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Citizens Financial Services (CZFS) Financials

Citizens Financial Services logo
$66.52 -3.13 (-4.49%)
Closing price 06/15/2026 04:00 PM Eastern
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$66.52 0.00 (0.00%)
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Annual Income Statements for Citizens Financial Services

Annual Income Statements for Citizens Financial Services

This table shows Citizens Financial Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 29 18 28
Consolidated Net Income / (Loss)		 29 18 28
Net Income / (Loss) Continuing Operations		 29 18 28
Total Pre-Tax Income 		35 22 34
Total Revenue		 82 92 102
Net Interest Income / (Expense)		 72 80 86
Total Interest Income		 83 127 154
Loans and Leases Interest Income		 74 116 143
Investment Securities Interest Income		 8.69 10 11
Deposits and Money Market Investments Interest Income		 0.40 0.74 0.85
Total Interest Expense		 11 47 68
Deposits Interest Expense		 7.32 32 52
Long-Term Debt Interest Expense		 3.91 15 16
Total Non-Interest Income		 9.74 12 15
Trust Fees by Commissions		 0.80 0.76 0.82
Service Charges on Deposit Accounts		 5.35 5.64 5.75
Other Service Charges		 0.85 0.77 1.21
Net Realized & Unrealized Capital Gains on Investments		 -0.00 1.26 3.42
Investment Banking Income		 1.90 1.92 2.38
Other Non-Interest Income		 0.85 1.25 1.68
Provision for Credit Losses		 1.68 5.53 2.59
Total Non-Interest Expense		 45 65 66
Salaries and Employee Benefits		 28 35 39
Net Occupancy & Equipment Expense		 3.70 4.95 6.05
Property & Liability Insurance Claims		 0.68 1.48 2.00
Other Operating Expenses		 12 14 18
Amortization Expense		 0.16 0.37 0.56
Restructuring Charge		 0.29 9.27 0.00
Other Special Charges		 - - -0.15
Income Tax Expense		 6.44 3.70 5.87
Basic Earnings per Share		 $7.17 $4.02 $5.86
Weighted Average Basic Shares Outstanding		 4.06M 4.43M 4.75M
Diluted Earnings per Share		 $7.17 $4.02 $5.85
Weighted Average Diluted Shares Outstanding		 4.06M 4.43M 4.76M
Weighted Average Basic & Diluted Shares Outstanding		 3.97M 4.71M 4.76M
Cash Dividends to Common per Share		 $1.86 $1.92 $1.95

Quarterly Income Statements for Citizens Financial Services

This table shows Citizens Financial Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 7.54 7.88 6.87 -4.14 7.55 7.54 7.02 5.28 7.54 7.98
Consolidated Net Income / (Loss)		 7.54 7.88 6.87 -4.14 7.55 7.54 7.02 5.28 7.54 7.98
Net Income / (Loss) Continuing Operations		 7.54 7.88 6.87 -4.14 7.55 7.54 7.02 5.28 7.54 7.98
Total Pre-Tax Income 		9.20 9.70 8.48 -5.33 9.15 9.22 8.50 6.39 9.25 9.54
Total Revenue		 22 22 20 20 26 25 26 25 25 26
Net Interest Income / (Expense)		 19 19 18 18 22 22 21 21 21 23
Total Interest Income		 22 24 25 27 37 39 38 38 39 40
Loans and Leases Interest Income		 19 22 23 24 34 36 35 35 36 37
Investment Securities Interest Income		 2.33 2.46 2.49 2.57 2.65 2.60 2.56 2.57 2.64 3.01
Deposits and Money Market Investments Interest Income		 0.06 0.07 0.07 0.13 0.26 0.27 0.24 0.26 0.19 0.16
Total Interest Expense		 2.94 5.06 7.03 8.89 14 17 17 17 17 17
Deposits Interest Expense		 1.84 2.85 3.94 5.48 10 12 12 13 13 14
Long-Term Debt Interest Expense		 1.10 2.21 3.09 3.41 4.19 4.48 4.65 3.95 3.89 3.05
Total Non-Interest Income		 2.69 2.31 2.17 2.28 3.66 3.49 4.97 3.34 3.76 3.34
Trust Fees by Commissions		 0.19 0.18 0.23 0.18 0.17 0.18 0.24 0.20 0.18 0.19
Service Charges on Deposit Accounts		 1.51 1.27 1.21 1.29 1.69 1.44 1.37 1.39 1.64 1.36
Other Service Charges		 0.26 0.22 0.17 0.09 0.31 0.20 0.45 0.47 0.14 0.15
Net Realized & Unrealized Capital Gains on Investments		 0.09 -0.06 -0.17 0.04 0.53 0.86 1.57 0.39 0.91 0.54
Investment Banking Income		 0.45 0.47 0.51 0.44 0.47 0.50 0.67 0.56 0.55 0.61
Other Non-Interest Income		 0.22 0.22 0.22 0.23 0.49 0.31 0.67 0.33 0.34 0.35
Total Non-Interest Expense		 12 12 12 21 16 16 17 16 16 17
Salaries and Employee Benefits		 6.93 6.87 7.68 7.92 10 9.39 10 9.62 9.72 9.73
Net Occupancy & Equipment Expense		 0.90 0.96 0.99 0.98 1.48 1.51 1.56 1.56 1.48 1.46
Property & Liability Insurance Claims		 0.16 0.24 0.30 0.33 0.38 0.48 0.53 0.51 0.56 0.41
Other Operating Expenses		 3.58 3.25 2.54 3.03 3.81 4.39 4.12 4.41 4.15 4.95
Amortization Expense		 0.04 0.04 0.03 0.03 0.16 0.15 0.15 0.15 0.14 0.13
Income Tax Expense		 1.66 1.83 1.61 -1.19 1.60 1.68 1.48 1.11 1.71 1.56
Basic Earnings per Share		 $1.88 $1.88 $1.71 ($1.00) $1.59 $1.72 $1.49 $1.11 $1.59 $1.67
Weighted Average Basic Shares Outstanding		 4.01M 4.06M 4.01M 4.16M 4.75M 4.43M 4.70M 4.75M 4.75M 4.75M
Diluted Earnings per Share		 $1.88 $1.88 $1.71 ($1.00) $1.59 $1.72 $1.49 $1.11 $1.59 $1.66
Weighted Average Diluted Shares Outstanding		 4.01M 4.06M 4.01M 4.16M 4.75M 4.43M 4.70M 4.75M 4.75M 4.76M
Weighted Average Basic & Diluted Shares Outstanding		 3.97M 3.97M 3.97M 4.70M 4.71M 4.71M 4.71M 4.76M 4.76M 4.76M
Cash Dividends to Common per Share		 $0.48 $0.45 $0.48 $0.48 $0.49 $0.48 $0.49 $0.49 $0.49 $0.49

