Detailed financial statements for Citizens Financial Services, Inc. (CZFS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Citizens Financial Services, Inc. functions as the parent company for First Citizens Community Bank, providing a comprehensive array of financial solutions and banking services to a diverse clientele, including individuals, businesses, government entities, and institutions. Its core offerings encompass various deposit instruments such as checking, savings, and certificate of deposit accounts.
Analysis Summary
Citizens Financial Services, Inc. reported revenue of $173.2M in the most recent fiscal year, growing at a 5-year CAGR of 16.2%. Net income reached $36.6M, with a 7.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 65.9%, operating margin 28.6%, net margin 23.3%. Free cash flow grew at 26.5% CAGR over 5 years.
At the current price of $81.33, CZFS trades at a P/E of 9.41 and an ROE of 12.05%. Market capitalisation stands at $391M.
Balance sheet quality for CZFS: current ratio of 0.0, net debt of $235.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $35.2M represents 96% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.9M | $56.7M | $64.5M | $70.4M | $81.7M | $85.5M | $93.1M | $138.7M | $168.6M | $173.2M |
| Cost of Revenue | $6.6M | $8.4M | $11.5M | $13.7M | $10.5M | $8.7M | $12.9M | $52.4M | $70.4M | $63.5M |
| Gross Profit | $44.3M | $48.4M | $53.0M | $56.7M | $71.2M | $76.9M | $80.2M | $86.3M | $98.2M | $109.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $17.1M | $18.0M | $19.5M | $20.5M | $24.7M | $26.4M | $28.5M | $36.5M | $41.3M | $45.9M |
| Operating Expenses | $28.7M | $29.3M | $31.6M | $33.3M | $40.8M | $41.5M | $44.7M | $64.8M | $64.5M | $64.6M |
| Operating Income | $15.7M | $19.1M | $21.4M | $23.3M | $30.4M | $35.3M | $35.5M | $21.5M | $33.7M | $45.1M |
| EBITDA | $16.0M | $19.3M | $21.8M | $24.4M | $31.5M | $36.4M | $36.5M | $23.0M | $35.5M | $45.1M |
| Interest Expense | $5.0M | $5.8M | $9.6M | $12.0M | $8.1M | $7.1M | $11.2M | $46.9M | $67.9M | $61.2M |
| Pre-tax Income | $15.7M | $19.1M | $21.4M | $23.3M | $30.4M | $35.3M | $35.5M | $21.5M | $33.7M | $45.1M |
| Income Tax | $3.0M | $6.0M | $3.4M | $3.8M | $5.3M | $6.2M | $6.4M | $3.7M | $5.9M | $8.5M |
| Net Income | $12.6M | $13.0M | $18.0M | $19.5M | $25.1M | $29.1M | $29.1M | $17.8M | $27.8M | $36.6M |
| EPS | $3.36 | $3.49 | $4.84 | $5.27 | $6.27 | $7.09 | $7.10 | $3.98 | $5.80 | $7.62 |
| EPS (Diluted) | $3.36 | $3.49 | $4.84 | $5.26 | $6.27 | $7.09 | $7.10 | $3.98 | $5.79 | $7.62 |
| Shares Outstanding (Diluted) | $3.8M | $3.7M | $3.7M | $3.7M | $4.0M | $4.1M | $4.0M | $4.4M | $4.8M | $4.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $44.1M | $44.5M | $43.8M | $43.5M |
| Gross Profit | $28.5M | $29.0M | $29.1M | $29.2M |
| Operating Income | $12.4M | $12.9M | $12.7M | $12.3M |
| EBITDA | $11.4M | $13.6M | $13.2M | $12.8M |
| Net Income | $10.0M | $10.5M | $10.4M | $10.2M |
| EPS | $2.09 | $2.19 | $2.16 | $2.13 |
| EPS (Diluted) | $2.09 | $2.18 | $2.16 | $2.12 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.7M | $28.8M | $32.3M | $32.8M | $82.5M | $183.9M | $32.3M | $56.9M | $46.0M | $38.1M |
