CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FIRST QUARTER 2022 FINANCIAL RESULTS

About this update from Citizens Financial Services, Inc.

MANSFIELD, Pa. , April 29, 2022 /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, 2022 . Highlights The Company has applied to list its common stock on the Nasdaq Capital Market. Net loan growth totaled $36.9 million in the first quarter of 2022, or 10.4% on an annualized basis. Net income was $6.7 million for the three months ended March 31, 2022 , which is 20.4% less than the net income for 2021's comparable period. The decrease was due to life insurance proceeds received in the first quarter of 2021 due to the passing of two former employees and decreased amortization associated with loans issued through the Paycheck Protection Program (PPP). The effective tax rate for the three months ended March 31, 2022 was 17.9% compared to 16.0% in the comparable period in 2021, with the increase being due to life insurance proceeds being exempt from taxable income. Net interest income before the provision for loan losses was $16.2 million for the three months ended March 31, 2022 , a decrease of $179,000 , or 1.1%, over the same period a year ago. Amortization associated with PPP loans was $676,000 less in 2022 than 2021 Non-performing assets decreased $3,925,000 since March 31, 2021 and total $8,953,000 as of March 31, 2022 , which is comparable to the balance at December 31, 2021 . As a percent of loans, non-performing assets totaled 0.61%, 0.61% and 0.92% as of March 31, 2022 , December 31, 2021 and March 31, 2021 . Return on average equity for the three months (annualized) ended March 31, 2022 was 12.46% compared to 17.25% for the three months (annualized) ended March 31, 2021 . Return on average tangible equity for the three months (annualized) ended March 31, 2022 was 14.70% compared to 20.74% for the three months (annualized) ended March 31, 2021 (non-GAAP). (1) Return on average assets for the three months (annualized) ended March 31, 2022 was 1.26% compared to 1.77% for the three months (annualized) ended March 31, 2021 . If the life insurance proceeds on former employees are excluded, the return on average equity and average assets would be 14.90% and 1.52%, respectively, for three months (annualized) ended March 31, 2021 (non-GAAP). (1) First Quarter of 2022 Compared to the First Quarter of 2021 For the three months ended March 31, 2022 , net income totaled $6,740,000 which compares to net income of $8,463,000 for the comparable period of 2021, a decrease of $1,723,000 or 20.4%. Basic earnings per share of $1.71 for the three months ended March 31, 2022 compares to $2.14 for the 2021 comparable period. Annualized return on equity for the three months ended March 31, 2022 and 2021 was 12.46% and 17.25%, while annualized return on assets was 1.26% and 1.77%, respectively, with ratios in 2021 benefitting from life insurance proceeds on two former employees. If the activity associated with the passing of the former employees and the excess PPP amortization for 2021 compared to 2022 are excluded, basic earnings per share in 2021 would have been $1.64 compared to $1.71 for the first quarter of 2022 (non-GAAP) (1) Net interest income before the provision for loan losses for the three months ended March 31, 2022 totaled $16,262,000 compared to $16,441,000 for the three months ended March 31, 2021 , resulting in a decrease of $179,000 , or 1.1%. Amortization on PPP loans decreased $676,000 during 2022 compared to 2021. Average interest earning assets increased $230.6 million for the three months ended March 31, 2022 compared to the same period last year as a result of growth in