Annual Cash Flow Statements for Citizens Financial Services

This table details how cash moves in and out of Citizens Financial Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -147 27 -11
Net Cash From Operating Activities		 33 27 33
Net Cash From Continuing Operating Activities		 33 27 33
Net Income / (Loss) Continuing Operations		 29 18 28
Consolidated Net Income / (Loss)		 29 18 28
Provision For Loan Losses		 1.68 5.53 2.59
Depreciation Expense		 1.03 1.52 1.81
Amortization Expense		 -0.06 -1.54 -1.81
Non-Cash Adjustments to Reconcile Net Income		 3.10 2.52 1.65
Changes in Operating Assets and Liabilities, net		 -1.58 0.70 1.13
Net Cash From Investing Activities		 -362 59 -69
Net Cash From Continuing Investing Activities		 -362 59 -69
Purchase of Investment Securities		 -420 -81 -170
Sale and/or Maturity of Investments		 59 142 101
Other Investing Activities, net		 -1.12 -1.47 0.00
Net Cash From Financing Activities		 183 -59 25
Net Cash From Continuing Financing Activities		 183 -59 25
Net Change in Deposits		 8.06 -56 61
Issuance of Debt		 0.00 40 0.00
Issuance of Common Equity		 0.11 0.03 0.02
Repayment of Debt		 183 -35 -26
Repurchase of Common Equity		 -1.28 -0.27 -0.27
Payment of Dividends		 -7.59 -8.50 -9.30
Cash Interest Paid		 11 45 67
Cash Income Taxes Paid		 6.60 5.10 2.50

