Citizens Financial Services Inc (CZFS) Reports Unaudited Third Quarter 2023 Financial Results
Citizens Financial Services Inc (NASDAQ:CZFS) reports unaudited consolidated financial results for Q3 2023.
Net income for the quarter stands at $7.548 million, compared to $7.544 million in Q3 2022.
The company declared a cash dividend of $0.49 per share, marking a 3.1% increase from the previous year.
Return on average assets (annualized) and return on average equity (annualized) stand at 1.02% and 10.10% respectively.
Released on October 23, 2023, Citizens Financial Services Inc (NASDAQ:CZFS) announced its unaudited consolidated financial results for the three and nine months ended September 30, 2023. The company's performance indicates a stable financial position with a slight increase in net income compared to the same period in 2022.
Financial Highlights
For the three months ended September 30, 2023, CZFS reported a net income of $7.548 million, a slight increase from the $7.544 million reported in the same period in 2022. The return on average assets (annualized) stood at 1.02%, while the return on average equity (annualized) was 10.10%. The company's earnings per share (basic and diluted) were $1.61.
For the nine months ended September 30, 2023, the net income was $10.271 million, a significant decrease from the $21.185 million reported in the same period in 2022. The return on average assets (annualized) was 0.53%, and the return on average equity (annualized) was 5.21%. The earnings per share (basic and diluted) for this period were $2.40.
Dividend Declared
On September 1, 2023, the Board of Directors declared a cash dividend of $0.49 per share, which was paid on September 29, 2023, to shareholders of record at the close of business on September 15, 2023. The quarterly cash dividend is an increase of 3.1% over the regular cash dividend of $0.475 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2023.
Balance Sheet and Other Information
As of September 30, 2023, CZFS reported total assets of $2.959 billion, an increase from $2.349 billion in the same period in 2022. The company's net loans (net of unearned income) stood at $2.246 billion, and deposits were $2.335 billion. The company's stockholders' equity was $262.686 million.
Performance Analysis
The financial results indicate a stable performance by CZFS in Q3 2023. The slight increase in net income and the increase in the cash dividend reflect the company's commitment to delivering value to its shareholders. However, the decrease in net income for the nine months ended September 30, 2023, compared to the same period in 2022, suggests some challenges that the company may need to address to enhance its profitability.
It's also worth noting that the company's total assets, net loans, and deposits have increased significantly compared to the same period in 2022, indicating growth in its operations.
This article first appeared on GuruFocus.
