Net interest margins remain under pressure, largely stagnating between 0.7% and 0.9% over the last ten quarters, excluding the 2025Q3 outlier.
Citizens Financial Services, Inc. (CZFS) annual income statement — 30-year revenue, gross profit & net income 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 |
|---|
| Net Interest Income | 139.83M | 98M | 84.91M | 78.85M | 71.51M | 65.73M | 61.79M | 49.44M | 46.74M | 41.98M | 37.68M | 30.61M | 30.14M | 29.83M | 30.36M | 28.55M | 27.61M | 25.36M | 23.01M | 19.1M | 17.9M | 17.7M | 17.37M | 16.79M | 16.97M | 14.72M | 11.99M | 11.48M | 11.17M | 11.17M | 10.47M |
| NII Growth % | 237.97% | 15.42% | 7.67% | 10.27% | 8.79% | 6.38% | 24.98% | 5.79% | 11.32% | 11.42% | 23.08% | 1.56% | 1.04% | -1.72% | 6.3% | 3.41% | 8.9% | 10.19% | 20.47% | 6.73% | 1.12% | 1.89% | 3.47% | -1.08% | 15.31% | 22.78% | 4.43% | 2.79% | -0.01% | 6.64% | 9.43% |
| Net Interest Margin % | 4.38% | 3.2% | 2.81% | 2.65% | 3.06% | 3.07% | 3.27% | 3.37% | 3.27% | 3.08% | 3.08% | 2.63% | 3.26% | 3.26% | 3.44% | 3.25% | 3.4% | 3.48% | 3.44% | 3.23% | 3.13% | 3.34% | 3.48% | 3.62% | 3.92% | 3.5% | 2.9% | 3.37% | 3.56% | 3.79% | 3.7% |
| Interest Income | 197.86M | 159.17M | 152.77M | 125.71M | 82.73M | 72.84M | 69.9M | 61.48M | 56.31M | 47.82M | 42.72M | 35.44M | 35.1M | 36.15M | 38.01M | 38.24M | 38.95M | 38.59M | 37.07M | 36.02M | 32.85M | 28.7M | 26.61M | 25.61M | 27.38M | 29.02M | 26.23M | 23.55M | 23.09M | 22.78M | 21.34M |
| Interest Expense | 58.03M | 61.17M | 67.86M | 46.86M | 11.22M | 7.11M | 8.11M | 12.04M | 9.57M | 5.84M | 5.04M | 4.82M | 4.95M | 6.32M | 7.66M | 9.68M | 11.34M | 13.23M | 14.06M | 16.92M | 14.95M | 11M | 9.23M | 8.83M | 10.4M | 14.31M | 14.24M | 12.07M | 11.92M | 11.61M | 10.87M |
| Loan Loss Provision | 2M | 2.38M | 2.59M | 5.53M | 1.68M | 1.55M | 2.4M | 1.68M | 1.93M | 2.54M | 1.52M | 480K | 585K | 405K | 420K | 675K | 1.25M | 925K | 330K | 365K | 330K | 60K | 0 | 435K | 435K | 445K | 610K | 475K | 218K | 210K | 205K |
| Non-Interest Income | -21.98M | 14.08M | 15.85M | 13.01M | 10.36M | 12.68M | 11.82M | 8.88M | 8.18M | 8.93M | 8.18M | 7.64M | 7.55M | 7.51M | 8.04M | 6.97M | 6.34M | 5.88M | 1.32M | 5.08M | 4.72M | 4.69M | 4.29M | 5.31M | 5.05M | 4.29M | 2.66M | 2.62M | -8.65M | -8.51M | -8.88M |
| Non-Interest Income % | -18.65% | 12.56% | 15.73% | 14.16% | 12.66% | 16.17% | 16.06% | 15.23% | 14.9% | 17.53% | 17.84% | 19.97% | 20.03% | 20.11% | 20.94% | 19.62% | 18.68% | 18.81% | 5.44% | 21.02% | 20.85% | 20.94% | 19.81% | 24.04% | 22.92% | 22.56% | 18.17% | 18.6% | -344.41% | -319.57% | -556.27% |
| Total Net Revenue | 117.85M | 112.08M | 100.75M | 91.86M | 81.87M | 78.42M | 73.61M | 58.33M | 54.92M | 50.91M | 45.86M | 38.26M | 37.69M | 37.34M | 38.39M | 35.53M | 33.96M | 31.23M | 24.34M | 24.19M | 22.61M | 22.39M | 21.66M | 22.1M | 22.02M | 19.01M | 14.65M | 14.1M | 2.51M | 2.66M | 1.6M |
