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Stock impact report

CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FIRST QUARTER 2024 FINANCIAL RESULTS

Citizens Financial Services, Inc. (CZFS) 
Company Research Source: PR Newswire
MANSFIELD, Penn., April 25, 2024 /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 ended March 31, 2024.HighlightsThe financial results of the Company continue to benefit from the acquisition of HV Bancorp, Inc. ("HVB") that closed in the second quarter of 2023.During the first quarter of 2024, the Company completed the sale of certain assets acquired as part of the HVB acquisition, which included loans and accrued interest, and software, as well as transferring certain contracts, processes and employees of a division internally known as Braavo. The proceeds from the sale totaled approximately $7.2 million and generated a pre-tax gain of approximately $1.1 million. Legal fees associated with the sale totaled approximately $201,000.Net income was $7.0 million for the three months ended March 31, 2024, which is 2.3% more than the n Show less Read more
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