CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FULL YEAR AND FOURTH QUARTER 2025 FINANCIAL RESULTS

MANSFIELD, Pa., Jan. 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 and year ended December 31, 2025.

Highlights

2025 Compared to 2024

Three Months Ended December 31, 2025 Compared to 2024

Balance Sheet and Other Information:

Dividend Declared

On December 2, 2025, the Board of Directors declared a cash dividend of $0.50 per share, which was paid on December 26, 2025 to shareholders of record at the close of business on December 12, 2025. This quarterly cash dividend is an increase of 3.1% over the quarterly cash dividend of $0.485 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2025.

Citizens Financial Services, Inc. has nearly 1,800 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

Year Ended

December 31,

2025

2024

2025

2024

Income and Performance Ratios

Net Income

$ 10,483

$ 7,983

$ 36,572

$ 27,818

Return on average assets (annualized)

1.37 %

1.06 %

1.21 %

0.93 %

Return on average equity (annualized)

12.53 %

10.63 %

11.51 %

9.59 %

Return on average tangible equity (annualized) (a)

17.01 %

15.10 %

15.94 %

13.84 %

Net interest margin (tax equivalent) (a)

3.69 %

3.26 %

3.50 %

3.13 %

Earnings per share - basic (b)

$ 2.19

$ 1.66

$ 7.62

$ 5.80

Earnings per share - diluted (b)

$ 2.18

$ 1.66

$ 7.62

$ 5.79

Cash dividends paid per share (b)

$ 0.500

$ 0.485

$ 1.980

$ 1.931

Number of shares used in computation - basic (b)

4,796,717

4,797,135

4,797,520

4,797,258

Number of shares used in computation - diluted (b)

4,798,194

4,799,578

4,800,093

4,802,139

Asset quality

Allowance for credit losses - loans

$ 22,806

$ 21,699

Non-performing assets

$ 29,189

$ 28,612

Allowance for credit losses - loans to total loans

0.97 %

0.94 %

Non-performing assets to total loans

1.24 %

Annualized net charge-offs to total loans

0.01 %

0.03 %

0.11 %

Equity

Book value per share (b)

$ 70.32

$ 62.35

Tangible book value per share (a) (b)

$ 52.02

$ 43.91

Market value per share (Last reported trade of month)

$ 57.02

$ 63.31

Common shares outstanding

4,807,080

4,759,612

Other

Average Full Time Equivalent Employees

377.9

388.5

379.8

392.0

Loan to Deposit Ratio

98.89 %

97.11 %

Trust assets under management

$ 194,841

$ 180,710

Brokerage assets under management

$ 317,895

$ 395,869

Balance Sheet Highlights

December 31,

2025

2024

Assets

$ 3,064,564

$ 3,025,724

Investment securities

446,556

427,659

Loans (net of unearned income)

2,350,622

2,313,242

Allowance for credit losses - loans

22,806

21,699

Deposits

2,376,979

2,382,028

Stockholders' Equity

338,051

299,734

(a) See reconciliation 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)

December 31,

(in thousands, except share data)

2025

2024

ASSETS:

Cash and due from banks:

Noninterest-bearing

$ 23,933

$ 30,284

Interest-bearing

10,358

11,918

Total cash and cash equivalents

34,291

42,202

Interest bearing time deposits with other banks

3,820

Equity securities

1,815

1,747

Available-for-sale securities

444,741

425,912

Loans held for sale

9,393

9,607

Loans (net of allowance for credit losses - loans: $22,806 at December 31, 2025;

$21,699 at December 31, 2024)

2,327,816

2,291,543

Premises and equipment

20,998

21,395

Accrued interest receivable

10,698

10,307

Goodwill

85,758

Bank owned life insurance

51,501

50,341

Other intangibles

2,221

2,892

Fair value of derivative instruments - asset

6,927

10,370

Deferred tax asset

11,440

15,199

Other assets

53,145

54,631

TOTAL ASSETS

$ 3,064,564

$ 3,025,724

LIABILITIES:

Deposits:

Noninterest-bearing

$ 516,657

$ 532,776

Interest-bearing

1,860,322

1,849,252

Total deposits

2,376,979

2,382,028

Borrowed funds

309,448

297,721

Accrued interest payable

3,130

4,693

Fair value of derivative instruments - liability

4,100

5,817

Other liabilities

32,856

35,731

TOTAL LIABILITIES

2,726,513

2,725,990

STOCKHOLDERS' EQUITY:

