Citizens Financial Services Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 22, 2013 at 02:45 pm
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Citizens Financial Services Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, total interest income was $9,361,000 against $9,646,000 for the same period a year ago. Net interest income was $7,588,000 against $7,391,000 for the same period a year ago. Net income was $3,549,000 or $1.22 basic and diluted per share against $3,477,000 or $1.18 basic and diluted per share for the same period a year ago. Return on average assets (annualized) was 1.62% against 1.61% a year ago. Return on average equity (annualized) was 16.74% against 18.45% a year ago.
For the year, total interest income was $38,085,000 against $38,293,000 for the same period a year ago. Net interest income was $30,426,000 against $28,610,000 for the same period a year ago. Net income was $14,215,000 or $4.88 basic and diluted per share against $12,832,000 or $4.36 basic and diluted per share for the same period a year ago. Return on average assets (annualized) was 1.62% against 1.52% a year ago. Return on average equity (annualized) was 17.48% against 17.86% a year ago. Book value per share as at December 31, 2012 was $29.27 against $26.36 as at December 31, 2011.
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.