As of September 30, 2024, Citizens Financial Services, Inc. reported total assets of $3.03 billion, reflecting an increase of $51.1 million from $2.98 billion at the end of 2023. Total cash and cash equivalents decreased to $36.8 million from $52.8 million, while total deposits rose by $128.7 million to $2.45 billion. Stockholders' equity increased to $298.7 million, up from $279.7 million, marking a 6.8% rise.

For the third quarter of 2024, net income was $7.5 million, a slight decrease from $7.55 million in the same period of 2023. However, for the nine months ended September 30, 2024, net income surged to $19.8 million, a 93.1% increase compared to $10.3 million in the prior year. Basic earnings per share for the nine-month period rose to $4.18 from $2.38, while diluted earnings per share also increased to $4.17 from $2.38.

Net interest income for the first nine months of 2024 was $63.6 million, an 8.9% increase from $58.4 million in 2023. However, net interest income for the third quarter decreased to $21.3 million from $22.4 million year-over-year. The tax equivalent net interest margin decreased from 3.23% to 3.09% due to rising costs of interest-bearing liabilities.

Non-interest income for the nine months ended September 30, 2024, totaled $12.1 million, a 48.6% increase from $8.1 million in the same period of 2023. Gains on loans sold increased significantly, contributing to this growth. Non-interest expenses rose by $16,000 year-over-year, with salaries and employee benefits increasing by 15.7% due to merit increases and higher healthcare costs.

The company has made strategic moves, including the acquisition of HVBC in June 2023, which expanded its footprint into southeast Pennsylvania. Additionally, it opened a new office in Williamsport, Pennsylvania, in Q4 2023. However, it closed a mortgage center in Montgomeryville, PA, during Q3 2024.

As of September 30, 2024, the allowance for credit losses on loans was $21.7 million, representing 0.93% of total loans, slightly down from 0.94% at the end of 2023. Non-performing loans increased significantly, totaling $21.6 million, up from $12.7 million at year-end 2023, with commercial loans accounting for a substantial portion of this increase.

The company’s leverage ratio under the Community Bank Leverage Ratio framework was 8.96%, below the 9.0% threshold to be considered "well-capitalized," prompting a reversion to the Prompt Corrective Action framework.