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 March 31, 1996 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 April 25, 1996, registrant has 15,129,431 shares of
Common Stock issued.
<PAGE>
INDEX
CITIZENS BANCORP AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Statements of Condition - March 31, 1996 and
December 31, 1995.
Consolidated Statements of Income - Three months ended March
31, 1996 and 1995.
Consolidated Statements of Changes in Stockholders' Equity -
Three months ended March 31, 1996 and 1995.
Consolidated Statements of Cash Flows - Three months ended
March 31, 1996 and 1995.
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>
<TABLE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars In Thousands, Except Per Share Data)
<CAPTION>
March 31, Dec. 31,
1996 1995
<S> <C> <C>
Assets
Cash and Cash Equivalents . . . . . . . . $ 191,803 $ 199,001
Federal Funds Sold and Securities
Purchased under Resale Agreements . . . 11,000 -
Securities Available for Sale(at fair value,
amortized cost of $537,860 and $468,614,
respectively) 540,864 471,989
Securities Held to Maturity(at amortized cost,
fair value of $957,252 and $1,019,600,
respectively) 964,907 1,019,708
Loans and Leases, net of Unearned Income 2,255,712 2,226,399
Less Allowance for Loan Losses. . . . . 35,110 34,145
Net Loans and Leases . . . . . . . . 2,220,602 2,192,254
Premises and Equipment, Net . . . . . . . 55,707 55,497
Accrued Income and Other Assets . . . . . 68,822 101,238
Total Assets . . . . . . . . . . . . $4,053,705 $4,039,687
</TABLE>
<TABLE>
<CAPTION>
Liabilities
<S> <C> <C>
Deposits:
Noninterest-bearing . . . . . . . . $ 656,754 $ 639,667
Interest-bearing . . . . . . . . . . 2,471,631 2,407,188
Total Deposits . . . . . . . . . . 3,128,385 3,046,855
Short-term Borrowings . . . . . . . . . . 566,101 644,183
Other Liabilities . . . . . . . . . . . . 18,876 14,458
Total Liabilities . . . . . . . . 3,713,362 3,705,496
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;
15,095,228 Shares Issued (1996) and
15,056,981 (1995) . . . . . . . . . . 37,736 37,642
Capital Surplus . . . . . . . . . . . . . 121,165 120,185
Retained Earnings . . . . . . . . . . . . 181,442 176,364
Total Stockholders' Equity . . . . 340,343 334,191
Total Liabilities and
Stockholders' Equity . . . . . . $4,053,705 $4,039,687
</TABLE>
<PAGE>
<TABLE>
PART I, ITEM 1 (Continued)
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, Except Per Share Data)
<CAPTION>
For Three Months
Ended March 31,
1996 1995
<S> <C> <C>
Interest Income
Interest and Fees on Loans
and Leases $45,067 $40,477
Interest and Dividends on Securities:
Securities Available for Sale 7,221 5,045
Securities Held to Maturity 14,474 16,882
Interest on Federal Funds Sold
and Securities Purchased
Under Resale Agreements 53 -
Total Interest Income 66,815 62,404
Interest Expense
Interest on Deposits 25,203 18,967
Interest on Short-term Borrowings 7,596 9,216
Total Interest Expense 32,799 28,183
Net Interest Income 34,016 34,221
Provision for Loan Losses (1,930) (1,720)
Net Interest Income After
Provision for Loan Losses 32,086 32,501
Other Income
Service Charges on Deposit Accounts 5,107 4,859
Other Service Charges and Fees 2,901 1,719
Insurance and Brokerage Fees 706 569
Other 1,753 1,715
Total Other Income 10,467 8,862
Other Expenses
Compensation and Employee Benefits 14,985 13,924
Occupancy and Equipment 5,416 5,895
Other 6,839 7,826
Total Other Expenses 27,240 27,645
Income Before Income Taxes 15,313 13,718
Income Taxes 5,624 5,116
Net Income $ 9,689 $ 8,602
Per Share of Common Stock Net Income $ .64 $ .58
</TABLE>
<PAGE>
<TABLE>
PART I, Item 1 (Continued)
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS' EQUITY
(Dollars In Thousands, Except Per Share Data)
<CAPTION>
Common Capital Retained
Stock Surplus Earnings Total
<S> <C> <C> <C> <C>
Balance,
December 31, 1994 . . . . . . $ 37,330 $116,939 $152,110 $306,379
Net Income . . . . . . . . 8,602 8,602
