UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________________
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR
15 (D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly Period Ended March 31, 1996
Commission File Number 33-29696-A
__________________________________________________
CITRUS FINANCIAL SERVICES, INC.
(Exact Name of registrant as specified in its charter)
Florida 65-0136594
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1717 Indian River Boulevard
Suite 100
Vero Beach, Florida 32960
(Address of Principal Executive Offices) (Zip Code)
__________________________________________________
(407) 778-4100
(Registrant's telephone number including area code)
__________________________________________________
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
Indicate the number of shares of outstanding of each of the issuer's classes
of Common Stock:
Class Outstanding as of May 8, 1996
Common Stock 711,767
Par Value $4.17 per share
<PAGE>
CITRUS FINANCIAL SERVICES, INC.
INDEX
PAGE
PART I: FINANCIAL INFORMATION NUMBER
Item 1: Financial Statements:
Consolidated Balance Sheets as of March 31, 1996
(unaudited) and December 31, 1995 1
Consolidated Statements of Operations for the three months
ended March 31, 1996 and 1995 (unaudited) 2
Consolidated Statements of Cash Flows for the three months
ended March 31, 1996 and 1995 (unaudited) 3
Notes to Consolidated Financial Statements (unaudited) 4 - 7
Item 2: Management's Discussion and Analysis of Financial Condition
and Results of Operations 8 - 11
PART II: OTHER INFORMATION 12
Signatures 13
<PAGE>
<TABLE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
(dollars in thousands) 1996 1995
<S> <C> <C>
ASSETS
Cash and Due From Banks $ 1,708 $ 1,644
Federal Funds Sold 0 3,358
Interest Bearing Deposits in Other Banks 155 124
Investment Securities 4,642 4,747
(Market Value March 31, 1996 was $4,511)
(Market Value December 31, 1995 was $4,636)
Securities Available for Sale 5,557 5,571
Loans:
Loans, net of deferred fee income 47,252 43,401
Less Allowance for Loan Losses 396 373
Net Loans 46,856 43,028
Premises & Equipment 2,133 2,176
Other Assets 970 850
Total Assets $ 62,021 $ 61,498
LIABILITIES
Deposits:
Noninterest Bearing Demand Deposits $ 9,219 $ 6,699
Interest Bearing Accounts:
NOW 2,894 3,117
Money Market Deposit Accounts 4,934 4,522
Savings 2,118 2,205
Certificates of Deposits 36,201 37,260
Total Deposits 55,366 53,803
FHLB Advances and Federal Funds Sold 890 2,076
Other Liabilities 313 248
Total Liabilities 56,569 56,127
STOCKHOLDERS' EQUITY
Preferred Stock 0 0
Common Stock 2,966 2,966
Additional Paid-In Capital 3,108 3,108
Accumulated Deficit ( 475) ( 573)
Unrealized loss on securities available for sale ( 147) ( 130)
Total shareholders' equity 5,452 5,371
Total Liabilities and Stockholders' Equity $ 62,021 $ 61,498
</TABLE>
<PAGE>
<TABLE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31,
dollars in thousands except per share amounts 1996 1995
<S> <C> <C>
Interest Income
Interest and Fees on Loans $ 1,058 $ 896
Interest on Investment Securities and Interest
Bearing Deposits in Other Banks 146 212
Income on Federal Funds Sold 17 4
Total Interest Income 1,221 1,112
Interest Expense
Interest on Deposits 559 483
Other Interest 13 60
Total Interest Expense 572 543
Net Interest Income 649 569
Provision for Loan Losses 31 13
Net Interest Income After Provision for Loan Losses 618 556
Noninterest Income 85 86
Noninterest Expense 546 520
INCOME BEFORE INCOME TAXES 157 122
INCOME TAXES (CREDIT) 59 (5)
NET INCOME $ 98 $ 127
NET INCOME PER COMMON SHARE $ 0.14 $ 0.18
AVERAGE NUMBER OF SHARES OUTSTANDING 711,767 711,767
</TABLE>
<PAGE>
<TABLE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(dollars in thousands) 1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 98 $ 127
Adjustment To Reconcile Net Income to
Net Cash Used by Operating Activities:
