CZFS — what changed in the latest 10-Q
A section-by-section comparison of CZFS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +49 | −23 | ~48 | 46 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | +4 | −1 | ~5 | 18 |
| Legal proceedings | Text added/removed | +4 | −1 | ~4 | 17 |
| Risk factors | Text added/removed | +4 | −1 | ~4 | 16 |
| Other information | Text added/removed | +4 | 0 | ~2 | 14 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
Net income for the three months ended June 30, 2026 was $10,187,000 compared to net income of $8,463,000 in the comparable 2025 period, an increase of $1,724,000. Basic earnings per share for the three months ended June 30, 2026 was $2.12, compared to $1.76 for last year’s comparable period, represe…
Net interest income as a percentage of average interest-earning assets
Ratio of interest-earning assets to interest-bearing liabilities
Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using a statutory federal income tax rate of 21%.
Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Tax exempt revenue is shown on a tax-equivalent basis (non-GAAP) for proper comparison using a federal statutory income tax rate of 21% for the three months ended March 31, 2026 and 2025. For purposes of the comparison, as well as the discussion that follows, this presentation facilitates performanc…
and interest bearing deposits at banks (tax equivalent basis)
Tax equivalent net interest income increased from $23,250,000 for the three month period ended March 31, 2025 to $26,483,000 for the three month period ended March 31, 2026, an increase of $3,233,000. This increase was primarily due to rate. Asset yields increased 14 basis points (bps), increasing i…
The average balance of other loans decreased $47,673,000 as a result of a decrease in outstanding student loans. This resulted in a decrease of $795,000 on total interest income due to volume. The average yield of other loans decreased 67 basis points to 6.62% as a result of a decrease in market int…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-08-06
Citizens Financial Services, Inc. 2026 Equity Incentive Plan (6)
Fourth Amendment to First Citizens Community Bank Supplemental Executive Retirement Plan (7)
(6) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on April 22, 2026.
(7) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on June 22, 2026.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
On April 22, 2023, the Company announced that the Board of Directors authorized the Company to repurchase up to an additional 150,000 shares at an aggregate purchase price not to exceed $15.0 million over a period of 36 months. The repurchases will be conducted through open-market purchases or priva…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-06
Citizens Financial Services, Inc. 2026 Equity Incentive Plan (6)
Fourth Amendment to First Citizens Community Bank Supplemental Executive Retirement Plan (7)
(6) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on April 22, 2026.
(7) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on June 22, 2026.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
On April 22, 2023, the Company announced that the Board of Directors authorized the Company to repurchase up to an additional 150,000 shares at an aggregate purchase price not to exceed $15.0 million over a period of 36 months. The repurchases will be conducted through open-market purchases or priva…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-06
Citizens Financial Services, Inc. 2026 Equity Incentive Plan (6)
Fourth Amendment to First Citizens Community Bank Supplemental Executive Retirement Plan (7)
(6) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on April 22, 2026.
(7) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on June 22, 2026.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
On April 22, 2023, the Company announced that the Board of Directors authorized the Company to repurchase up to an additional 150,000 shares at an aggregate purchase price not to exceed $15.0 million over a period of 36 months. The repurchases will be conducted through open-market purchases or priva…
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-06
Citizens Financial Services, Inc. 2026 Equity Incentive Plan (6)
Fourth Amendment to First Citizens Community Bank Supplemental Executive Retirement Plan (7)
(6) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on April 22, 2026.
(7) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on June 22, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice