Citizens Financial Services, Inc. announced net income of $7.983 million for the fourth quarter of 2024, an increase of 5.9% from $7.540 million in Q4 2023. Basic earnings per share rose to $1.68 from $1.59 year-over-year. For the full year 2024, net income significantly increased by 56.2% to $27.818 million, with basic EPS reaching $5.86, up from $4.02 in 2023.
Net interest income for Q4 2024 grew by 4.6% to $22.873 million, and the tax-equivalent net interest margin expanded to 3.26% from 3.13% in Q4 2023. For the full year, net interest income increased by 7.7% to $86.455 million. The provision for credit losses was $0 in Q4 2024, compared to $200,000 in Q4 2023.
Non-performing assets continued to rise, reaching $28.612 million as of December 31, 2024, a substantial increase from $13.177 million at the end of 2023. This pushed the non-performing assets to total loans ratio to 1.24% from 0.59%. The Board of Directors declared a cash dividend of $0.49 per share on December 3, 2024, marking a 1.0% increase over the $0.485 per share declared one year prior, adjusted for a 1% stock dividend in June 2024.
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