Preferred Stock $1.00 par value; authorized

3,000,000 shares; none issued in 2025 or 2024

Common stock

$1.00 par value; authorized 25,000,000 shares at December 31, 2025, and 2024:

issued 5,255,807 shares at December 31, 2025 and 5,207,577 shares at December 31, 2024

5,256

5,208

Additional paid-in capital

147,965

144,984

Retained earnings

213,623

189,443

Accumulated other comprehensive loss

(12,377)

(23,521)

Treasury stock, at cost: 448,727 shares at December 31, 2025 and 447,965 shares

at December 31, 2024

(16,416)

(16,380)

TOTAL STOCKHOLDERS' EQUITY

338,051

299,734

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY

$ 3,064,564

$ 3,025,724

CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)

Three Months Ended

Year Ended

December 31,

(in thousands, except share and per share data)

2025

2024

2025

2024

INTEREST INCOME:

Interest and fees on loans

$ 37,229

$ 36,630

$ 144,430

$ 142,688

Interest-bearing deposits with banks

108

156

502

851

Investment securities:

Taxable

2,579

2,112

9,910

7,135

Nontaxable

811

524

2,626

2,093

Dividends

424

371

1,700

1,550

TOTAL INTEREST INCOME

41,151

39,793

159,168

154,317

INTEREST EXPENSE:

Deposits

11,806

13,875

47,050

52,326

Borrowed funds

3,134

3,045

14,117

15,536

TOTAL INTEREST EXPENSE

14,940

16,920

61,167

67,862

NET INTEREST INCOME

26,211

22,873

98,001

86,455

Provision for credit losses

500

2,375

2,587

NET INTEREST INCOME AFTER

PROVISION (RELEASE) FOR CREDIT LOSSES

25,711

22,873

95,626

83,868

NON-INTEREST INCOME:

Service charges

1,377

1,356

5,569

5,749

Trust

199

187

792

816

Brokerage and insurance

556

608

2,627

2,381

Gains on loans sold

570

596

2,290

2,316

Equity security gains, net

145

Earnings on bank owned life insurance

369

350

1,433

1,684

Gain on sale of Braavo division

1,102

Other

316

224

1,566

1,208

TOTAL NON-INTEREST INCOME

3,398

3,339

14,344

15,401

NON-INTEREST EXPENSES:

Salaries and employee benefits

9,213

9,725

39,402

39,347

Occupancy

1,441

1,208

5,299

5,013

Furniture and equipment

353

247

1,209

1,038

Professional fees

806

578

2,341

2,599

FDIC insurance expense

370

407

1,710

1,996

Pennsylvania shares tax

(315)

248

739

1,114

Amortization of intangibles

111

132

478

564

Software expenses

502

445

1,844

1,953

Other real estate owned expenses (recovery)

(34)

267

212

Other

3,623

3,712

11,593

11,750

TOTAL NON-INTEREST EXPENSES

16,173

16,668

64,882

65,586

Income before provision for income taxes

12,936

9,544

45,088

33,683

Provision for income tax expense

2,453

1,561

8,516

5,865

NET INCOME

$ 10,483

$ 7,983

$ 36,572

$ 27,818

PER COMMON SHARE DATA:

Net Income - Basic

$ 2.19

$ 1.66

$ 7.62

$ 5.80

Net Income - Diluted

$ 2.18

$ 1.66

$ 7.62

$ 5.79

Cash Dividends Paid

$ 0.500

$ 0.485

$ 1.980

$ 1.931

Number of shares used in computation - basic

4,796,717

4,797,135

4,797,520

4,797,258

Number of shares used in computation - diluted

4,798,194

4,799,578

4,800,093

4,802,139

CITIZENS FINANCIAL SERVICES, INC.

QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)

(in thousands, except per share data)

Three Months Ended,

Dec 31,

Sept 30,

June 30,

March 31,

Dec 31,

2025

2024

Interest income

$ 41,151

$ 40,254

$ 38,749

$ 39,014

$ 39,793

Interest expense

14,940

15,114

15,101

16,012

16,920

Net interest income

26,211

25,140

23,648

23,002

22,873

Provision (release) for credit losses

500

750

625

Net interest income after provision (release) for credit losses

25,711

24,640

22,898

22,377

22,873

Non-interest income

3,387

3,820

3,632

3,438

3,321

Investment securities gains (losses), net

(11)

