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. April 24, 2012, titled “Citizens Financial Services, Inc. Reports A 22% Increase in First Quarter 2012 Earnings”.
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Citizens Financial Services, Inc. | |||
April 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 South 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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|||
March 31
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December 31
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March 31
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(in thousands except share data)
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2012
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2011
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2011
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ASSETS:
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|||
Cash and due from banks:
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|||
Noninterest-bearing
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$ 11,835
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$ 9,960
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$ 9,272
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Interest-bearing
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2
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20,472
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35,282
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Total cash and cash equivalents
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11,837
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30,432
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44,554
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Available-for-sale securities
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362,148
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318,823
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285,034
|
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Loans (net of allowance for loan losses: $6,545 at March 31, 2012;
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|||
$6,487 at December 31, 2011 and $6,068 at March 31, 2011)
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484,747
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481,022
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460,700
|
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|||
Premises and equipment
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11,582
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11,702
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12,395
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Accrued interest receivable
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4,305
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3,621
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4,053
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Goodwill
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10,256
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10,256
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10,256
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Bank owned life insurance
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13,794
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13,669
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13,292
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Other assets
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10,757
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9,042
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9,964
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|
|
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TOTAL ASSETS
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$ 909,426
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$ 878,567
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$ 840,248
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LIABILITIES:
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|||
Deposits:
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|||
Noninterest-bearing
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$ 89,806
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$ 85,605
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$ 80,696
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Interest-bearing
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653,020
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648,388
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623,833
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Total deposits
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742,826
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733,993
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704,529
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Borrowed funds
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72,768
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53,882
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57,115
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Accrued interest payable
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1,320
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1,512
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1,590
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Other liabilities
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8,736
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7,712
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5,971
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TOTAL LIABILITIES
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825,650
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797,099
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769,205
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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 March 31, 2012, December 31, 2011 and March 31, 2011;
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none issued in 2012 or 2011
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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 March 31, 2012, December 31, 2011 and
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March 31, 2011; issued 3,132,866 shares at March 31, 2012 and December 31, 2011;
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3,104,434 shares at March 31, 2011
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3,133
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3,133
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3,104
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Additional paid-in capital
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15,445
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15,313
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14,172
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Retained earnings
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65,931
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63,337
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57,010
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Accumulated other comprehensive income
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4,612
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4,949
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1,603
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Treasury stock, at cost: 232,433 shares at March 31, 2012; 230,203 shares at
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December 31, 2011 and 217,952 shares at March 31, 2011
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(5,345)
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(5,264)
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(4,846)
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TOTAL STOCKHOLDERS' EQUITY
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83,776
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81,468
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71,043
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TOTAL LIABILITIES AND
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|||
STOCKHOLDERS' EQUITY
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$ 909,426
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$ 878,567
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$ 840,248
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CITIZENS FINANCIAL SERVICES, INC.
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CONSOLIDATED STATEMENT OF INCOME
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(UNAUDITED)
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Three Months Ended
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March 31,
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(in thousands, except per share data)
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2012
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2011
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INTEREST INCOME:
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Interest and fees on loans
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$ 7,465
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$ 7,395
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Interest-bearing deposits with banks
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5
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22
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Investment securities:
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Taxable
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1,197
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1,172
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Nontaxable
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954
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865
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Dividends
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16
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15
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TOTAL INTEREST INCOME
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9,637
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9,469
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INTEREST EXPENSE:
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Deposits
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1,666
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2,088
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Borrowed funds
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413
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445
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TOTAL INTEREST EXPENSE
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2,079
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2,533
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NET INTEREST INCOME
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7,558
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6,936
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Provision for loan losses
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105
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225
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NET INTEREST INCOME AFTER
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PROVISION FOR LOAN LOSSES
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7,453
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6,711
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NON-INTEREST INCOME:
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Service charges
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1,078
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945
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Trust
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173
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157
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Brokerage and insurance
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150
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95
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Investment securities gains, net
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108
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120
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Earnings on bank owned life insurance
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124
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121
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Other
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210
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181
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TOTAL NON-INTEREST INCOME
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1,843
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1,619
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NON-INTEREST EXPENSES:
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Salaries and employee benefits
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2,753
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2,515
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Occupancy
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310
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390
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Furniture and equipment
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106
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117
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Professional fees
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268
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157
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FDIC insurance
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123
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250
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Pennsylvania shares tax
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166
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147
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Other
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1,129
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1,204
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TOTAL NON-INTEREST EXPENSES
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4,855
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4,780
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Income before provision for income taxes
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4,441
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3,550
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Provision for income taxes
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992
|
720
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NET INCOME
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$ 3,449
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$ 2,830
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Earnings Per Share
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$ 1.19
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$ 0.97
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Cash Dividends Paid
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$ 0.295
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$ 0.260
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Weighted average number of shares outstanding
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2,901,552
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2,917,353
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Financial Highlights
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Three Months Ended
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March 31
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2012
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2011
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Performance Ratios and Share Data:
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Return on average assets (annualized)
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1.57%
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1.38%
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Return on average equity (annualized)
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17.76%
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16.57%
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Net interest margin (tax equivalent)
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4.02%
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3.98%
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Cash dividends paid per share
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$ 0.295
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$ 0.260
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Earnings per share
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$ 1.19
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$ 0.97
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Weighted average shares outstanding
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2,901,552
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2,917,353
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Balance Sheet Highlights (dollars in thousands):
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March 31, 2012
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December 31, 2011
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March 31, 2011
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Assets
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$ 909,426
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$ 878,567
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$ 840,248
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Investment securities:
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Available for sale
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362,148
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318,823
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285,034
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Loans (net of unearned income)
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491,292
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487,509
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466,768
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Allowance for loan losses
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6,545
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6,487
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6,068
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Deposits
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742,826
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733,933
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704,529
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Stockholders' Equity
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83,776
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81,468
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71,043
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Non-performing assets
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10,422
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10,300
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10,793
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Non-performing assets to total loans
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2.12%
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2.11%
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2.31%
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Annualized net charge-offs to total loans
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0.04%
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0.02%
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0.06%
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Average Leverage Ratio
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9.00%
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8.83%
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8.38%
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Common shares outstanding
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2,900,433
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2,902,663
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2,886,482
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Book value per share
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$ 27.29
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$ 26.36
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$ 24.06
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