CITIZENS FINANCIAL SERVICES, INC. Forward-Looking Statements
We have made forward-looking statements in this document, and in documents that
we incorporate by reference, that are subject to risks and uncertainties.
Forward-looking statements include information concerning possible or expected
future results of operations of
• The scope, duration and severity of the COVID-19 pandemic and its effects on
our business and operations, our customers, including their ability to make timely payments on loans, our service providers, and on the economy and financial markets in general.
• Interest rates could change more rapidly or more significantly than we expect.
• The economy could change significantly in an unexpected way, which would cause
the demand for new loans and the ability of borrowers to repay outstanding
loans to change in ways that our models do not anticipate.
• The financial markets could suffer a significant disruption, which may have a
negative effect on our financial condition and that of our borrowers, and on
our ability to raise money by issuing new securities.
• It could take us longer than we anticipate to implement strategic initiatives
designed to increase revenues or manage expenses, or we may be unable to
implement those initiatives at all.
• We may not be able to successfully integrate businesses we acquire or be able
to fully realize the expected financial and other benefits from acquisitions.
• Acquisitions and dispositions of assets could affect us in ways that management
has not anticipated.
• We may become subject to new legal obligations or the resolution of litigation
may have a negative effect on our financial condition or operating results.
• We may become subject to new and unanticipated accounting, tax, or regulatory
practices or requirements.
• We could experience greater loan delinquencies than anticipated, adversely
affecting our earnings and financial condition.
• We could experience greater losses than expected due to the ever increasing
volume of information theft and fraudulent scams impacting our customers and
the banking industry.
• We could lose the services of some or all of our key personnel, which would
negatively impact our business because of their business development skills, financial expertise, lending experience, technical expertise and market area knowledge.
• The agricultural economy is subject to extreme swings in both the costs of
resources and the prices received from the sale of products, which could
negatively impact some of our customers.
• Agricultural customers could be affected by factors outside of their control
including adverse weather conditions, loss of crops or livestock due to
diseases or other factors, and government policies, regulations and tariffs.
• Loan concentrations in certain industries could negatively impact financial
results, if financial results or economic conditions deteriorate.
• Companies providing support services related to the exploration and drilling of
the natural gas reserves in our market area may be affected by federal, state
and local laws and regulations such as restrictions on production, permitting,
changes in taxes and environmental protection, which could negatively impact
our customers and, as a result, negatively impact our loan and deposit volume
and loan quality. Additionally, the activities the companies providing support
services related to the exploration and drilling of the natural gas reserves
may be dependent on the market price of natural gas. As a result, decreases in
the market price of natural gas could also negatively impact these companies,
our customers.
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Table of Contents Additional factors that may affect our results are discussed under "Part II -
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