Quarterly Cash Flow Statements for Citizens Financial Services

This table details how cash moves in and out of Citizens Financial Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 2.48 3.06 -0.04 19 -1.37 9.48 -23 8.81 -1.67 5.44
Net Cash From Operating Activities		 9.27 8.90 10 -7.51 7.43 16 13 3.02 6.22 10
Net Cash From Continuing Operating Activities		 9.27 8.90 10 -7.51 7.43 16 13 3.02 6.22 10
Net Income / (Loss) Continuing Operations		 7.54 7.88 6.87 -4.14 7.55 7.54 7.02 5.28 7.54 7.98
Consolidated Net Income / (Loss)		 7.54 7.88 6.87 -4.14 7.55 7.54 7.02 5.28 7.54 7.98
Depreciation Expense		 0.25 0.26 0.26 0.27 0.49 0.50 0.50 0.46 0.42 0.43
Amortization Expense		 0.12 -0.14 -0.10 0.10 -1.20 -0.34 -0.59 -0.89 -0.56 0.23
Non-Cash Adjustments to Reconcile Net Income		 0.93 1.13 2.68 -8.30 0.68 7.46 5.47 -5.00 -1.02 2.20
Changes in Operating Assets and Liabilities, net		 -0.31 -0.48 0.69 -0.28 -0.57 0.86 0.27 1.17 0.05 -0.36
Net Cash From Investing Activities		 -143 22 5.22 123 -73 3.68 23 -13 -79 -0.18
Net Cash From Continuing Investing Activities		 -143 22 5.22 123 -73 3.68 23 -13 -79 -0.18
Purchase of Investment Securities		 -160 10 -6.11 26 -92 -9.22 -16 -26 -103 -25
Sale and/or Maturity of Investments		 17 12 11 98 19 14 39 13 24 24
Net Cash From Financing Activities		 137 -28 -16 -97 64 -10 -60 19 71 -4.87
Net Cash From Continuing Financing Activities		 137 -28 -16 -97 64 -10 -60 19 71 -4.87
Net Change in Deposits		 -10 -25 -45 -67 69 -14 -19 -30 177 -68
Issuance of Common Equity		 0.04 - - - - 0.01 - - - 0.02
Repayment of Debt		 148 -1.65 31 -49 -2.38 -14 -39 51 -103 66
Repurchase of Common Equity		 - - 0.00 - -0.26 -0.00 -0.05 -0.04 -0.12 -0.06
Payment of Dividends		 -1.91 -1.91 -1.93 -1.97 -2.31 -2.31 -2.31 -2.33 -2.33 -2.33
Cash Interest Paid		 2.58 4.75 6.49 8.40 14 16 17 15 17 18
Cash Income Taxes Paid		 1.00 2.00 0.00 3.60 1.00 0.50 0.00 0.75 0.75 1.00

Annual Balance Sheets for Citizens Financial Services

This table presents Citizens Financial Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 2,333 2,975 3,026
Cash and Due from Banks		 25 38 30
Interest Bearing Deposits at Other Banks		 1.40 15 12
Time Deposits Placed and Other Short-Term Investments		 6.06 4.07 3.82
Trading Account Securities		 458 433 438
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Loans Held for Sale		 0.73 9.38 9.61
Premises and Equipment, Net		 18 21 21
Goodwill		 31 86 86
Intangible Assets		 1.27 3.65 2.89
Other Assets		 1,792 2,365 2,422
Total Liabilities & Shareholders' Equity		 2,333 2,975 3,026
Total Liabilities		 2,133 2,696 2,726
Non-Interest Bearing Deposits		 396 524 533
Interest Bearing Deposits		 1,448 1,798 1,849
Accrued Interest Payable		 1.23 4.30 4.69
Long-Term Debt		 257 322 298
Other Long-Term Liabilities		 31 48 42
Total Equity & Noncontrolling Interests		 200 280 300
Total Preferred & Common Equity		 200 280 300
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 200 280 300
Common Stock		 85 148 150
Retained Earnings		 165 173 189
Treasury Stock		 -17 -17 -16
Accumulated Other Comprehensive Income / (Loss)		 -33 -25 -24

Quarterly Balance Sheets for Citizens Financial Services

This table presents Citizens Financial Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 2,350 2,335 2,892 2,959 2,921 2,948 3,026
Cash and Due from Banks		 22 24 29 25 14 22 27
Interest Bearing Deposits at Other Banks		 1.63 1.92 16 18 16 16 9.98
Time Deposits Placed and Other Short-Term Investments		 6.06 6.06 4.81 4.57 3.82 3.82 3.82
Trading Account Securities		 465 460 453 438 421 417 430
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 1,721 0.67 15 14 8.35 14 14
Premises and Equipment, Net		 17 18 21 21 21 21 21
Goodwill		 31 31 85 85 86 86 86
Intangible Assets		 1.37 1.18 4.07 3.87 3.45 3.24 3.08
Other Assets		 84 1,793 2,265 2,349 2,348 2,364 2,432
Total Liabilities & Shareholders' Equity		 2,350 2,335 2,892 2,959 2,921 2,948 3,026
Total Liabilities		 2,158 2,122 2,629 2,697 2,638 2,661 2,728
Non-Interest Bearing Deposits		 381 370 553 542 524 502 548
Interest Bearing Deposits		 1,487 1,430 1,713 1,793 1,779 1,771 1,902
Accrued Interest Payable		 0.92 1.77 2.26 2.73 4.12 5.48 5.55
Long-Term Debt		 259 288 318 316 284 335 232
Other Long-Term Liabilities		 30 33 42 43 48 48 40
Total Equity & Noncontrolling Interests		 191 213 263 263 283 286 299
Total Preferred & Common Equity		 191 213 263 263 283 286 299
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 191 213 263 263 283 286 299
Common Stock		 85 85 149 148 148 150 150
Retained Earnings		 159 172 162 168 178 179 184
Treasury Stock		 -17 -17 -17 -17 -17 -16 -16
Accumulated Other Comprehensive Income / (Loss)		 -36 -27 -31 -37 -27 -26 -19