Non-interest expenses

16,173

16,134

16,147

16,428

16,668

Income before provision for income taxes

12,936

12,360

10,416

9,376

9,544

Provision for income tax expense

2,453

2,355

1,953

1,755

1,561

Net income

$ 10,483

$ 10,005

$ 8,463

$ 7,621

$ 7,983

Earnings Per Share - Basic

$ 2.19

$ 2.09

$ 1.76

$ 1.59

$ 1.66

Earnings Per Share - Diluted

$ 2.18

$ 2.09

$ 1.76

$ 1.59

$ 1.66

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 December 31,

2025

2024

Average

Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

ASSETS

Interest-bearing deposits at banks

16,686

1.85

17,680

126

2.84

Interest bearing time deposits at banks

3,820

3.12

3,820

3.12

Investment securities:

Taxable

368,851

3,003

3.26

368,221

2,483

2.70

Tax-exempt (3)

119,951

1,027

3.42

103,375

664

2.57

Investment securities

488,802

4,030

3.30

471,596

3,147

2.67

Loans: (2)(3)(4)

Residential mortgage loans

345,134

5,303

6.10

355,108

5,146

5.77

Construction loans

95,607

1,734

7.20

173,427

3,276

7.51

Commercial Loans

1,377,802

21,714

6.25

1,270,978

20,173

6.31

Agricultural Loans

373,964

6,279

6.66

355,557

5,275

5.90

Loans to state & political subdivisions

51,915

522

3.99

55,333

555

3.99

Other loans

99,512

1,779

7.09

116,703

2,313

7.89

Loans, net of discount (2)(3)(4)

2,343,934

37,331

6.32

2,327,106

36,738

6.28

Total interest-earning assets

2,853,242

41,469

5.77

2,820,202

40,041

5.65

Cash and due from banks

9,709

9,088

Bank premises and equipment

21,454

21,291

Other assets

184,931

186,815

Total non-interest earning assets

216,094

217,194

Total assets

3,069,336

3,037,396

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

Business Interest Checking

23,910

0.78

16,820

0.95

NOW accounts

723,840

3,863

2.12

742,784

4,608

2.47

Savings accounts

283,289

333

0.47

289,798

367

0.50

Money market accounts

487,732

3,455

2.81

422,624

3,351

3.15

Certificates of deposit

460,552

4,108

3.54

544,320

5,509

4.03

Total interest-bearing deposits

1,979,323

11,806

2.37

2,016,346

13,875

2.74

Other borrowed funds

307,378

3,134

4.05

273,604

3,045

4.43

Total interest-bearing liabilities

2,286,701

14,940

2.59

2,289,950

16,920

2.94

Demand deposits

394,474

395,714

Other liabilities

40,223

29,545

Total non-interest-bearing liabilities

434,697

425,259

Stockholders' equity

347,938

322,187

Total liabilities & stockholders' equity

3,069,336

3,037,396

Net interest income

26,529

23,121

Net interest spread (5)

3.18 %

2.71 %

Net interest income as a percentage

of average interest-earning assets

3.69 %

3.26 %

Ratio of interest-earning assets

to interest-bearing liabilities

125 %

123 %

(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 2025 and 2024. 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 AVERAGE BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY TAX-EQUIVALENT BASIS

(UNAUDITED)

Year Ended December 31,

2025

2024

Average

Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

ASSETS

Interest-bearing deposits at banks

23,767

384

1.62

28,264

730

2.58

Interest bearing time deposits at banks

3,820

118

3.09

3,878

121

3.09

Investment securities:

Taxable

378,387

11,610

3.07

359,724

8,685

2.41

Tax-exempt (3)

109,125

3,324

3.05

105,141

2,650

2.52

Investment securities

487,512

14,934

3.06

464,865

11,335

2.44

Loans: (2)(3)(4)

Residential mortgage loans

346,313

20,841

6.02

356,292

20,758

5.83

Construction loans

135,920

9,744

7.17

182,714

13,607

7.45

Commercial Loans

1,320,836

84,059

6.36

1,265,922

80,849

6.39

Agricultural Loans

362,880

21,227

5.85

350,588

18,978

5.41

Loans to state & political subdivisions

52,730

2,071

3.93

55,919

2,213

3.96

Other loans

96,097

6,898

7.18

83,916

6,717

8.00

Loans, net of discount (2)(3)(4)

