Financial Highlights(In thousands, except per share and ratio data.) | ||
(Unaudited) | ||
2004 | 2003 | |
Three Months Ended March 31 | ||
Net income | $ 1,493 | $ 1,365 |
Comprehensive income | 1,533 | 969 |
Per common share data: | ||
Earnings per share | 0.53 | 0.48 |
Cash dividends declared | 0.19 | 0.18 |
Performance ratios: | ||
Return on average assets | 1.29% | 1.28% |
Return on average equity | 15.72% | 15.11% |
At March 31 | ||
Assets | $ 468,831 | $ 447,201 |
Investment securities: | ||
Available-for-sale | 109,618 | 108,408 |
Loans (net of unearned income) | 317,423 | 304,342 |
Allowance for loan losses | 3,874 | 3,657 |
Deposits | 387,075 | 381,532 |
Stockholders' Equity | 39,527 | 38,866 |
Non-performing assets | 2,632 | 2,769 |
Average leverage ratio | 8.40% | 6.83% |
Per common share data: | ||
Book value | $ 14.05 | $ 13.75 |
Market value (average of bid/ask price) | 25.13 | 22.80 |
Market price to book value ratio | 178.86% | 165.82% |
March 31, 2004 |
PART I - FINANCIAL INFORMATION |
Item 1 - FINANCIAL STATEMENTS |
CITIZENS FINANCIAL SERVICES, INC. |
CONSOLIDATED BALANCE SHEET |
(UNAUDITED) |
March 31 | December 31 | March 31 | |
(in thousands) | 2004 | 2003 | 2003 |
ASSETS: | |||
Cash and due from banks: | |||
Noninterest-bearing | $ 8,731 | $ 9,624 | $ 12,264 |
Interest-bearing | 3,349 | 327 | 203 |
Total cash and cash equivalents | 12,080 | 9,951 | 12,467 |
Available-for-sale securities | 109,618 | 106,587 | 108,408 |
Loans (net of allowance for loan losses 2004, $3,874; December 31, | |||
2003, $3,620 and March 31, 2003, $3,657) | 313,549 | 314,037 | 300,685 |
Premises and equipment | 10,479 | 10,645 | 11,018 |
Accrued interest receivable | 1,790 | 1,703 | 1,978 |
Goodwill | 6,905 | 6,905 | 6,905 |
Core deposit intangible | 869 | 978 | 1,304 |
Bank owned life insurance | 7,221 | 7,142 | - |
Other assets | 6,320 | 5,930 | 4,436 |
TOTAL ASSETS | $ 468,831 | $ 463,878 | $ 447,201 |
LIABILITIES: | |||
Deposits: | |||
Noninterest-bearing | $ 44,377 | $ 46,820 | $ 41,624 |
Interest-bearing | 342,698 | 338,871 | 339,908 |
Total deposits | 387,075 | 385,691 | 381,532 |
Borrowed funds | 26,444 | 27,796 | 23,130 |
Notes payable | 7,500 | 7,500 | - |
Accrued interest payable | 1,547 | 1,888 | 1,664 |
Commitment to purchase investment securities | 4,094 | - | - |
Other liabilities | 2,644 | 2,474 | 2,009 |
TOTAL LIABILITIES | 429,304 | 425,349 | 408,335 |
STOCKHOLDERS' EQUITY: | |||
Common Stock | |||
$1.00 par value; authorized 10,000,000 shares; | |||
issued 2,909,849 shares in 2004 and at December 31, 2003, | |||
and 2,882,070 shares at March 31, 2003, respectively | 2,910 | 2,910 | 2,882 |
Additional paid-in capital | 10,213 | 10,213 | 9,474 |
Retained earnings | 27,413 | 26,455 | 25,302 |
TOTAL | 40,536 | 39,578 | 37,658 |
Accumulated other comprehensive income | 996 | 956 | 2,157 |
Less: Treasury Stock, at cost | |||
55,162 shares in 2003 and 2002 | (2,005) | (2,005) | (949) |
TOTAL STOCKHOLDERS' EQUITY | 39,527 | 38,529 | 38,866 |
TOTAL LIABILITIES AND | |||
STOCKHOLDERS' EQUITY | $ 468,831 | $ 463,878 | $ 477,201 |
CITIZENS FINANCIAL SERVICES, INC. | ||
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | ||
Three Months Ended | ||
(in thousands, except per share data) | March 31 | |
2004 | 2003 | |
INTEREST INCOME: | ||
Interest and fees on loans | $ 5,348 | $ 5,403 |
Interest-bearing deposits with banks | 5 | 4 |
Investment securities: | ||
Taxable | 892 | 894 |
Nontaxable | 85 | 137 |
Dividends | 62 | 82 |
TOTAL INTEREST INCOME | 6,392 | 6,520 |
INTEREST EXPENSE: | ||
Deposits | 1,964 | 2,238 |
Borrowed funds | 213 | 75 |
TOTAL INTEREST EXPENSE | 2,177 | 2,313 |
NET INTEREST INCOME | 4,215 | 4,207 |
Provision for loan losses | - | 135 |
NET INTEREST INCOME AFTER | ||
PROVISION FOR LOAN LOSSES | 4,215 | 4,072 |
NON-INTEREST INCOME: | ||
Service charges | 731 | 711 |
Trust | 181 | 124 |
Gains on Loans Sold | 9 | 96 |
Realized securities gains, net | 287 | 259 |
Bank Owned Life Insurance | 79 | - |
Other | 109 | 164 |
TOTAL NON-INTEREST INCOME | 1,396 | 1,354 |
NON-INTEREST EXPENSES: | ||
Salaries and employee benefits | 1,925 | 1,897 |
Occupancy | 286 | 278 |
Furniture and equipment | 169 | 177 |
Professional fees | 154 | 162 |
Amortization | 109 | 109 |
Other | 1,028 | 1,008 |
TOTAL NON-INTEREST EXPENSES | 3,671 | 3,631 |
Income before provision for income taxes | 1,940 | 1,795 |
Provision for income taxes | 447 | 430 |
NET INCOME | $ 1,493 | $ 1,365 |
OPERATING CASH EARNINGS** | $ 1,564 | $ 1,436 |
Earnings Per Share | $ 0.53 | $ 0.48 |
Operating Cash Earnings Per Share** | $ 0.56 | $ 0.50 |
Cash Dividend Declared | $ 0.190 | $ 0.180 |
**Operating cash earnings are net income before amortization of intangible assets and merger and acquisition costs, net of tax. | ||
Weighted average number shares outstanding | 2,812,888 | 2,854,688 |