olivLaw · US equity research
Citizens Financial Services, Inc. CZFS
State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)
Citizens Financial Services, Inc. is the holding company of First Citizens Community Bank, a regional bank in north central Pennsylvania with expansion into southeast Pennsylvania, Delaware and southern New York. Its business centers on local lending and deposits, and in 2026 net interest income grew while non-performing assets rose noticeably, a point relevant to credit quality.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 06 Nov 2026, Citizens Financial Services, Inc. (CZFS) stock was 84.87 USD (−1.36% on the day), with market capitalisation 408.3 m USD, P/E 9.5 on diluted EPS of 8.94 USD over the last 12 months, dividend yield 2.38%, beta 0.70, 52-week range 53.79–87.30 USD. Latest reported quarter (Q3 2026): revenue of 2.7 m USD (−1.7% YoY), net income of 11.9 m USD (+19.2% YoY), diluted EPS 2.48 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 77.11 – 88.53
- in the upper half of the band · %B 0.68 · band width 13.8%
- SMA 50 / 200
- 81.59 / 71.24
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.52 / 1.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.5% | −5.4% | +13.0 pp | — |
| 3 months | +5.6% | −4.9% | +10.5 pp | — |
| 6 months | +33.0% | −0.3% | +33.3 pp | — |
| Year to date | +48.8% | +7.8% | +41.1 pp | — |
| 1 year | +53.6% | +9.8% | +43.8 pp | +23.5% |
| 3 years | +57.4% | +68.5% | −11.1 pp | +79.8% |
| 5 years | +42.2% | +57.0% | −14.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 m | 2.4 m | 2.4 m | 2.8 m | 2.3 m | 2.3 m | 2.4 m | 2.7 m |
| Depreciation & amortisation | 425.0 k | 449.0 k | 472.0 k ≈ | 493.0 k ≈ | 690.0 k | 470.0 k | 444.0 k ≈ | 417.0 k ≈ |
| Pre-tax income | 9.7 m | 9.4 m | 10.4 m | 12.4 m | 12.9 m | 12.7 m | 12.3 m | 14.5 m |
| Income tax | 1.8 m | 1.8 m | 2.0 m | 2.4 m | 2.5 m | 2.3 m | 2.2 m | 2.6 m |
| Net income | 8.0 m | 7.6 m | 8.5 m | 10.0 m | 10.5 m | 10.4 m | 10.2 m | 11.9 m |
| Diluted EPS | 1.66 ≈ | 1.59 | 1.76 | 2.09 | 2.18 ≈ | 2.16 | 2.12 | 2.48 |
| Operating cash flow | 10.5 m | 10.9 m | 6.0 m ≈ | 2.9 m ≈ | 16.7 m | 18.0 m | -89.0 k ≈ | 5.3 m ≈ |
| Capex | 462.0 k | 585.0 k | 495.0 k ≈ | 145.0 k ≈ | 71.0 k | 125.0 k | 287.0 k ≈ | 234.0 k ≈ |
| Dividends paid | 2.3 m | 2.4 m | 2.4 m ≈ | 2.4 m ≈ | 2.4 m | 2.4 m | 2.5 m ≈ | 2.5 m ≈ |
| Share repurchases | -2.0 k | 57.0 k | 239.0 k ≈ | 77.0 k ≈ | -15.0 k | 158.0 k | 147.0 k ≈ | 13.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 40-quarter history (min 7.0, median 10.4, max 16.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.5 m | 6.9 m | 6.7 m | 7.7 m | 8.6 m | 9.0 m | 9.6 m | 9.9 m |
| Revenue YoY | unavailable | +6.4% | −3.8% | +16.2% | +11.0% | +4.5% | +7.1% | +2.8% |
| Net income | 18.0 m | 19.5 m | 25.1 m | 29.1 m | 29.1 m | 17.8 m | 27.8 m | 36.6 m |
| Net income YoY | +38.5% | +8.1% | +28.8% | +16.0% | −0.2% | −38.7% | +56.2% | +31.5% |
| Diluted EPS | 5.04 | 5.41 | 6.46 | 7.24 | 7.17 | 3.98 | 5.79 | 7.62 |
| Diluted EPS YoY | +37.3% | +7.3% | +19.4% | +12.1% | −1.0% | −44.5% | +45.5% | +31.6% |
| net % | 276.9% | 281.4% | 376.9% | 376.3% | 338.4% | 198.5% | 289.5% | 370.1% |
| Free cash flow | 21.0 m | 21.3 m | 10.9 m | 37.6 m | 31.6 m | 23.9 m | 31.9 m | 35.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 338.1 m USD
- Total assets
- 3.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 11.5%
- ROA
- 1.2%
- FCF margin