interest bearing cash, investments and organic loan growth funded by deposit growth. Average loans increased $51.3 million , while average investment securities increased $153.2 million . The tax effected net interest margin for the three months ended March 31, 2022 was 3.27% compared to 3.73% for the same period last year, which was impacted by the decrease in the average yield on interest earning assets of 57 basis points to 3.58%. The decrease in amortization on PPP loans accounts for 15 bps of the decrease in margin and the yield on interest earning assets. A large component of the remaining decrease is due to the percentage of interest earning assets in cash and investments in 2022 compared to 2021, which earn lower yields than loans. The provision for loan losses for the three months ended March 31, 2022 was $250,000 , a $400,000 decrease to the comparable period in 2021. The decrease in the provision is attributable to the improved credit metrics of the loan portfolio in comparison to March 31, 2021 and less impact from the COVID-19 pandemic on the economy. Total non-interest income was $2,431,000 for the three months ended March 31, 2022 , which is $1,804,000 less than the comparable period last year. The primary drivers were the earnings of bank owned life insurance, which decreased $1,108,000 as the result of the passing of two former employees in 2021, gains on loans sold which decreased $398,000 due to a decrease in refinancing activity with the rise in rates that occurred in the first quarter of 2022, a loss on equity securities of $232,000 as a result of market performance when comparing 2022 to 2021. Other income decreased $205,000 due to fee income on derivative transactions for customers recorded in 2021. There were no corresponding fees in 2022. Total non-interest expenses for the three months ended March 31, 2022 totaled $10,231,000 compared to $9,947,000 for the same period last year, which is an increase of $284,000 , or 2.86%. Salary and benefit costs increased $650,000 due to an addition 7.3 FTEs and merit increases for 2022. Salary and benefit costs for 2021 benefitted from a $400,000 reduction in deferred compensation due to the passing of a former executive in the first quarter of 2021. The decrease in ORE expenses of $453,000 is due to gains on the sale of ORE properties that totaled $487,000 . There were no gains or losses on sales in the first quarter of 2021. The provision for income taxes increased $144,000 when comparing the three months ended March 31, 2022 to the same period in 2021 as a result of a decrease in income before income tax of $1,867,000 . The effective tax rate was 17.9% and 16.0% for the three months ended March 31, 2022 and 2021, respectively. It should be noted the earnings on bank owned life insurance are exempt from Federal income tax and accounts for the difference in tax rates between 2021 and 2022. Balance Sheet and Other Information: At March 31, 2022 , total assets were $2.18 billion compared to $2.14 billion at December 31, 2021 and $2.0 billion at March 31, 2021 . The loan to deposit ratio as of March 31, 2022 was 78.69% compared to 78.51% as of December 31, 2021 and 83.23% as of March 31, 2021 . Available for sale securities of $461.5 million at March 31, 2022 increased $49.1 million from December 31, 2021 and $139.5 million from March 31, 2021 . The yield on the investment portfolio decreased from 2.18% to 1.70% on a tax equivalent basis due to the amount of securities purchased in 2020 and 2021, which was a low rate environment due to the pandemic. Purchases made in the first quarter of 2022 have been at higher rates than those made in 2020 and 2021. Net loans as of