Annual Metrics And Ratios for Citizens Financial Services

This table displays calculated financial ratios and metrics derived from Citizens Financial Services' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 4.41% 12.21% 10.88%
EBITDA Growth		 6.91% -41.05% 56.65%
EBIT Growth		 0.50% -39.39% 56.56%
NOPAT Growth		 -0.20% -38.71% 56.18%
Net Income Growth		 -0.20% -38.71% 56.18%
EPS Growth		 -0.97% -43.93% 45.52%
Operating Cash Flow Growth		 -14.09% -20.17% 25.04%
Free Cash Flow Firm Growth		 -651.14% 10.87% 125.35%
Invested Capital Growth		 59.68% 31.54% -0.71%
Revenue Q/Q Growth		 2.80% 4.24% 0.86%
EBITDA Q/Q Growth		 4.68% -2.01% 2.50%
EBIT Q/Q Growth		 3.51% -2.17% 0.96%
NOPAT Q/Q Growth		 3.31% -1.85% 1.62%
Net Income Q/Q Growth		 3.31% -1.85% 1.62%
EPS Q/Q Growth		 3.17% -5.63% -1.68%
Operating Cash Flow Q/Q Growth		 8.44% 37.99% -14.71%
Free Cash Flow Firm Q/Q Growth		 -5.06% -14.62% -57.71%
Invested Capital Q/Q Growth		 1.57% 3.95% 12.65%
Profitability Metrics		 - - -
EBITDA Margin		 44.54% 23.40% 33.06%
EBIT Margin		 43.35% 23.42% 33.07%
Profit (Net Income) Margin		 35.49% 19.39% 27.31%
Tax Burden Percent		 81.87% 82.78% 82.59%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 18.13% 17.22% 17.41%
Return on Invested Capital (ROIC)		 7.81% 3.36% 4.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.81% 3.36% 4.64%
Return on Net Nonoperating Assets (RNNOA)		 6.27% 4.06% 4.96%
Return on Equity (ROE)		 14.09% 7.42% 9.60%
Cash Return on Invested Capital (CROIC)		 -38.15% -23.88% 5.35%
Operating Return on Assets (OROA)		 1.59% 0.81% 1.12%
Return on Assets (ROA)		 1.30% 0.67% 0.93%
Return on Common Equity (ROCE)		 14.09% 7.42% 9.60%
Return on Equity Simple (ROE_SIMPLE)		 14.52% 6.37% 9.28%
Net Operating Profit after Tax (NOPAT)		 29 18 28
NOPAT Margin		 35.49% 19.39% 27.31%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 38.52% 43.47% 44.57%
Operating Expenses to Revenue		 54.59% 70.56% 64.39%
Earnings before Interest and Taxes (EBIT)		 35 22 34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 21 34
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.42 1.05 1.01
Price to Tangible Book Value (P/TBV)		 1.70 1.54 1.43
Price to Revenue (P/Rev)		 3.48 3.19 2.96
Price to Earnings (P/E)		 9.80 16.45 10.83
Dividend Yield		 2.00% 3.13% 3.10%
Earnings Yield		 10.20% 6.08% 9.23%
Enterprise Value to Invested Capital (EV/IC)		 1.11 0.93 0.93
Enterprise Value to Revenue (EV/Rev)		 6.23 6.08 5.43
Enterprise Value to EBITDA (EV/EBITDA)		 13.98 25.96 16.42
Enterprise Value to EBIT (EV/EBIT)		 14.36 25.94 16.42
Enterprise Value to NOPAT (EV/NOPAT)		 17.54 31.34 19.88
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.34 21.03 16.67
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 17.25
Leverage & Solvency		 - - -
Debt to Equity		 1.29 1.15 0.99
Long-Term Debt to Equity		 1.29 1.15 0.99
Financial Leverage		 0.80 1.21 1.07
Leverage Ratio		 10.85 11.06 10.36
Compound Leverage Factor		 10.85 11.06 10.36
Debt to Total Capital		 56.24% 53.52% 49.83%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 56.24% 53.52% 49.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 43.76% 46.48% 50.17%
Debt to EBITDA		 7.06 14.98 8.84
Net Debt to EBITDA		 6.17 12.33 7.47
Long-Term Debt to EBITDA		 7.06 14.98 8.84
Debt to NOPAT		 8.85 18.08 10.70
Net Debt to NOPAT		 7.74 14.89 9.05
Long-Term Debt to NOPAT		 8.85 18.08 10.70
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -142 -126 32
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -12.64 -2.70 0.47
Operating Cash Flow to Interest Expense		 2.96 0.57 0.49
Operating Cash Flow Less CapEx to Interest Expense		 2.96 0.57 0.49
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.03 0.03
Fixed Asset Turnover		 4.73 4.71 4.76
Capital & Investment Metrics		 - - -
Invested Capital		 457 602 597
Invested Capital Turnover		 0.22 0.17 0.17
Increase / (Decrease) in Invested Capital		 171 144 -4.25
Enterprise Value (EV)		 510 558 553
Market Capitalization		 285 293 301
Book Value per Share		 $50.40 $59.43 $62.97
Tangible Book Value per Share		 $42.18 $40.43 $44.35
Total Capital		 457 602 597
Total Debt		 257 322 298
Total Long-Term Debt		 257 322 298
Net Debt		 225 265 252
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 257 322 298
Total Depreciation and Amortization (D&A)		 0.97 -0.02 -0.01
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $7.32 $4.06 $5.86
Adjusted Weighted Average Basic Shares Outstanding		 3.97M 4.38M 4.75M
Adjusted Diluted Earnings per Share		 $7.32 $4.06 $5.85
Adjusted Weighted Average Diluted Shares Outstanding		 3.97M 4.38M 4.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.97M 4.71M 4.76M
Normalized Net Operating Profit after Tax (NOPAT)		 29 25 28
Normalized NOPAT Margin		 35.79% 27.74% 27.19%
Pre Tax Income Margin		 43.35% 23.42% 33.07%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 3.16 0.46 0.50
NOPAT to Interest Expense		 2.59 0.38 0.41
EBIT Less CapEx to Interest Expense		 3.16 0.46 0.50
NOPAT Less CapEx to Interest Expense		 2.59 0.38 0.41
Payout Ratios		 - - -
Dividend Payout Ratio		 26.11% 47.74% 33.44%
Augmented Payout Ratio		 30.51% 49.23% 34.40%