| Revenue Growth % | 12.2% | 11.24% | 9.68% | 12.21% | 4.41% | 6.53% | 26.21% | 6.2% | 7.87% | 11% | 19.88% | 1.49% | 0.94% | -2.74% | 8.07% | 4.62% | 8.73% | 28.33% | 0.62% | 6.96% | 1.01% | 3.34% | -1.98% | 0.37% | 15.84% | 29.76% | 3.86% | 461.24% | -5.6% | 66.79% | 12.79% |
| Non-Interest Expense | 65.51M | 64.61M | 64.48M | 64.82M | 44.69M | 41.55M | 40.85M | 33.34M | 31.56M | 29.31M | 28.67M | 23.43M | 20.16M | 19.81M | 19.43M | 18.41M | 18.04M | 17.76M | 15.88M | 15.31M | 15.03M | 15.39M | 14.92M | 15.5M | 14.23M | 14.04M | 10.19M | 9.03M | -2.74M | -3.05M | -2.92M |
| Efficiency Ratio | 55.59% | 57.65% | 64% | 70.56% | 54.59% | 52.99% | 55.49% | 57.16% | 57.46% | 57.58% | 62.51% | 61.24% | 53.5% | 53.05% | 50.6% | 51.82% | 53.14% | 56.86% | 65.24% | 63.32% | 66.45% | 68.73% | 68.88% | 70.14% | 64.61% | 73.87% | 69.54% | 64.05% | -108.87% | -114.69% | -182.89% |
| Operating Income | 50.34M | 45.09M | 33.68M | 21.52M | 35.49M | 35.32M | 30.37M | 23.31M | 21.44M | 19.06M | 15.67M | 14.35M | 16.94M | 17.13M | 18.55M | 16.44M | 14.66M | 12.55M | 8.13M | 8.51M | 7.26M | 6.94M | 6.74M | 6.17M | 7.36M | 4.52M | 3.85M | 4.6M | 5.03M | 5.5M | 4.31M |
| Operating Margin % | 42.71% | 40.23% | 33.43% | 23.42% | 43.35% | 45.04% | 41.25% | 39.97% | 39.03% | 37.43% | 34.17% | 37.5% | 44.95% | 45.87% | 48.3% | 46.28% | 43.17% | 40.17% | 33.4% | 35.18% | 32.09% | 31% | 31.12% | 27.89% | 33.42% | 23.79% | 26.3% | 32.59% | 200.2% | 206.8% | 270.05% |
| Operating Income Growth % | - | 33.86% | 56.56% | -39.39% | 0.5% | 16.3% | 30.27% | 8.74% | 12.49% | 21.59% | 9.24% | -15.33% | -1.07% | -7.65% | 12.8% | 12.17% | 16.82% | 54.35% | -4.45% | 17.24% | 4.57% | 2.95% | 9.34% | -16.21% | 62.72% | 17.39% | -16.19% | -8.65% | -8.61% | 27.73% | 7.88% |
| Pretax Income | 50.34M | 45.09M | 33.68M | 21.52M | 35.49M | 35.32M | 30.37M | 23.31M | 21.44M | 19.06M | 15.67M | 14.35M | 16.94M | 17.13M | 18.55M | 16.44M | 14.66M | 12.55M | 8.13M | 8.51M | 7.26M | 6.94M | 6.74M | 6.17M | 7.36M | 4.52M | 3.85M | 4.6M | 5.03M | 5.5M | 4.31M |
| Pretax Margin % | 42.71% | 40.23% | 33.43% | 23.42% | 43.35% | 45.04% | 41.25% | 39.97% | 39.03% | 37.43% | 34.17% | 37.5% | 44.95% | 45.87% | 48.3% | 46.28% | 43.17% | 40.17% | 33.4% | 35.18% | 32.09% | 31% | 31.12% | 27.89% | 33.42% | 23.79% | 26.3% | 32.59% | 200.2% | 206.8% | 270.05% |
| Income Tax | 9.29M | 8.52M | 5.87M | 3.7M | 6.43M | 6.2M | 5.26M | 3.82M | 3.4M | 6.03M | 3.03M | 2.72M | 3.56M | 3.75M | 4.33M | 3.61M | 3.16M | 2.68M | 1.22M | 1.77M | 1.46M | 1.67M | 1.47M | 1.29M | 1.76M | 765K | 644K | 1.04M | 1.4M | 1.67M | 1.31M |
| Effective Tax Rate % | 18.45% | 18.89% | 17.41% | 17.22% | 18.13% | 17.55% | 17.33% | 16.39% | 15.87% | 31.65% | 19.36% | 18.97% | 21% | 21.91% | 23.35% | 21.96% | 21.53% | 21.38% | 15.06% | 20.83% | 20.08% | 24.01% | 21.87% | 20.86% | 23.96% | 16.92% | 16.72% | 22.69% | 27.85% | 30.39% | 30.32% |
