CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2019

19. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

The following is condensed financial information for Citizens Financial Services, Inc.:

CONDENSED BALANCE SHEET
	December 31,
(in thousands)	2019		2018
Assets:
Cash	$	7,166	$	5,576
Available-for-sale securities		617		516
Investment in subsidiary - First Citizens Community Bank		154,501		140,298
Other assets		744		813
Total assets	$	163,028	$	147,203
Liabilities:
Other liabilities	$	754	$	474
Borrowed funds		7,500		7,500
Total liabilities		8,254		7,974
Stockholders' equity		154,774		139,229
Total liabilities and stockholders' equity	$	163,028	$	147,203

CITIZENS FINANCIAL SERVICES, INC.
CONDENSED STATEMENT OF INCOME
	Year Ended December 31,
(in thousands)	2019		2018		2017
Dividends from:
Bank subsidiary	$	9,565	$	8,248	$	7,507
Equity securities		17		7		60
Total income		9,582		8,255		7,567
Realized securities gains, net		101		-		1,021
Expenses		1,103		642		824
Income before equity
in undistributed earnings
of subsidiary		8,580		7,613		7,764
Equity in undistributed
earnings - First Citizens Community Bank		10,910		10,421		5,261
Net income	$	19,490	$	18,034	$	13,025
Comprehensive income	$	22,782	$	17,510	$	11,578

CITIZENS FINANCIAL SERVICES, INC.
STATEMENT OF CASH FLOWS
	Year Ended December 31,
(in thousands)	2019			2018			2017
Cash flows from operating activities:
Net income	$	19,490		$	18,034		$	13,025
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(10,910	)		(10,421	)		(5,261	)
Investment securities (gains), net		(101	)		-			(1,021	)
Other, net		717			(251	)		629
Net cash provided by operating activities		9,196			7,362			7,372
Cash flows from investing activities:
Purchases of equity securities		-			(425	)		(94	)
Proceeds from the sale of available-for-sale securities		-			-			2,828
Net cash (used in) provided by investing activities		-			(425	)		2,734
Cash flows from financing activities:
Cash dividends paid		(6,315	)		(6,116	)		(5,177	)
Purchase of treasury stock		(1,291	)		(1,483	)		(979	)
Reissuance of treasury stock to employee stock purchase plan		-			-			43
Purchase of restricted stock		-			-			-
Net cash used in financing activities		(7,606	)		(7,599	)		(6,113	)
Net increase (decrease) in cash		1,590			(662	)		3,993
Cash at beginning of year		5,576			6,238			2,245
Cash at end of year	$	7,166		$	5,576		$	6,238