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 October 26, 2016, titled "Citizens Financial Services, Inc. Reports Third Quarter 2016 Earnings".
|
Citizens Financial Services, Inc. | |||
October 26, 2016
|
By:
|
/s/ Mickey L. Jones | |
Mickey L. Jones | |||
Chief Operating 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)
|
||||||||||||
Septmber 30
|
December 31
|
Septmber 30
|
||||||||||
(in thousands except share data)
|
2016
|
2015
|
2015
|
|||||||||
ASSETS:
|
||||||||||||
Cash and due from banks:
|
||||||||||||
Noninterest-bearing
|
$
|
15,459
|
$
|
14,088
|
$
|
9,437
|
||||||
Interest-bearing
|
912
|
10,296
|
877
|
|||||||||
Total cash and cash equivalents
|
16,371
|
24,384
|
10,314
|
|||||||||
Interest bearing time deposits with other banks
|
6,955
|
7,696
|
6,460
|
|||||||||
Available-for-sale securities
|
349,154
|
359,737
|
300,630
|
|||||||||
Loans held for sale
|
576
|
603
|
1,248
|
|||||||||
Loans (net of allowance for loan losses: $8,194 at September 30, 2016;
|
||||||||||||
$7,106 at December 31, 2015 and $7,045 at September 30, 2015)
|
743,099
|
687,925
|
575,964
|
|||||||||
Premises and equipment
|
17,143
|
17,263
|
12,544
|
|||||||||
Accrued interest receivable
|
3,988
|
4,211
|
3,566
|
|||||||||
Goodwill
|
21,089
|
21,089
|
10,256
|
|||||||||
Bank owned life insurance
|
26,050
|
25,535
|
20,773
|
|||||||||
Other intangibles
|
2,059
|
2,437
|
373
|
|||||||||
Other assets
|
11,170
|
12,104
|
11,849
|
|||||||||
TOTAL ASSETS
|
$
|
1,197,654
|
$
|
1,162,984
|
$
|
953,977
|
||||||
LIABILITIES:
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest-bearing
|
$
|
149,848
|
$
|
150,960
|
$
|
106,957
|
||||||
Interest-bearing
|
858,899
|
837,071
|
690,891
|
|||||||||
Total deposits
|
1,008,747
|
988,031
|
797,848
|
|||||||||
Borrowed funds
|
51,859
|
41,631
|
44,657
|
|||||||||
Accrued interest payable
|
636
|
734
|
693
|
|||||||||
Other liabilities
|
10,862
|
12,828
|
6,875
|
|||||||||
TOTAL LIABILITIES
|
1,072,104
|
1,043,224
|
850,073
|
|||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||
Preferred Stock $1.00 par value; authorized
|
||||||||||||
3,000,000 shares; none issued in 2016 or 2015
|
-
|
-
|
-
|
|||||||||
Common stock
|
||||||||||||
$1.00 par value; authorized 15,000,000 shares at September 30, 2016, December 31, 2015
|
||||||||||||
and September 30, 2015; issued 3,704,375 at September 30, 2016 and 3,671,751 at
|
||||||||||||
December 31, 2015 and 3,335,236 shares at September 30, 2015
|
3,704
|
3,672
|
3,335
|
|||||||||
Additional paid-in capital
|
42,241
|
40,715
|
25,131
|
|||||||||
Retained earnings
|
89,501
|
85,790
|
84,698
|
|||||||||
Accumulated other comprehensive income (loss)
|
1,390
|
(236
|
)
|
842
|
||||||||
Treasury stock, at cost: 358,811 shares at September 30, 2016; 335,876 shares at
|
||||||||||||
December 31, 2015 and 334,165 shares at September 30, 2015
|
(11,286
|
)
|
(10,181
|
)
|
(10,102
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
125,550
|
119,760
|
103,904
|
|||||||||
TOTAL LIABILITIES AND
|
||||||||||||
STOCKHOLDERS' EQUITY
|
$
|
1,197,654
|
$
|
1,162,984
|
$
|
953,977
|
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)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
INTEREST INCOME:
|
||||||||||||||||
Interest and fees on loans
|
$
|
9,204
|
$
|
7,248
|
$
|
26,387
|
$
|
21,416
|
||||||||
Interest-bearing deposits with banks
|
50
|
33
|
185
|
103
|
||||||||||||
Investment securities:
|
||||||||||||||||
Taxable
|
897
|
798
|
2,800
|
2,317
|
||||||||||||
Nontaxable
|
733
|
749
|
2,259
|
2,398
|
||||||||||||
Dividends
|
64
|
35
|
205
|
168
|
||||||||||||
TOTAL INTEREST INCOME
|
10,948
|
8,863
|
31,836
|
26,402
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Deposits
|
1,048
|
1,044
|
3,194
|
3,088
|
||||||||||||
Borrowed funds
|
188
|
174
|
554
|
521
|
||||||||||||
TOTAL INTEREST EXPENSE
|
1,236
|
1,218
|
3,748
|
3,609
|
||||||||||||
NET INTEREST INCOME
|
9,712
|
7,645
|
28,088
|
22,793
|
||||||||||||
Provision for loan losses
|
500
|
120
|
770
|
360
|
||||||||||||
