Citizens & Northern Corp. Files Q2 2024 10-Q
Ticker: CZNC · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 810958
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: CZN
TL;DR
CZN Q2 10-Q filed. Financials look steady.
AI Summary
Citizens & Northern Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position for the second quarter. Key financial data and disclosures relevant to investors and regulators are presented.
Why It Matters
This filing provides investors with a detailed look at Citizens & Northern Corp.'s financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- CITIZENS & NORTHERN CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240807 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on August 7, 2024.
What is the Standard Industrial Classification (SIC) code for Citizens & Northern Corp?
The SIC code for Citizens & Northern Corp is 6022, which corresponds to State Commercial Banks.
In which state is Citizens & Northern Corp incorporated?
Citizens & Northern Corp is incorporated in Pennsylvania (PA).
What is the fiscal year end for Citizens & Northern Corp?
The fiscal year end for Citizens & Northern Corp is December 31 (1231).
Filing Stats: 4,460 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-07 10:47:35
Key Financial Figures
- $1.00 — ich Registered Common Stock Par Value $1.00 CZNC NASDAQ Capital Market Indica
Filing Documents
- cznc-20240630x10q.htm (10-Q) — 6633KB
- cznc-20240630xex31d1.htm (EX-31.1) — 15KB
- cznc-20240630xex31d2.htm (EX-31.2) — 15KB
- cznc-20240630xex32.htm (EX-32) — 9KB
- cznc-20240630x10q001.jpg (GRAPHIC) — 13KB
- 0001558370-24-011247.txt ( ) — 23234KB
- cznc-20240630.xsd (EX-101.SCH) — 63KB
- cznc-20240630_cal.xml (EX-101.CAL) — 122KB
- cznc-20240630_def.xml (EX-101.DEF) — 350KB
- cznc-20240630_lab.xml (EX-101.LAB) — 618KB
- cznc-20240630_pre.xml (EX-101.PRE) — 528KB
- cznc-20240630x10q_htm.xml (XML) — 6466KB
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) – June 30, 2024 and December 31, 2023 Page 3 Consolidated Statements of Income (Unaudited) – Three-month and Six-month Periods Ended June 30, 2024 and 2023 Page 4 Consolidated Statements of Comprehensive Income (Unaudited) – Three-month and Six-month Periods Ended June 30, 2024 and 2023 Page 5 Consolidated Statements of Cash Flows (Unaudited) – Six -month Periods Ended June 30, 2024 and 2023 Page 6 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) – Three-month and Six-month Periods Ended June 30, 2024 and 2023 Page 7 Notes to Unaudited Consolidated Financial Statements Pages 8 –32
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 33 –55
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk Pages 56 – 58
Controls and Procedures
Item 4. Controls and Procedures Page 58
Other Information
Part II. Other Information Pages 58 – 60
Signatures
Signatures Page 61 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) June 30, December 31, (In Thousands, Except Share and Per Share Data) 2024 2023 ASSETS Cash and due from banks: Noninterest-bearing $ 26,539 $ 24,855 Interest-bearing 73,873 32,023 Total cash and due from banks 100,412 56,878 Available-for-sale debt securities, at fair value 401,145 415,755 Loans receivable 1,893,207 1,848,139 Allowance for credit losses ( 20,382 ) ( 19,208 ) Loans, net 1,872,825 1,828,931 Bank-owned life insurance 50,301 63,674 Accrued interest receivable 9,165 9,140 Bank premises and equipment, net 21,966 21,632 Foreclosed assets held for sale 181 478 Deferred tax asset, net 18,375 17,441 Goodwill 52,505 52,505 Core deposit intangibles, net 2,274 2,469 Other assets 63,973 46,681 TOTAL ASSETS $ 2,593,122 $ 2,515,584 LIABILITIES Deposits: Noninterest-bearing $ 501,774 $ 490,554 Interest-bearing 1,557,535 1,524,252 Total deposits 2,059,309 2,014,806 Short-term borrowings 16,874 33,874 Long-term borrowings - FHLB advances 185,649 138,337 Senior notes, net 14,865 14,831 Subordinated debt, net 24,773 24,717 Accrued interest and other liabilities 28,431 26,638 TOTAL LIABILITIES 2,329,901 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 15,375,982 at June 30, 2024; issued 16,030,172 and outstanding 15,295,135 at December 31, 2023 16,030 16,030 Paid-in capital 143,352 144,388 Retained earnings 159,859 157,028 Treasury stock, at cost; 654,190 shares at June 30, 2024 and 735,037 shares at December 31, 2023 ( 14,659 ) ( 16,628 ) Accumulated other comprehensive