Citizens Financial Services Inc. Files 10-Q

TL;DR

CFS filed its Q3 2024 10-Q. Financials look solid.

AI Summary

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

Why It Matters

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

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• 2024-09-30 — Period End Date (Indicates the end of the reporting quarter.)
• 2024-11-07 — Filing Date (Shows when the report was submitted to the SEC.)
• 2024-01-01 — Quarter Start Date (Marks the beginning of the reporting period.)

Key Players & Entities

• CITIZENS FINANCIAL SERVICES INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• PA (location) — State of Incorporation
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

• $1.00 — b) of the Act: Common Stock, Par value $1.00 per share CZFS The Nasdaq Stock Mar

Filing Documents

• ef20034555_10q.htm (10-Q) — 6588KB
• ef20034555_ex10-1.htm (EX-10.1) — 75KB
• ef20034555_ex31-1.htm (EX-31.1) — 6KB
• ef20034555_ex31-2.htm (EX-31.2) — 6KB
• ef20034555_ex32-1.htm (EX-32.1) — 6KB
• 0001140361-24-045479.txt ( ) — 27319KB
• czfs-20240930.xsd (EX-101.SCH) — 62KB
• czfs-20240930_cal.xml (EX-101.CAL) — 139KB
• czfs-20240930_def.xml (EX-101.DEF) — 462KB
• czfs-20240930_lab.xml (EX-101.LAB) — 980KB
• czfs-20240930_pre.xml (EX-101.PRE) — 646KB
• ef20034555_10q_htm.xml (XML) — 8045KB

Financial Statements (unaudited)

Financial Statements (unaudited): Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023 1 Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Consolidated Statement of Comprehensive Income for the Three and Nine Months ended September 30, 2024 and 2023 3 Consolidated Statement of Changes in Stockholders' Equity for the Three and Nine Months ended September 30, 2024 and 2023 4 Consolidated Statement of Cash Flows for the Nine Months ended September 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 34-60 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 60 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 61 Item 1A.

Risk Factors

Risk Factors 61 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 61 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 62

Signatures

Signatures 63 Index CITIZENS FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands except share data) September 30, 2024 December 31, 2023 ASSETS: Cash and due from banks: Noninterest-bearing $ 26,780 $ 37,733 Interest-bearing 9,983 15,085 Total cash and cash equivalents 36,763 52,818 Interest bearing time deposits with other banks 3,820 4,070 Equity securities 1,730 1,938 Available-for-sale securities 419,190 417,601 Loans held for sale 13,520 9,379 Loans (net of allowance for credit losses: 2024 - $ 21,695 and 2023 - $ 21,153 ) 2,309,307 2,227,683 Premises and equipment 21,237 21,384 Accrued interest receivable 10,803 11,043 Goodwill 85,758 85,758 Bank owned life insurance 50,084 49,897 Other intangibles 3,083 3,650 Fair value of derivative instruments 8,993 13,687 Deferred tax asset 14,449 17,339 Other assets 47,731 59,074 TOTAL ASSETS $ 3,026,468 $ 2,975,321 LIABILITIES: Deposits: Noninterest-bearing $ 548,218 $ 523,784 Interest-bearing 1,901,931 1,797,697 Total deposits 2,450,149 2,321,481 Borrowed funds 231,732 322,036 Accrued interest payable 5,549 4,298 Fair value of derivative instruments - liability 4,763 7,922 Other liabilities 35,621 39,918 TOTAL LIABILITIES 2,727,814 2,695,655 STOCKHOLDERS' EQUITY: Preferred Stock $ 1.00 par value; authorized 3,000,000 shares at September 30 , 2024 and December 31, 2023 ; none issued in 2024 or 2023 - - Common stock $ 1.00 par value; authorized 25,000,000 shares at September 30 , 2024 and December 31, 2023 ; issued 5,207,343 at September 30 , 2024 and 5,160,754 at December 31, 2023 5,207 5,161 Additional paid-in capital 144,927 143,233 Retained earnings 183,792 172,975 Accumulated other comprehensive loss ( 18,916 ) ( 24,911 ) Treasury stock, at cost: 447,613 shares at September 30 , 2024 and 453,760 shares at

View Full Filing

View this 10-Q filing on SEC EDGAR