Citizens & Northern Files 8-K on Dec 14 Event; CZNC on Nasdaq

TL;DR

**CZNC filed an 8-K for a Dec 14 event, confirming regulatory compliance and Nasdaq listing.**

AI Summary

Citizens & Northern Corporation filed an 8-K on January 4, 2024, reporting an "Other Event" that occurred on December 14, 2023. While the filing itself doesn't detail the specific event, it confirms the company's registration with the SEC and its common stock (CZNC) is traded on the Nasdaq Capital Market. This matters to investors because it confirms the company's ongoing compliance with regulatory disclosure requirements, which is fundamental for maintaining investor confidence and market transparency.

Why It Matters

This filing confirms Citizens & Northern Corporation's adherence to SEC reporting standards, which is crucial for maintaining transparency and investor trust in the company's operations and financial health.

Risk Assessment

Risk Level: low — This 8-K is a routine filing confirming an event and regulatory compliance, posing minimal direct risk to investors.

Analyst Insight

A smart investor would monitor for subsequent filings or press releases from Citizens & Northern Corporation that might elaborate on the 'Other Event' mentioned in this 8-K, as the current filing lacks specific details about its nature or impact.

Key Numbers

• $1.00 — Par Value per Share (The par value of Citizens & Northern Corporation's common stock.)

Key Players & Entities

• Citizens & Northern Corporation (company) — the registrant filing the 8-K
• Nasdaq Capital Market (company) — the exchange where CZNC common stock is registered
• $1.00 (dollar_amount) — par value per share of common stock

Forward-Looking Statements

• Citizens & Northern Corporation will provide more details on the 'Other Event' in a subsequent filing or press release. (Citizens & Northern Corporation) — medium confidence, target: 2024-03-31

FAQ

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 per share CZNC Nasdaq Capital Marke
• $1.253 m — net charge to earnings of approximately $1.253 million, or $0.08 per diluted share, refl
• $0.08 — ngs of approximately $1.253 million, or $0.08 per diluted share, reflecting the net i
• $45.5 m — urities with an amortized cost basis of $45.5 million, generating a pre-tax loss of $3.
• $3.0 million — 5 million, generating a pre-tax loss of $3.0 million and after-tax loss of $2.4 million. In
• $2.4 million — s of $3.0 million and after-tax loss of $2.4 million. Initiated the surrender of BOLI with
• $14.3 m — surrender of BOLI with a book value of $14.3 million, resulting in a tax charge of app
• $950,000 — ulting in a tax charge of approximately $950,000. Proceeds from the surrender of BOLI ar
• $2.1 million — in the second half of 2024. Recognized $2.1 million of pre-tax and after-tax income from a
• $30 million — income from a one-time enhancement on a $30 million purchase of new BOLI. C&N's management
• $1.5 million — positive contribution to net income of $1.5 million in 2024, from reinvestment in assets wi
• $13.7 million — I noted above and in purchases totaling $13.7 million of AFS debt securities. In 2024, the ex

Filing Documents

• cznc-20231214x8k.htm (8-K) — 47KB
• 0001558370-24-000063.txt ( ) — 162KB
• cznc-20231214.xsd (EX-101.SCH) — 3KB
• cznc-20231214_lab.xml (EX-101.LAB) — 15KB
• cznc-20231214_pre.xml (EX-101.PRE) — 9KB
• cznc-20231214x8k_htm.xml (XML) — 5KB

01. Other Events

ITEM 8.01. Other Events In December 2023, Citizens & Northern Corporation ("C&N") repositioned its available-for-sale securities portfolio and its investments in bank-owned life insurance ("BOLI"). As a result of the repositioning, in the fourth quarter 2023, C&N will recognize a net charge to earnings of approximately $1.253 million, or $0.08 per diluted share, reflecting the net impact of the following transactions: Sold available-for-sale ("AFS") debt securities with an amortized cost basis of $45.5 million, generating a pre-tax loss of $3.0 million and after-tax loss of $2.4 million. Initiated the surrender of BOLI with a book value of $14.3 million, resulting in a tax charge of approximately $950,000. Proceeds from the surrender of BOLI are expected to be received in the second half of 2024. Recognized $2.1 million of pre-tax and after-tax income from a one-time enhancement on a $30 million purchase of new BOLI. C&N's management expects to recover the fourth quarter 2023 loss described above in less than one year, including an estimated positive contribution to net income of $1.5 million in 2024, from reinvestment in assets with higher yields as compared to the yields on the assets sold. In December 2023, proceeds from the sale of securities were used in the $30 million purchase of BOLI noted above and in purchases totaling $13.7 million of AFS debt securities. In 2024, the expected pre-tax and after-tax yield on the new BOLI is 4.41%, for a taxable equivalent yield of 5.58%. In comparison, in 2023, the taxable equivalent yield on the BOLI being surrendered was approximately 2.20%. The AFS debt securities purchased were U.S. Government Agency-issued collateralized mortgage-backed securities (residential) with an estimated yield of 4.83% and an estimated average life of 4.4 years. The AFS debt securities sold included U.S. Treasury obligations, U.S Government Agency obligations and municipal bonds. C&N's book yield on the AFS debt securities sold was 1.42%

01. Financial Statements and Exhibits

ITEM 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit 104: Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CITIZENS & NORTHERN CORPORATION Dated: January 4, 2024 By: /s/ Mark A. Hughes Mark A. Hughes Treasurer and Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR