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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
 12 Months Ended
Dec. 31, 2023
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]  
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
22. 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)
  
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