CONDENSED FINANCIAL INFORMATION PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2011

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

19. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

CITIZENS FINANCIAL SERVICES, INC.
CONDENSED  BALANCE SHEET
	December 31,
(in thousands)	2011	2010
Assets:
Cash	$           3,609	$          4,228
Investment in subsidiary:
First Citizens National Bank	84,136	70,842
Other assets	1,664	1,648
Total assets	$         89,409	$        76,718
Liabilities:
Other liabilities	$              441	$             528
Borrowed funds	7,500	7,500
Total liabilities	7,941	8,028
Stockholders' equity	81,468	68,690
Total liabilities and stockholders' equity	$         89,409	$        76,718

CITIZENS FINANCIAL SERVICES, INC.
CONDENSED  STATEMENT OF INCOME
	Year Ended December 31,
(in thousands)	2011	2010	2009
Dividends from:
Bank subsidiary	$           3,823	$          3,608	$             3,396
Available-for-sale securities	42	34	15
Total income	3,865	3,642	3,411
Realized securities losses	(38)	-	(33)
Expenses	488	423	432
Income before equity
in undistributed earnings
of subsidiary	3,339	3,219	2,946
Equity in undistributed
earnings - First Citizens National Bank	9,493	8,283	6,918
Net income	$         12,832	$        11,502	$             9,864

CITIZENS FINANCIAL SERVICES, INC.
STATEMENT OF CASH FLOWS
	Year Ended December 31,
(in thousands)	2011	2010	2009
Cash flows from operating activities:
Net income	$         12,832	$        11,502	$             9,864
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(9,493)	(8,283)	(6,918)
Investment securities losses, net	38	-	33
Other, net	125	199	94
Net cash provided by operating activities	3,502	3,418	3,073
Cash flows from investing activities:
Purchases of available-for-sale securities	(147)	(542)	(125)
Proceeds from the sale of available-for-sale securities	184	-	211
Net cash provided by (used in) investing activities	37	(542)	86
Cash flows from financing activities:
Cash dividends paid	(3,148)	(3,162)	(2,951)
Purchase of treasury stock	(851)	(386)	(286)
Purchase of restricted stock	(159)	(9)	-
Net cash used in financing activities	(4,158)	(3,557)	(3,237)
Net decrease in cash	(619)	(681)	(78)
Cash at beginning of year	4,228	4,909	4,987
Cash at end of year	$           3,609	$          4,228	$             4,909