PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2024

PARENT COMPANY ONLY

PARENT COMPANY ONLY

18. PARENT COMPANY ONLY

The following is condensed financial information for Citizens & Northern Corporation:

CONDENSED BALANCE SHEET	Dec. 31,		Dec. 31,
(In Thousands)	2024		2023
ASSETS
Cash	$	16,013	$	14,822
Investment in subsidiaries:
Citizens & Northern Bank		285,465		272,286
Citizens & Northern Investment Corporation		9,768		11,087
Bucktail Life Insurance Company		3,804		3,733
Other assets		136		200
TOTAL ASSETS	$	315,186	$	302,128
LIABILITIES AND STOCKHOLDERS' EQUITY
Senior notes, net	$	14,899	$	14,831
Subordinated debt, net		24,831		24,717
Other liabilities		172		199
Stockholders' equity		275,284		262,381
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	315,186	$	302,128

CONDENSED INCOME STATEMENT AND COMPREHENSIVE INCOME (LOSS)
(In Thousands)	2024		2023		2022
Dividends from Citizens & Northern Bank	$	17,341	$	19,405	$	19,483
Dividends from Citizens & Northern Investment Corporation		1,500		1,800		0
Expenses		(1,644)		(2,003)		(1,695)
Income before equity in undistributed income of subsidiaries		17,197		19,202		17,788
Equity in undistributed income of subsidiaries		8,761		4,946		8,830
NET INCOME	$	25,958	$	24,148	$	26,618
COMPREHENSIVE INCOME (LOSS)	$	27,634	$	35,589	$	(28,286)

CONDENSED STATEMENT OF CASH FLOWS
(In Thousands)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	25,958	$	24,148	$	26,618
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of purchase accounting adjustment		0		0		(14)
Amortization of debt issuance costs		182		176		170
Equity in undistributed income of subsidiaries		(8,761)		(4,946)		(8,830)
Decrease (increase) in other assets		64		(167)		0
(Decrease) increase in other liabilities		(93)		97		(41)
Net Cash Provided by Operating Activities		17,350		19,308		17,903
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of subordinated debt		0		0		(8,500)
Proceeds from sale of treasury stock		0		0		160
Purchase of treasury stock		(629)		(6,784)		(9,349)
Dividends paid		(15,530)		(15,569)		(15,865)
Net Cash Used in Financing Activities		(16,159)		(22,353)		(33,554)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,191		(3,045)		(15,651)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		14,822		17,867		33,518
CASH AND CASH EQUIVALENTS, END OF YEAR	$	16,013	$	14,822	$	17,867
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION,
Interest paid	$	1,305	$	1,234	$	1,433