Citizens Financial Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 24, 2014 at 10:02 pm
Share
Citizens Financial Services Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported income before provision for income taxes of $4,206,000, net income of $3,296,000 or $1.09 diluted per share on net interest income of $7,510,000 against income before provision for income taxes of $4,684,000, net income of $3,549,000 or $1.17 diluted per share on net interest income of $7,588,000 for the same period a year ago. Return on average assets (annualized) was 1.47% against 1.62% for the same period a year ago. Return on average equity (annualized) was 14.21% against 16.74% for the same period a year ago.
For the year, the company reported income before provision for income taxes of $17,127,000, net income of $13,375,000 or $4.42 diluted per share on net interest income of $29,919,000 against income before provision for income taxes of $18,546,000, net income of $14,215,000 or $4.65 diluted per share on net interest income of $30,426,000 for the same period a year ago. Return on average assets (annualized) was 1.51% against 1.62% for the same period a year ago. Return on average equity (annualized) was 14.89% against 17.48% for the same period a year ago. Book value per share was $30.94.
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.