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. on January 22, 2015, titled “Citizens Financial Services, Inc. Reports Fourth Quarter 2014 Earnings”.
|
Citizens Financial Services, Inc. | |||
January 22, 2015
|
By:
|
/s/ Mickey L. Jones | |
Mickey L. Jones | |||
Chief Executive Officer / 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)
|
||
December 31
|
December 31
|
|
(in thousands except share data)
|
2014
|
2013
|
ASSETS:
|
||
Cash and due from banks:
|
||
Noninterest-bearing
|
$ 10,091
|
$ 8,899
|
Interest-bearing
|
1,332
|
1,184
|
Total cash and cash equivalents
|
11,423
|
10,083
|
Interest bearing time deposits with other banks
|
5,960
|
2,480
|
Available-for-sale securities
|
306,146
|
317,301
|
Loans held for sale
|
497
|
278
|
|
||
Loans (net of allowance for loan losses: $6,815 at December 31, 2014 and
|
||
$7,098 at December 31, 2013)
|
547,290
|
533,514
|
|
||
Premises and equipment
|
12,357
|
11,105
|
Accrued interest receivable
|
3,644
|
3,728
|
Goodwill
|
10,256
|
10,256
|
Bank owned life insurance
|
20,309
|
14,679
|
Other assets
|
7,166
|
11,510
|
|
|
|
TOTAL ASSETS
|
$ 925,048
|
$ 914,934
|
|
|
|
LIABILITIES:
|
||
Deposits:
|
||
Noninterest-bearing
|
$ 95,526
|
$ 85,585
|
Interest-bearing
|
678,407
|
662,731
|
Total deposits
|
773,933
|
748,316
|
Borrowed funds
|
41,799
|
66,932
|
Accrued interest payable
|
756
|
895
|
Other liabilities
|
8,032
|
6,735
|
TOTAL LIABILITIES
|
824,520
|
822,878
|
STOCKHOLDERS' EQUITY:
|
||
Preferred Stock $1.00 par value; authorized
|
||
3,000,000 shares at December 31, 2014 and December 31, 2013;
|
||
none issued in 2014 or 2013
|
-
|
-
|
Common stock
|
||
$1.00 par value; authorized 15,000,000 shares at December 31, 2014 and
|
||
December 31, 2013; issued 3,335,236 shares at December 10, 2014 and 3,305,517
|
||
shares at December 31, 2013
|
3,335
|
3,306
|
Additional paid-in capital
|
25,150
|
23,562
|
Retained earnings
|
79,512
|
74,325
|
Accumulated other comprehensive income (loss)
|
767
|
(1,225)
|
Treasury stock, at cost: 296,280 shares at December 31, 2014 and 290,468 shares at
|
||
December 31, 2013
|
(8,236)
|
(7,912)
|
TOTAL STOCKHOLDERS' EQUITY
|
100,528
|
92,056
|
TOTAL LIABILITIES AND
|
||
STOCKHOLDERS' EQUITY
|
$ 925,048
|
$ 914,934
|
CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
|
Twelve Months Ended
|
|||
|
December 31
|
December 31
|
||
(in thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
INTEREST INCOME:
|
||||
Interest and fees on loans
|
$ 7,124
|
$ 7,183
|
$ 28,324
|
$ 28,982
|
Interest-bearing deposits with banks
|
31
|
13
|
82
|
40
|
Investment securities:
|
||||
Taxable
|
795
|
917
|
3,337
|
3,721
|
Nontaxable
|
828
|
842
|
3,354
|
3,405
|
Dividends
|
35
|
25
|
194
|
86
|
TOTAL INTEREST INCOME
|
8,813
|
8,980
|
35,291
|
36,234
|
INTEREST EXPENSE:
|
||||
Deposits
|
1,056
|
1,213
|
4,347
|
5,107
|
Borrowed funds
|
155
|
257
|
606
|
1,208
|
TOTAL INTEREST EXPENSE
|
1,211
|
1,470
|
4,953
|
6,315
|
NET INTEREST INCOME
|
7,602
|
7,510
|
30,338
|
