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. October 23, 2012, titled “Citizens Financial Services, Inc. Reports Increase in Third Quarter 2012 Earnings”.
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Citizens Financial Services, Inc. | |||
October 23, 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 Community 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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|||
September 30
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December 31
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September 30
|
|
(in thousands except share data)
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2012
|
2011
|
2011
|
ASSETS:
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|||
Cash and due from banks:
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|||
Noninterest-bearing
|
$ 10,086
|
$ 9,960
|
$ 10,761
|
Interest-bearing
|
624
|
20,472
|
24,050
|
Total cash and cash equivalents
|
10,710
|
30,432
|
34,811
|
Available-for-sale securities
|
322,039
|
318,823
|
303,239
|
|
|||
Loans (net of allowance for loan losses: $6,734 at September 30, 2012;
|
|||
$6,487 at December 31, 2011 and $6,323 at September 30, 2011)
|
492,492
|
481,022
|
472,289
|
|
|||
Premises and equipment
|
11,419
|
11,702
|
11,819
|
Accrued interest receivable
|
3,961
|
3,621
|
3,980
|
Goodwill
|
10,256
|
10,256
|
10,256
|
Bank owned life insurance
|
14,047
|
13,669
|
13,542
|
Other assets
|
11,293
|
9,042
|
9,252
|
|
|
|
|
TOTAL ASSETS
|
$ 876,217
|
$ 878,567
|
$ 859,188
|
|
|
|
|
LIABILITIES:
|
|||
Deposits:
|
|||
Noninterest-bearing
|
$ 84,767
|
$ 85,605
|
$ 80,557
|
Interest-bearing
|
644,440
|
648,388
|
638,988
|
Total deposits
|
729,207
|
733,993
|
719,545
|
Borrowed funds
|
47,956
|
53,882
|
52,845
|
Accrued interest payable
|
1,213
|
1,512
|
1,539
|
Other liabilities
|
7,865
|
7,712
|
6,397
|
TOTAL LIABILITIES
|
786,241
|
797,099
|
780,326
|
STOCKHOLDERS' EQUITY:
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|||
Preferred Stock $1.00 par value; authorized
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|||
3,000,000 shares at September30, 2012, December 31, 2011 and September 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 September 30, 2012, December 31, 2011 and
|
|||
September30, 2011; issued 3,164,324 shares at September 30, 2012; 3,132,866 at
|
|||
December 31, 2011 and Septemer 30, 2011
|
3,161
|
3,133
|
3,133
|
Additional paid-in capital
|
16,474
|
15,313
|
15,320
|
Retained earnings
|
70,255
|
63,337
|
60,936
|
Accumulated other comprehensive income
|
5,990
|
4,949
|
4,533
|
Treasury stock, at cost: 247,134 shares at September 30, 2012; 230,203 shares at
|
|||
December 31, 2011 and 224,902 shares at September 30, 2011
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(5,904)
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(5,264)
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(5,060)
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TOTAL STOCKHOLDERS' EQUITY
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89,976
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81,468
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78,862
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TOTAL LIABILITIES AND
|
|||
STOCKHOLDERS' EQUITY
|
$ 876,217
|
$ 878,567
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$ 859,188
|
CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
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Nine Months Ended
|
|||
|
September 30,
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September 30,
|
||
(in thousands, except per share data)
|
2012
|
2011
|
2012
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2011
|
INTEREST INCOME:
|
||||
Interest and fees on loans
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$ 7,448
|
$ 7,555
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$ 22,352
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$ 22,413
|
Interest-bearing deposits with banks
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5
|
22
|
11
|
64
|
Investment securities:
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||||
Taxable
|
1,085
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1,095
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3,519
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3,443
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Nontaxable
|
919
|
931
|
2,793
|
2,688
|
Dividends
|
17
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10
|
49
|
39
|
TOTAL INTEREST INCOME
|
9,474
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9,613
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28,724
|
28,647
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INTEREST EXPENSE:
