$CZNC

CITIZENS & NORTHERN CORP

CIK:0000810958|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and fees on loans:
Taxable	$ 36,583	$ 28,051	$ 72,224	$ 55,554
Tax-exempt	629	602	1,248	1,194
Income from available-for-sale debt securities:
Taxable	3,507	2,329	7,025	4,631
Tax-exempt	562	579	1,124	1,152
Other interest and dividend income	285	893	533	1,632
Total interest and dividend income	41,566	32,454	82,154	64,163
INTEREST EXPENSE
Interest on deposits	9,820	9,284	19,878	18,876
Interest on short-term borrowings	337	1	613	1
Interest on long-term borrowings - FHLB advances	1,423	1,674	2,869	3,463
Interest on senior notes, net	81	120	202	241
Interest on subordinated debt, net	287	233	520	465
Total interest expense	11,948	11,312	24,082	23,046
Net interest income	29,618	21,142	58,072	41,117
Credit (provision) for credit losses	(1,846)	2,354	11,756	2,590
Net interest income after (credit) provision for credit losses	31,464	18,788	46,316	38,527
NONINTEREST INCOME
Trust revenue	2,242	1,967	4,327	4,069
Brokerage and insurance revenue	816	554	1,404	1,052
Net gains from sale of loans	608	312	978	517
Increase in cash surrender value of life insurance	527	466	1,042	923
Other noninterest income	2,305	2,030	3,891	3,162
Realized gains on available-for-sale debt securities, net	1	0	27	0
Total noninterest income	9,800	8,142	17,995	15,150
NONINTEREST EXPENSE
Salaries and employee benefits	13,197	11,067	26,398	22,826
Net occupancy and equipment expense	1,728	1,403	3,619	2,862
Data processing and telecommunications expense	2,249	1,981	4,698	4,052
Automated teller machine and interchange expense	535	403	1,118	790
Pennsylvania shares tax	587	470	1,172	966
Professional fees	744	506	1,383	1,023
Merger-related expenses	0	167	0	167
Other noninterest expense	4,799	3,401	8,163	5,755
Total noninterest expense	23,839	19,398	46,551	38,441
Income before income tax provision	17,425	7,532	17,760	15,236
Income tax provision	3,368	1,415	3,430	2,826
NET INCOME	$ 14,057	$ 6,117	$ 14,330	$ 12,410
EARNINGS PER COMMON SHARE - BASIC (in dollars per share)	$ 0.79	$ 0.4	$ 0.81	$ 0.8
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share)			$ 0.81	$ 0.8
Service charges on deposit accounts
NONINTEREST INCOME
Revenue	$ 1,761	$ 1,422	$ 3,411	$ 2,862
Interchange revenue from debit card transactions
NONINTEREST INCOME
Revenue	1,347	1,218	2,614	2,254
Loan servicing fees, net
NONINTEREST INCOME
Revenue	$ 193	$ 173	$ 301	$ 311

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 14,330	$ 12,410
Adjustments to reconcile net income to net cash provided by operating activities:
Credit (provision) for credit losses	11,756	2,590
Realized (gains) losses on available-for-sale debt securities, net	(27)	0
Net amortization of securities	691	710
Increase in cash surrender value of life insurance	(1,042)	(923)
Depreciation and amortization of bank premises and equipment	1,376	1,115
Net amortization (accretion) of acquisition accounting adjustments	358	(60)
Stock-based compensation	650	656
Deferred income taxes	(676)	36
Decrease in fair value of servicing rights	263	101
Net gains from sale of loans	(978)	(517)
Origination of loans held for sale	(38,153)	(17,775)
Proceeds from sales of loans held for sale	35,531	16,713
Decrease (increase) in accrued interest receivable and other assets	4,320	(88)
Decrease in accrued interest payable and other liabilities	(4,373)	(4,947)
Other	52	75
Net Cash Provided by Operating Activities	24,078	10,096
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of certificates of deposit	250	250
Proceeds from calls and maturities of available-for-sale debt securities	29,548	20,897
Purchase of available-for-sale debt securities	(21,913)	(17,501)
Redemption of Federal Home Loan Bank of Pittsburgh stock	10,021	946
Purchase of Federal Home Loan Bank of Pittsburgh stock	(11,408)	(320)
Purchase of Federal Reserve Bank stock	(58)	(22)
Net increase in loans	(3,690)	(24,008)
Purchase of premises and equipment	(338)	(1,027)
Other	37	76
Net Cash Provided by (Used in) Investing Activities	2,449	(20,709)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	39,093	15,867
Net decrease in short-term borrowings	(13,975)	(1,955)
Proceeds from long-term borrowings - FHLB advances	33,054	0
Repayments of long-term borrowings - FHLB advances	(23,597)	(21,557)
Redemption of senior notes	(15,000)	0
Purchases of treasury stock	(210)	(208)
Common dividends paid	(9,161)	(7,839)
Net Cash Provided by (Used in) Financing Activities	10,204	(15,692)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	36,731	(26,305)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	44,706	123,574
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 81,437	$ 97,269

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Cash and due from banks:
Noninterest-bearing	$ 25,947,000	$ 22,289,000
Interest-bearing	56,590,000	23,767,000
Total cash and due from banks	82,537,000	46,056,000
Available-for-sale debt securities, at fair value	496,829,000	506,575,000
Loans receivable	2,348,847,000	2,354,365,000
Allowance for credit losses	(32,583,000)	(31,048,000)
Loans, net	2,316,264,000	2,323,317,000
Bank-owned life insurance	62,136,000	61,094,000
Accrued interest receivable	10,941,000	11,594,000
Bank premises and equipment, net	26,712,000	27,755,000
Foreclosed assets held for sale	181,000	189,000
Deferred tax asset, net	18,617,000	17,615,000
Goodwill	63,311,000	63,311,000
Core deposit intangibles, net	9,944,000	11,573,000
Other assets	64,512,000	63,390,000
TOTAL ASSETS	3,151,984,000	3,132,469,000
Deposits:
Noninterest-bearing	557,892,000	531,442,000
Interest-bearing	2,045,843,000	2,033,274,000
Total deposits	2,603,735,000	2,564,716,000
Short-term borrowings	14,643,000	28,618,000
Long-term borrowings - FHLB advances	130,392,000	120,935,000
Senior notes, net	0	14,970,000
Subordinated debt, net	25,000,000	24,949,000
Accrued interest and other liabilities	32,075,000	36,567,000
TOTAL LIABILITIES	2,805,845,000	2,790,755,000
COMMITMENTS AND CONTINGENT LIABILITIES
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 18,303,120 and outstanding 17,942,105 at June 30, 2026; issued 18,303,120 and outstanding 17,823,444 at December 31, 2025	18,303,000	18,303,000
Paid-in capital	184,340,000	185,696,000
Retained earnings	175,519,000	171,214,000
Treasury stock, at cost; 361,015 shares at June 30, 2026 and 479,676 shares at December 31, 2025	(8,062,000)	(10,704,000)
Accumulated other comprehensive loss	(23,961,000)	(22,795,000)
TOTAL STOCKHOLDERS' EQUITY	346,139,000	341,714,000
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$ 3,151,984,000	$ 3,132,469,000