger and Acquisition costs

12.34%












For the Three Months Ended


March 31

Reconciliation of net interest income on fully taxable equivalent basis

2020

2019

Total interest income

$        15,339

$             15,017

Total interest expense

2,449

3,102

Net interest income

12,890

11,915

Tax equivalent adjustment

288

286

Net interest income (fully taxable equivalent)

$        13,178

$             12,201







 

Cision View original content:http://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-first-quarter-2020-financial-results-301047094.html

SOURCE Citizens Financial Services, Inc.

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!