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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Citizens Financial Corporation (PK) | USOTC:CIWV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 18.52 | 19.50 | 19.00 | 18.88 | 18.88 | 200 | 21:03:18 |
Delaware
|
55-0666598
|
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification Number)
|
|
213
Third St.
|
||
Elkins, West Virginia
|
26241
|
|
(Address
of Principal
|
(Zip
Code)
|
|
Executive
Offices)
|
||
Registrant's
Telephone Number,
|
(304) 636-4095
|
|
Including
Area Code:
|
Large Accelerated Filer o | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company x |
Page
|
|||||
Part I
|
Item 1
|
4-9
|
|||
Item 1A
|
9-10
|
||||
Item 2
|
10
|
||||
Item 3
|
10-11
|
||||
Item 4
|
11
|
||||
Part II
|
Item 5
|
11-18
|
|||
Item 6
|
Selected
Financial Data
|
Not applicable
|
|||
Item 7
|
18-25
|
||||
Item 7A
|
Quantitative
and Qualitative Disclosures Amount Market Risk
|
Not applicable
|
|||
Item 8
|
26-51
|
||||
Item 9
|
52
|
||||
Item 9A
|
52
|
||||
Item 9B
|
52
|
||||
Part III
|
Item 10
|
53-54
|
|||
Item 11
|
54-57
|
||||
Item 12
|
57-58
|
||||
Item 13
|
58
|
||||
Item 14
|
58-59
|
||||
Part IV
|
Item 15
|
59-70
|
|
·
|
Loan
delinquencies may increase;
|
|
·
|
Problem
assets and foreclosures may
increase;
|
|
·
|
Loan
charge-offs and provisions for loan losses may
increase;
|
|
·
|
Demand
for the products and services of the company may
decline;
|
|
·
|
Collateral
(including real estate) for loans made by the company may decline in
value, in turn reducing customers’ borrowing power and making existing
loans less secure; and
|
|
·
|
Customers
may need to withdraw existing deposits to satisfy current living expenses
causing reduced liquidity.
|
High
|
Low
|
|||||||
First
Quarter through
|
||||||||
February
29, 2008
|
$ | 11.25 | $ | 10.45 | ||||
2007
|
||||||||
First
Quarter
|
$ | 19.89 | $ | 18.92 | ||||
Second
Quarter$19.28
|
$ | 17.19 | ||||||
Third
Quarter
|
$ | 17.68 | $ | 13.28 | ||||
Fourth
Quarter
|
$ | 14.85 | $ | 11.25 | ||||
2006
|
||||||||
First
Quarter
|
$ | 19.50 | $ | 16.47 | ||||
Second
Quarter
|
$ | 20.47 | $ | 16.90 | ||||
Third
Quarter
|
$ | 17.67 | $ | 16.83 | ||||
Fourth
Quarter
|
$ | 19.50 | $ | 17.35 |
Total
Number
|
Maximum
Number
|
|||||||||||||||
of
shares
|
of
shares that
|
|||||||||||||||
purchased
as
|
may
yet be
|
|||||||||||||||
Total
Number
|
Average
|
part
of publicly
|
purchased
under
|
|||||||||||||
of
shares
|
price
paid
|
announced
plans
|
the
plans or
|
|||||||||||||
Period
|
purchased
|
per share
|
or programs
|
programs
|
||||||||||||
October
1-31, 2007
|
- | N/A | N/A | N/A | ||||||||||||
November
1-30, 2007
|
- | N/A | N/A | N/A | ||||||||||||
December
1-31, 2007
|
- | N/A | N/A | N/A |
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||
Avg Bal
|
Interest
|
Yield/Rate
|
Avg Bal
|
Interest
|
Yield/Rate
|
Avg Bal
|
Interest
|
Yield/Rate
|
||||||||||||||||||||||||||||
(in
thousands of dollars)
|
(in
thousands of dollars)
|
(in
thousands of dollars)
|
||||||||||||||||||||||||||||||||||
Interest
Earning Assets:
|
||||||||||||||||||||||||||||||||||||
Federal
funds sold and interest bearing deposits with other banks
|
$ | 2,166 | $ | 110 | 5.08 | % | $ | 1,377 | $ | 68 | 4.94 | % | $ | 3,807 | $ | 123 | 3.23 | % | ||||||||||||||||||
Securities:
|
||||||||||||||||||||||||||||||||||||
Taxable
|
43,295 | 1,844 | 4.26 | 53,267 | 2,046 | 3.84 | 51,340 | 1,781 | 3.47 | |||||||||||||||||||||||||||
Tax-exempt
(1)
|
15,835 | 883 | 5.58 | 8,555 | 459 | 5.37 | 8,825 | 496 | 5.62 | |||||||||||||||||||||||||||
Loans
(net of unearned interest) (1) (2)
|
170,263 | 13,474 | 7.91 | 162,252 | 13,004 | 8.01 | 149,177 | 10,799 | 7.24 | |||||||||||||||||||||||||||
Total
interest earning assets (1)
|
231,559 | 16,311 | 7.04 | 225,451 | 15,577 | 6.91 | 213,149 | 13,199 | 6.19 | |||||||||||||||||||||||||||
Nonearning
assets:
|
||||||||||||||||||||||||||||||||||||
Cash
and due from banks
|
4,951 | 6,258 | 5,981 | |||||||||||||||||||||||||||||||||
Bank
premises and equipment, net
|
4,260 | 4,194 | 4,205 | |||||||||||||||||||||||||||||||||
Other
assets
|
6,677 | 5,311 | 4,642 | |||||||||||||||||||||||||||||||||
Allowance
for loan losses
|
(1,920 | ) | (1,750 | ) | (1,512 | ) | ||||||||||||||||||||||||||||||
Total
assets
|
$ | 245,527 | $ | 239,464 | $ | 226,465 | ||||||||||||||||||||||||||||||
Interest
Bearing Liabilities:
|
||||||||||||||||||||||||||||||||||||
Savings
deposits
|
$ | 21,867 | 121 | 0.55 | $ | 23,608 | 121 | 0.51 | $ | 26,077 | 130 | 0.50 | ||||||||||||||||||||||||
Time
deposits
|
99,855 | 4,536 | 4.54 | 89,731 | 3,566 | 3.97 | 82,768 | 2,583 | 3.12 | |||||||||||||||||||||||||||
NOW
accounts
|
44,999 | 1,277 | 2.84 | 44,495 | 1,161 | 2.61 | 37,057 | 613 | 1.65 | |||||||||||||||||||||||||||
Money
market accounts
|
5,603 | 28 | 0.50 | 6,538 | 33 | 0.50 | 7,165 | 50 | 0.69 | |||||||||||||||||||||||||||
Borrowings
|
22,294 | 819 | 3.67 | 26,215 | 975 | 2.72 | 26,933 | 680 | 2.52 | |||||||||||||||||||||||||||
Total
interest bearing liabilities
|
194,618 | 6,781 | 3.48 | 190,587 | 5,856 | 3.07 | 180,000 | 4,056 | 2.25 | |||||||||||||||||||||||||||
Noninterest
bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Demand
deposits
|
26,623 | 26,019 | 24,696 | |||||||||||||||||||||||||||||||||
Other
liabilities
|
3,373 | 2,574 | 1,348 | |||||||||||||||||||||||||||||||||
Shareholders'
equity
|
20,913 | 20,284 | 20,421 | |||||||||||||||||||||||||||||||||
Total
liabilities and shareholder's equity
|
$ | 245,527 | $ | 239,464 | $ | 226,465 | ||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
Net
interest income (1)
|
$ | 9,530 | $ | 9,721 | $ | 9,143 | ||||||||||||||||||||||||||||||
Net
interest income to average earning assets (1)
|
4.12 | % | 4.31 | % | 4.29 | % |
2007
Compared to 2006
|
2006
Compared to 2005
|
|||||||||||||||||||||||
Increase
|
(Decrease)
|
Due to
|
Increase
|
(Decrease)
|
Due to
|
|||||||||||||||||||
(in
thousands of dollars)
|
||||||||||||||||||||||||
Volume
|
Rate
|
Total
|
Volume
|
Rate
|
Total
|
|||||||||||||||||||
Interest
earned on:
|
||||||||||||||||||||||||
Federal
funds sold and interest bearing deposits with other banks
|
$ | 40 | $ | 1 | $ | 41 | $ | (102 | ) | $ | 48 | $ | (54 | ) | ||||||||||
Taxable
securities
|
(410 | ) | 208 | (202 | ) | 69 | 196 | 265 | ||||||||||||||||
Tax-exempt
securities
|
405 | 18 | 423 | (15 | ) | (22 | ) | (37 | ) | |||||||||||||||
Loans
|
635 | (164 | ) | 471 | 996 | 1,208 | 2,204 | |||||||||||||||||
Total
interest earned
|
670 | 63 | 733 | 948 | 1,430 | 2,378 | ||||||||||||||||||
Interest
expense on:
|
||||||||||||||||||||||||
Savings
deposits
|
(9 | ) | 9 | 0 | (12 | ) | 3 | (9 | ) | |||||||||||||||
Time
deposits
|
427 | 543 | 970 | 232 | 750 | 982 | ||||||||||||||||||
NOW
accounts
|
13 | 103 | 116 | 141 | 407 | 548 | ||||||||||||||||||
Money
market accounts
|
(5 | ) | (1 | ) | (6 | ) | (4 | ) | (12 | ) | (16 | ) | ||||||||||||
Other
borrowing
|
(143 | ) | (13 | ) | (156 | ) | (19 | ) | 314 | 295 | ||||||||||||||
Total
interest expense
|
283 | 641 | 924 | 338 | 1,462 | 1,800 | ||||||||||||||||||
Net
interest income
|
$ | 387 | $ | (578 | ) | $ | (191 | ) | $ | 610 | $ | (32 | ) | $ | 578 |
Within One
Year
|
After One but
Within Five Years
|
After Five but
Within Ten Years
|
After Ten
Years
|
Total
|
||||||||||||||||||||||||||||||||||||
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
|||||||||||||||||||||||||||||||
(in
thousands of dollars)
|
||||||||||||||||||||||||||||||||||||||||
U.S.