Depreciation and Amortization 46 61
(Increase) in Other Assets (120) (109)
Provision for Loan Losses 31 13
Origination of Loans Held for Sale (9,125) (3,061)
Proceeds on Sale of Loans Held for Sale 5,679 2,065
Increase in Other Liabilities 65 41
Net Cash Used by Operating Activities (3,326) (863)
Cash Flows from Investing Activities:
Loan Originations, Net of Principal Payments (413) (1,774)
Purchase of Investment Securities and Interest
Bearing Deposits (31) (15)
Proceeds on Maturing Securities 105 0
Purchase of Securities Available for Sale 0 65
Proceeds on Sale of Securities Available for Sale (3) 0
Capitalization of Premises and Equipment (3) 48
Net Cash Used By Investing Activities (345) (1,676)
Cash Flows from Financing Activities:
Increase (Decrease) in Certificates of Deposit - Net (1,059) 1,777
Increase (Decrease) in Other Deposits - Net 2,622 (98)
Repayment of FHLB Advances (1,186) (1,031)
Net Cash Provided by Financing Activities 377 648
Net (Decrease) in Cash and Cash Equivalents (3,294) (1,891)
Cash and cash equivalents at Beginning of Period 5,002 3,481
Cash and cash equivalents at End of Period $ 1,708 $ 1,590
Supplemental disclosure of cash flow information
Amount paid during the period for:
Interest Expense $ 560 $ 167
</TABLE>
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note (1) Accounting Policies
The consolidated financial statements include the accounts of Citrus Financial
Services, Inc. (Company) and its wholly owned subsidiary Citrus Bank, National
Association, (Bank). The information contained in the financial statements is
unaudited. In the opinion of management, all adjustments have been made
(consisting only of normal recurring accruals) necessary to present a fair
statement of the results for interim periods. The results for interim periods
are not necessarily indicative of trends or results to be expected for a full
year. It is suggested that these financial statements and notes be read in
conjunction with the Company's financial statements for the year ended
December 31, 1995 included in the Company's annual report on Form 10-KSB
filed with the Securities and Exchange Commission.
Note (2) Loans
Loans receivable are stated at unpaid principal balances, less unearned
discounts, and net of deferred loan origination fees and costs. Interest
receivable is accrued only if deemed collectible. Generally, Company policy
is not to accrue interest on loans delinquent over ninety days. Such interest
ultimately collected is credited to income in the period received.
Loans, as categorized by the underlying collateral, consist of:
<TABLE>
March 31, 1996 December 31, 1995
(dollars in thousands)
<S> <C> <C> <C> <C>
Real Estate $ 34,793 73.6% $ 29,815 68.7%
Commercial, Financial, and Agriculture 8,559 18.1% 9,104 21.0%
Consumer and other 3,913 8.3% 4,482 10.3%
Total loans, gross $ 47,265 100.0% $ 43,401 100.0%
</TABLE>
Note (3) Allowance for Loan Losses
The Company's Board of Directors monitors the loan portfolio monthly in order
to enable it to evaluate the adequacy of the allowance for loan losses. In
addition to reviews by regulatory agencies and the Company's certified public
accountants, the services of outside lending professionals have been engaged
to assist in the valuation of credit quality and loan administration. These
professionals compliment the system implemented by the Company which
indentifies potential problem credits as early as possible, categorizes the
credits as to risk and puts a reporting process in place to monitor the
progress of the credits.
The Company maintains the allowance for loan losses at a level sufficient to
absorb all estimated losses inherent in the loan portfolio. The allowance
for loan losses is made up of two primary components, amounts allocated to
loans based on collateral type and amounts allocated for loans reviewed on an
individual basis in accordance with a credit risk grading system.