Quarterly Metrics And Ratios for Citizens Financial Services

This table displays calculated financial ratios and metrics derived from Citizens Financial Services' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 10.78% 11.49% 8.35% 0.84% 21.02% 17.29% 28.02% 21.95% -3.79% 3.42%
EBITDA Growth		 13.75% 19.89% 2.33% -157.60% -11.84% -4.48% -2.73% 219.89% 7.91% 8.76%
EBIT Growth		 6.45% 14.16% 3.21% -163.60% -0.57% -4.92% 0.30% 219.81% 1.13% 3.47%
NOPAT Growth		 6.80% 13.41% 1.88% -154.08% 0.05% -4.25% 2.29% 241.33% -0.16% 5.88%
Net Income Growth		 6.80% 13.41% 1.88% -160.05% 0.05% -4.25% 2.29% 227.29% -0.16% 5.88%
EPS Growth		 6.21% 13.25% 1.18% -158.14% -15.43% -8.51% -12.87% 211.00% 0.00% -3.49%
Operating Cash Flow Growth		 -13.04% 40.97% -13.58% -347.92% -19.84% 82.07% 29.29% 140.26% -16.25% -35.32%
Free Cash Flow Firm Growth		 -1,920.36% -4,665.54% -1,176.50% -7,914.10% 22.30% 16.15% 74.08% 87.63% 146.29% 108.94%
Invested Capital Growth		 56.83% 59.68% 85.01% 90.28% 28.53% 31.54% 12.95% 6.86% -8.37% -0.71%
Revenue Q/Q Growth		 7.51% 0.33% -6.27% -0.26% 29.03% -2.77% 2.31% -4.99% 1.80% 4.52%
EBITDA Q/Q Growth		 11.04% 2.53% -11.98% -157.48% 269.95% 11.09% -10.36% -29.15% 52.97% 11.96%
EBIT Q/Q Growth		 9.73% 5.46% -12.63% -162.91% 271.55% 0.84% -7.84% -24.86% 44.80% 3.18%
NOPAT Q/Q Growth		 9.32% 4.39% -12.80% -154.35% 302.23% -0.11% -6.84% -24.90% 42.86% 5.93%
Net Income Q/Q Growth		 9.32% 4.39% -12.80% -160.35% 282.14% -0.11% -6.84% -24.90% 42.86% 5.93%
EPS Q/Q Growth		 9.30% 0.00% -12.76% -158.48% 259.00% 8.18% -14.37% -25.50% 43.24% 4.40%
Operating Cash Flow Q/Q Growth		 206.01% -3.93% 16.92% -172.13% 198.95% 118.20% -16.98% -77.54% 105.86% 68.51%
Free Cash Flow Firm Q/Q Growth		 -4,449.94% -4.78% -37.03% -25.11% 56.74% -13.06% 57.64% 40.27% 261.83% -78.16%
Invested Capital Q/Q Growth		 47.38% 1.57% 9.59% 15.98% -0.45% 3.95% -5.89% 9.72% -14.63% 12.65%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 44.47% 45.44% 42.67% -24.59% 32.39% 37.01% 32.42% 24.18% 36.33% 38.92%
EBIT Margin		 42.71% 44.90% 41.85% -26.39% 35.09% 36.40% 32.79% 25.93% 36.88% 36.41%
Profit (Net Income) Margin		 35.03% 36.44% 33.90% -20.51% 28.96% 29.75% 27.09% 21.41% 30.05% 30.46%
Tax Burden Percent		 82.01% 81.18% 81.02% 77.72% 82.52% 81.74% 82.63% 82.58% 81.47% 83.64%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 17.99% 18.82% 18.98% 0.00% 17.48% 18.26% 17.37% 17.42% 18.53% 16.36%
Return on Invested Capital (ROIC)		 7.57% 8.02% 7.33% -3.48% 4.96% 5.16% 4.95% 3.63% 5.47% 5.17%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.57% 8.02% 7.33% -3.67% 4.96% 5.16% 4.95% 3.63% 5.47% 5.17%
Return on Net Nonoperating Assets (RNNOA)		 6.37% 6.44% 6.27% -3.44% 6.28% 6.23% 5.71% 4.31% 5.34% 5.53%
Return on Equity (ROE)		 13.93% 14.46% 13.60% -6.92% 11.24% 11.39% 10.66% 7.94% 10.81% 10.71%
Cash Return on Invested Capital (CROIC)		 -36.62% -38.15% -52.09% -58.11% -21.44% -23.88% -8.80% -2.08% 13.67% 5.35%
Operating Return on Assets (OROA)		 1.55% 1.64% 1.55% -0.86% 1.17% 1.26% 1.22% 0.91% 1.24% 1.24%
Return on Assets (ROA)		 1.27% 1.33% 1.25% -0.67% 0.96% 1.03% 1.01% 0.75% 1.01% 1.03%
