CITIZENS FINANCIAL SERVICES INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
CZFS$84.87-1.4%Stored close · as of Nov 6, 2026
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Item 1. Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023
CONSOLIDATED BALANCE SHEET
| (in thousands except share data) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS: | ||
| Cash and due from banks: | ||
| Noninterest-bearing | $26,780 | $37,733 |
| Interest-bearing | 9,983 | 15,085 |
| Total cash and cash equivalents | 36,763 | 52,818 |
| Interest bearing time deposits with other banks | 3,820 | 4,070 |
| Equity securities | 1,730 | 1,938 |
| Available-for-sale securities | 419,190 | 417,601 |
| Loans held for sale | 13,520 | 9,379 |
| Loans (net of allowance for credit losses: 2024 - $21,695 and 2023 - $21,153) | 2,309,307 | 2,227,683 |
| Premises and equipment | 21,237 | 21,384 |
| Accrued interest receivable | 10,803 | 11,043 |
| Goodwill | 85,758 | 85,758 |
| Bank owned life insurance | 50,084 | 49,897 |
| Other intangibles | 3,083 | 3,650 |
| Fair value of derivative instruments | 8,993 | 13,687 |
| Deferred tax asset | 14,449 | 17,339 |
| Other assets | 47,731 | 59,074 |
| TOTAL ASSETS | $3,026,468 | $2,975,321 |
| LIABILITIES: | ||
| Deposits: | ||
| Noninterest-bearing | $548,218 | $523,784 |
| Interest-bearing | 1,901,931 | 1,797,697 |
| Total deposits | 2,450,149 | 2,321,481 |
| Borrowed funds | 231,732 | 322,036 |
| Accrued interest payable | 5,549 | 4,298 |
| Fair value of derivative instruments - liability | 4,763 | 7,922 |
| Other liabilities | 35,621 | 39,918 |
| TOTAL LIABILITIES | 2,727,814 | 2,695,655 |
| STOCKHOLDERS’ EQUITY: | ||
| Preferred Stock | ||
| $1.00 par value; authorized 3,000,000 shares at September 30, 2024 and December 31, 2023; none issued in 2024 or 2023 | - | - |
| Common stock | ||
| $1.00 par value; authorized 25,000,000 shares at September 30, 2024 and December 31, 2023; issued 5,207,343 at September 30, 2024 and 5,160,754 at December 31, 2023 | 5,207 | 5,161 |
| Additional paid-in capital | 144,927 | 143,233 |
| Retained earnings | 183,792 | 172,975 |
| Accumulated other comprehensive loss | (18,916) | (24,911) |
| Treasury stock, at cost: 447,613 shares at September 30, 2024 and 453,760 shares at December 31, 2023 | (16,356) | (16,792) |
| TOTAL STOCKHOLDERS’ EQUITY | 298,654 | 279,666 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $3,026,468 | $2,975,321 |
Index
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