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Citizens Financial Services Inc. (CZFS) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net income of $27,818,000 for 2024, an increase of 56.2% from the previous year, primarily due to the absence of one-time costs associated with the HVBC acquisition recognized in 2023.
Net interest income on a tax-equivalent basis increased by 7.5% to $87,446,000, driven by a $26,594,000 increase in loan interest income.
Total assets were reported at $3,025.7 million, a 1.6% increase from 2023, with total loans, net of allowance for credit losses, increasing by 2.9% to $2,291.5 million.
Deposits grew by 2.6% to $2,382.0 million, while borrowed funds decreased by 7.5% to $297.7 million.
The allowance for credit losses was $21,699,000, representing 0.94% of total loans, with net charge-offs primarily related to loans acquired from HVBC.
Non-interest income increased by 32.7% to $15,401,000, with gains on loans sold and a gain from the sale of certain assets contributing to the increase.
Non-interest expenses totaled $65,586,000, up 1.2% from 2023, with increases in salaries, benefits, and occupancy costs partially offset by the absence of merger and acquisition costs.
Stockholders' equity increased to $299.7 million, with a total of 4,759,612 common shares outstanding as of December 31, 2024.
The company reported a cash dividend payout of $1.95 per share for 2024, representing 33.44% of net income.
The filing details the company's focus on managing interest rate risk, with a reported net interest margin of 3.13% for 2024.
Citizens Financial Services Inc. continues to focus on maintaining adequate liquidity and capital levels to meet its obligations and support future growth.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.