$CZFS

CITIZENS FINANCIAL SERVICES INC

CIK:0000739421|SEC Filings

CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans	$ 35,233	$ 35,227	$ 71,595	$ 70,783
Interest-bearing deposits with banks	89	132	192	275
Investment securities:
Taxable	2,823	2,397	5,334	4,736
Nontaxable	968	584	1,847	1,131
Dividends	392	409	814	838
TOTAL INTEREST AND DIVIDEND INCOME	39,505	38,749	79,782	77,763
INTEREST EXPENSE:
Deposits	11,160	11,449	22,465	23,743
Borrowed funds	2,651	3,652	5,510	7,370
TOTAL INTEREST EXPENSE	13,811	15,101	27,975	31,113
NET INTEREST INCOME	25,694	23,648	51,807	46,650
Provision for credit losses	500	750	1,000	1,375
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	25,194	22,898	50,807	45,275
NON-INTEREST INCOME:
Service charges	1,388	1,303	2,712	2,594
Trust	200	183	435	407
Brokerage and insurance	640	627	1,209	1,310
Gains on loans sold	621	739	886	1,011
Equity security gains, net	96	32	115	21
Earnings on bank owned life insurance	787	355	1,357	701
Other	282	426	990	1,048
TOTAL NON-INTEREST INCOME	4,014	3,665	7,704	7,092
NON-INTEREST EXPENSES:
Salaries and employee benefits	10,272	9,976	20,548	20,265
Occupancy	1,289	1,182	2,701	2,538
Furniture and equipment	336	318	623	583
Professional fees	528	525	1,068	1,042
FDIC insurance	370	495	765	945
Pennsylvania shares tax	340	305	717	624
Amortization of intangibles	105	127	211	254
Software expenses	429	453	884	885
Other real estate owned expenses	194	73	390	192
Other	3,004	2,693	5,561	5,247
TOTAL NON-INTEREST EXPENSES	16,867	16,147	33,468	32,575
Income before provision for income taxes	12,341	10,416	25,043	19,792
Provision for income taxes	2,154	1,953	4,480	3,708
NET INCOME	$ 10,187	$ 8,463	$ 20,563	$ 16,084
Net Income - Basic (in Dollars per share)	$ 2.12	$ 1.76	$ 4.29	$ 3.35
Net Income - Diluted (in Dollars per share)	$ 2.12	$ 1.76	$ 4.28	$ 3.35
Number of shares used in computation - basic (in Shares)	4,797,940	4,797,716	4,798,104	4,797,642
Number of shares used in computation - diluted (in Shares)	4,802,193	4,800,384	4,801,951	4,800,862

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 20,563	$ 16,084
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,000	1,375
Depreciation and amortization	914	921
Amortization and accretion of loans, other assets and borrowings	(1,661)	(1,691)
Amortization and accretion of investment securities	(43)	430
Deferred income taxes	258	623
Equity security gains, net	(115)	(21)
Earnings on bank owned life insurance	(1,357)	(701)
Vesting of restricted stock	129	243
Originations of loans held for sale	(66,528)	(73,045)
Proceeds from sales of loans held for sale	66,390	68,109
Realized gains on loans sold	(886)	(1,011)
Increase in accrued interest receivable	(224)	(296)
Increase (decrease) in accrued interest payable	228	(1,952)
Other, net	(739)	7,861
Net cash provided by operating activities	17,929	16,929
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturity and principal repayments	41,157	33,486
Purchase of securities	(88,766)	(35,282)
Purchase of interest bearing time deposits with other banks	(100)	0
Proceeds from matured interest bearing time deposits with other banks	596	0
Proceeds from life insurance	393	272
Purchase of bank owned life insurance	(22,000)	0
Proceeds from redemption of regulatory stock	22,084	16,397
Purchase of regulatory stock	(22,958)	(17,146)
Net (increase) decrease in loans	(39,567)	73,137
Purchase of premises and equipment	(412)	(1,080)
Proceeds from sale of premises and equipment	0	12
Proceeds from sale of foreclosed assets held for sale	0	170
Net cash (used in) provided by investing activities	(109,573)	69,966
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits	17,558	(89,366)
Repayments of long-term borrowings	(10,000)	(10,000)
Net increase in short-term borrowed funds	94,347	24,760
Purchase of treasury and restricted stock	(305)	(296)
Issuance of common stock for ESPP	35	32
Dividends paid	(4,853)	(4,743)
Net cash provided by (used in) financing activities	96,782	(79,613)
Net increase in cash and cash equivalents	5,138	7,282
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	34,291	42,202
CASH AND CASH EQUIVALENTS AT END OF PERIOD	39,429	49,484
Supplemental Disclosures of Cash Flow Information:
Interest paid	27,747	33,065
Income taxes paid	4,750	2,500
Loans transferred to foreclosed property	0	40
Right of use asset and liability	849	377
Stock Dividend	0	2,844
Investments in Low Income Housing Projects	1,000	0
Participation Receivable, not settled	7,500	0
Participation Payable, not settled	$ 10,553	$ 0

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and due from banks:
Noninterest-bearing	$ 30,343	$ 23,933
Interest-bearing	9,086	10,358
Total cash and cash equivalents	39,429	34,291
Interest bearing time deposits with other banks	3,324	3,820
Equity securities	1,930	1,815
Available-for-sale securities	491,311	444,741
Loans held for sale	10,369	9,393
Loans (net of allowance for credit losses: 2026, $23,559 and 2025, $22,806)	2,371,469	2,327,816
Premises and equipment	20,660	20,998
Accrued interest receivable	10,922	10,698
Goodwill	85,758	85,758
Bank owned life insurance	74,465	51,501
Other intangibles	1,934	2,221
Derivative assets	6,755	6,927
Deferred tax asset	11,443	11,440
Other assets	62,347	53,145
TOTAL ASSETS	3,192,116	3,064,564
Deposits:
Noninterest-bearing	495,914	516,657
Interest-bearing	1,898,623	1,860,322
Total deposits	2,394,537	2,376,979
Borrowed funds	394,024	309,448
Accrued interest payable	3,358	3,130
Derivative liabilities	3,948	4,100
Other liabilities	43,416	32,856
TOTAL LIABILITIES	2,839,283	2,726,513
STOCKHOLDERS’ EQUITY:
$1.00 par value; authorized 3,000,000 shares at June 30, 2026 and December 31, 2025; none issued in 2026 or 2025	0	0
$1.00 par value; authorized 25,000,000 shares at June 30, 2026 and December 31, 2025, issued 5,262,935 at June 30, 2026 and 5,255,807 at December 31, 2025	5,263	5,256
Additional paid-in capital	148,341	147,965
Retained earnings	229,333	213,623
Accumulated other comprehensive loss	(13,362)	(12,377)
Treasury stock, at cost: 453,654 shares at June 30, 2026 and 448,727 shares at December 31, 2025	(16,742)	(16,416)
TOTAL STOCKHOLDERS’ EQUITY	352,833	338,051
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,192,116	$ 3,064,564