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PARENT COMPANY ONLY | 12 Months Ended
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Dec. 31, 2020
PARENT COMPANY ONLY |
PARENT COMPANY ONLY | 19. PARENT COMPANY ONLY The following is condensed financial information for Citizens & Northern Corporation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED BALANCE SHEET |  | Dec. 31, |  | Dec. 31,
(In Thousands) | ​ | 2020 | ​ | 2019
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 7,246 | ​ | $ | 6,485
Investment in subsidiaries: | ​ |  |  | ​ |  |
Citizens & Northern Bank | ​ |  | 292,455 | ​ |  | 228,413
Citizens & Northern Investment Corporation | ​ |  | 12,959 | ​ |  | 12,353
Bucktail Life Insurance Company | ​ |  | 3,804 | ​ |  | 3,669
Other assets | ​ |  | 4 | ​ |  | 109
TOTAL ASSETS | ​ | $ | 316,468 | ​ | $ | 251,029
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ |  |  | ​ |  |
Subordinated debt | ​ | $ | 16,553 | ​ | $ | 6,500
Other liabilities | ​ |  | 159 | ​ |  | 77
Stockholders' equity | ​ |  | 299,756 | ​ |  | 244,452
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | $ | 316,468 | ​ | $ | 251,029
​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED INCOME STATEMENT | ​ |  | ​ |  |  | ​
(In Thousands) |  | 2020 |  | 2019
Dividends from Citizens & Northern Bank | ​ | $ | 38,507 | ​ | $ | 24,600
Expenses | ​ |  | (1,488) | ​ |  | (1,086)
Income before distributions in excess of income from subsidiaries | ​ |  | 37,019 | ​ |  | 23,514
Distributions in excess of income from subsidiaries | ​ |  | (17,797) | ​ |  | (4,010)
NET INCOME | ​ | $ | 19,222 | ​ | $ | 19,504
​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED STATEMENT OF CASH FLOWS | ​ |  | ​ |  |  | ​
(In Thousands) |  | 2020 |  | 2019
CASH FLOWS FROM OPERATING ACTIVITIES: | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 19,222 | ​ | $ | 19,504
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |
Accretion of purchase accounting adjustment | ​ | ​ | (38) | ​ | ​ | 0
Loss on repayment of subordinated debt | ​ |  | 0 | ​ |  | 10
Distributions in excess of income from subsidiaries | ​ |  | 17,797 | ​ |  | 4,010
Decrease (increase) in other assets | ​ |  | 105 | ​ |  | (107)
Increase (decrease) in other liabilities | ​ |  | 13 | ​ |  | (81)
Net Cash Provided by Operating Activities | ​ |  | 37,099 | ​ |  | 23,336
​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM INVESTING ACTIVITIES, | ​ |  |  | ​ |  |
Net cash used in business combination | ​ |  | (21,837) | ​ |  | (9,698)
​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  |  | ​ |  |
Repayment of subordinated debt | ​ |  | 0 | ​ |  | (510)
Proceeds from sale of treasury stock | ​ |  | 131 | ​ |  | 198
Purchase of treasury stock | ​ |  | (163) | ​ |  | (189)
Dividends paid | ​ |  | (14,469) | ​ |  | (14,041)
Net Cash Used in Financing Activities | ​ |  | (14,501) | ​ |  | (14,542)
​ | ​ | ​ | ​ | ​ | ​ | ​
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ​ |  | 761 | ​ |  | (904)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ​ |  | 6,485 | ​ |  | 7,389
CASH AND CASH EQUIVALENTS, END OF YEAR | ​ | $ | 7,246 | ​ | $ | 6,485
​ | ​ | ​ | ​ | ​ | ​ | ​
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ​ |  |  | ​ |  |
Investment of net assets acquired in business combination in Citizens & Northern Bank | ​ | $ | 73,426 | ​ | $ | 49,765
Common equity issued in business combination | ​ | $ | 41,429 | ​ | $ | 32,953
Subordinated debt assumed in business combination | ​ | $ | 10,091 | ​ | $ | 7,000
Other liabilities assumed in business combination | ​ | $ | 69 | ​ | $ | 114
Interest paid | ​ | $ | 655 | ​ | $ | 461
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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