Treasury and other U.S. government agencies and
corporations
|
$ | 15,258 | 4.05 | % | $ | 19,413 | 4.88 | % | $ | - | - | % | $ | - | - | % | $ | 34,671 | 4.51 | % | ||||||||||||||||||||
State
and political subdivisions (1)
|
1,701 | 5.27 | 6,612 | 5.20 | 14,404 | 5.47 | - | - | 22,717 | 5.38 | ||||||||||||||||||||||||||||||
Other
securities
|
- | - | - | - | - | - | 1,113 | 3.29 | 1,113 | 3 .29 | ||||||||||||||||||||||||||||||
Total
|
$ | 16,959 | 4.17 | % | $ | 26,025 | 4.96 | % | $ | 14,404 | 5.47 | % | $ | 1,113 | 3.29 | % | $ | 58,501 | 4.82 | % |
December 31
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(in
thousands of dollars)
|
||||||||||||||||||||
Commercial,
financial and agricultural
|
$ | 21,016 | $ | 26,969 | $ | 26,589 | $ | 23,831 | $ | 25,417 | ||||||||||
Real
estate-construction
|
12,497 | 13,964 | 10,559 | 8,759 | 5,963 | |||||||||||||||
Real
estate-mortgage
|
126,445 | 114,966 | 104,868 | 101,083 | 89,111 | |||||||||||||||
Installment
loans
|
10,903 | 10,635 | 9,726 | 10,734 | 12,396 | |||||||||||||||
Other
|
2,012 | 1,611 | 2,051 | 1,636 | 2,868 | |||||||||||||||
Total
loans
|
$ | 172,873 | $ | 168,145 | $ | 153,793 | $ | 146,043 | $ | 135,755 |
December 31
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(in
thousands of dollars)
|
||||||||||||||||||||
Nonaccrual
loans
|
$ | 4,487 | $ | 2,208 | 58 | $ | - | $ | 16 | |||||||||||
Loans
past due 90 days or more still accruing interest
|
206 | - | 538 | 559 | 352 | |||||||||||||||
Troubled
debt restructurings
|
-
|
- | - | - | - | |||||||||||||||
Total
|
$ | 4,693 | $ | 2,208 | $ | 596 | $ | 559 | $ | 368 |
December 31
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(in
thousands of dollars)
|
||||||||||||||||||||
Balance,
beginning of year
|
$ | 1,873 | $ | 1,597 | $ | 1,378 | $ | 1,396 | $ | 1,386 | ||||||||||
Charge
offs:
|
||||||||||||||||||||
Commercial,
financial and agricultural
|
1,538 | 123 | - | 1,031 | 129 | |||||||||||||||
Real
estate-mortgage
|
348 | - | - | 36 | 24 | |||||||||||||||
Installment
|
49 | 39 | 90 | 98 | 190 | |||||||||||||||
Total
|
1,935 | 162 | 90 | 1,165 | 343 | |||||||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial,
financial and agricultural
|
8 | 4 | 5 | 192 | 21 | |||||||||||||||
Real
estate-mortgage
|
- | - | 1 | - | - | |||||||||||||||
Installment
|
34 | 11 | 28 | 20 | 8 | |||||||||||||||
Total
|
42 | 15 | 34 | 212 | 29 | |||||||||||||||
Net
charge offs
|
1,893 | 147 | 56 | 953 | 314 | |||||||||||||||
Provisions
for loan losses
|
1,783 | 423 | 275 | 935 | 324 | |||||||||||||||
Balance,
end of year
|
$ | 1,763 | $ | 1,873 | $ | 1,597 | $ | 1,378 | $ | 1,396 | ||||||||||
Ratio
of net charge-offs during the period to average loans outstanding during
the period
|
1.11 | % | 0.09 | % | 0.04 | % | 0.67 | % | 0.25 | % |
Allocation of Allowance For Loan
Losses
|
||||||||||||||||||||
December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Commercial,
financial and agricultural
|
$ | 552 | $ | 1,077 | $ | 901 | $ | 717 | $ | 810 | ||||||||||
Real
estate-construction
|
- | - | - | - | - | |||||||||||||||
Real
estate-mortgage
|
879 | 589 | 320 | 282 | 103 | |||||||||||||||
Installment
and other
|
132 | 65 | 151 | 173 | 185 | |||||||||||||||
Unallocated
|
200 | 142 | 225 | 206 | 298 | |||||||||||||||
Total
|
$ | 1,763 | $ | 1,873 | $ | 1,597 | $ | 1,378 | $ | 1,396 | ||||||||||
Percent of Loans in Each Category to Total
Loans
|
||||||||||||||||||||
December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Commercial,
financial and agricultural
|
12 | % | 16 | % | 17 | % | 16 | % | 19 | % | ||||||||||
Real
estate-construction
|
7 | 8 | 7 | 6 | 4 | |||||||||||||||
Real
estate-mortgage
|
73 | 68 | 68 | 69 | 66 | |||||||||||||||
Installment
and other
|
8 | 8 | 8 | 9 | 11 | |||||||||||||||
Total
|
100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Year Ended December 31
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Return
on average assets
|
0.42 | % | 0.87 | % | 0.90 | % | ||||||
Return
on average equity
|
4.94 | 10.29 | 10.02 | |||||||||
Dividend
payout ratio
|
84.94 | 50.24 | 48.49 | |||||||||
Average
equity to assets ratio
|
8.52 | 8.47 | 9.02 |
Payments
Due By Period
|
||||||||||||||||||||
(in thousands of dollars)
|
||||||||||||||||||||
Less
than
|
1 –
3
|
3
-5
|
More
than
|
|||||||||||||||||
Total
|
1 year
|
years
|
years
|
5 years
|
||||||||||||||||
Contractual
obligations
|
||||||||||||||||||||
Long-term
debt
|
$ | 2,719 | $ | 375 | $ | 804 | $ | 768 | $ | 772 | ||||||||||
Capital
leases
|
- | - | - | - | - | |||||||||||||||
Operating
leases
|
115 | 43 | 64 | 8 | - | |||||||||||||||
Purchase
obligations
|
- | - | - | - | - | |||||||||||||||
Other
long-term liabilities
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 2,834 | $ | 418 | $ | 868 | $ | 776 | $ | 772 |
ASSETS
|
2007
|
2006
|
||||||
Cash
and due from banks
|
$ | 7,049,699 | $ | 6,064,890 | ||||
Interest
bearing deposits with other banks
|
12,421 | 29,858 | ||||||
Securities
available for sale, at fair value
|
58,559,453 | 59,745,539 | ||||||
Loans,
less allowance for loan losses of $1,763,300 and $1,873,038,
respectively
|
170,939,264 | 166,217,889 | ||||||
Bank
premises and equipment, net
|
4,259,664 | 4,331,313 | ||||||
Accrued
interest receivable
|
1,384,943 | 1,393,468 | ||||||
Other
assets
|
4,389,441 | 5,197,515 | ||||||
Total
assets
|
$ | 246,594,885 | $ | 242,980,472 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Noninterest
bearing
|
$ | 27,919,859 | $ | 27,103,487 | ||||
Interest
bearing
|
173,376,611 | 169,439,728 | ||||||
Total
deposits
|
201,296,470 | 196,543,215 | ||||||
Short-term
borrowings
|
19,655,942 | 19,833,434 | ||||||
Long-term
borrowings
|
2,718,865 | 3,511,770 | ||||||
Other
liabilities
|
1,842,680 | 2,814,034 | ||||||
Total
liabilities
|
225,513,957 | 222,702,453 | ||||||
Commitments
and contingencies
|
- | - | ||||||
Shareholders'
equity
|
||||||||
Common
stock, $2.00 par value, authorized 4,500,000 shares,issued 2,250,000
shares
|
4,500,000 | 4,500,000 | ||||||
Retained
earnings
|
20,998,645 | 20,842,981 | ||||||
Accumulated
other comprehensive income/(loss)
|
(586,154 | ) | (1,233,399 | ) | ||||
Treasury
stock at cost, 420,496 shares
|
(3,831,563 | ) | (3,831,563 | ) | ||||
Total
shareholders' equity
|
21,080,928 | 20,278,019 | ||||||
Total
liabilities and shareholders' equity
|
$ | 246,594,885 | $ | 242,980,472 |
2007
|
2006
|
2005
|
||||||||||
Interest
and dividend income
|
||||||||||||
Interest
and fees on loans
|
$ | 13,430,613 | $ | 12,933,850 | $ | 10,744,643 | ||||||
Interest
and dividends on securities:
|
||||||||||||
Taxable
|
1,844,104 | 2,045,639 | 1,780,716 | |||||||||
Tax-exempt
|
582,457 | 303,154 | 327,325 | |||||||||
Interest
on interest bearing deposits with other banks
|
95,655 | 48,150 | 59,679 | |||||||||
Interest
on federal funds sold
|
13,888 | 20,514 | 63,493 | |||||||||
Total
interest and dividend income
|
15,966,717 | 15,351,307 | 12,975,856 | |||||||||
Interest
expense
|
||||||||||||
Interest
on deposits
|
5,961,553 | 4,881,518 | 3,376,537 | |||||||||
Interest
on short-term borrowings
|
683,957 | 801,402 | 501,698 | |||||||||
Interest
on long-term borrowings
|
135,263 | 173,397 | 178,078 | |||||||||
Total
interest expense
|
6,780,773 | 5,856,317 | 4,056,313 | |||||||||
Net
interest income
|
9,185,944 | 9,494,990 | 8,919,543 | |||||||||
Provision
for loan losses
|
1,783,155 | 423,385 | 274,667 | |||||||||
Net
interest income after provision for loan losses
|
7,402,789 | 9,071,605 | 8,644,876 | |||||||||
Noninterest
income
|
||||||||||||
Trust
income
|
230,683 | 207,178 | 201,402 | |||||||||
Service
fees
|
1,017,516 | 851,526 | 771,831 | |||||||||
Insurance
commissions
|
34,275 | 37,069 | 42,810 | |||||||||
Securities
gains/(losses), net
|
2,399 | (17,694 | ) | - | ||||||||
Brokerage
fees
|
159,927 | 117,207 | 79,117 | |||||||||
Secondary
market loan fees
|
100,379 | 108,382 | 101,523 | |||||||||
Other
|
293,562 | 326,338 | 271,639 | |||||||||
Total
noninterest income
|
1,838,741 | 1,630,006 | 1,468,322 | |||||||||
Noninterest
expense
|
||||||||||||
Salaries
and employee benefits
|
3,883,356 | 3,925,985 | 3,723,480 | |||||||||
Net
occupancy expense
|
426,039 | 383,900 | 332,748 | |||||||||
Equipment
expense
|
386,476 | 439,193 | 484,001 | |||||||||
Data
processing
|
517,265 | 524,304 | 598,824 | |||||||||
Director
fees
|
