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 23, 2013, titled “Citizens Financial Services, Inc. Reports First Quarter 2013 Earnings”.
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Citizens Financial Services, Inc. | |||
April 23, 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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|||
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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2013
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2012
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2012
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ASSETS:
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|||
Cash and due from banks:
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|||
Noninterest-bearing
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$ 6,162
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$ 12,307
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$ 11,835
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Interest-bearing
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30,952
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14,026
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2
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Total cash and cash equivalents
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37,114
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26,333
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11,837
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Available-for-sale securities
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300,176
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310,252
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362,148
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Loans held for sale
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-
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1,458
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-
|
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|||
Loans (net of allowance for loan losses: $6,928 at March 31, 2013;
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$6,784 at December 31, 2012 and $6,545 at March 31, 2012)
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496,795
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495,679
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484,747
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|||
Premises and equipment
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11,446
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11,521
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11,582
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Accrued interest receivable
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3,840
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3,816
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4,305
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Goodwill
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10,256
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10,256
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10,256
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Bank owned life insurance
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14,301
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14,177
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13,794
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Other assets
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9,022
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8,935
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10,757
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TOTAL ASSETS
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$ 882,950
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$ 882,427
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$ 909,426
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LIABILITIES:
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|||
Deposits:
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|||
Noninterest-bearing
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$ 85,330
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$ 89,494
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$ 89,806
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Interest-bearing
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651,591
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647,602
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653,020
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Total deposits
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736,921
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737,096
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742,826
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Borrowed funds
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45,556
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46,126
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72,768
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Accrued interest payable
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1,039
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1,143
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1,320
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Other liabilities
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8,664
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8,587
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8,736
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TOTAL LIABILITIES
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792,180
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792,952
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825,650
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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, 2013, December 31, 2012 and March 31, 2012;
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none issued in 2013 or 2012
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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, 2013, December 31, 2012 and
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March 31, 2012; issued 3,161,324 shares at March 31, 2013 and December 31, 2012;
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|||
3,132,866 shares at March 31, 2012
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3,161
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3,161
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3,133
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Additional paid-in capital
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16,534
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16,468
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15,445
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Retained earnings
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74,276
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71,813
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65,931
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Accumulated other comprehensive income
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3,627
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4,631
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4,612
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Treasury stock, at cost: 267,729 shares at March 31, 2013; 262,921 shares at
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December 31, 2012 and 232,433 shares at March 31, 2012
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(6,828)
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(6,598)
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(5,345)
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TOTAL STOCKHOLDERS' EQUITY
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90,770
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89,475
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83,776
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TOTAL LIABILITIES AND
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|||
STOCKHOLDERS' EQUITY
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$ 882,950
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$ 882,427
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$ 909,426
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
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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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2013
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2012
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INTEREST INCOME:
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Interest and fees on loans
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$ 7,137
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$ 7,465
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Interest-bearing deposits with banks
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10
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5
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Investment securities:
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Taxable
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963
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1,197
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Nontaxable
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869
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954
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Dividends
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20
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16
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TOTAL INTEREST INCOME
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8,999
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9,637
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INTEREST EXPENSE:
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Deposits
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1,328
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1,666
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Borrowed funds
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358
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413
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TOTAL INTEREST EXPENSE
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1,686
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2,079
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NET INTEREST INCOME
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7,313
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7,558
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Provision for loan losses
|
150
|
105
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NET INTEREST INCOME AFTER
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PROVISION FOR LOAN LOSSES
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7,163
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7,453
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NON-INTEREST INCOME:
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Service charges
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1,024
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1,078
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Trust
|
201
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173
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Brokerage and insurance
|
92
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150
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Gains on loans sold
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111
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54
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Investment securities gains, net
|
196
|
108
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Earnings on bank owned life insurance
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124
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124
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Other
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104
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129
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TOTAL NON-INTEREST INCOME
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1,852
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1,816
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NON-INTEREST EXPENSES:
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Salaries and employee benefits
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2,805
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2,753
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Occupancy
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342
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310
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Furniture and equipment
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102
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106
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Professional fees
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229
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268
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FDIC insurance
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112
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123
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Pennsylvania shares tax
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183
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166
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Other
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1,049
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1,102
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TOTAL NON-INTEREST EXPENSES
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4,822
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4,828
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Income before provision for income taxes
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4,193
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4,441
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Provision for income taxes
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906
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992
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NET INCOME
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$ 3,287
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$ 3,449
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PER COMMON SHARE DATA:
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Net Income - Basic
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$ 1.14
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$ 1.18
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Net Income - Diluted
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$ 1.14
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$ 1.18
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Cash Dividends Paid
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$ 0.285
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$ 0.295
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Number of shares used in computation - basic
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2,889,523
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2,924,268
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Number of shares used in computation - diluted
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2,889,972
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2,924,433
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Financial Highlights
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Three Months Ended
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March 31
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2013
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2012
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Performance Ratios and Share Data:
|
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Return on average assets (annualized)
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1.50%
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1.57%
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Return on average equity (annualized)
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15.22%
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17.76%
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Net interest margin (tax equivalent)
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3.90%
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4.02%
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Cash dividends paid per share
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$ 0.285
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$ 0.295
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Earnings per share - basic
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$ 1.14
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$ 1.18
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Earnings per share - diluted
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$ 1.14
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$ 1.18
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Number of shares used in computation - basic
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2,889,523
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2,924,268
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Number of shares used in computation - diluted
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2,889,972
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2,924,433
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Balance Sheet Highlights (dollars in thousands):
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March 31, 2013
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December 31, 2012
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March 31, 2012
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Assets
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$ 882,950
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$ 882,427
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$ 909,426
|
Investment securities:
|
|||
Available for sale
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300,176
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310,252
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362,148
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Loans (net of unearned income)
|
503,723
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502,463
|
491,292
|
Allowance for loan losses
|
6,928
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6,784
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6,545
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Deposits
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736,921
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737,096
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742,826
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Stockholders' Equity
|
90,770
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89,475
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83,776
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Non-performing assets
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8,911
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9,189
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10,422
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Non-performing assets to total loans
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1.77%
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1.83%
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2.12%
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Annualized net charge-offs to total loans
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0.01%
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0.02%
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0.04%
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Average Leverage Ratio
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9.96%
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9.70%
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9.00%
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Common shares outstanding
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2,893,594
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2,898,402
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2,900,433
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Book value per share
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$ 30.12
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$ 29.27
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$ 27.29
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