Citizens Financial Services reports FY 2024 net income $27.8M ($5.86 EPS), up 56% vs 2023; dividend raised 1% to $0.49

CITIZENS FINANCIAL SERVICES INC

2024-FY EPS reported $5.85 revenue$9,610,000

Full-year net income $27.8M vs $17.8M in 2023; EPS $5.86 vs $4.02. Q4 net income $7.98M ($1.68 EPS) vs $7.54M ($1.59 EPS) YoY.
Net interest income rose 7.7% to $86.4M in 2024; tax-effected NIM was 3.13% vs 3.21% in 2023.
Non-performing assets surged to $28.6M at Dec 31, 2024, up $15.4M from Dec 31, 2023, driven by eight large commercial relationships (six from HVB acquisition).
Braavo asset sale generated pre-tax gain of $1.1M on $7.2M proceeds; remaining Braavo loans $971K as of Dec 31, 2024.
Quarterly dividend increased 1% to $0.49 per share, paid Dec 27, 2024.

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