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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
 12 Months Ended
Dec. 31, 2024
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]  
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
23. 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)
  
2024
    
2023
  
Assets:
            
Cash
  
$
1,743
    
$
1,685
  
Investments
    
1,599
      
1,780
  
Investment in subsidiary:
    

     
 
First Citizens Community Bank
     328,190       313,381  
Other assets
    
3,389
      
2,891
  
Total assets
  
$
334,921
    
$
319,737
  
                 
Liabilities:
    
     
 
Other liabilities
  
$
840
    
$
1,066
  
Borrowed funds
    
34,348
      
39,005
  
Total liabilities
    
35,188
      
40,071
  
Stockholders’ equity
    
299,733
      
279,666
  
Total liabilities and stockholders’ equity
  
$
334,921
    
$
319,737
  

CITIZENS FINANCIAL SERVICES, INC.
  
CONDENSED STATEMENT OF INCOME
  
   
Year Ended December 31,
  
(in thousands)
  
2024
    
2023
    
2022
  
Dividends from:
                  
Bank subsidiary
  
$
16,676
    
$
13,213
    
$
8,331
  
Equity securities
    
98
      
113
      
114
  
Interest income
     12       20       6  
Total income
    
16,786
      
13,346
      
8,451
  
Realized securities gains (losses)
    
153
      
(209
)
    
(219
)
Expenses
    
2,427
      
3,130
      
1,307
  
Income before equity in undistributed earnings of subsidiary
    
14,512
      
10,007
      
6,925
  
Equity in undistributed earnings - First Citizens Community Bank
    
13,306
      
7,804
      
22,135
  
Net income
  
$
27,818
    
$
17,811
    
$
29,060
  
Comprehensive (loss) income
 
$
29,208
    
$
26,041
    
$
(3,926
)

CITIZENS FINANCIAL SERVICES, INC.
  
STATEMENT OF CASH FLOWS
  
   
Year Ended December 31,
  
(in thousands)
  
2024
    
2023
    
2022
  
Cash flows from operating activities:
                  
Net income
  
$
27,818
    
$
17,811
    
$
29,060
  
Adjustments to reconcile net income to net cash provided by operating activities:
                        
Equity in undistributed earnings of subsidiaries
    
(13,306
)
    
(7,804
)
    
(22,135
)
Investment securities losses (gains), net
    
(153
)
    
209
      
219
  
Other, net
    
(84
)
    
(206
)
    
240
  
Net cash provided by operating activities
    
14,275
      
10,010
      
7,384
  
Cash flows from investing activities:
                        
Purchases of equity securities
    
-
      
-
      
(218
)
Proceeds from the sale of equity securities
    
335
      
127
      
33
  
Investment in subsidiaries
    -       (15,000 )     -  
Acquisition of HVB
    
-
       (10,780 )     -  
Net cash provided by (used in) investing activities
    
335
      
(25,653
)
    
(185
)
Cash flows from financing activities:
                        
Cash dividends paid
    
(9,302
)
    
(8,503
)
    
(7,588
)
Issuance of subordinated debt
     -       -       -  
(Repayment) Issuance of short-term debt
    (5,000 )     12,572       -  
Purchase of treasury stock
    
(202
)
    
(265
)
    
(1,279
)
Sale of treasury stock
    
-
      
34
      
112
  
Issuance of common stock for employee stock purchase plan
    16       -       -  
Purchase of restricted stock
    (64 )     -       -  
Net cash (provided by) used in financing activities
    
(14,552
)
    
3,838
      
(8,755
)
Net increase (decrease) in cash
    
58
      
(11,805
)
    
(1,556
)
Cash at beginning of year
    
1,685
      
13,490
      
15,046
  
Cash at end of year
  
$
1,743
    
$
1,685
    
$
13,490