|
||||
Deposits
|
1,486
|
1,969
|
4,707
|
6,103
|
Borrowed funds
|
373
|
437
|
1,179
|
1,325
|
TOTAL INTEREST EXPENSE
|
1,859
|
2,406
|
5,886
|
7,428
|
NET INTEREST INCOME
|
7,615
|
7,207
|
22,838
|
21,219
|
Provision for loan losses
|
105
|
150
|
315
|
525
|
NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
|
7,510
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7,057
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22,523
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20,694
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NON-INTEREST INCOME:
|
||||
Service charges
|
1,139
|
1,185
|
3,346
|
3,258
|
Trust
|
148
|
163
|
472
|
466
|
Brokerage and insurance
|
80
|
79
|
305
|
297
|
Gains on loans sold
|
102
|
36
|
287
|
111
|
Investment securities gains, net
|
240
|
117
|
561
|
351
|
Earnings on bank owned life insurance
|
128
|
126
|
378
|
371
|
Other
|
109
|
122
|
342
|
323
|
TOTAL NON-INTEREST INCOME
|
1,946
|
1,828
|
5,691
|
5,177
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NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
2,705
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2,527
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8,126
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7,560
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Occupancy
|
304
|
295
|
928
|
1,014
|
Furniture and equipment
|
113
|
115
|
315
|
338
|
Professional fees
|
209
|
197
|
701
|
526
|
FDIC insurance
|
115
|
47
|
353
|
547
|
Pennsylvania shares tax
|
115
|
146
|
441
|
439
|
Other
|
1,398
|
1,171
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3,488
|
3,496
|
TOTAL NON-INTEREST EXPENSES
|
4,959
|
4,498
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14,352
|
13,920
|
Income before provision for income taxes
|
4,497
|
4,387
|
13,862
|
11,951
|
Provision for income taxes
|
1,033
|
1,009
|
3,196
|
2,596
|
NET INCOME
|
$ 3,464
|
$ 3,378
|
$ 10,666
|
$ 9,355
|
|
||||
PER COMMON SHARE DATA:
|
||||
Net Income - Basic
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$ 1.19
|
$ 1.15
|
$ 3.66
|
$ 3.18
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Net Income - Diluted
|
$ 1.19
|
$ 1.15
|
$ 3.66
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$ 3.18
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Cash Dividends Paid
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$ 0.300
|
$ 0.265
|
$ 0.895
|
$ 0.790
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Number of shares used in computation - basic
|
2,908,435
|
2,945,616
|
2,915,615
|
2,945,197
|
Number of shares used in computation - diluted
|
2,910,501
|
2,945,616
|
2,917,377
|
2,945,197
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Financial Highlights
|
||||
Three Months Ended
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Nine Months Ended
|
|||
September 30,
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September 30,
|
|||
2012
|
2011
|
2012
|
2011
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.58%
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1.57%
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1.62%
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1.49%
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Return on average equity (annualized)
|
16.78%
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18.48%
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17.74%
|
17.65%
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Net interest margin (tax equivalent)
|
3.99%
|
3.90%
|
3.99%
|
3.94%
|
Cash dividends paid per share
|
$ 0.300
|
$ 0.265
|
$ 0.895
|
$ 0.790
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Earnings per share - basic
|
$ 1.19
|
$ 1.15
|
$ 3.66
|
$ 3.18
|
Earnings per share - diluted
|
$ 1.19
|
$ 1.15
|
$ 3.66
|
$ 3.18
|
Number of shares used in computation - basic
|
2,908,435
|
2,945,616
|
2,915,615
|
2,945,197
|
Number of shares used in computation - diluted
|
2,910,501
|
2,945,616
|
2,917,377
|
2,945,197
|
Balance Sheet Highlights (dollars in thousands):
|
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
Assets
|
$ 876,217
|
$ 878,567
|
$859,188
|
Investment securities:
|
|||
Available for sale
|
322,039
|
318,823
|
303,239
|
Loans (net of unearned income)
|
499,226
|
487,509
|
478,612
|
Allowance for loan losses
|
6,734
|
6,487
|
6,323
|
Deposits
|
729,207
|
733,993
|
719,545
|
Stockholders' Equity
|
89,976
|
81,468
|
78,862
|
Non-performing assets
|
9,157
|
10,300
|
10,635
|
Non-performing assets to total loans
|
1.83%
|
2.11%
|
2.22%
|
Annualized net charge-offs to total loans
|
0.02%
|
0.02%
|
0.03%
|
Average Leverage Ratio
|
9.62%
|
8.83%
|
8.66%
|
Common shares outstanding
|
2,907,490
|
2,902,663
|
2,908,657
|
Book value per share
|
$ 28.82
|
$ 26.36
|
$25.55
|