Citizens Financial Services(US:CZFS) Prnewswire·2025-10-30 12:50Core Insights - Citizens Financial Services, Inc. reported a significant increase in net income for the first nine months of 2025, totaling $26.1 million, which is a 31.5% increase compared to the same period in 2024 [5][9] - The company experienced growth in net interest income, driven by an increase in investment income and a decrease in interest expense, leading to a net interest margin increase from 3.09% to 3.44% [5][9] - The effective tax rate for the first nine months of 2025 was 18.9%, up from 17.8% in the same period of 2024 [5] Financial Performance - For the nine months ended September 30, 2025, net income was $26,089,000, an increase of $6,254,000 from $19,835,000 in 2024, with basic earnings per share rising from $4.14 to $5.44 [5][9] - The annualized return on average equity improved to 11.15% for the nine months ended September 30, 2025, compared to 9.23% in 2024 [5][9] - Non-performing assets decreased by $5,618,000, or 19.6%, since December 31, 2024, totaling $22,994,000 as of September 30, 2025 [5][9] Income and Expenses - Total non-interest income for the nine months ended September 30, 2025, was $10,946,000, down from $12,062,000 in 2024, primarily due to the absence of gains from the sale of the Braavo division [5][9] - Total non-interest expenses decreased slightly to $48,709,000 from $48,918,000 in the previous year, despite an increase in salary and benefit costs [5][9] - The provision for credit losses for the nine months ended September 30, 2025, was $1,875,000, a decrease from $2,587,000 in 2024 [5][9] Balance Sheet Highlights - As of September 30, 2025, total assets were $3.06 billion, a slight increase from $3.03 billion at December 31, 2024 [9][10] - Deposits increased by $29.2 million to $2.41 billion, while net loans totaled $2.31 billion, reflecting a modest increase [9][10] - Stockholders' equity rose to $327.7 million from $299.7 million at the end of 2024, driven by net income and a decrease in accumulated other comprehensive loss [9][10] Dividend Information - The Board of Directors declared a cash dividend of $0.50 per share, representing a 3.1% increase over the previous year's dividend of $0.485 per share [6]