Cash Dividends Paid on
Common Stock . . . . . . (4,202) (4,202)
Shares of Common Stock
Sold . . . . . . . . . . 81 775 856
Net Change in Unrealized
Gain on Securities
Available for Sale 3,208 3,208
Balance,
March 31, 1995 $ 37,411 $117,714 $159,718 $314,843
Balance,
December 31, 1995. . . . . . . $ 37,642 $120,185 $176,364 $334,191
Net Income . . . . . . . . 9,689 9,689
Cash Dividends Paid On
Common Stock . . . . . . (4,403) (4,403)
Shares of Common Stock
Sold . . . . . . . . . . 94 980 1,074
Net Change in Unrealized
Gain on Securities
Available for Sale . . (208) (208)
Balance,
March 31, 1996 . . . . . $ 37,736 $121,165 $181,442 $340,343
</TABLE>
<PAGE>
<TABLE>
PART I, Item 1 (Continued)
CITIZENS BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Dollars In Thousands)
<CAPTION>
For Three Months
Ended March 31,
1996 1995
<S> <C> <C>
Cash Flows From Operating Activities
Net Income . . . . . . . . . . . . . . $ 9,689 $ 8,602
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating
Activities:
Loans Originated for Sale . . . . (52,205) (16,247)
Loans sold . . . . . . . . . . . . 40,923 14,230
Provision for Loan Losses . . . . 1,930 1,720
Provision for Loss on Real Estate
Acquired in Settlement of Loans 62 276
Depreciation and Amortization. . . . 1,837 2,061
Amortization of Intangible Assets. . 124 362
Net Amortization Accretion of
Premium/Discount on Securities . 139 376
Decrease in Accrued Interest
Receivable and Other Assets . . 31,478 160
Increase in Other Liabilities . . . 4,582 4,099
Other . . . . . . . . . . . . . . . (26) (463)
Net Cash Provided by
Operating Activities . . . . $ 38,533 $ 15,176
Cash Flows From Investing Activities
Proceeds from Maturities and Sales of
Investment Securities:
Available for Sale . . . . . . . $ 87,486 $ 50,138
Held to Maturity . . . . . . . . 69,810 24,110
Purchases of Investment Securities:
Available for Sale . . . . . . . (156,797) (142,634)
Held to Maturity . . . . . . . . (15,084) (20,957)
Net Increase in Federal
Funds Sold and Securities
Purchased Under Resale Agreement (11,000) -
Net Increase in Loans
and Lease Receivables . . . . . (18,994) (43,204)
Purchases of Premises and Equipment (2,057) (1,661)
Proceeds from Sale of Real Estate
Acquired in Settlement of Loans 1,140 4,185
Development Costs of Real Estate
Acquired in Settlement of Loans (388) (807)
Other 34 776
Net Cash Used in Investing Activities $ (45,850) $ (130,054)
<PAGE>
PART I, Item 1 (Continued)
For Three Months
Ended March 31,
1996 1995
Cash Flows From Financing Activities
Net Increase (Decrease) in
Noninterest-bearing Deposits . . . . $ 17,087 $ (28,614)
Net Increase in Interest-bearing
Deposits . . . . . . . . . . . . . 64,443 96,931
Net (Decrease) Increase in Short-term
Borrowings . . . . . . . . . . . . . (78,082) 29,865
Sale of Common Stock . . . . . . . . . 1,074 856
Cash Dividends Paid on Common Stock . (4,403) (4,202)
Net Cash Provided by Financing
Activities . . . . . . . . . $ 119 $ 94,836
Net Decrease in Cash and Cash
Equivalents . . . . . . . . . . . . . (7,198) (20,042)
Cash and Cash Equivalents, Beginning
of Period . . . . . . . . . . . . . . 199,001 215,114
Cash and Cash Equivalents, End of
Period . . . . . . . . . . . . . . . $ 191,803 $ 195,072
</TABLE>
<PAGE>
<PAGE>
PART I, Item 1 (Continued)
CITIZENS BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1996
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' Form 10-K
for the year ended December 31, 1995.
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 15,084,083 and 14,958,346 for the three
months ended March 31, 1996 and 1995, respectively.
NOTE 3. SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid during the three months ended March 31, 1996 and 1995
was approximately $34.3 million and $27.7 million, respectively. In
addition, the Corporation paid income taxes of approximately $300 thousand
and $4.7 million during the three months ended March 31, 1996 and 1995,
respectively.
