Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for successful short-term investing, highlighting the use of a specific screening strategy to identify stocks with strong fundamentals that can maintain upward momentum [1][2]. Group 1: Stock Screening Strategy - The "Recent Price Strength" screen is designed to identify stocks with sufficient fundamental strength to sustain their recent uptrends, focusing on those trading in the upper portion of their 52-week high-low range, indicating bullishness [3]. - Citizens Financial Services (CZFS) is highlighted as a strong candidate for trend investing, having increased by 41.6% over the past 12 weeks, reflecting investor confidence in its potential upside [4]. - A recent price increase of 17.1% over the last four weeks further confirms that the upward trend for CZFS is intact, with the stock currently trading at 85% of its 52-week high-low range, suggesting a potential breakout [5]. Group 2: Fundamental Strength - CZFS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The Zacks Rank system has a proven track record, with Zacks Rank 1 stocks averaging an annual return of +25% since 1988, indicating the effectiveness of this ranking in identifying strong investment opportunities [7]. - The Average Broker Recommendation for CZFS is 1 (Strong Buy), reflecting high optimism from the brokerage community regarding the stock's near-term performance [7]. Group 3: Additional Investment Opportunities - Besides CZFS, there are several other stocks that meet the criteria of the "Recent Price Strength" screen, suggesting that investors may explore these options for potential investments [8]. - The article encourages investors to utilize various Zacks Premium Screens tailored to different investing styles to identify winning stock picks [8].

Group 1: Earnings Performance - Citizens Financial Services reported quarterly earnings of $1.59 per share, exceeding the Zacks Consensus Estimate of $1.38 per share, but down from $1.61 per share a year ago, representing an earnings surprise of 15.22% [1] - The company posted revenues of $25.08 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 3.91% and down from $26.2 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once and has topped consensus revenue estimates only once [2] Group 2: Stock Performance and Outlook - Citizens Financial Services shares have declined approximately 7.7% since the beginning of the year, while the S&P 500 has gained 22.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The current consensus EPS estimate for the upcoming quarter is $1.53 on revenues of $26.7 million, and for the current fiscal year, it is $5.31 on revenues of $102.7 million [7] Group 3: Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 18% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The estimate revisions trend for Citizens Financial Services is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Net income for the first nine months of 2024 was $19.8 million, a 93.1% increase compared to $9.6 million for the same period in 2023[2] - Basic earnings per share for the first nine months of 2024 was $4.18 compared to $2.38 for the same period last year[10] - Net income for the quarter was $7,536 thousand, compared to $7,548 thousand in the same quarter last year, showing a marginal decrease of 0.2%[34] - Net Income - GAAP for the three months ended September 30, 2024, was $7,536, compared to $7,548 for the same period in 2023[42] - Net Income excluding one-time items - Non-GAAP for the nine months ended September 30, 2024, was $20,550, compared to $21,411 for the same period in 2023[42] Income and Revenue - Net interest income before the provision for credit losses was $63.6 million for the nine months ended September 30, 2024, an increase of $5.2 million, or 8.9%, over the same period a year ago[5] - Total non-interest income was $12.1 million for the nine months ended September 30, 2024, an increase of $3.9 million from $8.1 million for the same period last year[13] - Net interest income for the quarter was $21,324 thousand, slightly down from $22,404 thousand in September 2023, indicating a decrease of 4.8%[34] - Non-interest income totaled $3,755 thousand in September 2024, up from $3,662 thousand in September 2023, marking an increase of 2.5%[34] - Total Interest Income for the three months ended September 30, 2024, was $38,689, up from $36,689 in 2023[46] - Net Interest Income for the nine months ended September 30, 2024, was $63,582, compared to $58,405 in 2023[46] Credit Losses and Asset Quality - The provision for credit losses for the nine months ended September 30, 2024 was $2.6 million, a decrease of $2.7 million from $5.3 million for the same period in 2023[12] - Non-performing assets increased to $24.0 million, up from $13.6 million in the previous year, indicating a rise in asset quality concerns[32] - The provision for credit losses was a negative $200 thousand in September 2024, compared to a positive provision of $475 thousand in the same quarter last year, indicating improved credit quality[34] - Non-performing loans amounted to $21,559 thousand, up from $15,234 thousand, indicating a significant increase of 41.6%[39] - The allowance