Citizens Financial Services, Inc. reported net income of $7.536 million for the third quarter of 2024, a slight decrease from $7.548 million in the same period of 2023. Basic earnings per share remained flat at $1.59 for both periods. Net interest income for the quarter decreased to $21.324 million from $22.404 million year-over-year, with the tax-equivalent net interest margin contracting to 3.09% from 3.29%.
The company's asset quality metrics showed a notable deterioration, with non-performing assets increasing significantly to $24.045 million as of September 30, 2024, compared to $13.621 million a year prior. This resulted in non-performing assets to total loans rising to 1.03% from 0.61%. The provision for credit losses, however, saw a negative adjustment of $200,000 in Q3 2024, down from a $475,000 provision in Q3 2023.
Despite the challenges in net interest income and asset quality, non-interest income increased to $3.755 million from $3.662 million, and non-interest expenses decreased to $16.029 million from $16.444 million. The Board of Directors declared a cash dividend of $0.49 per share on September 3, 2024, representing a 1.0% increase over the $0.485 per share declared one year ago, adjusted for a 1% stock dividend in June 2024.
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