Citizens Financial Services, Incorporated , parent company of First Citizens National Bank, has released its unaudited financial performance for the second quarter of 2008. Net income for the three months ended June 30, 2008 totaled $2,446,000 which compares to $1,760,000 for the second quarter last year, representing an increase of $686,000, or 38.9%. Earnings per share for the three months ended June 30, 2008 and 2007 were $.87 and $.62 per share, respectively, representing a 40.3% increase. Return on equity for the comparable periods was 19.24% and 15.24%, while return on assets was 1.64% and 1.23%, for the respective time periods.
On a year to date basis net income through June 30, 2008 was $4,467,000 compared with $3,140,000 last year, representing an increase of $1,327,000 or 42.2%. Earnings per share of $1.58 increased 43.6% from $1.10 per share for the same period last year. Return on equity for the comparable periods were 17.80% and 13.68%, while return on assets was 1.50% and 1.10%, respectively.