- 356.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 62.2 m | 66.1 m | 72.1 m | 80.3 m | 86.5 m | 98.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Net fee income | 11.4 m | 12.3 m | 9.7 m | 11.6 m | 15.4 m | 14.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Non-interest expense | 40.8 m | 41.6 m | 44.7 m | 64.8 m | 65.4 m | 64.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | 30.4 m | 35.3 m | 35.5 m | 21.6 m | 33.9 m | 45.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Net income | 25.1 m | 29.1 m | 29.1 m | 17.8 m | 27.8 m | 36.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | 6.46 | 7.24 | 7.17 | 3.98 | 5.79 | 7.62 | SEC (XBRL)· 12 Mar 2026verified |
| Dividend per share | 1.88 | 1.83 | 1.86 | 1.90 | 1.93 | 1.98 | SEC (XBRL)· 12 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.7 m | 172.8 m | 26.2 m | 52.8 m | 42.2 m | 34.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Loans | 1.4 bn | 1.4 bn | 1.7 bn | 2.2 bn | 2.3 bn | 2.2 bn | SEC (XBRL)· 05 Nov 2026verified |
| Total assets | 1.9 bn | 2.1 bn | 2.3 bn | 3.0 bn | 3.0 bn | 3.1 bn | SEC (XBRL)· 12 Mar 2026verified |
| Deposits | 1.6 bn | 1.8 bn | 1.8 bn | 2.3 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 1.7 bn | 1.9 bn | 2.1 bn | 2.7 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 194.3 m † | 212.5 m † | 200.1 m † | 279.7 m † | 299.7 m † | 338.1 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 6.5 m | 7.4 m | 7.6 m | 8.5 m | 9.3 m | 9.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | 2.1 m | 1.4 m | 1.3 m | 265.0 k | 202.0 k | 358.0 k | SEC (XBRL)· 12 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 408.3 m USD
Key indicators
Coverage and freshness
Score by group
- Quality57
- Growth30
- Balance sheet14
- Returns41
- Valuation86
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 76.90 – 127.87 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income76.90 – 80.44 (Mid 78.64)
- Justified P/B95.08 – 127.87 (Mid 109.07)
- Dividend discount (DDM)outside the aggregate26.02 – 34.99 (Mid 29.85)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E94.52 – 119.03 (Mid 107.92)34 companies used · median multiple 12.1x · quartiles 10.6x – 13.3xBFST, BNY, BOH, BOTJ, BSRR, CFG, CIVB, COLB, COSO, EWBC, FBP, FCCO, FITB, FUSB, GABC, GBFH, INBK, ISBA, JMSB, LKFN, MCB, MTB, MVBF, NTRS, OFG, PCB, PEBK, QCRH, RBB, STT, SYBT, TCBK, UBCP, WASH
- Peers: P/B81.37 – 107.59 (Mid 92.81)34 companies used · median multiple 1.3x · quartiles 1.1x – 1.5xBFST, BOH, BOTJ, BSRR, CBFV, CFG, CIVB, COLB, COSO, EWBC, FBP, FCCO, FITB, FUSB, GABC, GBFH, INBK, ISBA, JMSB, LKFN, MCB, MTB, MVBF, OFG, PCB, PEBK, QCRH, RBB, STT, SYBT, TCBK, UBCP, UCB, WASH
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 12.7% | 61 (vs peers) | 19% |
| ROA · Quality | 1.3% | 66 (on a fixed band) | 7% |
| Cost-to-income · Quality | 55.2% | 39 (on a fixed band) | 12% |
| Net interest margin · Quality | 3.3% | 70 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 2.0% | 17 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 4.8% | 48 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 94.2% | 14 (on a fixed band) | 5% |
| P/B · Valuation | 1.2x | 72 (vs peers) | 12% |
| P/E (TTM) · Valuation | 9.5x | 100 (vs peers) | 12% |
| Dividend yield · Returns | 2.4% | 41 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial14/100 · 1/3 factors with a value
- Growth30/100 · 2/2 factors with a value
- Quality57/100 · 4/4 factors with a value
- Returns41/100 · 1/1 factors with a value
- Valuation86/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CITIZENS FINANCIAL SERVICES, INC. (CZFS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: net interest income 98.0 m USD in 2025; YoY growth 2.8%; net margin 438.2%; ROE 12.7%.
The estimated value range is 87.95–113.31 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 100.37 USD, the price of 84.87 USD leaves a potential of 18.3% (value / price − 1) and a margin of safety of 15.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net interest margin: 3.3%
- P/B: 1.2x
- P/E (TTM): 9.5x
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: 2.0%
- Loan-to-deposit: 94.2%
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BNYThe Bank Of New York Mellon Corporation | 99.4 bn | 16.2 | 15.0% | 32.6% | +7.8% | +32% / +206% |
| FITBFifth Third Bancorp | 47.9 bn | 17.8 | 9.4% | — | −2.0% | +22% / +83% |
| STTState Street Corporation | 45.0 bn | 13.3 | 13.1% | 23.8% | +7.3% | +39% / +127% |
| NTRSNorthern Trust Corporation | 31.3 bn | 13.3 | 18.4% | 28.8% | −2.5% | +32% / +118% |
| MTBM&T Bank Corporation | 31.2 bn | 11.2 | 10.6% | 175.6% | +7.5% | +14% / +70% |
| CFGCitizens Financial Group Inc | 26.5 bn | 12.5 | 8.9% | 25.4% | +5.6% | +17% / +132% |
| EWBCEast West Bancorp, Inc. | 17.7 bn | 12.2 | 16.6% | — | +4.4% | +21% / +105% |
| COLBColumbia Banking System, Inc. | 8.4 bn | 10.5 | 11.2% | 471.8% | +18.8% | +10% / +36% |
| UCBUnited Community Banks, Inc. | 4.4 bn | 31.1 | 4.1% | 17.8% | +11.7% | +21% / +50% |
| FBPFirst Bancorp | 3.9 bn | 11.0 | 19.4% | 28.4% | +2.4% | +32% / +73% |
| BOHBank Of Hawaii Corporation | 2.7 bn | 12.0 | 13.6% | 202.1% | −0.1% | +6% / +20% |
| SYBTStock Yards Bancorp, Inc. | 2.5 bn | 15.3 | 13.6% | — | +3.4% | +20% / +80% |
| OFGOFG Bancorp | 2.1 bn | 9.7 | 16.6% | — | unavailable | +28% / +51% |
| GABCGerman American Bancorp, Inc. | 1.9 bn | 12.9 | 12.8% | 28.8% | +37.8% | +26% / +74% |
| TCBKTriCo Bancshares | 1.7 bn | 12.1 | 10.6% | 254.5% | +4.1% | +8% / +52% |
| QCRHQcr Holdings, Inc. | 1.6 bn | 11.9 | 12.7% | — | +46.3% | +24% / +103% |
| LKFNLakeland Financial Corporation | 1.5 bn | 13.7 | 15.4% | — | −2.1% | +5% / +10% |
| MCBMetropolitan Bank Holding Corp. | 1.2 bn | 9.7 | 13.1% | 1,040.8% | −53.8% | +28% / +145% |
| BFSTBusiness First Bancshares, Inc. | 1.0 bn | 11.3 | 10.1% | 768.0% | +1.2% | +24% / +59% |
| WASHWashington Trust Bancorp Inc | 737.4 m | 11.6 | 12.0% | 26.4% | +127.6% | +36% / +44% |
| CIVBCivista Bancshares, Inc. | 587.4 m | 10.2 | 11.0% | 302.4% | −0.5% | +25% / +81% |
| BSRRSierra Bancorp | 537.1 m | 10.7 | 14.0% | — | unavailable | +33% / +121% |
| RBBRbb Bancorp | 429.9 m | 10.0 | 8.4% | 766.0% | −2.4% | +30% / +68% |
| PCBPcb Bancorp | 422.3 m | 10.1 | 10.8% | 1,323.5% | +4.5% | +38% / +94% |
| CZFSCitizens Financial Services, Inc. | 408.3 m | 9.5 | 12.7% | 438.2% | +2.8% | +54% / +57% |
1- and 3-year price returns: for CZFS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 50.25 Total return -39% · Per year -39% | 88.82 Total return 7% · Per year 7% | 133.77 Total return 61% · Per year 61% |
| 3 years | 49.05 Total return -37% · Per year -14% | 97.53 Total return 23% · Per year 7% | 161.25 Total return 100% · Per year 26% |
| 5 years | 47.88 Total return -34% · Per year -8% | 107.10 Total return 40% · Per year 7% | 194.36 Total return 147% · Per year 20% |
- Exit P/E± 24.38
- Net margin± 17.07
- Annual revenue growth± 13.97
- Annual dilution± 1.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (30 Oct 2026 · results).
In brief
Citizens Financial Services, Inc. is the holding company of First Citizens Community Bank, a regional bank in north central Pennsylvania with expansion into southeast Pennsylvania, Delaware and southern New York. Its business centers on local lending and deposits, and in 2026 net interest income grew while non-performing assets rose noticeably, a point relevant to credit quality 123.
SWOT
Strengths
- A long-established local customer base and physical presence across several counties in Pennsylvania, New York and Delaware provide stable deposit funding 1. Loan to deposit ratios and capital measures such as the leverage ratio point to a sound structure 12.
- The rise in net interest margin and return on equity in 2026 shows management's ability to handle funding costs 3.
- Diversification through the trust division and the insurance agency brings fee income that depends less on interest rates 1.
Weaknesses
- The portfolio is concentrated in commercial and real estate loans, which carry higher loss risk than residential mortgages 1.
- Non-performing assets grew significantly in the first half of 2026 while specific reserves stayed broadly flat 3.
- Dependence on the regional economy, including natural gas and agriculture, limits geographic diversification 1.
Opportunities
Risks
- Commercial loan qualityhigh
The rise in non-performing assets in 2026, linked to commercial and real estate relationships past due, could generate larger losses if collateral does not cover the balances 3.
- Interest rate exposuremedium
Funding costs and asset yields may move at different speeds, and a prolonged inversion of the yield curve could compress the net margin 1.
- Agricultural sectormedium
Agricultural loans are sensitive to product prices, weather and animal disease, which could raise default risk 1.
- Dependence on natural gas activitymedium
Economic activity in north central Pennsylvania depends on gas exploration, and a fall in prices could affect the bank's customers 1.
- Fraud and operational risklow
Higher expenses from fraudulent activity on customer credit line accounts point to operational exposure that could raise costs 3.
Investment thesis
What would need to be true (bull case)
- The net interest margin rose substantially in 2026, and net income advanced by close to 28% in the first six months, showing growing earnings power 3.
- Loan growth has been steady, and a loan to deposit ratio near 100% shows the bank is putting its deposit base to work 12.
- Expansion into southeast Pennsylvania and New Jersey, along with trust and insurance diversification, could support long-term growth 1.
What would break the thesis
- Non-performing assets rose quickly in the first half of 2026, which could lead to higher provisions in coming quarters 3.
- Concentration in commercial and real estate loans and in agriculture leaves the portfolio exposed to a weaker regional economy 1.
- If funding costs rise or competition for deposits intensifies, the net margin could fall back to lower levels 13.
What to watch
- Trend in non-performing assets and provisions for credit lossesQ3 2026
- Development of the net interest margin amid funding costsQ3 2026
- Impact of the geopolitical conflict on agricultural customers and diesel prices2026
- Next annual report disclosures on portfolio quality and risksnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (30 Oct 2026 · results).
The business
Citizens Financial Services, Inc. (CZFS), a Pennsylvania corporation incorporated in 1984, owns First Citizens Community Bank, a full-service bank offering deposit accounts and residential, commercial, agricultural and consumer loans, along with trust and investment services 1. Through First Citizens Insurance Agency, Inc. and, until 2024, 1st Realty of PA LLC, the group adds insurance and real estate services 1. At December 31, 2025 it had 405 employees, and the bank operated 38 full service offices, two limited branch offices and two mortgage centers 1. Total assets reached 3.19 billion USD at June 30, 2026 2.
