Citizens Financial Services Inc (CZFS) 10-K Annual Report March 2019

MANSFIELD, PENNSYLVANIA— January 25, 2019 – Citizens Financial Services, Inc. (OTC Pink: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three months and year ended December 31, 2018.

Highlights

Net income was $18.0 million for 2018, which is 38.5% higher than 2017’s net income. The increase in net income is due to an increase in net interest income and the effects of the Tax Cuts and Jobs Act, enacted on December 22, 2017, which lowered the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The effective tax rate for 2018 was 15.9% compared to 31.6% for 2017. The effective tax rate for 2017 was impacted by a one-time adjustment to our net deferred taxes of $1.5 that was charged to income tax expense as a result of the Tax Cuts and Jobs Act. The effective tax rate for 2017, excluding the adjustment would have been 23.6%.

Net income was $4.5 million for the three months ended December 31, 2018, which is 73.4% higher than the net income for 2017’s comparable period. The effective tax rate for the three months ended December 31, 2018 was 15.8% compared to 53.0% in the comparable period in 2017 due to the Tax Cuts and Jobs Act. If you exclude the one-time adjustment previously mentioned the effective tax rate for the three months ended December 31, 2017 would have been 25.3%.

·	Net interest income before the provision for loan losses was $47.2 million for the year ended December 31, 2018, which was an increase of $4.9 million, or 11.7%, compared to 2017.

·	Net loan growth totaled $79.7 million in 2018, or 8.1%. Growth for 2018 was impacted by the pay-off of approximately $15.0 million of participation loans, the proceeds of which were utilized to fund organic growth.

·	Return on average equity for the three months (annualized) and the year ended December 31, 2018 was 12.65% and 13.00%, respectively, compared to 7.82% and 10.04% for the three months (annualized) and the year ended December 31, 2017, respectively.

Return on average tangible equity for the three months (annualized) and the year ended December 31, 2018 was 15.33% and 15.87%, respectively, compared to 9.49% and 12.22% for the three months (annualized) and the year ended December 31, 2017, respectively. (See reconciliation of GAAP and Non-GAAP measures at the end of the press release.)

·	Return on average assets for the three months (annualized) and the year ended December 31, 2018 was 1.27% and 1.29%, respectively, compared to 0.80% and 1.03% for the three months (annualized and the year ended December 31, 2017, respectively.

The following information was filed by Citizens Financial Services Inc (CZFS) on Friday, January 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Citizens Financial Services Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.12: Executive Deferred Compensation Plan

Exhibit 21: List Of Subsidiaries

Exhibit 23: Conssent Of Sr Snodgrass Certified Public Accountants

Exhibit 31.1: Certification Of Chief Executive Officer

Exhibit 31.2: Certification Of Chief Financial Officer

Exhibit 32.1: Section 1350 Certification Of Chief Executive Officer

Exhibit 32.2: Section 1350 Certification Of Chief Financial Officer

Ticker: CZFS
CIK: 739421
Form Type: 10-K Annual Report
Accession Number: 0000739421-19-000014
Submitted to the SEC: Thu Mar 07 2019 11:30:13 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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Citizens Financial Services Inc (CZFS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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