256,220 | 272,880 | 252,483 | |||||||||
Postage
expense
|
170,812 | 182,136 | 170,653 | |||||||||
Professional
service fees
|
421,406 | 349,574 | 245,714 | |||||||||
Stationery
|
149,128 | 152,549 | 155,923 | |||||||||
Software
expense
|
204,418 | 182,608 | 208,231 | |||||||||
Net
cost of operation of other real estate
|
440,881 | 204,280 | 9,778 | |||||||||
Other
|
1,116,616 | 1,041,665 | 956,819 | |||||||||
Total
noninterest expense
|
7,972,617 | 7,659,074 | 7,138,654 | |||||||||
Income
before income taxes
|
1,268,913 | 3,042,537 | 2,974,544 | |||||||||
Income
tax expense
|
235,087 | 955,646 | 927,358 | |||||||||
Net
income
|
$ | 1,033,826 | $ | 2,086,891 | $ | 2,047,186 | ||||||
Basic and fully diluted
earnings per common share
*
|
$ | 0.57 | $ | 1.13 | $ | 1.10 | ||||||
Basic
and fully diluted average common shares outstanding*
|
1,829,504 | 1,842,662 | 1,864,215 |
2007
|
2006
|
2005
|
||||||||||
Net
Income
|
$ | 1,033,826 | $ | 2,086,891 | $ | 2,047,186 | ||||||
Other
comprehensive income/(loss):
|
||||||||||||
Gross
unrealized gains/(losses) arising during the period
|
671,673 | 338,294 | (1,060,150 | ) | ||||||||
Adjustment
for income tax (benefit)/expense
|
(255,237 | ) | (128,552 | ) | 402,857 | |||||||
416,436 | 209,742 | (657,293 | ) | |||||||||
Reclassification
adjustment for (gains)/losses included in net income
|
(2,399 | ) | 17,694 | - | ||||||||
Adjustment
for income tax (benefit)/expense
|
913 | (6,724 | ) | - | ||||||||
(1,486 | ) | 10,970 | - | |||||||||
Increase
in minimum pension liability
|
- | - | (1,155,756 | ) | ||||||||
Adjustment
for income tax benefit
|
- | - | 439,187 | |||||||||
- | - | (716,569 | ) | |||||||||
Change
in pension and other post-retirement plan assets and benefit
obligations
|
374,670 | - | - | |||||||||
Adjustment
for income tax benefit
|
(142,375 | ) | - | - | ||||||||
232,295 | - | - | ||||||||||
Other
comprehensive income/(loss), net of tax
|
647,245 | 220,712 | (1,373,862 | ) | ||||||||
Comprehensive
Income
|
$ | 1,681,071 | $ | 2,307,603 | $ | 673,324 |
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||||||
Common Stock
|
Paid-In
|
Retained
|
Comprehensive
|
Treasury
|
Shareholders’
|
|||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income/(Loss)
|
Stock
|
Equity
|
||||||||||||||||||||||
Balance,
December 31, 2004
|
750,000 | $ | 1,500,000 | $ | 2,100,000 | $ | 19,650,112 | $ | 57,987 | $ | (3,085,318 | ) | $ | 20,222,781 | ||||||||||||||
Net
income
|
- | - | - | 2,047,186 | - | - | 2,047,186 | |||||||||||||||||||||
Cost
of 5,925 shares acquired as treasury stock
|
- | - | - | - | - | (290,074 | ) | (290,074 | ) | |||||||||||||||||||
Cash
dividends declared
($0.53 per
share)
|
- | - | - | (992,726 | ) | - | - | (992,726 | ) | |||||||||||||||||||
Other
comprehensive income/(loss), net of tax
|
- | - | - | - | (1,373,862 | ) | - | (1,373,862 | ) | |||||||||||||||||||
Balance,
December 31, 2005
|
750,000 | 1,500,000 | 2,100,000 | 20,704,572 | (1,315,875 | ) | (3,375,392 | ) | 19,613,305 | |||||||||||||||||||
Net
income
|
- | - | - | 2,086,891 | - | - | 2,086,891 | |||||||||||||||||||||
Cost
of 24,460 shares acquired as treasury stock
|
- | - | - | - | - | (456,171 | ) | (456,171 | ) | |||||||||||||||||||
Cash
dividends declared ($0.57 per share)
|
- | - | - | (1,048,482 | ) | - | - | (1,048,482 | ) | |||||||||||||||||||
Other
comprehensive income, net of tax
|
- | - | - | - | 220,712 | - | 220,712 | |||||||||||||||||||||
Adjustment
to initially apply statement of financial accounting standard no. 158,net
of tax
|
- | - | - | - | (138,236 | ) | - | (138,236 | ) | |||||||||||||||||||
Stock
split effected in the form of a 200% stock dividend
|
1,500,000 | 3,000,000 | (2,100,000 | ) | (900,000 | ) | - | - | - | |||||||||||||||||||
Balance,
December 31, 2006
|
2,250,000 | 4,500,000 | - | 20,842,981 | (1,233,399 | ) | (3,831,563 | ) | 20,278,019 | |||||||||||||||||||
Net
income
|
- | - | - | 1,033,826 | - | - | 1,033,826 | |||||||||||||||||||||
Cash
dividends declared ($0.48 per share)
|
- | - | - | (878,162 | ) | - | - | (878,162 | ) | |||||||||||||||||||
Other
comprehensive income, net of tax
|
- | - | - | - | 647,245 | - | 647,245 | |||||||||||||||||||||
Balance,
December 31, 2007
|
2,250,000 | $ | 4,500,000 | $ | - | $ | 20,998,645 | $ | (586,154 | ) | $ | (3,831,563 | ) | $ | 21,080,928 |
2007
|
2006
|
2005
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net
income
|
$ | 1,033,826 | $ | 2,086,891 | $ | 2,047,186 | ||||||
Adjustments
to reconcile net income to net
|
||||||||||||
cash
provided by operating activities:
|
||||||||||||
Depreciation
and amortization
|
320,082 | 351,942 | 414,395 | |||||||||
Provision
for loan losses
|
1,783,155 | 423,385 | 274,667 | |||||||||
Deferred
income tax expense/(benefit)
|
59,753 | (174,946 | ) | (202,424 | ) | |||||||
Amortization
of security premiums, net of accretion of security
discounts
|
24,057 | 68,272 | 196,484 | |||||||||
Securities
(gains)/losses, net
|
(2,399 | ) | 17,694 | - | ||||||||
Provision
for loss on other real estate owned
|
112,493 | - | - | |||||||||
Loss
on sale of other real estate
|
273,140 | 80,184 | - | |||||||||
Gain
on sale of bank premises
|
- | (31,877 | ) | |||||||||
Gain
on sale of equipment and other assets
|
(11,917 | ) | - | (16,787 | ) | |||||||
(Increase)/decrease
in accrued interest receivable
|
8,525 | (72,348 | ) | (202,621 | ) | |||||||
(Increase)/decrease
in other assets
|
51,532 | 49,527 | (257,428 | ) | ||||||||
Increase/(decrease)
in other liabilities
|
(596,684 | ) | 156,863 | 874,896 | ||||||||
Net
cash provided by operating activities
|
3,055,563 | 2,955,587 | 3,128,368 | |||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Proceeds
from sales of securities available for sale
|
345,900 | 3,800,409 | 522,200 | |||||||||
Proceeds
from maturities and calls of securities available for sale
|
19,365,000 | 14,461,000 | 9,190,545 | |||||||||
Principal
payments received on securities available for sale
|
1,854,838 | 1,963,218 | 2,388,713 | |||||||||
Purchases
of securities available for sale
|
(19,732,036 | ) | (12,845,805 | ) | (26,338,022 | ) | ||||||
Loans
made to customers, net
|
(7,761,908 | ) | (15,434,051 | ) | (8,290,615 | ) | ||||||
Purchases
of bank premises and equipment
|
(235,331 | ) | (483,919 | ) | (380,311 | ) | ||||||
Proceeds
from sale of bank premises
|
- | 38,000 | - | |||||||||
Proceeds
from sale of other real estate
|
1,170,650 | 626,263 | 173,443 | |||||||||
Net
cash used in investing activities
|
(4,992,887 | ) | (7,874,885 | ) | (22,734,047 | ) | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Net
increase in demand deposit, NOW, money market and
|
||||||||||||
savings
accounts
|
3,016,517 | (8,052,575 | ) | 17,294,294 | ||||||||
Net
increase in time deposits
|
1,736,738 | 14,110,061 | 7,890,783 | |||||||||
Net
decrease in short-term borrowings
|
(177,492 | ) | (677,965 | ) | (1,998,756 | ) | ||||||
Proceeds
from long-term borrowings
|
- | - | 3,500,000 | |||||||||
Repayments
of long-term borrowings
|
(792,905 | ) | (1,633,558 | ) | (2,500,904 | ) | ||||||
Dividends
paid
|
(878,162 | ) | (1,048,482 | ) | (992,726 | ) | ||||||
Acquisition
of treasury stock
|
- | (456,171 | ) | (290,074 | ) | |||||||
Net
cash provided by financing activities
|
2,904,696 | 2,241,310 | 22,902,617 | |||||||||
Increase/(decrease)
in cash and cash equivalents
|
967,372 | (2,677,988 | ) | 3,296,938 | ||||||||
Cash
and cash equivalents:
|
||||||||||||
Beginning
|
6,094,748 | 8,772,736 | 5,475,798 | |||||||||
Ending
|
$ | 7,062,120 | $ | 6,094,748 | $ | 8,772,736 |
2007
|
2006
|
2005
|
||||||||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||||||
Cash
payments for:
|
||||||||||||
Interest
on deposits and on other borrowings
|
$ | 6,768,464 | $ | 5,678,421 | $ | 3,967,023 | ||||||
Income
taxes
|
$ | 924,352 | $ | 1,311,957 | $ | 940,784 | ||||||
SUPPLEMENTAL
SCHEDULE OF NONCASH INVESTING
AND
FINANCING ACTIVITIES
|
||||||||||||
Other
real estate and other assets acquired in settlement of
loans
|
$ | 1,257,378 | $ | 929,104 | $ | 466,445 | ||||||
Unrealized
gain/(loss) on securities available for sale
|
$ | 669,274 | $ | 355,988 | $ | (1,060,150 | ) |
2007
|
||||||||||||||||
Carrying
|
||||||||||||||||
Value
|
||||||||||||||||
(Estimated
|
||||||||||||||||
Amortized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value)
|
|||||||||||||
U.S.
