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Citizens Financial Services, Inc. Reports First Quarter 2011 Earnings


News provided by

Citizens Financial Services, Inc.

Apr 28, 2011, 11:01 ET

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MANSFIELD, Pa., April 28, 2011 /PRNewswire/ -- Citizens Financial Services, Incorporated (OTC BB: CZFS), parent company of First Citizens National Bank, has released its unaudited financial performance for the first quarter ended March 31, 2011.

Net income for the three months ended March 31, 2011 totaled $2,830,000 which compares to $2,746,000 for the 1st quarter of 2010.  This represents an increase of $84,000, or 3.1%.  Earnings per share of $.98 increased 3.2% from $.95 per share last year.  Annualized return on equity for the comparable periods was 16.57% and 18.22%, while return on assets was 1.38% and 1.50%, respectively.

As of March 31, 2011, total assets were $840.2 million, which was an increase of $27.7 million from December 31, 2010, and an increase of $90.4 million from March 31, 2010, or 12%.  The investment portfolio totaled $285 million as of March 31, 2011.  This compares to $251.3 million as of December 31, 2010 and $217 million as of March 31, 2010.  Net loans have decreased $6.9 million during the 1st quarter of 2011 to a total of $460.7 million, primarily due to fewer lending opportunities in the current economic environment.  CEO and President Randall E. Black stated, "Even though loans have declined, we continue to see positive impacts on our local economy due to the natural gas exploration efforts related to the Marcellus Shale, which have created lending opportunities.  We continuously review and pursue these opportunities, subject to our commitment to maintaining disciplined underwriting standards."  Deposits have increased $23.8 million from December 31, 2010.  

Mr. Black further stated, "Our credit quality has improved from December 31, 2010 and continues to compare favorably to our peers.  Non-performing assets as a percent of loans was 2.31% as of March 31, 2011, which compares to 2.80% as of December.  As a result, our provision for loan losses for the 1st quarter of 2011 was $225,000 compared with $305,000 for the first quarter last year."

Stockholders' equity totaled $71 million at March 31, 2011, representing an increase of $2.4 million, or 3.4%, from December 31, 2010.  Compared to March 31, 2010, stockholders' equity has increased $7.3 million, or 11.5%.  Book value per share was $24.06 compared with $21.44 as of March 31, 2010, an increase of 12.2%.  First Citizens remains well capitalized based upon regulatory guidelines.  A cash dividend of $.26-1/2 per share was declared on April 5, 2011.  This dividend will be paid on April 29, 2011 to shareholders of record as of April 15, 2011, which is an increase of 3.9% over the cash dividend declared one year ago.

Citizens Financial Services, Inc. has over 1,500 shareholders, the majority of whom reside in Potter, Tioga, and Bradford Counties, Pennsylvania and Allegany County, New York, where their 18 offices are located.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.

CITIZENS FINANCIAL SERVICES, INC.




CONSOLIDATED BALANCE SHEET




(UNAUDITED)









March 31

December 31

March 31

(in thousands except share data)

2011

2010

2010

ASSETS:




Cash and due from banks:




 Noninterest-bearing

$     9,272

$         9,541

$     9,190

 Interest-bearing

35,282

34,454

15,322

Total cash and cash equivalents

44,554

43,995

24,512





Available-for-sale securities

285,034

251,303

216,969





Loans (net of allowance for loan losses: $6,068 at March 31, 2011;




   $5,915 at December 31, 2010 and $5,151 at March 31, 2010)

460,700

467,602

459,495





Premises and equipment

12,395

12,503

12,450

Accrued interest receivable

4,053

3,455

3,538

Goodwill

10,256

10,256

10,256

Bank owned life insurance

13,292

13,171

12,791

Other assets

9,964

10,241

9,842





TOTAL ASSETS

$ 840,248

$     812,526

$ 749,853





LIABILITIES:




Deposits:




 Noninterest-bearing

$   80,696

$       75,589

$   60,993

 Interest-bearing

623,833

605,122

563,404

Total deposits

704,529

680,711

624,397

Borrowed funds

57,115

55,996

53,429

Accrued interest payable

1,590

1,779

1,827

Other liabilities

5,971

5,350

6,461

TOTAL LIABILITIES

769,205

743,836

686,114

STOCKHOLDERS' EQUITY:




