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 22, 2013, titled “Citizens Financial Services, Inc. Reports Record 2012 Earnings”.
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Citizens Financial Services, Inc. | |||
January 22, 2013
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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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||
December 31
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December 31
|
|
(in thousands except share data)
|
2012
|
2011
|
ASSETS:
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||
Cash and due from banks:
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||
Noninterest-bearing
|
$ 12,307
|
$ 9,960
|
Interest-bearing
|
14,026
|
20,472
|
Total cash and cash equivalents
|
26,333
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30,432
|
Available-for-sale securities
|
310,252
|
318,823
|
|
||
Loans held for sale
|
1,458
|
-
|
Loans (net of allowance for loan losses: $6,784 at December 31, 2012 and
|
||
$6,487 at December 31, 2011)
|
495,679
|
481,022
|
|
||
Premises and equipment
|
11,521
|
11,702
|
Accrued interest receivable
|
3,816
|
3,621
|
Goodwill
|
10,256
|
10,256
|
Bank owned life insurance
|
14,177
|
13,669
|
Other assets
|
8,935
|
9,042
|
|
|
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TOTAL ASSETS
|
$ 882,427
|
$ 878,567
|
|
|
|
LIABILITIES:
|
||
Deposits:
|
||
Noninterest-bearing
|
$ 89,494
|
$ 85,605
|
Interest-bearing
|
647,602
|
648,388
|
Total deposits
|
737,096
|
733,993
|
Borrowed funds
|
46,126
|
53,882
|
Accrued interest payable
|
1,143
|
1,512
|
Other liabilities
|
8,587
|
7,712
|
TOTAL LIABILITIES
|
792,952
|
797,099
|
STOCKHOLDERS' EQUITY:
|
||
Preferred Stock $1.00 par value; authorized
|
||
3,000,000 shares at December 31, 2012 and December 31, 2011;
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||
none issued in 2012 or 2011
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-
|
-
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Common stock
|
||
$1.00 par value; authorized 15,000,000 shares at December 31, 2012 and
|
||
Deceember 31, 2011; issued 3,161,324 shares at December 31, 2012 and 3,132,866 at
|
||
December 31, 2011
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3,161
|
3,133
|
Additional paid-in capital
|
16,468
|
15,313
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Retained earnings
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71,813
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63,337
|
Accumulated other comprehensive income
|
4,631
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4,949
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Treasury stock, at cost: 262,921 shares at December 31, 2012 and 230,203 shares at
|
||
December 31, 2011
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(6,598)
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(5,264)
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TOTAL STOCKHOLDERS' EQUITY
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89,475
|
81,468
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TOTAL LIABILITIES AND
|
||
STOCKHOLDERS' EQUITY
|
$ 882,427
|
$ 878,567
|
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)
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2012
|
2011
|
2012
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2011
|
INTEREST INCOME:
|
||||
Interest and fees on loans
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$ 7,418
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$ 7,503
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$ 29,770
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$ 29,916
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Interest-bearing deposits with banks
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10
|
17
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21
|
81
|
Investment securities:
|
||||
Taxable
|
1,002
|
1,132
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4,521
|
4,575
|
Nontaxable
|
909
|
978
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3,702
|
3,666
|
Dividends
|
22
|
16
|
71
|
55
|
TOTAL INTEREST INCOME
|
9,361
|
9,646
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38,085
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38,293
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INTEREST EXPENSE:
|
||||
Deposits
|
1,406
|
1,841
|
6,113
|
7,944
|
Borrowed funds
|
367
|
414
|
1,546
|
1,739
|
TOTAL INTEREST EXPENSE
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1,773
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2,255
|
7,659
|
9,683
