Correspondence 0000739421-24-000097 from CITIZENS FINANCIAL SERVICES INC (CZFS) (CIK 0000739421) (CZFS)
CITIZENS FINANCIAL SERVICES INC (CZFS) (CIK 0000739421)
Date: Oct. 1, 2024 · CIK: 0000739421 · Accession: 0000739421-24-000097
AI Filing Summary & Sentiment
File numbers found in text: 001-41410
Referenced dates: September 18, 2024
Letter
Division of Corporate Finance U.S. Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549 Attention: Marc Thomas
Dear Mr. Thomas,
Please accept this written response to your comment letter dated September 18, 2024 regarding your review of our Form 10-K, for the calendar year ended December 31, 2023 (File No. 001-41410).
Management's Discussion and Analysis of Financial Condition and Results of Operations
Loans, page 34
We agree in future filings beginning with the Form 10-Q for the quarter ended September 30, 2024 to further disaggregate the composition of our CRE portfolio by separately presenting owner and non-owner occupied, by borrower type and other characteristics that management believes is material to an investor’s understanding of our CRE portfolio.
With regard to specific details of risk management policies, procedures or other actions undertaken by management in response to the current environmental, we will enhance disclosure narratives to include the additional reporting used to monitor our CRE portfolio. As circumstances change that require additional risk management policies and/or procedures, we will further enhance our disclosures accordingly.
Sincerely,
/s/ Stephen Guillaume
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October 1, 2024
Division of Corporate Finance
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Attention: Marc Thomas
Dear Mr. Thomas,
Please accept this written response to your comment letter dated September 18, 2024 regarding your review of our Form 10-K, for the
calendar year ended December 31, 2023 (File No. 001-41410).
Management's Discussion and Analysis of Financial Condition and Results of Operations
Loans, page 34
We agree in future filings beginning with the Form 10-Q for the quarter ended September 30, 2024 to further disaggregate the composition
of our CRE portfolio by separately presenting owner and non-owner occupied, by borrower type and other characteristics that management believes is material to an investor’s understanding of our CRE portfolio.
With regard to specific details of risk management policies, procedures or other actions undertaken by management in response to the
current environmental, we will enhance disclosure narratives to include the additional reporting used to monitor our CRE portfolio. As circumstances change that require additional risk management policies and/or procedures, we will further enhance
our disclosures accordingly.
Sincerely,
/s/ Stephen Guillaume
Stephen Guillaume
Executive Vice President & Chief Financial Officer