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Citizens Financial Services, Inc. reports recurring banking-company developments as the parent company of First Citizens Community Bank. The company’s news centers on unaudited quarterly and annual financial results, including net income, net interest income, net interest margin, credit-loss provisions, deposit and loan trends, and the effects of market interest rates on funding costs.
Coverage also includes capital and shareholder-return actions such as cash dividends, along with operating commentary tied to customer relationship growth, fee-based services, bank-owned life insurance income, and the completed Huntington Valley Bank acquisition. The bank’s activities include deposit accounts, residential, commercial and agricultural real estate lending, commercial and industrial lending, public-sector lending, consumer loans, and trust and investment services.
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Citizens Financial Services, Inc. (NASDAQ: CZFS) announced it has gained necessary regulatory approvals from the Pennsylvania Department of Banking and Securities and the Federal Reserve for its acquisition of HV Bancorp, Inc. (HVBC). The transaction is expected to close on June 16, 2023, pending customary conditions. Shareholders of HVBC will receive election materials during the week of May 8, 2023, allowing them to select their form of consideration. Citizens Financial, a bank holding company with $2.3 billion in assets, operates through First Citizens Community Bank, which has 33 offices across Pennsylvania, Delaware, and New York. This strategic acquisition aims to enhance market presence and improve operational efficiencies.
Citizens Financial Services, Inc. (Nasdaq: CZFS) reported its unaudited financial results for 2022, showing net income of $29.1 million, a slight decline of 0.2% compared to 2021. The company opened two new branches in 2022 and plans to open another in 2023. Net loan growth reached $282.2 million or 19.8%, while non-performing assets decreased to $7.5 million. The return on average equity was 12.98%, down from 14.26% in 2021. Net interest income increased by 9.1% to $72.1 million, yet total non-interest income fell by 21% to $9.7 million. A cash dividend of $0.480 per share was declared, reflecting a 3.13% increase.
Citizens Financial Services, Inc. (CZFS) has declared a cash dividend of $0.48 per share, marking a 3.1% increase from last year's $0.465 per share dividend. The dividend is payable on December 30, 2022 to shareholders of record by the close of business on December 16, 2022. The company, with a market cap of $2.30 billion, operates First Citizens Community Bank across Pennsylvania, Delaware, and New York. President and CEO Randall Black emphasized the bank's commitment to shareholder trust and financial resilience.