Citizens Financial posts record 2025 earnings, stronger capital

Q: What were Citizens Financial Services’ key balance sheet figures for 2025?

At year-end 2025, Citizens Financial Services reported $3.06 billion in total assets, $2.36 billion in total gross loans, and $2.38 billion in total deposits. The loans-to-deposits ratio was 99.29%, indicating a largely loaned-up balance sheet supported by its deposit base.

Q: How strong were Citizens Financial Services’ capital ratios in 2025?

Citizens Financial Services’ tangible common equity was $250.1 million, equal to 8.40% of tangible assets, and its bank leverage ratio was 9.54%. These figures show improved capital levels compared with prior years, supporting growth and risk management capacity.

Citizens Financial Services, Inc. shared an investor presentation at its annual meeting, highlighting record 2025 earnings and stronger capital.

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Form Type

8-K

Rhea-AI Filing Summary

Citizens Financial Services, Inc. shared an investor presentation at its annual meeting, highlighting record 2025 earnings and stronger capital. Net income rose to $36.6 million in 2025, with diluted core earnings per share of $7.62 and dividends per share of $1.98.

Total assets reached $3.06 billion, total loans $2.36 billion, and deposits $2.38 billion, with a loans-to-deposits ratio of 99.29%. Profitability improved, as net interest margin increased to 3.50%, core return on average assets to 1.21%, and core return on average tangible common equity to 15.94%.

Tangible common equity was $250.1 million, equal to 8.40% of tangible assets, while nonperforming assets were 0.95% of total assets and net charge-offs were 0.03% of average loans. The presentation also detailed liquidity sources totaling about $1.39 billion and described initiatives in technology, cybersecurity, fraud prevention, and emerging areas like cryptocurrency and AI.

Insights

Record 2025 earnings, stronger capital, solid credit quality, and ample liquidity.

Citizens Financial Services delivered materially better profitability in 2025, with net income of $36.6 million and core ROAA of 1.21%. Net interest margin expanded to 3.50%, while the efficiency ratio improved to 54.50%, indicating tighter cost control.

Capital ratios strengthened, with tangible common equity to tangible assets at 8.40% and bank leverage ratio at 9.54% as of 2025. Asset quality remained sound: NPAs were 0.95% of assets and net charge-offs only 0.03% of average loans, suggesting limited credit stress.

Liquidity appears robust, with total liquidity sources of about $1.39 billion against a balance sheet of $3.06 billion. The company also emphasized cybersecurity, fraud reduction, and evaluating cryptocurrency and AI use cases. Future disclosures in company filings may provide more detail on how these strategic areas translate into financial outcomes.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income 2025: $36,572 thousand Total assets: $3,064,564 thousand Net interest margin: 3.50% +5 more

8 metrics

Net income 2025 $36,572 thousand Full year 2025 net income

Total assets $3,064,564 thousand Total assets as of 2025 year-end

Net interest margin 3.50% Full year 2025 net interest margin

Core ROAA 1.21% Core return on average assets for 2025

Efficiency ratio 54.50% 2025 efficiency ratio

Tangible common equity / tangible assets 8.40% Capital ratio as of 2025 year-end

Nonperforming assets / assets 0.95% Asset quality metric for 2025

Total liquidity sources $1,392,583 thousand Liquidity sources as of December 31, 2025

Key Terms

Efficiency Ratio, Core ROAA, Tangible Common Equity, Net Interest Margin, +2 more

6 terms

Efficiency Ratio financial

"Efficiency Ratio History Finished in the 86th percentile compared to the CZFS peer group for 2025."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

Core ROAA financial

"Core ROAA (1) 1.09% 0.96% 1.21% 1.00% 1.13% 1.33% 1.37%"

Tangible Common Equity financial

"Tangible Common Equity $190,258 $211,084 $250,072"

Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.

Net Interest Margin financial

"Net Interest Margin 3.21% 3.13% 3.50% 3.30% 3.47% 3.60% 3.69%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Nonperforming Assets financial

"NPAs/Assets 0.44% 0.95% 0.95% 0.91% 0.92% 0.75% 0.95%"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

stablecoins financial

"Potential deposit outflows from PA banks to stablecoins: $5.4 billion to $10.8 billion"

Stablecoins are a type of digital currency designed to maintain a steady value, often linked to traditional currencies like the dollar or euro. They function like digital cash that offers the convenience of online transactions while avoiding the large price swings common with other cryptocurrencies. This stability makes them useful for investors and users who want a reliable way to store and transfer value without exposure to sudden market changes.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Citizens Financial Services (CZFS) perform financially in 2025?

Citizens Financial Services reported strong 2025 results, with net income of $36.6 million and diluted core EPS of $7.62. Profitability metrics improved, including core ROAA of 1.21% and an efficiency ratio of 54.50%, reflecting better earnings and cost discipline.

What were Citizens Financial Services’ key balance sheet figures for 2025?

At year-end 2025, Citizens Financial Services reported $3.06 billion in total assets, $2.36 billion in total gross loans, and $2.38 billion in total deposits. The loans-to-deposits ratio was 99.29%, indicating a largely loaned-up balance sheet supported by its deposit base.

How strong were Citizens Financial Services’ capital ratios in 2025?

Citizens Financial Services’ tangible common equity was $250.1 million, equal to 8.40% of tangible assets, and its bank leverage ratio was 9.54%. These figures show improved capital levels compared with prior years, supporting growth and risk management capacity.

What do the 2025 asset quality metrics show for Citizens Financial Services?

Asset quality remained solid in 2025. Nonperforming assets were 0.95% of total assets, while net charge-offs were just 0.03% of average loans. Reserves for loan losses stood at 0.97% of loans, indicating conservative credit provisioning.

What liquidity position did Citizens Financial Services report at December 31, 2025?

As of December 31, 2025, Citizens Financial Services listed total liquidity sources of about $1.39 billion, including cash and cash equivalents of $37.9 million, substantial unused FHLB and brokered deposit capacity, FRB borrowing capacity, and net unpledged securities of $98.3 million.

What strategic themes did Citizens Financial Services highlight for 2026?

The company highlighted ongoing focus on leveraging new markets, improving capital, and addressing cryptocurrency and AI opportunities. It also emphasized cybersecurity, fraud prevention, new products, technology upgrades, and engaging lending teams and market leadership to drive future organic growth.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/21/2026 - 07:30 AM EDT

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 21, 2026

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 Tuesday, April 21, 2026 at the 2026 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 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

99.1		Investor Presentation dated April 21, 2026

104		Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

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 21, 2026	By:	/s/ Stephen J. Guillaume
		Stephen J. Guillaume Chief Financial Officer

Citizens Financial Services, Inc.

Our Two Goals for 2025 To leverage our new markets and new teams to create additional wealth, and

Our Two Goals for 2025 To leverage our new markets and new teams to create additional wealth, and To organically improve capital levels that were impacted by the 2023 acquisition.

Results of our Actions Experienced an All-Time Record High in Earnings

Results of our Actions How did we achieve such outstanding earnings? Diligent net interest margin management,

Results of our Actions How did we achieve such outstanding earnings? Diligent net interest margin management, Customer relationship growth,

Results of our Actions How did we achieve such outstanding earnings? Diligent net interest margin management, Customer relationship growth, Expansion of fee-based services,

Results of our Actions How did we achieve such outstanding earnings? Diligent net interest margin management, Customer relationship growth, Expansion of fee-based services, Effective risk management, and

2025 Financial Performance

Efficiency Ratio History Finished in the 86th percentile compared to the CZFS peer group for 2025.

Return on Equity History Finished in the 40th percentile compared to the CZFS peer group for 2025.

Return on Assets History Finished in the 87th percentile compared to the CZFS peer group for 2025.

Cash Dividends Paid History 1% stock dividend paid in 2021, 2022, 2023, 2024 and 2025

Liquidity Position & Sources Liquidity Sources December 31, 2025 $ in Thousands Cash and Cash Equivalents $37,916 FHLB Borrowing Capacity Remaining 636,189 Brokered Deposits Capacity 590,629 FRB Borrowing Capacity 29,546 Total $1,294,280 Investments US Gov't & Agency $181,297 MBS & CMO $149,310 Municipals $120,608 Corporates $11,304 Less: Pledged Securities -364,216 Net Unpledged Securities $98,303 Total Liquidity Sources $1,392,583

Key Financial Highlights Balance Sheet 2023 2024 2025 Q1 2025 q2 2025 q3 2025 q4 2025 Total Assets $2,975,321 $3,025,724 $3,064,564 $3,016,338 $2,967,274 $3,056,421 $3,064,564 Total Gross Loans $2,258,215 $2,322,849 $2,360,015 $2,321,717 $2,257,284 $2,348,896 $2,360,015 Total Deposits $2,321,481 $2,382,028 $2,376,979 $2,364,854 $2,292,662 $2,411,203 $2,376,979 Loans/Deposits 97.27% 97.52% 99.29% 98.18% 98.46% 97.42% 99.29% Capital & Per Share Common Equity $279,666 $299,734 $338,051 $308,296 $313,653 $327,682 $338,051 Tangible Common Equity $190,258 $211,084 $250,072 $219,831 $225,365 $239,550 $250,072 Tang. Common Equity/Tangible Assets (1) 6.59% 7.19% 8.40% 7.51% 7.83% 8.07% 8.40% Tang. Common Equity/Tangible Assets (Excluding AOCL) (1) 7.46% 7.99% 8.82% 8.20% 8.56% 8.56% 8.82% Bank Leverage Ratio 8.54% 8.99% 9.54% 9.06% 9.22% 9.44% 9.54% Bank Total RBC Ratio (4) NA(1) 11.99% NA(1) NA(1) NA(1) NA(1) NA(1) Profitability Net Interest Margin 3.21% 3.13% 3.50% 3.30% 3.47% 3.60% 3.69% Efficiency Ratio (3) 58.32% 61.89% 54.50% 59.27% 57.29% 55.97% 54.50% Core ROAA (1) 1.09% 0.96% 1.21% 1.00% 1.13% 1.33% 1.37% Core ROAE (1) 12.01% 9.84% 11.51% 10.00% 10.88% 12.52% 12.53% Core ROATCE (1) 16.25% 14.19% 15.94% 14.09% 15.19% 17.29% 17.01% Core Earnings Per Share Diluted (1) (2) $ 6.47 $ 5.94 $ 7.62 $ 1.59 $ 1.76 $ 2.09 $ 2.18 Dividend per share (2) $ 1.90 $ 1.93 $ 1.98 $ 0.490 $ 0.490 $ 0.500 $ 0.500 TBV per Share (2) $ 39.63 $ 43.91 $ 52.02 $ 45.73 $ 46.88 $ 49.83 $ 52.02 Net Income $ 17,811 $ 27,818 $ 36,572 $ 7,621 $ 8,463 $ 10,005 $ 10,483 Asset Quality NPAs/Assets 0.44% 0.95% 0.95% 0.91% 0.92% 0.75% 0.95% NCOs/Avg Loans 0.06% 0.11% 0.03% 0.03% 0.10% 0.00% 0.01% Reserves/Loans 0.94% 0.94% 0.97% 0.95% 0.99% 0.96% 0.97%