for credit losses on loans was $21.7 million at September 30, 2024, an increase of $542,000 from December 31, 2023[25] Assets and Liabilities - Total assets as of September 30, 2024, were $3.03 billion, compared to $2.98 billion at December 31, 2023[22] - Net loans as of September 30, 2024, totaled $2.31 billion, an increase of $81.6 million from December 31, 2023[24] - Total deposits rose to $2,450,149 thousand in September 2024, compared to $2,321,481 thousand in December 2023, reflecting an increase of 5.6%[33] - Total interest-bearing liabilities were $2,258,937 million, with a net interest spread of 3.06%[36] - Total loans reached $2,331,002 thousand, an increase from $2,246,396 thousand, marking a growth of 3.8% year-over-year[38] Stockholders' Equity and Dividends - Stockholders' equity rose to $298.7 million at September 30, 2024, up from $279.7 million at December 31, 2023, reflecting a net income of $19.8 million for the nine months ended September 30, 2024[28] - A cash dividend of $0.49 per share was declared on September 3, 2024, representing a 1.0% increase from the previous year's dividend of $0.485 per share[29] - Total stockholders' equity rose to $298,654 thousand in September 2024, compared to $279,666 thousand in December 2023, an increase of 6.8%[33] Ratios and Margins - The effective tax rate for the first nine months of 2024 was 17.8%, compared to 16.4% in the comparable period in 2023[2] - The net interest margin remained stable at 3.09% for both the three and nine months ended September 30, 2024[32] - The loan to deposit ratio improved to 95.14% from 96.20% in the previous year, indicating better liquidity management[32] - The average interest rate on interest-earning assets was 5.54%, compared to 4.91% in the previous year, reflecting an increase of 1.63 percentage points[37] - The net interest spread decreased to 2.52% from 2.80% year-over-year, indicating a contraction in profitability from interest[37]

Core Viewpoint - Citizens Financial Services reported quarterly earnings of $1.30 per share, missing the Zacks Consensus Estimate of $1.33 per share, and down from $1.53 per share a year ago, indicating a negative earnings surprise of -2.26% [1][2] Financial Performance - The company posted revenues of $24.64 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.01%, compared to $20.2 million in revenues a year ago [2] - Over the last four quarters, the company has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [2] Stock Performance - Citizens Financial Services shares have declined approximately 16.8% since the beginning of the year, contrasting with the S&P 500's gain of 14.5% [3] Future Outlook - The company's earnings outlook will be crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.36 on revenues of $26.7 million, and for the current fiscal year, it is $5.50 on revenues of $103.8 million [7] Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 13% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8] - Another bank in the same industry, Citizens & Northern, is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year change of -5.1% [9]

Core Viewpoint - The company reported significant financial improvements for the six months ended June 30, 2024, compared to the same period in 2023, with notable increases in net income and interest income driven by loan growth and effective management of expenses [4][8][13]. Financial Performance - For the three months ended June 30, 2024, net income was $5.3 million, a recovery from a loss of $4.1 million in the same period of 2023 [14][21]. - Total interest income for the three months ended June 30, 2024, was $37.9 million, up from $26.8 million in the same period of 2023, reflecting a strong increase in interest and fees on loans [8][21]. - The net interest margin for the three months ended June 30, 2024, was 3.15%, compared to 2.22% for the same period in 2023, indicating improved profitability from interest-earning assets [14][21]. Asset Quality - The allowance for credit losses on loans increased to $22.8 million as of June 30, 2024, from $21.7 million at December 31, 2023, reflecting a proactive approach to managing credit risk [6][13]. - Non-performing assets totaled $17.9 million as of June 30, 2024, an increase of $4.3 million since December 31, 2023, primarily due to specific loans placed on non-accrual status [13][9]. Balance Sheet Highlights - Total assets as of June 30, 2024, were $2.95 billion, a slight decrease from $2.98 billion at December 31, 2023 [13][22]. - Net loans increased to $2.23 billion as of June 30, 2024, up from $2.22 billion at December 31, 2023, driven by growth in student loans [13][22]. - Total deposits decreased to $2.27 billion as of June 30, 2024, down from $2.32 billion at December 31, 2023, influenced by competitive pressures in the deposit market [13][22]. Shareholder Returns - Cash dividends paid per share increased to $0.485 for the three months ended June 30, 2024, compared to $0.475 in the same period of 2023 [14][21]. - The number of shares used in the computation for basic earnings per share was 4,748,927 for the three months ended June 30, 2024, compared to 4,159,966 for the same period in 2023 [14][21].

