Citizens Financial Services Inc. Files 10-Q for Q2 2024

TL;DR

Citizens Financial Services Inc. dropped its Q2 2024 10-Q. Check financials.

AI Summary

Citizens Financial Services Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at Citizens Financial Services Inc.'s financial health and performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information, not indicating any immediate or unusual risks.

Key Numbers

• Q2 2024 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• 20240630 — Period End Date (The financial statements reflect the company's position as of this date.)

Key Players & Entities

• CITIZENS FINANCIAL SERVICES INC (company) — Filer
• 0000739421 (company) — Central Index Key
• PA (location) — State of Incorporation
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date

FAQ

Key Financial Figures

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

Filing Documents

• ef20029699_10q.htm (10-Q) — 6348KB
• ef20029699_ex31-1.htm (EX-31.1) — 6KB
• ef20029699_ex31-2.htm (EX-31.2) — 6KB
• ef20029699_ex32-1.htm (EX-32.1) — 6KB
• 0001140361-24-036304.txt ( ) — 26713KB
• czfs-20240630.xsd (EX-101.SCH) — 62KB
• czfs-20240630_cal.xml (EX-101.CAL) — 139KB
• czfs-20240630_def.xml (EX-101.DEF) — 463KB
• czfs-20240630_lab.xml (EX-101.LAB) — 974KB
• czfs-20240630_pre.xml (EX-101.PRE) — 645KB
• ef20029699_10q_htm.xml (XML) — 7917KB

Financial Statements (unaudited)

Financial Statements (unaudited): Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023 1 Consolidated Statement of Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 2 Consolidated Statement of Comprehensive Income (Loss) for the Three and Six Months ended June 30, 2024 and 2023 3 Consolidated Statement of Changes in Stockholders' Equity for the Three and Six Months ended June 30, 2024 and 2023 4 Consolidated Statement of Cash Flows for the Six Months ended June 30, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6-33 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 34-58 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 58-59 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 59 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 60 Item 6. Exhibits 60

Signatures

Signatures 61 Index CITIZENS FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands except share data) June 30, 2024 December 31, 2023 ASSETS: Cash and due from banks: Noninterest-bearing $ 22,023 $ 37,733 Interest-bearing 16,410 15,085 Total cash and cash equivalents 38,433 52,818 Interest bearing time deposits with other banks 3,820 4,070 Equity securities 1,570 1,938 Available-for-sale securities 402,661 417,601 Loans held for sale 14,227 9,379 Loans (net of allowance for credit losses: 2024 $ 22,797 and 2023 , $ 21,153 ) 2,232,919 2,227,683 Premises and equipment 20,899 21,384 Accrued interest receivable 10,782 11,043 Goodwill 85,758 85,758 Bank owned life insurance 49,746 49,897 Other intangibles 3,244 3,650 Fair value of derivative instruments 13,111 13,687 Deferred tax asset 17,185 17,339 Other assets 53,176 59,074 TOTAL ASSETS $ 2,947,531 $ 2,975,321 LIABILITIES: Deposits: Noninterest-bearing $ 501,991 $ 523,784 Interest-bearing 1,771,104 1,797,697 Total deposits 2,273,095 2,321,481 Borrowed funds 334,829 322,036 Accrued interest payable 5,482 4,298 Fair value of derivative instruments - liability 7,319 7,922 Other liabilities 40,336 39,918 TOTAL LIABILITIES 2,661,061 2,695,655 STOCKHOLDERS' EQUITY: Preferred Stock $ 1.00 par value; authorized 3,000,000 shares at June 30 , 2024 and December 31, 2023 ; none issued in 2024 or 2023 - - Common stock $ 1.00 par value; authorized 25,000,000 shares at June 30 , 2024 and December 31, 2023 ; issued 5,207,343 at June 30 , 2024 and 5,160,754 at December 31, 2023 5,207 5,161 Additional paid-in capital 144,985 143,233 Retained earnings 178,588 172,975 Accumulated other comprehensive loss ( 25,932 ) ( 24,911 ) Treasury stock, at cost: 447,857 shares at June 30 , 2024 and 453,760 shares at December 31, 2023 ( 1

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 and Leases 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 f

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