FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20949
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
For The Quarter Ended June 30, 1995 Commission File No. 0-10680
CITIZENS BANCORP
(exact name of registrant as specified in its charter)
Maryland 52-1239452
(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) identification No.)
14401 Sweitzer Lane, Laurel, MD 20707
(Address of principal executive offices)
(301) 206-6080
(Registrant's telephone number, including area code)
Former name, former address and former
fiscal year, if changed since last report.
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes X No
As of July 20, 1995, registrant has 15,022,115 shares of
Common Stock issued.
<PAGE>
INDEX
CITIZENS BANCORP AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Statements of Condition - June 30, 1995 and
December 31, 1994.
Consolidated Statements of Income - Three months ended June
30, 1995 and 1994 and Six months ended June 30, 1995 and
1994.
Consolidated Statements of Changes in Stockholders' Equity -
Six months ended June 30, 1995 and 1994.
Consolidated Statements of Cash Flows - Six months ended
June 30, 1995 and 1994.
Notes to Consolidated Financial Statements.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
<PAGE>
<TABLE>
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, Except Per Share Data)
<CAPTION>
For Three Months For Six Months
Ended June 30, Ended June 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Interest Income
Interest and Fees on Loans
and Leases $42,925 $35,131 $ 83,402 $ 68,461
Interest and Dividends on Securities:
Securities Available for Sale 6,227 2,474 11,272 4,143
Taxable Investment Securities 16,260 14,561 32,560 28,063
Tax-exempt Investment Securities 560 593 1,142 1,232
Interest on Federal Funds Sold
and Securities Purchased
Under Resale Agreements 88 426
Total Interest Income 65,972 52,847 128,376 102,325
Interest Expense
Interest on Deposits 22,031 17,875 40,998 35,438
Interest on Short-term Borrowings 9,461 2,061 18,677 2,959
Total Interest Expense 31,492 19,936 59,675 38,397
Net Interest Income 34,480 32,911 68,701 63,928
Provision for Loan Losses (1,575) (1,715) (3,295) (3,230)
Net Interest Income After
Provision for Loan Losses 32,905 31,196 65,406 60,698
Other Income
Service Charges on Deposit Accounts 5,056 5,082 9,915 9,765
Other Service Charges and Fees 1,998 1,630 3,717 3,003
Other 2,689 2,405 4,973 4,859
Total Other Income 9,743 9,117 18,605 17,627
Other Expenses
Compensation and Employee Benefits 14,193 13,386 28,117 26,999
Occupancy and Equipment 5,532 5,098 11,427 10,477
Other 8,725 9,336 16,551 16,914
Total Other Expenses 28,450 27,820 56,095 54,390
Income Before Income Taxes 14,198 12,493 27,916 23,935
Income Taxes 5,422 4,691 10,538 8,966
Net Income $ 8,776 $ 7,802 $ 17,378 $ 14,969
Per Share of Common Stock
Net Income $ .59 $ .53 $ 1.16 $ 1.01
</TABLE>
<PAGE>
<TABLE>
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars In Thousands, Except Per Share Data)
<CAPTION>
June 30, Dec. 31,
1995 1994
<S> <C> <C>
Assets
Cash and Cash Equivalents . . . . . . . . $ 187,493 $ 215,114
Securities Available for Sale 360,596 232,150
Investment Securities (fair value
of $1,125,969 and $1,132,082
in 1995 and 1994 respectively) 1,139,201 1,195,219
Loans and Leases . . . . . . . . . . . 2,056,373 1,965,767
Less Unearned Income on Loans . . . . . 8,088 12,556
Total Loans 2,048,285 1,953,211
Less Allowance for Loan Losses. . . . . 33,249 32,249
Net Loans and Leases . . . . . . . . 2,015,036 1,920,962
Premises and Equipment, Net . . . . . . . 56,594 57,872
Accrued Income and Other Assets . . . . . 63,530 66,811
