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Jun 30, 2023
Citizens Financial Services Q2 2023 Earnings Report
Citizens Financial Services experienced a net loss due to merger costs and provisions for credit losses.
Key Takeaways
Citizens Financial Services, Inc. reported a net loss of $4.1 million for Q2 2023, a significant decrease compared to the net income of $6.9 million in the same period of 2022. This decline is attributed to merger and acquisition costs and a provision for credit losses. The acquisition of HV Bancorp, Inc. was completed during the quarter, impacting the financial results.
Net loss for the quarter was $4.1 million, a $11.0 million decrease compared to Q2 2022.
Basic loss per share was ($1.01) for the quarter, compared to earnings per share of $1.72 in Q2 2022.
Net interest income before provision for credit losses increased slightly by $0.192 million, or 1.1%, compared to Q2 2022.
The acquisition of HV Bancorp, Inc. was completed on June 16, 2023, influencing the financial results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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