UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 15, 2025

CITIZENS FINANCIAL SERVICES INC
(Exact name of registrant as specified in its charter)

Pennsylvania
 
001-41410
 
23-2265045
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

15 S MAIN ST
MANSFIELD, Pennsylvania
 
16933
(Address of principal executive offices)
 
(Zip code)

Registrant's telephone number, including area code (570) 662-0444

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $1.00 Per Share
 CZFS
 NASDAQ Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

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 Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.


Citizens Financial Services, Inc. will conduct a presentation on April 15, 2025 at the 2025 Annual Meeting of Shareholders.  A copy of the presentation is furnished hereto as Exhibit 99.1 and is hereby incorporated by reference herein.

The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.


Item 9.01. Financial Statements and Exhibits.

(d)
Exhibits

     
Exhibit
Number
  
Description
   
 
     
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)
   


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



  CITIZENS FINANCIAL SERVICES, INC.
  
       
April 15, 2025
By:
/s/ Stephen J. Guillaume
  
    Stephen J. Guillaume
  
    Chief Financial Officer
  
       



 Citizens Financial Services, Inc. 
 
 2024 was a year of…  …Focusing on our 2023 acquisition 
 
 2024 was a year of…  …taking care of operational initiatives  Forming a Digital Steering Committee 
 
 2024 was a year of…  …taking care of operational initiatives  Forming a Digital Steering Committee  Replacing our 29-unit ATM fleet 
 
 2024 was a year of…  …taking care of operational initiatives  Forming a Digital Steering Committee  Replacing our 29-unit ATM fleet  Continuing our fight against fraud 
 
 2024 was a year of…  …taking care of operational initiatives  Forming a Digital Steering Committee  Replacing our 29-unit ATM fleet  Continuing our fight against fraud  Opening a Georgetown, DE loan production office 
 
 2024 Financial Performance 
 
 Efficiency Ratio History  Finished in the 74th percentile compared to the CZFS peer group for 2024. 
 
 Return on Equity History  Finished in the 40th percentile compared to the CZFS peer group for 2024 with acquisition costs.  Finished in the 53rd percentile compared to the CZFS peer group for 2024 without acquisition costs. 
 
 Return on Assets History  Finished in the 53rd percentile compared to the CZFS peer group for 2024 with acquisition costs.  Finished in the 60th percentile compared to the CZFS peer group for 2024 without acquisition costs. 
 
 Cash Dividends Paid History  1% stock dividend paid in 2020, 2021, 2022, 2023 and 2024 
 
 Liquidity Position & Sources   Liquidity Sources  December 31, 2024  $ in Thousands  Cash and Cash Equivalents   $45,827  FHLB Borrowing Capacity Remaining  551,861   Brokered Deposits Capacity  510,550   FRB Borrowing Capacity  33,284   Total  $1,141,522  Investments  US Gov't & Agency  $220,351  MBS & CMO   $124,843  Municipals  $103,137  Corporates  $11,206  Less: Pledged Securities  (332,651)  Net Unpledged Securities  $126,886  Total Liquidity Sources  $1,268,408 
 