Total Assets . . . . . . . . . . . . $3,822,450 $3,688,128
</TABLE>
<TABLE>
<CAPTION>
Liabilities
<S> <C> <C>
Deposits:
Noninterest-bearing . . . . . . . . $ 683,913 $ 692,025
Interest-bearing . . . . . . . . . . 2,249,639 2,090,250
Total Deposits . . . . . . . . . . 2,933,552 2,782,275
Short-term Borrowings . . . . . . . . . . 553,849 588,295
Other Liabilities . . . . . . . . . . . . 13,586 11,179
Total Liabilities . . . . . . . . 3,500,987 3,381,749
Stockholders' Equity
Preferred Stock, $10.00 Par Value;
2,500,000 Shares; Outstanding, None
Common Stock, $2.50 Par Value;
125,000,000 Shares Authorized;
14,998,683 Shares Issued (1995) and
14,931,843 (1994) . . . . . . . . . . 37,497 37,330
Capital Surplus . . . . . . . . . . . . . 118,528 116,939
Retained Earnings . . . . . . . . . . . . 163,924 154,948
Net Unrealized Gain(Loss) on
Securities Available for Sale . . . . . 1,514 (2,838)
Total Stockholders' Equity . . . . 321,463 306,379
Total Liabilities and
Stockholders' Equity . . . . . . $3,822,450 $3,688,128<PAGE>
</TABLE>
<PAGE>
<TABLE>
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS' EQUITY
(Dollars In Thousands, Except Per Share Data)
<CAPTION> Net
Unrealized
Gain (Loss)
on Securities
Common Capital Retained Available
Stock Surplus Earnings for Sale Total
<S> <C> <C> <C> <C> <C>
Balance,
January 1, 1994 . . . . . . . $ 37,012 $113,684 $139,980 $ - $290,676
Net Income . . . . . . . . 14,969 14,969
Effect of Adopting SFAS 115
at Jan. 1, 1994 603 603
Cash Dividends Paid On
Common Stock . . . . . . (8,018) (8,018)
Shares of Common Stock
Sold . . . . . . . . . . 160 1,607 1,767
Net unrealized Loss on
Securities Available
for sale (1,808) (1,808)
Balance,
June 30, 1994 . . . . . . . . $ 37,172 $115,291 $146,931 $ (1,205) $298,189
Balance,
January 1, 1995 . . . . . . . $ 37,330 $116,939 $154,948 $ (2,838) $306,379
Net Income . . . . . . . . 17,378 17,378
Cash Dividends Paid On
Common Stock . . . . . . (8,402) (8,402)
Shares of Common Stock
Sold . . . . . . . . . . 167 1,589 1,756
Net unrealized Gain on
Securities Available
for Sale 4,352 4,352
Balance,
June 30, 1995 . . . . . . . . $ 37,497 $118,528 $163,924 $ 1,514 $321,463
</TABLE>
PAGE
<PAGE>
PART I, Item 1 (Continued)
<TABLE>
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Dollars In Thousands)
<CAPTION>
For Six Months
Ended June 30,
1995 1994
<S> <C> <C>
Cash Flows From Operating Activities
Net Income . . . . . . . . . . . . . . $ 17,378 $ 14,969
Adjustments to Reconcile Net Cash
Provided by Operating Activities:
Net Loans Held for Resale . . . . . (9,303) (1,256)
Provision for Loan Losses . . . . 3,295 3,230
Provision for Loss on Real Estate
Acquired in Settlement of Loans 759 2,230
Depreciation and Amortization. . . . 3,595 3,057
Amortization of Intangible Assets. . 725 473
Net Amortization of Premium
on Securities . 472 2,398
Increase in Accrued Interest
Receivable and Other Assets (1,901) (961)
Increase (Decrease)in Other
Liabilities 1,521 (912)
Other . . . . . . . . . . . . . . . (763) (155)
Net Cash Provided by
Operating Activities . . . . $ 15,778 $ 23,073
Cash Flows From Investing Activities
Proceeds from Maturities of
Investment Securities:
Available for Sale . . . . . . . $ 57,139 $ 59,935
Held to Maturity . . . . . . . . 76,226 184,509
Purchases of Investment Securities:
Available for Sale . . . . . . . (178,294) (232,420)
Held to Maturity . . . . . . . . (20,920) (205,316)
Net Increase in Loans
and Lease Receivables . . . . . (89,284) (42,205)
Purchases of Premises and Equipment (2,348) (5,578)
Proceeds from Sale of Real Estate
Acquired in Settlement of Loans 5,478 1,616
