Financial Performance - Net income for the first nine months of 2024 was $19.8 million, a 93.1% increase compared to $9.6 million for the same period in 2023[2] - Basic earnings per share for the first nine months of 2024 was $4.18 compared to $2.38 for the same period last year[10] - Net income for the quarter was $7,536 thousand, compared to $7,548 thousand in the same quarter last year, showing a marginal decrease of 0.2%[34] - Net Income - GAAP for the three months ended September 30, 2024, was $7,536, compared to $7,548 for the same period in 2023[42] - Net Income excluding one-time items - Non-GAAP for the nine months ended September 30, 2024, was $20,550, compared to $21,411 for the same period in 2023[42] Income and Revenue - Net interest income before the provision for credit losses was $63.6 million for the nine months ended September 30, 2024, an increase of $5.2 million, or 8.9%, over the same period a year ago[5] - Total non-interest income was $12.1 million for the nine months ended September 30, 2024, an increase of $3.9 million from $8.1 million for the same period last year[13] - Net interest income for the quarter was $21,324 thousand, slightly down from $22,404 thousand in September 2023, indicating a decrease of 4.8%[34] - Non-interest income totaled $3,755 thousand in September 2024, up from $3,662 thousand in September 2023, marking an increase of 2.5%[34] - Total Interest Income for the three months ended September 30, 2024, was $38,689, up from $36,689 in 2023[46] - Net Interest Income for the nine months ended September 30, 2024, was $63,582, compared to $58,405 in 2023[46] Credit Losses and Asset Quality - The provision for credit losses for the nine months ended September 30, 2024 was $2.6 million, a decrease of $2.7 million from $5.3 million for the same period in 2023[12] - Non-performing assets increased to $24.0 million, up from $13.6 million in the previous year, indicating a rise in asset quality concerns[32] - The provision for credit losses was a negative $200 thousand in September 2024, compared to a positive provision of $475 thousand in the same quarter last year, indicating improved credit quality[34] - Non-performing loans amounted to $21,559 thousand, up from $15,234 thousand, indicating a significant increase of 41.6%[39] - The allowance for credit losses on loans was $21.7 million at September 30, 2024, an increase of $542,000 from December 31, 2023[25] Assets and Liabilities - Total assets as of September 30, 2024, were $3.03 billion, compared to $2.98 billion at December 31, 2023[22] - Net loans as of September 30, 2024, totaled $2.31 billion, an increase of $81.6 million from December 31, 2023[24] - Total deposits rose to $2,450,149 thousand in September 2024, compared to $2,321,481 thousand in December 2023, reflecting an increase of 5.6%[33] - Total interest-bearing liabilities were $2,258,937 million, with a net interest spread of 3.06%[36] - Total loans reached $2,331,002 thousand, an increase from $2,246,396 thousand, marking a growth of 3.8% year-over-year[38] Stockholders' Equity and Dividends - Stockholders' equity rose to $298.7 million at September 30, 2024, up from $279.7 million at December 31, 2023, reflecting a net income of $19.8 million for the nine months ended September 30, 2024[28] - A cash dividend of $0.49 per share was declared on September 3, 2024, representing a 1.0% increase from the previous year's dividend of $0.485 per share[29] - Total stockholders' equity rose to $298,654 thousand in September 2024, compared to $279,666 thousand in December 2023, an increase of 6.8%[33] Ratios and Margins - The effective tax rate for the first nine months of 2024 was 17.8%, compared to 16.4% in the comparable period in 2023[2] - The net interest margin remained stable at 3.09% for both the three and nine months ended September 30, 2024[32] - The loan to deposit ratio improved to 95.14% from 96.20% in the previous year, indicating better liquidity management[32] - The average interest rate on interest-earning assets was 5.54%, compared to 4.91% in the previous year, reflecting an increase of 1.63 percentage points[37] - The net interest spread decreased to 2.52% from 2.80% year-over-year, indicating a contraction in profitability from interest[37]
Citizens Financial Services(CZFS) - 2024 Q3 - Quarterly Results