CITIZENS FINANCIAL SERVICES, INC.
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(Dollars in thousands, except per share data)
As of
June 30
2025
2024
Tangible Equity
Stockholders Equity – GAAP
$ 313,653
$ 286,470
Intangible Assets
(88,288)
(89,002)
Tangible Equity – Non-GAAP
225,365
197,468
Shares outstanding adjusted for June 2024 stock Dividend
4,807,000
4,806,559
Tangible Book value per share – Non-GAAP
$ 46.88
$ 41.08
As of
June 30
2025
2024
Tangible Equity per share
Stockholders Equity per share – GAAP
$ 65.25
$ 59.60
Adjustment for intangible assets
(18.37)
(18.52)
Tangible Book value per share – Non-GAAP
$ 46.88
$ 41.08
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Return on Average Assets Excluding Accumulated Other Comprehensive Loss (AOCL)
Average Assets – GAAP
$ 2,988,727
$ 2,945,690
$ 3,015,695
$ 2,965,049
Average AOCL
(22,098)
(28,200)
(22,581)
(27,308)
Average Assets, Excluding AOCL – Non-GAAP
3,010,825
2,973,890
3,038,276
2,992,357
Net Income – GAAP
$ 8,463
$ 5,275
$ 16,084
$ 12,299
Annualized Return on Average Assets-GAAP
1.13 %
0.72 %
1.07 %
0.83 %
Annualized Return on Average Assets, Excluding AOCL – Non-GAAP
1.12 %
0.71 %
1.06 %
0.82 %
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Return on Average Equity Excluding Accumulated Other Comprehensive Loss (AOCL)
Average Stockholders Equity – GAAP
$ 311,239
$ 285,184
$ 308,078
$ 283,834
Average AOCL
(22,098)
(28,200)
(22,581)
(27,308)
Average Stockholder’s Equity, Excluding AOCL – Non-GAAP
333,337
313,384
330,659
311,142
Net Income – GAAP
$ 8,463
$ 5,275
$ 16,084
$ 12,299
Annualized Return on Average Stockholder’s Equity-GAAP
10.88 %
7.40 %
10.44 %
8.67 %
Annualized Return on Average Stockholder’s Equity, Excluding AOCL – Non-GAAP
10.16 %
6.73 %
9.73 %
7.91 %
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Return on Average Tangible Equity
Average Stockholders Equity – GAAP
$ 311,239
$ 285,184
$ 308,078
$ 283,834
Average Intangible Assets
(88,388)
(89,119)
(88,479)
(89,220)
Average Tangible Equity – Non-GAAP
222,851
196,065
219,599
194,614
Net Income – GAAP
$ 8,463
$ 5,275
$ 16,084
$ 12,299
Annualized Return on Average Tangible Equity Non-GAAP
15.19 %
10.76 %
14.65 %
12.64 %
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
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
$ 8,463
$ 5,275
$ 16,084
$ 12,299
After tax gain on sale of Braavo, net of legal fees
–
–
–
(712)
After tax provision associated with Braavo loans remaining after sale
–
898
–
1,427
Net Income excluding sale of Braavo assets, net of legal fees and provision associated with Braavo loans
remaining after sale – Non-GAAP
$ 8,463
$ 6,173
$ 16,084
$ 13,014
Average Assets
2,988,727
2,945,690
3,015,695
2,965,049
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
1.13 %
0.84 %
1.07 %
0.88 %
Average Stockholders Equity – GAAP
$ 311,239
$ 285,184
$ 308,078
$ 283,834
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
10.88 %
8.66 %
10.44 %
9.17 %
Average Tangible Equity – Non-GAAP
222,851
196,065
219,599
194,614
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
15.19 %
12.59 %
14.65 %
13.37 %
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
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
$ 8,463
$ 5,275
$ 16,084
$ 12,299
After tax gain on sale of Braavo, net of legal fees
–
–
–
(712)
After tax provision associated with Braavo loans remaining after sale
–
898
–
1,427
Net income excluding one time items – Non-GAAP
$ 8,463
$ 6,173
$ 16,084
$ 13,014
Number of shares used in computation – basic
4,797,716
4,796,000
4,797,642
4,795,596
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
$ 1.76
$ 1.29
$ 3.35
$ 2.71
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
Reconciliation of net interest income on fully taxable equivalent basis
2025
2024
2025
2024
Total interest income
$ 38,749
$ 37,902
$ 77,763
$ 75,835
Total interest expense
15,101
16,602
31,113
33,577
Net interest income
23,648
21,300
46,650
42,258
Tax equivalent adjustment
256
245
504
495
Net interest income (fully taxable equivalent) – Non-GAAP
$ 23,904
$ 21,545
$ 47,154
$ 42,753