Net Income and Profitability - Net income for Q1 2024 increased by $157,000 or 2.3% to $7,024,000 compared to Q1 2023[1] - Net income for Q1 2024 was $7.0 million, a 2.3% increase compared to Q1 2023, driven by a pre-tax gain of approximately $900,000 from the sale of Braavo assets[13] - Net income was $7,024 million, compared to $6,867 million in the previous period[2] - Income before provision for income taxes was $8,501 million, compared to $8,476 million in the previous period[1] - Provision for income tax expense was $1,477 million, compared to $1,609 million in the previous period[1] - Net income per common share (basic and diluted) was $1.49, compared to $1.71 in the previous period[4] Net Interest Income and Margin - Net interest income before provision for credit losses increased by $2,878,000 or 15.9% to $20,958,000 in Q1 2024[1] - Net interest income before provision for credit losses increased by $2.9 million (15.9%) to $21.0 million in Q1 2024, primarily due to the HVB acquisition[13] - Net interest income rose to $21.2 million in Q1 2024, compared to $18.4 million in Q1 2023[17] - Net interest income is $20,958,180,080[19] - Tax equivalent adjustment is $250,271[19] - Non-GAAP net interest income (fully taxable equivalent) is $21,208,000,000[19] - Non-GAAP net interest income (fully taxable equivalent) increased by $2,857,000,000 compared to the previous period[19] - Net interest margin decreased to 3.05% in Q1 2024 from 3.30% in Q1 2023[17] - Net interest income after provision for credit losses stood at $20.2 million in Q1 2024, compared to $18.1 million in Q1 2023, a 11.6% increase[20] Loans and Credit Quality - Average loans increased by $563.1 million in Q1 2024 primarily due to the HVB acquisition[1] - Net loans decreased by $9.6 million to $2.22 billion at March 31, 2024 due to student loan reductions and Braavo asset sales[5] - Loans (net of unearned income) increased to $2.2 billion in Q1 2024, up from $1.7 billion in Q1 2023[15] - Net loans increased to $2,218.1 million in March 2024, up from $1,708.2 million in March 2023[16] - Average loan balances increased to $2,297.2 million in Q1 2024, up from $1,734.1 million in Q1 2023[17] - Residential mortgage loans grew to $357.8 million in March 2024, up from $212.8 million in March 2023[18] - Commercial real estate loans increased to $1,115.9 million in March 2024, compared to $879.0 million in March 2023[18] - Construction loans expanded significantly to $184.5 million in March 2024, up from $75.7 million in March 2023[18] - Allowance for credit losses increased by $445,000 to $21,598,000 at March 31, 2024, representing 0.96% of total loans[5] - Allowance for credit losses on loans increased to $21.6 million in March 2024, compared to $15.3 million in March 2023[18] - Non-performing assets increased by $4.8 million to $15.7 million as of March 31, 2024, representing 0.70% of total loans, up from 0.63% in Q1 2023[13] - Provision for credit losses was $785,000 in Q1 2024, compared to no provision in Q1 2023[20] Non-Interest Income and Expenses - Total non-interest income increased by $2,797,000 to $4,971,000 in Q1 2024 driven by gains from asset sales and HVB acquisition[1] - Non-interest income rose to $5.0 million in Q1 2024, up from $2.2 million in Q1 2023, marking a 127.3% year-over-year growth[20] - Gains on loans sold amounted to $417,000 in Q1 2024, up from $45,000 in Q1 2023, reflecting a significant 826.7% growth[20] - Gains on the sale of the Braavo division contributed $1.1 million to non-interest income in Q1 2024[20] - Total non-interest expenses increased by $4,865,000 or 41.3% to $16,643,000 in Q1 2024 due to acquisition-related costs and salary increases[1] - Total non-interest expenses increased to $16.6 million in Q1 2024, up from $7.0 million in Q1 2023, a 137.1% rise[20] - Salaries and employee benefits expenses grew to $10.3 million in Q1 2024, compared to $7.7 million in Q1 2023, a 33.8% increase[20] Deposits and Assets - Total assets decreased to $2.92 billion at March 31, 2024 from $2.98 billion at December 31, 2023[5] - Total assets increased to $2.9 billion in Q1 2024, up from $2.3 billion in Q1 2023, driven by the HVB acquisition[15] - Total assets decreased to $2,921.1 million as of March 31, 2024, compared to $2,975.3 million at the end of December 2023[16] - Deposits decreased by $18.7 million to $2.30 billion at March 31, 2024 due to customer withdrawals for projects and bond payments[5] - Deposits increased to $2.3 billion in Q1 2024, up from $1.8 billion in Q1 2023[15] - Total deposits slightly decreased to $2,302.9 million in March 2024 from $2,321.5 million in December 2023[16] Equity and Shareholder Metrics - Stockholders' equity increased by $3.0 million to $282.7 million at March 31, 2024, excluding AOCI[5] - Tangible book value per share decreased to $46.76 in Q1 2024 from $51.73 in Q1 2023[15] - Return on average equity (annualized) decreased to 9.10% in Q1 2024 from 11.49% in Q1 2023[13] - Return on average tangible equity (annualized) decreased to 12.80% in Q1 2024 from 13.30% in Q1 2023[13] - Cash dividends paid were $0.490 per share, compared to $0.480 in the previous period[6] - Number of shares used in computation (basic) was 4,701,853, compared to 4,005,370 in the previous period[8] - Number of shares used in computation (diluted) was 4,701,853, compared to 4,005,375 in the previous period[8] Interest Income and Expense - Total interest income increased to $37.9 million in Q1 2024, up from $25.1 million in Q1 2023, reflecting a 51.2% year-over-year growth[20] - Total interest expense is $16,975,727,027[19] - Total interest expense increased to $17.0 million in Q1 2024, up from $7.0 million in Q1 2023, a 142.9% rise[20] Employee Metrics - Average full-time equivalent employees increased to 394.1 in Q1 2024 from 313.2 in Q1 2023[15] Other Financial Metrics - Equity security gains (losses) showed a net gain of $55,000 in Q1 2024, compared to a net loss of $218,000 in Q1 2023[20]
Citizens Financial Services(CZFS) - 2024 Q1 - Quarterly Results