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NET INTEREST INCOME
|
7,588
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7,391
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30,426
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28,610
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Provision for loan losses
|
105
|
150
|
420
|
675
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NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
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7,483
|
7,241
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30,006
|
27,935
|
NON-INTEREST INCOME:
|
||||
Service charges
|
1,129
|
1,122
|
4,475
|
4,380
|
Trust
|
172
|
199
|
644
|
665
|
Brokerage and insurance
|
87
|
55
|
392
|
352
|
Gains on loans sold
|
472
|
97
|
759
|
208
|
Investment securities gains (losses), net
|
43
|
(17)
|
604
|
334
|
Earnings on bank owned life insurance
|
129
|
127
|
507
|
498
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Other
|
114
|
156
|
456
|
479
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TOTAL NON-INTEREST INCOME
|
2,146
|
1,739
|
7,837
|
6,916
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NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
2,892
|
2,436
|
11,018
|
9,996
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Occupancy
|
337
|
317
|
1,265
|
1,331
|
Furniture and equipment
|
96
|
111
|
411
|
449
|
Professional fees
|
190
|
218
|
891
|
744
|
FDIC insurance
|
115
|
45
|
468
|
592
|
Pennsylvania shares tax
|
161
|
101
|
602
|
541
|
Other
|
1,154
|
1,261
|
4,642
|
4,756
|
TOTAL NON-INTEREST EXPENSES
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4,945
|
4,489
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19,297
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18,409
|
Income before provision for income taxes
|
4,684
|
4,491
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18,546
|
16,442
|
Provision for income taxes
|
1,135
|
1,014
|
4,331
|
3,610
|
NET INCOME
|
$ 3,549
|
$ 3,477
|
$ 14,215
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$ 12,832
|
|
||||
PER COMMON SHARE DATA:
|
||||
Net Income - Basic
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$ 1.22
|
$ 1.18
|
$ 4.88
|
$ 4.36
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Net Income - Diluted
|
$ 1.22
|
$ 1.18
|
$ 4.88
|
$ 4.36
|
Cash Dividends Paid
|
$ 0.685
|
$ 0.370
|
$ 1.580
|
$ 1.160
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Number of shares used in computation - basic
|
2,900,798
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2,936,594
|
2,911,885
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2,943,028
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Number of shares used in computation - diluted
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2,901,242
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2,936,594
|
2,913,527
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2,943,028
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Financial Highlights
|
||||
Three Months Ended
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Nine Months Ended
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|||
December 31,
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December 31,
|
|||
2012
|
2011
|
2012
|
2011
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.62%
|
1.61%
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1.62%
|
1.52%
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Return on average equity (annualized)
|
16.74%
|
18.45%
|
17.48%
|
17.86%
|
Net interest margin (tax equivalent)
|
3.96%
|
3.96%
|
3.99%
|
3.94%
|
Cash dividends paid per share
|
$ 0.685
|
$ 0.370
|
$ 1.580
|
$ 1.160
|
Earnings per share - basic
|
$ 1.22
|
$ 1.18
|
$ 4.88
|
$ 4.36
|
Earnings per share - diluted
|
$ 1.22
|
$ 1.18
|
$ 4.88
|
$ 4.36
|
Number of shares used in computation - basic
|
2,900,798
|
2,936,594
|
2,911,885
|
2,943,028
|
Number of shares used in computation - diluted
|
2,901,242
|
2,936,594
|
2,913,527
|
2,943,028
|
Balance Sheet Highlights (dollars in thousands):
|
December 31, 2012
|
December 31, 2011
|
Assets
|
$ 882,427
|
$ 878,567
|
Investment securities:
|
||
Available for sale
|
310,352
|
318,823
|
Loans (net of unearned income)
|
502,463
|
487,509
|
Allowance for loan losses
|
6,784
|
6,487
|
Deposits
|
737,096
|
733,993
|
Stockholders' Equity
|
89,475
|
81,468
|
Non-performing assets
|
9,189
|
10,300
|
Non-performing assets to total loans
|
1.83%
|
2.11%
|
Annualized net charge-offs to total loans
|
0.02%
|
0.02%
|
Average Leverage Ratio
|
9.70%
|
8.83%
|
Common shares outstanding
|
2,898,402
|
2,902,663
|
Book value per share
|
$ 29.27
|
$ 26.36
|