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Jun 30, 2020
Citizens Financial Services Q2 2020 Earnings Report
Citizens Financial Services reported an increase in net income for Q2 2020 compared to the same period in 2019.
Key Takeaways
Citizens Financial Services, Inc. reported a net income of $5.3 million for the three months ended June 30, 2020, a 10.2% increase compared to the corresponding period in 2019. The company's basic earnings per share rose to $1.39, up from $1.36 in the same period of the previous year. The results reflect the impact of the acquisition of MidCoast Community Bancorp, Inc. and the challenges posed by the COVID-19 pandemic.
Net income for Q2 2020 increased by 10.2% compared to Q2 2019, reaching $5.3 million.
Basic earnings per share increased to $1.39, compared to $1.36 in the same period last year.
The company completed the acquisition of MidCoast Community Bancorp, Inc. in Q2 2020.
COVID-19 pandemic impacted the provision for loan losses and customer service charges.
Forward Guidance
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations regarding its business strategies, intended results, and future performance. Readers are cautioned not to place undue reliance on these statements due to inherent risks and uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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