Pennsylvania
|
0-13222
|
23-2265045
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
||
15 South Main Street, Mansfield, PA
|
16933
|
|||
(Address of Principal Executive Office)
|
(Zip Code)
|
|||
Registrant’s telephone number, including area code:
|
(570) 662-2121
|
|||
N/A
|
||||
(Former name or former address, if changes since last report)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit Number
|
Description
|
99.1
|
Press Release issued by Citizens Financial services, Inc. October 23, 2014, titled “Citizens Financial Services, Inc. Reports Third Quarter 2014 Earnings”.
|
Citizens Financial Services, Inc. | |||
October 23, 2014
|
By:
|
/s/ Mickey L. Jones | |
Mickey L. Jones | |||
Executive Vice President and
Chief Financial Officer
|
|||
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.
|
|||
CONSOLIDATED BALANCE SHEET
|
|||
(UNAUDITED)
|
|||
September 30
|
December 31
|
September 30
|
|
(in thousands except share data)
|
2014
|
2013
|
2013
|
ASSETS:
|
|||
Cash and due from banks:
|
|||
Noninterest-bearing
|
$ 10,889
|
$ 8,899
|
$ 10,956
|
Interest-bearing
|
434
|
1,184
|
2,800
|
Total cash and cash equivalents
|
11,323
|
10,083
|
13,756
|
Interest bearing time deposits with other banks
|
5,712
|
2,480
|
2,480
|
Available-for-sale securities
|
308,283
|
317,301
|
318,452
|
Loans held for sale
|
753
|
278
|
260
|
|
|||
Loans (net of allowance for loan losses: $6,816 at September 30, 2014;
|
|||
$7,098 at December 31, 2013 and $7,070 at September 30, 2013)
|
536,939
|
533,514
|
515,262
|
|
|||
Premises and equipment
|
11,773
|
11,105
|
11,259
|
Accrued interest receivable
|
3,689
|
3,728
|
3,815
|
Goodwill
|
10,256
|
10,256
|
10,256
|
Bank owned life insurance
|
15,045
|
14,679
|
14,554
|
Other assets
|
9,272
|
11,510
|
9,302
|
|
|
|
|
TOTAL ASSETS
|
$ 913,045
|
$ 914,934
|
$ 899,396
|
|
|
|
|
LIABILITIES:
|
|||
Deposits:
|
|||
Noninterest-bearing
|
$ 94,049
|
$ 85,585
|
$ 89,716
|
Interest-bearing
|
673,993
|
662,731
|
668,940
|
Total deposits
|
768,042
|
748,316
|
758,656
|
Borrowed funds
|
37,729
|
66,932
|
43,163
|
Accrued interest payable
|
753
|
895
|
971
|
Other liabilities
|
7,361
|
6,735
|
6,226
|
TOTAL LIABILITIES
|
813,885
|
822,878
|
809,016
|
STOCKHOLDERS' EQUITY:
|
|||
Preferred Stock $1.00 par value; authorized
|
|||
3,000,000 shares at September 30, 2014, December 31, 2013 and September 30, 2013;
|
|||
none issued in 2014 or 2013
|
-
|
-
|
-
|
Common stock
|
|||
$1.00 par value; authorized 15,000,000 shares at September 30, 2014, December 31, 2013 and
|
|||
September 30, 2013; issued 3,335,236 shares at September 30, 2014; 3,305,517 shares at
|
|||
December 31, 2013 and September 30, 2013
|
3,335
|
3,306
|
3,306
|
Additional paid-in capital
|
25,140
|
23,562
|
23,545
|
Retained earnings
|
77,252
|
74,325
|
72,190
|
Accumulated other comprehensive income (loss)
|
1,513
|
(1,225)
|
(816)
|
Treasury stock, at cost: 293,332 shares at September 30, 2014; 290,468 shares at
|
|||
December 31, 2013 and 289,040 shares at September 30, 2013
|
(8,080)
|
(7,912)
|
(7,845)
|
TOTAL STOCKHOLDERS' EQUITY
|
99,160
|
92,056
|
90,380
|
TOTAL LIABILITIES AND
|
|||
STOCKHOLDERS' EQUITY
|
$ 913,045
|
$ 914,934
|
$ 899,396
|
CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
|
Nine Months Ended
|
|||
|
September 30,
|
September 30,
|
||
(in thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
INTEREST INCOME:
|
||||
Interest and fees on loans
|
$ 7,094
|
$ 7,521
|
$ 21,200
|
$ 21,799
|
Interest-bearing deposits with banks
|
25
|
8
|
51
|
27
|