March 31, 2022 totaled $1.46 billion and increased $36.9 million from December 31, 2021 , which is 10.4% on an annualized basis. In comparison to March 31, 2021 , loans have grown $73.3 million , or 5.3%, and if PPP loans are excluded loans increased $98.7 million or 7.3%. The allowance for loan losses totaled $17,556,000 at March 31, 2022 which is an increase of $252,000 from December 31, 2021 . The increase is due to recording a provision for loan losses of $250,000 and recoveries of $7,000 , offset by charge-offs of $5,000 . The allowance as a percent of total loans was 1.19% as of March 31, 2022 and 1.20% as of December 31, 2021 . Deposits increased $42.9 million from December 31, 2021 , to $1.88 billion at March 31, 2022 , primarily due to customers holding more cash and new customer relationships in the Delaware market. Stockholders' equity totaled $202.7 million at March 31, 2022 , compared to $212.5 million at December 31, 2021 , a decrease of $9.7 million . Excluding accumulated other comprehensive loss (AOCI), stockholders equity increased $4.9 million and totals $217.5 million . The increase in stockholders equity, excluding AOCI, was attributable to net income for the three months ended March 31, 2022 totaling $6.7 million , offset by cash dividends for the first quarter totaling $1.9 . As a result of changes in interest rates impacting the fair value of investment securities, the unrealized loss on available for sale investment securities, net of tax, increased $16.6 million from December 31, 2021 . Dividend Declared On March 1, 2022 , the Board of Directors declared a cash dividend of $0.475 per share, which was paid on March 25, 2022 to shareholders of record at the close of business on March 11, 2022 . This quarterly cash dividend is an increase of 3.26% over the regular cash dividend of $0.460 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2021 . Citizens Financial Services, Inc. has nearly 1,900 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 GAAP and 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 , 2022 2021 Income and Performance Ratios Net Income $ 6,740 $ 8,463 Return on average assets (annualized) 1.26% 1.77% Return on average equity (annualized) 12.46% 17.25% Return on average tangible equity (annualized) (a) 14.70% 20.74% Net interest margin (tax equivalent)(a) 3.27% 3.73% Earnings per share - basic (b) $ 1.71 $ 2.14 Earnings per share - diluted (b) $ 1.71 $ 2.14 Cash dividends paid per share (b) $ 0.475 $ 0.460 Number of shares used in computation - basic (b) 3,939,125 3,948,446 Number of shares used in computation - diluted (b) 3,939,182 3,948,446 Asset quality Allowance for loan and lease losses $ 17,556 $ 16,560 Non-performing assets $ 8,953 $ 12,878 Allowance for loan and lease losses/total loans 1.19% 1.18% Non-performing assets to total loans 0.61% 0.92% Annualized net (recoveries) charge-offs to total loans 0.00% (0.03)% Equity Book value per share (b) $ 55.14 $ 50.06 Tangible Book value per share (a) (b) $ 46.80 $ 41.69 Market Value (Last reported trade of month) $ 63.50 $ 59.65 Common shares outstanding 3,944,347 3,912,679 Other Average Full Time Equivalent Employees 304.7 297.4 Loan to Deposit Ratio 78.69% 83.23% Trust assets under management $ 156,245 $ 150,871 Brokerage assets under management $ 280,635 $ 252,888 Balance Sheet Highlights March 31 , December 31 , March 31 , 2022 2021 2021 Assets $ 2,177,887 $ 2,143,863 $ 1,995,610 Investment securities 463,915 414,672 324,085 Loans (net of unearned income) 1,478,695 1,441,533 1,404,401 Allowance for loan losses 17,556 17,304 16,560 Deposits 1,879,090 1,836,151 1,687,470 Stockholders' Equity 202,745 212,492 198,807 (a) See