Pennsylvania
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0-13222
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23-2265045
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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15 South Main Street, Mansfield, PA
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16933
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(Address of Principal Executive Office)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(570) 662-2121
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N/A
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||||
(Former name or former address, if changes since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
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Description
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99.1
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Press Release issued by Citizens Financial Services, Inc. on July 26, 2011, titled “Citizens Financial Services, Inc. Reports Second Quarter 2011 Earnings”.
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Citizens Financial Services, Inc. | |||
July 26, 2011
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By:
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/s/ Mickey L. Jones | |
Mickey L. Jones | |||
Executive Vice President and Chief Financial Officer | |||
Contact: | Kathleen Campbell, Marketing Director | First Citizens National Bank |
570-662-0422 | 15 S. Main Street | |
570-662-8512 (fax) | Mansfield, PA 16933 |
CITIZENS FINANCIAL SERVICES, INC.
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|||
CONSOLIDATED BALANCE SHEET
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|||
(UNAUDITED)
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|||
June 30
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December 31
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June 30
|
|
(in thousands except share data)
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2011
|
2010
|
2010
|
ASSETS:
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|||
Cash and due from banks:
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|||
Noninterest-bearing
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$ 11,318
|
$ 9,541
|
$ 9,656
|
Interest-bearing
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33,114
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34,454
|
30,728
|
Total cash and cash equivalents
|
44,432
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43,995
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40,384
|
Available-for-sale securities
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288,610
|
251,303
|
217,261
|
|
|||
Loans (net of allowance for loan losses: June 30, 2011, $6,163;
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|||
December 31, 2010, $5,915; June 30, 2010, $5,302)
|
470,749
|
467,602
|
467,037
|
|
|||
Premises and equipment
|
11,956
|
12,503
|
12,694
|
Accrued interest receivable
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3,717
|
3,455
|
3,228
|
Goodwill
|
10,256
|
10,256
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10,256
|
Bank owned life insurance
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13,416
|
13,171
|
12,917
|
Other assets
|
9,846
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10,241
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9,900
|
|
|
|
|
TOTAL ASSETS
|
$ 852,982
|
$ 812,526
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$ 773,677
|
|
|
|
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LIABILITIES:
|
|||
Deposits:
|
|||
Noninterest-bearing
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$ 80,545
|
$ 75,589
|
$ 63,954
|
Interest-bearing
|
632,582
|
605,122
|
582,709
|
Total deposits
|
713,127
|
680,711
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646,663
|
Borrowed funds
|
55,408
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55,996
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52,763
|
Accrued interest payable
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1,556
|
1,779
|
1,787
|
Other liabilities
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7,592
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5,350
|
5,861
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TOTAL LIABILITIES
|
777,683
|
743,836
|
707,074
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STOCKHOLDERS' EQUITY:
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|||
Preferred Stock $1.00 par value; authorized
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|||
3,000,000 shares at June 30, 2011, December 31, 2010 and June 30, 2010;
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|||
none issued in 2011 or 2010
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-
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-
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-
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Common stock
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|||
$1.00 par value; authorized 15,000,000 shares at June 30, 2011, December 31, 2010 and
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|||
June 30, 2010; issued 3,104,434 shares at June 30, 2011 and December 31, 2010;
|
|||
3,076,253 shares at June 30, 2010
|
3,104
|
3,104
|
3,076
|
Additional paid-in capital
|
14,295
|
14,235
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13,486
|
Retained earnings
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59,393
|
54,932
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51,575
|
Accumulated other comprehensive income
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3,244
|
1,054
|
3,112
|
Treasury stock, at cost: 214,942 shares at June 30, 2011; 212,067 shares at
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|||
December 31, 2010 and 212,486 shares at June 30, 2010
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(4,737)
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(4,635)
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(4,646)
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TOTAL STOCKHOLDERS' EQUITY
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75,299
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68,690
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66,603
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TOTAL LIABILITIES AND
|
|||
STOCKHOLDERS' EQUITY
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$ 852,982
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$ 812,526