Financial Performance - Net interest income before the provision for credit losses was $42.3 million for the six months ended June 30, 2024, an increase of $6.3 million, or 17.4%, over the same period a year ago [2]. - Net income for the first six months of 2024 was $12.3 million, which was $9.6 million, or 351.7% more than 2023's net income through June 30, 2023 [4]. - Total non-interest income was $8.3 million for the six months ended June 30, 2024, which is $3.9 million more than the non-interest income of $4.5 million for the same period last year [8]. - Net income for 2024 was $5,275 million, a significant increase from a net loss of $4,144 million in 2023 [18]. - Basic earnings per share for the three months ended June 30, 2024 was $1.11 compared to a loss of $1.00 for the comparable period of 2023 [10]. - Basic earnings per share for the first six months of 2024 was $2.59, compared to $0.66 for the same period last year [29]. - Net income for the three months ended June 30, 2024, was $5.3 million, an increase of $9.4 million compared to the net loss of $4.1 million in the same period of 2023 [26]. - Net interest income after provision for credit losses for the six months ended June 30, 2024, was $39.5 million, compared to $31.1 million for the same period in 2023, a 27.1% increase [41]. - Net interest income rose to $42,753 thousand in 2024 compared to $36,539 thousand in 2023, an increase of 16.5% [44]. Credit Losses and Provisions - The provision for credit losses for the three months ended June 30, 2024 was $2.0 million compared to $4.9 million for the three months ended June 30, 2023, a decrease of $2.9 million [11]. - The provision for credit losses for the six months ended June 30, 2024, was $2.8 million, a decrease of $2.1 million from $4.9 million for the same period in 2023 [30]. - The allowance for credit losses - loans totaled $22.8 million at June 30, 2024, an increase of $1.2 million from December 31, 2023 [14]. - The allowance for credit losses on loans was $22,797 million as of June 30, 2024, compared to $21,652 million in the previous year [19]. - The provision for credit losses on loans was $1,112 thousand for the period ended June 30, 2024, compared to $200 thousand in the previous period, showing a significant increase [45]. Assets and Liabilities - Total assets as of June 30, 2024, were $2,947,531 million, a slight decrease from $2,975,321 million at the end of 2023 [19]. - Total assets increased to $2,992,357 thousand in 2024 from $2,401,720 thousand in 2023, representing a growth of 24.5% [44]. - Average assets increased to $2,973,890 thousand in 2024 from $2,432,795 thousand in 2023, a growth of 22.3% [47]. - Total loans past due 30-89 days and still accruing increased to $20,652,000 in 2024 from $6,311,000 in 2023, showing a significant rise [49]. - Total deposits decreased to $2,273,095 million in June 2024 from $2,321,481 million in December 2023 [19]. - Deposits decreased by $48.4 million from December 31, 2023, to $2.27 billion at June 30, 2024 [15]. Equity and Stockholders - Stockholders' equity increased to $286,470 million in June 2024, up from $279,666 million at the end of 2023 [19]. - Average stockholders' equity increased to $313,384,000 in 2024 from $250,390,000 in 2023, a rise of 25.2% [51]. - Tangible book value per share increased to $41.49 in 2024 from $36.69 in 2023, representing a growth of 12.1% [52]. Non-Interest Income and Expenses - Total non-interest expenses for the three months ended June 30, 2024 totaled $16.2 million compared to $20.7 million for the same period last year, a decrease of $4.4 million [12]. - Total non-interest expenses for the six months ended June 30, 2024, totaled $32.9 million, an increase of $0.4 million compared to $32.5 million for the same period last year [31]. - Total non-interest income was $3.3 million for the three months ended June 30, 2024, which is $1.1 million more than the comparable period last