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. January 25,2012, titled “Citizens Financial Services, Inc. Reports Record 2011 Earnings”.
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Citizens Financial Services, Inc. | |||
January 24, 2012
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By:
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/s/ Mickey L. Jones | |
Mickey L. Jones | |||
Executive Vice President and
Chief Financial Officer
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|||
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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||
December 31
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December 31
|
|
(in thousands except share data)
|
2011
|
2010
|
ASSETS:
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||
Cash and due from banks:
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||
Noninterest-bearing
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$ 9,960
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$ 9,541
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Interest-bearing
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20,472
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34,454
|
Total cash and cash equivalents
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30,432
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43,995
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Available-for-sale securities
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318,823
|
251,303
|
|
||
Loans (net of allowance for loan losses: $6,487 at December 31, 2011 and
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||
$5,915 at December 31, 2010)
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481,022
|
467,602
|
|
||
Premises and equipment
|
11,702
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12,503
|
Accrued interest receivable
|
3,621
|
3,455
|
Goodwill
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10,256
|
10,256
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Bank owned life insurance
|
13,669
|
13,171
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Other assets
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9,042
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10,241
|
|
|
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TOTAL ASSETS
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$ 878,567
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$ 812,526
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|
|
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LIABILITIES:
|
||
Deposits:
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||
Noninterest-bearing
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$ 85,605
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$ 75,589
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Interest-bearing
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648,388
|
605,122
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Total deposits
|
733,993
|
680,711
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Borrowed funds
|
53,882
|
55,996
|
Accrued interest payable
|
1,512
|
1,779
|
Other liabilities
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7,712
|
5,350
|
TOTAL LIABILITIES
|
797,099
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743,836
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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 December 31, 2011 and December 31, 2010;
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||
none issued in 2011 or 2010
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-
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-
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Common stock
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||
$1.00 par value; authorized 15,000,000 shares at December 31, 2011 and
|
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December31, 2010; issued 3,132,866 shares at December 31, 2011 and 3,104,434 at
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||
December 31, 2010
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3,133
|
3,104
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Additional paid-in capital
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15,313
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14,235
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Retained earnings
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63,337
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54,932
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Accumulated other comprehensive income
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4,949
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1,054
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Treasury stock, at cost: 230,203 shares at December 31, 2011 and 212,067 shares at
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||
December 31, 2010
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(5,264)
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(4,635)
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TOTAL STOCKHOLDERS' EQUITY
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81,468
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68,690
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TOTAL LIABILITIES AND
|
||
STOCKHOLDERS' EQUITY
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$ 878,567
|
$ 812,526
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CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
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Twelve Months Ended
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|||
|
December 31
|
December 31
|
||
(in thousands, except per share data)
|
2011
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2010
|
2011
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2010
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INTEREST INCOME:
|
||||
Interest and fees on loans
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$ 7,503
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$ 7,774
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$ 29,916
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$ 31,042
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Interest-bearing deposits with banks
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17
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35
|
81
|
90
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Investment securities:
|
|
|
|
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Taxable
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1,132
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1,099
|
4,575
|
4,876
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Nontaxable
|
978
|
805
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3,666
|
2,945
|
Dividends
|
16
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20
|
55
|
47
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TOTAL INTEREST INCOME
|
9,646
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9,733
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38,293
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39,000
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INTEREST EXPENSE:
|
||||
Deposits
|
1,841
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2,186
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7,944
|
9,560
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Borrowed funds
|
414
|
456
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1,739
|
1,780
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TOTAL INTEREST EXPENSE
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2,255
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2,642
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9,683
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11,340
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NET INTEREST INCOME
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7,391
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7,091
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28,610
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27,660
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Provision for loan losses
|
150
|
415
|
675
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1,255
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NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
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7,241
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6,676
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27,935
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26,405
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NON-INTEREST INCOME:
|
||||
Service charges
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1,122
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1,028
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4,380
|
3,997
|
Trust
|
199
|
131
|
665
|
542
|
Brokerage and insurance
|
55
|
125
|
352
|
439
|
Gains on loans sold
|
97
|
249
|
208
|
341
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Investment securities gains (losses), net
|
(17)
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-
|
334
|
99
|
Earnings on bank owned life insurance
|
127
|
128
|
498
|
504
|
Other
|
174
|
88
|
592
|
446
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TOTAL NON-INTEREST INCOME
|
1,757
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1,749
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7,029
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6,368
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NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
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2,436
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2,557
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9,996
|
9,850
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Occupancy
|
317
|
321
|
1,331
|
1,219
|
Furniture and equipment
|
111
|
123
|
449
|
454
|
Professional fees
|
218
|
172
|
744
|
681
|
Federal deposit insurance
|
45
|
251
|
592
|
950
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Other
|
1,380
|
1,261
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5,410
|
4,961
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TOTAL NON-INTEREST EXPENSES
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4,507
|
4,685
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18,522
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18,115
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Income before provision for income taxes
|
4,491
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3,740
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16,442
|
14,658
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Provision for income taxes
|
1,014
|
808
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3,610
|
3,156
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NET INCOME
|
$ 3,477
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$ 2,932
|
$ 12,832
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$ 11,502
|
|
||||
Earnings Per Share
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$ 1.20
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$ 1.00
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$ 4.40
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$ 3.93
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Cash Dividends Paid Per Share
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$ 0.370
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$ 0.335
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$ 1.160
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$ 1.095
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Weighted average number of shares outstanding
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2,908,136
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2,920,130
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2,914,570
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2,923,583
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Financial Highlights
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||||
Three Months Ended
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Twelve Months Ended
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|||
December 31
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December 31
|
|||
2011
|
2010
|
2011
|
2010
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
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1.61%
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1.46%
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1.52%
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1.50%
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Return on average equity (annualized)
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18.45%
|
17.62%
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17.86%
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18.13%
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Net interest margin (tax equivalent)
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3.96%
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4.08%
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3.94%
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4.19%
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Cash dividends paid per share
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$ 0.370
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$ 0.335
|
$ 1.160
|
$ 1.095
|
Earnings per share
|
$ 1.20
|
$ 1.00
|
$ 4.40
|
$ 3.93
|
Weighted average shares outstanding
|
2,908,136
|
2,920,130
|
2,914,570
|
2,923,583
|
Balance Sheet Highlights (dollars in thousands):
|
December 31, 2011
|
December 31, 2010
|
Assets
|
$ 878,567
|
$ 812,526
|
Investment securities:
|
||
Available for sale
|
318,823
|
251,303
|
Loans (net of unearned income)
|
487,509
|
473,517
|
Allowance for loan losses
|
6,487
|
5,915
|
Deposits
|
733,993
|
680,711
|
Stockholders' Equity
|
81,468
|
68,690
|
Non-performing assets
|
10,300
|
13,238
|
Non-performing assets to total loans
|
2.11%
|
2.80%
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Annualized net charge-offs to total loans
|
0.02%
|
0.04%
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Average Leverage Ratio
|
8.83%
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8.32%
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Common shares outstanding
|
2,902,663
|
2,892,367
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Book value per share
|
$ 26.36
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$ 23.38
|