Return on Common Equity (ROCE)		 13.93% 14.46% 13.60% -6.92% 11.24% 11.39% 10.66% 7.94% 10.81% 10.71%
Return on Equity Simple (ROE_SIMPLE)		 14.69% 0.00% 13.69% 6.89% 6.91% 0.00% 6.36% 9.56% 9.17% 0.00%
Net Operating Profit after Tax (NOPAT)		 7.54 7.88 6.87 -3.73 7.55 7.54 7.02 5.28 7.54 7.98
NOPAT Margin		 35.03% 36.44% 33.90% -18.48% 28.96% 29.75% 27.09% 21.41% 30.05% 30.46%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 36.37% 36.25% 42.77% 44.02% 44.05% 43.00% 45.70% 45.37% 44.62% 42.65%
Operating Expenses to Revenue		 53.92% 53.91% 58.15% 102.37% 63.09% 62.82% 64.19% 65.94% 63.91% 63.59%
Earnings before Interest and Taxes (EBIT)		 9.20 9.70 8.48 -5.33 9.15 9.22 8.50 6.39 9.25 9.54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 9.58 9.82 8.64 -4.97 8.44 9.38 8.41 5.96 9.11 10
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.37 1.42 1.49 1.08 0.82 1.05 0.81 0.74 0.94 1.01
Price to Tangible Book Value (P/TBV)		 1.66 1.70 1.75 1.63 1.24 1.54 1.18 1.07 1.33 1.43
Price to Revenue (P/Rev)		 3.30 3.48 3.80 3.40 2.46 3.19 2.35 2.07 2.77 2.96
Price to Earnings (P/E)		 9.35 9.80 10.86 15.66 11.94 16.45 12.74 7.72 10.22 10.83
Dividend Yield		 1.44% 2.00% 2.41% 2.70% 4.21% 3.13% 4.02% 4.36% 3.34% 3.10%
Earnings Yield		 10.69% 10.20% 9.21% 6.39% 8.37% 6.08% 7.85% 12.95% 9.79% 9.23%
Enterprise Value to Invested Capital (EV/IC)		 1.09 1.11 1.14 0.95 0.84 0.93 0.85 0.81 0.89 0.93
Enterprise Value to Revenue (EV/Rev)		 6.19 6.23 6.87 6.61 5.50 6.08 4.91 4.94 4.66 5.43
Enterprise Value to EBITDA (EV/EBITDA)		 14.14 13.98 15.62 23.96 22.11 25.96 22.53 15.66 14.33 16.42
Enterprise Value to EBIT (EV/EBIT)		 14.37 14.36 16.02 25.07 22.05 25.94 22.24 15.16 14.11 16.42
Enterprise Value to NOPAT (EV/NOPAT)		 17.52 17.54 19.63 30.47 26.72 31.34 26.66 18.41 17.20 19.88
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.08 15.34 18.13 26.23 25.22 21.03 16.19 12.57 12.10 16.67
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.21 17.25
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.35 1.29 1.35 1.21 1.20 1.15 1.00 1.17 0.78 0.99
Long-Term Debt to Equity		 1.35 1.29 1.35 1.21 1.20 1.15 1.00 1.17 0.78 0.99
Financial Leverage		 0.84 0.80 0.86 0.94 1.27 1.21 1.15 1.19 0.98 1.07
Leverage Ratio		 10.98 10.85 10.85 11.14 11.69 11.06 10.60 10.62 10.66 10.36
Compound Leverage Factor		 10.98 10.85 10.85 11.14 11.69 11.06 10.60 10.62 10.66 10.36
Debt to Total Capital		 57.49% 56.24% 57.46% 54.73% 54.62% 53.52% 50.08% 53.89% 43.69% 49.83%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 57.49% 56.24% 57.46% 54.73% 54.62% 53.52% 50.08% 53.89% 43.69% 49.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 42.51% 43.76% 42.54% 45.27% 45.38% 46.48% 49.92% 46.11% 56.31% 50.17%
Debt to EBITDA		 7.43 7.06 7.86 13.79 14.41 14.98 13.34 10.40 7.05 8.84
Net Debt to EBITDA		 6.59 6.17 6.98 11.65 12.23 12.33 11.76 9.09 5.82 7.47
Long-Term Debt to EBITDA		 7.43 7.06 7.86 13.79 14.41 14.98 13.34 10.40 7.05 8.84
Debt to NOPAT		 9.20 8.85 9.87 17.54 17.42 18.08 15.78 12.23 8.47 10.70
Net Debt to NOPAT		 8.17 7.74 8.77 14.81 14.78 14.89 13.92 10.68 6.98 9.05