| Short-term Investments | $314.0M | $254.8M | $241.0M | $240.7M | $295.2M | $412.4M | $439.5M | $417.6M | $47.1M | $36.1M |
| Receivables | $11.8M | $4.2M | $4.5M | $4.6M | $6.0M | $5.2M | $7.3M | $11.0M | $10.3M | $10.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $350.6M | $287.8M | $277.8M | $278.0M | $383.7M | $601.5M | $479.1M | $485.5M | $103.4M | $84.9M |
| Property, Plant & Equipment | $17.0M | $16.5M | $16.3M | $15.9M | $16.9M | $17.0M | $17.6M | $21.4M | $21.4M | $21.0M |
| Goodwill | $21.1M | $23.3M | $23.3M | $23.3M | $31.4M | $31.4M | $31.4M | $85.8M | $85.8M | $85.8M |
| Intangible Assets | $2.1M | $2.0M | $1.6M | $1.3M | $1.7M | $1.6M | $1.3M | $3.6M | $2.9M | $2.2M |
| Total Assets | $1.22B | $1.36B | $1.43B | $1.47B | $1.89B | $2.14B | $2.33B | $2.98B | $3.03B | $3.06B |
| Accounts Payable | $720000 | $897000 | $1.1M | $1.1M | $1.0M | $711000 | $1.2M | $4.3M | $4.7M | $3.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | $62.3M | 0 | 0 | $30.6M | $24.9M | $15.5M |
| Total Current Liabilities | $1.01B | $1.11B | $1.19B | $1.21B | $1.59B | $1.84B | $1.85B | $2.36B | $2.41B | $2.40B |
| Long-term Debt | $79.7M | $114.7M | $91.2M | $85.1M | $88.8M | $74.0M | $257.3M | $271.4M | $272.8M | $294.0M |
| Total Liabilities | $1.10B | $1.23B | $1.29B | $1.31B | $1.70B | $1.93B | $2.13B | $2.70B | $2.73B | $2.73B |
| Retained Earnings | $91.3M | $90.0M | $99.7M | $110.8M | $126.6M | $146.0M | $164.9M | $173.0M | $189.4M | $213.6M |
| Total Equity | $123.3M | $129.0M | $139.2M | $154.8M | $194.3M | $212.5M | $200.1M | $279.7M | $299.7M | $338.1M |
| Total Debt | $79.7M | $114.7M | $91.2M | $85.1M | $88.8M | $74.0M | $257.3M | $302.0M | $297.7M | $309.4M |
| Net Debt | -$259.1M | -$168.9M | -$182.1M | -$188.4M | -$288.8M | -$522.3M | -$214.5M | -$172.5M | $204.6M | $235.3M |
| Working Capital | -$655.6M | -$818.1M | -$908.5M | -$934.2M | -$1.21B | -$1.24B | -$1.37B | -$1.87B | -$2.31B | -$2.31B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $34.9M | $38.1M | $36.9M | $39.4M |
| Total Assets | $3.06B | $3.06B | $3.03B | $3.19B |
| Total Liabilities | $2.73B | $2.73B | $2.68B | $2.84B |
| Total Equity | $327.7M | $338.1M | $343.6M | $352.8M |
| Total Debt | $279.6M | $309.4M | $198.7M | $394.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $12.6M | $13.0M | $18.0M | $19.5M | $25.1M | $29.1M | $29.1M | $17.8M | $27.8M | $36.6M |
| Depreciation & Amortization | $320000 | $200000 | $387000 | $1.0M | $1.1M | $1.1M | $1.0M | $1.5M | $1.8M | $2.1M |
| Stock-based Compensation | $284000 | $278000 | $308000 | $369000 | $473000 | $614000 | $336000 | $309000 | $412000 | $625000 |
| Change in Working Capital | $108000 | $113000 | -$77000 | -$91000 | -$1.1M | $458000 | -$1.6M | $696000 | $1.1M | -$2.0M |
| Operating Cash Flow | $16.2M | $15.7M | $21.5M | $21.8M | $11.8M | $38.7M | $33.2M | $26.5M | $33.2M | $36.5M |
| Capital Expenditure | -$587000 | -$208000 | -$500000 | -$483000 | -$942000 | -$1.1M | -$1.6M | -$2.6M | -$1.3M | -$1.3M |
| Acquisitions | 0 | -$4.4M | 0 | 0 | $1.0M | 0 | -$1.1M | $3.4M | $7.2M | 0 |