NET INTEREST INCOME AFTER
|
||||||||||||||||
PROVISION FOR LOAN LOSSES
|
9,212
|
7,525
|
27,318
|
22,433
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Service charges
|
1,115
|
1,054
|
3,345
|
3,058
|
||||||||||||
Trust
|
161
|
149
|
539
|
523
|
||||||||||||
Brokerage and insurance
|
211
|
181
|
578
|
563
|
||||||||||||
Gains on loans sold
|
109
|
85
|
225
|
183
|
||||||||||||
Investment securities gains, net
|
-
|
129
|
155
|
430
|
||||||||||||
Earnings on bank owned life insurance
|
174
|
158
|
516
|
464
|
||||||||||||
Other
|
138
|
109
|
449
|
327
|
||||||||||||
TOTAL NON-INTEREST INCOME
|
1,908
|
1,865
|
5,807
|
5,548
|
||||||||||||
NON-INTEREST EXPENSES:
|
||||||||||||||||
Salaries and employee benefits
|
4,285
|
3,069
|
12,067
|
9,118
|
||||||||||||
Occupancy
|
485
|
347
|
1,385
|
1,064
|
||||||||||||
Furniture and equipment
|
164
|
108
|
492
|
323
|
||||||||||||
Professional fees
|
283
|
202
|
836
|
614
|
||||||||||||
FDIC insurance
|
175
|
116
|
492
|
348
|
||||||||||||
Pennsylvania shares tax
|
240
|
201
|
630
|
602
|
||||||||||||
Amortization of intangibles
|
82
|
-
|
246
|
-
|
||||||||||||
Merger and acquisition
|
-
|
282
|
-
|
405
|
||||||||||||
ORE expenses (recovery)
|
(71
|
)
|
328
|
234
|
686
|
|||||||||||
Other
|
1,557
|
1,199
|
5,031
|
3,455
|
||||||||||||
TOTAL NON-INTEREST EXPENSES
|
7,200
|
5,852
|
21,413
|
16,615
|
||||||||||||
Income before provision for income taxes
|
3,920
|
3,538
|
11,712
|
11,366
|
||||||||||||
Provision for income taxes
|
767
|
681
|
2,245
|
2,200
|
||||||||||||
NET INCOME
|
$
|
3,153
|
$
|
2,857
|
$
|
9,467
|
$
|
9,166
|
||||||||
PER COMMON SHARE DATA:
|
||||||||||||||||
Net Income - Basic
|
$
|
0.94
|
$
|
0.94
|
$
|
2.83
|
$
|
3.00
|
||||||||
Net Income - Diluted
|
$
|
0.94
|
$
|
0.94
|
$
|
2.83
|
$
|
3.00
|
||||||||
Cash Dividends Paid
|
$
|
0.420
|
$
|
0.503
|
$
|
1.250
|
$
|
1.304
|
||||||||
Number of shares used in computation - basic
|
3,339,962
|
3,044,311
|
3,346,623
|
3,051,826
|
||||||||||||
Number of shares used in computation - diluted
|
3,341,656
|
3,045,775
|
3,348,321
|
3,053,294
|
Consolidated Financial Highlights
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30
|
September 30
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Performance Ratios and Share Data:
|
||||||||||||||||
Return on average assets (annualized)
|
1.06
|
%
|
1.21
|
%
|
1.06
|
%
|
1.31
|
%
|
||||||||
Return on average equity (annualized)
|
10.17
|
%
|
11.00
|
%
|
10.28
|
%
|
11.93
|
%
|
||||||||
Net interest margin (tax equivalent)
|
3.78
|
%
|
3.73
|
%
|
3.67
|
%
|
3.78
|
%
|
||||||||
Cash dividends paid per share
|
$
|
0.420
|
$
|
0.503
|
$
|
1.250
|
$
|
1.304
|
||||||||
Earnings per share - basic
|
$
|
0.94
|
$
|
0.94
|
$
|
2.83
|
$
|
3.00
|
||||||||
Earnings per share - diluted
|
$
|
0.94
|
$
|
0.94
|
$
|
2.83
|
$
|
3.00
|
||||||||
Number of shares used in computation - basic
|
3,339,962
|
3,044,311
|
3,346,623
|
3,051,826
|
||||||||||||
Number of shares used in computation - diluted
|
3,341,656
|
3,045,775
|
3,348,321
|
3,053,294
|
Balance Sheet Highlights (dollars in thousands, except share and per share data):
|
September 30, 2016
|
December 31, 2015
|
September 30, 2015
|
|||||||||
Assets
|
$
|
1,197,654
|
$
|
1,162,984
|
$
|
953,977
|
||||||
Investment securities:
|
||||||||||||
Available for sale
|
349,154
|
359,737
|
300,630
|
|||||||||
Loans (net of unearned income)
|
751,293
|
695,031
|
583,009
|
|||||||||
Allowance for loan losses
|
8,194
|
7,106
|
7,045
|
|||||||||
Deposits
|
1,008,747
|
988,031
|
797,848
|
|||||||||
Stockholders' Equity
|
125,550
|
119,760
|
103,094
|
|||||||||
Non-performing assets
|
11,770
|
8,508
|
8,416
|
|||||||||
Non-performing assets to total loans
|
1.57
|
%
|
1.22
|
%
|
1.44
|
%
|
||||||
Annualized net charge-offs (recoveries) to total loans
|
-0.06
|
%
|
0.03
|
%
|
0.03
|
%
|
||||||
Average Leverage Ratio
|
9.55
|
%
|
11.01
|
%
|
10.99
|
%
|
||||||
Common shares outstanding
|
3,345,564
|
3,335,875
|
3,001,071
|
|||||||||
Book value per share
|
$
|
37.11
|
$
|
35.62
|
$
|
33.97
|