8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 16, 2024

CITIZENS FINANCIAL SERVICES INC

(Exact name of registrant as specified in its charter)

Pennsylvania	001-41410	23-2265045
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

15 S MAIN ST MANSFIELD, Pennsylvania	16933
(Address of principal executive offices)	(Zip code)

Registrant's telephone number, including area code (570) 662-0444

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $1.00 Per Share	CZFS	NASDAQ Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

Citizens Financial Services, Inc. will conduct a presentation on April 16, 2024 at the 2024 Annual Meeting of Shareholders. A copy of the presentation is furnished hereto as Exhibit 99.1 and is hereby incorporated by reference herein.

The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Investor Presentation, dated April 16, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Citizens Financial Services, Inc.
April 16, 2024	By:	/s/ Stephen J. Guillaume
		Stephen J. Guillaume
		Chief Financial Officer

EX-99.1

 Citizens Financial Services, Inc. 

 2023 was a year of…  GROWTH! 

 History of Successful Growth  Total Asset Growth since 2000 

 HVB Acquisition 

 Williamsport Entry 

 2023 Financial Performance 

 Efficiency Ratio History  Finished in the 93rd percentile compared to the CZFS peer group for 2023 without one-time costs.  Finished in the 40th percentile compared to the CZFS peer group for 2023 with one-time costs. 

 Return on Equity History  Finished in the 47th percentile compared to the CZFS peer group for 2023 without one-time costs.  Finished in the 20th percentile compared to the CZFS peer group for 2023 with one-time costs. 

 Return on Assets History  Finished in the 80th percentile compared to the CZFS peer group for 2023 without one-time costs.  Finished in the 27th percentile compared to the CZFS peer group for 2023 with one-time costs. 

 Cash Dividends Paid History  1% stock dividend paid in 2019, 2020, 2021, 2022, and 2023 

 Outperforming the Competition  (1) Please see appendix for non-GAAP reconciliations  Note: Median values shown for peer groups  Note: Financial data shown represents most recent quarter data reported as of December 31, 2023  CZFS is a top performer among its peers, with key metrics  above peer medians   PA NASDAQ Listed Banks  MD, NY & PA NASDAQ Banks $1.0B – $4.0B  PA Banks   $1.0B - $3.0B  MRQ Core ROAA(1):  1.00%  0.78%  0.86%  0.76%  MRQ Core ROATCE(1):  16.56%  8.72%  11.15%  10.82%  MRQ Efficiency:  61.63%  68.74%  67.10%  71.31%  MRQ NIM:  3.13%  3.10%  3.15%  2.92% 

 Key Financial Highlights  Top Tier Consolidated  (1) Please see appendix for non-GAAP reconciliations  (2) 6/30/2023 profitability shown is core profitability financial data 

 Liquidity Position and Sources  Note: Bank level regulatory data shown  Liquidity Well-Managed to Cover Short-Term Needs 

 Non-GAAP Reconciliation 

 Non-GAAP Reconciliation 

 CZFS Common Stock 

 Timeline  Date  Event  Stock Price  10/19/2022  HVBC Deal Announced  $65.35  02/15/2023  Shareholders Vote to Approve Deal  $86.14  04/28/2023  Russell 3000 Rank Day  $85.73  06/13/2023  HVBC Shareholder Consideration Election  $85.30  06/16/2023  HVBC Deal Closes  $86.67  06/23/2023  Russell 3000 Reconstitution  $84.15  06/30/2023  End Second Quarter  $74.47  09/30/2023  End Third Quarter  $47.92  12/31/2023  End Fourth Quarter  $64.72 

 Stock Performance to Peer  Peer Group  2023Y Stock Performance (%)  4Q23 Stock Performance (%)  2023Y   P/TBV (%)  PA Nasdaq Listed Banks  -5.6  25.8  121.1  MD, NY, PA Nasdaq Listed Banks $1.0B-$4.0B  -1.7  26.5  126.9  PA Banks $1.0B - $3.0B  -5.9  12.0  125.7  CZFS Proxy Peer Banks  -5.4  23.3  128.9  CZFS  -14.8  38.6  174.0 

 2023 & 2024 Challenges 

 Challenges  Turbulent Economy  The Fed managed to bring down inflation without the economy tumbling into a recession in 2023. Economic, political and global uncertainty will cloud 2024.  

 Challenges  Staffing Struggles  Staffing shortages were experienced by all businesses throughout 2023. FCCB will continue to focus on our “hire to retire” mentality to retain satisfied employees. 

 Challenges  Cybercrime  Our customers continue to be targets of financial crimes and fraud. FCCB is committed to help customers mitigate such risks. 

 Challenges  Regulatory Requirements  There is a lot more coming at banks as an industry. Some bills, like ACRE, help to sustain and grow rural and ag communities, while other bills, like 1071, if passed, will have a negative effect on small businesses. 

 Challenges  Customer Preferences & Digital  Customers expect more convenience and personalization from both digital banking experiences and traditional banking channels.  

 2023 Stewardship 

 Stewardship  Helping the Homeless  As a result of our partnership with the FHLB and their Home4Good Program, 18 organizations will receive $1.4 million in grants to help those who are homeless. 

 Stewardship  Education  In 2023 FCCB donated $345,000 to organizations that support education. 

 Stewardship  Food Insecurity  FCCB donated $25,000 to the Central PA Food Bank in 2023, bringing our total donation to $103,000 in just four years. 

 Stewardship  Fighting Cancer  Our annual Cancer Classic golf tournament raised $20,000 in 2023 for a cumulative total of $301,000. 

 Stewardship  Sustaining Agriculture  In the ag arena, FCCB funds the PA Farm Bureau’s Mobile Ag Lab, supports local 4-H and FFA at community fairs, and grants our annual Ag Scholarships. 

 Happy Retirement  Gene Kosa  Served 23 years on the CZFS & FCCB Boards  Chairman of the Audit Committee  Member of Credit Committee  Strong advocate of the ag industry 

XML

Document and Entity Information	Apr. 16, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Apr. 16, 2024
Entity File Number	001-41410
Entity Registrant Name	CITIZENS FINANCIAL SERVICES INC
Entity Central Index Key	0000739421
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2265045
Entity Address, Address Line One	15 S MAIN ST
Entity Address, City or Town	MANSFIELD
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16933
City Area Code	570
Local Phone Number	662-0444
Title of 12(b) Security	Common Stock, Par Value $1.00 Per Share
Trading Symbol	CZFS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false