| Stock Repurchased | -$3.2M | -$979000 | -$1.5M | -$1.3M | -$2.1M | -$1.4M | -$1.3M | -$265000 | -$266000 | -$545000 |
| Dividends Paid | -$5.1M | -$5.2M | -$6.1M | -$6.3M | -$6.5M | -$7.4M | -$7.6M | -$8.5M | -$9.3M | -$9.5M |
| Free Cash Flow | $15.6M | $15.5M | $21.0M | $21.3M | $10.9M | $37.6M | $31.6M | $23.9M | $31.9M | $35.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.9M | $16.7M | $18.0M | -$89000 |
| Capital Expenditure | $1.1M | -$71000 | -$125000 | -$287000 |
| Free Cash Flow | $4.0M | $16.7M | $17.9M | -$376000 |
| Dividends Paid | -$2.4M | -$2.4M | -$2.4M | -$2.5M |
| Stock-based Compensation | 0 | 0 | 0 | $129000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.5% | +13.6% | +9.1% | +16.1% | +4.7% | +8.9% | +49.0% | +21.5% | +2.7% | |
| Net Income Growth (YoY) | +3.1% | +38.5% | +8.1% | +28.8% | +16.0% | -0.2% | -38.7% | +56.2% | +31.5% | |
| EPS Growth (YoY) | +3.9% | +38.7% | +8.9% | +19.0% | +13.1% | +0.1% | -43.9% | +45.7% | +31.4% | |
| Shares Change (YoY) | -0.7% | -0.3% | -0.5% | +7.0% | +2.6% | -0.4% | +9.3% | +7.4% | +0.9% | |
| FCF Growth (YoY) | -0.5% | +35.1% | +1.4% | -48.9% | +245.5% | -15.9% | -24.3% | +33.2% | +10.6% | |
| Gross Margin | 87.1% | 85.2% | 82.2% | 80.5% | 87.1% | 89.9% | 86.1% | 62.2% | 58.2% | 63.3% |
| Operating Margin | 30.8% | 33.6% | 33.2% | 33.1% | 37.2% | 41.3% | 38.1% | 15.5% | 20.0% | 26.0% |
| EBITDA Margin | 31.4% | 33.9% | 33.8% | 34.6% | 38.6% | 42.6% | 39.2% | 16.6% | 21.0% | 26.0% |
| Net Margin | 24.8% | 23.0% | 28.0% | 27.7% | 30.7% | 34.0% | 31.2% | 12.8% | 16.5% | 21.1% |
| FCF Margin | 30.7% | 27.4% | 32.5% | 30.2% | 13.3% | 44.0% | 34.0% | 17.2% | 18.9% | 20.3% |
| Effective Tax Rate | 19.4% | 31.6% | 15.9% | 16.4% | 17.3% | 17.6% | 18.1% | 17.2% | 17.4% | 18.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.15 | $4.16 | $5.64 | $5.75 | $2.75 | $9.25 | $7.81 | $5.40 | $6.70 | $7.34 |
| Dividends Per Share | $1.35 | $1.39 | $1.64 | $1.71 | $1.65 | $1.82 | $1.87 | $1.92 | $1.96 | $1.99 |
| Shares Outstanding (Basic) | $3.8M | $3.7M | $3.7M | $3.7M | $4.0M | $4.1M | $4.0M | $4.4M | $4.8M | $4.8M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 12.05% |
| Return on Invested Capital | 1.29% |
| Return on Assets | 1.29% |
| Gross Margin | 65.87% |
| Operating Margin | 28.62% |
| Net Margin | 23.34% |
Financial Health
| Debt / Equity | 1.12 |
| Current Ratio | 12.29 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.87 | 16.67 | 10.70 | 10.99 | 8.50 | 8.23 | 10.49 | 15.94 | 10.81 | 7.48 |
| P/B | 1.42 | 1.68 | 1.38 | 1.39 | 1.09 | 1.12 | 1.51 | 1.00 | 0.99 | 0.81 |
| P/S | 3.44 | 3.83 | 2.99 | 3.05 | 2.58 | 2.77 | 3.24 | 2.02 | 1.77 | 1.58 |
| Gross Margin | 87.1% | 85.2% | 82.2% | 80.5% | 87.1% | 89.9% | 86.1% | 62.2% | 58.2% | 63.3% |
| Operating Margin | 30.8% | 33.6% | 33.2% | 33.1% | 37.2% | 41.3% | 38.1% | 15.5% | 20.0% | 26.0% |
| Net Margin | 24.8% | 23.0% | 28.0% | 27.7% | 30.7% | 34.0% | 31.2% | 12.8% | 16.5% | 21.1% |
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Explore sector: Financial Services · Banks - Regional
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