29,919
|
Provision for loan losses
|
105
|
90
|
585
|
405
|
NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
|
7,497
|
7,420
|
29,753
|
29,514
|
NON-INTEREST INCOME:
|
||||
Service charges
|
1,058
|
1,141
|
4,297
|
4,453
|
Trust
|
160
|
155
|
688
|
694
|
Brokerage and insurance
|
169
|
111
|
567
|
444
|
Gains on loans sold
|
126
|
207
|
236
|
443
|
Investment securities gains, net
|
128
|
56
|
616
|
441
|
Earnings on bank owned life insurance
|
141
|
125
|
507
|
502
|
Other
|
108
|
118
|
445
|
446
|
TOTAL NON-INTEREST INCOME
|
1,890
|
1,913
|
7,356
|
7,423
|
NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
2,905
|
2,936
|
11,505
|
11,392
|
Occupancy
|
320
|
315
|
1,287
|
1,271
|
Furniture and equipment
|
82
|
120
|
362
|
492
|
Professional fees
|
171
|
177
|
902
|
781
|
FDIC insurance
|
116
|
113
|
461
|
450
|
Pennsylvania shares tax
|
201
|
92
|
686
|
640
|
Other
|
1,212
|
1,374
|
4,962
|
4,784
|
TOTAL NON-INTEREST EXPENSES
|
5,007
|
5,127
|
20,165
|
19,810
|
Income before provision for income taxes
|
4,380
|
4,206
|
16,944
|
17,127
|
Provision for income taxes
|
904
|
910
|
3,559
|
3,752
|
NET INCOME
|
$ 3,476
|
$ 3,296
|
$ 13,385
|
$ 13,375
|
|
||||
PER COMMON SHARE DATA:
|
||||
Net Income - Basic
|
$ 1.14
|
$ 1.08
|
$ 4.41
|
$ 4.38
|
Net Income - Diluted
|
$ 1.14
|
$ 1.08
|
$ 4.40
|
$ 4.38
|
Cash Dividends Paid
|
$ 0.400
|
$ 0.382
|
$ 2.173
|
$ 1.210
|
Number of shares used in computation - basic
|
3,036,175
|
3,041,721
|
3,038,298
|
3,055,033
|
Number of shares used in computation - diluted
|
3,036,176
|
3,041,946
|
3,039,593
|
3,056,203
|
Financial Highlights
|
||||
Three Months Ended
|
Twelve Months Ended
|
|||
December 31,
|
December 31,
|
|||
2014
|
2013
|
2014
|
2013
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.52%
|
1.47%
|
1.48%
|
1.51%
|
Return on average equity (annualized)
|
14.01%
|
14.21%
|
13.73%
|
14.89%
|
Net interest margin (tax equivalent)
|
3.84%
|
3.78%
|
3.84%
|
3.87%
|
Cash dividends paid per share
|
$ 0.400
|
$ 0.382
|
$ 2.173
|
$ 1.210
|
Earnings per share - basic
|
$ 1.14
|
$ 1.08
|
$ 4.41
|
$ 4.38
|
Earnings per share - diluted
|
$ 1.14
|
$ 1.08
|
$ 4.40
|
$ 4.38
|
Number of shares used in computation - basic
|
3,036,175
|
3,041,721
|
3,038,298
|
3,055,033
|
Number of shares used in computation - diluted
|
3,036,176
|
3,041,946
|
3,039,593
|
3,056,203
|
Balance Sheet Highlights (dollars in thousands):
|
December 31, 2014
|
December 31, 2013
|
Assets
|
$ 925,048
|
$ 914,934
|
Investment securities:
|
||
Available for sale
|
306,146
|
317,301
|
Loans (net of unearned income)
|
554,105
|
540,612
|
Allowance for loan losses
|
6,815
|
7,098
|
Deposits
|
773,933
|
748,316
|
Stockholders' Equity
|
100,528
|
92,056
|
Non-performing assets
|
9,227
|
10,154
|
Non-performing assets to total loans
|
1.67%
|
1.88%
|
Annualized net charge-offs to total loans
|
0.16%
|
0.02%
|
Average Leverage Ratio
|
10.99%
|
10.42%
|
Common shares outstanding
|
3,038,956
|
3,015,049
|
Book value per share
|
$ 32.83
|
$ 30.64
|