year [33]. - Non-interest income for the three months ended June 30, 2024, was $3.3 million, compared to $2.3 million in the same period of 2023, a 46.3% increase [41]. Employee Metrics - Average full-time equivalent employees increased to 389.7 in 2024 from 322.2 in 2023 [18]. Interest Rates and Spreads - The yield on interest earning assets increased by 88 basis points to 5.52% for the six months ended June 30, 2024 [7]. - The average rate on interest-earning assets increased to 5.52% in 2024 from 4.64% in 2023, reflecting a rise of 1.88 percentage points [44]. - The net interest spread decreased to 2.53% in 2024 from 2.81% in 2023, reflecting a decline of 0.28 percentage points [44]. - The net interest spread decreased to 2.58% in 2024 from 2.71% in 2023, indicating a narrowing margin [48]. Non-Performing Assets - Non-performing assets rose to $17,924 million in 2024 from $13,638 million in 2023 [18]. - Non-performing assets totaled $17.9 million as of June 30, 2024, an increase of $4.3 million since December 31, 2023 [37].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code: (570) 662‑2121 N/A (Former Name, former address and former fiscal year, if changed since last report) For the transition period from________________ ...

Citizens Financial Services (CZFS) came out with quarterly earnings of $1.49 per share, missing the Zacks Consensus Estimate of $1.55 per share. This compares to earnings of $1.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.87%. A quarter ago, it was expected that this bank would post earnings of $1.62 per share when it actually produced earnings of $1.60, delivering a surprise of -1.23%.Over the last four quarters, the ...

Net Income and Profitability - Net income for Q1 2024 increased by $157,000 or 2.3% to $7,024,000 compared to Q1 2023[1] - Net income for Q1 2024 was $7.0 million, a 2.3% increase compared to Q1 2023, driven by a pre-tax gain of approximately $900,000 from the sale of Braavo assets[13] - Net income was $7,024 million, compared to $6,867 million in the previous period[2] - Income before provision for income taxes was $8,501 million, compared to $8,476 million in the previous period[1] - Provision for income tax expense was $1,477 million, compared to $1,609 million in the previous period[1] - Net income per common share (basic and diluted) was $1.49, compared to $1.71 in the previous period[4] Net Interest Income and Margin - Net interest income before provision for credit losses increased by $2,878,000 or 15.9% to $20,958,000 in Q1 2024[1] - Net interest income before provision for credit losses increased by $2.9 million (15.9%) to $21.0 million in Q1 2024, primarily due to the HVB acquisition[13] - Net interest income rose to $21.2 million in Q1 2024, compared to $18.4 million in Q1 2023[17] - Net interest income is $20,958,180,080[19] - Tax equivalent adjustment is $250,271[19] - Non-GAAP net interest income (fully taxable equivalent) is $21,208,000,000[19] - Non-GAAP net interest income (fully taxable equivalent) increased by $2,857,000,000 compared to the previous period[19] - Net interest margin decreased to 3.05% in Q1 2024 from 3.30% in Q1 2023[17] - Net interest income after provision for credit losses stood at $20.2 million in Q1 2024, compared to $18.1 million in Q1 2023, a 11.6% increase[20] Loans and Credit Quality - Average loans increased by $563.1 million in Q1 2024 primarily due to the HVB acquisition[1] - Net loans decreased by $9.6 million to $2.22 billion at March 31, 2024 due to student loan reductions and Braavo asset sales[5] - Loans (net of unearned income) increased to $2.2 billion in Q1 2024, up from $1.7 billion in Q1 2023[15] - Net loans increased to $2,218.1 million in March 2024, up from $1,708.2 million in March 2023[16] - Average loan balances increased to $2,297.2 million in Q1 2024, up from $1,734.1 million in Q1 2023[17] - Residential mortgage loans grew to $357.8 million in March 2024, up