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CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED SECOND QUARTER 2022 FINANCIAL RESULTS
MANSFIELD, Pa., July 21, 2022 /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., July 21, 2022 /PRNewswire/ -- Citizens Financial Services, Inc. (Nasdaq: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three and six months ended June 30, 2022.\nHighlights\nDuring the second quarter, the Company uplisted to the Nasdaq capital market.Net loan growth for the quarter was $116.7 million and for the year was $153.6 million or 21.6% on an annualized basis.Net income was $13.6 million for the six months ended June 30, 2022, which is 9.7% less than the net income for 2021's comparable period. 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 the six months ended June 30, 2022 was 17.8% compared to 16.9% in the comparable period in 2021, with the increase being due to life insurance proceeds being exempt from taxable income.Net income was $6.9 million for the three months ended June 30, 2022, which is 3.8% higher than the net income for 2021's comparable period. The effective tax rate for the three months ended June 30, 2022 was 17.7% compared to 17.9% in the comparable period in 2021.Net interest income before the provision for loan losses was $34.0 million for the six months ended June 30, 2022, an increase of $1.3 million, or 4.1%, over the same period a year ago. Amortization associated with PPP loans was $902,000 less in 2022 than 2021.Non-performing assets decreased $2,580,000 since June 30, 2021 and totaled $8,362,000 as of June 30, 2022, which is $480,000 less than the balance at December 31, 2021. As a percent of loans, non-performing assets totaled 0.52%, 0.61% and 0.77% as of June 30, 2022, December 31, 2021 and June 30, 2021.Return on average equity for the three and six months (annualized) ended June 30, 2022 was 12.49% and 12.48% compared to 13.19% and 15.19% for the three and six months (annualized) ended June 30, 2021.Return on average tangible equity for the three and six months (annualized) ended June 30, 2022 was 14.68% and 14.69% compared to 15.77% and 18.22% for the three and six months (annualized) ended June 30, 2021 (non-GAAP). (1)Return on average assets for the three and six months (annualized) ended June 30, 2022 was 1.25...