In non-cash investing activities, the Corporation had no transfers
from Loans Receivable to Real Estate Acquired in Settlement of Loans during
the three months ended March 31, 1996. For the same period in 1995, $789
thousand was transferred from Loans Receivable to Real Estate Acquired in
Settlement of Loans.
<PAGE>
NOTE 4. NEW ACCOUNTING PRONOUNCEMENTS
Citizens Bancorp adopted SFAS 121, Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets Disposed Of,effective January
1, 1996. This Statement prescribes the accounting for the impairment of
long-lived assets, such as property, plant and equipment, identifiable
intangible assets and goodwill related to those assets. An impairment loss
is recorded when the undiscounted cashflows from the use and eventual
disposal of the asset is less than the carrying value of the asset.
Effective January 1, 1996 Citizens Bancorp also adopted SFAS 122,
Accounting for Mortgage Servicing Rights. This Statement, among other
items, will require the Corporation to capitalize the fair value of
mortgage servicing rights for loans originated at the time a loan is sold
with the servicing retained by the seller.
In addition, Citizens Bancorp adopted SFAS 123, Accounting for Stock-
Based Compensation, effective January 1, 1996. This Statement gives the
Corporation the option of either 1) continuing to account for stock options
and other forms of stock compensation under the current accounting rules
(APB No. 25, Accounting for Stock Issued to Employees) while providing
the disclosures required under SFAS 123 or 2) adopting SFAS 123 accounting
for all stock compensation arrangements. The Corporation continues to
account for stock options under the current accounting rules.
The adoption of these Statements did not have a material impact on the
Corporation's financial condition or results of operations for the three
months ended March 31, 1996.
<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:
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
<S> <C> <C>
Condensed Income Statement
Interest Income . . . . . . . . . . $ 66,815 $ 62,404
Interest Expense . . . . . . . . . 32,799 28,183
Net Interest Income . . . . . . . . 34,016 34,221
Provision for Loan Losses . . . . . 1,930 1,720
Other Income . . . . . . . . . . . 10,467 8,862
Other Expenses . . . . . . . . . . 27,240 27,645
Income before Income Tax . . . . . 15,313 13,718
Applicable Income Taxes . . . . . . 5,624 5,116
Net Income . . . . . . . . . . . . 9,689 8,602
Per Share of Common Stock
Net Income . . . . . . . . . . . . $ .64 $ .58
Dividends Paid . . . . . . . . . . .29 .28
Book Value . . . . . . . . . . . . 22.55 21.04
Other Information
Total Average Assets . . . . . . . $3,964,926 $3,713,828
Total Assets . . . . . . . . . . . 4,053,705 3,800,728
Total Average
Stockholders' Equity . . . . . . 337,926 311,099
Ratios
Interest Margin . . . . . . . . . . 3.71% 4.04%
Loans to Deposits . . . . . . . . . 73.54 71.40
Capital to Assets . . . . . . . . . 8.52 8.38
Return on Equity . . . . . . . . . 11.53 11.22
Return on Assets . . . . . . . . . .98 .94
Loans to Assets . . . . . . . . . . 56.18 52.74
Dividends Paid to
Net Income . . . . . . . . . . . 45.17 48.85
Allowance for Loan
Losses to Loans . . . . . . . . 1.56 1.65
</TABLE>
<PAGE>
PART I, Item 2 (Continued)
Results of Operations
Net income for the three months ended March 31, 1996
increased $1.1 million or 13.0% from the corresponding period in
1995. Earnings per share for the three months totaled $.64 which
was $.06 or 11.1% greater than the first three months of 1995.
The Corporation's returns on average equity were 11.53% and
11.22% for the three months ended March 31, 1996 and 1995,
respectively. The Corporation's returns on average assets were
.98% and .94% for the three months ended March 31, 1996 and 1995,
respectively.
Net Interest Income
Net interest income for the three months ended March 31,
1996 decreased $205 thousand or 0.6% from the corresponding
period in 1995. This decrease resulted primarily from an
additional $2.6 million in interest income which was realized
from an increase in earnings assets, offset by a $2.8 million
rise in interest expense due to increasing deposit costs.
Average earning assets increased due to an additional $268
million (13.7%) in average loans outstanding and a decrease of
$12.3 million (0.8%) in average securities outstandings. Funding
for the loan growth was obtained through a 53.4% growth in time
certificate deposits.