Results of Our 2025 Goals Continue to amplify our efforts -

Results of Our 2025 Goals Continue to amplify our efforts – Fully engage our markets for growth,

Results of Our 2025 Goals Continue to amplify our efforts – Fully engage our markets for growth, Lending teams,

Results of Our 2025 Goals Continue to amplify our efforts – Fully engage our markets for growth, Lending teams, Market leadership and facilities,

Results of Our 2025 Goals Continue to amplify our efforts – Fully engage our markets for growth, Lending teams, Market leadership and facilities, New product and technology introductions, and

Results of Our 2025 Goals Continue to amplify our efforts – Fully engage our markets for growth, Lending teams, Market leadership and facilities, New product and technology introductions, and Take advantage of the improved borrowing environment.

CZFS Common Stock

CZFS Performance

Institutional Ownership 26.3

Shareholder Migration

Industry Recognition

Recognition

Contributions

More Than A Donation Unity In the Community

Peace of Mind

Peace of Mind Continuing our fight against cybersecurity and fraud.

FCCB Fraud Occurrences Fraud Losses 2023 2024 2025 Transactions Check Fraud 112 74 169 ACH Fraud 7 30 33 Combined Total 119 104 202 Fraudulent Activity Check Fraud $830,316 $685,474 $791,558 ACH Fraud $52,701 $209,210 $157,792 Combined Total $883,017 $894,684 $949,350 Customer Loss Check Fraud $18,359 $129,896 $6,868 ACH Fraud $6,500 $11,600 $1,999 Combined Total $24,859 $141,496 $8,867 Bank Loss Check Fraud $129,809 $149,503 $124,441 ACH Fraud $0 $0 $0 Debit Card Losses $168,561 $122,122 $109,609 Combined Total $298,370 $271,624 $234,050

Peace of Mind Continuing our fight against cybersecurity and fraud. Hosted a scam awareness seminar.

Peace of Mind Continuing our fight against cybersecurity and fraud. Hosted a scam awareness seminar. Participated in Bankers Day at the Capitol.

Peace of Mind Continuing our fight against cybersecurity and fraud. Hosted a scam awareness seminar. Participated in Bankers Day at the Capitol. Offering a Veterans Checking account.

Peace of Mind Continuing our fight against cybersecurity and fraud. Hosted a scam awareness seminar. Participated in Bankers Day at the Capitol. Offering a Veterans Checking account. Updating digital banking channels.

2026 Challenges & Opportunities

Challenges & Opportunities Cryptocurrency

Challenges & Opportunities Cryptocurrency AI (into everyday banking operations)

Staggering Statistics The Impact on PA Communities Community banks headquartered in PA: 105 Community banks operating in PA: 123 Total deposits held at bank branches in PA: $108 billion Potential deposit outflows from PA banks to stablecoins: $5.4 billion to $10.8 billion Lost lending to PA households and businesses as a result of deposit outflow: $4.6 billion - $9.3 billion drop in loans

Challenges & Opportunities Cryptocurrency. . . Customer Needs: Custodial Services,

Challenges & Opportunities Cryptocurrency. . . Customer Needs: Custodial services, Tokenized deposits, and

Challenges & Opportunities Cryptocurrency. . . Customer Needs: Custodial services, Tokenized deposits, and Collateral for loans

Challenges & Opportunities Cryptocurrency. . . Customer Needs: Custodial services, Tokenized deposits, and Collateral for loans. Investments In: Technology,

Challenges & Opportunities Cryptocurrency. . . Customer Needs: Custodial services, Tokenized deposits, and Collateral for loans. Investments In: Technology, Policy development,

Challenges & Opportunities Cryptocurrency. . . Customer Needs: Custodial services, Tokenized deposits, and Collateral for loans. Investments In: Technology, Policy development, Regulatory compliance, and