Development Costs of Real Estate
Acquired in Settlement of Loans (1,612) (1,440)
Other 31 44
Net Cash Used in
Investing Activities . . . . . . . $ (153,584) $ (240,855)
<PAGE>
<PAGE>
PART I, Item 1 (Continued)
For Six Months
Ended June 30,
1995 1994
Cash Flows From Financing Activities
Net (Decrease) Increase in Noninterest-
bearing Deposits . . . . . . . . . . $ (8,112) $ 25,661
Net Increase in Interest-bearing
Deposits . . . . . . . . . . . . . . 159,389 1,131
Net (Decrease)Increase in Short-term
Borrowings . . . . . . . . . . . . . (34,446) 192,870
Sale of Common Stock . . . . . . . . . 1,756 1,767
Cash Dividends Paid on Common Stock . (8,402) (8,018)
Net Cash Provided by Financing
Activities . . . . . . . . . $ 110,185 $ 213,411
Net Decrease in Cash and Cash
Equivalents . . . . . . . . . . . . . (27,621) (4,371)
Cash and Cash Equivalents, Beginning
of Period . . . . . . . . . . . . . . 215,114 194,729
Cash and Cash Equivalents, End of
Period . . . . . . . . . . . . . . . $ 187,493 $ 190,358
</TABLE>
<PAGE>
<PAGE>
PART I, Item 1 (Continued)
CITIZENS BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1995
NOTE 1. UNAUDITED FINANCIAL STATEMENTS
The accompanying unaudited, consolidated, financial statements
have been prepared by Citizens Bancorp in accordance with generally
accepted accounting principles, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements have been condensed or omitted pursuant to such rules
and regulations, although management believes that the disclosures
are adequate to make the information presented not misleading. In
the opinion of management, all adjustments made to the unaudited
interim financial statements were of a normal recurring nature. It
is suggested that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto
included in the Citizens Bancorp and Subsidiaries' Annual Report to
Stockholders for the year ended December 31, 1994.
NOTE 2. EARNINGS PER SHARE
Earnings per share have been calculated on the basis of the
weighted average number of shares outstanding for the applicable
periods. Weighted average number of shares were 14,975,675 and
14,846,687 for the six months ended June 30, 1995 and 1994,
respectively.
NOTE 3. SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid during the six months ended June 30, 1995 and
1994 was approximately $59.0 million and $37.9 million,
respectively. In addition, the Corporation paid income taxes of
approximately $9.8 million and $10.6 million during the six months
ended June 30, 1995 and 1994, respectively.
In non-cash investing activities, the Corporation transferred
$1.1 million to Real Estate Acquired in Settlement of Loans from
Loans Receivable during the six months ended June 30, 1995.
PAGE
<PAGE>
NOTE 4. NEW ACCOUNTING PRONOUNCEMENTS
Citizens Bancorp adopted SFAS No. 114, Accounting by Creditors
for Impairment of a Loan, effective January 1, 1995. This statement
requires the Corporation to measure the value of each impaired loan
based on the present value of its expected future cash flows
discounted at the loan's effective interest rate or, as a practical
expedient, the loans observable market price or the fair value of
the collateral if the loan is collateral dependent. On January 1,
1995, Citizens Bancorp also adopted SFAS No. 118, Accounting by
Creditors for Impairment of a Loan - Income Recognition and
Disclosures. This statement amends SFAS No. 114 to allow creditors
to use existing methods for recognizing interest income on impaired
loans. The adoption of these statements did not have a material
impact on its financial position or results of operations for the
six months ended June 30, 1995.
<PAGE>
<PAGE> <TABLE>
PART I, Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
CITIZENS BANCORP AND SUBSIDIARIES
(Dollars In Thousands, Except Per Share Data)
Selected financial information for Citizens Bancorp and
Subsidiaries is listed below:
<CAPTION>
Six Months Six months
Ended Ended
June 30, June 30,
1995 1994
<S> <C> <C>
Condensed Income Statement
Interest Income . . . . . . . . . . $ 128,376 $ 102,325
Interest Expense . . . . . . . . . 59,675 38,397
Net Interest Income . . . . . . . . 68,701 63,928
Provision for Loan Losses . . . . . 3,295 3,230
Other Income . . . . . . . . . . . 18,605 17,627
Other Expenses . . . . . . . . . . 56,095 54,390
Net Income . . . . . . . . . . . . 17,378 14,969
Per Share of Common Stock
Net Income . . . . . . . . . . . . $ 1.16 $ 1.01
Dividends Paid . . . . . . . . . . .56 .54
Book Value . . . . . . . . . . . . 21.43 20.05
Other Information
Total Average Assets . . . . . . . $3,750,022 $3,332,661
Total Assets . . . . . . . . . . . 3,822,450 3,496,876
Total Average Stockholders' Equity 314,295 295,743
Ratios
Interest Margin . . . . . . . . . . 3.99% 4.24%
Loans to Deposits . . . . . . . . . 71.17 62.83
Capital to Assets . . . . . . . . . 8.38 8.87
Return on Equity . . . . . . . . . 11.15 10.21
Return on Assets . . . . . . . . . .93 .91
Loans to Assets . . . . . . . . . . 53.10 53.64
Dividends Paid to Net Income . . . 48.35 53.56
Reserve for Loan Losses to Loans . 1.62 1.70
</TABLE>
PAGE
<PAGE>
PART I, Item 2 (Continued)
Results of Operations
Net income for the six months ended June 30, 1995 increased
$2.4 million or 16.1% from the corresponding period in 1994. Earnings
per share for the six months totaled $1.16 which was
$.15 or 14.9% greater than the first six months of 1994. The
Corporation's return on average equity was 11.15% and 10.21% for the six
months ended June 30, 1995 and 1994, respectively. The Corporation's
return on average assets was .93% and .91% for the six months ended June
30, 1995 and 1994, respectively.
Net Interest Income
Net interest income for the six months ended June 30, 1995
increased $4.8 million or 7.5% from the corresponding period in 1994.
This increase resulted primarily from the approximately $433 million in
additional outstanding earning assets in the first six months of 1995
compared to the first six months of 1994. Average earning assets
increased due to an additional $194 million (10.8%) in average loans
outstanding and $265 million (21.3%) in average securities outstandings.
Funding for the loan and securities growth was obtained through a 13.3%
growth in short-term borrowings from the previous year balances.
In the table below, net interest income is presented on a "taxable
equivalent" basis. The income earned on tax-exempt assets, such as
municipal securities, is adjusted for analytical purposes to recognize
the income tax savings which facilitates comparison between taxable and
tax-exempt assets.