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>
<TABLE>
PART I, Item 2 (Continued)
CITIZENS BANCORP AND SUBSIDIARIES
QUARTERLY AVERAGE CONSOLIDATED STATEMENTS
OF CONDITION AND RATES
<CAPTION>
Three Months - 1996 Three Months - 1995
Average Average
Balance Interest Rate Balance Interest Rate
(Taxable Equivalent Basis, Dollars In Thousands)
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Loans:
Commercial . . . . . $ 379,387 $ 8,197 8.69% $ 354,455 $ 7,764 8.88%
Real Estate . . . . 1,103,991 23,311 8.49 956,920 21,372 9.06
Consumer . . . . . . 743,920 13,559 7.33 647,434 11,341 7.10
Total Loans . . . 2,227,298 45,067 8.14 1,958,809 40,477 8.38
Securities:
Available for Sale . 489,113 7,221 5.94 320,483 5,045 6.38
Held to Maturity. . . 973,914 13,954 5.76 1,155,712 16,300 5.72
Tax-exempt
Held to Maturity . 28,235 800 11.40 31,677 895 11.46
Total Investment
Securities . . . . 1,491,262 21,975 5.93 1,507,872 22,240 5.98
Fed Funds Sold &
Securities Purchased
Under Resale
Agreements 4,330 53 4.92 - - -
Total Interest
Earning Assets . 3,722,890 $67,095 7.25% 3,466,681 $62,717 7.34%
Cash . . . . . . . . . 157,372 159,504
Allowance for Loan
Losses . . . . . . . (34,806) (32,722)
Other Assets . . . . . 119,470 120,365
Total Assets $3,964,926 $3,713,828<PAGE>
</TABLE>
<PAGE>
<TABLE>
PART I, Item 2 (Continued)
<CAPTION>
Three Months - 1996 Three Months - 1995
Average Average
Balance Interest Rate Balance Interest Rate
(Taxable Equivalent Basis, Dollars In Thousands)
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deposits:
Savings and Demand . $ 912,245 $ 6,082 2.68% $ 936,343 $ 6,272 2.72%
Money Market . . . . 398,247 3,531 3.57 453,387 3,620 3.24
Time Certificates . 1,108,010 15,590 5.67 722,419 9,075 5.09
Total . . . . . . 2,418,502 25,203 4.19 2,112,149 18,967 3.64
Short-term Borrowings 577,570 7,596 5.29 643,963 9,216 5.80
Total Interest-bearing
Liabilities . . . . 2,996,072 32,799 4.40 2,756,112 28,183 4.15
Noninterest-bearing
Deposits . . . . . . 610,039 631,292
Other Liabilities . . 20,889 15,325
Stockholders' Equity . 337,926 311,099
Total Liabilities and
Stockholders' Equity $3,964,926 $3,713,828
Net Interest Income . $34,296 $34,534
Net Interest Margin . 3.71% 4.04%
</TABLE>
<PAGE>
PART I, Item 2 (Continued)
Provision for Loan Losses and Allowance
The provision for loan losses was $ 1.9 million for the
three months ended March 31, 1996 compared to $1.7 million for
the comparable 1995 period. Charge-offs and recoveries for each
three month period are listed below.
<TABLE>
<CAPTION>
1st Qtr 1st Qtr
1996 1995
(Dollars in Thousands)
<S> <C> <C>
Charge-offs:
Real Estate-Mortgage $ - $ 883
Commercial 985 71
Consumer 553 477
Total Charge-offs 1,538 1,431
Recoveries:
Real Estate-Mortgage 10 1
Commercial 258 309
Consumer 305 176
Total Recoveries 573 486
Net Charge-offs $965 $945
</TABLE>
The allowance for loan losses was $35.1 million and $33.0
million at March 31, 1996 and 1995, respectively. The allowance
approximates 1.56% and 1.65% of total loans outstanding at both
March 31, 1996 and 1995, respectively. The allowance represents
coverage of 249.1% and 181.3% of non-performing loans outstanding
at March 31, 1996 and 1995, respectively. At March 31, 1996 and
December 31, 1995 there was $14.1 million and $14.3 million in
non-performing loans outstanding.
At March 31, 1996 and December 31, 1995 there was $20.6
million and $21.4 million, respectively in real estate acquired
in settlement of loans owned by the Corporation.<PAGE>
<PAGE>
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.
