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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY (Tables) | 12 Months Ended
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Dec. 31, 2020
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) |  | 2020 |  |  | 2019 |
Assets: |  |  |  |  |  |
Cash |  | $ | 5,301 |  |  | $ | 7,166 |
Investments |  |  | 1,866 |  |  |  | 617 |
Investment in subsidiary |  |  | 194,312 |  |  |  | 154,501 |
Other assets |  |  | 846 |  |  |  | 744 |
Total assets |  | $ | 202,325 |  |  | $ | 163,028 |
Liabilities: |  |  |  |  |  |  |  |
Other liabilities |  | $ | 566 |  |  | $ | 754 |
Borrowed funds |  |  | 7,500 |  |  |  | 7,500 |
Total liabilities |  |  | 8,066 |  |  |  | 8,254 |
Stockholders' equity |  |  | 194,259 |  |  |  | 154,774 |
Total liabilities and stockholders' equity |  | $ | 202,325 |  |  | $ | 163,028 |
CITIZENS FINANCIAL SERVICES, INC. |
CONDENSED STATEMENT OF INCOME |
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Dividends from: |  |  |  |  |  |  |  |  |
Subsidiary |  | $ | 16,171 |  |  | $ | 9,565 |  |  | $ | 8,248 |
Equity securities |  |  | 45 |  |  |  | 17 |  |  |  | 7 |
Total income |  |  | 16,216 |  |  |  | 9,582 |  |  |  | 8,255 |
Realized securities gains (losses) |  |  | (23 | ) |  |  | 101 |  |  |  | - |
Expenses |  |  | 775 |  |  |  | 1,103 |  |  |  | 642 |
Income before equity in undistributed earnings of subsidiary |  |  | 15,418 |  |  |  | 8,580 |  |  |  | 7,613 |
Equity in undistributed Earnings of subsidiary |  |  | 9,685 |  |  |  | 10,910 |  |  |  | 10,421 |
Net income |  | $ | 25,103 |  |  | $ | 19,490 |  |  | $ | 18,034 |
Comprehensive income |  | $ | 28,319 |  |  | $ | 22,782 |  |  | $ | 17,510 |
CITIZENS FINANCIAL SERVICES, INC. |
STATEMENT OF CASH FLOWS |
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 25,103 |  |  | $ | 19,490 |  |  | $ | 18,034 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiary |  |  | (9,685 | ) |  |  | (10,910 | ) |  |  | (10,421 | )
Investment securities (gains) losses, net |  |  | 23 |  |  |  | (101 | ) |  |  | - |
Other, net |  |  | 14 |  |  |  | 717 |  |  |  | (251 | )
Net cash provided by operating activities |  |  | 15,455 |  |  |  | 9,196 |  |  |  | 7,362 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of equity securities |  |  | (1,339 | ) |  |  | - |  |  |  | (425 | )
Proceeds from the sale of equity securities |  |  | 168 |  |  |  | - |  |  |  | - |
Acquisition of Midcoast |  |  | (7,614 | ) |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  |  | (8,785 | ) |  |  | - |  |  |  | (425 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (6,539 | ) |  |  | (6,315 | ) |  |  | (6,116 | )
Purchase of treasury stock |  |  | (2,122 | ) |  |  | (1,291 | ) |  |  | (1,483 | )
Reissuance of treasury stock to employee stock purchase plan |  |  | 126 |  |  |  | - |  |  |  | - |
Net cash used in financing activities |  |  | (8,535 | ) |  |  | (7,606 | ) |  |  | (7,599 | )
Net (decrease) increase in cash |  |  | (1,865 | ) |  |  | 1,590 |  |  |  | (662 | )
Cash at beginning of year |  |  | 7,166 |  |  |  | 5,576 |  |  |  | 6,238 |
Cash at end of year |  | $ | 5,301 |  |  | $ | 7,166 |  |  | $ | 5,576 |

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