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 28, 2014, titled “Citizens Financial Services, Inc. Reports Second Quarter 2014 Earnings”.
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Citzens Financial Services, Inc. | |||
July 28, 2014
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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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|||
June 30
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December 31
|
June 30
|
|
(in thousands except share data)
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2014
|
2013
|
2013
|
ASSETS:
|
|||
Cash and due from banks:
|
|||
Noninterest-bearing
|
$ 14,742
|
$ 8,899
|
$ 7,928
|
Interest-bearing
|
998
|
1,184
|
3,642
|
Total cash and cash equivalents
|
15,740
|
10,083
|
11,570
|
Interest bearing time deposits with other banks
|
2,480
|
2,480
|
-
|
Available-for-sale securities
|
312,322
|
317,301
|
307,935
|
Loans held for sale
|
545
|
278
|
796
|
|
|||
Loans (net of allowance for loan losses: $6,751 at June 30, 2014;
|
|||
$7,098 at December 31, 2013 and $6,989 at June 30, 2013)
|
533,126
|
533,514
|
508,747
|
|
|||
Premises and equipment
|
11,501
|
11,105
|
11,396
|
Accrued interest receivable
|
3,557
|
3,728
|
3,821
|
Goodwill
|
10,256
|
10,256
|
10,256
|
Bank owned life insurance
|
14,921
|
14,679
|
14,427
|
Other assets
|
9,721
|
11,510
|
10,128
|
|
|
|
|
TOTAL ASSETS
|
$ 914,169
|
$ 914,934
|
$ 879,076
|
|
|
|
|
LIABILITIES:
|
|||
Deposits:
|
|||
Noninterest-bearing
|
$ 94,434
|
$ 85,585
|
$ 86,852
|
Interest-bearing
|
671,022
|
662,731
|
661,162
|
Total deposits
|
765,456
|
748,316
|
748,014
|
Borrowed funds
|
43,075
|
66,932
|
33,993
|
Accrued interest payable
|
735
|
895
|
964
|
Other liabilities
|
6,664
|
6,735
|
7,223
|
TOTAL LIABILITIES
|
815,930
|
822,878
|
790,194
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STOCKHOLDERS' EQUITY:
|
|||
Preferred Stock $1.00 par value; authorized
|
|||
3,000,000 shares at June 30, 2014, December 31, 2013 and June 30, 2013;
|
|||
none issued in 2014 or 2013
|
-
|
-
|
-
|
Common stock
|
|||
$1.00 par value; authorized 15,000,000 shares at June 30, 2014, December 31, 2013 and
|
|||
June 30, 2013; issued 3,335,235 shares at June 30, 2014; 3,305,517 shares at
|
|||
December 31, 2013 and June 30, 2013
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3,335
|
3,306
|
3,306
|
Additional paid-in capital
|
25,142
|
23,562
|
23,545
|
Retained earnings
|
76,925
|
74,325
|
69,538
|
Accumulated other comprehensive income (loss)
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1,100
|
(1,225)
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(713)
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Treasury stock, at cost: 296,758 shares at June 30, 2014; 290,468 shares at
|
|||
December 31, 2013 and 267,006 shares at June 30, 2013
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(8,263)
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(7,912)
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(6,794)
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TOTAL STOCKHOLDERS' EQUITY
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98,239
|
92,056
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88,882
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TOTAL LIABILITIES AND
|
|||
STOCKHOLDERS' EQUITY
|
$ 914,169
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$ 914,934
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$ 879,076
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
|
CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
|
Six Months Ended
|
|||
|
June 30,
|
June 30,
|
||
(in thousands, except per share data)
|
2014
|
2013
|
2014
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2013
|
INTEREST INCOME:
|
||||
Interest and fees on loans
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$ 7,118
