Citizens Financial Q2 net income $5.3M vs loss year ago; EPS $1.11; dividend up 2.1%

CITIZENS FINANCIAL SERVICES INC

2024-Q2 EPS reported $2.59 revenue$4,803,000

Q2 net income $5.3M ($1.11 EPS) vs net loss $4.1M (($1.00) EPS) in Q2 2023; six-month net income $12.3M ($2.59 EPS).
Net interest income $21.3M, up 18.9% YoY; net interest margin 3.15% vs 3.17% a year ago.
Provision for credit losses $2.0M, with $1.1M directly from Braavo loans; non-performing assets rose $4.3M to $17.9M.
Cash dividend increased 2.1% to $0.49 per share, declared June 4, 2024 and paid June 28.
HVB acquisition completed one year ago; Braavo division sold in Q1 2024 with remaining loans causing charge-offs.

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