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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY (Tables) | 12 Months Ended
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Dec. 31, 2016
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract] |
Condensed financial information | The following is condensed financial information for Citizens Financial Services, Inc.:
CITIZENS FINANCIAL SERVICES, INC. |
CONDENSED BALANCE SHEET |
|  | December 31, |
(in thousands) |  | 2016 |  |  | 2015 |
Assets: |  |  |  |  |  |
Cash |  | $ | 2,245 |  |  | $ | 4,593 |
Available-for-sale securities |  |  | 2,735 |  |  |  | 2,332 |
Investment in subsidiary: |  |  |  |  |  |  |  |
First Citizens Community Bank |  |  | 125,973 |  |  |  | 120,370 |
Other assets |  |  | 564 |  |  |  | 557 |
Total assets |  | $ | 131,517 |  |  | $ | 127,852 |
Liabilities: |  |  |  |  |  |  |  |
Other liabilities |  | $ | 749 |  |  | $ | 592 |
Borrowed funds |  |  | 7,500 |  |  |  | 7,500 |
Total liabilities |  |  | 8,249 |  |  |  | 8,092 |
Stockholders' equity |  |  | 123,268 |  |  |  | 119,760 |
Total liabilities and stockholders' equity |  | $ | 131,517 |  |  | $ | 127,852 |
CITIZENS FINANCIAL SERVICES, INC. |
CONDENSED STATEMENT OF INCOME |
|  | Year Ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Dividends from: |  |  |  |  |  |  |  |  |
Bank subsidiary |  | $ | 5,842 |  |  | $ | 5,582 |  |  | $ | 14,332 |
Available-for-sale securities |  |  | 92 |  |  |  | 71 |  |  |  | 56 |
Total income |  |  | 5,934 |  |  |  | 5,653 |  |  |  | 14,388 |
Realized securities gains |  |  | 31 |  |  |  | 76 |  |  |  | - |
Expenses |  |  | 463 |  |  |  | 892 |  |  |  | 555 |
Income before equity |  |  |  |  |  |  |  |  |  |  |  |
in undistributed earnings |  |  |  |  |  |  |  |  |  |  |  |
of subsidiary |  |  | 5,502 |  |  |  | 4,837 |  |  |  | 13,833 |
Equity in undistributed |  |  |  |  |  |  |  |  |  |  |  |
earnings - First Citizens Community Bank |  |  | 7,136 |  |  |  | 6,789 |  |  |  | (448 | )
Net income |  | $ | 12,638 |  |  | $ | 11,626 |  |  | $ | 13,385 |
Comprehensive income |  | $ | 11,482 |  |  | $ | 10,623 |  |  | $ | 15,377 |
CITIZENS FINANCIAL SERVICES, INC. |
STATEMENT OF CASH FLOWS |
|  | Year Ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 12,638 |  |  | $ | 11,626 |  |  | $ | 13,385 |
Adjustments to reconcile net income to net |  |  |  |  |  |  |  |  |  |  |  |
cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (7,136 | ) |  |  | (6,789 | ) |  |  | 448 |
Investment securities gains |  |  | (31 | ) |  |  | (76 | ) |  |  | - |
Other, net |  |  | 289 |  |  |  | 322 |  |  |  | 174 |
Net cash provided by operating activities |  |  | 5,760 |  |  |  | 5,083 |  |  |  | 14,007 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities |  |  | (1 | ) |  |  | (901 | ) |  |  | (602 | )
Proceeds from the sale of available-for-sale securities |  |  | 201 |  |  |  | 113 |  |  |  | - |
Net cash provided by (used in) investing activities |  |  | 200 |  |  |  | (788 | ) |  |  | (602 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (5,081 | ) |  |  | (5,151 | ) |  |  | (6,121 | )
Purchase of treasury stock |  |  | (3,227 | ) |  |  | (2,455 | ) |  |  | (814 | )
Purchase of restricted stock |  |  | - |  |  |  | (7 | ) |  |  | (170 | )
Net cash used in financing activities |  |  | (8,308 | ) |  |  | (7,613 | ) |  |  | (7,105 | )
Net decrease in cash |  |  | (2,348 | ) |  |  | (3,318 | ) |  |  | 6,300 |
Cash at beginning of year |  |  | 4,593 |  |  |  | 7,911 |  |  |  | 1,611 |
Cash at end of year |  | $ | 2,245 |  |  | $ | 4,593 |  |  | $ | 7,911 |

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