Citizens Financial Services, Inc. reported a significant increase in net income for the second quarter of 2025, rising by 60.4% to $8.463 million from $5.275 million in Q2 2024. Basic earnings per share also saw a substantial increase to $1.76 from $1.10 year-over-year. Net interest income grew by 11.0% to $23.648 million, and the tax-equivalent net interest margin expanded to 3.47% from 3.15%.
The provision for credit losses decreased to $750,000 in Q2 2025 from $2.002 million in Q2 2024, contributing to the earnings improvement. Non-interest income increased to $3.665 million from $3.336 million, while non-interest expenses saw a slight decrease to $16.147 million.
Non-performing assets continued to be a key area of concern, increasing to $27.376 million as of June 30, 2025, from $17.924 million a year prior. This raised the non-performing assets to total loans ratio to 1.22% from 0.79%, with a single $14.4 million commercial real estate loan identified as a key contributor. Deposits decreased by $89.4 million from December 31, 2024, to $2.29 billion as of June 30, 2025. The Board of Directors declared a cash dividend of $0.495 per share on June 3, 2025, representing a 2.1% increase over the $0.480 per share declared one year ago, adjusted for a 1% stock dividend in June 2025.
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