The bank maintains a conservative capital position with an equity-to-assets ratio of 0.11, though the $2.4 billion investment securities portfolio indicates a significant reliance on fixed-income yields.
Citizens Financial Services, Inc. (CZFS) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 846.47M | 74.17M | 93.14M | 474.49M | 471.77M | 596.26M | 377.65M | 273.48M | 273.31M | 283.58M | 338.73M | 391.82M | 323.53M | 327.38M | 336.58M | 349.25M | 43.99M | 31.45M | 19.86M | 10.39M | 10.02M | 8.61M | 9.34M | 9.95M | 11.59M | 11.48M | 27.62M | 8.52M | 7.3M | 6.34M | 6.46M |
| Cash & Due from Banks | 39.43M | 38.11M | 46.02M | 56.89M | 32.27M | 183.86M | 82.47M | 32.78M | 32.3M | 28.8M | 24.71M | 32.08M | 17.38M | 12.56M | 26.33M | 30.43M | 43.99M | 31.45M | 19.86M | 10.39M | 10.02M | 8.61M | 9.34M | 9.95M | 11.59M | 11.48M | 27.62M | 8.52M | 7.3M | 6.34M | 6.46M |
| Short Term Investments | 491.31M | 36.05M | 47.12M | 417.6M | 439.51M | 412.4M | 295.19M | 240.71M | 241.01M | 254.78M | 314.02M | 359.74M | 306.15M | 317.3M | 310.25M | 318.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 2.52B | 2.79B | 2.74B | 2.67B | 2.17B | 1.85B | 1.7B | 1.34B | 1.31B | 1.25B | 1.11B | 1.05B | 853.93M | 851.09M | 807.39M | 799.85M | 718.9M | 650.08M | 602.58M | 539.98M | 520.64M | 481.74M | 451.52M | 420.62M | 395.56M | 382.07M | 360.1M | 320.86M | 296.67M | 278.47M | 266.48M |
| Investments Growth % | -14.87% | 1.88% | 2.58% | 23.31% | 17.21% | 8.6% | 26.58% | 2.46% | 5.31% | 12.56% | 5.56% | 22.76% | 0.33% | 5.41% | 0.94% | 11.26% | 10.59% | 7.88% | 11.59% | 3.72% | 8.07% | 6.69% | 7.35% | 6.34% | 3.53% | 6.1% | 12.23% | 8.15% | 6.53% | 4.5% | 14.12% |
| Long-Term Investments | 9.77B | 2.75B | 2.69B | 2.25B | 1.73B | 1.44B | 1.41B | 1.1B | 1.07B | 990.77M | 792.55M | 688.53M | 547.79M | 533.79M | 497.14M | 481.02M | 718.9M | 650.08M | 602.58M | 539.98M | 520.64M | 481.74M | 451.52M | 420.62M | 395.56M | 382.07M | 360.1M | 320.86M | 296.67M | 278.47M | 266.48M |
| Accounts Receivables | 10.92M | 10.7M | 10.31M | 11.04M | 7.33M | 5.24M | 6M | 4.55M | 4.45M | 4.2M | 4.09M | 4.21M | 3.64M | 3.73M | 3.82M | 3.62M | 3.46M | 3.14M | 2.91M | 2.52M | 2.46M | 2.16M | 1.74M | 1.7M | 1.98M | 1.99M | 2.32M | 2.12M | 2.19M | 2.43M | 2.93M |
| Goodwill & Intangibles | 87.69M | 87.98M | 88.65M | 89.41M | 32.65M | 33M | 33.04M | 24.64M | 24.92M | 25.25M | 23.18M | 23.53M | 10.73M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 8.61M | 8.61M | 9.29M | 9.87M | 1.7M | 1.98M | 1.99M | 2.32M | 0 | 0 | 0 | 0 |
| Goodwill | 85.76M | 85.76M | 85.76M | 85.76M | 31.38M | 31.38M | 31.38M | 23.3M | 23.3M | 23.3M | 21.09M | 21.09M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 8.61M | 8.61M | 8.61M | 8.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.93M | 2.22M | 2.89M | 3.65M | 1.27M | 1.63M | 1.67M | 1.35M | 1.62M | 1.95M | 2.1M | 2.44M | 473K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 684K | 1.26M | 1.7M | 1.98M | 1.99M | 2.32M | 0 | 0 | 0 | 0 |