Long-Term Debt to NOPAT		 9.20 8.85 9.87 17.54 17.42 18.08 15.78 12.23 8.47 10.70
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -156 -163 -223 -280 -121 -137 -58 -35 56 12
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -52.99 -32.26 -31.80 -31.45 -8.47 -8.21 -3.41 -2.08 3.22 0.72
Operating Cash Flow to Interest Expense		 3.15 1.76 1.48 -0.84 0.52 0.97 0.79 0.18 0.36 0.62
Operating Cash Flow Less CapEx to Interest Expense		 3.15 1.76 1.48 -0.84 0.52 0.97 0.79 0.18 0.36 0.62
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.03 0.03 0.03 0.04 0.03 0.03 0.03
Fixed Asset Turnover		 4.61 4.73 4.85 4.30 4.54 4.71 5.04 4.82 4.73 4.76
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 450 457 501 581 579 602 566 621 530 597
Invested Capital Turnover		 0.22 0.22 0.22 0.19 0.17 0.17 0.18 0.17 0.18 0.17
Increase / (Decrease) in Invested Capital		 163 171 230 276 128 144 65 40 -48 -4.25
Enterprise Value (EV)		 493 510 573 553 485 558 479 504 471 553
Market Capitalization		 263 285 317 284 217 293 229 212 280 301
Book Value per Share		 $48.21 $50.40 $53.70 $66.29 $55.84 $59.43 $60.05 $60.86 $62.74 $62.97
Tangible Book Value per Share		 $39.97 $42.18 $45.50 $43.92 $37.00 $40.43 $41.10 $41.95 $44.08 $44.35
Total Capital		 450 457 501 581 579 602 566 621 530 597
Total Debt		 259 257 288 318 316 322 284 335 232 298
Total Long-Term Debt		 259 257 288 318 316 322 284 335 232 298
Net Debt		 230 225 256 269 268 265 250 293 191 252
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.41 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 259 257 288 318 316 322 284 335 232 298
Total Depreciation and Amortization (D&A)		 0.38 0.12 0.17 0.36 -0.70 0.16 -0.09 -0.43 -0.14 0.66
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.90 $1.88 $1.73 ($1.01) $1.61 $1.72 $1.49 $1.11 $1.59 $1.67
Adjusted Weighted Average Basic Shares Outstanding		 3.97M 4.06M 3.97M 4.11M 4.70M 4.43M 4.70M 4.75M 4.75M 4.75M
Adjusted Diluted Earnings per Share		 $1.90 $1.88 $1.73 ($1.01) $1.61 $1.72 $1.49 $1.11 $1.59 $1.66
Adjusted Weighted Average Diluted Shares Outstanding		 3.97M 4.06M 3.97M 4.11M 4.70M 4.43M 4.70M 4.75M 4.75M 4.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.97M 3.97M 3.97M 4.70M 4.71M 4.71M 4.71M 4.76M 4.76M 4.76M
Normalized Net Operating Profit after Tax (NOPAT)		 7.56 8.11 7.06 2.15 8.06 7.54 7.02 5.28 7.54 7.98
Normalized NOPAT Margin		 35.10% 37.54% 34.88% 10.64% 30.93% 29.75% 27.09% 21.41% 30.05% 30.46%
Pre Tax Income Margin		 42.71% 44.90% 41.85% -26.39% 35.09% 36.40% 32.79% 25.93% 36.88% 36.41%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.13 1.92 1.21 -0.60 0.64 0.55 0.50 0.38 0.53 0.56
NOPAT to Interest Expense		 2.57 1.56 0.98 -0.42 0.53 0.45 0.41 0.32 0.43 0.47
EBIT Less CapEx to Interest Expense		 3.13 1.92 1.21 -0.60 0.64 0.55 0.50 0.38 0.53 0.56
NOPAT Less CapEx to Interest Expense		 2.57 1.56 0.98 -0.42 0.53 0.45 0.41 0.32 0.43 0.47
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 26.79% 26.11% 26.18% 42.46% 44.65% 47.74% 49.44% 33.78% 33.88% 33.44%
Augmented Payout Ratio		 33.04% 30.51% 30.53% 42.46% 46.11% 49.23% 51.16% 35.04% 34.63% 34.40%

