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PARENT COMPANY ONLY | 12 Months Ended
--- | ---
Dec. 31, 2023
PARENT COMPANY ONLY |
PARENT COMPANY ONLY | 18. PARENT COMPANY ONLY The following is condensed financial information for Citizens & Northern Corporation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED BALANCE SHEET |  | Dec. 31, |  | Dec. 31,
(In Thousands) | ​ | 2023 | ​ | 2022
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 14,822 | ​ | $ | 17,867
Investment in subsidiaries: | ​ |  |  | ​ |  |
Citizens & Northern Bank | ​ |  | 272,286 | ​ |  | 254,809
Citizens & Northern Investment Corporation | ​ |  | 11,087 | ​ |  | 12,453
Bucktail Life Insurance Company | ​ |  | 3,733 | ​ |  | 3,637
Other assets | ​ |  | 200 | ​ |  | 33
TOTAL ASSETS | ​ | $ | 302,128 | ​ | $ | 288,799
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ |  |  | ​ |  |
Senior notes, net | ​ | $ | 14,831 | ​ | $ | 14,765
Subordinated debt, net | ​ |  | 24,717 | ​ |  | 24,607
Other liabilities | ​ |  | 199 | ​ |  | 102
Stockholders' equity | ​ |  | 262,381 | ​ |  | 249,325
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | $ | 302,128 | ​ | $ | 288,799
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED INCOME STATEMENT | ​ |  | ​ | ​ | ​ | ​ |  |  | ​
(In Thousands) |  | 2023 | ​ | 2022 |  | 2021
Dividends from Citizens & Northern Bank | ​ | $ | 19,405 | ​ | $ | 19,483 | ​ | $ | 20,200
Dividends from Citizens & Northern Investment Corporation | ​ | ​ | 1,800 | ​ | ​ | 0 | ​ | ​ | 0
Expenses | ​ |  | (2,003) | ​ |  | (1,695) | ​ |  | (1,691)
Income before equity in undistributed income of subsidiaries | ​ |  | 19,202 | ​ |  | 17,788 | ​ |  | 18,509
Equity in undistributed income of subsidiaries | ​ |  | 4,946 | ​ |  | 8,830 | ​ |  | 12,045
NET INCOME | ​ | $ | 24,148 | ​ | $ | 26,618 | ​ | $ | 30,554
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CONDENSED STATEMENT OF CASH FLOWS | ​ |  | ​ | ​ |  | ​ |  |  | ​
(In Thousands) |  | 2023 | ​ | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 24,148 | ​ | $ | 26,618 | ​ | $ | 30,554
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Accretion of purchase accounting adjustment | ​ | ​ | 0 | ​ | ​ | (14) | ​ | ​ | (43)
Amortization of debt issuance costs | ​ |  | 176 | ​ |  | 170 | ​ |  | 101
Equity in undistributed income of subsidiaries | ​ |  | (4,946) | ​ |  | (8,830) | ​ |  | (12,045)
Increase in other assets | ​ |  | (167) | ​ |  | 0 | ​ |  | (29)
Increase (decrease) in other liabilities | ​ |  | 97 | ​ |  | (41) | ​ |  | (16)
Net Cash Provided by Operating Activities | ​ |  | 19,308 | ​ |  | 17,903 | ​ |  | 18,522
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from issuance of senior notes and subordinated debt | ​ |  | 0 | ​ |  | 0 | ​ |  | 39,100
Repayment of subordinated debt | ​ |  | 0 | ​ |  | (8,500) | ​ |  | (8,000)
Proceeds from sale of treasury stock | ​ |  | 0 | ​ |  | 160 | ​ |  | 212
Purchase of treasury stock | ​ |  | (6,784) | ​ |  | (9,349) | ​ |  | (7,586)
Dividends paid | ​ |  | (15,569) | ​ |  | (15,865) | ​ |  | (15,976)
Net Cash (Used in) Provided by Financing Activities | ​ |  | (22,353) | ​ |  | (33,554) | ​ |  | 7,750
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ​ |  | (3,045) | ​ |  | (15,651) | ​ |  | 26,272
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ​ |  | 17,867 | ​ |  | 33,518 | ​ |  | 7,246
CASH AND CASH EQUIVALENTS, END OF YEAR | ​ | $ | 14,822 | ​ | $ | 17,867 | ​ | $ | 33,518
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION, | ​ |  |  | ​ |  |  | ​ |  |
Interest paid | ​ | $ | 1,234 | ​ | $ | 1,433 | ​ | $ | 1,567
​

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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