Citizens Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 31, 2018 at 02:18 am IST
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Citizens Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company announced total interest income was $12,895,000 compared to $11,169,000 for the same period a year ago. Net interest income was $11,236,000 compared to $9,876,000 for the same period a year ago. Income before provision for income taxes was $5,538,000 compared to $3,960,000 for the same period a year ago. Net income was $2,604,000 compared to $3,171,000 for the same period a year ago. Net income per common share, basic and diluted was $0.75 compared to $0.91 for the same period a year ago. Non-GAAP operating earnings were $4,135,000 compared to $3,171,000 for the same period a year ago. Tangible book value per share was $30.73 compared to $29.12 for the same period a year ago. Return on average assets (ROA) was 0.80% compared to 1.05% for the same period a year ago. Non-GAAP operating ROA was 1.26% compared to 1.05% for the same period a year ago. Return on average equity (ROE) was 7.82% compared to 10.12% for the same period a year ago. Non-GAAP operating ROE was 12.31% compared to 10.12% for the same period a year ago. Non-GAAP basic and dilutive operating EPS was $1.19 compared to $0.91 for the same period a year ago.
For the full year, the company announced total interest income was $48,093,000 compared to $43,005,000 for the same period a year ago. Net interest income was $42,254,000 compared to $37,964,000 for the same period a year ago. Income before provision for income taxes was $19,056,000 compared to $15,672,000 for the same period a year ago. Net income was $13,025,000 compared to $12,638,000 for the same period a year ago. Net income per common share, basic and diluted was $3.74 compared to $3.60 for the same period a year ago. Non-GAAP operating earnings were $14,556,000 compared to $12,638,000 for the same period a year ago. Return on average assets (ROA) was 1.03% compared to 1.06% for the same period a year ago. Non-GAAP operating ROA was 1.16% compared to 1.06% for the same period a year ago. Return on average equity (ROE) was 10.04% compared to 10.24% for the same period a year ago. Non-GAAP operating ROE was 11.22% compared to 10.24% for the same period a year ago. Non-GAAP basic and dilutive operating EPS was $4.18 compared to $3.60 for the same period a year ago.
For the fourth quarter ended December 31, 2017, the company announced net charge-offs of $57,000 compared to $58,000 for the same period 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.
Citizens Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2017