Business
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FIRST QUARTER 2026 FINANCIAL RESULTS
Citizens Financial Services, Inc (Nasdaq: CZFS), parent company of First Citizens Community Bank (the "Bank"), released today its unaudited consolidated financial results for the three months ended March 31, 2026.
About this update from Citizens Financial Services, Inc.
[{"type":"text","content":"MANSFIELD, Pa., April 29, 2026 /PRNewswire/ -- Citizens Financial Services, Inc (Nasdaq: CZFS), parent company of First Citizens Community Bank (the "Bank"), released today its unaudited consolidated financial results for the three months ended March 31, 2026.","length":270,"tagName":"p"},{"type":"text","content":"Highlights","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income was $10.4 million for the three months ended March 31, 2026, which is 36.15% more than the net income for 2025's comparable period. The increase was driven by the increase in net interest income before the provision for credit losses of $3.1 million. The effective tax rate for the three months ended March 31, 2026 was 18.3% compared to 19.1% in the comparable period in 2025, with the decrease due to increases in nontaxable interest income and earnings on BOLI due to the purchase of additional insurance policies in the first quarter of 2026.","length":561,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":561,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Net interest income before the provision for credit losses was $26.1 million for the three months ended March 31, 2026, an increase of $3,111,000, or 13.5%, over the same period a year ago and was primarily due to an increase in loan interest income and a decrease in interest expense on deposits and borrowings.","length":312,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":312,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Return on average equity for the three months (annualized) ended March 31, 2026 was 12.03% compared to 10.00% for the three months (annualized) ended March 31, 2025.","length":165,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":165,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Return on average tangible equity for the three months (annualized) ended March 31, 2026 was 16.15% compared to 14.09% for the three months (annualized) ended March 31, 2025 (non-GAAP). (1)","length":189,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":189,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Return on average assets for the three months (annualized) ended March 31, 2026 was 1.34% compared t...