Investment securities:
|
||||
Taxable
|
805
|
905
|
2,542
|
2,804
|
Nontaxable
|
844
|
850
|
2,526
|
2,563
|
Dividends
|
40
|
23
|
159
|
61
|
TOTAL INTEREST INCOME
|
8,808
|
9,307
|
26,478
|
27,254
|
INTEREST EXPENSE:
|
||||
Deposits
|
1,092
|
1,279
|
3,291
|
3,894
|
Borrowed funds
|
142
|
283
|
451
|
951
|
TOTAL INTEREST EXPENSE
|
1,234
|
1,562
|
3,742
|
4,845
|
NET INTEREST INCOME
|
7,574
|
7,745
|
22,736
|
22,409
|
Provision for loan losses
|
150
|
90
|
480
|
315
|
NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
|
7,424
|
7,655
|
22,256
|
22,094
|
NON-INTEREST INCOME:
|
||||
Service charges
|
1,098
|
1,145
|
3,239
|
3,313
|
Trust
|
151
|
169
|
528
|
539
|
Brokerage and insurance
|
141
|
120
|
398
|
333
|
Gains on loans sold
|
40
|
75
|
110
|
236
|
Investment securities gains, net
|
242
|
91
|
488
|
385
|
Earnings on bank owned life insurance
|
124
|
127
|
366
|
377
|
Other
|
128
|
124
|
337
|
328
|
TOTAL NON-INTEREST INCOME
|
1,924
|
1,851
|
5,466
|
5,511
|
NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
2,790
|
2,856
|
8,600
|
8,456
|
Occupancy
|
313
|
302
|
967
|
956
|
Furniture and equipment
|
86
|
157
|
280
|
372
|
Professional fees
|
289
|
187
|
731
|
604
|
FDIC insurance
|
116
|
112
|
345
|
337
|
Pennsylvania shares tax
|
101
|
183
|
485
|
548
|
Other
|
1,372
|
1,168
|
3,750
|
3,411
|
TOTAL NON-INTEREST EXPENSES
|
5,067
|
4,965
|
15,158
|
14,684
|
Income before provision for income taxes
|
4,281
|
4,541
|
12,564
|
12,921
|
Provision for income taxes
|
913
|
1,029
|
2,655
|
2,842
|
NET INCOME
|
$ 3,368
|
$ 3,512
|
$ 9,909
|
$ 10,079
|
|
||||
PER COMMON SHARE DATA:
|
||||
Net Income - Basic
|
$ 1.11
|
$ 1.15
|
$ 3.26
|
$ 3.29
|
Net Income - Diluted
|
$ 1.11
|
$ 1.15
|
$ 3.26
|
$ 3.29
|
Cash Dividends Paid
|
$ 1.000
|
$ 0.281
|
$ 1.772
|
$ 0.829
|
Number of shares used in computation - basic
|
3,035,214
|
3,054,226
|
3,038,973
|
3,059,520
|
Number of shares used in computation - diluted
|
3,036,700
|
3,055,709
|
3,040,400
|
3,060,808
|
Financial Highlights
|
||||
Three Months Ended
|
Nine Months Ended
|
|||
September 30
|
September 30
|
|||
2014
|
2013
|
2014
|
2013
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.48%
|
1.58%
|
1.46%
|
1.52%
|
Return on average equity (annualized)
|
13.59%
|
15.42%
|
13.64%
|
15.13%
|
Net interest margin (tax equivalent)
|
3.84%
|
3.93%
|
3.85%
|
3.89%
|
Cash dividends paid per share
|
$ 1.000
|
$ 0.281
|
$ 1.772
|
$ 0.829
|
Earnings per share - basic
|
$ 1.11
|
$ 1.15
|
$ 3.26
|
$ 3.29
|
Earnings per share - diluted
|
$ 1.11
|
$ 1.15
|
$ 3.26
|
$ 3.29
|
Number of shares used in computation - basic
|
3,035,214
|
3,054,226
|
3,038,973
|
3,059,520
|
Number of shares used in computation - diluted
|
3,036,700
|
3,055,709
|
3,040,400
|
3,060,808
|
Balance Sheet Highlights (dollars in thousands):
|
September 30, 2014
|
December 31, 2013
|
September 30, 2013
|
Assets
|
$ 913,045
|
$ 914,934
|
$ 899,396
|
Investment securities:
|
|||
Available for sale
|
308,283
|
317,301
|
318,452
|
Loans (net of unearned income)
|
543,755
|
540,612
|
522,332
|
Allowance for loan losses
|
6,816
|
7,098
|
7,070
|
Deposits
|
768,042
|
748,316
|
758,656
|
Stockholders' Equity
|
99,160
|
92,056
|
90,380
|
Non-performing assets
|
9,078
|
10,154
|
9,786
|
Non-performing assets to total loans
|
1.67%
|
1.88%
|
1.87%
|
Annualized net charge-offs to total loans
|
0.19%
|
0.02%
|
0.01%
|
Average Leverage Ratio
|
10.78%
|
10.42%
|
10.29%
|
Common shares outstanding
|
3,041,904
|
3,015,049
|
3,016,477
|
Book value per share
|
$ 32.10
|
$ 30.64
|
$ 29.20
|