Citizens & Northern Corp Q3 2024 Financial Update
Ticker: CZNC · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 810958
Sentiment: neutral
Topics: financials, quarterly-report, balance-sheet
Related Tickers: CZN
TL;DR
CZN's Q3 2024 10-Q is in - check the balance sheet for key equity changes.
AI Summary
Citizens & Northern Corp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position, including its retained earnings, additional paid-in capital, and accumulated other comprehensive income as of September 30, 2024, and June 30, 2024. Key financial data points from the report are presented for the third quarter of 2024.
Why It Matters
This filing provides investors with a detailed look at Citizens & Northern Corp's financial health and performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news.
Key Numbers
- 2024-09-30 — Reporting Date (End of the third fiscal quarter for 2024.)
- 2024-06-30 — Previous Reporting Date (End of the second fiscal quarter for 2024.)
Key Players & Entities
- CITIZENS & NORTHERN CORP (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241106 (date) — Filing Date
FAQ
What were the key changes in Citizens & Northern Corp's equity accounts between June 30, 2024, and September 30, 2024?
The filing details changes in Treasury Stock, Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income for these periods.
What is the fiscal year-end for Citizens & Northern Corp?
The fiscal year-end for Citizens & Northern Corp is December 31.
In which state is Citizens & Northern Corp incorporated?
Citizens & Northern Corp is incorporated in Pennsylvania (PA).
What is the SIC code for Citizens & Northern Corp?
The Standard Industrial Classification (SIC) code for Citizens & Northern Corp is 6022, which corresponds to State Commercial Banks.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 6, 2024.
Filing Stats: 4,386 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-06 14:50:40
Key Financial Figures
- $1.00 — ich Registered Common Stock Par Value $1.00 CZNC NASDAQ Capital Market Indica
Filing Documents
- cznc-20240930x10q.htm (10-Q) — 6625KB
- cznc-20240930xex31d1.htm (EX-31.1) — 15KB
- cznc-20240930xex31d2.htm (EX-31.2) — 15KB
- cznc-20240930xex32.htm (EX-32) — 9KB
- cznc-20240930x10q001.jpg (GRAPHIC) — 13KB
- 0001558370-24-014605.txt ( ) — 23127KB
- cznc-20240930.xsd (EX-101.SCH) — 63KB
- cznc-20240930_cal.xml (EX-101.CAL) — 123KB
- cznc-20240930_def.xml (EX-101.DEF) — 352KB
- cznc-20240930_lab.xml (EX-101.LAB) — 615KB
- cznc-20240930_pre.xml (EX-101.PRE) — 527KB
- cznc-20240930x10q_htm.xml (XML) — 6393KB
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) – September 30, 2024 and December 31, 2023 Page 3 Consolidated Statements of Income (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2024 and 2023 Page 4 Consolidated Statements of Comprehensive Income (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2024 and 2023 Page 5 Consolidated Statements of Cash Flows (Unaudited) – Nine -month Periods Ended September 30, 2024 and 2023 Page 6 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) – Three-month and Nine-month Periods Ended September 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) September 30, December 31, (In Thousands, Except Share and Per Share Data) 2024 2023 ASSETS Cash and due from banks: Noninterest-bearing $ 25,707 $ 24,855 Interest-bearing 158,506 32,023 Total cash and due from banks 184,213 56,878 Available-for-sale debt securities, at fair value 408,422 415,755 Loans receivable 1,892,764 1,848,139 Allowance for credit losses ( 20,442 ) ( 19,208 ) Loans, net 1,872,322 1,828,931 Bank-owned life insurance 50,757 63,674 Accrued interest receivable 9,419 9,140 Bank premises and equipment, net 21,537 21,632 Foreclosed assets held for sale 181 478 Deferred tax asset, net 17,047 17,441 Goodwill 52,505 52,505 Core deposit intangibles, net 2,177 2,469 Other assets 52,242 46,681 TOTAL ASSETS $ 2,670,822 $ 2,515,584 LIABILITIES Deposits: Noninterest-bearing $ 513,067 $ 490,554 Interest-bearing 1,622,812 1,524,252 Total deposits 2,135,879 2,014,806 Short-term borrowings 11,426 33,874 Long-term borrowings - FHLB advances 174,617 138,337 Senior notes, net 14,882 14,831 Subordinated debt, net 24,802 24,717 Accrued interest and other liabilities 31,911 26,638 TOTAL LIABILITIES 2,393,517 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 15,414,132 at September 30, 2024; issued 16,030,172 and outstanding 15,295,135 at December 31, 2023 16,030 16,030 Paid-in capital 143,206 144,388 Retained earnings 161,920 157,028 Treasury stock, at cost; 616,040 shares at September 30, 2024 and 735,037 shares at December 31, 2023 ( 13,787 ) ( 16,628 ) Accumulated othe