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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
 12 Months Ended
Dec. 31, 2021
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]  
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
20. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY


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