God Of Sound – Lifestyle

Citizens Financial Corp. Reports Nearly 40% Increase in Year-to-Date Earnings to $10.6 Million and Announces Stock Repurchase Plan

Business Wire

Nathaniel S. Bonnell, President & CEO of Citizens Financial Corp. (Citizens) (OTCID: CIWV), the parent company of Citizens Bank of West Virginia, Inc. announced that, for the three months ended September 30, 2026, Citizens had consolidated net income of $3,596,000, or $2.00 per common share and $2.10 per class A common share, for an increase of $978,000, or 37.4%, from $2,618,000, or $1.46 per common share and $1.54 per class A common share, for the three months ended September 30, 2025.

For the nine months ended September 30, 2026, Citizens had consolidated net income of $10,620,000, or $5.90 per common share and $6.20 per class A common share, for an increase of $3,000,000, or 39.4%, from $7,620,000, or $4.25 per common share and $4.47 per class A common share, for the nine months ended September 30, 2025.

The Board of Directors of Citizens Financial Corp. recently authorized a share repurchase program under which the Company may repurchase shares of its common stock from time to time in open market or privately negotiated transactions. Repurchases under the program will be made at management’s discretion and will depend on a variety of factors, including market conditions, trading activity, capital levels, regulatory considerations, business performance, and other corporate opportunities. The program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice.

“This repurchases program reflects our confidence in the Company’s financial strength and long-term prospects,” said Nathaniel S. Bonnell, President and Chief Executive Officer. “The program provides flexibility to repurchase shares when management and the Board determine that market conditions and valuation make such purchases an appropriate use of capital.”

Additional financial highlights are included below:

CITIZENS FINANCIAL CORP. FINANCIAL HIGHLIGHTS

Selected Financial Data:
(in thousands)		 As of Year
As of Period Ended Ended
9/30/2026 9/30/2025 12/31/2025
Total assets

$

782,177

$

685,603

$

704,628
Securities

 

98,036

 

82,617

 

75,559
Loans and leases, net

 

618,907

 

544,590

 

553,532
Deposits

 

675,688

 

602,760

 

620,661
Shareholders’ equity

 

69,871

 

59,288

 

61,815
 
Significant Ratios 9/30/2026 9/30/2025 12/31/2025
Net interest margin

 

4.44%

 

4.05%

 

4.13%
Return on average assets

 

1.89%

 

1.50%

 

1.49%
Return on average shareholders’ equity

 

21.37%

 

18.39%

 

17.96%

Citizens’ September 2026 assets of $782.2 million are an increase of $96.6 million, 14.1%, from $685.6 million at September 2025. The amount increased $77.6 million, 14.7% annualized, from $704.6 million at December 2025. Net loans have increased $74.3 million, 13.6%, to $618.9 million at September 2026 from $544.6 million at September 2025 and increased $65.4 million, 15.8% annualized, from $553.5 million at December 2025. Deposits at September 2026 of $675.7 million have increased $72.9 million, 12.1%, from the September 2025 balance of $602.8. This is an increase of $55.0 million, 11.8% annualized, from the December 2025 deposits of $620.7 million.

Summary of Operations:
(in thousands, except per share data)		 Quarter-to-Date Ended Year-to-Date Ended
9/30/2026 9/30/2025 9/30/2026 9/30/2025
Interest income

$

11,448

$

9,999

$

32,760

$

29,307
Interest expense

 

3,195

 

3,296

 

9,413

 

10,023
Net interest income

 

8,253

 

6,703

 

23,347

 

19,284
Provision for anticipated credit losses

 

600

 

450

 

2,150

 

1,350
Net interest income after provision for anticipated credit losses

 

7,653

 

6,253

 

21,197

 

17,934
Non-interest income

 

1,400

 

1,133

 

5,733

 

3,258
Non-interest expense

 

4,449

 

4,062

 

13,811

 

11,483
Income before income taxes

 

4,604

 

3,324

 

13,119

 

9,709
Income tax expense

 

1,008

 

706

 

2,499

 

2,089
Net income

$

3,596

$

2,618

$

10,620

$

7,620
 
Basic and fully diluted earnings per common share

$

2.00

$

1.46

$

5.90

$

4.25
 
Basic and fully diluted earnings per class A common share

$

2.10

$

1.54

$

6.20

$

4.47
 
Cash dividends declared per common share

$

0.30

$

0.25

$

0.87

$

0.75
Cash dividends declared per class A common share

$

0.32

$

0.26

$

0.91

$

0.79

Citizens’ earnings per common share were $5.90 for the nine months ended September 2026 for an increase of $1.65, or 38.8%, from $4.25 for the nine months ended September 2025. The earnings per common share for the three months ended September 2026 was $2.00 for an increase of $0.54, or 37.0%, from $1.46 per common share for the three months ended September 2025. The dividend declared per common share for the nine months ended September 2026 increased $0.12, or 16.0%, to $0.87 from $0.75 per common share for the nine months ended September 2025. The dividend declared for the three months ended September 2026 was $0.30 per common share, that is an increase of $0.05, or 20.0%, per common share from $0.25 for the three months ended September 2025.