| PP&E (Net) | 20.66M | 21M | 21.39M | 21.38M | 17.62M | 17.02M | 16.95M | 15.93M | 16.27M | 16.52M | 17.03M | 17.26M | 12.36M | 11.11M | 11.52M | 11.7M | 12.5M | 12.23M | 12.76M | 12.54M | 12.89M | 12.3M | 11.83M | 10.64M | 11.24M | 11.77M | 10.92M | 5.94M | 6.13M | 5.99M | 4.51M |
| Other Assets | 640.53M | 104.65M | 104.97M | 108.97M | 65.16M | 53.2M | 51.99M | 44.49M | 41.12M | 41.56M | 39.68M | 37.64M | 27M | 26.19M | 23.11M | 22.71M | 23.41M | 22.33M | 20.25M | 16.99M | 17.56M | 15.13M | 15.05M | 13.07M | 3.96M | 5.03M | 2.58M | 3.34M | 1.27M | 1.58M | 2.44M |
| Total Current Assets | 41.27M | 84.86M | 103.45M | 485.53M | 479.1M | 601.5M | 383.65M | 278.04M | 277.76M | 287.78M | 350.57M | 396.03M | 327.17M | 333.59M | 340.4M | 352.88M | 47.45M | 34.59M | 22.77M | 12.91M | 12.47M | 10.77M | 11.07M | 11.65M | 13.57M | 13.47M | 29.94M | 10.64M | 9.49M | 8.77M | 9.39M |
| Total Non-Current Assets | 3.15B | 2.98B | 2.92B | 2.49B | 1.85B | 1.54B | 1.51B | 1.19B | 1.15B | 1.07B | 872.44M | 766.96M | 597.88M | 581.34M | 542.03M | 525.69M | 765.08M | 694.89M | 645.84M | 578.12M | 558.94M | 518.47M | 487.56M | 452.22M | 419.09M | 407.64M | 383.4M | 330.14M | 304.07M | 286.04M | 273.42M |
| Total Assets | 3.19B | 3.06B | 3.03B | 2.98B | 2.33B | 2.14B | 1.89B | 1.47B | 1.43B | 1.36B | 1.22B | 1.16B | 925.05M | 914.93M | 882.43M | 878.57M | 812.53M | 729.48M | 668.61M | 591.03M | 572.17M | 529.24M | 499.35M | 463.88M | 432.66M | 421.11M | 413.33M | 340.78M | 313.56M | 294.81M | 282.81M |
| Asset Growth % | 10.19% | 1.28% | 1.69% | 27.51% | 8.84% | 13.33% | 29.01% | 2.49% | 5.05% | 11.35% | 5.16% | 25.72% | 1.11% | 3.68% | 0.44% | 8.13% | 11.38% | 9.1% | 13.13% | 3.3% | 8.11% | 5.99% | 7.65% | 7.22% | 2.74% | 1.88% | 21.29% | 8.68% | 6.36% | 4.24% | 14.45% |
| Return on Assets (ROA) | 1.33% | 1.2% | 0.93% | 0.67% | 1.3% | 1.44% | 1.5% | 1.35% | 1.29% | 1.01% | 1.06% | 1.11% | 1.45% | 1.49% | 1.61% | 1.52% | 1.49% | 1.41% | 1.1% | 1.16% | 1.05% | 1.03% | 1.09% | 1.09% | 1.31% | 0.9% | 0.85% | 1.09% | 1.15% | 1.33% | 1.13% |
| Accounts Payable | 3.36M | 3.13M | 4.69M | 4.3M | 1.23M | 711K | 1.02M | 1.09M | 1.08M | 897K | 720K | 734K | 756K | 895K | 1.14M | 1.51M | 1.78M | 2.04M | 2.23M | 2.2M | 2.29M | 1.86M | 1.87M | 1.89M | 2.08M | 2.29M | 2.62M | 2.56M | 0 | 0 | 0 |
| Total Debt | 394.02M | 309.45M | 297.72M | 302.04M | 257.28M | 73.98M | 88.84M | 85.12M | 91.19M | 114.66M | 79.66M | 41.63M | 41.8M | 66.93M | 46.13M | 53.88M | 56M | 54.12M | 61.2M | 80.35M | 75.78M | 82.24M | 34.98M | 35.3M | 17.03M | 13.31M | 11.2M | 25.85M | 7.33M | 6.86M | 15.82M |
