Core Viewpoint - The company reported significant financial improvements for the six months ended June 30, 2024, compared to the same period in 2023, with notable increases in net income and interest income driven by loan growth and effective management of expenses [4][8][13]. Financial Performance - For the three months ended June 30, 2024, net income was $5.3 million, a recovery from a loss of $4.1 million in the same period of 2023 [14][21]. - Total interest income for the three months ended June 30, 2024, was $37.9 million, up from $26.8 million in the same period of 2023, reflecting a strong increase in interest and fees on loans [8][21]. - The net interest margin for the three months ended June 30, 2024, was 3.15%, compared to 2.22% for the same period in 2023, indicating improved profitability from interest-earning assets [14][21]. Asset Quality - The allowance for credit losses on loans increased to $22.8 million as of June 30, 2024, from $21.7 million at December 31, 2023, reflecting a proactive approach to managing credit risk [6][13]. - Non-performing assets totaled $17.9 million as of June 30, 2024, an increase of $4.3 million since December 31, 2023, primarily due to specific loans placed on non-accrual status [13][9]. Balance Sheet Highlights - Total assets as of June 30, 2024, were $2.95 billion, a slight decrease from $2.98 billion at December 31, 2023 [13][22]. - Net loans increased to $2.23 billion as of June 30, 2024, up from $2.22 billion at December 31, 2023, driven by growth in student loans [13][22]. - Total deposits decreased to $2.27 billion as of June 30, 2024, down from $2.32 billion at December 31, 2023, influenced by competitive pressures in the deposit market [13][22]. Shareholder Returns - Cash dividends paid per share increased to $0.485 for the three months ended June 30, 2024, compared to $0.475 in the same period of 2023 [14][21]. - The number of shares used in the computation for basic earnings per share was 4,748,927 for the three months ended June 30, 2024, compared to 4,159,966 for the same period in 2023 [14][21].
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULT