Form 8-K

8-K — CITIZENS FINANCIAL SERVICES INC

Accession: 0000739421-26-000071

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0000739421

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — czfs-20260730.htm (Primary)

EX-99.1 (earningsreleasejune2026.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT FILING

8-K (Primary)

Filename: czfs-20260730.htm · Sequence: 1

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): July 30, 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)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, Par Value $1.00 Per Share

CZFS

Nasdaq Capital Market

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 2.02. Results of Operations and Financial

Condition.

Randall E. Black,

Chief Executive Officer, recently announced the unaudited consolidated

financial results for Citizens Financial Services, Inc. and susbisidaries for

the second quarter 2026.

On July 30, 2026,

Citizens Financial Services, Inc. issued a press release titled “Citizens

Financial Services, Inc. Reports Unaudited Second Quarter 2026 Financial Results”, attached as Exhibit 99.1 to the Current Report on Form 8-K

and incorporated herein by reference.

The information furnished under Item 2.02 of the Current Report on an

8-K shall not be deemed “filed” for any purpose.

Item 9.01. Financial Statements and

Exhibits.

(d) Exhibits

Exhibit No.

Description of

Exhibit

99.1

Press release issued by Citizens Financial Services, Inc. on July 30, 2026, titled “Citizens Financial Services, Inc. Reports Unaudited Second Quarter 2026 Financial Results”.

104

Cover Page

Interactive Data File (embedded within the Inline XBRL document)

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.

July 30, 2026

By:

/s/ Stephen J. Guillaume

Stephen J. Guillaume

Chief Financial Officer

0000739421

false

0000739421

2026-07-30

EX-99.1

Filename: earningsreleasejune2026.htm · Sequence: 2

Contact: LEEANN GEPHART, Chief Banking Officer

First Citizens Community Bank

570-545-6005

15 S. Main Street

570-662-8512 (fax)

Mansfield, PA 16933

citizens financial services, inc. reports unaudited second quarter 2026 financial results

MANSFIELD, PENNSYLVANIA— July 30, 2026 – Citizens Financial Services, Inc (Nasdaq: CZFS), parent company of First Citizens Community Bank (the “Bank”), released today its unaudited consolidated financial results for the three and six months ended June 30, 2026.

Highlights

Net income for the first six months of 2026 was $20.6 million, which was $4.5 million, or 27.9% more than 2025’s net income through June 30, 2025 due to the increase in net interest income after the provision for credit losses of $5.5 million. The effective tax rate for the first six months of 2026 was 17.9% compared to 19.1% in the comparable period in 2025.

Net income was $10.2 million for the three months ended June 30, 2026, which was $1.7 million more than the net income for 2025’s comparable period due to an increase in net interest income after the provision for credit losses of $2.3 million. The effective tax rate for the three months ended June 30, 2026 was 17.5% compared to 19.1% in the comparable period in 2025.

Net interest income before the provision for credit losses was $51.8 million for the six months ended June 30, 2026, an increase of $5.2 million, or 11.1%, over the same period a year ago and was primarily due to an increase in investment income and a decrease in interest expense.

The provision for credit losses for the three and six months ended June 30, 2026 was $500,000 and $1,000,000, respectively, compared to $750,000 and $1,375,000 for the three and six months ended June 30, 2025, respectively. The provision for 2026 was driven by the updated loss driver analysis for 2026, the economic impact of the Iran conflict, and an increase in specific reserves for non-performing loans.

Return on average equity for the three and six months (annualized) ended June 30, 2026 was 11.64% and 11.84% compared to 10.88% and 10.44% for the three and six months (annualized) ended June 30, 2025.

Return on average tangible equity for the three and six months (annualized) ended June 30, 2026 was 15.54% and 15.84% compared to 15.19% and 14.65% for the three and six months (annualized) ended June 30, 2025 (non-GAAP). (1)

Return on average assets for the three and six months (annualized) ended June 30, 2026 was 1.32% and 1.33% compared to 1.13% and 1.07% for the three and six months (annualized) ended June 30, 2025.

Loans grew $151.8 million, or 6.8% since June 30, 2025. Loan growth since December 31, 2025, excluding the student loan portfolio, was $92.1 million, or 8.2% on an annualized basis.

Non-performing assets increased $14,176,000 since December 31, 2025 and totaled $43,365,000 as of June 30, 2026, which is $15,989,000 higher than the balance as of June 30, 2025. The increase from December 31, 2025 is primarily due to six commercial real estate loan relationships and one construction real estate loan relationship, totaling approximately $12.2 million, being placed on non-accrual status during the first half of 2026 due to becoming more than 90 days. The Bank’s continued strategy for certain acquired loans is to either improve the credit metrics of the non-performing loans or sell the underlying collateral or have the customers refinance the loans with another institution. As a percent of loans, non-performing assets totaled 1.81%, 1.24% and 1.22% as of June 30, 2026, December 31, 2025 and June 30, 2025, respectively. While non-performing assets have increased significantly as of June 30, 2026 when compared to December 31, 2025 and June 30, 2025, specific reserves for these assets have remained stable at $2,432,000, $1,912,758 and $1,476,000 at June 30, 2026, December 31, 2025 and June 30, 2025, respectively.

Six Months Ended June 30, 2026 Compared to 2025

For the six months ended June 30, 2026, net income totaled $20,563,000 which compares to net income of $16,084,000 for the first six months of 2025, an increase of $4,479,000. Basic earnings per share of $4.29 for the first six months of 2026 compared to $3.35 for the first six months last year. Annualized return on equity for the six months ended June 30, 2026 and 2025 was 11.84% and 10.44%, while annualized return on assets was 1.33% and 1.07%, respectively. The increase in performance when comparing 2026 to 2025 was due to an increase in the net interest margin from 3.36% to 3.69% and a decrease in the provision for credit losses.

Net interest income before the provision for credit loss for the six months ended June 30, 2026 totaled $51,807,000 compared to $46,650,000 for the six months ended June 30, 2025, resulting in an increase of $5,157,000, or 11.1%. Average interest earning assets increased $44.4 million for the six months ended June 30, 2026 compared to the same period last year, primarily due to an increase in average loans. Average loans increased $43.2 million while average investment securities increased $3.4 million. The yield on interest earning assets increased 8 basis points to 5.66%, while the cost of interest-bearing liabilities decreased 31 basis points to 2.44%. As a result, the tax effected net interest margin increased from 3.36% for the six months ended June 30, 2025 to 3.69% for the six months ended June 30, 2026.

The provision for credit losses for the six months ended June 30, 2026 was $1,000,000 compared to $1,375,000 for the six months ended June 30, 2025, a decrease of $375,000. The provision for credit losses associated with loans for the six months ended June 30, 2026 and 2025 was $722,000 and $1,137,000, respectively, while the provision for off-balance sheet items was $278,000 and $238,000 for the six months ended June 30, 2026 and 2025, respectively. The provision for 2026 was due to the annual update of loss drivers, which includes historical loss data, as well as prepayment and curtailment speeds, the economic impact of the conflict with Iran is having on diesel and fertilizer prices, and an increase in specific reserves for non-performing loans. The provision for 2025 was due to an increase in past due loans and the annual update of loss drivers, which includes historical loss data, as well as prepayment and curtailment speeds.

Total non-interest income was $7,704,000 for the six months ended June 30, 2026, which is $612,000 more than the non-interest income of $7,092,000 for the same period last year. The primary driver of the increase was an increase in earnings on bank owned life insurance (BOLI) of $656,000, as the result of purchasing $22,000,000 of additional insurance in the first quarter of 2026.

Total non-interest expenses for the six months ended June 30, 2026 totaled $33,468,000 compared to $32,475,000 for the same period last year, which is an increase of $993,000. Salary and benefit costs increased $283,000 due to merit increases and an increase in full-time equivalent employees (FTEs) of 8.3 employees. Other real estate owned expenses increased due to legal fees associated with the increase in non-performing assets. The increase in other expenses is due to an increase in fraudulent expenses on customer line of credit accounts.

The provision for income taxes increased $672,000 when comparing the six months ended June 30, 2026 to the same period in 2025 as a result of an increase in income before income taxes of $5,151,000. The effective tax rate was 17.9% and 19.1% for the six months ended June 30, 2026 and 2025, respectively, with the decrease in the effective tax rate being due to the increase in non-taxable investment income and BOLI income.

Three Months Ended June 30, 2026 Compared to 2025

For the three months ended June 30, 2026, net income totaled $10,187,000 which compares to net income of $8,463,000 for the comparable period of 2025, an increase of $1,724,000 or 20.4%. Basic earnings per share of $2.12 for the three months ended June 30, 2026 compares to $1.76 for the 2025 comparable period. Annualized return on equity for the three months ended June 30, 2026 and 2025 was 11.64% and 10.88%, while annualized return on assets was 1.32% and 1.13%, respectively.