 Key Financial Highlights  Balance Sheet      2022  2023  2024     Q1 2024  Q2 2024  Q3 2024  Q4 2024  Total Assets     $2,333,393  $2,975,321  $3,025,724     $2,921,103  $2,947,531  $3,026,468  $3,025,724  Total Gross Loans     $1,725,724  $2,258,215  $2,322,849     $2,248,005  $2,269,943  $2,344,522  $2,322,849  Total Deposits     $1,844,208  $2,321,481  $2,382,028     $2,302,881  $2,273,095  $2,450,149  $2,382,028  Loans/Deposits     93.58%  97.27%  97.52%     97.62%  99.86%  95.69%  97.52%                                   Capital & Per Share                             Common Equity     $200,147  $279,666  $299,734     $282,674  $286,470  $298,654  $299,734  Tangible Common Equity     $168,473  $190,258  $211,084     $193,466  $197,468  $209,813  $211,084  Tang. Common Equity/Tangible Assets (1)  7.28%  6.59%  7.19%     6.83%  6.91%  7.14%  7.19%  Tang. Common Equity/Tangible Assets (Excluding AOCL) (1)  8.72%  7.46%  7.99%     7.77%  7.82%  7.79%  7.99%  Bank Leverage Ratio     8.77%  8.54%  8.99%     8.74%  8.88%  8.96%  8.99%  Bank Total RBC Ratio (4)     12.01%  NA(1)  11.99%     11.90%  11.85%  11.75%  11.99%                                   Profitability                             Net Interest Margin     3.41%  3.21%  3.13%     3.05%  3.15%  3.09%  3.26%  Efficiency Ratio (3)     52.55%  58.32%  61.89%     62.25%  62.69%  62.39%  61.89%  Core ROAA (1)     1.31%  1.09%  0.96%     0.92%  0.84%  1.01%  1.06%  Core ROAE (1)     14.57%  12.01%  9.84%     9.69%  8.66%  10.31%  10.63%  Core ROATCE (1)     17.40%  16.25%  14.19%     14.17%  12.59%  14.82%  15.10%  Core Earnings Per Share Diluted (1) (2)   $ 7.24    $ 6.54    $ 6.00       $ 1.44    $ 1.30    $ 1.59    $ 1.68   Dividend per share (2)      $ 1.86    $ 1.92    $ 1.95       $ 0.485    $ 0.485    $ 0.490    $ 0.490   TBV per Share (2)      $ 41.29    $ 40.02    $ 44.35       $ 40.69    $ 41.49    $ 44.08    $ 44.35   Net Income         $ 29,060    $ 17,811    $ 27,818       $ 7,024    $ 5,275    $ 7,536    $ 7,983                                    Asset Quality                             NPAs/Assets     0.32%  0.44%  0.95%     0.54%  0.61%  0.79%  0.95%  NCOs/Avg Loans     0.06%  0.06%  0.11%     0.12%  0.12%  0.21%  0.01%  Reserves/Loans     1.08%  0.94%  0.94%     0.96%  1.01%  0.93%  0.94% 
 
 CZFS Common Stock 
 
 CZFS Performance 
 
 Institutional Ownership  26.3 
 
 Shareholder Migration 
 
 Stewardship 
 
 Contributions…  …of time and money  Housing in Philadelphia 
 
 Contributions…  …of time and money  Housing in Philadelphia  Those devastated by Hurricane Debbie 
 
 Contributions…  …of time and money  Housing in Philadelphia  Those devastated by Hurricane Debbie  Help fight cancer 
 
 Contributions…  …of time and money  Housing in Philadelphia  Those devastated by Hurricane Debbie  Help fight cancer  Assist educational and non-profit organizations 
 
 Contributions…  …of time and money  Housing in Philadelphia  Those devastated by Hurricane Debbie  Help fight cancer  Assist educational and non-profit organizations  Improve food insecurity 
 
 2025 Challenges 
 
 Challenges…  Turbulent economy 
 
 Challenges…  Turbulent economy  Regulatory environment 
 
 Challenges…  Turbulent economy  Regulatory environment  Inverted yield curve 
 
 Challenges…  Turbulent economy  Regulatory environment  Inverted yield curve  Impact of tariffs 
 
 Challenges…  Turbulent economy  Regulatory environment  Inverted yield curve  Impact of tariffs  Impacts of deregulation 
 
 Challenges…  Turbulent economy  Regulatory environment  Inverted yield curve  Impact of tariffs  Impacts of deregulation  Labor force 
 
 Challenges…  Turbulent economy  Regulatory environment  Inverted yield curve  Impact of tariffs  Impacts of deregulation  Labor force  Executive orders 
 
 Impact To Customers…  Lack of farm workers 
 
 Impact To Customers…  Lack of farm workers  Increased cost of food 
 
 Impact To Customers…  Lack of farm workers  Increased cost of food  Availability of food 
 
 Impact To Customers…  Lack of farm workers  Increased cost of food  Availability of food  Daily cost of living challenges 
 
 Happy Retirement!  Alletta Schadler  Served 10 years on the CZFS & FCCB Boards.  Joined our family through the FNB acquisition.  Strong advocate for FCCB.  Supplier of beloved Opera fudge at Christmas time. 
 
 Happy Retirement!  Mick Jones  Retires after 21 years of service.  Shaped our back office operational areas.  Will fully retire in 2025.  We continue to serve on the Board of Directors.