| Net Income | 41.05M | 36.57M | 27.82M | 17.81M | 29.06M | 29.12M | 25.1M | 19.49M | 18.03M | 13.03M | 12.64M | 11.63M | 13.38M | 13.38M | 14.21M | 12.83M | 11.5M | 9.86M | 6.91M | 6.74M | 5.8M | 5.27M | 5.27M | 4.88M | 5.59M | 3.76M | 3.21M | 3.55M | 3.49M | 3.83M | 3M |
| Net Margin % | 34.83% | 32.63% | 27.61% | 19.39% | 35.49% | 37.13% | 34.1% | 33.42% | 32.84% | 25.58% | 27.56% | 30.39% | 35.51% | 35.82% | 37.02% | 36.12% | 33.87% | 31.58% | 28.37% | 27.85% | 25.65% | 23.56% | 24.31% | 22.08% | 25.41% | 19.77% | 21.9% | 25.19% | 138.84% | 143.95% | 188.16% |
| Net Income Growth % | 29.9% | 31.47% | 56.18% | -38.71% | -0.2% | 15.99% | 28.8% | 8.07% | 38.46% | 3.06% | 8.7% | -13.14% | 0.07% | -5.91% | 10.78% | 11.56% | 16.61% | 42.85% | 2.51% | 16.14% | 9.97% | 0.13% | 7.95% | -12.8% | 48.92% | 17.11% | -9.71% | 1.83% | -8.95% | 27.61% | 5.96% |
| Net Income (Continuing) | 41.05M | 36.57M | 27.82M | 17.81M | 29.06M | 29.12M | 25.1M | 19.49M | 18.03M | 13.03M | 12.64M | 11.63M | 13.38M | 13.38M | 14.21M | 12.83M | 11.5M | 9.86M | 6.91M | 6.74M | 5.8M | 5.27M | 5.27M | 4.88M | 5.59M | 3.76M | 3.21M | 3.55M | 3.63M | 3.83M | 3M |
| EPS (Diluted) | 8.55 | 7.62 | 5.79 | 3.98 | 7.10 | 7.09 | 6.27 | 5.26 | 4.84 | 3.49 | 3.36 | 3.37 | 3.87 | 3.85 | 4.09 | 3.62 | 3.23 | 2.76 | 1.93 | 1.85 | 1.58 | 1.42 | 1.38 | 1.30 | 1.49 | 0.99 | 0.85 | 0.93 | 0.90 | 1.00 | 0.78 |
| EPS Growth % | 30.14% | 31.61% | 45.48% | -43.94% | 0.14% | 13.08% | 19.2% | 8.68% | 38.68% | 3.87% | -0.3% | -12.92% | 0.52% | -5.87% | 12.98% | 12.07% | 17.03% | 43.01% | 4.32% | 17.09% | 11.27% | 2.9% | 6.15% | -12.75% | 50.51% | 16.47% | -8.6% | 3.33% | -10% | 28.21% | 5.41% |
| EPS (Basic) | - | 7.62 | 5.80 | 3.98 | 7.10 | 7.09 | 6.27 | 5.27 | 4.84 | 3.49 | 3.36 | 3.39 | 3.88 | 3.85 | 4.05 | 3.62 | 3.23 | 2.76 | 1.93 | 1.85 | 1.58 | 1.42 | 1.38 | 1.30 | 1.49 | 0.99 | 0.85 | 0.93 | 0.90 | 1.00 | 0.78 |
| Diluted Shares Outstanding | 4.8M | 4.8M | 4.75M | 4.43M | 4.05M | 4.07M | 3.96M | 3.7M | 3.72M | 3.73M | 3.76M | 3.45M | 3.46M | 3.47M | 3.51M | 3.54M | 3.56M | 3.57M | 3.58M | 3.6M | 3.68M | 3.73M | 3.82M | 3.74M | 3.76M | 3.8M | 3.76M | 3.84M | 3.87M | 3.85M | 3.86M |
Quick answers to the most common questions about buying CZFS stock.
For fiscal year 2025, Citizens Financial Services, Inc. (CZFS) reported total revenue of $112.1M. This represents a 6922.4% increase compared to $1.6M in 1996.
Citizens Financial Services, Inc. (CZFS) is profitable, generating $36.6M in net income for the fiscal year ending 2025 with a net profit margin of 32.6%.
Citizens Financial Services, Inc. (CZFS) reported an operating income of $45.1M, resulting in an operating profit margin of 40.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Citizens Financial Services, Inc. (CZFS) generated $109.7M in gross profit for the year, representing a gross profit margin of 97.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Agricultural loan concentration exposure
