Citizens Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 27, 2017 at 07:18 pm
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Citizens Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's net income totaled $3.2 million which compares to net income of $2.5 million for the fourth quarter of 2015, an increase of $711,000. Basic and diluted earnings per share of $0.95 for the fourth quarter of 2016 compares to $0.79 per share for the fourth quarter last year. Annualized return on equity for the three months ended December 31, 2016 and 2015 was 10.12% and 9.12%, while annualized return on assets was 1.05% and 0.99%, respectively. Net interest income was $9,876,000 compared to $8,040,000 a year ago. Income before provision for income taxes was $3,960,000 compared to $2,981,000 a year ago. Total interest income was $11.169 million against $9.25 million a year ago. Net interest income after provision for loan losses was $9.13 million against $7.92 million a year ago.
For the full year, the company's net income totaled $12.64 million which compares to net income of $11.63 million last year. Basic and diluted earnings per share of $3.78 for the year ended December 31, 2016 compares to $3.79 per share for last year. Annualized return on equity for the year ended December 31, 2016 and 2015 was 10.24% and 11.20%, while return on assets was 1.06% and 1.22%, respectively. Net interest income was $37,964,000 compared to $30,833,000 a year ago. Income before provision for income taxes was $15,672,000 compared to $14,347,000 a year ago. Book value per share was $37.55 compared to $35.62 a year ago. Total interest income was $43.005 million against $35.653 million a year ago. Net interest income after provision for loan losses was $36.444 million against $30.353 million a year ago.
Citizens Financial Services, Inc. is a bank holding company for First Citizens Community Bank (the Bank). The Bank is a full-service bank engaged in a range of banking activities and services for individual, business, governmental and institutional customers. These 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. The Bank operates 39 full-service offices, one limited branch office, and four mortgage centers in its market areas. It is engaged in the ownership and management of CZFS Acquisition Company, LLC, its subsidiary, the Bank and the Banks subsidiaries, First Citizens Insurance Agency, Inc. and 1st Realty of PA LLC.