Citizens Financial Services Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025Or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from_____________________ to ___________________ Commission file number0-13222 CITIZENS FINANCIAL SERVICES, INC. (Exact name of registrant as specified in its charter) PENNSYLVANIA23-2265045(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 15 South Main StreetMansfield,Pennsylvania16933(Address of principal executive offices)(Zip Code) Registrant’s telephone number, including area code: (570)662‑2121 N/A (Former Name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐ Accelerated filer☒ Non-accelerated filer☐ Smaller reporting company☒ Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The number of outstanding shares of the Registrant’s Common Stock, as ofMay 1,2025, was4,759,672. Citizens Financial Services, Inc.Form 10-Q INDEX PAGE Item 1.Financial Statements (unaudited):Consolidated Balance Sheet as of March 31, 2025 and December 31, 20241Consolidated Statement of Income for the Three Months Ended March 31, 2025 and 20242Consolidated Statement of Comprehensive Income for the Three Months ended March 31, 2025 and 20243Consolidated Statement of Changes in Stockholders’ Equity for the Three Months ended March 31, 2025and 20244Consolidated Statement of Cash Flows for the Three Months ended March 31, 2025 and 20245Notes to Consolidated Financial Statements6-29Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations29-51Item 3.Quantitative and Qualitative Disclosures About Market Risk51Item 4.Controls and Procedures51 CITIZENS FINANCIAL SERVICES, INC.NOTESTOCONSOLIDATED FINANCIAL STATEMENTS(Unaudited) Note 1 – Basis of Presentation Citizens Financial Services, Inc. (individually and collectively with its direct and indirect subsidiaries, the “Company”) is aPennsylvania corporation andits wholly owned subsidiary is First Citizens Community Bank (the “Bank”), and of the Bank’s whollyowned subsidiary, First Citizens Insurance Agency, Inc. (“First Citizens Insurance”). During 2024, the Company and Bank began theprocess to terminate the corporate existence of CZFS Acquisition Company, LLC and 1st Realty of PA LLC. The accompanying consolidated financial statements have been prepared pursuant to rules and regulations of the Securitiesand Exchange Commission (“SEC”) and in conformity with U.S. generally accepted accounting principles.Because this report isbased on an interim period, certain information and footnote disclosures normally included in financial statements prepared inaccordance with U.S. generally accepted accounting principles have been condensed or omitted.Certain of the prior year amountshave been reclassified to conform with the current year presentation.Such reclassifications had no effect on net income orstockholders’ equity.All material inter‑company balances and transactions have been eliminated in consolidation. In the opinion of management of the Company, the accompanying interim consolidated financial statements at March 31,2025 and for the periods ended March 31, 2025 and 2024 include all adjustments, consisting of only normal recurring adjustments,necessary for a fair presentation of the financial condition and the results of operations at the dates and for the periods presented. Inpreparing the consolidated fin