reconcilation of GAAP and 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) 2022 2021 2021 ASSETS: Cash and due from banks: Noninterest-bearing $ 30,934 $ 14,051 $ 18,164 Interest-bearing 83,181 158,782 132,664 Total cash and cash equivalents 114,115 172,833 150,828 Interest bearing time deposits with other banks 10,528 11,026 13,509 Equity securities 2,444 2,270 2,118 Available-for-sale securities 461,471 412,402 321,967 Loans held for sale 644 4,554 9,946 Loans (net of allowance for loan losses: $17,556 at March 31, 2022 ; $17,304 at December 31, 2021 and $16,560 at March 31, 2021 ) 1,461,139 1,424,229 1,387,841 Premises and equipment 16,852 17,016 17,450 Accrued interest receivable 5,414 5,235 5,572 Goodwill 31,376 31,376 31,376 Bank owned life insurance 38,710 38,503 30,190 Other intangibles 1,547 1,627 1,696 Other assets 33,647 22,792 23,117 TOTAL ASSETS $ 2,177,887 $ 2,143,863 $ 1,995,610 LIABILITIES: Deposits: Noninterest-bearing $ 366,820 $ 358,073 $ 336,438 Interest-bearing 1,512,270 1,478,078 1,351,032 Total deposits 1,879,090 1,836,151 1,687,470 Borrowed funds 68,214 73,977 86,171 Accrued interest payable 714 711 913 Other liabilities 27,124 20,532 22,249 TOTAL LIABILITIES 1,975,142 1,931,371 1,796,803 STOCKHOLDERS' EQUITY: Preferred Stock $1.00 par value; authorized 3,000,000 shares; none issued in 2022 or 2021 - - - Common stock $1.00 par value; authorized 25,000,000 shares at March 31, 2022 , December 31, 2021 and March 31, 2021 : issued 4,388,901 at March 31, 2022 and December 31, 2021 and 4,350,342 at March 31, 2021 4,389 4,389 4,350 Additional paid-in capital 78,396 78,395 75,908 Retained earnings 150,876 146,010 133,270 Accumulated other comprehensive (loss) income (14,765) (155) 1,002 Treasury stock, at cost: 444,554 at March 31, 2022 and 444,481 shares at December 31, 2021 and 437,663 shares at March 31, 2021 (16,151) (16,147) (15,723) TOTAL STOCKHOLDERS' EQUITY 202,745 212,492 198,807 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,177,887 $ 2,143,863 $ 1,995,610 CITIZENS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) Three Months Ended March 31 , (in thousands, except per share data) 2022 2021 INTEREST INCOME: Interest and fees on loans $ 15,920 $ 16,694 Interest-bearing deposits with banks 116 106 Investment securities: Taxable 1,112 850 Nontaxable 583 544 Dividends 84 101 TOTAL INTEREST INCOME 17,815 18,295 INTEREST EXPENSE: Deposits 1,275 1,598 Borrowed funds 278 256 TOTAL INTEREST EXPENSE 1,553 1,854 NET INTEREST INCOME 16,262 16,441 Provision for loan losses 250 650 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 16,012 15,791 NON-INTEREST INCOME: Service charges 1,248 1,106 Trust 249 307 Brokerage and insurance 481 376 Gains on loans sold 105 503 Equity security (losses) gains, net (45) 187 Available for sale security gains, net - 50 Earnings on bank owned life insurance 207 1,315 Other 186 391 TOTAL NON-INTEREST INCOME 2,431 4,235 NON-INTEREST EXPENSES: Salaries and employee benefits 6,913 6,263 Occupancy 794 783 Furniture and equipment 129 143 Professional fees 339 448 FDIC insurance expense 135 129 Pennsylvania shares tax 339 339 Amortization of intangibles 40 49 Software expenses 341 313 ORE expenses (367) 86 Other 1,568 1,394 TOTAL NON-INTEREST EXPENSES 10,231 9,947 Income before provision for income taxes 8,212 10,079 Provision for income taxes 1,472 1,616 NET INCOME $ 6,740 $ 8,463 PER COMMON SHARE DATA: Net Income - Basic $ 1.71 $ 2.14 Net Income - Diluted $ 1.71 $ 2.14 Cash Dividends Paid $ 0.475 $ 0.460 Number of shares used in computation - basic 3,939,125 3,948,446 Number of shares used in computation - diluted 3,939,182 3,948,446 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 , 2022 2021 2021 2021 2021 Interest income $ 17,815 $ 18,505 $ 18,342 $ 18,075 $ 18,295 Interest expense 1,553 1,636 1,752 1,863 1,854 Net interest income 16,262 16,869 16,590 16,212 16,441 Provision for loan losses 250 - 400 500 650 Net interest income after provision for loan losses 16,012 16,869 16,190 15,712 15,791 Non-interest income 2,476 2,461 2,618 2,677 3,998 Investment securities gains (losses), net (45) 51 234 29 237 Non-interest expenses 10,231 10,883 10,400 10,320 9,947 Income before provision for income taxes 8,212 8,498 8,642 8,098 10,079 Provision for income taxes 1,472 1,554 1,578 1,451 1,616 Net income $ 6,740 $ 6,944 $ 7,064 $ 6,647 $ 8,463 Earnings Per Share Basic $ 1.71 $ 1.85 $ 2.04 $ 1.39 $ 2.14 Earnings Per Share Diluted $ 1.71 $ 1.85 $ 2.04 $ 1.39 $ 2.14 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 , 2022 2021 Average Average Average Average Balance (1) Interest Rate Balance (1) Interest Rate (dollars in thousands) $ $ % $ $ % ASSETS Interest-bearing deposits at banks 123,379 46 0.15 94,523 19 0.08 Interest bearing time deposits at banks 10,957 70 2.59 13,730 87 2.57 Investment securities: Taxable 339,097 1,196 1.41 200,492 951 1.90 Tax-exempt (3) 115,020 738 2.57 100,422 689 2.74 Investment securities 454,117 1,934 1.70 300,914 1,640 2.18 Loans: (2)(3)(4) Residential mortgage loans 200,838 2,331 4.71 203,941 2,553 5.08 Construction loans 61,518 607 4.00 38,314 410 4.34 Commercial Loans 767,830 8,582 4.53 713,900 9,063 5.15 Agricultural Loans 350,784 3,749 4.33 358,565 3,830 4.33 Loans to state & political subdivisions 46,984 367 3.17 62,516 598 3.87 Other loans 27,193 349 5.20 26,605 348 5.30 Loans, net of discount (2)(3)(4) 1,455,147 15,985 4.46 1,403,841 16,802 4.85 Total interest-earning assets 2,043,600 18,035 3.58 1,813,008 18,548 4.15 Cash and due from banks 6,393 6,377 Bank premises and equipment 16,976 17,003 Other assets 79,371 80,953 Total non-interest earning assets 102,740 104,333 Total assets 2,146,340 1,917,341 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: NOW accounts 501,502 319 0.26 422,135 320 0.31 Savings accounts 317,176 74 0.09 268,252 89 0.13 Money market accounts 346,073 223 0.26 238,788 176 0.30 Certificates of deposit 322,867 659 0.83 380,791 1,013 1.08 Total interest-bearing deposits 1,487,618 1,275 0.35 1,309,966 1,598 0.49 Other borrowed funds 68,295 278 1.65 86,226 256 1.20 Total interest-bearing liabilities 1,555,913 1,553 0.40 1,396,192 1,854 0.54 Demand deposits 356,444 306,377 Other liabilities 17,569 18,582 Total non-interest-bearing liabilities 374,013 324,959 Stockholders' equity 216,414 196,190 Total liabilities & stockholders' equity 2,146,340 1,917,341 Net interest income 16,482 16,694 Net interest spread (5) 3.17% 3.61% Net interest income as a percentage of average interest-earning assets 3.27% 3.73% Ratio of interest-earning assets to interest-bearing liabilities 131% 130% (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 2022 and 2021. See reconciliation of GAAP and 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 , 2022 2021 2021 2021 2021 Real estate: Residential $ 201,567 $ 201,097 $ 204,853 $ 202,171 $ 203,273 Commercial 724,876 687,338 657,485 641,633 605,547 Agricultural 305,517 312,011 312,442 310,274 315,313 Construction 66,738 55,036 68,408 63,065 42,651 Consumer 21,460 25,858 31,042 8,684 26,181 Other commercial loans 69,051 74,585 92,188 104,349 109,168 Other agricultural loans 39,904 39,852 28,562 33,720 41,378 State & political subdivision loans 49,582 45,756 47,928 51,213 60,890 Total loans 1,478,695 1,441,533 1,442,908 1,415,109 1,404,401 Less: allowance for loan losses 17,556 17,304 17,334 16,931 