The core activity is classic financial intermediation: the bank gathers deposits through its branch network and turns them into loans, and profitability depends mainly on the spread between interest earned and interest paid 1. Net interest income before the provision for credit losses was 51.807 million USD in the first six months of 2026, an increase of 11.1% 3. The trust division managed assets of over 194 million USD at December 31, 2025 1.
The company is geographically dependent on its regional economy: north central Pennsylvania is strongly influenced by natural gas activity in the Marcellus and Utica formations, and agricultural loans remain a meaningful part of the portfolio 1. The acquisition of HV Bancorp in June 2023 extended operations into southeast Pennsylvania and New Jersey 1.
Segments
Commercial and real estate loans
Loans secured by commercial real estate made up 51.8% of the portfolio at December 31, 2025, the largest exposure of the bank 1. Commercial and real estate loans are more interest rate sensitive and carry higher yields than residential mortgages, but also a greater risk of non-payment 1.
Agricultural loans
Agricultural loans, about 16.1% of the portfolio at year-end 2025, relate to dairy, beef, poultry and swine operations in the area 1. The sector is exposed to swings in product prices and input costs, weather and trade policy, and 2026 pressures were also linked to diesel and fertilizer prices 13.
Market context
The bank operates in north central and central Pennsylvania, southeast Pennsylvania near Philadelphia, southern New York and the Wilmington and Dover areas of Delaware 1. Competition is intense: larger regional banks compete with community banks, credit unions, consumer finance companies, fintech and government-sponsored credit agencies 1. Loan growth of 6.8% since June 2025 points to active demand in these markets 3.
The local market is shaped by natural gas activity and agriculture, which makes the bank's performance sensitive to those industries 1. Pressure on fees and margins could emerge if competition for deposits intensifies, a point the annual report states explicitly 1.
Trends
- Interest rate path and net marginmixed
The tax-effected net interest margin rose from 3.36% to 3.69% in the first six months of 2026, supported by a lower cost of interest-bearing liabilities 3. The risk is that an inverted or flattened yield curve could compress the margin if funding costs rise faster than asset yields 1.
- Asset qualityheadwind
Non-performing assets rose noticeably in the first half of 2026, reaching 1.81% of loans, mainly because several commercial real estate relationships passed 90 days past due 3. If this trend continues, provisions could rise and weigh on profitability 3.
- Loan growthtailwind
Loans grew 6.8% since June 2025, and excluding the student loan portfolio grew at an annualized 8.2% since year-end 2025 3. If demand in local markets stays solid, growth could continue to support interest income 3.
- Geopolitical tensions and costsheadwind
The conflict with Iran is cited in the quarterly report as a factor behind the provision, through its effect on diesel and fertilizer prices for farmers 3. A prolonged conflict could strain agricultural borrowers and raise credit losses 3.
Competitive position
The bank faces competition from local and regional banks, non-bank financial providers, fintech companies and government-sponsored credit agencies that seek both loan and deposit growth 1. The annual report describes competitive pressure as increasing in its service areas 1.
The bank is generally competitive with all institutions in its service areas on deposit rates, service charges and loan rates 1. Differentiation rests on local presence, relationships with regional farmers and businesses, and trust services 1.
- Larger regional banks
Compete for commercial loans and deposits in the bank's larger markets with broader networks and product ranges 1.
- Local community banks
Compete directly for customers in the smaller markets of north central Pennsylvania and the southern tier of New York 1.
- Credit unions
Offer deposits and consumer and mortgage loans, especially to residential customers 1.
- Fintech and internet entities
Present a growing pressure on deposits and consumer credit, as described in the annual report's competition section 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Citizens Financial Stock: Is CFG Outperforming the Financial Sector?Yahoo Finance — News · 22 Sept 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report05 Nov 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report29 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Current report22 Apr 2026Departure or appointment of officers · Shareholder vote · Other events · Financial statements and exhibits
- Current report21 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Citizens Financial Services, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Citizens Financial Services, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Citizens Financial Services, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.