Citizens & Northern Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Citizens & Northern Corp filed its Q1 2024 10-Q, detailing financial positions and equity components.</b>

AI Summary

CITIZENS & NORTHERN CORP (CZNC) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Citizens & Northern Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data points for common stock, retained earnings, and additional paid-in capital as of March 31, 2024, and prior periods. Information on accumulated other comprehensive income, net unrealized investment gain/loss, and defined benefit plans adjustments are detailed for multiple periods. Federal Home Loan Bank advances from the Federal Home Loan Bank of Pittsburgh are reported as of March 31, 2024, and December 31, 2023. The report references fair value measurements using a discounted cash flow valuation technique for recurring fair value measurements as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking CITIZENS & NORTHERN CORP, this filing contains several important signals. This 10-Q filing provides a snapshot of Citizens & Northern Corp's financial health and equity structure as of the end of the first quarter of 2024, allowing investors to assess changes from previous periods. The inclusion of detailed equity components and fair value measurements offers insights into the company's financial stability and valuation methods.

Risk Assessment

Risk Level: low — CITIZENS & NORTHERN CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk.

Analyst Insight

Monitor future filings for trends in equity components and fair value measurements to understand the company's financial trajectory.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CITIZENS & NORTHERN CORP (company) — Filer name
• CZNC (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filing date
• PA (location) — State of incorporation
• Federal Home Loan Bank of Pittsburgh (company) — Source of advances

FAQ

Industry Context

Citizens & Northern Corp operates within the State Commercial Banks industry (SIC 6022).

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934, adhering to SEC regulations for public companies.

What Investors Should Do

1. Review the detailed balance sheet and equity accounts for changes from the previous quarter.
2. Analyze fair value measurement disclosures for any significant shifts or new methodologies.
3. Compare key financial metrics to industry benchmarks if available in subsequent filings.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data as of this date
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing. Previous filings would include the Q4 2023 10-K and prior 10-Q reports.

Key Financial Figures

• $1.00 — ich Registered Common Stock Par Value $1.00 CZNC NASDAQ Capital Market Indica

Filing Documents

• cznc-20240331x10q.htm (10-Q) — 5560KB
• cznc-20240331xex31d1.htm (EX-31.1) — 15KB
• cznc-20240331xex31d2.htm (EX-31.2) — 15KB
• cznc-20240331xex32.htm (EX-32) — 9KB
• cznc-20240331x10q001.jpg (GRAPHIC) — 13KB
• 0001558370-24-007016.txt (&nbsp;) — 21032KB
• cznc-20240331.xsd (EX-101.SCH) — 65KB
• cznc-20240331_cal.xml (EX-101.CAL) — 122KB
• cznc-20240331_def.xml (EX-101.DEF) — 354KB
• cznc-20240331_lab.xml (EX-101.LAB) — 618KB
• cznc-20240331_pre.xml (EX-101.PRE) — 534KB
• cznc-20240331x10q_htm.xml (XML) — 5865KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) – March 31, 2024 and December 31, 2023 Page 3 Consolidated Statements of Income (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023 Page 4 Consolidated Statements of Comprehensive Income (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023 Page 5 Consolidated Statements of Cash Flows (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023 Page 6 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023 Page 7 Notes to Unaudited Consolidated Financial Statements Pages 8 –31

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Pages 32 – 51

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk Pages 52 – 54

Controls and Procedures

Item 4. Controls and Procedures Page 54

Other Information

Part II. Other Information Pages 54 – 56

Signatures

Signatures Page 57 2 Table of Contents CITIZENS & NORTHERN CORPORATION – FORM 10-Q

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Data) (Unaudited) March 31, December 31, (In Thousands, Except Share and Per Share Data) 2024 2023 ASSETS Cash and due from banks: Noninterest-bearing $ 18,084 $ 24,855 Interest-bearing 28,364 32,023 Total cash and due from banks 46,448 56,878 Available-for-sale debt securities, at fair value 405,094 415,755 Loans receivable 1,872,449 1,848,139 Allowance for credit losses ( 20,023 ) ( 19,208 ) Loans, net 1,852,426 1,828,931 Bank-owned life insurance 49,857 63,674 Accrued interest receivable 9,465 9,140 Bank premises and equipment, net 21,852 21,632 Foreclosed assets held for sale 456 478 Deferred tax asset, net 17,703 17,441 Goodwill 52,505 52,505 Core deposit intangibles, net 2,372 2,469 Other assets 63,359 46,681 TOTAL ASSETS $ 2,521,537 $ 2,515,584 LIABILITIES Deposits: Noninterest-bearing $ 493,962 $ 490,554 Interest-bearing 1,501,941 1,524,252 Total deposits 1,995,903 2,014,806 Short-term borrowings 48,831 33,874 Long-term borrowings - FHLB advances 148,824 138,337 Senior notes, net 14,848 14,831 Subordinated debt, net 24,745 24,717 Accrued interest and other liabilities 26,730 26,638 TOTAL LIABILITIES 2,259,881 2,253,203 STOCKHOLDERS' EQUITY Preferred stock, $ 1,000 par value; authorized 30,000 shares; $ 1,000 liquidation preference per share; no shares issued 0 0 Common stock, par value $ 1.00 per share; authorized 30,000,000 shares; issued 16,030,172 and outstanding 15,378,065 at March 31, 2024; issued 16,030,172 and outstanding 15,295,135 at December 31, 2023 16,030 16,030 Paid-in capital 143,016 144,388 Retained earnings 158,051 157,028 Treasury stock, at cost; 652,107 shares at March 31, 2024 and 735,037 shares at December 31, 2023 ( 14,735 ) ( 16,628 ) Accumulated other comprehensiv

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View this 10-Q filing on SEC EDGAR