<TABLE>
Activity in the allowance for loan losses from January 1 through March 31
follows: (in thousands)
1996 1995
<S> <C> <C>
Balance, January 1, $ 373 $ 299
Recoveries 0 1
Chargeoffs (8) (3)
Provision charged to expense 31 13
Balance, March 31, $ 396 $ 310
</TABLE>
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note (4) Investment Securities
Investment securities are carried at cost, adjusted for amortization of
premiums or accretion of discounts. The amortized cost and estimated fair
value of investments in securities are as follows:
<TABLE>
March 31, 1996 December 31, 1995
<S> <C> <C> <C> <C>
Amortized Estimated Amortized Estimated
Cost Fair Value Cost Fair Value
Debt Securities: (in thousands)
U.S. Government Agencies $ 1,461 $ 1,398 $ 1,459 $ 1,391
Mortgaged-Backed Securities 2,929 2,866 3,035 2,995
Other 252 247 253 250
Total Securities $ 4,642 $ 4,511 $ 4,747 $ 4,636
</TABLE>
The amortized cost and estimated fair value of debt securities by contractual
maturity, are shown below. Debt securities with maturities greater than ten
years include $439,000 in amortized cost adjustable rate issues with the
balance in fixed rate mortgage backed obligations which have significantly
shorter expected maturities as a result of prepayments.
<TABLE>
March 31, 1996 December 31, 1995
<S> <C> <C> <C> <C>
Amortized Estimated Amortized Estimated
Cost Fair Value Cost Fair Value
(in thousands)
Due in One Year or Less $ 89 $ 89 $ 107 $ 107
From One to Five Years 3,614 3,555 3,207 3,136
From Five to Ten Years 500 443 988 954
Due After Ten Years 439 424 445 439
$ 4,642 $ 4,511 $ 4,747 $ 4,636
</TABLE>
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note (5) Securities Available for Sale
The amortized cost and estimated fair value of securities available for sale
as of March 31, 1996 and December 31, 1995 are as follows:
<TABLE>
March 31, 1996 December 31, 1995
<S> <C> <C> <C> <C>
Amortized Estimated Amortized Estimated
Cost Fair Value Cost Fair Value
(in thousands)
U.S. Government Agencies $ 500 $ 492 $ 500 $ 495
Mortgage Backed Securities 4,858 4,692 4,879 4,727
Other 373 373 349 349
Total Securities $ 5,731 $ 5,557 $ 5,728 $ 5,571
</TABLE>
The amortized cost and estimated fair value of debt securities by contractual
maturity, are shown below. Debt securities with maturities greater than ten
years are all adjustable rate issues or fixed rate mortgage backed
obligations that have significantly shorter expected maturities as a result
of prepayments.
<TABLE>
March 31, 1996 December 31, 1995
<S> <C> <C> <C> <C>
Amortized Estimated Amortized Estimated
Cost Fair Value Cost Fair Value
(in thousands)
Due in One to Five Years $ 0 $ 0 $ 500 $ 495
Due from Five to Ten Years 500 492 --- ---
Due After Ten Years 4,858 4,692 4,879 4,727
Other 373 373 349 349
Total Securities $ 5,731 $ 5,557 $ 5,728 $ 5,571
</TABLE>
From January 1, 1996 through March 31, 1996 securities were prepaid that
aggregated $ 121,000. No securities were purchased. Securities Available
for Sale had an unrealized market value loss of $174,000 as of March 31, 1996.
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note (6) Financial Instruments With Off-Balance Sheet Risk
The Company is a party to financial instruments with off-balance sheet risk
in the normal course of business to meet the financing needs of its customers.
These financial instruments included commitments to extend credit. Those
instruments involve, to varying degrees, elements of credit, and interest
rate risk in excess of the amounts recognized in the balance sheet. The
contract or notional amounts of those instruments reflect the extent of
involvement the Company has in particular classes of financial instruments.
Financial instruments at March 31, 1996 consisted of commitments to extend
credit approximating $7,493,000, and letters of credit of $344,000.
