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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  | 2021 |  |  | 2020 |
Assets: |  |  |  |  |  |
Cash |  | $ | 15,046 |  |  | $ | 5,301 |
Investments |  |  | 2,150 |  |  |  | 1,866 |
Investment in subsidiary: |  |  | 212,057 |  |  |  | 194,312 |
Other assets |  |  | 1,297 |  |  |  | 846 |
Total assets |  | $ | 230,550 |  |  | $ | 202,325 |
Liabilities: |  |  |  |  |  |  |  |
Other liabilities |  | $ | 679 |  |  | $ | 566 |
Borrowed funds |  |  | 17,379 |  |  |  | 7,500 |
Total liabilities |  |  | 18,058 |  |  |  | 8,066 |
Stockholders’ equity |  |  | 212,492 |  |  |  | 194,259 |
Total liabilities and stockholders’ equity |  | $ | 230,550 |  |  | $ | 202,325 |
CITIZENS FINANCIAL SERVICES, INC. |
CONDENSED STATEMENT OF INCOME |
|  | Year Ended December 31, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Dividends from: |  |  |  |  |  |  |  |  |
Bank subsidiary |  | $ | 8,994 |  |  | $ | 16,171 |  |  | $ | 9,565 |
Equity securities |  |  | 104 |  |  |  | 45 |  |  |  | 17 |
Total income |  |  | 9,098 |  |  |  | 16,216 |  |  |  | 9,582 |
Realized securities gains (losses) |  |  | 284 |  |  |  | (23 | ) |  |  | 101 |
Expenses |  |  | 1,008 |  |  |  | 775 |  |  |  | 1,103 |
Income before equity in undistributed earnings of subsidiary |  |  | 8,374 |  |  |  | 15,418 |  |  |  | 8,580 |
Equity in undistributed earnings - First Citizens Community Bank |  |  | 20,744 |  |  |  | 9,685 |  |  |  | 10,910 |
Net income |  | $ | 29,118 |  |  | $ | 25,103 |  |  | $ | 19,490 |
Comprehensive income |  | $ | 26,376 |  |  | $ | 28,319 |  |  | $ | 22,782 |
CITIZENS FINANCIAL SERVICES, INC. |
STATEMENT OF CASH FLOWS |
|  | Year Ended December 31, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 29,118 |  |  | $ | 25,103 |  |  | $ | 19,490 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (20,744 | ) |  |  | (9,685 | ) |  |  | (10,910 | )
Investment securities (gains) losses, net |  |  | (284 | ) |  |  | 23 |  |  |  | (101 | )
Other, net |  |  | 543 |  |  |  | 14 |  |  |  | 717 |
Net cash provided by operating activities |  |  | 8,633 |  |  |  | 15,455 |  |  |  | 9,196 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of equity securities |  |  | - |  |  |  | (1,339 | ) |  |  | - |
Proceeds from the sale of equity securities |  |  | - |  |  |  | 168 |  |  |  | - |
Acquisition of Midcoast |  |  | - |  |  |  | (7,614 | ) |  |  | - |
Net cash used in investing activities |  |  | - |  |  |  | (8,785 | ) |  |  | - |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (7,383 | ) |  |  | (6,539 | ) |  |  | (6,315 | )
Issuance of subordinated debt |  |  | 9,869 |  |  |  | - |  |  |  | - |
Purchase of treasury stock |  |  | (1,374 | ) |  |  | (2,122 | ) |  |  | (1,291 | )
Sale of treasury stock to employee stock purchase plan |  |  | - |  |  |  | 126 |  |  |  | - |
Net cash provided by (used in) financing activities |  |  | 1,112 |  |  |  | (8,535 | ) |  |  | (7,606 | )
Net decrease in cash |  |  | 9,745 |  |  |  | (1,865 | ) |  |  | 1,590 |
Cash at beginning of year |  |  | 5,301 |  |  |  | 7,166 |  |  |  | 5,576 |
Cash at end of year |  | $ | 15,046 |  |  | $ | 5,301 |  |  | $ | 7,166 |

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