Citizens Financial Services(US:CZFS) Prnewswireยท2025-07-30 20:15Core Insights - Citizens Financial Services, Inc. reported a significant increase in net income for the first half of 2025, totaling $16.1 million, which is a 30.8% increase compared to the same period in 2024 [5][11] - The company experienced growth in net interest income, driven by an increase in investment income and a decrease in interest expense [5][11] - The effective tax rate increased slightly to 18.7% for the first half of 2025 from 17.4% in the same period of 2024 [5] Financial Performance - For the six months ended June 30, 2025, net income was $16.1 million, up from $12.3 million in 2024, with basic earnings per share rising to $3.35 from $2.56 [5][10] - The annualized return on equity improved to 10.44% for the first half of 2025, compared to 8.67% in 2024 [5][10] - Net interest income before the provision for credit losses for the first half of 2025 was $46.7 million, a 10.4% increase from $42.3 million in 2024 [5][10] Asset Quality - Non-performing assets decreased by $1.2 million since December 31, 2024, totaling $27.4 million as of June 30, 2025, although this is an increase of $9.5 million compared to June 30, 2024 [5][11] - The allowance for credit losses on loans was $22.1 million, representing 0.99% of total loans as of June 30, 2025 [11][12] - The provision for credit losses for the first half of 2025 was $1.375 million, down from $2.787 million in the same period of 2024 [5][11] Balance Sheet Highlights - Total assets as of June 30, 2025, were $2.97 billion, a decrease from $3.03 billion at the end of 2024 [11][12] - Deposits decreased by $89.4 million to $2.29 billion as of June 30, 2025, reflecting competitive pressures [11][12] - Stockholders' equity increased to $313.7 million as of June 30, 2025, up from $299.7 million at the end of 2024 [11][12] Dividend Information - The Board of Directors declared a cash dividend of $0.495 per share, which is a 2.1% increase from the previous year's dividend of $0.480 per share [7]