CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2015

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

18. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

The following is condensed financial information for Citizens Financial Services, Inc.:

CITIZENS FINANCIAL SERVICES, INC.
CONDENSED  BALANCE SHEET
	December 31,
(in thousands)	2015	2014
Assets:
Cash	$           4,593	$          7,911
Available-for-sale securities	2,332	1,556
Investment in subsidiary:
First Citizens Community Bank	120,370	98,542
Other assets	557	511
Total assets	$       127,852	$      108,520
Liabilities:
Other liabilities	$              592	$             492
Borrowed funds	7,500	7,500
Total liabilities	8,092	7,992
Stockholders' equity	119,760	100,528
Total liabilities and stockholders' equity	$       127,852	$      108,520

CITIZENS FINANCIAL SERVICES, INC.
CONDENSED  STATEMENT OF INCOME
	Year Ended December 31,
(in thousands)	2015	2014	2013
Dividends from:
Bank subsidiary	$           5,582	$        14,332	$             4,142
Available-for-sale securities	71	56	51
Total income	5,653	14,388	4,193
Realized securities gains	76	-	183
Expenses	892	555	638
Income before equity
in undistributed earnings
of subsidiary	4,837	13,833	3,738
Equity in undistributed
earnings - First Citizens Community Bank	6,789	(448)	9,637
Net income	$         11,626	$        13,385	$           13,375
Comprehensive income	$         10,623	$        15,377	$             7,519

CITIZENS FINANCIAL SERVICES, INC.
STATEMENT OF CASH FLOWS
	Year Ended December 31,
(in thousands)	2015	2014	2013
Cash flows from operating activities:
Net income	$         11,626	$        13,385	$           13,375
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(6,789)	448	(9,637)
Investment securities gains, net	(76)	-	(183)
Other, net	322	174	309
Net cash provided by operating activities	5,083	14,007	3,864
Cash flows from investing activities:
Purchases of available-for-sale securities	(901)	(602)	(1)
Proceeds from the sale of available-for-sale securities	113	-	538
Net cash provided by (used in) investing activities	(788)	(602)	537
Cash flows from financing activities:
Cash dividends paid	(5,151)	(6,121)	(3,558)
Purchase of treasury stock	(2,455)	(814)	(1,483)
Purchase of restricted stock	(7)	(170)	(115)
Net cash used in financing activities	(7,613)	(7,105)	(5,156)
Net (decrease) increase in cash	(3,318)	6,300	(755)
Cash at beginning of year	7,911	1,611	2,366
Cash at end of year	$           4,593	$          7,911	$             1,611