Government agencies and corporations
|
$ | 28,083,464 | $ | 227,154 | $ | 19,073 | $ | 28,291,545 | ||||||||
Mortgage
backed securities - U.S. Government agencies and
corporations
|
6,587,411 | 14,238 | 40,667 | 6,560,982 | ||||||||||||
Federal
Reserve Bank stock, restricted
|
108,000 | - | - | 108,000 | ||||||||||||
Federal
Home Loan Bank stock, restricted
|
842,400 | - | - | 842,400 | ||||||||||||
Community
Financial Services Inc. stock
|
162,714 | - | - | 162,714 | ||||||||||||
Tax
exempt state and political subdivisions
|
22,716,824 | 91,692 | 214,704 | 22,593,812 | ||||||||||||
Total
securities available for sale
|
$ | 58,500,813 | $ | 333,084 | $ | 274,444 | $ | 58,559,453 | ||||||||
2006
|
||||||||||||||||
Carrying
|
||||||||||||||||
Value
|
||||||||||||||||
(Estimated
|
||||||||||||||||
Amortized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value)
|
|||||||||||||
U.S.
Government agencies and corporations
|
$ | 41,920,556 | $ | 5,227 | $ | 414,829 | $ | 41,510,954 | ||||||||
Mortgage
backed securities - U.S. Government agencies and
corporations
|
8,374,473 | 299 | 148,911 | 8,225,861 | ||||||||||||
Federal
Reserve Bank stock, restricted
|
108,000 | - | - | 108,000 | ||||||||||||
Federal
Home Loan Bank stock, restricted
|
770,200 | - | - | 770,200 | ||||||||||||
Tax
exempt state and political subdivisions
|
9,182,944 | 16,081 | 68,501 | 9,130,524 | ||||||||||||
Total
securities available for sale
|
$ | 60,356,173 | $ | 21,607 | $ | 632,241 | $ | 59,745,539 |
2007
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
U.S.
Government agencies and corporations
|
$ | - | $ | - | $ | 10,973,400 | $ | 19,073 | $ | 10,973,400 | $ | 19,073 | ||||||||||||
Mortgage
backed securities – U.S.
|
||||||||||||||||||||||||
Government
agencies and corporations
|
- | - | 4,886,591 | 40,667 | 4,886,591 | 40,667 | ||||||||||||||||||
Tax-exempt
state and political subdivisions
|
11,243,398 | 191,945 | 1,916,640 | 22,759 | 13,160,038 | 214,704 | ||||||||||||||||||
Total
|
$ | 11,248,398 | $ | 191,945 | $ | 17,776,631 | $ | 82,499 | $ | 29,020,029 | $ | 274,444 | ||||||||||||
2006
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
U.S.
Government agencies and corporations
|
$ | 5,332,240 | $ | 13,677 | $ | 33,264,044 | $ | 401,152 | $ | 38,596,284 | $ | 414,829 | ||||||||||||
Mortgage
backed securities – U.S.
|
||||||||||||||||||||||||
Government
agencies and corporations
|
2,782,873 | 9,857 | 5,327,723 | 139,054 | 8,110,596 | 148,911 | ||||||||||||||||||
Tax-exempt
state and political subdivisions
|
3,440,626 | 17,958 | 3,944,895 | 50,543 | 7,385,521 | 68,501 | ||||||||||||||||||
Total
|
$ | 11,555,739 | $ | 41,492 | $ | 42,536,662 | $ | 590,749 | $ | 55,092,401 | $ | 632,241 |
Carrying
|
||||||||
Value
|
||||||||
(Estimated
|
||||||||
Amortized
|
Fair
|
|||||||
Cost
|
Value)
|
|||||||
Due
within one year
|
$ | 16,959,364 | $ | 16,953,101 | ||||
Due
after one through five years
|
26,024,601 | 26,268,237 | ||||||
Due
after five through ten years
|
14,403,734 | 14,225,000 | ||||||
Equity
securities
|
1,113,114 | 1,113,114 | ||||||
Total
|
$ | 58,500,813 | $ | 58,559,453 |
|
Proceeds From
|
Gross Realized
|
||||||||||||||||||
Years
Ended
|
Calls
and
|
Principal
|
||||||||||||||||||
December 31,
|
Sales
|
Maturities
|
Payments
|
Gains
|
Losses
|
|||||||||||||||
2007
|
$ | 345,900 | $ | 19,365,000 | $ | 1,854,838 | $ | 2,399 | $ | - | ||||||||||
|
||||||||||||||||||||
2006
|
$ | 3,800,409 | $ | 14,461,000 | $ | 1,963,218 | $ | - | $ | 17,694 | ||||||||||
|
||||||||||||||||||||
2005
|
$ | 522,200 | $ | 9,190,545 | $ | 2,388,713 | $ | - | $ | - |
December 31,
|
||||||||
2007
|
2006
|
|||||||
Commercial,
financial and agricultural
|
$ | 21,015,554 | $ | 26,968,995 | ||||
Real
estate – construction
|
12,497,098 | 13,964,500 | ||||||
Real
estate – home equity
|
6,797,712 | 7,985,253 | ||||||
Real
estate – residential mortgage
|
61,726,209 | 61,401,473 | ||||||
Real
estate – commercial mortgage
|
57,921,473 | 45,578,979 | ||||||
Installment
loans
|
10,902,926 | 10,634,857 | ||||||
Other
|
2,011,614 | 1,611,149 | ||||||
Total
loans
|
172,872,576 | 168,145,206 | ||||||
Less:
|
||||||||
Allowance
for loan losses
|
1,763,300 | 1,873,038 | ||||||
Net
deferred loan origination fees and costs
|
170,012 | 54,279 | ||||||
Loans,
net
|
$ | 170,939,264 | $ | 166,217,889 |
2007
|
2006
|
|||||||
Balance,
beginning
|
$ | 6,111,725 | $ | 5,892,713 | ||||
Additions
|
1,095,224 | 3,801,609 | ||||||
Amounts
collected
|
(895,513 | ) | (3,582,597 | ) | ||||
Balance,
ending
|
$ | 6,311,436 | $ | 6,111,725 |
Due
After 1
|
||||||||||||||||
Due
|
But
Within
|
Due
|
||||||||||||||
Within 1 Yr
|
5 Yrs
|
After 5 Yrs
|
Total
|
|||||||||||||
Commercial,
financial and agricultural
|
$ | 4,660,233 | $ | 5,274,029 | $ | 11,081,282 | $ | 21,015,554 | ||||||||
Real
estate – construction
|
7,418,959 | 4,815,597 | 262,542 | 12,497,098 | ||||||||||||
Real
estate – home equity
|
4,517 | 1,730,362 | 5,062,833 | 6,797,712 | ||||||||||||
Real
estate – residential mortgage
|
837,145 | 4,176,214 | 56,712,850 | 61,726,209 | ||||||||||||
Real
estate – commercial mortgage
|
4,546,009 | 13,026,493 | 40,348,971 | 57,921,473 | ||||||||||||
Installment
loans
|
696,450 | 8,090,003 | 2,116,473 | 10,902,926 | ||||||||||||
Other
|
621,654 | 642,574 | 747,386 | 2,011,614 | ||||||||||||
Total
|
$ | 18,784,967 | $ | 37,755,272 | $ | 116,332,337 | $ | 172,872,576 | ||||||||
Loans
due after one year with:
|
||||||||||||||||
Variable
rates
|
$ | 124,768,403 | ||||||||||||||
Fixed
rates
|
29,319,206 | |||||||||||||||
Total
|
$ | 154,087,609 |
2007
|
2006
|
2005
|
||||||||||
Balance,
beginning of year
|
$ | 1,873,038 | $ | 1,597,006 | $ | 1,378,106 | ||||||
Charge
offs:
|
||||||||||||
Commercial,
financial and agricultural
|
1,538,565 | 123,400 | - | |||||||||
Real
estate – commercial mortgage
|
347,695 | - | - | |||||||||
Real
estate – residential mortgage
|
78 | - | - | |||||||||
Installment
|
48,839 | 39,130 | 90,212 | |||||||||
Total
|
1,935,177 | 162,530 | 90,212 | |||||||||
Recoveries:
|
||||||||||||
Commercial,
financial and agricultural
|
8,055 | 4,100 | 5,660 | |||||||||
Real
estate – residential mortgage
|
- | - | 1,022 | |||||||||
Installment
|
34,229 | 11,077 | 27,763 | |||||||||
Total
|
42,284 | 15,177 | 34,445 | |||||||||
Net
charge-offs
|
1,892,893 | 147,353 | 55,767 | |||||||||
Provision
for loan losses
|
1,783,155 | 423,385 | 274,667 | |||||||||
Balance,
end of year
|
$ | 1,763,300 | $ | 1,873,038 | $ | 1,597,006 |
December 31,
|
||||||||
2007
|
2006
|
|||||||
Impaired
loans without a valuation allowance
|
$ | 1,467,156 | $ | 155,849 | ||||
Impaired
loans with a valuation allowance
|
2,570,365 | 4,991,814 | ||||||
Total
impaired loans
|
$ | 4,037,521 | $ | 5,147,663 | ||||
