CITIZENS FINANCIAL SERVICES, INC.
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(Dollars in thousands, except per share data)
As of
March 31
2025
2024
Tangible Equity
Stockholders Equity – GAAP
$ 308,296
$ 282,674
Intangible Assets
(88,465)
(89,208)
Tangible Equity – Non-GAAP
219,831
193,466
Shares outstanding adjusted for June 2024 stock Dividend
4,759,672
4,753,582
Tangible Book value per share – Non-GAAP
$ 46.19
$ 40.70
As of
March 31
2025
2024
Tangible Equity per share
Stockholders Equity per share – GAAP
$ 64.78
$ 59.47
Adjustment for intangible assets
(18.59)
(18.77)
Tangible Book value per share – Non-GAAP
$ 46.19
$ 40.70
For the Three Months Ended
March 31,
2025
2024
Return on Average Assets Excluding Accumulated Other Comprehensive Loss (AOCL)
Average Stockholders Equity – GAAP
$ 3,042,963
$ 2,984,407
Average AOCL
(23,071)
(26,416)
Average Assets, Excluding AOCL – Non-GAAP
3,066,034
3,010,823
Net Income – GAAP
$ 7,621
$ 7,024
Annualized Return on Average Assets-GAAP
1.00 %
0.94 %
Annualized Return on Average Assets, Excluding AOCL – Non-GAAP
0.99 %
0.93 %
For the Three Months Ended
March 31,
2025
2024
Return on Average Equity Excluding Accumulated Other Comprehensive Loss (AOCL)
Average Stockholders Equity – GAAP
$ 304,881
$ 282,484
Average AOCL
(23,071)
(26,416)
Average Stockholder’s Equity, Excluding AOCL – Non-GAAP
327,952
308,900
Net Income – GAAP
$ 7,621
$ 7,024
Annualized Return on Average Stockholder’s Equity-GAAP
10.00 %
9.95 %
Annualized Return on Average Stockholder’s Equity, Excluding AOCL – Non-GAAP
9.30 %
9.10 %
For the Three Months Ended
March 31,
2025
2024
Return on Average Tangible Equity
Average Stockholders Equity – GAAP
$ 304,881
$ 282,484
Average Intangible Assets
(88,570)
(89,321)
Average Tangible Equity – Non-GAAP
216,311
193,163
Net Income – GAAP
$ 7,621
$ 7,024
Annualized Return on Average Tangible Equity Non-GAAP
14.09 %
14.55 %
For the Three Months Ended
March 31,
2025
2024
Return on Average Assets and Equity Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale and merger and acquisition costs
Net Income – GAAP
$ 7,621
$ 7,024
After tax gain on sale of Braavo, net of legal fees
–
(712)
After tax provision associated with Braavo loans remaining after sale
–
529
Net Income excluding merger and acquisition costs – Non-GAAP
$ 7,621
$ 6,841
Average Assets
3,042,963
2,984,407
Annualized Return on Average assets, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax and merger and acquisition costs – Non-GAAP
1.00 %
0.92 %
Average Stockholders Equity – GAAP
$ 304,881
$ 282,484
Annualized Return on Average stockholders equity, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax and merger and acquisition costs – Non-GAAP
10.00 %
9.69 %
Average Tangible Equity – Non-GAAP
216,311
193,163
Annualized Return on Average Tangible Equity Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax, and merger and acquisition costs – Non-GAAP
14.09 %
14.17 %
For the Three Months Ended
March 31,
2025
2024
Earnings per share, Excluding sale of Braavo assets, net of legal fees and merger and acquisition costs
Net Income – GAAP
$ 7,621
$ 7,024
After tax gain on sale of Braavo, net of legal fees
–
(712)
After tax provision associated with Braavo loans remaining after sale
–
529
Net income excluding one time items – Non-GAAP
$ 7,621
$ 6,841
Number of shares used in computation – basic
4,750,538
4,748,442
Basic and Diluted earnings per share, Excluding sale of Braavo assets, net of legal fees, provision associated with Braavo loans remaining after sale, net of tax, and merger and acquisition costs – Non-GAAP
$ 1.60
$ 1.44
For the Three Months Ended
March 31,
Reconciliation of net interest income on fully taxable equivalent basis
2025
2024
Total interest income
$ 39,014
$ 37,933
Total interest expense
16,012
16,975
Net interest income
23,002
20,958
Tax equivalent adjustment
248
250
Net interest income (fully taxable equivalent) – Non-GAAP
$ 23,250
$ 21,208
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