| Net Debt | 354.6M | 271.34M | 251.7M | 245.15M | 225.01M | -109.88M | 6.37M | 52.34M | 58.9M | 85.86M | 54.95M | 9.55M | 24.42M | 54.37M | 19.79M | 23.45M | 12M | 22.67M | 41.35M | 69.96M | 65.76M | 73.63M | 25.64M | 25.34M | 5.43M | 1.83M | -16.41M | 17.33M | 29K | 521K | 9.36M |
| Long-Term Debt | 394.02M | 293.95M | 272.81M | 271.42M | 257.28M | 73.98M | 88.84M | 85.12M | 91.19M | 114.66M | 79.66M | 41.63M | 41.8M | 66.93M | 46.13M | 53.88M | 56M | 54.12M | 61.2M | 80.35M | 75.78M | 52.67M | 17.03M | 19.85M | 17.03M | 13.31M | 11.2M | 25.85M | 7.33M | 6.86M | 15.82M |
| Short-Term Debt | 0 | 15.5M | 24.91M | 30.61M | 0 | 0 | 62.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.57M | 17.95M | 15.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 2.45B | 36.96M | 41.55M | 67.84M | 30.53M | 20.53M | 18.7M | 14.24M | 14.06M | 12.37M | 13.87M | 12.83M | 8.03M | 6.74M | 8.59M | 7.71M | 5.35M | 6.24M | 5.72M | 3.93M | 4.09M | -26.22M | 2.64M | 2.47M | 2.1M | 1.65M | 1.17M | 969K | 1.08M | 2.91M | 1.62M |
| Total Current Liabilities | 3.36M | 2.4B | 2.41B | 2.36B | 1.85B | 1.84B | 1.59B | 1.21B | 1.19B | 1.11B | 1.01B | 988.76M | 774.69M | 749.21M | 738.24M | 735.5M | 682.49M | 607.6M | 548.91M | 458.23M | 448.8M | 461.23M | 438.89M | 403.02M | 375.13M | 372.76M | 370.4M | 286.88M | 276.56M | 259.11M | 242.47M |
| Total Non-Current Liabilities | 2.84B | 330.91M | 314.36M | 339.26M | 287.81M | 94.51M | 107.54M | 99.36M | 105.25M | 127.03M | 93.53M | 54.46M | 49.83M | 73.67M | 54.71M | 61.59M | 61.35M | 60.35M | 66.93M | 84.27M | 79.87M | 26.45M | 19.66M | 22.32M | 19.12M | 14.96M | 12.38M | 26.82M | 8.41M | 9.77M | 17.44M |
| Total Liabilities | 2.84B | 2.73B | 2.73B | 2.7B | 2.13B | 1.93B | 1.7B | 1.31B | 1.29B | 1.23B | 1.1B | 1.04B | 824.52M | 822.88M | 792.95M | 797.1M | 743.84M | 667.95M | 615.84M | 542.5M | 528.67M | 487.68M | 458.56M | 425.35M | 394.25M | 387.72M | 382.78M | 313.7M | 284.97M | 268.89M | 259.91M |
| Total Equity | 352.83M | 338.05M | 299.73M | 279.67M | 200.15M | 212.49M | 194.26M | 154.77M | 139.23M | 129.01M | 123.27M | 119.76M | 100.53M | 92.06M | 89.47M | 81.47M | 68.69M | 61.53M | 52.77M | 48.53M | 43.5M | 41.56M | 40.79M | 38.53M | 38.41M | 33.39M | 30.55M | 27.08M | 28.6M | 25.92M | 22.9M |
| Equity Growth % | 46.44% | 12.78% | 7.18% | 39.73% | -5.81% | 9.39% | 25.51% | 11.17% | 7.92% | 4.66% | 2.93% | 19.13% | 9.2% | 2.88% | 9.83% | 18.6% | 11.64% | 16.59% | 8.74% | 11.56% | 4.67% | 1.89% | 5.87% | 0.32% | 15.03% | 9.3% | 12.8% | -5.3% | 10.32% | 13.18% | 7.55% |
| Equity / Assets (Capital Ratio) | 11.05% | 11.03% | 9.91% | 9.4% | 8.58% | 9.91% | 10.27% | 10.56% | 9.73% | 9.47% | 10.08% | 10.3% | 10.87% | 10.06% | 10.14% | 9.27% | 8.45% | 8.43% | 7.89% | 8.21% | 7.6% | 7.85% | 8.17% | 8.31% | 8.88% | 7.93% | 7.39% | 7.95% | 9.12% | 8.79% | 8.1% |