Summary of Operations:
(in thousands, except margin)		 Quarter-to-Date Ended Year-to-Date Ended
9/30/2026 9/30/2025 9/30/2026 9/30/2025
Average interest earning assets

$

735,992

$

645,263

$

714,721

$

645,586
Net interest income 1

$

8,400

$

7,027

$

23,735

$

20,238
Net interest margin 1

 

4.53%

 

4.18%

 

4.44%

 

4.05%
 
1 – Net interest income and net interest margin noted at tax rate of 21% on tax-exempt assets.

Citizens’ net interest margin increased to 4.44% for the nine months ended September 2026, for an increase of 0.39%, or 9.6%, to the September 2025 nine-month net interest margin of 4.05%. The net interest margin for the three months ended September 2026 was 4.53% for an increase of 0.35%, or 8.4%, to the three-month September 2025 net interest margin of 4.18%. Net interest income for the nine months ended September 2026 has increased $3.5 million, or 17.3%, to $23.7 million from $20.2 million for the nine months ended September 2025. Net interest income for the three months ended September 2026 has increased $1.4 million, or 20.0%, to $8.4 million from $7.0 million for the three months ended September 2025. Average earning assets for the nine months ended September 2026 were $714.7 million for an increase of $69.1 million, or 10.7%, from the average earnings assets of $645.6 million for the nine months ended September 2025. The September 2026 three-month average earning assets increased $90.7 million, or 14.1%, to $736.0 million from the September 2025 three-month average earning assets of $645.3 million.

Shareholders’ Equity and Outstanding Shares
(In thousands, except share data)		 9/30/2026 9/30/2025 12/31/2025
Shareholders’ equity

$

69,871

 

$

59,288

 

$

61,815

 
Intangible assets, net

$

5,720

 

$

4,090

 

$

4,027

 
Accumulated other comprehensive loss

$

(3,308

)

$

(2,500

)

$

(2,084

)
Common stock shares outstanding

 

1,702,408

 

 

1,695,988

 

 

1,695,988

 
Class A common stock shares outstanding

 

91,286

 

 

92,550

 

 

92,550

 

Citizens’ shareholders’ equity at September 2026 of $69.9 million is an increase of $10.6 million, or 17.9%, from $59.3 million at September 2025. This is an increase of $8.1 million, or 17.4% annualized, from the December 2025 equity amount of $61.8 million. Accumulated other comprehensive loss increased $0.8 million, or 32.3%, to $3.3 million at September 2026 from $2.5 million at September 2025. This loss increased $1.2 million, or 58.7%, from the $2.1 million loss at December 2025.

Allowance and Nonperforming Assets
(In thousands)		 9/30/2026 9/30/2025 12/31/2025
Allowance for credit losses

$

6,324

$

5,426

$

5,741
Total nonperforming assets 2

$

3,410

$

2,715

$

2,413
Accruing loans past greater than 90 days

$

42

$

–

$

341
 
2 – Total nonperforming assets are comprised of nonaccrual loans and other real estate owned.
 

Citizens’ allowance for credit losses increased $0.9 million, or 16.5%, to $6.3 million at September 2026 from $5.4 million at September 2025. This is an increase of $0.6 million, or 10.2%, from the December 2025 amount of $5.7 million. Total nonperforming assets at September 2026 of $3.4 million increased $0.7 million, or 25.6%, from $2.7 million at September 2025 and $1.0 million, or 41.3%, from $2.4 million at December 2025. Citizens’ accruing loans past due greater than 90 days increased to $42,000 at September 2026 from zero at September 2025, that is a reduction of $299,000 from $341,000 at December 2025.

ABOUT CITIZENS

Citizens Financial Corp. (OTCID: CIWV) is the parent company of its wholly owned subsidiary, Citizens Bank of West Virginia. With $782 million in assets, Citizens provides integrated financial services, including retail and commercial banking, wealth management, and mortgage services, through eight financial centers in West Virginia located in Elkins, Bayard, Beverly, Buckhannon, New Martinsville, Parsons, and Thomas, as well as one location in Oakland, Maryland. Citizens Bank is 5-star rated and ranked among the strongest banks in the nation by BauerFinancial, the nation’s leading independent bank rating firm. The bank ranked No. 19 on American Banker’s list of Top-Performing Publicly Traded Community Banks Under $2 Billion in Assets and was the only West Virginia bank to earn a place on the list. Citizens Bank is also recognized among West Virginia’s Top 10 Performing Banks by the Bank Performance Report. Citizens ranks No. 22 on American Banker’s Best Banks to Work For list and has received numerous regional honors, including WV Living’s Best Corporate Citizen; The Inter-Mountain’s People’s Choice Awards for Best Bank, Best Mortgage Lender, Best Customer Service, and Best Employer; and The Record Delta’s Best Bank, Best Customer Service, Best Place to Work, and Best Mortgage Provider. Additionally, Citizens Bank has been recognized by Newsweek’s America’s Best Banks list as the Best Small Bank in West Virginia, named SBA West Virginia Community Lender of the Year, and ranked No. 9 nationally by the Independent Community Bankers of America in the consumer/mortgage category for banks with $300 million to $1 billion in assets. For more information, visit www.citizenswv.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, such as statements about the Company’s growth strategy and deployment of capital. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.

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