Net interest income before the provision for credit losses for the three months ended June 30, 2026 totaled $25,694,000 compared to $23,648,000 for the three months ended June 30, 2025, resulting in an increase of $2,046,000, or 8.7%. Average interest earning assets increased $64.8 million for the three months ended June 30, 2026 compared to the same period last year, primarily due to increases in the average balance of outstanding commercial loans. Average loans increased $55.1 million, while average investment securities increased $9.1 million. The tax effected net interest margin for the three months ended June 30, 2026 was 3.67% compared to 3.47% for the same period last year. The yield on interest earning assets decreased six basis points to 5.60%, while the cost of interest-bearing liabilities decreased 32 basis points to 2.41%.

The provision for credit losses for the second quarter of 2026 of $500,000, of which $578,000 related to loans, while ($78,000) related to off-balance sheet items, was due to the annual update of loss drivers, which includes historical loss data, as well as prepayment and curtailment speeds, the impact of the war with Iran and an increase in specific reserves for non-performing loans. The provision for credit losses of $750,000 for the second quarter of 2025 was driven by the increase in past due commercial loans, which primarily related to one commercial real estate relationship in our central Pennsylvania market that totaled $14.4 million.

Total non-interest income was $4,014,000 for the three months ended June 30, 2026, $349,000 more than the comparable period last year. The primary driver of the increase was an increase in BOLI earnings of $432,000, which offset the decrease in the gains on loans sold of $118,000.

Total non-interest expenses for the three months ended June 30, 2026 totaled $16,867,000 compared to $16,097,000 for the same period last year, which is an increase of $770,000, or 4.8%. Salary and employee benefits increased due to merit increases and an increase in FTEs of 9.9 employees. Other real estate owned expenses increased due to legal fees associated with the increase in non-performing assets. The increase in other expenses is to fraudulent expenses on customer line of credit accounts.

The provision for income taxes increased $151,000 when comparing the three months ended June 30, 2026 to the same period in 2025. This increase was attributable to an increase in income before provision for income taxes of $1,875,000. The effective tax rate was 17.5% and 19.1% for the three months ended June 30, 2026 and 2025, respectively, with the decrease in the effective tax rate being due to the increase in non-taxable investment income and BOLI income.

Balance Sheet and Other Information:

At June 30, 2026, total assets were $3.19 billion compared to $3.06 billion at December 31, 2025 and $2.97 billion at June 30, 2025. The loan to deposit ratio as of June 30, 2026 was 100.02% compared to 98.89% as of December 31, 2025 and 97.78% as of June 30, 2025.

Available for sale securities of $491.3 million at June 30, 2026 increased $46.6 million from December 31, 2025 and $59.7 million from June 30, 2025. The yield on the investment portfolio increased from 2.89% for the six months ended June 30, 2025 to 3.48% for the six months ended June 30, 2026 on a tax equivalent basis due to securities purchased during a higher market interest rate environment and lower yielding securities maturing. Investment activity for 2026 has focused on increasing the investment portfolio yield during periods of higher market interest rates, which has resulted in additional purchases during 2026.

Net loans totaled $2.37 billion at June 30, 2026 and $2.33 billion at December 31, 2025, an increase of $43.7 million. As of June 30, 2025, net loans totaled $2.22 billion. The increase in net loans since December 31, 2025 and June 30, 2025 was due increases in commercial and agricultural real estate loans.

The allowance for credit losses - loans totaled $23,559,000 at June 30, 2026 which is an increase of $753,000 from December 31, 2025 and is due to loan growth, the conflict with Iran and an increase in specific reserves on non-performing loans. The provision for credit losses on loans was $722,000 for the first half of 2026. Loan recoveries and charge-offs were $183,000 and $152,000, respectively, for the six months ended June 30, 2026. The allowance for credit losses as a percent of total loans was 0.98% as of June 30, 2026 and 0.97% as of December 31, 2025. While non-performing loans increased $14.2 million or 48.6%, the commercial loans are individually evaluated to determine whether a specific reserve is necessary or not. Specific reserves associated with commercial loans totaled $1,414,000 and $1,039,000 as of June 30, 2026 and December 31, 2025, respectively.

Deposits increased $17.6 million from December 31, 2025, to $2.39 billion at June 30, 2026. Competitive pressure for deposits remains high. Brokered CD’s have decreased $3.5 million since December 31, 2025.

Borrowed funds totaled $394.0 million as of June 30, 2026, a $84.6 million increase from December 31, 2025 to fund investment and loan growth since year-end.

Stockholders’ equity totaled $352.8 million at June 30, 2026, compared to $338.1 million at December 31, 2025, an increase of $14.8 million. Excluding accumulated other comprehensive loss (AOCL), stockholders’ equity increased $15.8 million and totaled $366.2 million at June 30, 2026 (non-GAAP). The increase in stockholders’ equity was attributable to net income for the six months ended June 30, 2026 totaling $20.6 million, offset by cash dividends for the six months ended June 30, 2026 totaling $4.9 million. As a result of decreases in market interest rates impacting the fair value of investment securities and swaps, AOCL increased $1.0 million from December 31, 2025.

