CITIZENS FINANCIAL SERVICES INC

Listed Company

CZFSCIK 0000739421NasdaqAcceleratedState Commercial BanksPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$36.57M

Total Assets

$3.06B

Equity

$338.05M

Shares Out

4.81M

Op. Cash Flow

$36.53M

Business

CITIZENS FINANCIAL SERVICES INC is a bank holding company principally engaged in the ownership and management of First Citizens Community Bank and its subsidiaries. It offers full-service banking products and specialized financial services, including checking, savings and time deposits; residential, commercial, agricultural and consumer loans; trust, investment, estate and retirement services; insurance through First Citizens Insurance; and realty-related activities. Key business units include CZFS (holding interest in the Bank), the Bank with its Trust and Investment division, First Citizens Insurance and 1st Realty. The company distributes services through full-service branches, limited offices and mortgage centers across north central, central and south‑central Pennsylvania, the southern tier of New York, Wilmington and Dover, Delaware, and parts of southeastern Pennsylvania and southern New Jersey.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	144	143	116	74	66
Interest-bearing deposits with banks	502,000	851,000	736,000	400,000	447,000
Taxable	10	7	7	6	4
Nontaxable	3	2	2	2	2
Dividends	2	2	1	623,000	378,000
TOTAL INTEREST AND DIVIDEND INCOME	159	154	127	83	73
Deposits	47	52	32	7	6
Borrowed funds	14	16	15	4	1
TOTAL INTEREST EXPENSE	61	68	47	11	—
NET INTEREST INCOME	98	86	80	72	66
Provision for credit losses	2	3	937,000	2	2
Provision for credit losses - acquisition day 1 non-PCD	—	0	5	0	0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	96	84	75	70	65
Service charges	6	6	6	5	5
Trust	792,000	816,000	764,000	803,000	865,000
Brokerage and insurance	3	2	2	2	2
Equity security gains (losses), net	67,000	145,000	−144,000	−247,000	—
Available for sale security losses, net	0	0	−51,000	−14,000	212,000
Gains on loans sold	2	2	1	258,000	1
Earnings on bank owned life insurance	1	2	1	852,000	2
Gain on sale of Braavo division	0	1	0	0	—
Other	2	1	767,000	845,000	1
TOTAL NON-INTEREST INCOME	14	15	12	10	12
Salaries and employee benefits	39	39	35	28	26
Occupancy	5	5	4	3	3
Furniture and equipment	1	1	822,000	565,000	519,000
Professional fees	2	3	2	2	2
Federal depository insurance	2	2	1	676,000	522,000
Pennsylvania shares tax	739,000	1	583,000	907,000	880,000
Amortization of intangibles	478,000	564,000	373,000	156,000	192,000
Merger and acquisition	0	0	9	292,000	0
ORE expenses	267,000	212,000	166,000	17,000	—
Software expenses	2	2	2	1	1
Other	11	12	9	8	7
TOTAL NON-INTEREST EXPENSES	65	65	65	45	42
Income before provision for income taxes	45	34	22	35	35
Provision for income taxes	9	6	4	6	6
NET INCOME	37	28	18	29	29
EARNINGS PER SHARE - BASIC (in Dollars per share)	7.62	5.8	3.98	7.17	7.24
EARNINGS PER SHARE DILUTED (in Dollars per share)	7.62	5.79	3.98	7.17	7.24
Number of shares used in computation - basic (in Shares)	5	5	4	4	4
Number of shares used in computation - diluted (in Shares)	5	5	4	4	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Noninterest-bearing	24	30	38	25	14
Interest-bearing	10	12	15	1	159
Total cash and cash equivalents	34	42	53	26	173
Interest bearing time deposits with other banks	4	4	4	6	11
Equity securities	2	2	2	2	2
Available-for-sale securities	445	426	418	440	412
Loans held for sale	9	10	9	725,000	5
Loans (net of allowance for credit losses: $ 2025, 22,806; 2024, $21,699)	2,328	2,292	2,228	1,706	—
Premises and equipment	21	21	21	18	17
Accrued interest receivable	11	10	11	7	5
Goodwill	86	86	86	31	31
Bank owned life insurance	52	50	50	39	39
Other intangibles	2	3	4	1	2
Fair value of derivative instruments - asset	7	10	14	17	4
Deferred tax asset	11	15	17	13	4
Other assets	53	55	59	26	15
TOTAL ASSETS	3,065	3,026	2,975	2,333	2,144
Noninterest-bearing	517	533	524	396	358
Interest-bearing	1,860	1,849	1,798	1,448	1,478
Total deposits	2,377	2,382	2,321	1,844	1,836
Borrowed funds	309	298	322	257	74
Accrued interest payable	3	5	4	1	711,000
Fair value of derivative instruments - liability	4	6	8	10	2
Other liabilities	33	36	40	21	18
TOTAL LIABILITIES	2,727	2,726	2,696	2,133	1,931
Preferred Stock $1.00 par value; authorized 3,000,000 shares 2025 and 2024; none issued in 2025 or 2024	0	0	0	0	0
Common Stock $1.00 par value; authorized 25,000,000 shares 2025 and 2024; issued 5,255,807 and 5,207,577 share in 2025 and 2024, respectively	5	5	5	4	4
Additional paid-in capital	148	145	143	81	78
Retained earnings	214	189	173	165	146
Accumulated other comprehensive loss	−12	−24	−25	−33	−155,000
Treasury stock, at cost: 448,727 and 447,965 shares for 2025 and 2024, respectively	−16	−16	−17	−17	−16
TOTAL STOCKHOLDERS EQUITY	338	300	280	200	212
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	3,065	3,026	2,975	2,333	2,144