Metrics are mathematically derived from official filings.
Net Interest Income Growth Divergence
As reported in recent financial filings, CZFS experienced a notable NII surge to $61.8M in 2025Q3, though this appears to be an outlier compared to the more consistent $22M-$26M quarterly range observed throughout the remainder of the ten-quarter period, suggesting underlying volatility in interest-earning asset performance.
The sharp spike in 2025Q3 NII warrants further investigation into whether this reflects sustainable loan growth or temporary accounting adjustments. Investors should monitor if the bank can maintain the higher NII baseline, as recent quarters have otherwise shown a more modest, linear growth trajectory.
Net Interest Margin Compression Risks
Based on the provided income statement data, the bank's NIM has largely stagnated at 0.7% to 0.9% over the last ten quarters, with the exception of a 2.0% anomaly in 2025Q3, indicating persistent pressure on the spread between asset yields and funding costs.
The inability to consistently expand NIM suggests that CZFS may be facing significant competition for deposits in its newer markets, which limits pricing power. This margin profile appears to be a structural constraint that could hinder profitability if funding costs continue to rise in the current rate environment.
Efficiency Ratio Stability Amid Expansion
According to the quarterly income statement data, CZFS has maintained a relatively tight efficiency ratio, fluctuating between 36.2% and 39.4%, which suggests that management is successfully controlling non-interest expenses even as the bank pursues geographic expansion into Delaware and other suburban corridors.
This operational discipline is a positive indicator of the bank's ability to scale its high-touch service model without incurring excessive overhead. However, investors should monitor whether this efficiency can be sustained as the bank integrates newer, more competitive markets that may require higher marketing and personnel investment.
Provisioning Strategy and Credit Quality
As detailed in the historical income statement, the bank's provision for loan losses has remained remarkably low, often hovering near $500k per quarter, which may imply a conservative underwriting approach or a favorable credit cycle within its specialized agricultural and energy-focused loan portfolio.
While the low provision expense supports current earnings, it may also mask latent risks within the agricultural sector that could materialize if commodity prices shift unfavorably. The lack of significant write-offs suggests that the bank's localized underwriting expertise is currently effective at mitigating idiosyncratic credit losses.