Dividend Declared

On June 2, 2026, the Board of Directors declared a cash dividend of $0.51 per share, which was paid on June 26, 2026 to shareholders of record at the close of business on June 12, 2026. This quarterly cash dividend is an increase of 4.0% over the quarterly cash dividend of $0.49 per share declared one year ago.

Citizens Financial Services, Inc. has nearly 1,790 shareholders, the majority of whom reside in markets where its offices are located.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere periodically by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

See reconciliation of GAAP and non-GAAP measures at the end of the press release

CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED FINANCIAL

HIGHLIGHTS

(UNAUDITED)

(Dollars in thousands, except

per share data

As of or For The

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Income and Performance Ratios

Net Income

$ 10,187

$ 8,463

$ 20,563

$ 16,084

Return on average assets

(annualized)

1.32 %

1.13 %

1.33 %

1.07 %

Return on average equity

(annualized)

11.64 %

10.88 %

11.84 %

10.44 %

Return on average tangible

equity (annualized) (a)

15.54 %

15.19 %

15.84 %

14.65 %

Net interest margin (tax

equivalent) (a)

3.67 %

3.47 %

3.69 %

3.36 %

Earnings per share - basic

(b)

$ 2.12

$ 1.76

$ 4.29

$ 3.35

Earnings per share - diluted

(b)

$ 2.12

$ 1.76

$ 4.28

$ 3.35

Cash dividends paid per share

(b)

$ 0.51

$ 0.49

$ 1.01

$ 0.98

Number of shares used in

computation - basic (b)

4,797,940

4,797,716

4,798,104

4,797,642

Number of shares used in

computation - diluted (b)

4,802,193

4,800,384

4,801,951

4,800,862

Asset quality

Allowance for credit losses -

loans

$ 23,559

$ 22,109

Non-performing assets

$ 43,365

$ 27,376

Allowance for credit losses -

loans to total loans

0.98 %

0.99 %

Non-performing assets to

total loans

1.81 %

1.22 %

Annualized net (recoveries)

charge-offs to total loans

(0.01 )%

0.1 %

0 %

0.06 %

Equity

Book value per share (b)

$ 73.36

$ 65.25

Tangible book value per share

(a) (b)

$ 55.13

$ 46.88

Market Value per share (last

reported trade of month)

$ 72.44

$ 58.72

Common shares outstanding

4,809,281

4,807,000

Other

Average Full Time Equivalent

Employees

391.3

381.4

388.9

380.6

Loan to Deposit Ratio

100.02 %

97.78 %

Trust assets under management

$ 207,584

$ 188,844

Brokerage assets under

management

$ 347,814

$ 416,923

Balance

Sheet Highlights

June 30,

December 31,

June 30,

2026

2025

Assets

$ 3,192,116

$ 3,064,564

$ 2,967,274

Investment securities

493,241

446,556

433,417

Loans (net of unearned

income)

2,395,028

2,350,622

2,241,755

Allowance for credit losses -

loans

23,559

22,806

22,109

Deposits

2,394,537

2,376,979

2,292,662

Stockholders' Equity

352,833

338,051

313,653

(a)

See reconcilation of GAAP and Non-GAAP measures at the

end of the press release.

(b)

Prior period amounts were adjusted to reflect stock dividends.

CITIZENS

FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

June 30,

December 31,

June 30,

(in thousands, except share

data)

2026

2025

ASSETS:

Cash and due from banks:

Noninterest-bearing

$ 30,343

$ 23,933

$ 26,799

Interest-bearing

9,086

10,358

22,685

Total cash and cash

equivalents

39,429

34,291

49,484

Interest bearing time

deposits with other banks

3,324

3,820

Equity securities

1,930

1,815

1,768

Available-for-sale

securities

491,311

444,741

431,649

Loans held for sale

10,369

9,393

15,529

Loans (net of allowance for

credit losses - loans: $23,559 at June 30, 2026;

$22,806 at December 31, 2025 and $22,109

at June 30, 2025)

2,371,469

2,327,816

2,219,646

Premises and equipment

20,660

20,998

21,776

Accrued interest receivable

10,922

10,698

10,603

Goodwill

85,758

Bank owned life insurance

74,465

51,501

50,770

Other intangibles

1,934

2,221

2,530

Fair value of derivative

instruments - asset

6,755

6,927

8,272

Deferred tax asset

11,443

11,440

13,913

Other assets

62,347

53,145

51,756

TOTAL ASSETS

$ 3,192,116

$ 3,064,564

$ 2,967,274

LIABILITIES:

Deposits:

Noninterest-bearing

$ 495,914

$ 516,657

$ 499,252

Interest-bearing

1,898,623

1,860,322

1,793,410

Total deposits

2,394,537

2,376,979

2,292,662

Borrowed funds

394,024

309,448

313,219

Accrued interest payable

3,358

3,130

2,741

Fair value of derivative

instruments - liability

3,948

4,100

4,701

Other liabilities

43,416

32,856

40,298

TOTAL LIABILITIES

2,839,283

2,726,513

2,653,621

STOCKHOLDERS' EQUITY:

Preferred Stock $1.00 par

value; authorized

3,000,000 shares; none issued in 2026 or

2025

Common stock

$1.00 par value; authorized 25,000,000

shares at June 30, 2026, December 31, 2025 and

June 30, 2025: issued 5,262,935 at June 30,

2026 and 5,255,807 at December 31, 2025

and 5,255,190 at June 30, 2025

5,263

5,256

5,255

Additional paid-in capital

148,341

147,965

147,878

Retained earnings

229,333

213,623

197,940

Accumulated other

comprehensive loss

(13,362 )

(12,377 )

(21,026 )

Treasury stock, at

cost: 453,654 shares at June 30, 2026,

448,727 shares

at December 31, 2025 and 448,190 shares at

June 30, 2025

(16,742 )

(16,416 )

(16,394 )

TOTAL STOCKHOLDERS' EQUITY

352,833

338,051

313,653

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY

$ 3,192,116

$ 3,064,564

$ 2,967,274

CITIZENS

FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENT OF

INCOME

(UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

(in thousands, except share

and per share data)

2026

2025

2026

2025

INTEREST INCOME:

Interest and fees on loans

$ 35,233

$ 35,227

$ 71,595

$ 70,783

Interest-bearing deposits

with banks

132

192

275

Investment securities:

Taxable

2,823

2,397

5,334

4,736

Nontaxable

968

584

1,847

1,131

Dividends

392

409

814

838

TOTAL INTEREST INCOME

39,505

38,749

79,782

77,763

INTEREST EXPENSE:

Deposits

11,160

11,449

22,465

23,743

Borrowed funds

2,651

3,652

5,510

7,370

TOTAL INTEREST EXPENSE

13,811

15,101

27,975

31,113

NET INTEREST INCOME

25,694

23,648

51,807

46,650

Provision for credit losses

500

750

1,000

1,375

NET INTEREST INCOME AFTER

PROVISION FOR CREDIT LOSSES

25,194

22,898

50,807

45,275

NON-INTEREST INCOME:

Service charges

1,388

1,303

2,712

2,594

Trust

200

183

435

407

Brokerage and insurance

640

627

1,209

1,310

Gains on loans sold

621

739

886

1,011

Equity security gains, net

115

Earnings on bank owned life

insurance

787

355

1,357

701

Other

282

426

990

1,048

TOTAL NON-INTEREST INCOME

4,014

3,665

7,704

7,092

NON-INTEREST EXPENSES:

Salaries and employee

benefits

10,272

9,976

20,548

20,265

Occupancy

1,289

1,182

2,701

2,538

Furniture and equipment

336

318

623

583

Professional fees

528

525

1,068

1,042

FDIC insurance expense

370

495

765

945

Pennsylvania shares tax

340

305

717

624

Amortization of intangibles

105

127

211

254

Software expenses

429

453

884

885

Other real estate owned

expenses

194

390

192

Other

3,004

2,643

5,561

5,147

TOTAL

NON-INTEREST EXPENSES

16,867

16,097

33,468

32,475

Income before provision for

income taxes

12,341

10,466

25,043

19,892

Provision for income tax

expense

2,154

2,003

4,480

3,808

NET INCOME

$ 10,187

$ 8,463

$ 20,563

$ 16,084

PER COMMON SHARE DATA:

Net Income - Basic

$ 2.12

$ 1.76

$ 4.29

$ 3.35

Net Income -

Diluted

$ 2.12

$ 1.76

$ 4.28

$ 3.35

Cash

Dividends Paid

$ 0.51

$ 0.49

$ 1.01

$ 0.98

Number of shares used in

computation - basic

4,797,940

4,797,716

4,798,104

4,797,642

Number of shares used in

computation - diluted

4,802,193

4,800,384

4,801,951

4,800,862

CITIZENS FINANCIAL SERVICES, INC.

QUARTERLY

CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)

(in thousands, except per

share data)

Three

Months Ended,

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

2026

2025

Interest income

$ 39,505

$ 40,277

$ 41,151

$ 40,254

$ 38,749

Interest expense

13,811

14,164

14,940

15,114

15,101

Net interest income

25,694

26,113

26,211

25,140

23,648

Provision for credit losses

500

750

Net interest income after

provision for credit losses

25,194

25,613

25,711

24,640

22,898

Non-interest income

3,918

3,671

3,387

3,820

3,632

Investment securities gains,

net

Non-interest expenses

16,867

16,601

16,173

16,084

16,097

Income before provision for

income taxes

12,341

12,702

12,936

12,410

10,466

Provision for income tax

expense

2,154

2,326

2,453

2,405

2,003

Net income

$ 10,187

$ 10,376

$ 10,483

$ 10,005

$ 8,463

Earnings Per Share - Basic

$ 2.12

$ 2.16

$ 2.19

$ 2.09

$ 1.76

Earnings Per Share - Diluted

$ 2.12

$ 2.16

$ 2.18

$ 2.09

$ 1.76

CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED AVERAGE

BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY

TAX-EQUIVALENT BASIS

(UNAUDITED)

Three Months Ended June 30,

2026

2025

Average

Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

ASSETS

Interest-bearing deposits at

banks

18,626

1.31

17,879

102

2.31

Interest bearing time

deposits at banks

3,624

3.10

3,820

3.18

Investment securities:

Taxable

359,897

3,215

3.57

381,141

2,806

2.95

Tax-exempt (3)

133,017

1,225

3.68

102,694

739

2.88

Investment

securities

492,914

4,440

3.60

483,835

3,545

2.93

Loans: (2)(3)(4)

Residential mortgage loans

338,351

5,004

5.93

347,408

5,212

6.08

Construction loans

90,925

1,620

7.15

165,056

2,967

7.29

Commercial Loans

1,440,839

21,768

6.06

1,292,501

20,362

6.32

Agricultural Loans

373,312

5,679

6.10

358,245

4,970

5.63

Loans to state & political subdivisions

73,147

888

4.87

53,051

517

3.95

Other loans

28,176

459

6.53

73,344

1,300

7.11

Loans, net of discount (2)(3)(4)

2,344,750

35,418

6.06

2,289,605

35,328

6.26

Total interest-earning

assets

2,859,914

39,947

5.60

2,795,139

39,005

5.66

Cash and due from banks

9,519

9,665

Bank premises and equipment

20,686

21,836

Other assets

201,511

184,184

Total non-interest earning

assets

231,716

215,685

Total assets

3,091,630

3,010,824

LIABILITIES AND STOCKHOLDERS'

EQUITY

Interest-bearing

liabilities:

Business Interest Checking

28,757

0.92

18,345

0.99

NOW accounts

713,343

3,264

1.84

707,715

3,742

2.14

Savings accounts

291,013

337

0.46

288,198

329

0.46

Money market accounts

445,311

2,822

2.54

447,711

3,181

2.88

Certificates of deposit

539,316

4,671

3.47

454,893

4,152

3.70

Total interest-bearing

deposits

2,017,740

11,160

2.22

1,916,862

11,449

2.42

Other borrowed funds

279,088

2,651

3.81

329,154

3,652

4.50

Total interest-bearing

liabilities

2,296,828

13,811

2.41

2,246,016

15,101

2.73

Demand deposits

388,265

390,102

Other liabilities

42,613

41,369

Total non-interest-bearing

liabilities

430,878

431,471

Stockholders' equity

363,924

333,337

Total liabilities &

stockholders' equity

3,091,630

3,010,824

Net interest income

26,136

23,904

Net interest spread (5)

3.19 %

2.93 %

Net interest income as a

percentage

of average interest-earning assets

3.67 %

3.47 %

Ratio of interest-earning

assets

to interest-bearing liabilities

125 %

124 %

(1) Averages are based on

daily averages.

(2) Includes loan

origination and commitment fees.

(3)

Tax exempt interest revenue is shown on a tax equivalent basis for proper

comparison using

a statutory federal income tax rate of

21% for 2026 and 2025. See reconciliation of GAAP and non-GAAP measures at

the end

of the press release.

(4)

Income on non-accrual loans is accounted for on a cash basis, and the loan

balances are included in interest-earning assets.

(5)

Interest rate spread represents the difference between the average rate

earned on interest-earning assets

and the average rate paid on

interest-bearing liabilities.

CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED AVERAGE

BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY

TAX-EQUIVALENT BASIS

(UNAUDITED)

Six Months Ended June 30,

2026

2025

Average

Balance (1)

Interest

Rate

Balance (1)

Interest

Rate

(dollars in thousands)

ASSETS

Interest-bearing deposits at

banks

21,981

135

1.24

24,052

216

1.81

Interest bearing time

deposits at banks

3,721

3.09

3,820

3.11

Investment securities:

Taxable

359,114

6,148

3.42

381,886

5,574

2.92

Tax-exempt (3)

129,056

2,338

3.62

102,854

1,431

2.78

Investment securities

488,170

8,486

3.48

484,740

7,005

2.89

Loans: (2)(3)(4)

Residential mortgage loans

337,899

9,945

5.94

349,226

10,312

5.95

Construction loans

90,381

3,145

7.02

164,252

5,888

7.23

Commercial Loans

1,427,517

43,273

6.11

1,283,174

40,141

6.31

Agricultural Loans

374,681

11,940

6.43

357,561

9,696

5.47

Loans to state & political subdivisions

66,719

1,560

4.72

53,389

1,034

3.91

Other loans

62,784

2,054

6.60

109,198

3,916

7.23

Loans, net of discount (2)(3)(4)

2,359,981

71,917

6.15

2,316,800

70,987

6.18

Total interest-earning

assets

2,873,853

80,595

5.66

2,829,412

78,267

5.58

Cash and due from banks

9,380

9,643

Bank premises and equipment

20,808

21,691

Other assets

196,894

177,531

Total non-interest earning

assets

227,082

208,865

Total assets

3,100,935

3,038,277

LIABILITIES AND STOCKHOLDERS'

EQUITY

Interest-bearing

liabilities:

Business Interest Checking

27,109

123

0.91

17,995

0.95

NOW accounts

712,025

6,586

1.87

723,673

7,796

2.17

Savings accounts

289,898

675

0.47

290,576

677

0.47

Money market accounts

453,348

5,736

2.55

432,891

6,206

2.89

Certificates of deposit

539,795

9,345

3.49

481,272

8,979

3.76

Total interest-bearing

deposits

2,022,175

22,465

2.24

1,946,407

23,743

2.46

Other borrowed funds

291,547

5,510

3.81

337,737

7,370

4.40

Total interest-bearing

liabilities

2,313,722

27,975

2.44

2,284,144

31,113

2.75

Demand deposits

384,952

381,048

Other liabilities

42,165

42,426

Total non-interest-bearing

liabilities

427,117

423,474

Stockholders' equity

360,096

330,659

Total liabilities &

stockholders' equity

3,100,935

3,038,277

Net interest income

52,620

47,154

Net interest spread (5)

3.22 %

2.83 %

Net interest income as a

percentage

of average interest-earning assets

3.69 %

3.36 %

Ratio of interest-earning

assets

to interest-bearing liabilities

124 %

(1) Averages are based on

daily averages.

(2) Includes loan

origination and commitment fees.

(3)

Tax exempt interest revenue is shown on a tax equivalent basis for proper

comparison using

a statutory federal income tax rate of

21% for 2026 and 2025. See reconciliation of GAAP and non-GAAP measures at

the end

of the press release.

(4)

Income on non-accrual loans is accounted for on a cash basis, and the loan

balances are included in interest-earning assets.

(5)

Interest rate spread represents the difference between the average rate

earned on interest-earning assets

and the average rate paid on

interest-bearing liabilities.

CITIZENS FINANCIAL SERVICES, INC.

CONSOLIDATED

SUMMARY OF LOANS BY TYPE; NON-PERFORMING ASSETS; and ALLOWANCE FOR CREDIT

LOSSES

(UNAUDITED)

(Excludes Loans Held for

Sale)

(In Thousands)

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Real estate:

Residential

$ 337,628

$ 336,066

$ 340,972

$ 344,790

$ 341,671

Commercial

1,267,682

1,249,900

1,218,514

1,180,655

1,151,585

Agricultural

357,643

344,938

347,448

342,487

331,995

Construction

93,241

83,217

93,965

107,867

138,307

Consumer

39,623

19,592

88,210

109,458

22,364

Other commercial loans

180,997

170,628

179,166

171,345

174,740

Other agricultural loans

29,746

30,004

30,247

27,142

28,366

State & political

subdivision loans

88,468

63,877

52,100

51,644

52,727

Total loans

2,395,028

2,298,222

2,350,622

2,335,388

2,241,755

Less: allowance for credit

losses - loans

23,559

22,894

22,806

22,454

22,109

Net loans

$ 2,371,469

$ 2,275,328

$ 2,327,816

$ 2,312,934

$ 2,219,646

Past due loans and

non-performing assets

Total Loans past due 30-89

days and still accruing

$ 8,695

$ 7,056

$ 9,269

$ 13,228

$ 18,554

Non-accrual loans

$ 40,350

$ 37,670

$ 26,602

$ 20,523

$ 24,595

Loans past due 90 days or

more and accruing

657

229

347

Non-performing loans

$ 41,007

$ 37,745

$ 26,831

$ 20,560

$ 24,942

Other real estate owned

2,358

2,434

Total Non-performing assets

$ 43,365

$ 40,103

$ 29,189

$ 22,994

$ 27,376

Three Months Ended

Analysis of the Allowance for

Credit Losses - Loans

June 30,

March 31,

December 31,

September 30,

June 30,

(In Thousands)

