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PARENT COMPANY ONLY | 12 Months Ended
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Dec. 31, 2021
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) | ​ | 2021 | ​ | 2020
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 33,518 | ​ | $ | 7,246
Investment in subsidiaries: | ​ |  |  | ​ |  |
Citizens & Northern Bank | ​ |  | 298,797 | ​ |  | 292,455
Citizens & Northern Investment Corporation | ​ |  | 13,085 | ​ |  | 12,959
Bucktail Life Insurance Company | ​ |  | 3,825 | ​ |  | 3,804
Other assets | ​ |  | 33 | ​ |  | 4
TOTAL ASSETS | ​ | $ | 349,258 | ​ | $ | 316,468
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ |  |  | ​ |  |
Senior notes, net | ​ | $ | 14,701 | ​ | $ | 0
Subordinated debt, net | ​ |  | 33,009 | ​ |  | 16,553
Other liabilities | ​ |  | 143 | ​ |  | 159
Stockholders' equity | ​ |  | 301,405 | ​ |  | 299,756
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | $ | 349,258 | ​ | $ | 316,468
​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED INCOME STATEMENT | ​ |  | ​ |  |  | ​
(In Thousands) |  | 2021 |  | 2020
Dividends from Citizens & Northern Bank | ​ | $ | 20,200 | ​ | $ | 38,507
Expenses | ​ |  | (1,691) | ​ |  | (1,488)
Income before equity in undistributed income (excess distributions) of subsidiaries | ​ |  | 18,509 | ​ |  | 37,019
Equity in undistributed income (excess distributions) of subsidiaries | ​ |  | 12,045 | ​ |  | (17,797)
NET INCOME | ​ | $ | 30,554 | ​ | $ | 19,222
​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED STATEMENT OF CASH FLOWS | ​ |  | ​ |  |  | ​
(In Thousands) |  | 2021 |  | 2020
CASH FLOWS FROM OPERATING ACTIVITIES: | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 30,554 | ​ | $ | 19,222
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |
Accretion of purchase accounting adjustment | ​ | ​ | (43) | ​ | ​ | (38)
Amortization of debt issuance costs | ​ |  | 101 | ​ |  | 0
Equity in (undistributed income) excess distributions of subsidiaries | ​ |  | (12,045) | ​ |  | 17,797
(Increase) decrease in other assets | ​ |  | (29) | ​ |  | 105
(Decrease) increase in other liabilities | ​ |  | (16) | ​ |  | 13
Net Cash Provided by Operating Activities | ​ |  | 18,522 | ​ |  | 37,099
​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM INVESTING ACTIVITIES, | ​ |  |  | ​ |  |
Net cash used in business combination | ​ |  | 0 | ​ |  | (21,837)
​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  |  | ​ |  |
Proceeds from issuance of senior notes and subordinated debt | ​ |  | 39,100 | ​ |  | 0
Repayment of subordinated debt | ​ |  | (8,000) | ​ |  | 0
Proceeds from sale of treasury stock | ​ |  | 212 | ​ |  | 131
Purchase of treasury stock | ​ |  | (7,586) | ​ |  | (163)
Dividends paid | ​ |  | (15,976) | ​ |  | (14,469)
Net Cash Provided by (Used in) Financing Activities | ​ |  | 7,750 | ​ |  | (14,501)
​ | ​ | ​ | ​ | ​ | ​ | ​
INCREASE IN CASH AND CASH EQUIVALENTS | ​ |  | 26,272 | ​ |  | 761
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ​ |  | 7,246 | ​ |  | 6,485
CASH AND CASH EQUIVALENTS, END OF YEAR | ​ | $ | 33,518 | ​ | $ | 7,246
​ | ​ | ​ | ​ | ​ | ​ | ​
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ​ |  |  | ​ |  |
Investment of net assets acquired in business combination in Citizens & Northern Bank | ​ | $ | 0 | ​ | $ | 73,426
Common equity issued in business combination | ​ | $ | 0 | ​ | $ | 41,429
Subordinated debt assumed in business combination | ​ | $ | 0 | ​ | $ | 10,091
Other liabilities assumed in business combination | ​ | $ | 0 | ​ | $ | 69
Interest paid | ​ | $ | 1,567 | ​ | $ | 655
​

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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=123454820&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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