---
schema_version: "secwatch.filing_event.v1"
accession: "0000739421-23-000020"
form_type: "8-K"
ticker: "CZFS"
cik: "0000739421"
company_name: "CITIZENS FINANCIAL SERVICES INC"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T09:58:21.408878+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Citizens Financial Services receives regulatory nod for HVB acquisition; Q1 net income up 1.9% to $6.9M

## Summary
- Regulatory approval received for acquisition of HV Bancorp, Inc.; transaction expected to close June 16, 2023.
- Q1 2023 net income $6.9M ($1.73 EPS) vs $6.7M ($1.69 EPS) in Q1 2022, up 1.9%.
- Net interest income rose 11.2% to $18.1M; no provision for credit losses recorded.
- Non-performing assets increased to $10.9M (0.63% of loans) due to two commercial relationships placed on non-accrual.
- Declared quarterly dividend of $0.485/share, up 3.1% from prior year; deposits down $44.5M from Dec 2022.

## SEC filing metadata
- accession: 0000739421-23-000020
- form_type: 8-K
- ticker: CZFS
- cik: 0000739421
- company_name: CITIZENS FINANCIAL SERVICES INC
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/739421/000073942123000020/0000739421-23-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/739421/000073942123000020/firstqtrearnings.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000739421-23-000020
- JSON: https://secwatch.observer/filing/0000739421-23-000020.json
- Plain text: https://secwatch.observer/filing/0000739421-23-000020.txt

## Key facts
- Earnings Releases
  CITIZENS FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: revenue $18,080,000, net income $6,867,000, EPS $1.73.
  - Period: the three months ended March 31, 2023
  - Revenue: $18,080,000
  - Net income: $6,867,000
  - EPS: $1.73
  - Result: reported results
  source text: For the three months ended March 31, 2023, net income totaled $6,867,000 which compares to net income of $6,740,000 for the comparable period of 2022, an increase of $127,000 or 1.9%. Basic earnings per share of $1.73 for the three months ended March 31, 2023 compares to $1.69 for the 2022 comparable period. Annualized return on equity for the three months ended March 31, 2023 and 2022 was 11.49% and 12.46%, while annualized return on assets was 1.16% and 1.26%, respectively. • Net interest income before the provision for credit losses for the three months ended March 31, 2023 totaled $18,080,000 compared to $16,262,000 for the three months ended March 31, 2022, resulting in an increase of $1,818,000, or 11.2%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/739421/000073942123000020/0000739421-23-000020-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.