Valuation
allowance related to impaired loans
|
$ | 623,839 | $ | 990,482 | ||||
Total
nonaccrual loans excluded from impaired loan disclosure
|
$ | 449,770 | $ | 506,468 | ||||
Total
loans past due ninety days or more still accruing
|
206,230 | - |
Year Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Average
investment in impaired loans
|
$ | 4,244,525 | $ | 3,846,072 | $ | 3,974,629 | ||||||
Interest
income recognized on impaired loans
|
351,874 | 331,872 | 292,013 | |||||||||
Interest
income recognized on a cash basis on impaired loans
|
124,985 | 276,007 | 278,334 | |||||||||
Interest
income recognized on nonaccrual loans excluded from impaired loan
disclosure
|
$ | 34,206 | $ | 4,626 | $ | 386 |
2007
|
2006
|
|||||||
Land
|
$ | 950,403 | $ | 950,403 | ||||
Buildings
and improvements
|
5,280,882 | 4,870,355 | ||||||
Furniture
and equipment
|
2,552,090 | 2,977,312 | ||||||
Total
bank premises and equipment
|
8,783,375 | 8,798,070 | ||||||
Less
accumulated depreciation
|
4,523,711 | 4,466,757 | ||||||
Bank
premises and equipment, net
|
$ | 4,259,664 | $ | 4,331,313 |
2007
|
2006
|
|||||||
Interest
bearing checking accounts
|
$ | 45,697,691 | $ | 41,767,746 | ||||
Money
market accounts
|
5,405,844 | 5,979,073 | ||||||
Savings
accounts
|
21,589,320 | 22,745,891 | ||||||
Certificates
of deposit under $100,000
|
59,984,442 | 59,949,884 | ||||||
Certificates
of deposit of $100,000 or more
|
40,699,314 | 38,997,134 | ||||||
Total
|
$ | 173,376,611 | $ | 169,439,728 |
2007
|
2006
|
2005
|
||||||||||
Interest
bearing checking accounts
|
$ | 1,277,151 | $ | 1,161,291 | $ | 613,132 | ||||||
Money
market accounts
|
27,625 | 33,159 | 49,703 | |||||||||
Savings
accounts
|
120,762 | 120,996 | 129,933 | |||||||||
Certificates
of deposit under $100,000
|
2,636,307 | 2,072,523 | 1,490,864 | |||||||||
Certificates
of deposit of $100,000 or more
|
1,899,708 | 1,493,549 | 1,092,905 | |||||||||
Total
|
$ | 5,961,553 | $ | 4,881,518 | $ | 3,376,537 |
2007
|
2006
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
Three
months or less
|
$ | 3,588,278 | 8.82 | % | $ | 2,350,997 | 6.03 | % | ||||||||
Three
through six months
|
6,447,653 | 15.84 | 4,370,990 | 11.21 | ||||||||||||
Six
through twelve months
|
14,167,482 | 34.81 | 10,680,396 | 27.39 | ||||||||||||
Over
twelve months
|
16,495,901 | 40.53 | 21,594,751 | 55.37 | ||||||||||||
Total
|
$ | 40,699,314 | 100.00 | % | $ | 38,997,134 | 100.00 | % |
Year
|
Amount
|
|||
2008
|
$ | 60,633,390 | ||
2009
|
10,801,795 | |||
2010
|
7,899,979 | |||
2011
|
14,190,113 | |||
2012
|
7,013,574 | |||
After
2012
|
144,905 | |||
Total
|
$ | 100,683,756 |
2007
|
2006
|
2005
|
||||||||||
Current:
|
||||||||||||
Federal
|
$ | 135,605 | $ | 986,391 | $ | 982,912 | ||||||
State
|
39,729 | 144,201 | 146,870 | |||||||||
175,334 | 1,130,592 | 1,129,782 | ||||||||||
Deferred:
|
||||||||||||
Federal
|
53,463 | (162,754 | ) | (181,117 | ) | |||||||
State
|
6,290 | (12,192 | ) | (21,307 | ) | |||||||
59,753 | (174,946 | ) | (202,424 | ) | ||||||||
Total
|
$ | 235,087 | $ | 955,646 | $ | 927,358 |
2007
|
2006
|
|||||||
Deferred
tax assets:
|
||||||||
Allowance
for loan losses
|
$ | 404,264 | $ | 562,127 | ||||
Accrued
income and expenses
|
18,060 | 18,553 | ||||||
Employee
benefit plans
|
733,905 | 832,401 | ||||||
Net
loan origination fees and costs
|
64,652 | 20,624 | ||||||
Interest
on nonaccrual loans
|
8,422 | - | ||||||
Deferred
gain on sale of other real estate
|
18,303 | - | ||||||
Net
unrealized loss on securities
|
- | 232,041 | ||||||
1,247,606 | 1,665,746 | |||||||
Deferred
tax liabilities:
|
||||||||
Accretion
on securities
|
(31,895 | ) | (26,265 | ) | ||||
Net
unrealized gains on securities
|
(22,283 | ) | - | |||||
Depreciation
|
(207,536 | ) | (197,141 | ) | ||||
(261,714 | ) | (223,406 | ) | |||||
Net
deferred tax asset
|
$ | 985,892 | $ | 1,442,340 |
2007
|
2006
|
2005
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Computed
tax at applicable statutory rate
|
$ | 431,430 | 34.0 | % | $ | 1,034,463 | 34.0 | % | $ | 1,011,345 | 34.0 | % | ||||||||||||
Increase/(decrease)
in taxes resulting from:
|
||||||||||||||||||||||||
Tax-exempt
interest
|
(226,911 | ) | (17.9 | ) | (149,248 | ) | (4.9 | ) | (147,527 | ) | (5.0 | ) | ||||||||||||
State
income taxes, net of federal tax benefit
|
30,373 | 2.4 | 87,126 | 2.8 | 82,872 | 2.8 | ||||||||||||||||||
Tax
exempt income on retirement plans
|
(28,485 | ) | (2.2 | ) | (27,772 | ) | (0.9 | ) | (27,755 | ) | (0.9 | ) | ||||||||||||
Other
|
28,680 | 2.2 | 11,077 | 0.4 | 8,423 | 0.3 | ||||||||||||||||||
Applicable
income taxes
|
$ | 235,087 | 18.5 | % | $ | 955,646 | 31.4 | % | $ | 927,358 | 31.2 | % |
Pension Benefits
|
Other Benefits
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Change
in benefit obligation
|
||||||||||||||||
Benefit
obligation at beginning of year
|
$ | 4,811,427 | $ | 4,734,599 | $ | 522,934 | $ | 613,217 | ||||||||
Service
cost
|
116,060 | 112,312 | 20,070 | 24,242 | ||||||||||||
Interest
cost
|
288,608 | 271,181 | 27,945 | 31,769 | ||||||||||||
Actuarial
(gain)/loss
|
(46,451 | ) | (68,016 | ) | 30,421 | (119,255 | ) | |||||||||
Benefits
paid
|
(269,319 | ) | (238,649 | ) | (41,486 | ) | (27,039 | ) | ||||||||
Benefit
obligation at end of year
|
$ | 4,900,325 | $ | 4,811,427 | $ | 559,884 | $ | 522,934 | ||||||||
Change
in plan assets
|
||||||||||||||||
Fair
value of plan assets at beginning of year
|
$ | 4,059,169 | $ | 3,755,700 | $ | - | $ | - | ||||||||
Actual
return on plan assets
|
601,238 | 471,946 | - | - | ||||||||||||
Employer
contribution
|
111,802 | 70,172 | 41,486 | 27,039 | ||||||||||||
Benefits
paid
|
(269,319 | ) | (238,649 | ) | (41,486 | ) | (27,039 | ) | ||||||||
Fair
value of plan assets at end of year
|
$ | 4,502,890 | $ | 4,059,169 | $ | - | $ | - | ||||||||
Funded
status
|
$ | (397,435 | ) | $ | (752,258 | ) | $ | (559,884 | ) | $ | (522,934 | ) | ||||
Amounts
recognized on consolidated balance sheets as:
|
||||||||||||||||
Accrued
benefit liability
|
$ | (397,435 | ) | $ | (752,258 | ) | $ | (559,884 | ) | $ | (522,934 | ) | ||||
Amounts
recognized in accumulated other comprehensive income consist
of:
|
||||||||||||||||
Net
(loss)/gain
|
$ | (1,120,633 | ) | $ | (1,533,873 | ) | $ | 208,745 | $ | 251,293 | ||||||
Prior
service (cost)/credit
|
12,555 | 29,523 | - | - | ||||||||||||
Net
obligation at transition
|
- | - | (104,717 | ) | (125,663 | ) | ||||||||||
Deferred
tax benefit/(expense)
|
421,070 | 571,653 | (39,531 | ) | (47,739 | ) | ||||||||||
$ | (687,008 | ) | $ | (932,697 | ) | $ | 64,497 | $ | 77,891 |
Pension Benefits
|
Other Benefits
|
|||||||||||||||||||||||
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
|||||||||||||||||||
Net
periodic benefit cost:
|
||||||||||||||||||||||||
