Citizens Financial Services(US:CZFS)2025-10-30 15:08Financial Performance - Net income for the first nine months of 2025 was $26,089,000, an increase of $6,254,000 or 31.5% compared to the same period in 2024[2] - Net income for Q3 2025 was $10,005,000, an increase of 32.7% from $7,536,000 in Q3 2024[15] - For the three months ended September 30, 2025, Citizens Financial Services, Inc. reported net income of $10,005,000, an increase of 18.2% compared to $8,463,000 for the previous quarter[16] - Net income for the three months ended September 30, 2025, was $10,005 thousand, compared to $7,536 thousand for the same period in 2024, reflecting a year-over-year increase of 32.6%[24] Earnings and Dividends - Basic earnings per share for the first nine months of 2025 was $5.44, compared to $4.14 for the same period in 2024[4] - Earnings per share (diluted) rose to $2.09 in Q3 2025, up from $1.57 in Q3 2024, reflecting a 33.1% increase[15] - The company's diluted earnings per share rose to $2.09, compared to $1.76 in the previous quarter, marking a 18.8% increase[16] - A cash dividend of $0.50 per share was declared, representing a 3.1% increase over the previous year's dividend[9] - Cash dividends paid per share increased to $0.500 in Q3 2025 from $0.485 in Q3 2024[15] Asset Quality - Non-performing assets decreased by $5,618,000 or 19.6% since December 31, 2024, totaling $22,994,000 as of September 30, 2025[4] - Non-performing assets decreased to $22,994,000 from $24,045,000 year-over-year, indicating improved asset quality[13] - Non-performing loans decreased to $20,560 thousand from $24,942 thousand in June 2025, a reduction of 17.5%[23] Interest Income and Expenses - Net interest income before the provision for credit losses for the nine months ended September 30, 2025 was $71,790,000, a 12.9% increase from $63,582,000 in 2024[2] - Net interest income for the same period was $25,140,000, up 6.3% from $23,648,000 in the prior quarter[16] - Total interest income for the three months ended September 30, 2025, was $40,254 thousand, compared to $38,689 thousand in 2024, an increase of 4.05%[25] - Net interest income (fully taxable equivalent) for the three months ended September 30, 2025, was $25,425 thousand, up from $21,570 thousand in 2024, reflecting a growth of 18%[25] Credit Losses - The provision for credit losses for the nine months ended September 30, 2025 was $1,875,000, a decrease of $712,000 from $2,587,000 in 2024[4] - The company reported a provision for credit losses of $500,000 in Q3 2025, compared to a release of $200,000 in Q3 2024[15] - The provision for credit losses was $500,000, a decrease from $750,000 in the previous quarter, indicating improved credit quality[16] Assets and Liabilities - Total assets as of September 30, 2025 were $3.06 billion, compared to $3.03 billion at December 31, 2024[8] - Total assets as of September 30, 2025, reached $3,056,421,000, compared to $3,025,724,000 at the end of 2024[14] - Total assets increased to $3,019,016,000, reflecting a growth from $3,003,434,000 in the previous quarter[17] - Total loans increased to $2,335,388 thousand as of September 30, 2025, up from $2,241,755 thousand in June 2025, representing a growth of 4.19%[22] - The allowance for credit losses on loans was $22,454,000 as of September 30, 2025, an increase of $755,000 from December 31, 2024[8] - The allowance for credit losses on loans increased to $22,454 thousand as of September 30, 2025, from $22,109 thousand in June 2025, indicating a rise of 1.55%[23] Return on Equity and Assets - Return on average equity for the nine months ended September 30, 2025 was 11.15%, up from 9.23% in the same period of 2024[2] - Return on average assets (annualized) improved to 1.33% in Q3 2025 from 1.01% in Q3 2024[13] - Annualized return on average assets (GAAP) improved to 1.33% for the three months ended September 30, 2025, compared to 1.01% in the same period of 2024[24] Trust Assets - Trust assets under management grew to $194,325,000, up from $181,052,000 year-over-year[13]