Quarterly ResultApr 29, 2026, 07:02 AM
CZFS Q1 Net Income +36.2% to $10.4M; EPS $2.16; Non-Performing Assets Up
AI Summary
Citizens Financial Services Inc. reported unaudited first quarter 2026 financial results with net income increasing 36.2% to $10.4 million, or $2.16 per basic share, compared to the prior year. Net interest income before provision for credit losses rose 13.5% to $26.1 million. However, non-performing assets significantly increased by $10.9 million since December 31, 2025, reaching $40.1 million, primarily due to four commercial real estate loan relationships becoming non-accrual. The company also declared a quarterly cash dividend of $0.50 per share, a 2.0% increase year-over-year.
Key Highlights
- Net income increased 36.2% to $10.4 million for Q1 2026.
- Basic earnings per share rose to $2.16 for Q1 2026 from $1.59 in Q1 2025.
- Net interest income before provision for credit losses grew 13.5% to $26.1 million.
- Non-performing assets increased to $40.1 million as of March 31, 2026, up $10.9 million from Dec 31, 2025.
- Return on average equity (annualized) was 12.03% for Q1 2026.
- Deposits increased by $64.2 million to $2.44 billion at March 31, 2026.
- Quarterly cash dividend of $0.50 per share declared, a 2.0% increase YoY.