PAGE
<PAGE>
PART I, Item 2 (Continued)
<TABLE>
CITIZENS BANCORP AND SUBSIDIARIES
QUARTERLY AVERAGE CONSOLIDATED STATEMENTS
OF CONDITION AND RATES
<CAPTION>
Six Months - 1995 Six Months - 1994
Average Average
Balance Interest Rate Balance Interest Rate
(Taxable Equivalent Basis, Dollars In Thousands)
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Loans:
Commercial . . . . . $ 357,159 $ 16,019 9.04% $ 332,316 $11,758 7.14%
Real Estate . . . . 977,442 44,044 9.09 853,296 34,860 8.24
Consumer . . . . . . 656,641 23,339 7.17 611,750 21,843 7.20
Total Loans . . . 1,991,242 83,402 8.45 1,797,362 68,461 7.68
Investment Securities:
Securities Available
for Sale . . . . . 332,521 11,272 6.84 179,410 4,143 4.66
Taxable. . . . . . . 1,147,341 32,560 5.72 1,030,781 28,060 5.49
Non-Taxable. . . . . 30,710 1,757 11.54 35,167 1,893 10.85
Total Securities. . . 1,510,572 45,589 6.09 1,245,358 34,096 5.52
Fed Funds Sold and
Securities Purchased
Under Resale Agmts __________ 26,039 426 3.30
Total Interest
Earning Assets . 3,501,814 128,991 7.43 3,068,759 102,983 6.77
Cash . . . . . . . . . 161,570 165,254
Reserve for Loan
Losses . . . . . . . (33,155) (29,864)
Other Assets . . . . . 119,793 128,494
Total Assets $3,750,022 $3,332,661
</TABLE>
<PAGE>
<TABLE>
Six Months - 1995 Six Months - 1994
Average Average
Balance Interest Rate Balance Interest Rate
(Taxable Equivalent Basis, Dollars In Thousands)
<CAPTION>
LIABILITIES AND
STOCKHOLDERS' EQUITY
<S> <C> <C> <C> <C> <C> <C>
Deposits:
Savings and Demand . $ 922,711 12,449 2.72 1,003,340 13,132 2.64
Money Market . . . . 439,630 7,239 3.32 525,800 6,542 2.50
Time Certificates . 798,793 21,310 5.38 689,593 15,782 4.62
Total . . . . . . 2,161,134 40,998 3.83 2,218,733 35,438 3.22
Short-term Borrowings 621,108 18,677 6.06 173,526 2,959 3.44
Total Interest-bearing
Liabilities . . . . 2,782,242 59,675 4.32 2,392,259 38,397 3.24
Demand Deposits. . . . 636,906 626,308
Other Liabilities . . 16,587 18,351
Stockholders' Equity . 314,287 295,743
Total Liabilities and
Stockholders' Equity $3,750,022 $3,332,661
Net Interest Income . $69,316 $64,587
Net Interest Yield on
Earning Assets 3.99% 4.24%
</TABLE>
<PAGE>
<PAGE>
Provision for Loan Loss and Allowance
The provision for loan losses was $3.3 million for the six
months ended June 30, 1995 compared to $3.2 million for the
comparable 1994 period. Net loan charge-offs were $2.3 million and
$1.5 million for the six months ended June 30, 1995 and 1994,
respectively. There are no recommendations by the regulatory
authorities which, if they were to be implemented, would have a
material effect on liquidity, capital resources or operations.
The allowance for loan losses was $33.2 million and $30.9
million at June 30, 1995 and 1994, respectively. The allowance
approximates 1.62% and 1.70% of total loans outstanding at both
June 30, 1995 and 1994, respectively. The allowance represents
coverage of 187.1% and 156.9% of non-performing loans outstanding
at June 30, 1995 and 1994, respectively. At June 30, 1995 and 1994
there were $17.7 million and $20.0 million in non-performing loans
outstanding.
At June 30, 1995 and 1994 there was $15.2 million and $23.5
million, respectively in other real estate acquired in settlement
of loans by the Corporation.
Non-Performing Assets
Non-performing assets include nonaccrual and restructured
loans, accruing loans past-due 90 days or more, and real estate
acquired in settlement of loans. The table below reflects the
distribution of non-performing assets.
<PAGE>
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
(Dollars in Thousands)
<S> <C> <C>
Commercial, Financial, and
Agricultural $ 5,705 $ 6,548
Real Estate - Construction 1,347 1,345
Real Estate - Mortgage 10,507 10,954
Consumer 211 234
Total Non-performing loans 17,770 19,081
Real Estate Acquired in Settlement
of Loans 15,193 18,003
Total Non-performing Assets 32,963 37,084
Non-performing Loans to Total Loans .87% .99%
Non-performing Assets to Loans
and Real Estate Acquired
in Settlement of Loans 1.60 1.88
Accruing Loans Past Due 90 Days
or More $ 830 $ 786
Restructured Loans 15,697 14,166
</TABLE>
Other Income and Expense
Other income for the six months ended June 30, 1995 increased
$978 thousand or 5.5% from the comparable 1994 period. This
increase was primarily due to a $417 thousand increase in credit
card merchant fees and the $146 thousand in service charges from
official bank drafts.
