Business
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FULL YEAR AND FOURTH QUARTER 2022 FINANCIAL RESULTS
MANSFIELD, Pa., Jan. 30, 2023 /PRNewswire/ -- Citizens Financial Services, Inc. (Nasdaq: CZFS), parent company of First Citizens Community Bank, released
About this update from Citizens Financial Services, Inc.
[{"type":"text","content":"MANSFIELD, Pa., Jan. 30, 2023 /PRNewswire/ -- Citizens Financial Services, Inc. (Nasdaq: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three months and year ended December 31, 2022.\nHighlights\nTwo new branches were opened in November of 2022 in Ephrata, Pennsylvania and Greenville, Delaware and we look forward to serving our customers in these new markets. We have also received approval to open a new branch in Williamsport, Pennsylvania, which is expected in the second quarter of 2023.Citizens Financial Services, Inc. continues to work on plans to integrate HV Bancorp, Inc.(\"HVB\") into the Company, with the transaction expected to close in the second quarter of 2023.Net income was $29.1 million for 2022, which is 0.2% lower than 2021's net income. The decrease was due to life insurance proceeds received in the first quarter of 2021 due to the passing of two former employees and decreased gains on loans sold due to the rise in mortgage rates in 2022. The effective tax rate for 2022 was 18.1% compared to 17.6% in 2021, with the increase being due to life insurance proceeds being exempt from taxable income.Net income was $7.9 million for the three months ended December 31, 2022, which is 13.4% higher than the net income for 2021's comparable period. The effective tax rate for the three months ended December 31, 2022 was 18.8% compared to 18.3% in the comparable period in 2021 due to certain merger expenses not being tax deductible.Net loan growth for the year was $282.2 million or 19.8%.Non-performing assets decreased $1,354,000 since December 31, 2021 and totaled $7,488,000 as of December 31, 2022. As a percent of loans, non-performing assets totaled 0.43% and 0.61% as of December 31, 2022 and December 31, 2021, respectively.Return on average equity for the three months (annualized) and the year ended December 31, 2022 was 13.58% and 12.98% compared to 13.11% and 14.26% for the three months (annualized) and the year ended December 31, 2021, respectively.Return on average tangible equity (non-GAAP) for the three months (annualized) and the year ended December 31, 2022 was 15.80% and 15.20% compared to 15.53% and 17.01% for the three months (annualized) and the year ended December 31, 2021, respectively. (1)Return on average assets for the three months...