Business
Citizens Financial Services, Inc. Reports Unaudited Full Year And Fourth Quarter 2019 Financial Results
MANSFIELD, Pa., Jan. 23, 2020 /PRNewswire/ -- Citizens Financial Services, Inc. (OTC Pink: CZFS), parent company of First Citizens Community Bank, released
About this update from Citizens Financial Services, Inc.
[{"type":"text","content":"MANSFIELD, Pa., Jan. 23, 2020 /PRNewswire/ -- Citizens Financial Services, Inc. (OTC Pink: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three months and year ended December 31, 2019.\nHighlights\nCitizens Financial Services, Inc. and MidCoast Community Bancorp, Inc. continue to prepare for the merger that is expected to close in the second quarter of 2020. Net income was $19.5 million for 2019, which is 8.1% higher than 2018's net income. The effective tax rate for 2019 was 16.4% compared to 15.9% for 2018 and was impacted by a reduction in tax-exempt income and non-deductible merger and acquisition-related expenses. Net income was $5.0 million for the three months ended December 31, 2019, which is 11.7% higher than the net income for 2018's comparable period. The effective tax rate for the three months ended December 31, 2019 was 16.6% compared to 15.8% in the comparable period in 2018. Net interest income before the provision for loan losses was $49.9 million for the year ended December 31, 2019, which was an increase of $2.8 million, or 5.8%, compared to 2018. Net loan growth totaled $32.7 million in 2019, or 3.1%, while deposit growth was $26.0 million, or 2.2%. Return on average equity for the three months (annualized) and the year ended December 31, 2019 was 13.05% and 13.00%, respectively, compared to 12.65% and 13.00% for the three months (annualized) and the year ended December 31, 2018, respectively. Return on average tangible equity for the three months (annualized) and the year ended December 31, 2019 was 15.52% and 15.58%, respectively, compared to 15.33% and 15.87% for the three months (annualized) and the year ended December 31, 2018, respectively. (1) Return on average assets for the three months (annualized) and the year ended December 31, 2019 was 1.37% and 1.34%, respectively, compared to 1.27% and 1.29% for the three months (annualized) and the year ended December 31, 2018, respectively. 2019 Compared to 2018\nFor 2019, net income totaled $19,490,000 compared to net income of $18,034,000 for 2018, an increase of $1,456,000 or 8.1%. Basic earnings per share of $5.54 for 2019 compares to $5.09 for 2018. Return on equity for the years ended December 31, 2019 and 2018 was 13.00%, while return on assets was 1.34% and 1.29%, respectively...