Service
cost
|
$ | 116,060 | $ | 112,312 | $ | 98,730 | $ | 20,070 | $ | 24,242 | $ | 23,575 | ||||||||||||
Interest
cost
|
288,608 | 271,181 | 267,484 | 27,945 | 31,769 | 31,084 | ||||||||||||||||||
Expected
return on plan assets
|
(330,584 | ) | (329,317 | ) | (341,241 | ) | - | - | - | |||||||||||||||
Net
amortization and deferral
|
(16,968 | ) | (16,968 | ) | (16,968 | ) | 8,819 | 16,318 | 15,664 | |||||||||||||||
Recognized
net actuarial loss
|
96,135 | 95,680 | 47,051 | - | - | - | ||||||||||||||||||
Net
periodic benefit cost
|
153,251 | 132,888 | 55,056 | 56,834 | 72,329 | 70,323 | ||||||||||||||||||
Other
changes in plan assets and benefit obligations recognized in other
comprehensive income:
|
||||||||||||||||||||||||
Net
(gain)/loss for period
|
$ | (317,105 | ) | $ | N/A | $ | N/A | $ | 30,421 | $ | N/A | $ | N/A | |||||||||||
Amortization
of prior service cost
|
16,968 | N/A | N/A | - | N/A | N/A | ||||||||||||||||||
Amortization
of transition obligation
|
- | N/A | N/A | (20,946 | ) | N/A | N/A | |||||||||||||||||
Amortization
of net loss/(gain)
|
(96,135 | ) | N/A | N/A | 12,127 | N/A | N/A | |||||||||||||||||
Total
recognized in other comprehensive income
|
(396,272 | ) | N/A | N/A | 21,602 | N/A | N/A | |||||||||||||||||
Total
recognized in net periodic benefit cost and other comprehensive
income
|
$ | (243,021 | ) | $ | 132,888 | $ | 55,056 | $ | 78,436 | $ | 72,329 | $ | 70,323 |
Pension Benefits
|
Other Benefits
|
|||||||||||||||||||||||
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
|||||||||||||||||||
Weighted-average
assumptions used to determine net periodic benefit cost:
|
||||||||||||||||||||||||
Discount
rate
|
6.00 | % | 5.75 | % | 6.50 | % | 6.00 | % | 5.75 | % | 5.75 | % | ||||||||||||
Expected
long-term return on plan assets
|
8.50 | % | 8.50 | % | 8.50 | % | N/A | N/A | N/A | |||||||||||||||
Rate
of compensation increase
|
3.00 | % | 3.00 | % | 3.50 | % | N/A | N/A | N/A | |||||||||||||||
Weighted-average
assumptions used to determine benefit obligations
|
||||||||||||||||||||||||
Discount
rate
|
6.25 | % | 6.00 | % | 6.00 | % | 5.75 | % | ||||||||||||||||
Rate
of compensation increase
|
3.00 | % | 3.00 | % | N/A | N/A |
Pension Benefits
|
||||||||||||||||
Target
|
Percentage
of Plan
|
|||||||||||||||
Allocation
|
Allowable
|
Assets at October 31,
|
||||||||||||||
2008
|
Range
|
2007
|
2006
|
|||||||||||||
Asset
category:
|
||||||||||||||||
Equity
securities
|
70 | % | 40-80 | % | 68 | % | 74 | % | ||||||||
Debt
securities
|
25 | % | 20-40 | % | 27 | % | 20 | % | ||||||||
Real
estate
|
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Other
|
5 | % | 3-10 | % | 5 | % | 6 | % | ||||||||
Total
|
100 | % | 100 | % | 100 | % |
Pension Benefits
|
Other Benefits
|
|||||||
2008
|
$ | 278,047 | $ | 38,885 | ||||
2009
|
280,573 | 37,410 | ||||||
2010
|
292,125 | 37,791 | ||||||
2011
|
293,673 | 39,823 | ||||||
2012
|
296,795 | 38,225 | ||||||
2013
- 2017
|
1,566,090 | 195,989 |
Repurchase
|
Line
of
|
Federal
Funds
|
||||||||||
Agreement
|
Credit
|
Purchased
|
||||||||||
2007
|
||||||||||||
Amount
outstanding at December 31
|
$ | 14,258,042 | $ | 3,997,900 | $ | 1,400,000 | ||||||
Weighted
average interest rate at December 31
|
3.51 | % | 4.32 | % | 4.25 | % | ||||||
Maximum
month-end amount outstanding
|
$ | 21,888,322 | $ | 3,997,900 | $ | 1,400,000 | ||||||
Average
daily amount outstanding
|
$ | 18,868,254 | $ | 406,537 | $ | 618 | ||||||
Weighted
average interest rate for the year
|
3.52 | % | 4.85 | % | 4.78 | % | ||||||
2006
|
||||||||||||
Amount
outstanding at December 31
|
$ | 15,970,434 | $ | 3,438,000 | $ | 425,000 | ||||||
Weighted
average interest rate at December 31
|
3.99 | % | 5.40 | % | 5.56 | % | ||||||
Maximum
month-end amount outstanding
|
$ | 25,052,293 | $ | 9,630,000 | $ | 2,800,000 | ||||||
Average
daily amount outstanding
|
$ | 19,204,359 | $ | 2,699,222 | $ | 69,521 | ||||||
Weighted
average interest rate for the year
|
3.43 | % | 5.20 | % | 4.79 | % | ||||||
2005
|
||||||||||||
Amount
outstanding at December 31
|
$ | 20,511,399 | $ | - | $ | - | ||||||
Weighted
average interest rate at December 31
|
2.50 | % | - | - | ||||||||
Maximum
month-end amount outstanding
|
$ | 24,983,307 | $ | 1,389,500 | $ | - | ||||||
Average
daily amount outstanding
|
$ | 21,635,619 | $ | 108,678 | $ | 14,178 | ||||||
Weighted
average interest rate for the year
|
2.30 | % | 3.60 | % | 3.55 | % |
Year
|
Amount
|
|||
2008
|
$ | 375,518 | ||
2009
|
392,915 | |||
2010
|
411,119 | |||
2011
|
430,167 | |||
2012
|
337,590 | |||
2013
and thereafter
|
771,556 | |||
Total
|
$ | 2,718,865 |
|
Contract Amount
|
|||||||
Fi
nancial instruments
whose contract
amounts
represent credit risk
|
2007
|
2006
|
||||||
Commitments
to extend credit
|
$ | 24,602,947 | $ | 22,054,312 | ||||
Standby
letters of credit
|
301,223 | 461,689 | ||||||
Total
|
$ | 24,904,170 | $ | 22,516,001 |
Actual
|
For Capital
Adequacy Purposes
|
To Be Well Capitalized
Under Prompt Corrective
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As
of December 31, 2007:
|
||||||||||||||||||||||||
Total
Capital:Risk Weighted Assets
|
$ | 23,328 | 12.52 | % | $ | 14,906 | 8.00 | % | $ | 18,633 | 10.00 | % | ||||||||||||
Tier
I Capital:Risk Weighted Assets
|
21,565 | 11.57 | 7,455 | 4.00 | 11,183 | 6.00 | ||||||||||||||||||
Tier
I Capital:Average Assets
|
21,565 | 8.75 | 9,858 | 4.00 | 12,323 | 5.00 | ||||||||||||||||||
As
of December 31, 2006:
|
||||||||||||||||||||||||
Total
Capital:Risk Weighted Assets
|
$ | 22,413 | 12.95 | % | $ | 13,846 | 8.00 | % | $ | 17,307 | 10.00 | % | ||||||||||||
Tier
I Capital:Risk Weighted Assets
|
20,540 | 11.87 | 6,922 | 4.00 | 10,382 | 6.00 | ||||||||||||||||||
Tier
I Capital:Average Assets
|
20,540 | 8.49 | 9,677 | 4.00 | 12,097 | 5.00 |
December 31, 2007
|
December 31, 2006
|
|||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Value
|
Value
|
Value
|
Value
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Cash
and due from banks
|
$ | 7,049,699 | $ | 7,049,699 | $ | 6,064,890 | $ | 6,064,890 | ||||||||
Interest
bearing deposits with other banks
|
12,421 | 12,421 | 29,858 | 28,858 | ||||||||||||
Federal
funds sold
|
- | - | - | - | ||||||||||||
Securities
available for sale
|
58,559,453 | 58,559,453 | 59,745,539 | 59,745,539 | ||||||||||||
Loans,
net
|
170,939,264 | 166,266,520 | 166,217,889 | 158,001,485 | ||||||||||||
Accrued
interest receivable
|
1,384,943 | 1,384,943 | 1,393,468 | 1,393,468 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Deposits
|
$ | 201,296,470 | $ | 202,239,030 | $ | 196,543,215 | $ | 197,344,439 | ||||||||
Short-term
borrowings
|
19,655,942 | 19,655,942 | 19,833,434 | 19,833,434 | ||||||||||||
Long-term
borrowings
|
2,718,865 | 2,720,621 | 3,511,770 | 3,426,840 | ||||||||||||
