Citizens Financial Services Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Citizens Financial Services Inc. has submitted its 2023 annual 10-K report detailing its financial performance and operations.</b>

AI Summary

CITIZENS FINANCIAL SERVICES INC (CZFS) filed a Annual Report (10-K) with the SEC on March 7, 2024. Citizens Financial Services Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 15 S MAIN ST, MANSFIELD, PA 16933. The filing was submitted on March 7, 2024. Citizens Financial Services Inc. is classified under SIC code 6022 (State Commercial Banks).

Why It Matters

For investors and stakeholders tracking CITIZENS FINANCIAL SERVICES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Citizens Financial Services Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial data within the report allows for year-over-year comparisons and analysis of key performance indicators, aiding in investment decisions and risk assessment.

Risk Assessment

Risk Level: medium — CITIZENS FINANCIAL SERVICES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the routine disclosure of performance and risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Citizens Financial Services Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240307 — Filing Date (Filed as of date)
• 154 — Document Count (Public document count)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CITIZENS FINANCIAL SERVICES INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240307 (date) — Filed as of date
• 15 S MAIN ST (address) — Business address street 1
• MANSFIELD (location) — Business address city
• PA (location) — Business address state
• 16933 (postal_code) — Business address zip
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Citizens Financial Services Inc. operates within the commercial banking sector, providing a range of financial products and services to individuals and businesses.

Regulatory Implications

As a commercial bank, Citizens Financial Services Inc. is subject to extensive regulation by federal and state authorities, including oversight from the SEC and banking regulators.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet strength.
2. Examine any disclosed risk factors for potential impacts on future operations and profitability.
3. Compare key financial metrics to industry benchmarks and historical performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; therefore, a comparison to a previous filing is not possible with the given data.

Key Financial Figures

• $1.0 — ) of the Act: Common Stock, Par value $1.0 per share CZFS The Nasdaq Stock Mar
• $25,000 — e range of violations and can amount to $25,000 per day, or even $1 million per day in
• $1 million — can amount to $25,000 per day, or even $1 million per day in especially egregious cases.
• $42.9 m — l, aggregate dividends of approximately $42.9 million, plus net profits earned to the d
• $10,000 m — cash transactions in amounts exceeding $10,000 made by or on behalf of their customers.

Filing Documents

• ef20015324_10k.htm (10-K) — 8829KB
• ef20015324_ex10-8.htm (EX-10.8) — 78KB
• ef20015324_ex21.htm (EX-21) — 2KB
• ef20015324_ex23.htm (EX-23) — 9KB
• ef20015324_ex31-1.htm (EX-31.1) — 7KB
• ef20015324_ex31-2.htm (EX-31.2) — 7KB
• ef20015324_ex32-1.htm (EX-32.1) — 4KB
• ef20015324_ex32-2.htm (EX-32.2) — 4KB
• ef20015324_ex97.htm (EX-97) — 32KB
• iamge002.jpg (GRAPHIC) — 7KB
• image001.jpg (GRAPHIC) — 5KB
• 0001140361-24-011948.txt (&nbsp;) — 40452KB
• czfs-20231231.xsd (EX-101.SCH) — 154KB
• czfs-20231231_cal.xml (EX-101.CAL) — 251KB
• czfs-20231231_def.xml (EX-101.DEF) — 962KB
• czfs-20231231_lab.xml (EX-101.LAB) — 2073KB
• czfs-20231231_pre.xml (EX-101.PRE) — 1339KB
• ef20015324_10k_htm.xml (XML) — 10796KB

– BUSINESS

ITEM 1 – BUSINESS 1 – 8

– RISK FACTORS

ITEM 1A – RISK FACTORS 8 – 15

– UNRESOLVED STAFF COMMENTS

ITEM 1B – UNRESOLVED STAFF COMMENTS 16

– CYBER SECURITY

ITEM 1C – CYBER SECURITY 16-17

– PROPERTIES

ITEM 2 – PROPERTIES 17

– LEGAL PROCEEDINGS

ITEM 3 – LEGAL PROCEEDINGS 17

– MINE SAFETY DISCLOSURES

ITEM 4 – MINE SAFETY DISCLOSURES 17 PART II

– MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5 – MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 17 – 18

– RESERVED

ITEM 6 – RESERVED 18

– MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19 – 49

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49

– FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 50 – 95

– CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 96

– CONTROLS AND PROCEDURES

ITEM 9A – CONTROLS AND PROCEDURES 96

– OTHER INFORMATION

ITEM 9B– OTHER INFORMATION 96

– DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C– DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 96 PART III

– DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 97

– EXECUTIVE COMPENSATION

ITEM 11 – EXECUTIVE COMPENSATION 97

– SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 97 – 98

– CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 98

– PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14 – PRINCIPAL ACCOUNTANT FEES AND SERVICES 98 PART IV

– EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 99 – 101

– FORM 10-K SUMMARY

ITEM 16 – FORM 10-K SUMMARY 101

SIGNATURES

SIGNATURES 102 Index PART I

– BUSINESS

ITEM 1 – BUSINESS . CITIZENS FINANCIAL SERVICES, INC. Citizens Financial Services, Inc. (the "Company"), a Pennsylvania corporation, was incorporated on April 30, 1984 to be the holding company for First Citizens Community Bank (the "Bank"), a Pennsylvania-chartered bank and trust company. During 2020, CZFS Acquisition Company, LLC (CZFS) was formed as a wholly owned subsidiary of the Company, and subsequently the Company's interest in the Bank was transferred to CZFS to facilitate the merger with MidCoast Community Bancorp, Inc. (MidCoast) and its wholly owned subsidiary, MidCoast Community Bank ("MC Bank"), which was completed on April 17, 2020. On June 16, 2023, the Company acquired HV Bancorp, Inc. ("HVBC") and its wholly owned subsidiary, Huntingdon Valley Bank ("HVB"). The Company is primarily engaged in the ownership and management of CZFS, its subsidiary, the Bank and the Bank's wholly owned subsidiaries, First Citizens Insurance Agency, Inc. ("First Citizens Insurance") and 1 st Realty of PA LLC ("Realty"). AVAILABLE INFORMATION A copy of the Company's annual report on Form 10-K, quarterly reports on Form 10-Q, current events reports on Form 8-K, and amendments to these reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge through the Company's web site at www.firstcitizensbank.com as soon as reasonably practicable after such reports are filed with or furnished to the Securities and Exchange Commission. Copies of the reports the Company files electronically with the Securities and Exchange Commission are also available through the Securities and Exchange Commission's website at www.sec.gov . Information on our website shall not be considered as incorporated by reference into this Form 10-K. FIRST CITIZENS COMMUNITY BANK The Bank is a full-service bank engaged in a broad range of banking activities and services for individual, business, governmental and in

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View this 10-K filing on SEC EDGAR