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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.
Citizens Financial Services, Inc. (CZFS) reported net income of $22.2 million for the first nine months of 2021, a 24% increase from the prior year. For Q3, net income fell 11.8% to $7.1 million. Net interest income rose by 7.9% to $49.2 million. Non-performing assets decreased to $10.2 million, representing 0.71% of loans. The company declared a cash dividend of $0.470 per share, a 3.10% increase from last year. Despite a strong nine-month performance, Q3 results showed declines in key metrics like earnings per share and return on equity.
Citizens Financial Services reported strong financial results for the six months ended June 30, 2021, with net income rising 53.1% to $15.1 million. Basic earnings per share increased to $3.83 from $2.64 year-on-year. Net interest income before loan losses was $32.7 million, an 11.9% increase. Non-performing assets also decreased to $10.9 million, representing 0.77% of loans. The company declared a cash dividend of $0.465 per share, a 3.20% increase from the prior year. Assets grew to $2 billion, primarily due to the MidCoast acquisition.
Citizens Financial Services (CZFS) reported unaudited financial results for Q1 2021, showcasing a net income of $8.5 million, an 86.8% increase from Q1 2020. The company benefitted from the MidCoast Community Bancorp acquisition, with net interest income rising 27.6% to $16.4 million. Non-performing assets decreased to $12.8 million. Return on average equity reached 17.25%. The bank issued 227 PPP loans totaling $18.5 million and enhanced its capital position, with total assets now $2 billion. A dividend of $0.465 per share was declared, marking a 3.31% increase year-over-year.
Citizens Financial Services announced the completion of a private placement of $10 million in subordinated notes with a fixed rate of 4.00% due April 16, 2031. The notes, which qualify as Tier 2 capital, will initially pay a fixed interest rate until April 16, 2026, after which the rate will reset quarterly. Proceeds are intended for general corporate purposes, including growth funding and potential acquisitions. The issuance is not registered under the Securities Act, restricting its sale.
Citizens Financial Services, Inc. (CZFS) announced a cash dividend of $0.465 per share, payable on March 23, 2021, to shareholders of record as of March 12, 2021. This reflects a 3.31% increase from last year's regular dividend of $0.450 per share, adjusted for a prior 1% stock dividend. The bank holding company, valued at $1.95 billion, operates through First Citizens Community Bank across Pennsylvania, Delaware, and New York. CEO Randall E. Black highlighted the commitment to shareholder returns despite challenges posed by the COVID-19 pandemic.
The Board of Directors of Citizens Financial Services declared a cash dividend of $0.46 per share, payable on September 25, 2020, to shareholders of record by September 11, 2020. This represents a 3.33% increase over the previous year’s dividend of $0.445, adjusted for a 1% stock dividend in June 2020. CEO Randall E. Black noted the bank's strong financial performance amidst the COVID-19 pandemic, reaffirming the commitment to return value to shareholders. Citizens Financial Services, operating as a bank holding company, manages assets of $1.85 billion across 30 offices.