Financial Performance - Net interest income before the provision for credit losses was $42.3 million for the six months ended June 30, 2024, an increase of $6.3 million, or 17.4%, over the same period a year ago [2]. - Net income for the first six months of 2024 was $12.3 million, which was $9.6 million, or 351.7% more than 2023's net income through June 30, 2023 [4]. - Total non-interest income was $8.3 million for the six months ended June 30, 2024, which is $3.9 million more than the non-interest income of $4.5 million for the same period last year [8]. - Net income for 2024 was $5,275 million, a significant increase from a net loss of $4,144 million in 2023 [18]. - Basic earnings per share for the three months ended June 30, 2024 was $1.11 compared to a loss of $1.00 for the comparable period of 2023 [10]. - Basic earnings per share for the first six months of 2024 was $2.59, compared to $0.66 for the same period last year [29]. - Net income for the three months ended June 30, 2024, was $5.3 million, an increase of $9.4 million compared to the net loss of $4.1 million in the same period of 2023 [26]. - Net interest income after provision for credit losses for the six months ended June 30, 2024, was $39.5 million, compared to $31.1 million for the same period in 2023, a 27.1% increase [41]. - Net interest income rose to $42,753 thousand in 2024 compared to $36,539 thousand in 2023, an increase of 16.5% [44]. Credit Losses and Provisions - The provision for credit losses for the three months ended June 30, 2024 was $2.0 million compared to $4.9 million for the three months ended June 30, 2023, a decrease of $2.9 million [11]. - The provision for credit losses for the six months ended June 30, 2024, was $2.8 million, a decrease of $2.1 million from $4.9 million for the same period in 2023 [30]. - The allowance for credit losses - loans totaled $22.8 million at June 30, 2024, an increase of $1.2 million from December 31, 2023 [14]. - The allowance for credit losses on loans was $22,797 million as of June 30, 2024, compared to $21,652 million in the previous year [19]. - The provision for credit losses on loans was $1,112 thousand for the period ended June 30, 2024, compared to $200 thousand in the previous period, showing a significant increase [45]. Assets and Liabilities - Total assets as of June 30, 2024, were $2,947,531 million, a slight decrease from $2,975,321 million at the end of 2023 [19]. - Total assets increased to $2,992,357 thousand in 2024 from $2,401,720 thousand in 2023, representing a growth of 24.5% [44]. - Average assets increased to $2,973,890 thousand in 2024 from $2,432,795 thousand in 2023, a growth of 22.3% [47]. - Total loans past due 30-89 days and still accruing increased to $20,652,000 in 2024 from $6,311,000 in 2023, showing a significant rise [49]. - Total deposits decreased to $2,273,095 million in June 2024 from $2,321,481 million in December 2023 [19]. - Deposits decreased by $48.4 million from December 31, 2023, to $2.27 billion at June 30, 2024 [15]. Equity and Stockholders - Stockholders' equity increased to $286,470 million in June 2024, up from $279,666 million at the end of 2023 [19]. - Average stockholders' equity increased to $313,384,000 in 2024 from $250,390,000 in 2023, a rise of 25.2% [51]. - Tangible book value per share increased to $41.49 in 2024 from $36.69 in 2023, representing a growth of 12.1% [52]. Non-Interest Income and Expenses - Total non-interest expenses for the three months ended June 30, 2024 totaled $16.2 million compared to $20.7 million for the same period last year, a decrease of $4.4 million [12]. - Total non-interest expenses for the six months ended June 30, 2024, totaled $32.9 million, an increase of $0.4 million compared to $32.5 million for the same period last year [31]. - Total non-interest income was $3.3 million for the three months ended June 30, 2024, which is $1.1 million more than the comparable period last year [33]. - Non-interest income for the three months ended June 30, 2024, was $3.3 million, compared to $2.3 million in the same period of 2023, a 46.3% increase [41]. Employee Metrics - Average full-time equivalent employees increased to 389.7 in 2024 from 322.2 in 2023 [18]. Interest Rates and Spreads - The yield on interest earning assets increased by 88 basis points to 5.52% for the six months ended June 30, 2024 [7]. - The average rate on interest-earning assets increased to 5.52% in 2024 from 4.64% in 2023, reflecting a rise of 1.88 percentage points [44]. - The net interest spread decreased to 2.53% in 2024 from 2.81% in 2023, reflecting a decline of 0.28 percentage points [44]. - The net interest spread decreased to 2.58% in 2024 from 2.71% in 2023, indicating a narrowing margin [48]. Non-Performing Assets - Non-performing assets rose to $17,924 million in 2024 from $13,638 million in 2023 [18]. - Non-performing assets totaled $17.9 million as of June 30, 2024, an increase of $4.3 million since December 31, 2023 [37].
Citizens Financial Services(CZFS) - 2024 Q2 - Quarterly Results