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
(Dollars in Thousands)
<S> <C> <C>
Commercial, Financial, and
Agricultural $ 5,502 $ 5,015
Real Estate - Construction 1,384 1,384
Real Estate - Mortgage 7,036 7,421
Consumer 170 458
Total Non-performing loans 14,092 14,278
Real Estate Acquired in Settlement
of Loans 20,586 21,399
Total Non-performing Assets $34,678 $ 35,677
Non-performing Loans to Total Loans .62% .64%
Non-performing Assets to Loans
and Real Estate Acquired
in Settlement of Loans 1.51 1.59
Accruing Loans past Due 90 Days
or More $ 1,704 $ 5,303
Restructured Loans 11,683 13,227
</TABLE>
Other Income and Expense
Other income for the three months ended March 31, 1996
increased $1.6 million or 18.0% from the comparable 1995 period.
Included in the March 31, 1996 results was the accrual of $298
thousand in merchant discount income pertaining to the
Corporation's credit card services. Also included were fees
associated with official check outsourcing income of $118
thousand. Revenues from the mortgage bank subsidiary increased
$770 thousand for the three months ended March 31, 1996 compared
to the same period in 1995. This increase was attributable to
lower interest rates in the first quarter of 1996 which
stimulated the refinancing market volume.
<PAGE>
PART I, Item 2 (Continued)
Other expenses decreased $405 thousand or 1.5% for the three
months ended March 31, 1996 compared to the same period in 1995.
Included in the March 31, 1996 results were compensation cost
increases of $1.1 million as a result of normal merit increases
and hiring of new staff. Net occupancy expenses were greater
for the period ended March 31, 1995 compared to the same period
in 1996, due to branch closings and reconfigurations. Also
included was an increase in marketing expenses of $500 thousand
and a decrease in FDIC premium assessments of $1.5 million for
the period ended March 31, 1996 as compared to the same period in
1995.
Income Taxes
Federal and state income taxes increased 9.9% for the three
months ended March 31, 1996 when compared with 1995. This
resulted primarily from higher levels of pre-tax income.
The Corporation's effective income tax rates were 36.7% and
37.3% for the three months ended March 31, 1996 and 1995,
respectively.
Financial Condition
As reflected in the Consolidated Statements of Cash Flows,
net
cash provided by operating activities was $38.5 million and $15.2
million for the three months ended March 31, 1996 and 1995,
respectively.
Purchases of investment securities and growth in loans
outstanding were the Corporation's most significant investing
activities. During the first three months of 1996, approximately
$14.6 million of securities purchases were consummated in excess
of replacement of maturing securities. Loan demand continued in
the three months ended March 31, 1996 with $19 million in net new
loans booked. Deposit growth in the first quarter of 1996
stemmed from a $64 million increase in interest bearing deposits
and an increase in non-interest bearing deposits of $17 million.<PAGE>
<PAGE>
PART I, Item 2 (Continued)
Capital Resources
Total dividends for the quarter ended March 31, 1996
increased to $.29 compared to $.28 paid in dividends for all four
quarters of 1995.
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 March 31, 1996 and 1995, Citizens Bancorp's Tier I risk-
based capital ratio was 12.5% and 13.0%, respectively, well in
excess of the 4% regulatory requirement. For the same periods,
the total risk-based capital ratio was 13.8% and 14.2%,
respectively, also well in excess of the 8% requirement. The
leverage ratio stood at 8.6% and 8.5% at March 31, 1996 and 1995,
respectively, meeting the 4% ratio test.
At March 31, 1996 and 1995, Citizens Bank of Maryland's Tier
I risk-based capital ratio was 12.2% and 12.5%, respectively.
For
the same periods, the total risk-based capital ratio was 13.5%
and 13.7%, respectively. The leverage ratio stood at 8.3% and
8.0% at March 31, 1996 and 1995, respectively.
At March 31, 1996 and 1995 Citizens Bank of Washington's
Tier I risk-based capital ratio was 13.1% and 14.4%,
respectively. For the same periods, the total risk-based capital
ratio was 14.4% and 15.6%, respectively. The leverage ratio stood
at 10.2% and 10.4% at March 31, 1996 and 1995, respectively. At
March 31, 1996 and 1995 Citizens Bank of Virginia's Tier I risk-
based capital ratio was 14.3% and 12.6%, respectively. For the
same periods, the total risk-based capital ratio was 15.6% and
13.8%, respectively. The leverage ratio stood at 8.1% and 7.8%
at March 31, 1996 and 1995, respectively. <PAGE>
<PAGE>
PART II. OTHER INFORMATION
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
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0
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