Citizens Financial Services, Inc. (CZFS) has reported 28.90 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.17 million, or $0.95 a share in the quarter, compared with $2.46 million, or $0.79 a share for the same period last year.
Revenue during the quarter grew 14.53 percent to $11.22 million from $9.80 million in the previous year period. Net interest income for the quarter rose 22.84 percent over the prior year period to $9.88 million. Non-interest income for the quarter rose 11.57 percent over the last year period to $2.09 million.
Citizens Financial Services has made provision of $0.75 million for loan losses during the quarter, up 525 percent from $0.12 million in the same period last year.
Net interest margin improved 2 basis points to 3.75 percent in the quarter from 3.73 percent in the last year period.
chief executive officer and President Randall E. Black stated, "2016 was a very exciting time for our Company. We were busy integrating the December 2015 acquisition of FNB into First Citizen's culture. We experienced significant growth as evidenced by the addition of several lending teams, the opening of a loan production office in Winfield, Pennsylvania, and the opening of a new branch location in Mount Joy, Pennsylvania. Growth and expansion have been a key focus for us. As a result of this focus the company has begun to achieve this initiative, particularly in loan growth, as total loans have increased over $104.0 million, or 15%. In the fourth quarter alone, loans increased $48.3 million."
Deposits stood at $1,005.50 million as on Dec. 31, 2016, up 1.77 percent compared with $988.03 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $147.42 million or 14.66 percent of total deposits on Dec. 31, 2016, compared with $150.96 million or 15.28 percent of total deposits on Dec. 31, 2015.
Investments stood at $314.02 million as on Dec. 31, 2016, down 12.71 percent or $45.72 million from year-ago. Shareholders equity was at $123.27 million as on Dec. 31, 2016.
Return on average assets moved up 6 basis points to 1.05 percent in the quarter from 0.99 percent in the last year period. At the same time, return on average equity increased 100 basis points to 10.12 percent in the quarter from 9.12 percent in the last year period.
Credit quality deteriorates
Citizens Financial Services witnessed a deterioration in credit quality during the quarter. Nonperforming assets moved up 51.56 percent or $4.39 million to $12.90 million on Dec. 31, 2016 from $8.51 million on Dec. 31, 2015. Nonperforming assets to total loans was 1.61 percent in the quarter, up from 1.22 percent in the last year period. Book value per share was $37.55 for the quarter, up 5.42 percent or $1.93 compared to $35.62 for the same period last year.
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