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Citizens Financial Services Inc is a Pennsylvania-chartered bank and trust company. The company through its banking subsidiary provides banking activities and services for individual, business, governmental, and institutional customers. Its activities and services principally include checking, savings, and time deposit accounts; residential, commercial and agricultural real estate, commercial and industrial, state and political subdivision, and consumer loans; and a variety of other specialized financial services. The Trust and Investment division of the Bank offers a full range of client investment, estate, mineral management, and retirement services.
Our goal is to support the growth of the communities we serve. After all, community is in our name. We have a knack for hiring the finest and brightest employees and understand how fostering their growth builds loyalty, impacting customer service. Our employees are our strongest asset. So, we accommodate families, invest in their future, and recognize hard work. Quality customer service is of the utmost importance to our staff, focusing on carefully chosen initiatives that provide customers with the ability to own their home, send their children to college, and retire in comfort. As the number one mortgage lender in the northern tier of Pennsylvania, we provide unmatched service and experience, overcoming obstacles that stand in the way of customer satisfaction. Customer surveys consistently show 99% of customers would recommend us to their family and friends.
Citizens Financial Services (NASDAQ: CZFS) reported net income of $19.8 million for the first nine months of 2024, a 93.1% increase from the same period in 2023. Net interest income before provision for credit losses was $63.6 million, up 8.9% year-over-year. The company completed the sale of certain Braavo assets in Q1 2024 for $7.2 million, generating a $1.1 million pre-tax gain. Total assets reached $3.03 billion, with net loans increasing by $81.6 million to $2.31 billion. The company declared a quarterly cash dividend of $0.49 per share, representing a 1.0% increase from the previous year.
Citizens Financial Services (Nasdaq: CZFS) reported unaudited Q2 2024 financial results, highlighting significant growth due to the acquisition of HV Bancorp last year. Net income for the first six months of 2024 rose to $12.3 million, a 351.7% increase from $2.7 million in the same period in 2023. For Q2 2024, net income was $5.3 million, up $9.4 million from a net loss in Q2 2023. Net interest income for the first half of 2024 was $42.3 million, a 17.4% increase. The provision for credit losses was $2.8 million, primarily due to loans retained from HVB's Braavo division. Non-interest income increased to $8.3 million, driven by gains from the sale of Braavo assets. Total non-interest expenses were $32.9 million, a slight increase. The effective tax rate for the first six months was 17.4%, compared to 13.4% in 2023. The dividend declared was $0.49 per share, a 2.1% increase. As of June 30, 2024, total assets were $2.95 billion.
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