| Return on Equity (ROE) | 12.05% | 11.47% | 9.6% | 7.42% | 14.09% | 14.32% | 14.38% | 13.26% | 13.45% | 10.33% | 10.4% | 10.56% | 13.9% | 14.74% | 16.63% | 17.09% | 17.67% | 17.26% | 13.63% | 14.64% | 13.64% | 12.81% | 13.28% | 12.68% | 15.59% | 11.75% | 11.13% | 12.76% | 12.8% | 15.7% | 13.59% |
| Book Value per Share | 73.48 | 70.43 | 63.04 | 63.19 | 49.43 | 52.27 | 49.03 | 41.80 | 37.40 | 34.56 | 32.78 | 34.73 | 29.09 | 26.49 | 25.47 | 22.98 | 19.29 | 17.24 | 14.75 | 13.48 | 11.84 | 11.16 | 10.68 | 10.30 | 10.20 | 8.79 | 8.13 | 7.05 | 7.39 | 6.74 | 5.94 |
| Tangible BV per Share | 55.22 | 52.10 | 44.39 | 42.99 | 41.37 | 44.15 | 40.69 | 35.14 | 30.70 | 27.80 | 26.61 | 27.91 | 25.98 | 23.54 | 22.55 | 20.09 | 16.41 | 14.36 | 11.89 | 11.09 | 9.49 | 8.66 | 8.09 | 9.84 | 9.68 | 8.26 | 7.51 | 7.05 | 7.39 | 6.74 | 5.94 |
| Common Stock | 5.26M | 5.26M | 5.21M | 5.16M | 4.43M | 4.39M | 4.35M | 3.94M | 3.9M | 3.87M | 3.7M | 3.67M | 3.33M | 3.31M | 3.16M | 3.13M | 3.1M | 3.08M | 3.05M | 3.02M | 2.99M | 2.96M | 2.94M | 2.91M | 2.88M | 2.85M | 2.83M | 2.8M | 2.77M | 2.75M | 1.36M |
| Additional Paid-in Capital | 148.34M | 147.97M | 144.98M | 143.23M | 80.91M | 78.39M | 75.91M | 55.09M | 53.1M | 51.11M | 42.25M | 40.72M | 25.15M | 23.56M | 16.47M | 15.31M | 14.23M | 13.46M | 12.98M | 12.51M | 11.93M | 11.36M | 10.8M | 10.21M | 9.47M | 9.02M | 8.67M | 8.37M | 7.91M | 7.18M | 6.83M |
| Retained Earnings | 229.33M | 213.62M | 189.44M | 172.97M | 164.92M | 146.01M | 126.63M | 110.8M | 99.73M | 89.98M | 91.28M | 85.79M | 79.51M | 74.33M | 71.81M | 63.34M | 54.93M | 47.35M | 41.03M | 37.59M | 34.01M | 31.25M | 28.89M | 26.45M | 24.45M | 21.25M | 19.66M | 18.43M | 16.93M | 15.65M | 14.54M |
| Accumulated OCI | -13.36M | -12.38M | -23.52M | -24.91M | -33.14M | -155K | 2.59M | -629K | -3.92M | -3.4M | -1.39M | -236K | 767K | -1.23M | 4.63M | 4.95M | 1.05M | 2.04M | 26K | -420K | -1.74M | -1.54M | 164K | 956K | 2.55M | 1.21M | 344K | -2.06M | 978K | 343K | 172K |
| Treasury Stock | -16.74M | -16.42M | -16.38M | -16.79M | -16.97M | -16.15M | -15.21M | -14.43M | -13.58M | -12.55M | -12.57M | -10.18M | -8.24M | -7.91M | -6.6M | -5.26M | -4.63M | -4.4M | -4.32M | -4.17M | -3.7M | -2.47M | -2.01M | -2M | -949K | -949K | -949K | -460K | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CZFS stock.
As of 2025, Citizens Financial Services, Inc. (CZFS) had total assets of $3.06B including $84.9M in current assets.
Citizens Financial Services, Inc. (CZFS) carries total debt of $309.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Citizens Financial Services, Inc. (CZFS) has total shareholders' equity (book value) of $338.1M ($70.43 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Citizens Financial Services, Inc. (CZFS) reported a current ratio of 0.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Agricultural loan concentration exposure
Metrics are mathematically derived from official filings.
