Citizens Financial Services Inc 2025年季度报告

(Exact name of registrant as specified in its charter)PENNSYLVANIA23-2265045(State or other jurisdiction of incorporation ororganization)(I.R.S. Employer Identification No.) 15 South Main StreetMansfield, Pennsylvania 16933(Address of principal executive offices)(Zip Code)Registrant’s telephone number, including area code: (570) 662-2121N/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 theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been 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 besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant 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 smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”,“accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Accelerated filer☒ Large 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 for complying with any new or revised financial accounting standards provided pursuant to Section13(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 of May 1, 2025, was 4,759,672. Citizens Financial Services, Inc.Form 10-QINDEX 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 endedMarch 31, 2025 and 20244Consolidated Statement of Cash Flows for the Three Months ended March 31, 2025 and20245Notes 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 The accompanying notes are an integral part of these unaudited consolidated financial statements. Index Index Index Index CITIZENS FINANCIAL SERVICES, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)Note 1 – Basis of Presentation Citizens Financial Services, Inc. (individually and collectively with its direct and indirect subsidiaries, the “Company”) is a Pennsylvania corporation and its wholly owned subsidiary is First Citizens Community Bank (the“Bank”), and of the Bank’s wholly owned subsidiary, First Citizens Insurance Agency, Inc. (“First CitizensInsurance”). During 2024, the Company and Bank began the process to terminate the corporate existence of CZFSAcquisition Company, LLC and 1st Realty of PA LLC.The accompanying consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with U.S. generally accepted accountingprinciples. Because this report is based on an interim period, certain information and footnote disclosures normallyincluded in financial statements prepared in accordance with U.S. generally accepted accounting principles havebeen condensed or omitted. Certain of the prior year amounts have been reclassified to conform with the currentyear presentation. Such reclassifications had no effect on net income or stockholders’ equity. All materialinter-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, consistingof only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results ofoperations at the dates and for the periods presented. In preparing the consolidated financial statements, managementis required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dateof the balance sheet and of revenues and expenses for the periods covered by the Consolidated Statem