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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |
Cash |  | $ | 1,685 |  |  | $ | 13,490 |
Investments |  |  | 1,780 |  |  |  | 2,116 |
Investment in subsidiary: |  |  |  |  |  |  |  |
First Citizens Community Bank |  |  | 313,381 |  |  |  | 200,610 |
Other assets |  |  | 2,891 |  |  |  | 2,291 |
Total assets |  | $ | 319,737 |  |  | $ | 218,507 |
Liabilities: |  |  |  |  |  |  |  |
Other liabilities |  | $ | 1,066 |  |  | $ | 968 |
Borrowed funds |  |  | 39,005 |  |  |  | 17,392 |
Total liabilities |  |  | 40,071 |  |  |  | 18,360 |
Stockholders’ equity |  |  | 279,666 |  |  |  | 200,147 |
Total liabilities and stockholders’ equity |  | $ | 319,737 |  |  | $ | 218,507 |
CITIZENS FINANCIAL SERVICES, INC. |
CONDENSED STATEMENT OF INCOME |
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Dividends from: |  |  |  |  |  |  |  |  |
Bank subsidiary |  | $ | 13,213 |  |  | $ | 8,331 |  |  | $ | 8,994 |
Equity securities |  |  | 113 |  |  |  | 114 |  |  |  | 104 |
Interest income |  |  | 20 |  |  |  | 6 |  |  |  | - |
Total income |  |  | 13,346 |  |  |  | 8,451 |  |  |  | 9,098 |
Realized securities gains (losses) |  |  | (209 | ) |  |  | (219 | ) |  |  | 284 |
Expenses |  |  | 3,130 |  |  |  | 1,307 |  |  |  | 1,008 |
Income before equity in undistributed earnings of subsidiary |  |  | 10,007 |  |  |  | 6,925 |  |  |  | 8,374 |
Equity in undistributed earnings - First Citizens Community Bank |  |  | 7,804 |  |  |  | 22,135 |  |  |  | 20,744 |
Net income |  | $ | 17,811 |  |  | $ | 29,060 |  |  | $ | 29,118 |
Comprehensive income (loss) |  | $ | 26,041 |  |  | $ | (3,926 | ) |  | $ | 26,376 |
CITIZENS FINANCIAL SERVICES, INC. |
STATEMENT OF CASH FLOWS |
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 17,811 |  |  | $ | 29,060 |  |  | $ | 29,118 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (7,804 | ) |  |  | (22,135 | ) |  |  | (20,744 | )
Investment securities losses (gains), net |  |  | 209 |  |  |  | 219 |  |  |  | (284 | )
Other, net |  |  | (206 | ) |  |  | 240 |  |  |  | 543 |
Net cash provided by operating activities |  |  | 10,010 |  |  |  | 7,384 |  |  |  | 8,633 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of equity securities |  |  | - |  |  |  | (218 | ) |  |  | - |
Proceeds from the sale of equity securities |  |  | 127 |  |  |  | 33 |  |  |  | - |
Investment in subsidiaries |  |  | (15,000 | ) |  |  | - |  |  |  | - |
Acquisition of HVB |  |  | (10,780 | ) |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | (25,653 | ) |  |  | (185 | ) |  |  | - |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid |  |  | (8,503 | ) |  |  | (7,588 | ) |  |  | (7,383 | )
Issuance of subordinated debt |  |  | - |  |  |  | - |  |  |  | 9,869 |
Issuance of short-term debt |  |  | 12,572 |  |  |  | - |  |  |  | - |
Purchase of treasury stock |  |  | (265 | ) |  |  | (1,279 | ) |  |  | (1,374 | )
Sale of treasury stock to employee stock purchase plan |  |  | 34 |  |  |  | 112 |  |  |  | - |
Purchase of restricted stock |  |  | - |  |  |  | - |  |  |  | - |
Net cash provided by (used in) financing activities |  |  | 3,838 |  |  |  | (8,755 | ) |  |  | 1,112 |
Net decrease in cash |  |  | (11,805 | ) |  |  | (1,556 | ) |  |  | 9,745 |
Cash at beginning of year |  |  | 13,490 |  |  |  | 15,046 |  |  |  | 5,301 |
Cash at end of year |  | $ | 1,685 |  |  | $ | 13,490 |  |  | $ | 15,046 |

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- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
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