Commitments to extend credit are agreements to lend to a customer as long as
there is no violation of any condition established in the contract.
Commitments generally have fixed expiration dates or other termination
clauses and may require payment of a fee. Since many of the commitments are
expected to expire without being drawn upon, the total commitment amounts do
not necessarily represent future cash requirements.
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
Citrus Financial Services, Inc., a one bank holding company, had Consolidated
assets of $62,021,000 at the end of the first quarter of 1996. The
consolidated company had grown from $61,498,000 since December 31, 1995.
While the expansion of the bank's operations has increased operating costs,
these costs have been more than offset by increases in net interest income to
reflect a $157,000 before tax profit through the end of March, 1996. Since
the Company has become taxable in 1996, taxes of $59,000 were accrued and are
reflected in the $98,000 net profit. The Company's loan growth and
commensurate interest income is most responsible for the Company's
profitability. Management and the directorate see this continued expansionary
loan positioning as the source of increased future profitability.
STATEMENT OF CONDITION ANALYSIS
Since the opening of Citrus Bank, National Association, the Company's
consolidated assets have continued to grow. The subsidiary's deposit growth
reflects in total consolidated assets of $62,021,000 on March 31, 1996,
compared to $58,587,000 on March 31, 1995. Management expects continued
deposit growth throughout 1996 and anticipates deposit growth to exceed
$650,000 per month for the year. The Company's consolidated deposits grew
$1,563,000 in the first quarter. The Company's prospects for deposit growth
are heightened with the continued growth of the banking center in Sebastian,
Florida and the establishment of a new banking center in Barefoot Bay,
Florida. The Barefoot Bay Banking Center, scheduled for an August, 1996
opening, expands the Company's market into Brevard County and heightens growth
and profitability aspects for the Company.
The deposit mix reflects disintermediation during the period as NOW, savings,
and certificates of deposits as a percentage of total average deposits, have
decreased while noninterest bearing and money market deposits as a percentage
of total deposits increased. These changes reflect increased activity in
business deposits and personal money market accounts. Increased confidence in
the Company by the local community coupled with the large increase in lending
activities can, in part, account for these increases in aggregate deposits.
The following schedule illustrates this deposit mix change using monthly
average consolidated deposit aggregates:
<TABLE>
Average Monthly Deposit Mix Comparison
<S> <C> <C> <C>
Deposit Types 3/96 Change 12/95
Demand Deposits 16.7% 4.2% 12.5%
NOW Accounts 5.2% -0.6% 5.8%
Money Market Accounts 8.9% 0.5% 8.4%
Savings Deposits 3.9% -0.2% 4.1%
Certificates of Deposit 65.3% -3.9% 69.2%
</TABLE>
Total loans aggregate $47,252,000 at the end of March, 1996, an increase of
$3,851,000 from December 31, 1995. The first quarter's growth was 9% or 35%
annualized. Management continues to target the loan portfolio for growth
during 1996 as the local economy expands and business leaders feel more
confident about future economic prospects.
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Aggregate real estate loans at the end of March represented 73.6% of gross
loans as compared to 68.7% at the end of 1995. Commercial non-real estate
loans decreased from 21.0% of gross loans to 18.1% on March 31, 1996. These
movements are reflective of the current economic environment that is closely
linked to real estate activities. Loans secured by real estate had the
largest dollar change, up $4,978,000 from December 31, 1995, this increase is
primarily residential real estate loans that are held for sale. Consumer
loans have decreased from 10.3% to 8.3% and dollar totals are down $569,000
for a decline of 12.7%. Management has relaxed targets for growth in consumer
loans during 1996 targeting commercial loan growth. Construction and land
development loans now represents 10.0% compared to 8.5% at the end of 1995.
Increased real estate activity for the quarter is evident but mangement is
uncertain of the future growth potential of these loans with the current
upturn in interest rates.
