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PARENT COMPANY ONLY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
PARENT COMPANY ONLY |
Schedule of parent company condensed balance sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED BALANCE SHEET |  | Dec. 31, |  | Dec. 31,
(In Thousands) | ​ | 2022 | ​ | 2021
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 17,867 | ​ | $ | 33,518
Investment in subsidiaries: | ​ |  |  | ​ |  |
Citizens & Northern Bank | ​ |  | 254,809 | ​ |  | 298,797
Citizens & Northern Investment Corporation | ​ |  | 12,453 | ​ |  | 13,085
Bucktail Life Insurance Company | ​ |  | 3,637 | ​ |  | 3,825
Other assets | ​ |  | 33 | ​ |  | 33
TOTAL ASSETS | ​ | $ | 288,799 | ​ | $ | 349,258
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ |  |  | ​ |  |
Senior notes, net | ​ | $ | 14,765 | ​ | $ | 14,701
Subordinated debt, net | ​ |  | 24,607 | ​ |  | 33,009
Other liabilities | ​ |  | 102 | ​ |  | 143
Stockholders' equity | ​ |  | 249,325 | ​ |  | 301,405
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | $ | 288,799 | ​ | $ | 349,258
​
Schedule of parent company condensed income statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED INCOME STATEMENT | ​ |  | ​ | ​ | ​ | ​ |  |  | ​
(In Thousands) |  | 2022 | ​ | 2021 |  | 2020
Dividends from Citizens & Northern Bank | ​ | $ | 19,483 | ​ | $ | 20,200 | ​ | $ | 38,507
Expenses | ​ |  | (1,695) | ​ |  | (1,691) | ​ |  | (1,488)
Income before equity in undistributed income (excess distributions) of subsidiaries | ​ |  | 17,788 | ​ |  | 18,509 | ​ |  | 37,019
Equity in undistributed income (excess distributions) of subsidiaries | ​ |  | 8,830 | ​ |  | 12,045 | ​ |  | (17,797)
NET INCOME | ​ | $ | 26,618 | ​ | $ | 30,554 | ​ | $ | 19,222
​
Schedule of parent company condensed statement of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED STATEMENT OF CASH FLOWS | ​ |  | ​ | ​ |  | ​ |  |  | ​
(In Thousands) |  | 2022 | ​ | 2021 |  | 2020
CASH FLOWS FROM OPERATING ACTIVITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 26,618 | ​ | $ | 30,554 | ​ | $ | 19,222
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Accretion of purchase accounting adjustment | ​ | ​ | (14) | ​ | ​ | (43) | ​ | ​ | (38)
Amortization of debt issuance costs | ​ |  | 170 | ​ |  | 101 | ​ |  | 0
Equity in (undistributed income) excess distributions of subsidiaries | ​ |  | (8,830) | ​ |  | (12,045) | ​ |  | 17,797
(Increase) decrease in other assets | ​ |  | 0 | ​ |  | (29) | ​ |  | 105
(Decrease) increase in other liabilities | ​ |  | (41) | ​ |  | (16) | ​ |  | 13
Net Cash Provided by Operating Activities | ​ |  | 17,903 | ​ |  | 18,522 | ​ |  | 37,099
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM INVESTING ACTIVITIES, | ​ |  |  | ​ |  |  | ​ |  |
Net cash used in business combination | ​ |  | 0 | ​ |  | 0 | ​ |  | (21,837)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from issuance of senior notes and subordinated debt | ​ |  | 0 | ​ |  | 39,100 | ​ |  | 0
Repayment of subordinated debt | ​ |  | (8,500) | ​ |  | (8,000) | ​ |  | 0
Proceeds from sale of treasury stock | ​ |  | 160 | ​ |  | 212 | ​ |  | 131
Purchase of treasury stock | ​ |  | (9,349) | ​ |  | (7,586) | ​ |  | (163)
Dividends paid | ​ |  | (15,865) | ​ |  | (15,976) | ​ |  | (14,469)
Net Cash (Used in) Provided by Financing Activities | ​ |  | (33,554) | ​ |  | 7,750 | ​ |  | (14,501)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ​ |  | (15,651) | ​ |  | 26,272 | ​ |  | 761
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ​ |  | 33,518 | ​ |  | 7,246 | ​ |  | 6,485
CASH AND CASH EQUIVALENTS, END OF YEAR | ​ | $ | 17,867 | ​ | $ | 33,518 | ​ | $ | 7,246
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ​ |  |  | ​ |  |  | ​ |  |
Investment of net assets acquired in business combination in Citizens & Northern Bank | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 73,426
Common equity issued in business combination | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 41,429
Subordinated debt assumed in business combination | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 10,091
Other liabilities assumed in business combination | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 69
Interest paid | ​ | $ | 1,433 | ​ | $ | 1,567 | ​ | $ | 655

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