Citizens Financial Corp. Reports Nearly 40% Increase in Year-to-Date Earnings to $10.6 Million and Announces Stock Repurchase Plan
Nathaniel S. Bonnell, President & CEO of Citizens Financial Corp. (Citizens) (OTCID: CIWV), the parent company of
Press Release Disclaimer: This is a press release distributed through the XPR Media network. It has not been independently verified by our newsroom.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261019702222/en/
Media gallery