This change in the loan portfolio's mix together with management's anticipated
loss potential with regard to identified problematic loans is reflected in the
change in the reserve for loan losses. The reserve was increased by $23,000,
net of chargeoffs, through March 31, 1996. Gross loans increased during the
period and necessitated a commensurate increase in the reserve that reflects
exposure by type of loan as well as any identified problematic credits. The
reserve was .84% of total loans at March 31, 1996.
Future anticipations are for continued loan growth for the remainder of 1996.
The continued development of the commercial and the real estate loan market
is expected to be the most productive.
In particular, the bank's loan operation has enhanced its full service
mortgage loan activities that originates and sells mortgages in the secondary
market as well as retaining mortgages for the bank's own loan portfolio. This
activity generated only $7,000 in real estate loan brokerage fees through the
first quarter of 1996 but the activity is generating significant interest
income on real estate loans held for sale that aggregated $44,000 in the first
quarter. With the continued increase in interest rates, the need for these
services has reduced dramatically.
During 1996 the market value of securities available for sale has continued to
decrease from $5,571,000 at December 31, 1995 to $5,557,000. As of
March 31, 1996, the investment portfolio had decreased to $10,199,000.
U.S. Government and Agency securities represent 94% of total securities. As
of March 31, 1996, aggregate securities and interest-bearing deposits yielded
5.47% compared to 5.41% on December 31, 1995. The increased yield reflects
increasing coupons on adjustable rate securities. Bank management continues
to curtail investment activities opting to invest growth into loans.
Additional reductions in the investment portfolio, largely from prepayments on
mortgage backed securities, were also invested in loan growth. Unrealized
losses on Securities Available for Sale totaled $174,000 as of March 31, 1996.
Securities Available for Sale are recorded at market, in the aggregate, with
any unrealized market value gains or losses taken through the Company's equity
capital.
Management will continue to position the investment portfolio to best serve
all the needs of the Company. Consideration will be given to current economic
conditions and forecasts. The Company's adopted investment strategy coincides
with the Company's overall strategies and market anticipations. At the end of
March, 1996, 38% of the aggregate investment portfolio had adjustable interest
rates that would change with the market within a one year timeframe.
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The Bank exhibits sufficient liquidity at the current time with $1,708,000 in
Cash and Due from Banks, $1,750,000 in unsecured federal funds purchased line
of credit with correspondent banks, $155,000 in Interest Bearing Deposits in
Other Banks, and $5,557,000 in the market value of securities available for
sale. In addition, the Bank has established $10,000,000 in lines of credit
with the Federal Home Loan Bank (FHLB) to provide additional funding should
the need arise. This relationship provides the bank an opportunity to fund
loan growth with a borrowing that can match interest rate volatility. Such
balanced funding limits the bank's exposure to interest rate risk. One FHLB
borrowing is secured by the Bank's residential mortgage loan portfolio.
Another FHLB line of credit has also been established to fund residential
mortgage loans that will be sold into the secondary market and transferred to
the permanent holder. These loans are normally held less than one month and
are appropriately matched against this funding line of credit. This line is
secured by investment securities. Management anticipates that these funding
sources are adequate to meet anticipated needs.
The Company's large initial capitalization continues to be reflected in above
average capital ratios. As of March 31, 1996, capital represents 8.8% of
assets and overnight cash and cash equivalents aggregate 2.8% of assets.
Beginning in 1992, the Company's capitalization is measured by guidelines
adopted by federal regulatory bodies. This capital adequacy measurement is
known as risk based capital and applies risk weighted capital needs according
to predetermined risk factors per category of asset. Assets or commitments
with less potential risk require less supportive capital while those items
considered to have greater risk potential require greater capital support.
Beginning December 31, 1992 the capital to risk weighted assets requirement is
8%. At March 31, 1996 the Company had a risk based capital to asset ratio of
12.98% Management expects to maintain capital above the required level
through earnings retention and management of the Company's mix of risk
weighted assets.
RESULTS OF OPERATIONS
The consolidated statement of operations for the three months ended
March 31, 1996, reflects net income of $98,000. Net interest income for the
three months ending March 31, 1996 compared favorably to the same period in
1995 showing a 14% or $80,000 improvement and growing to $649,000, and was
adequate to cover heightened noninterest expenses of $546,000. As earning
assets, particularly loans, and deposits have continued to grow increased net
interest income has exceeded noninterest expenses and the Company has become
profitable. The Company's net interest income improvement reflects
management's aggressive loan program which has increased the yield on the
Company's earning assets.
This shift to building the loan portfolio is reflected throughout 1995 and in
the first quarter of 1996. The bank's net interest income to average earning
assets (net interest margin) improved from 4.12% for 1995 to 4.32% for year to
date March 31, 1996. The improving net interest margin reflects falling
interest rates on deposit funds from repricing of existing deposits and new
deposits. The bank's continued investment in loans as reflects in its higher
loan to deposit ratio which was increased from 80.1% on December 31, 1995 to
84.8% at the end of March 31, 1996. This increase is reflected in the Bank's
yield on earning assets as increased loan volumes have yielded higher interest
rates than alternative uses of funds. Management continues to actively
solicit loans and price loan products competitively to attract prudent loans
with the goal of maintaining the current loan to deposit ratio while
increasing the banks total assets.
<PAGE>
CITRUS FINANCIAL SERVICES, INC. and SUBSIDIARY
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
<TABLE>
Net Interest Non Interest
Income Expense
<S> <C> <C>
Three months ended 3/31/96 $ 649,000 $ 546,000
Three months ended 3/31/95 569,000 520,000
</TABLE>
The Company's earning assets increased from $57,201,000 on December 31, 1995
to $57,606,000 on March 31, 1996. While total deposits increased $1,563,000
during the first quarter, interest bearing deposits decreased from $47,104,000
to $46,147,000 for the same period. Non-interest bearing deposits,
aggregating $9,219,000 at March 31, 1996 reflect sufficient growth to replace
these interest bearing deposit downturns as well as overall deposit growth.
Noninterest expenses included in the three months ended March 31,1996 included
normal operating overhead with the largest portion of the cost being salaries
and benefits which aggregated $263,000 for the period ended March 31, 1996 and
$258,000 for the period ended March 31, 1995. The small increase in salaries
and benefits reflects the Company's efforts to control operating costs. Bank
premises and equipment expenses together with other operating expenses make up
the balance at $283,000 for the 1996 period and $262,000 for the 1995 period.
Using the current balance sheet, the current maturity schedule, and the
forecasted balance sheet, management projects the worst-case scenario to be
falling rates. Should the prime rate decrease to 7.0% from 8.25% during the
next twelve months, net interest income could be reduced about $99,000.
Conversely, if prime rates increased to 9.75% during the next twelve months,
net interest income could be enhanced by approximately $115,000.
The Bank continues to engage an outside firm to provide managment with monthly
asset/liability position reports. These reports measure the Bank's
vulnerability to interest rates should rates change in an adverse direction.
In addition, the future impact of these rate changes are measured over a
twelve month period using managment's expectations as to future growth and
mix. Meetings are held with the Bank's Asset/Liability Investment Committee
to work with these reports and management's expectations to continue to
control and monitor balance sheet mix and interest rate exposures.
<PAGE>
CITRUS FINANCIAL SERVICES, INC.
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.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
None.
<PAGE>
CITRUS FINANCIAL SERVICES, INC.
SIGNATURE
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.
Citrus Financial Services, Inc.
Date: May 8, 1996 _________________________
Josh C. Cox, Jr.
President and CEO
Date: May 8, 1996 _________________________
Henry O. Speight
Chief Financial Officer
<PAGE>
CITRUS FINANCIAL SERVICES, INC.
SIGNATURE
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.
Citrus Financial Services, Inc.
Date: May 8, 1996 /s/ Josh C. Cox, Jr.
Josh C. Cox, Jr.
President and CEO
Date: May 8, 1996 /s/ Henry O. Speight
Henry O. Speight
Chief Financial Officer
<PAGE>
