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Citizens Financial Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $3.03 billion, an increase from $2.98 billion at the end of 2023. The increase is primarily attributed to growth in the loan portfolio.
Net income for the nine months ended September 30, 2024, was $19,835,000, compared to $10,271,000 for the same period in the previous year. This increase is primarily due to the absence of one-time costs associated with the HVBC acquisition in the prior year.
Net interest income for the nine months was $63,582,000, up from $58,405,000 in the previous year. The increase is due to higher interest income from loans, despite an increase in interest expenses.
The allowance for credit losses was $21,695,000, representing 0.93% of total loans, compared to $21,153,000 or 0.94% of loans at the end of 2023. The increase is driven by provisions for credit losses and net charge-offs.
Non-interest income for the nine months was $12,062,000, an increase from $8,116,000 in the previous year. This increase is attributed to higher gains on loans sold and earnings on bank-owned life insurance.
Non-interest expenses remained stable at $48,918,000 for the nine months, with increases in salaries and employee benefits offset by the absence of merger and acquisition expenses from the prior year.
The company's effective tax rate was 17.8% for the nine months ended September 30, 2024, compared to 16.4% in the previous year.
Total deposits increased by $128.7 million to $2.45 billion since the end of 2023, driven by increases in state and political organization deposits and brokered deposits.
Borrowed funds decreased by $90.3 million to $231.7 million, as the company utilized cash flows from the investment portfolio to repay overnight borrowings.
The filing also details various financial agreements, including interest rate swap agreements to manage interest rate risk.
Citizens Financial Services, Inc. continues to focus on managing its capital levels and liquidity needs, with a leverage ratio of 8.96% under the community bank leverage ratio framework.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Citizens Financial Services Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.