Citizens Financial Services Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Citizens Financial Services Inc. has submitted its Q1 2024 10-Q filing.</b>

AI Summary

CITIZENS FINANCIAL SERVICES INC (CZFS) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Citizens Financial Services Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's Central Index Key is 0000739421. The Standard Industrial Classification code is 6022 (State Commercial Banks). The filing was made on May 9, 2024.

Why It Matters

For investors and stakeholders tracking CITIZENS FINANCIAL SERVICES INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts will review this report to assess the bank's operational health, profitability, and any changes in its financial structure compared to previous periods.

Risk Assessment

Risk Level: low — CITIZENS FINANCIAL SERVICES INC shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain any immediate red flags or significant unexpected disclosures.

Analyst Insight

Monitor future filings for trends in loan portfolios and net interest income, which are key indicators for commercial banks.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2024 — Fiscal Year (Fiscal Year End)
• Q1 — Quarter (Fiscal Year End)

Key Players & Entities

• CITIZENS FINANCIAL SERVICES INC (company) — Filer name
• 0000739421 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• PA (company) — State of Incorporation
• 232265045 (company) — IRS Number
• 1934 Act (regulator) — SEC Act
• 001-41410 (company) — SEC File Number
• 2024-03-31 (date) — Conformed Period of Report

FAQ

Industry Context

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

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including those overseen by the SEC.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Compare Q1 2024 results with previous quarters and the same quarter in the prior year.
3. Analyze any disclosed risk factors or management commentary on economic conditions affecting the banking sector.

Key Dates

• 2024-05-09: 10-Q Filing — Submission of quarterly financial report for Q1 2024.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous period's reporting.

Key Financial Figures

• $1.0 — b) of the Act: Common Stock, Par value $1.0 per share CZFS The Nasdaq Stock Mar

Filing Documents

• ef20026285_10q.htm (10-Q) — 5269KB
• ef20026285_ex31-1.htm (EX-31.1) — 6KB
• ef20026285_ex31-2.htm (EX-31.2) — 6KB
• ef20026285_ex32-1.htm (EX-32.1) — 3KB
• 0001140361-24-025172.txt (&nbsp;) — 23819KB
• czfs-20240331.xsd (EX-101.SCH) — 58KB
• czfs-20240331_cal.xml (EX-101.CAL) — 116KB
• czfs-20240331_def.xml (EX-101.DEF) — 437KB
• czfs-20240331_lab.xml (EX-101.LAB) — 882KB
• czfs-20240331_pre.xml (EX-101.PRE) — 610KB
• ef20026285_10q_htm.xml (XML) — 7150KB

Financial Statements (unaudited)

Financial Statements (unaudited): Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023 1 Consolidated Statement of Income for the Three Months Ended March 31, 2024 and 2023 2 Consolidated Statement of Comprehensive Income for the Three Months ended March 31, 2024 and 2023 3 Consolidated Statement of Changes in Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 4 Consolidated Statement of Cash Flows for the Three Months ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6-29 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30-51 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51-52 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 52 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 53

Signatures

Signatures 54 Index CITIZENS FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands except share data) March 31, 2024 December 31, 2023 ASSETS: Cash and due from banks: Noninterest-bearing $ 14,047 $ 37,733 Interest-bearing 15,572 15,085 Total cash and cash equivalents 29,619 52,818 Interest bearing time deposits with other banks 3,820 4,070 Equity securities 1,658 1,938 Available-for-sale securities 404,865 417,601 Loans held for sale 8,346 9,379 Loans (net of allowance for credit losses: 2024 $ 21,598 and 2023, $ 21,153 ) 2,218,061 2,227,683 Premises and equipment 21,083 21,384 Accrued interest receivable 10,596 11,043 Goodwill 85,758 85,758 Bank owned life insurance 49,418 49,897 Other intangibles 3,450 3,650 Fair value of derivative instruments 14,857 13,687 Deferred tax asset 17,672 17,339 Other assets 51,900 59,074 TOTAL ASSETS $ 2,921,103 $ 2,975,321 LIABILITIES: Deposits: Noninterest-bearing $ 523,844 $ 523,784 Interest-bearing 1,779,037 1,797,697 Total deposits 2,302,881 2,321,481 Borrowed funds 283,565 322,036 Accrued interest payable 4,123 4,298 Fair value of derivative instruments - liability 8,698 7,922 Other liabilities 39,162 39,918 TOTAL LIABILITIES 2,638,429 2,695,655 STOCKHOLDERS' EQUITY: Preferred Stock $ 1.00 par value; authorized 3,000,000 shares at March 31 , 2024 and December 31, 2023 ; none issued in 2024 or 2023 - - Common stock $ 1.00 par value; authorized 25,000,000 shares at March 31 , 2024 and December 31, 2023 ; issued 5,160,754 at March 31 , 2024 and December 31, 2023 5,161 5,161 Additional paid-in capital 143,227 143,233 Retained earnings 177,693 172,975 Accumulated other comprehensive loss ( 26,620 ) ( 24,911 ) Treasury stock, at cost: 453,763 shares at March 31 , 2024 and 453,760 shares at December 31, 2023 ( 16,787 )

financial statements but otherwise did not have a material impact on the Company's consolidated financial statements

financial statements but otherwise did not have a material impact on the Company's consolidated financial statements. Loans A loan is classified as a modified loan to a borrower experiencing financial difficulty when a contractual loan modification in the form of principal forgiveness, an interest rate reduction, an other-than-significant payment delay or a term extension (or a combination thereof) has been granted to an existing borrower experiencing financial difficulties. The goal when modifying a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing modified loans to borrowers experiencing financial difficulty are primarily comprised of loans on which interest is being accrued under the modified terms, and the loans are current or less than 90 days past due. Allowance for Credit losses – Loans The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL for loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL. Management evaluates the ACL on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. 7 Index Depending on the nature of the pool of financial assets with similar risk characteristics, the models utilized by the Company to estimate expected credit losses include a discounted cash flow ("DCF") model that discounts instrument-level contractual cash flows, adjusted for prepayments and curtailments, incorporating loss expectations, and a weighted average remaining maturity model which contemplates expected losses at a pool-level, utilizing historic loss information. The Company's models for estimating the allowance for credit l

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View this 10-Q filing on SEC EDGAR