Other expenses increased $1.7 million or 3.1% for the six
months ended June 30, 1995 compared to the same period in 1994.
Compensation and employee benefits for the six months ended
June 30, 1995, increased $1.1 million or 4.1% from the comparable
1994 period due to normal merit increases. Occupancy and equipment
expense for the first six months of 1995 increased $1.0 million or
9.1% over the same period in 1994. This is due to increased rental
expense of $400 thousand, increased depreciation expense of $400
thousand on additional capital expenditures, and the bank's
decision to reserve funds for future branch consolidation.
Income Taxes
Federal and state income taxes increased 17.5% for the six
months ended June 30, 1995 when compared with 1994. This resulted
primarily from higher levels of pre-tax income and maturities of
tax-exempt investments.
<PAGE>
The Corporation's effective income tax rate was 37.7% and
37.5% for the six months ended June 30, 1995 and 1994,
respectively.
Financial Condition
As reflected in the Consolidated Statements of Cash Flows, net
cash provided by operating activities was $15.8 million and $23.1
million for the six months ended June 30, 1995 and 1994,
respectively.
Purchases of investment securities and growth in loans
outstanding were the Corporation's most significant investing
activities. During the first six months of 1995, approximately $66
million of securities purchases were consummated in excess of
replacement of maturing securities. Loan demand strengthened in the
six months ended June 30, 1995 with $89 million in net new loans
booked. Deposit growth continued in the first six months of 1995
with $159 million in interest bearing deposits, offset by an
$8.1 million decrease in non-interest bearing deposits.
Capital Resources
The Federal Reserve Board sets standards for measuring capital
adequacy for U.S. banking organizations. These standards classify
capital into two tiers, referred to as Tier 1 and Tier 2.
At June 30, 1995 and 1994, Citizens Bancorp's Tier I risk-
based capital ratio was 12.9% and 13.3%, respectively, well in
excess of the 4% regulatory requirement. For the same periods, the
total risk-based capital ratio was 14.1% and 14.6%, respectively,
also well in excess of the 8% requirement. The leverage ratio
stood at 8.5% and 9.0% at June 30, 1995 and 1994, respectively,
meeting the 4% ratio test.
At June 30, 1995 and 1994, Citizens Bank of Maryland's Tier I
risk-based capital ratio was 12.8% and 13.0%, respectively. For
the same periods, the total risk-based capital ratio was 14.1% and
14.2%, respectively. The leverage ratio stood at 8.2% and 8.5% at
June 30, 1995 and 1994, respectively.
At June 30, 1995 and 1994 Citizens Bank of Washington's Tier
I risk-based capital ratio was 14.6% and 13.5%, respectively. For
the same periods, the total risk-based capital ratio was 15.9% and
14.7%, respectively. The leverage ratio stood at 11.9% and 9.5% at
June 30, 1995 and 1994, respectively. At June 30, 1995 and 1994
Citizens Bank of Virginia's Tier I risk-based capital ratio was
12.5% and 12.1%, respectively. For the same periods, the total
risk-based capital ratio was 13.8% and 13.4%, respectively. The
leverage ratio stood at 8.3% and 8.5% at March 31, 1995 and 1994,
respectively. <PAGE>
<PAGE>
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - See
proxy statement filed with the Securities and Exchange
Commission on April 5, 1991.
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K - None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CITIZENS BANCORP
By
Kaye A. Simmons
Treasurer
Principal Accounting Officer
By
Jean G. Salamone
Secretary
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 187493
<INT-BEARING-DEPOSITS> 2249639
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 360596
<INVESTMENTS-CARRYING> 1139201
<INVESTMENTS-MARKET> 1125969
<LOANS> 2048285
<ALLOWANCE> 33249
<TOTAL-ASSETS> 3822450
<DEPOSITS> 2933552
<SHORT-TERM> 553849
<LIABILITIES-OTHER> 13586
<LONG-TERM> 0
<COMMON> 37497
0
0
<OTHER-SE> 283966
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