Business
Citizens Financial Services, Inc. Reports Unaudited Third Quarter 2021 Financial Results
MANSFIELD, Pa., Oct. 26, 2021 /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., Oct. 26, 2021 /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 and nine months ended September 30, 2021.\nHighlights\nNet income was $22.2 million for the nine months ended September 30, 2021, which is 24.0% higher than the net income for 2020's comparable period. The effective tax rate for the nine months ended September 30, 2021 was 17.3% compared to 17.2% in the comparable period in 2020. Net income was $7.1 million for the three months ended September 30, 2021, which is 11.8% less than the net income for 2020's comparable period. The effective tax rate for the three months ended September 30, 2021 was 18.3% compared to 18.0% in the comparable period in 2020.Net interest income before the provision for loan losses was $49.2 million for the nine months ended September 30, 2021, an increase of $3.6 million, or 7.9%, over the same period a year ago.Non-performing assets decreased $2.9 million from year end and $5.4 million since September 30, 2020 and totaled $10,218,000 as of September 30, 2021. As a percent of loans, non-performing assets totaled 0.71%, 0.93% and 1.14% as of September 30, 2021, December 31, 2020 and September 30, 2020.Return on average equity for the three and nine months (annualized) ended September 30, 2021 was 13.65% and 14.66% compared to 17.36% and 13.85% for the three and nine months (annualized) ended September 30, 2020. Return on average tangible equity for the three and nine months (annualized) ended September 30, 2021 was 16.25% and 17.53% compared to 21.11% and 16.72% for the three and nine months (annualized) ended September 30, 2020 (non-GAAP). (1) Return on average assets for the three and nine months (annualized) ended September 30, 2021 was 1.40% and 1.49% compared to 1.75% and 1.43% for the three and nine months (annualized) ended September 30, 2020.Covid 19 pandemic response and loan profile\nDuring 2021, the Company participated in the Paycheck Protection Program (PPP) for loans provided under the auspices of the Small Business Administration (SBA). As of September 30, 2021, 267 loans with a balance of $20.8 million remain outstanding under this program. From January 1, 2021 to September 30, 2021, we issued 388 loans with aggregate bala...