Accrued
interest payable
|
523,403 | 523,403 | 511,094 | 511,094 | ||||||||||||
Financial
instruments:
|
||||||||||||||||
Interest
rate swaps and call options
|
$ | 2,957 | $ | 2,957 | $ | 21,054 | $ | 21,054 |
December 31,
|
||||||||||||
Balance
Sheets
|
2007
|
2006
|
||||||||||
Assets
|
||||||||||||
Cash
|
$ | 2,992 | $ | 2,853 | ||||||||
Investment
in subsidiary
|
21,077,936 | 20,275,166 | ||||||||||
Total
assets
|
$ | 21,080,928 | $ | 20,278,019 | ||||||||
Shareholders'
equity
|
||||||||||||
Common
stock, $2.00 par value, 4,500,000 shares authorized, issued 2,250,000
shares
|
$ | 4,500,000 | $ | 4,500,000 | ||||||||
Retained
earnings
|
20,998,645 | 20,842,981 | ||||||||||
Accumulated
other comprehensive income/(loss)
|
( 586,154 | ) | (1,233,399 | ) | ||||||||
Treasury
stock at cost, 420,496 shares
|
(3,831,563 | ) | (3,831,563 | ) | ||||||||
Total
shareholders' equity
|
$ | 21,080,928 | $ | 20,278,019 | ||||||||
For the Years Ended December
31,
|
||||||||||||
Statements of
Income
|
2007
|
2006
|
2005
|
|||||||||
Income
- dividends from subsidiary bank
|
$ | 883,801 | $ | 1,512,770 | $ | 1,288,485 | ||||||
Expenses
- operating
|
5,500 | 7,400 | 6,203 | |||||||||
Income
before equity in undistributed income of subsidiary
|
878,301 | 1,505,370 | 1,282,282 | |||||||||
Equity
in undistributed income of subsidiary
|
155,525 | 581,521 | 764,904 | |||||||||
Net
income
|
$ | 1,033,826 | $ | 2,086,891 | $ | 2,047,186 | ||||||
For the Years Ended December
31,
|
||||||||||||
Statements of Cash
Flows
|
2007
|
2006
|
2005
|
|||||||||
Cash
flows from operating activities
|
||||||||||||
Net
income
|
$ | 1,033,826 | $ | 2,086,891 | $ | 2,047,186 | ||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||
Equity
in undistributed income of subsidiary
|
(155,525 | ) | (581,521 | ) | (764,904 | ) | ||||||
Cash
provided by operating activities
|
878,301 | 1,505,370 | 1,282,282 | |||||||||
Cash
flows from investing activities
|
- | - | - | |||||||||
Cash
flows from financing activities
|
||||||||||||
Dividends
paid to shareholders
|
(878,162 | ) | (1,048,482 | ) | (992,726 | ) | ||||||
Acquisition
of treasury stock
|
- | (456,171 | ) | (290,074 | ) | |||||||
Cash
used in financing activities
|
(878,162 | ) | (1,504,653 | ) | (1,282,800 | ) | ||||||
Increase/(decrease)
in cash
|
139 | 717 | (518 | ) | ||||||||
Cash:
|
||||||||||||
Beginning
|
2,853 | 2,136 | 2,654 | |||||||||
Ending
|
$ | 2,992 | $ | 2,853 | $ | 2,136 |
Yount,
Hyde & Barbour, P.C.
|
Name and Age
|
Principal
Occupation During Past
Five Years
|
Director
Since (1)
|
Present
Term
Expires
|
|||
Robert
N. Alday
92
|
President,
Phil Williams Coal Company
|
September,
1986
|
April,
2009
|
|||
Max
L. Armentrout
70
|
President,
and Chairman of the Board, Laurel Lands Corp.; Chairman of the Board,
Citizens Financial Corp.
|
September,
1986
|
April,
2008 (2)
|
|||
William
J. Brown
61
|
President,
Hess Oil Co., Inc.
|
February,
2000
|
April,
2010
|
|||
Edward
L. Campbell
68
|
Co-Owner,
Retired, Campbell’s Market
|
February,
2000
|
April,
2010
|
|||
William
T. Johnson, Jr.
64
|
President
and Chief Executive Officer and Executive Vice President, Citizens
National Bank
|
April,
2005
|
April,
2008 (2)
|
|||
Cyrus
K. Kump
61
|
President,
Kump Enterprises; Kerr Real Estate
|
June,
1992
|
April,
2009
|
|||
Robert
J. Schoonover
68
|
President
and Chief Executive Officer, Citizens Financial Corp. and Citizens
National Bank
|
April,
1998
|
April,
2010
|
|||
L.
T. Williams
77
|
Consultant,
Retired, Elkins Builders Supply
|
September,
1986
|
April,
2008 (2)
|
|||
John
A. Yeager, CPA
49
|
Controller,
Newlons International Sales, LLC
|
April,
2003
|
April,
2009
|
(1)
|
All
of the above named directors, with the exception of Mr. Alday, have also
served as directors of Citizens National Bank for the past five years on a
continuous basis. Mr. Alday has not served Citizens National
Bank in any official capacity.
|
(2)
|
Mr.
Armentrout, Mr. Johnson, and Mr. Williams have been nominated to stand for
reelection to an additional 3 year term expiring in April,
2011.
|
Name and Age
|
Present
Position
|
Principal
Occupation and Banking Experience During
the
Last Five Years
|
||
Robert
J. Schoonover
68
|
President
& CEO, Citizens Financial Corp.
|
President
and Chief Executive Officer, Citizens Financial Corp. and Citizens
National Bank
|
||
William
T. Johnson, Jr.
64
|
Vice
President, Citizens Financial Corp. President &CEO, Citizens National
Bank
|
President
and Chief Executive Officer and Executive Vice President, Citizens
National Bank
|
||
Thomas
K. Derbyshire
49
|
Vice
President & Treasurer, Citizens Financial Corp. Executive Vice
President, Citizens National Bank
|
Executive
Vice President, Senior Vice President and Chief Financial Officer,
Citizens National Bank
|
||
Rudy
F. Torjak, Jr.
59
|
Senior
Vice President and Chief Credit Officer, Citizens National
Bank
|
Senior
Vice President and Chief Credit Officer, Citizens National Bank; Senior
Vice President-Commercial Loans, Wesbanco, Inc.
|
||
Nathaniel
S. Bonnell
26
|
Vice
President and Chief Financial Officer, Citizens National
Bank
|
Vice
President and Chief Financial Officer, and Financial Reporting Manager
Citizens National Bank
|
Name
and
Principal
Position
|
Year
|
Salary
($)
|
Nonqualified
Deferred
Compensation
Earnings
(1)
|
All
Other
Compensation
(2)
(3)
|
Total
|
||||||||||||
Robert
J. Schoonover,
|
|||||||||||||||||
President
& CEO
|
2007
|
$ | - | N/A | $ | 83,991 | $ | 83,991 | |||||||||
Citizens
Financial Corp
|
2006
|
- | N/A | 79,992 | 79,992 | ||||||||||||
(Principal
Executive Officer)
|
|||||||||||||||||
William
T. Johnson, Jr.
|
|||||||||||||||||
VP,
Citizens Financial Corp.
|
2007
|
145,906 | $ | 12,753 | 17,113 | 175,772 | |||||||||||
President
& CEO,
|
2006
|
126,356 | 21,572 | 16,927 | 164,855 | ||||||||||||
Citizens
National Bank
|
|||||||||||||||||
Thomas
K. Derbyshire
|
|||||||||||||||||
VP
& Treasurer,
|
2007
|
136,090 | 4,533 | 3,880 | 144,503 | ||||||||||||
Citizens
Financial Corp.
|
2006
|
120,113 | 5,664 | 5,851 | 131,628 | ||||||||||||
Executive
Vice President,
Citizens
National Bank
|
(1)
|
Mr.
Schoonover is retired from the bank and receives payments from
supplemental retirement plans. The payment of such benefits
results in a decrease in the value of each nonqualified deferred
compensation plan, therefore these have been excluded from the table
above. He participates in the executive supplemental income
plan and the executive and director supplemental retirement plan; the
change in the values of those plans was $(33,091) in 2007 and $(42,227) in
2006.
|
(2)
|
Mr.
Schoonover and Mr. Johnson also serve as members of the board of
directors. In 2007, for his services as a director, Mr.
