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. on October 28, 2015, titled “Citizens Financial Services, Inc. Reports Third Quarter 2015 Earnings”.
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Citizens Financial Services, Inc. | |||
October 28, 2015
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By:
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/s/ Mickey L. Jones | |
Mickey L. Jones | |||
Chief Executive Officer / Chief Financial Officer | |||
Contact: Kathleen Campbell, Marketing Director
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First Citizens Community Bank
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570-662-0422
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15 S. Main Street
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570-662-8512 (fax)
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Mansfield, PA 16933
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CITIZENS FINANCIAL SERVICES, INC.
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|||
CONSOLIDATED BALANCE SHEET
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|||
(UNAUDITED)
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|||
September 30
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December 31
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September 30
|
|
(in thousands except share data)
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2015
|
2014
|
2014
|
ASSETS:
|
|||
Cash and due from banks:
|
|||
Noninterest-bearing
|
$ 9,437
|
$ 10,091
|
$ 10,889
|
Interest-bearing
|
877
|
1,332
|
434
|
Total cash and cash equivalents
|
10,314
|
11,423
|
11,323
|
Interest bearing time deposits with other banks
|
6,460
|
5,960
|
5,712
|
Available-for-sale securities
|
300,630
|
306,146
|
308,283
|
Loans held for sale
|
1,248
|
497
|
753
|
|
|||
Loans (net of allowance for loan losses: $7,045 at September 30, 2015;
|
|||
$6,815 at December 31, 2014 and $6,816 at September 30, 2014)
|
575,964
|
547,290
|
536,939
|
|
|||
Premises and equipment
|
12,544
|
12,357
|
11,773
|
Accrued interest receivable
|
3,566
|
3,644
|
3,689
|
Goodwill
|
10,256
|
10,256
|
10,256
|
Bank owned life insurance
|
20,773
|
20,309
|
15,045
|
Other assets
|
12,222
|
7,166
|
9,272
|
|
|
|
|
TOTAL ASSETS
|
$ 953,977
|
$ 925,048
|
$ 913,045
|
|
|
|
|
LIABILITIES:
|
|||
Deposits:
|
|||
Noninterest-bearing
|
$ 106,957
|
$ 95,526
|
$ 94,049
|
Interest-bearing
|
690,891
|
678,407
|
673,993
|
Total deposits
|
797,848
|
773,933
|
768,042
|
Borrowed funds
|
44,657
|
41,799
|
37,729
|
Accrued interest payable
|
693
|
756
|
753
|
Other liabilities
|
6,875
|
8,032
|
7,361
|
TOTAL LIABILITIES
|
850,073
|
824,520
|
813,885
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STOCKHOLDERS' EQUITY:
|
|||
Preferred Stock $1.00 par value; authorized
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|||
3,000,000 shares; none issued in 2015 or 2014
|
|||
Common stock
|
|||
$1.00 par value; authorized 15,000,000 shares at September 30, 2015, December 31, 2014 and
|
|||
September 30, 2014; issued 3,335,236 shares at September 30, 2015, December 31, 2014 and
|
|||
September 30, 2014
|
3,335
|
3,335
|
3,335
|
Additional paid-in capital
|
25,131
|
25,150
|
25,140
|
Retained earnings
|
84,698
|
79,512
|
77,252
|
Accumulated other comprehensive income (loss)
|
842
|
767
|
1,513
|
Treasury stock, at cost: 334,165 shares at September 30, 2015; 296,280 shares at
|
|||
December 31, 2014 and 293,332 shares at September 30, 2014
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(10,102)
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(8,236)
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(8,080)
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TOTAL STOCKHOLDERS' EQUITY
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103,904
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100,528
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99,160
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TOTAL LIABILITIES AND
|
|||
STOCKHOLDERS' EQUITY
|
$ 953,977
|
$ 925,048
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$ 913,045
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CITIZENS FINANCIAL SERVICES, INC.