Preferred Stock $1.00 par value; authorized




 3,000,000 shares at March 31, 2011 and
 December 31, 2010: none as of March 31, 2010;




 none issued in 2011 or 2010

-

-

-

Common stock




 $1.00 par value; authorized 15,000,000 shares
   at March 31, 2011 and December 31, 2010;




   10,000,000 as of March 31, 2010; issued 3,104,434
   shares at March 31, 2011 and




   December 31, 2010; 3,076,253 shares at March 31, 2010

3,104

3,104

3,076

Additional paid-in capital

14,172

14,235

13,527

Retained earnings

57,010

54,932

49,381

Accumulated other comprehensive income

1,603

1,054

2,205

Treasury stock, at cost:  217,952 shares at
 March 31, 2011; 212,067 shares at




 December 31, 2010 and 206,421 shares at March 31, 2010

(4,846)

(4,635)

(4,450)

TOTAL STOCKHOLDERS' EQUITY

71,043

68,690

63,739

TOTAL LIABILITIES AND




  STOCKHOLDERS' EQUITY

$ 840,248

$     812,526

$ 749,853





The accompanying notes are an integral part of these unaudited consolidated financial statements.

Financial Highlights







Three Months Ended


March 31


2011

2010

Performance Ratios and Share Data:



   Return on average assets (annualized)

1.38%

1.50%

   Return on average equity (annualized)

16.57%

18.22%

   Cash dividends paid per share

$                0.26

$                     0.25

   Earnings per share

$                0.98

$                     0.95

   Weighted average shares outstanding

2,888,921

2,898,662









Balance Sheet Highlights (dollars in thousands):

March 31, 2011

December 31, 2010

March 31, 2010





Assets

$          840,248

$               812,526

$        749,853

Investment securities:




   Available for sale

285,034

251,303

216,969

Loans (net of unearned income)

466,768

473,517

464,646

Allowance for loan losses

6,068

5,915

5,151

Deposits

704,529

680,711

624,397

Stockholders' Equity

71,043

68,690

63,739

Non-performing assets

10,793

13,238

7,837

Non-performing assets to total loans

2.31%

2.80%

1.69%

Annualized net charge-offs to total loans

0.06%

0.04%

0.04%

Average Leverage Ratio

8.38%

8.32%

8.30%

Common shares outstanding

2,886,482

2,892,367

2,869,832

Book value per share

$              24.06

$                   23.38

$            21.44

CITIZENS FINANCIAL SERVICES, INC.



CONSOLIDATED STATEMENT OF INCOME



(UNAUDITED)




Three Months Ended


March 31,

(in thousands, except per share data)

2011

2010

INTEREST INCOME:



Interest and fees on loans

$      7,395

$      7,734

Interest-bearing deposits with banks

22

14

Investment securities:



   Taxable

1,172

1,335

   Nontaxable

865

641

   Dividends

15

6

TOTAL INTEREST INCOME

9,469

9,730

INTEREST EXPENSE:



Deposits

2,088

2,542

Borrowed funds

445

441

TOTAL INTEREST EXPENSE

2,533

2,983

NET INTEREST INCOME

6,936

6,747

Provision for loan losses

225

305

NET INTEREST INCOME AFTER



   PROVISION FOR LOAN LOSSES

6,711

6,442

NON-INTEREST INCOME:



Service charges

841

853

Trust

157

146

Brokerage and insurance

95

82

Investment securities gains, net

120

64

Earnings on bank owned life insurance

121

124

Other

181

121

TOTAL NON-INTEREST INCOME

1,515

1,390

NON-INTEREST EXPENSES:



Salaries and employee benefits

2,515

2,441

Occupancy

390

306

Furniture and equipment

117

106

Professional fees

157

180

FDIC insurance

250

237

Other

1,247

1,058

TOTAL NON-INTEREST EXPENSES

4,676

4,328

Income before provision for income taxes

3,550

3,504

Provision for income taxes

720

758

NET INCOME

$      2,830

$      2,746




Earnings Per Share

$        0.98

$        0.95

Cash Dividends Paid

$        0.26

$        0.25




Weighted average number of shares outstanding

2,888,921

2,898,662




The accompanying notes are an integral part of these unaudited consolidated financial statements.

SOURCE Citizens Financial Services, Inc.

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