from $212.8 million in March 2023[18] - Commercial real estate loans increased to $1,115.9 million in March 2024, compared to $879.0 million in March 2023[18] - Construction loans expanded significantly to $184.5 million in March 2024, up from $75.7 million in March 2023[18] - Allowance for credit losses increased by $445,000 to $21,598,000 at March 31, 2024, representing 0.96% of total loans[5] - Allowance for credit losses on loans increased to $21.6 million in March 2024, compared to $15.3 million in March 2023[18] - Non-performing assets increased by $4.8 million to $15.7 million as of March 31, 2024, representing 0.70% of total loans, up from 0.63% in Q1 2023[13] - Provision for credit losses was $785,000 in Q1 2024, compared to no provision in Q1 2023[20] Non-Interest Income and Expenses - Total non-interest income increased by $2,797,000 to $4,971,000 in Q1 2024 driven by gains from asset sales and HVB acquisition[1] - Non-interest income rose to $5.0 million in Q1 2024, up from $2.2 million in Q1 2023, marking a 127.3% year-over-year growth[20] - Gains on loans sold amounted to $417,000 in Q1 2024, up from $45,000 in Q1 2023, reflecting a significant 826.7% growth[20] - Gains on the sale of the Braavo division contributed $1.1 million to non-interest income in Q1 2024[20] - Total non-interest expenses increased by $4,865,000 or 41.3% to $16,643,000 in Q1 2024 due to acquisition-related costs and salary increases[1] - Total non-interest expenses increased to $16.6 million in Q1 2024, up from $7.0 million in Q1 2023, a 137.1% rise[20] - Salaries and employee benefits expenses grew to $10.3 million in Q1 2024, compared to $7.7 million in Q1 2023, a 33.8% increase[20] Deposits and Assets - Total assets decreased to $2.92 billion at March 31, 2024 from $2.98 billion at December 31, 2023[5] - Total assets increased to $2.9 billion in Q1 2024, up from $2.3 billion in Q1 2023, driven by the HVB acquisition[15] - Total assets decreased to $2,921.1 million as of March 31, 2024, compared to $2,975.3 million at the end of December 2023[16] - Deposits decreased by $18.7 million to $2.30 billion at March 31, 2024 due to customer withdrawals for projects and bond payments[5] - Deposits increased to $2.3 billion in Q1 2024, up from $1.8 billion in Q1 2023[15] - Total deposits slightly decreased to $2,302.9 million in March 2024 from $2,321.5 million in December 2023[16] Equity and Shareholder Metrics - Stockholders' equity increased by $3.0 million to $282.7 million at March 31, 2024, excluding AOCI[5] - Tangible book value per share decreased to $46.76 in Q1 2024 from $51.73 in Q1 2023[15] - Return on average equity (annualized) decreased to 9.10% in Q1 2024 from 11.49% in Q1 2023[13] - Return on average tangible equity (annualized) decreased to 12.80% in Q1 2024 from 13.30% in Q1 2023[13] - Cash dividends paid were $0.490 per share, compared to $0.480 in the previous period[6] - Number of shares used in computation (basic) was 4,701,853, compared to 4,005,370 in the previous period[8] - Number of shares used in computation (diluted) was 4,701,853, compared to 4,005,375 in the previous period[8] Interest Income and Expense - Total interest income increased to $37.9 million in Q1 2024, up from $25.1 million in Q1 2023, reflecting a 51.2% year-over-year growth[20] - Total interest expense is $16,975,727,027[19] - Total interest expense increased to $17.0 million in Q1 2024, up from $7.0 million in Q1 2023, a 142.9% rise[20] Employee Metrics - Average full-time equivalent employees increased to 394.1 in Q1 2024 from 313.2 in Q1 2023[15] Other Financial Metrics - Equity security gains (losses) showed a net gain of $55,000 in Q1 2024, compared to a net loss of $218,000 in Q1 2023[20]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____________________ to ___________________ Commission file number 000-13222 CITIZENS FINANCIAL SERVICES, INC. (Exact name of registrant as specified in its charte ...