|
||||
CONSOLIDATED STATEMENT OF INCOME
|
||||
(UNAUDITED)
|
||||
Three Months Ended
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Nine Months Ended
|
|||
|
September 30,
|
September 30,
|
||
(in thousands, except per share data)
|
2015
|
2014
|
2015
|
2014
|
INTEREST INCOME:
|
||||
Interest and fees on loans
|
$ 7,248
|
$ 7,094
|
$ 21,416
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$ 21,200
|
Interest-bearing deposits with banks
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33
|
25
|
103
|
51
|
Investment securities:
|
||||
Taxable
|
798
|
805
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2,317
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2,542
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Nontaxable
|
749
|
844
|
2,398
|
2,526
|
Dividends
|
35
|
40
|
168
|
159
|
TOTAL INTEREST INCOME
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8,863
|
8,808
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26,402
|
26,478
|
INTEREST EXPENSE:
|
||||
Deposits
|
1,044
|
1,092
|
3,088
|
3,291
|
Borrowed funds
|
174
|
142
|
521
|
451
|
TOTAL INTEREST EXPENSE
|
1,218
|
1,234
|
3,609
|
3,742
|
NET INTEREST INCOME
|
7,645
|
7,574
|
22,793
|
22,736
|
Provision for loan losses
|
120
|
150
|
360
|
480
|
NET INTEREST INCOME AFTER
|
||||
PROVISION FOR LOAN LOSSES
|
7,525
|
7,424
|
22,433
|
22,256
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NON-INTEREST INCOME:
|
||||
Service charges
|
1,054
|
1,098
|
3,058
|
3,239
|
Trust
|
149
|
151
|
523
|
528
|
Brokerage and insurance
|
181
|
141
|
563
|
398
|
Gains on loans sold
|
85
|
40
|
183
|
110
|
Investment securities gains, net
|
129
|
242
|
430
|
488
|
Earnings on bank owned life insurance
|
158
|
124
|
464
|
366
|
Other
|
109
|
128
|
327
|
337
|
TOTAL NON-INTEREST INCOME
|
1,865
|
1,924
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5,548
|
5,466
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NON-INTEREST EXPENSES:
|
||||
Salaries and employee benefits
|
3,069
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2,790
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9,118
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8,600
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Occupancy
|
347
|
313
|
1,064
|
967
|
Furniture and equipment
|
108
|
86
|
323
|
280
|
Professional fees
|
202
|
207
|
614
|
649
|
FDIC insurance
|
116
|
116
|
348
|
345
|
Pennsylvania shares tax
|
201
|
101
|
602
|
485
|
Merger and acquisition
|
282
|
187
|
405
|
237
|
ORE expenses
|
328
|
106
|
686
|
243
|
Other
|
1,199
|
1,161
|
3,455
|
3,352
|
TOTAL NON-INTEREST EXPENSES
|
5,852
|
5,067
|
16,615
|
15,158
|
Income before provision for income taxes
|
3,538
|
4,281
|
11,366
|
12,564
|
Provision for income taxes
|
681
|
913
|
2,200
|
2,655
|
NET INCOME
|
$ 2,857
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$ 3,368
|
$ 9,166
|
$ 9,909
|
|
||||
PER COMMON SHARE DATA:
|
||||
Net Income - Basic
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$ 0.95
|
$ 1.11
|
$ 3.04
|
$ 3.26
|
Net Income - Diluted
|
$ 0.95
|
$ 1.11
|
$ 3.03
|
$ 3.26
|
Cash Dividends Paid
|
$ 0.510
|
$ 1.000
|
$ 1.320
|
$ 1.772
|
Number of shares used in computation - basic
|
3,011,687
|
3,035,214
|
3,019,202
|
3,038,973
|
Number of shares used in computation - diluted
|
3,013,151
|
3,036,700
|
3,020,670
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3,040,400
|
Financial Highlights
|
||||
Three Months Ended
|
Nine Months Ended
|
|||
September 30,
|
September 30,
|
|||
2015
|
2014
|
2015
|
2014
|
|
Performance Ratios and Share Data:
|
||||
Return on average assets (annualized)
|
1.21%
|
1.48%
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1.31%
|
1.46%
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Return on average equity (annualized)
|
11.00%
|
13.59%
|
11.93%
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13.64%
|
Net interest margin (tax equivalent)
|
3.73%
|
3.84%
|
3.78%
|
3.85%
|
Cash dividends paid per share
|
$ 0.510
|
$ 1.000
|
$ 1.320
|
$ 1.772
|
Earnings per share - basic
|
$ 0.95
|
$ 1.11
|
$ 3.04
|
$ 3.26
|
Earnings per share - diluted
|
$ 0.95
|
$ 1.11
|
$ 3.03
|
$ 3.26
|
Number of shares used in computation - basic
|
3,011,687
|
3,035,214
|
3,019,202
|
3,038,973
|
Number of shares used in computation - diluted
|
3,013,151
|
3,036,700
|
3,020,670
|
3,040,400
|
Balance Sheet Highlights (dollars in thousands):
|
September 30, 2015
|
December 31, 2014
|
September 30, 2014
|
Assets
|
$ 953,977
|
$ 925,048
|
$ 913,045
|
Investment securities:
|
|||
Available for sale
|
300,630
|
306,146
|
308,283
|
Loans (net of unearned income)
|
583,009
|
554,105
|
543,755
|
Allowance for loan losses
|
7,045
|
6,815
|
6,816
|
Deposits
|
797,848
|
773,933
|
768,042
|
Stockholders' Equity
|
103,904
|
100,528
|
99,160
|
Non-performing assets
|
8,416
|
9,227
|
9,078
|
Non-performing assets to total loans
|
1.44%
|
1.67%
|
1.67%
|
Annualized net charge-offs to total loans
|
0.03%
|
0.16%
|
0.19%
|
Average Leverage Ratio
|
10.99%
|
10.99%
|
10.78%
|
Common shares outstanding
|
3,001,071
|
3,038,956
|
3,041,904
|
Book value per share
|
$ 34.34
|
$ 32.83
|
$ 32.10
|