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$ 773,677
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CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
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Six Months Ended
|
|||
|
June 30,
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June 30,
|
||
(in thousands, except per share data)
|
2011
|
2010
|
2011
|
2010
|
INTEREST INCOME:
|
||||
Interest and fees on loans
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$ 7,463
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$ 7,752
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$ 14,858
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$ 15,486
|
Interest-bearing deposits with banks
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20
|
17
|
42
|
31
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Investment securities:
|
|
|
|
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Taxable
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1,176
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1,264
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2,348
|
2,599
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Nontaxable
|
892
|
727
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1,757
|
1,368
|
Dividends
|
14
|
7
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29
|
13
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TOTAL INTEREST INCOME
|
9,565
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9,767
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19,034
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19,497
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INTEREST EXPENSE:
|
||||
Deposits
|
2,046
|
2,519
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4,134
|
5,061
|
Borrowed funds
|
443
|
439
|
888
|
880
|
TOTAL INTEREST EXPENSE
|
2,489
|
2,958
|
5,022
|
5,941
|
NET INTEREST INCOME
|
7,076
|
6,809
|
14,012
|
13,556
|
Provision for loan losses
|
150
|
235
|
375
|
540
|
NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
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6,926
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6,574
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13,637
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13,016
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NON-INTEREST INCOME:
|
||||
Service charges
|
1,002
|
937
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1,843
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1,790
|
Trust
|
146
|
135
|
303
|
281
|
Brokerage and insurance
|
123
|
141
|
218
|
223
|
Gains on loans sold
|
34
|
35
|
75
|
48
|
Investment securities gains, net
|
114
|
35
|
234
|
99
|
Earnings on bank owned life insurance
|
124
|
125
|
245
|
249
|
Other
|
129
|
116
|
269
|
224
|
TOTAL NON-INTEREST INCOME
|
1,672
|
1,524
|
3,187
|
2,914
|
NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
2,518
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2,416
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5,033
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4,857
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Occupancy
|
329
|
297
|
719
|
603
|
Furniture and equipment
|
106
|
111
|
223
|
217
|
Professional fees
|
172
|
153
|
329
|
333
|
Federal deposit insurance
|
250
|
217
|
500
|
454
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Other
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1,209
|
1,162
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2,456
|
2,220
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TOTAL NON-INTEREST EXPENSES
|
4,584
|
4,356
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9,260
|
8,684
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Income before provision for income taxes
|
4,014
|
3,742
|
7,564
|
7,246
|
Provision for income taxes
|
867
|
815
|
1,587
|
1,573
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NET INCOME
|
$ 3,147
|
$ 2,927
|
$ 5,977
|
$ 5,673
|
|
||||
Earnings Per Share
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$ 1.09
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$ 1.01
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$ 2.07
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$ 1.96
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Cash Dividends Paid Per Share
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$ 0.265
|
$ 0.255
|
$ 0.525
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$ 0.505
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Weighted average number of shares outstanding
|
2,887,276
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2,898,480
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2,888,094
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2,898,571
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Financial Highlights
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||||
Three Months Ended
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Six Months Ended
|
|||
June 30
|
June 30
|
|||
2011
|
2010
|
2011
|
2010
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.50%
|
1.57%
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1.44%
|
1.52%
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Return on average equity (annualized)
|
17.85%
|
19.09%
|
17.22%
|
18.49%
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Net interest margin (tax equivalent)
|
3.94%
|
4.17%
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3.96%
|
4.26%
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Cash dividends paid per share
|
$0.265
|
$0.255
|
$0.525
|
$0.505
|
Earnings per share
|
$1.09
|
$1.02
|
$2.07
|
$1.98
|
Weighted average shares outstanding
|
2,887,276
|
2,898,480
|
2,888,094
|
2,898,571
|
Balance Sheet Highlights (dollars in thousands):
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
Assets
|
$852,982
|
$812,526
|
$773,677
|
Investment securities:
|
|||
Available for sale
|
288,610
|
251,303
|
217,261
|
Loans (net of unearned income)
|
476,912
|
473,517
|
472,339
|
Allowance for loan losses
|
6,163
|
5,915
|
5,302
|
Deposits
|
713,127
|
680,711
|
646,663
|
Stockholders' Equity
|
75,299
|
68,690
|
66,603
|
Non-performing assets
|
10,725
|
13,238
|
6,833
|
Non-performing assets to total loans
|
2.25%
|
2.80%
|
1.45%
|
Annualized net charge-offs to total loans
|
0.05%
|
0.04%
|
0.05%
|
Average Leverage Ratio
|
8.53%
|
8.32%
|
8.36%
|
Common shares outstanding
|
2,889,492
|
2,892,367
|
2,863,767
|
Book value per share
|
$24.94
|
$23.38
|
$22.17
|