2,314,776

144,840

6.26

2,295,351

143,122

6.24

Total interest-earning assets

2,829,875

160,276

5.66

2,792,358

155,308

5.56

Cash and due from banks

9,727

9,306

Bank premises and equipment

21,638

21,124

Other assets

180,011

183,674

Total non-interest earning assets

211,376

214,104

Total assets

3,041,251

3,006,462

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

Business Interest Checking

20,148

179

0.89

8,756

1.01

NOW accounts

718,185

15,361

2.14

756,689

19,117

2.53

Savings accounts

287,162

1,336

0.47

296,275

1,532

0.52

Money market accounts

453,545

12,919

2.85

397,942

12,482

3.14

Certificates of deposit

470,285

17,255

3.67

481,862

19,107

3.97

Total interest-bearing deposits

1,949,325

47,050

2.41

1,941,524

52,326

2.70

Other borrowed funds

326,026

14,117

4.33

323,409

15,536

4.80

Total interest-bearing liabilities

2,275,351

61,167

2.69

2,264,933

67,862

3.00

Demand deposits

387,914

385,702

Other liabilities

40,650

40,593

Total non-interest-bearing liabilities

428,564

426,295

Stockholders' equity

337,336

315,234

Total liabilities & stockholders' equity

3,041,251

3,006,462

Net interest income

99,109

87,446

Net interest spread (5)

2.97 %

2.56 %

Net interest income as a percentage

of average interest-earning assets

3.50 %

3.13 %

Ratio of interest-earning assets

to interest-bearing liabilities

124 %

123 %

(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 2025 and 2024. 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 CREDIT LOSSES

(UNAUDITED)

(Excludes Loans Held for Sale)

(In Thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

Real estate:

Residential

$ 340,972

$ 344,790

$ 341,671

$ 350,221

$ 351,398

Commercial

1,218,514

1,180,655

1,151,585

1,117,240

1,121,435

Agricultural

347,448

342,487

331,995

329,985

327,722

Construction

93,965

107,867

138,307

168,896

164,326

Consumer

88,210

109,458

22,364

109,339

109,505

Other commercial loans

179,166

171,345

174,740

158,133

155,012

Other agricultural loans

30,247

27,142

28,366

28,488

29,662

State & political subdivision loans

52,100

51,644

52,727

53,361

54,182

Total loans

2,350,622

2,335,388

2,241,755

2,315,663

2,313,242

Less: allowance for credit losses - loans

22,806

22,454

22,109

22,081

21,699

Net loans

$ 2,327,816

$ 2,312,934

$ 2,219,646

$ 2,293,582

$ 2,291,543

Past due and non-performing assets

Total loans past due 30-89 days and still accruing

$ 9,269

$ 13,228

$ 18,554

$ 9,632

$ 8,015

Non-accrual loans

$ 26,602

$ 20,523

$ 24,595

$ 23,545

$ 25,701

Loans past due 90 days or more and still accruing

229

347

1,393

276

Non-performing loans

$ 26,831

$ 20,560

$ 24,942

$ 24,938

$ 25,977

Other real estate owned

2,358

2,434

2,544

2,635

Total Non-performing assets

$ 29,189

$ 22,994

$ 27,376

$ 27,482

$ 28,612

Three Months Ended

Analysis of the Allowance for Credit Losses - Loans

December 31,

September 30,

June 30,

March 31,

December 31,

(In Thousands)

2025

2024

Balance, beginning of period

$ 22,454

$ 22,109

$ 22,081

$ 21,699

$ 21,695

Charge-offs

(57)

(20)

(596)

(185)

(105)

Recoveries

Net charge-offs

(51)

(3)

(571)

(156)

(86)

Provision for credit losses - loans

403

348

599

538

Balance, end of period

$ 22,806

$ 22,454

$ 22,109

$ 22,081

$ 21,699

CITIZENS FINANCIAL SERVICES, INC.