Schoonover received director fees of $26,519 for board and committee
meetings, as well as other compensation totaling $27,859 which included
$20,004 for consulting fees and the remainder for insurance premiums paid
for the benefit of the director. In 2006, Mr. Schoonover
received director fees of $22,279 for board and committee meetings, as
well as other compensation totaling $28,228. Mr. Johnson received $9,219
and $9,319 in director fees for his services on the board for 2007 and
2006, respectively.
|
(3)
|
In
addition to the board fees described in the preceding footnote, this
column includes the company’s contributions to the individual’s 401(k)
retirement savings program to which the individual has a vested interest
and taxable income resulting from participation in a bank sponsored
executive and director supplemental retirement plan. The bank's
group life and health insurance program, which is paid for by the bank, is
made available to all full-time employees and does not discriminate in
favor of directors or officers; however, in accordance with IRS Code
Section 79, the cost of group term life insurance coverage for an
individual in excess of $50,000 is added to the individual's earnings and
is also included in this figure. Since Mr. Schoonover is
retired from the bank his figure also includes, $9,061 received from the
executive supplemental income plan, $20,424 received from the executive
and director supplemental retirement plan for each of the years
presented.
|
Name
|
Fees
Earned or Paid in Cash
|
Nonqualified
Deferred Compensation Earnings
|
All
Other Compensation (1)
|
Total
|
||||||||||||
Robert
N. Alday
|
$ | 600 | $ | - | $ | - | $ | 600 | ||||||||
Max
L. Armentrout
|
20,859 | 20,511 | 37,751 | 79,121 | ||||||||||||
William
J. Brown
|
20,359 | 7,837 | 11,017 | 39,213 | ||||||||||||
Edward
L. Campbell
|
14,209 | 11,985 | 10,812 | 37,006 | ||||||||||||
John
F. Harris (2)
|
11,434 | 3,937 | 252 | 15,623 | ||||||||||||
Cyrus
K. Kump
|
24,219 | 8,308 | 11,017 | 43,544 | ||||||||||||
L.T.
Williams
|
21,319 | 15,626 | 252 | 37,197 | ||||||||||||
John
A. Yeager
|
18,569 | - | 594 | 19,163 |
(1)
|
For
his service as chairman of the board, Mr. Armentrout received consulting
fees of $26,784. The bank paid health insurance premiums for
Mr. Armentrout, Mr Brown, Mr. Campbell, and Mr. Kump in the amount of
$10,255 per person.
|
(2)
|
Mr.
Harris retired from the board of directors July 20, 2007 at age
79. Mr. Harris’ retirement was not the result of any
disagreement or conflict with the company’s directors or executive
officers. Mr. Harris had served as a director of Citizens
Financial Corp. since its inception in
1986.
|
Shares of Stock Beneficially
Owned
|
Percent
of
|
|||||||||||||||
Name
|
Direct
|
Indirect
|
Total
|
Ownership
|
||||||||||||
Max
L. Armentrout
|
79,005 | 15,215 | (1) | 94,220 | 5.15 | % | ||||||||||
PO
Box 1758
|
||||||||||||||||
Elkins,
WV 26241
|
||||||||||||||||
Robert
N. Alday
|
1,500 | 60,600 | (2) | 62,100 | 3.39 | % | ||||||||||
William
J. Brown
|
2,250 | 3,250 | (3) | 5,500 | 0.30 | % | ||||||||||
Edward
L. Campbell
|
1,500 | 450 | (4) | 1,950 | 0.11 | % | ||||||||||
William
T. Johnson, Jr.
|
1,500 | 8,554 | (5) | 10,054 | 0.55 | % | ||||||||||
Cyrus
K. Kump
|
1,500 | 11,550 | (6) | 13,050 | 0.71 | % | ||||||||||
Robert
J. Schoonover
|
1,500 | 300 | (7) | 1,800 | 0.10 | % | ||||||||||
L.
T. Williams
|
5,250 | 0 | 5,250 | 0.29 | % | |||||||||||
John
A. Yeager
|
5,025 | 475 | (8) | 5,500 | 0.30 | % | ||||||||||
Thomas
K. Derbyshire
|
210 | 0 | 210 | 0.01 | % | |||||||||||
Directors
and executive officers of the Bank
|
11,420 | 10,740 | 22,160 | (9) | 1.21 | % | ||||||||||
All
Directors and executive officers as a group
|
110,660 | 111,134 | 221,794 | 12.12 | % |
(1)
|
These
15,215 shares are owned by Mr. Armentrout's
wife.
|
(2)
|
Mr.
Alday's indirect ownership includes
20,400 shares owned by his wife and 40,200 shares which he votes for the
Phil Williams Coal Company. The 40,200 shares he votes for the
Phil Williams Coal Company are also pledged as collateral for a loan made
in the normal course of business by the subsidiary
bank.
|
(3)
|
Includes
1,750 shares owned jointly with his wife and 1500 shares held in custody
for their children.
|
(4)
|
Includes
300 shares owned jointly with his wife and 150 shares owned by his
wife.
|
(5)
|
Includes
5,734 shares owned jointly with his wife and 2,820 shares owned by his
wife.
|
(6)
|
Includes
6,050 shares owned by his wife and 5,500 shares held in custody for their
children.
|
(7)
|
These
300 shares are owned jointly with his
wife.
|
(8)
|
These
475 shares are owned jointly with his
wife.
|
(9)
|
This
figure represents the ownership of persons who are directors of the
subsidiary bank but not of the company. Such persons number
four.
|
2007
|
2006
|
|||||||
Audit
Fees
|
$ | 58,900 | $ | 39,050 | ||||
Audit-Related
Fees
|
22,277 | 7,647 | ||||||
Tax
Fees
|
5,100 | 5,600 | ||||||
All
Other Fees
|
- | - |
(a)
|
(1)
and (2) Financial Statements and Financial Statement
Schedules.
|
3
(i)
|
The
company’s Articles of Incorporation, which were previously filed as
amended on pages 23-35 of it’s Form 10-Q dated March 31, 2006, are
incorporated herein by reference.
|
|
3
(ii)
|
The
company’s Bylaws, which were previously filed as amended on pages 36-41 of
it’s Form 10-Q dated March 31, 2006, are incorporated herein by
reference.
|
|
4
|
The
rights of security holders are defined in the Articles of Incorporation
which were previously filed as amended
on
pages 66-70 of our Form 10-K dated December 31, 1999 which is incorporated
herein by reference.
|
|
|
||
10
|
The
following material contracts are incorporated by reference into this
filing:
|
|
1) The
bank’s Executive Supplemental Income Agreement as previously filed on
pages 74-80 of the company’s Form 10-K dated December 31, 1995 and
thereafter amended and filed on page 62 of the company’s Form 10-K dated
December 31, 1996.
|
||
2) The
bank’s Purchase and Assumption Agreement with South Branch Valley National
Bank for the purchase of it’s banking facilities, assets and liabilities
located in Petersburg, West Virginia dated December 17, 1999 and filed on
pages 71-113 of the company’s Form 10-K dated December 31,
1999.
|
||
3) The
bank’s Supplemental Retirement and Split Dollar Life Insurance plans for
executives and directors dated January 1, 2003 and previously filed on
pages 75-110 of it’s Form 10-K dated December 31, 2003.
|
||
11
|
The
computation of per share earnings may be clearly determined by the
material contained in this filing.
|
|
12
|
The
computation of minimum standard capital ratios, as contained in this
report, was done as specified in applicable regulatory
guidelines. All other ratios presented may be clearly
determined from the material contained in this filing
|
|
14
|
The
company’s Code of Ethics, which is applicable to all employees of the
company and it’s subsidiary, including the principal executive officer and
principal accounting officer, has been made available on the company’s
website,
www.cnbelkins.com
, and is,
therefore, not filed as part of this Form 10-K.
|
|
List
of subsidiaries of the registrant (filed herewith).
|
||
Consent
of Yount, Hyde and Barbour, P.C. (filed herewith).
|
||
Certification
of the Principal Executive Officer pursuant to Exchange Act Rule
13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (filed herewith).
|
||
Certification
of the Principal Financial Officer pursuant to Exchange Act Rule
13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (filed herewith).
|
||
Certification
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.
Section 1350 (filed herewith).
|
||
Certification
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.
Section 1350 (filed herewith).
|
||
Notice
of Annual Meeting of Stockholders and Proxy
|
||
(b)
|
Exhibits
required by item 601 of Regulation S-K-all applicable exhibits have been
filed as detailed in the Index to Exhibits. Exhibits contained
in item 601 of Regulation S-K but not contained in the Index are not
applicable or are not required in Form
10-K.
|
Citizens
Financial Corp.
|
|||
By /s/ Robert J.
Schoonover
|
|||
Robert
J. Schoonover
|
|||
President
and Chief Executive Officer
|
|||
Date:
|
3/12/08
|
||
By /s/ Thomas K.
Derbyshire
|
|||
Thomas
K. Derbyshire
|
|||
Treasurer
and Principal Financial Officer
|
|||
Date:
|
3/12/08
|
Signature
|
Title
|
Date
|
||
/s/ Max L. Armentrout
|
Chairman
of the Board
|
3/12/08
|
||
Max
L. Armentrout
|
and
Director
|
|||
Director
|
||||
Robert
N. Alday
|
||||
/s/ William J. Brown
|
Director
|
3/12/08
|
||
William
J. Brown
|
||||
/s/ Edward L. Campbell
|
Director
|
3/12/08
|
||
Edward
L. Campbell
|
||||
/s/ William T. Johnson, Jr.
|
Director
|
3/12/08
|
||
William
T. Johnson, Jr.
|
||||
/s/ Cyrus K. Kump
|
Director
|
3/12/08
|
||
Cyrus
K. Kump
|
||||
/s/ Robert J. Schoonover
|
Director
|
3/12/08
|
||
Robert
J. Schoonover
|
||||
/s/ L. T. Williams
|
Director
|
3/12/08
|
||
L.
T. Williams
|
||||
|
Director
|
|
||
John A. Yeager
|
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