2026

2025

Balance, beginning of period

$ 22,894

$ 22,806

$ 22,454

$ 22,109

$ 22,081

Charge-offs

(74 )

(78 )

(57 )

(20 )

(596 )

Recoveries

161

Net charge-offs

(56 )

(51 )

(3 )

(571 )

Provision for credit losses -

loans

578

144

403

348

599

Balance, end of period

$ 23,559

$ 22,894

$ 22,806

$ 22,454

$ 22,109

CITIZENS

FINANCIAL SERVICES, INC.

Reconciliation of GAAP and

Non-GAAP Financial Measures

(UNAUDITED)

(Dollars in thousands, except

per share data)

As of

June 30,

2026

2025

Tangible Equity

Stockholders' Equity - GAAP

$ 352,833

$ 313,653

Intangible Assets

(87,692 )

(88,288 )

Tangible Equity - Non-GAAP

265,141

225,365

Shares outstanding

4,809,281

4,807,000

Tangible Book value per

share - Non-GAAP

$ 55.13

$ 46.88

As of

June 30,

2026

2025

Tangible Equity per share

Stockholders' Equity per

share - GAAP

$ 73.36

$ 65.25

Adjustment for intangible

assets

(18.23 )

(18.37 )

Tangible Book value per

share - Non-GAAP

$ 55.13

$ 46.88

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

Return on Average Assets

Excluding Accumulated Other Comprehensive Loss (AOCL)

Average Assets - GAAP

$ 3,077,668

$ 2,988,726

$ 3,088,281

$ 3,015,696

Average AOCL

(13,962 )

(22,098 )

(12,654 )

(22,581 )

Average Assets, Excluding

AOCL - Non-GAAP

3,091,630

3,010,824

3,100,935

3,038,277

Net Income - GAAP

$ 10,187

$ 8,463

$ 20,563

$ 16,084

Annualized Return on Average

Assets-GAAP

1.32 %

1.13 %

1.33 %

1.07 %

Annualized Return on Average

Assets, Excluding AOCL - Non-GAAP

1.32 %

1.12 %

1.33 %

1.06 %

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

Return on Average Equity

Excluding Accumulated Other Comprehensive Loss (AOCL)

Average Stockholders' Equity

- GAAP

$ 349,962

$ 311,239

$ 347,442

$ 308,078

Average AOCL

(13,962 )

(22,098 )

(12,654 )

(22,581 )

Average Stockholders' Equity,

Excluding AOCL - Non-GAAP

363,924

333,337

360,096

330,659

Net Income - GAAP

$ 10,187

$ 8,463

$ 20,563

$ 16,084

Annualized Return on Average

Stockholders' Equity-GAAP

11.64 %

10.88 %

11.84 %

10.44 %

Annualized Return on Average

Stockholders' Equity, Excluding AOCL - Non-GAAP

11.20 %

10.16 %

11.42 %

9.73 %

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

Return on Average Tangible

Equity

Average Stockholders' Equity

- GAAP

$ 349,962

$ 311,239

$ 347,442

$ 308,078

Average Intangible Assets

(87,767 )

(88,388 )

(87,841 )

(88,479 )

Average Tangible Equity -

Non-GAAP

262,195

222,851

259,601

219,599

Net Income - GAAP

$ 10,187

$ 8,463

$ 20,563

$ 16,084

Annualized Return on Average

Tangible Equity - Non-GAAP

15.54 %

15.19 %

15.84 %

14.65 %

For the Three Months Ended

For the Six Months Ended

June 30,

Reconciliation

of net interest income on fully taxable equivalent basis

2026

2025

2026

2025

Total interest income

$ 39,505

$ 38,749

$ 79,782

$ 77,763

Total interest expense

13,811

15,101

27,975

31,113

Net interest income

25,694

23,648

51,807

46,650

Tax equivalent adjustment

442

256

813

504

Net interest income (fully

taxable equivalent) - Non-GAAP

$ 26,136

$ 23,904

$ 52,620

$ 47,154

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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