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for credit losses	2	3	6	2	2
Depreciation and amortization	2	2	2	1	1
Amortization and accretion of loans and other assets	−4	−3	−3	−2	−5
Amortization and accretion on investment securities	618,000	1	2	2	2
Deferred income taxes	797,000	2	595,000	−36,000	689,000
Equity security (gains) losses, net	−67,000	−145,000	144,000	247,000	−339,000
Stock awards	625,000	412,000	309,000	336,000	614,000
Originations of loans held for sale	−154	−155	−87	−10	−45
Proceeds from sales of loans held for sale	156	157	91	14	56
(Increase) decrease in accrued interest receivable	−391,000	736,000	−1	−2	764,000
Increase (decrease) in accrued interest payable	−2	395,000	2	521,000	−306,000
Other, net	568,000	3	668,000	−330,000	180,000
Net cash provided by operating activities	37	33	27	33	39
Proceeds from sales of available-for-sale securities	0	0	87	7	29
Proceeds from maturity and principal repayments of securities	79	63	27	34	56
Purchase of securities	−82	−70	−10	−118	−211
Proceeds from sale of equity securities	0	335,000	127,000	33,000	0
Proceeds from redemption of Regulatory Stock	34	28	25	8	5
Purchase of Regulatory Stock	−36	−28	−29	−15	−4
Net increase in loans	−33	−70	−44	−281	−32
Purchase of interest bearing time deposits	0	−100,000	−100,000	−4	0
Proceeds from matured interest bearing time deposits with other banks	0	350,000	2	6	3
Purchase of premises, equipment and software	−1	−1	−3	−2	−1
Proceeds from sale of premises and equipment	12,000	0	0	0	0
Proceeds from bank owned life insurance	272,000	1	1	0	4
Investments in low income housing partnerships	0	0	−1	−1	0
Proceeds from sale of foreclosed assets held for sale	238,000	567,000	335,000	1	2
Proceeds from sale of Braavo assets	0	7	0	—	—
Acquisition, net of cash paid	0	0	5	0	0
Net cash (used in) provided by investing activities	−40	−69	59	−362	−158
Net (decrease) increase in deposits	−5	61	−56	8	247
Proceeds from long-term borrowings	0	0	40	0	10
Repayments of long-term borrowings	−42	−35	0	−5	−27
Net increase (decrease) in short-term borrowed funds	53	9	−35	188	2
Purchase of treasury stock	−358,000	−202,000	−265,000	−1	−1
Purchase of restricted stock	−187,000	−64,000	0	0	—
Sale of treasury stock	0	0	34,000	112,000	0
Issuance of common stock for employee stock purchase plan	68,000	16,000	0	0	—
Dividends paid	−10	−9	−9	−8	−7
Net cash (used in) provided by financing activities	−4	25	−59	183	224
Net (decrease) increase in cash and cash equivalents	−8	−11	27	−147	104
Interest paid	63	67	45	11	7
Income taxes paid	7	3	5	7	6
Stock dividend	3	2	3	3	2
Real estate acquired in settlement of loans	40,000	3	147,000	61,000	906,000
Investments matured and not settled included in other assets	0	0	8	0	0
Investments in low income housing included in other assets and liabilities	0	0	7	0	0
Right of use asset and liability	2	306,000	28,000	2	2
CECL adjustment	0	0	3	0	0

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