Citizens Financial Services, Inc. reported a net income of $7.621 million for the first quarter of 2025, an 8.5% increase from $7.024 million in Q1 2024. Basic earnings per share rose to $1.60 from $1.48 year-over-year. Net interest income saw a robust 9.75% increase to $23.002 million, and the tax-equivalent net interest margin expanded to 3.30% from 3.05% in the prior year's quarter.
The provision for credit losses decreased to $625,000 in Q1 2025 from $785,000 in Q1 2024. Non-interest income, however, decreased by 31.1% to $3.427 million, primarily due to the absence of a $1.102 million gain from the sale of the Braavo division assets in Q1 2024 and lower gains on loan sales. Non-interest expenses decreased by 1.3% to $16.428 million.
Non-performing assets continued their upward trend, reaching $27.482 million as of March 31, 2025, a significant increase from $15.713 million at March 31, 2024. This resulted in the non-performing assets to total loans ratio rising to 1.19% from 0.70%. The Board of Directors declared a cash dividend of $0.495 per share on March 4, 2025, representing a 2.1% increase over the $0.485 per share declared one year ago, adjusted for a 1% stock dividend in June 2024.
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