Asset Base Stagnation Amid Expansion
As reported in recent financial statements, CZFS has maintained a remarkably consistent asset base of approximately $3.0 billion over the last ten quarters, suggesting that recent geographic expansion efforts into Delaware have yet to translate into meaningful balance sheet growth beyond the bank's established rural footprint.
The lack of significant asset expansion despite the move into new markets may indicate a cautious approach to capital deployment or difficulty in sourcing high-quality loan volume in more competitive suburban environments. Investors should monitor whether this stability reflects a strategic choice to preserve capital or a potential plateau in the bank's core lending capacity.
Conservative Capitalization Supports Stability
Based on the provided quarterly data, CZFS maintains a consistent equity-to-assets ratio of approximately 0.10 to 0.11, which suggests a highly conservative capital position that provides a robust buffer against potential credit volatility within its specialized agricultural and energy-focused loan portfolios.
This capital structure appears designed to prioritize long-term solvency over aggressive leverage-driven returns, aligning with the bank's historical focus on stability. While this approach limits ROE upside, it likely insulates the institution from the cyclical pressures inherent in its niche lending verticals.
Securities Portfolio Dominates Asset Mix
According to the balance sheet data, CZFS holds a substantial investment securities portfolio, often exceeding $2.4 billion, which represents the vast majority of total assets and indicates a heavy reliance on fixed-income yields rather than traditional loan-book growth to drive interest income.
The significant concentration in securities suggests that the bank's liquidity profile is highly sensitive to interest rate fluctuations and the duration of its bond holdings. This allocation strategy warrants further investigation into the potential for unrealized losses in the AOCI, which could impact the bank's tangible book value in a volatile rate environment.
Duration Mismatch and Rate Sensitivity
Based on the reported figures, the bank's heavy allocation to investment securities relative to its total asset base may create a duration mismatch that leaves the net interest margin vulnerable to shifts in the yield curve, despite the bank's historically stable funding costs.
While the bank's rural deposit base is often viewed as a defensive moat, the reliance on a large securities portfolio to generate income may offset these benefits if interest rates remain elevated for an extended period. Investors should consider whether the current asset mix adequately compensates for the inherent interest rate risk embedded in the balance sheet.