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PARENT COMPANY ONLY (Tables)

12 Months Ended

Dec. 31, 2021

PARENT COMPANY ONLY

Schedule of parent company condensed balance sheet

​

​	​	​	​	​	​	​
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

Schedule of parent company condensed income statement

​

​	​	​	​	​	​	​
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

Schedule of parent company condensed statement of cash flows

​

​	​	​	​	​	​	​
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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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
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