Financials Breakdown Chart

Key Financial Trends

Citizens Financial Services (NASDAQ: CZFS) had a solid finish to 2024, with fourth-quarter profitability improving from the prior quarter and balance sheet trends still showing strong liquidity, but also some volatility in deposits, debt, and other income lines.

  • Q4 2024 net income rose to $8.0 million from $7.5 million in Q3 2024, showing a modest sequential improvement in profitability.
  • Net interest income improved to $22.9 million in Q4 from $21.3 million in Q3, helped by higher interest income and slightly better spread performance.
  • Total revenue increased to $26.2 million in Q4 versus $25.1 million in Q3, reflecting better core operating performance.
  • Non-interest income held steady to slightly higher at $3.34 million in Q4, supported by service charges, capital gains, and investment banking income.
  • Operating cash flow strengthened to $10.5 million in Q4 from $6.2 million in Q3, indicating improved cash generation.
  • Total common equity increased to $298.7 million at Q3-end from $286.5 million at Q2-end, showing an improving equity base through the year.
  • Deposits grew year over year, with total deposits at $2.45 billion in Q3 2024 compared with $2.29 billion in Q3 2023, suggesting the franchise remains capable of attracting funding.
  • EPS improved modestly in Q4 2024, with basic EPS at $1.67 and diluted EPS at $1.66, up from $1.59 in Q3.
  • Loan-related interest income continued to rise gradually across 2024, but the company’s balance sheet does not show a traditional loan book in the reported data, so the drivers may be limited by structure or classification.
  • Funding costs remain elevated, with Q4 2024 deposit interest expense of $13.9 million and long-term debt interest expense of $3.0 million, which still pressure margins.
  • Deposits fell sharply in Q4 2024, declining $68.1 million on the cash flow statement, after also being volatile in prior quarters.
  • Long-term debt remains a meaningful balance sheet item, at $231.7 million in Q3 2024, and interest expense on debt has been significant throughout the period.
  • Non-interest expense stayed high at $16.7 million in Q4 2024, with salaries, operating costs, and other expenses continuing to consume a large share of revenue.
  • Quarterly results were much better than the weak middle of 2023, but earnings were still below the stronger quarterly levels seen in late 2022 and early 2023.

Over the last four years, CZFS has shown a pattern of generally stable profitability with periodic volatility. The biggest positives are consistent earnings power, recurring operating cash flow, and a sizeable deposit base. The main risks are high interest expense, fluctuating deposits, and relatively heavy non-interest expenses, which can limit margin expansion.

For retail investors, the takeaway is that Citizens Financial Services looks like a profitable but somewhat interest-rate-sensitive community banking franchise. The company’s recent quarters show resilience, but the next leg of performance will likely depend on deposit stability, funding costs, and whether net interest income can keep trending higher without a meaningful rise in credit costs or operating expenses.

06/16/26 07:51 AM ETAI Generated. May Contain Errors.

Citizens Financial Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Citizens Financial Services' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Citizens Financial Services' net income appears to be on a downward trend, with a most recent value of $27.82 million in 2024, falling from $29.06 million in 2022. The previous period was $17.81 million in 2023. Check out Citizens Financial Services' forecast to explore projected trends and price targets.

Over the last 2 years, Citizens Financial Services' total revenue changed from $81.87 million in 2022 to $101.86 million in 2024, a change of 24.4%.

Citizens Financial Services' total liabilities were at $2.73 billion at the end of 2024, a 1.1% increase from 2023, and a 27.8% increase since 2022.

In the past 2 years, Citizens Financial Services' cash and equivalents has ranged from $24.81 million in 2022 to $37.73 million in 2023, and is currently $30.28 million as of their latest financial filing in 2024.

Over the last 2 years, Citizens Financial Services' book value per share changed from 50.40 in 2022 to 62.97 in 2024, a change of 24.9%.


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Financial statements for NASDAQ:CZFS last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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