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. July 25, 2012, titled “Citizens Financial Services, Inc. Reports A 19% Increase in Second Quarter 2012 Earnings”.
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Citizens Financial Services, Inc. | |||
July 25, 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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|||
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
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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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$ 12,525
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$ 9,960
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$ 11,318
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Interest-bearing
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5,243
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20,472
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33,114
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Total cash and cash equivalents
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17,768
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30,432
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44,432
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Available-for-sale securities
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323,131
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318,823
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288,610
|
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Loans (net of allowance for loan losses: $6,650 at June 30, 2012;
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|||
$6,487 at December 31, 2011 and $6,163 at June 30, 2011)
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490,482
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481,022
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470,749
|
|
|||
Premises and equipment
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11,515
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11,702
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11,956
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Accrued interest receivable
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3,800
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3,621
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3,717
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Goodwill
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10,256
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10,256
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10,256
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Bank owned life insurance
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13,919
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13,669
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13,416
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Other assets
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10,479
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9,042
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9,846
|
|
|
|
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TOTAL ASSETS
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$ 881,350
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$ 878,567
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$ 852,982
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|
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LIABILITIES:
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|||
Deposits:
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|||
Noninterest-bearing
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$ 86,218
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$ 85,605
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$ 80,545
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Interest-bearing
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652,549
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648,388
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632,582
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Total deposits
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738,767
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733,993
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713,127
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Borrowed funds
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47,066
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53,882
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55,408
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Accrued interest payable
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1,222
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1,512
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1,556
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Other liabilities
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7,754
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7,712
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7,592
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TOTAL LIABILITIES
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794,809
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797,099
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777,683
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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, 2012, December 31, 2011 and June 30, 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 June 30, 2012, December 31, 2011 and
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June 30, 2011; issued 3,132,866 shares at June 30, 2012 and December 31, 2011;
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|||
3,104,434 shares at June 30, 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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15,364
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15,313
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14,295
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Retained earnings
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68,813
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63,337
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59,393
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Accumulated other comprehensive income
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4,990
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4,949
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3,244
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Treasury stock, at cost: 243,784 shares at June 30, 2012; 230,203 shares at
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|||
December 31, 2011 and 214,942 shares at June 30, 2011
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(5,759)
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(5,264)
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(4,737)
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TOTAL STOCKHOLDERS' EQUITY
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86,541
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81,468
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75,299
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TOTAL LIABILITIES AND
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|||
STOCKHOLDERS' EQUITY
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$ 881,350
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$ 878,567
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$ 852,982
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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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Six Months Ended
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|||
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June 30,
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June 30,
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||
(in thousands, except per share data)
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2012
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2011
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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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$ 7,439
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$ 7,463
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$ 14,904
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$ 14,858
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Interest-bearing deposits with banks
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1
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20
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6
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42
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Investment securities:
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|
|
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Taxable
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1,237
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1,176
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2,434
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2,348
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Nontaxable
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920
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892
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1,874
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1,757
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Dividends
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16
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14
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32
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29
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TOTAL INTEREST INCOME
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9,613
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9,565
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19,250
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19,034
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INTEREST EXPENSE:
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Deposits
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1,555
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2,046
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3,221
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4,134
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Borrowed funds
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393
|
443
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806
|
888
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TOTAL INTEREST EXPENSE
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1,948
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2,489
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4,027
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5,022
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NET INTEREST INCOME
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7,665
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7,076
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15,223
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14,012
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Provision for loan losses
|
105
|
150
|
210
|
375
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NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
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7,560
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6,926
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15,013
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13,637
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NON-INTEREST INCOME:
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||||
Service charges
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1,129
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1,128
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2,207
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2,073
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Trust
|
151
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146
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324
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303
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Brokerage and insurance
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75
|
123
|
225
|
218
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Gains on loans sold
|
131
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34
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185
|
75
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Investment securities gains, net
|
213
|
114
|
321
|
234
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Earnings on bank owned life insurance
|
126
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124
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250
|
245
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Other
|
208
|
129
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364
|
269
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TOTAL NON-INTEREST INCOME
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2,033
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1,798
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3,876
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3,417
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NON-INTEREST EXPENSES:
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Salaries and employee benefits
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2,668
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2,518
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5,421
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5,033
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Occupancy
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314
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329
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624
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719
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Furniture and equipment
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96
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106
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202
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223
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Professional fees
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224
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172
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492
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329
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FDIC insurance
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115
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250
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238
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500
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Pennsylvania shares tax
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160
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146
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326
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293
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Other
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1,092
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1,189
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2,221
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2,393
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TOTAL NON-INTEREST EXPENSES
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4,669
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4,710
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9,524
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9,490
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Income before provision for income taxes
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4,924
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4,014
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9,365
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7,564
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Provision for income taxes
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1,171
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867
|
2,163
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1,587
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NET INCOME
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$ 3,753
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$ 3,147
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$ 7,202
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$ 5,977
|
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PER COMMON SHARE DATA:
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Net Income - Basic
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$ 1.30
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$ 1.08
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$ 2.49
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$ 2.05
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Net Income - Diluted
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$ 1.30
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$ 1.08
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$ 2.49
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$ 2.05
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Cash Dividends Paid
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$ 0.300
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$ 0.265
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$ 0.595
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$ 0.525
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Number of shares used in computation - basic
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2,886,012
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2,915,708
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2,890,849
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2,916,526
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Number of shares used in computation - diluted
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2,887,421
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2,915,708
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2,891,473
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2,916,526
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Financial Highlights
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Three Months Ended
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Six Months Ended
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|||
June 30
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June 30
|
|||
2012
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2011
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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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1.69%
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1.50%
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1.63%
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1.44%
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Return on average equity (annualized)
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18.72%
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17.85%
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18.58%
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17.22%
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Net interest margin (tax equivalent)
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4.03%
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3.93%
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4.04%
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3.96%
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Cash dividends paid per share
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$ 0.300
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$ 0.265
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$ 0.595
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$ 0.525
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Earnings per share - basic
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$ 1.30
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$ 1.08
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$ 2.49
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$ 2.05
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Earnings per share - diluted
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$ 1.30
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$ 1.08
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$ 2.49
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$ 2.05
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Number of shares used in computation - basic
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2,886,012
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2,915,708
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2,890,849
|
2,916,526
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Number of shares used in computation - diluted
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2,887,421
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2,915,708
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2,891,473
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2,916,526
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Balance Sheet Highlights (dollars in thousands):
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June 30, 2012
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December 31, 2011
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June 30, 2011
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Assets
|
$ 881,350
|
$ 878,567
|
$852,982
|
Investment securities:
|
|||
Available for sale
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323,131
|
318,823
|
288,610
|
Loans (net of unearned income)
|
497,132
|
487,509
|
476,912
|
Allowance for loan losses
|
6,650
|
6,487
|
6,163
|
Deposits
|
738,767
|
733,933
|
713,127
|
Stockholders' Equity
|
86,541
|
81,468
|
75,299
|
Non-performing assets
|
9,403
|
10,300
|
10,725
|
Non-performing assets to total loans
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1.89%
|
2.11%
|
2.25%
|
Annualized net charge-offs to total loans
|
0.02%
|
0.02%
|
0.05%
|
Average Leverage Ratio
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9.20%
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8.83%
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8.53%
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Common shares outstanding
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2,881,266
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2,902,663
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2,889,492
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Book value per share
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$ 28.23
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$ 26.36
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$24.94
|