Citizens Financial Services receives regulatory nod for HVB acquisition; Q1 net income up 1.9% to $6.9M

CITIZENS FINANCIAL SERVICES INC

Regulatory approval received for acquisition of HV Bancorp, Inc.; transaction expected to close June 16, 2023.
Q1 2023 net income $6.9M ($1.73 EPS) vs $6.7M ($1.69 EPS) in Q1 2022, up 1.9%.
Net interest income rose 11.2% to $18.1M; no provision for credit losses recorded.
Non-performing assets increased to $10.9M (0.63% of loans) due to two commercial relationships placed on non-accrual.
Declared quarterly dividend of $0.485/share, up 3.1% from prior year; deposits down $44.5M from Dec 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CITIZENS FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: revenue $18,080,000, net income $6,867,000, EPS $1.73.

Period: the three months ended March 31, 2023
Revenue: $18,080,000
Net income: $6,867,000
EPS: $1.73
Result: reported results

Exact text from the filing

For the three months ended March 31, 2023, net income totaled $6,867,000 which compares to net income of $6,740,000 for the comparable period of 2022, an increase of $127,000 or 1.9%. Basic earnings per share of $1.73 for the three months ended March 31, 2023 compares to $1.69 for the 2022 comparable period. Annualized return on equity for the three months ended March 31, 2023 and 2022 was 11.49% and 12.46%, while annualized return on assets was 1.16% and 1.26%, respectively. • Net interest income before the provision for credit losses for the three months ended March 31, 2023 totaled $18,080,000 compared to $16,262,000 for the three months ended March 31, 2022, resulting in an increase of $1,818,000, or 11.2%.

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Source: SEC EDGAR

accession 0000739421-23-000020

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