|
$ 7,141
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$ 14,106
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$ 14,278
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Interest-bearing deposits with banks
|
13
|
9
|
26
|
19
|
Investment securities:
|
|
|||
Taxable
|
849
|
936
|
1,737
|
1,899
|
Nontaxable
|
840
|
844
|
1,682
|
1,713
|
Dividends
|
69
|
18
|
119
|
38
|
TOTAL INTEREST INCOME
|
8,889
|
8,948
|
17,670
|
17,947
|
INTEREST EXPENSE:
|
||||
Deposits
|
1,094
|
1,287
|
2,199
|
2,615
|
Borrowed funds
|
145
|
310
|
309
|
668
|
TOTAL INTEREST EXPENSE
|
1,239
|
1,597
|
2,508
|
3,283
|
NET INTEREST INCOME
|
7,650
|
7,351
|
15,162
|
14,664
|
Provision for loan losses
|
150
|
75
|
330
|
225
|
NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
|
7,500
|
7,276
|
14,832
|
14,439
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NON-INTEREST INCOME:
|
||||
Service charges
|
1,102
|
1,114
|
2,141
|
2,168
|
Trust
|
186
|
169
|
377
|
370
|
Brokerage and insurance
|
137
|
121
|
257
|
213
|
Gains on loans sold
|
30
|
50
|
70
|
161
|
Investment securities gains, net
|
75
|
98
|
246
|
294
|
Earnings on bank owned life insurance
|
121
|
126
|
242
|
250
|
Other
|
104
|
100
|
209
|
204
|
TOTAL NON-INTEREST INCOME
|
1,755
|
1,778
|
3,542
|
3,660
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NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
2,893
|
2,795
|
5,810
|
5,600
|
Occupancy
|
304
|
312
|
654
|
654
|
Furniture and equipment
|
94
|
113
|
194
|
215
|
Professional fees
|
208
|
188
|
442
|
417
|
FDIC insurance
|
116
|
113
|
229
|
225
|
Pennsylvania shares tax
|
191
|
182
|
384
|
365
|
Other
|
1,194
|
1,164
|
2,378
|
2,243
|
TOTAL NON-INTEREST EXPENSES
|
5,000
|
4,867
|
10,091
|
9,719
|
Income before provision for income taxes
|
4,255
|
4,187
|
8,283
|
8,380
|
Provision for income taxes
|
890
|
907
|
1,742
|
1,813
|
NET INCOME
|
$ 3,365
|
$ 3,280
|
$ 6,541
|
$ 6,567
|
|
||||
PER COMMON SHARE DATA:
|
||||
Net Income - Basic
|
$ 1.11
|
$ 1.07
|
$ 2.15
|
$ 2.14
|
Net Income - Diluted
|
$ 1.11
|
$ 1.07
|
$ 2.15
|
$ 2.14
|
Cash Dividends Paid
|
$ 0.385
|
$ 0.278
|
$ 0.770
|
$ 0.547
|
Number of shares used in computation - basic
|
3,039,734
|
3,060,998
|
3,040,822
|
3,062,210
|
Number of shares used in computation - diluted
|
3,040,661
|
3,062,576
|
3,041,227
|
3,062,991
|
Financial Highlights
|
||||
Three Months Ended
|
Six Months Ended
|
|||
June 30
|
June 30
|
|||
2014
|
2013
|
2014
|
2013
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.49%
|
1.49%
|
1.45%
|
1.50%
|
Return on average equity (annualized)
|
13.88%
|
14.77%
|
13.63%
|
14.99%
|
Net interest margin (tax equivalent)
|
3.92%
|
3.85%
|
3.89%
|
3.87%
|
Cash dividends paid per share
|
$ 0.385
|
$ 0.278
|
$ 0.770
|
$ 0.547
|
Earnings per share - basic
|
$ 1.11
|
$ 1.07
|
$ 2.15
|
$ 2.14
|
Earnings per share - diluted
|
$ 1.11
|
$ 1.07
|
$ 2.15
|
$ 2.14
|
Number of shares used in computation - basic
|
3,039,734
|
3,060,998
|
3,040,822
|
3,062,210
|
Number of shares used in computation - diluted
|
3,040,661
|
3,062,576
|
3,041,227
|
3,062,991
|
Balance Sheet Highlights (dollars in thousands):
|
June 30, 2014
|
December 31, 2013
|
June 30, 2013
|
Assets
|
$ 914,169
|
$ 914,934
|
$ 879,076
|
Investment securities:
|
|||
Available for sale
|
312,322
|
317,301
|
307,935
|
Loans (net of unearned income)
|
539,877
|
540,612
|
515,736
|
Allowance for loan losses
|
6,751
|
7,098
|
6,989
|
Deposits
|
765,456
|
748,316
|
748,014
|
Stockholders' Equity
|
98,239
|
92,056
|
88,882
|
Non-performing assets
|
9,203
|
10,154
|
9,129
|
Non-performing assets to total loans
|
1.70%
|
1.88%
|
1.77%
|
Annualized net charge-offs to total loans
|
0.25%
|
0.02%
|
0.01%
|
Average Leverage Ratio
|
10.85%
|
10.42%
|
10.18%
|
Common shares outstanding
|
3,038,477
|
3,015,049
|
3,038,511
|
Book value per share
|
$ 31.97
|
$ 30.64
|
$ 29.20
|