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(Dollars in thousands, except per share data)

As of

December 31,

2025

2024

Tangible Equity

Stockholders' Equity - GAAP

$ 338,051

$ 299,734

Intangible Assets

(87,979)

(88,650)

Tangible Equity - Non-GAAP

250,072

211,084

Shares outstanding adjusted for June 2025 stock Dividend

4,807,080

4,806,685

Tangible Book value per share - Non-GAAP

$ 52.02

$ 43.91

As of

December 31,

2025

2024

Tangible Equity per share

Stockholders' Equity per share - GAAP

$ 70.32

$ 62.35

Adjustment for intangible assets

(18.30)

(18.44)

Tangible Book value per share - Non-GAAP

$ 52.02

$ 43.91

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Return on Average Assets Excluding Accumulated Other Comprehensive Loss (AOCL)

Average Assets - GAAP

$ 3,055,993

$ 3,015,467

$ 3,021,591

$ 2,981,322

Average AOCL

(13,343)

(21,929)

(19,660)

(25,140)

Average Assets, Excluding AOCL - Non-GAAP

3,069,336

3,037,396

3,041,251

3,006,462

Net Income - GAAP

$ 10,483

$ 7,983

$ 36,572

$ 27,818

Annualized Return on Average Assets-GAAP

1.37 %

1.06 %

1.21 %

0.93 %

Annualized Return on Average Assets, Excluding AOCL - Non-GAAP

1.37 %

1.05 %

1.20 %

0.93 %

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Return on Average Equity Excluding Accumulated Other Comprehensive Loss (AOCL)

Average Stockholders' Equity - GAAP

$ 334,595

$ 300,258

$ 317,676

$ 290,094

Average AOCL

(13,343)

(21,929)

(19,660)

(25,140)

Average Stockholders' Equity, Excluding AOCL - Non-GAAP

347,938

322,187

337,336

315,234

Net Income - GAAP

$ 10,483

$ 7,983

$ 36,572

$ 27,818

Annualized Return on Average Stockholders' Equity-GAAP

12.53 %

10.63 %

11.51 %

9.59 %

Annualized Return on Average Stockholders' Equity, Excluding AOCL - Non-GAAP

12.05 %

9.91 %

10.84 %

8.82 %

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Return on Average Tangible Equity

Average Stockholders' Equity - GAAP

$ 334,595

$ 300,258

$ 317,676

$ 290,094

Average Intangible Assets

(88,062)

(88,757)

(88,308)

(89,031)

Average Tangible Equity - Non-GAAP

246,533

211,501

229,368

201,063

Net Income - GAAP

$ 10,483

$ 7,983

$ 36,572

$ 27,818

Annualized Return on Average Tangible Equity Non-GAAP

17.01 %

15.10 %

15.94 %

13.84 %

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Return on Average Assets and Equity Excluding sale of Braavo assets, net of legal fees and provision associated with Braavo loans remaining after sale

Net Income - GAAP

$ 10,483

$ 7,983

$ 36,572

$ 27,818

After tax gain on sale of Braavo, net of legal fees

(712)

After tax provision associated with Braavo loans remaining after sale

1,427

Net Income excluding sale of Braavo assets, net of legal fees and provision associated with Braavo loans remaining after sale - Non-GAAP

$ 10,483

$ 7,983

$ 36,572

$ 28,533

Average Assets

3,055,993

3,015,467

3,021,591

2,981,322

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 - Non-GAAP

1.37 %

1.06 %

1.21 %

0.96 %

Average Stockholders' Equity - GAAP

$ 334,595

$ 300,258

$ 317,676

$ 290,094

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 - Non-GAAP

12.53 %

10.63 %

11.51 %

9.84 %

Average Tangible Equity - Non-GAAP

246,533

211,501

229,368

201,063

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, - Non-GAAP

17.01 %

15.10 %

15.94 %

14.19 %

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Earnings per share, Excluding sale of Braavo assets, net of legal fees and provision associated with Braavo loans remaining after sale

Net Income - GAAP

$ 10,483

$ 7,983

$ 36,572

$ 27,818

After tax gain on sale of Braavo, net of legal fees

(712)

After tax provision associated with Braavo loans remaining after sale

1,427

Net income excluding one time items - Non-GAAP

$ 10,483

$ 7,983

$ 36,572

$ 28,533

Number of shares used in computation - basic

4,796,717

4,797,135

4,797,520

4,797,258

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 - Non-GAAP

$ 2.19

$ 1.66

$ 7.62

$ 5.95

For the Three Months Ended

For the Year Ended

December 31,

Reconciliation of net interest income on fully taxable equivalent basis

2025

2024

2025

2024

Total interest income

$ 41,151

$ 39,793

$ 159,168

$ 154,317

Total interest expense

14,940

16,920

61,167

67,862

Net interest income

26,211

22,873

98,001

86,455

Tax equivalent adjustment

318

248

1,108

991

Net interest income (fully taxable equivalent) - Non-GAAP

$ 26,529

$ 23,121

$ 99,109

$ 87,446

SOURCE Citizens Financial Services, Inc.