16,560 Net loans $ 1,461,139 $ 1,424,229 $ 1,425,574 $ 1,398,178 $ 1,387,841 Past due and non-performing assets Total Loans past due 30-89 days and still accruing $ 2,096 $ 967 $ 1,482 $ 1,495 $ 2,383 Non-accrual loans $ 7,810 $ 7,616 $ 8,858 $ 9,082 $ 10,680 Loans past due 90 days or more and accruing 12 46 83 49 478 Non-performing loans $ 7,822 $ 7,662 $ 8,941 $ 9,131 $ 11,158 OREO 1,131 1,180 1,277 1,811 1,720 Total Non-performing assets $ 8,953 $ 8,842 $ 10,218 $ 10,942 $ 12,878 Three Months Ended March 31 , Analysis of the Allowance for loan Losses March 31 , December 31 , September 30 , June 30 , March 31 , (In Thousands) 2022 2021 2021 2021 2021 Balance, beginning of period $ 17,304 $ 17,334 $ 16,931 $ 16,560 $ 15,815 Charge-offs (5) (65) (7) (138) (4) Recoveries 7 35 10 9 99 Net (charge-offs) recoveries 2 (30) 3 (129) 95 Provision for loan losses 250 - 400 500 650 Balance, end of period $ 17,556 $ 17,304 $ 17,334 $ 16,931 $ 16,560 CITIZENS FINANCIAL SERVICES, INC. Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (Dollars in thousands, except per share data) As of March 31 2022 2021 Tangible Equity Stockholders Equity - GAAP $ 202,745 $ 198,807 Accumulated other comprehensive (income) loss 14,765 (1,002) Intangible Assets (32,923) (33,072) Tangible Equity - Non-GAAP 184,587 164,733 Shares outstanding adjusted for June 2021 stock Dividend 3,944,347 3,951,238 Tangible Book value per share (a) $ 46.80 $ 41.69 As of March 31 2022 2021 Tangible Equity per share Stockholders Equity per share - GAAP $ 51.40 $ 50.31 Adjustments for accumulated other comprehensive loss (income) 3.74 (0.25) Book value per share 55.14 50.06 Adjustments for intangible assets (8.34) (8.37) Tangible Book value per share - Non-GAAP $ 46.80 $ 41.69 For the Three Months Ended March 31 2022 2021 Return on Average Tangible Equity Average Stockholders Equity - GAAP $ 212,517 $ 198,617 Average Accumulated Other Comprehensive Loss (Income) 3,897 (2,427) Average Intangible Assets (32,956) (32,998) Average Tangible Equity - Non-GAAP 183,458 163,192 Net Income $ 6,740 $ 8,463 Annualized Return on Average Tangible Equity 14.70% 20.74% For the Three Months Ended March 31 2022 2021 Return on Average Assets and Equity Excluding BOLI Death Benefits Net Income $ 6,740 $ 8,463 BOLI death benefits - 1,155 Net Income excluding merger and acquisition costs $ 6,740 $ 7,308 Average Assets 2,146,340 1,917,341 Annualized Return on Average stockholders equity, excluding BOLI Death Benefits 1.26% 1.52% Average Stockholders Equity - GAAP $ 216,414 $ 196,190 Annualized Return on Average stockholders equity, excluding BOLI Death Benefits 12.46% 14.90% Earnings per share, excluding death activity of former employees and excess PPP amortization Net Income $ 6,740 $ 8,463 BOLI death benefits - (1,155) After Tax excess PPP amortizatoin - (534) After Tax deferred compensation reversal for former employee - (316) Net income excluding one time items $ 6,740 $ 6,458 Number of shares used in computation - basic 3,939,125 3,948,446 Earnings per share, excluding death activity of former employees and excess PPP amortization non-GAAP 1.71 1.64 For the Three Months Ended March 31 , Reconciliation of net interest income on fully taxable equivalent basis 2022 2021 Total interest income $ 17,815 $ 18,295 Total interest expense 1,553 1,854 Net interest income 16,262 16,441 Tax equivalent adjustment 220 253 Net interest income (fully taxable equivalent) $ 16,482 $ 16,694 View original content: https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-first-quarter-2022-financial-results-301536575.html SOURCE Citizens Financial Services, Inc.

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