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Graphic

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _________________________.

Commission file number: 000-16084

CITIZENS & NORTHERN CORPORATION

(Exact name of Registrant as specified in its charter)

PENNSYLVANIA

    

23-2451943

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

90-92 MAIN STREET, WELLSBORO, PA 16901

(Address of principal executive offices) (Zip code)

570-724-3411

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol

    

Name of Each Exchange on Which Registered

Common Stock Par Value $1.00

CZNC

NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Common Stock ($1.00 par value)

15,500,416 Shares Outstanding on November 2, 2022

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

CITIZENS & NORTHERN CORPORATION

Index

Part I. Financial Information

 

 

 

Item 1. Financial Statements

 

 

 

Consolidated Balance Sheets (Unaudited) – September 30, 2022 and December 31, 2021

Page 3

 

 

Consolidated Statements of Income (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2022 and 2021

Page 4

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2022 and 2021

Page 5

 

 

Consolidated Statements of Cash Flows (Unaudited) – Nine-month Periods Ended September 30, 2022 and 2021

Page 6

 

 

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) – Three-month and Nine-month Periods September 30, 2022 and 2021

Pages 7 – 8

 

 

Notes to Unaudited Consolidated Financial Statements

Pages 9 – 37

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Pages 38 – 63

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Pages 63 – 65

Item 4. Controls and Procedures

Page 65

 

 

Part II. Other Information

Pages 65 – 67

 

 

Signatures

Page 68

2

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Data) (Unaudited)

    

September 30, 

    

December 31, 

2022

2021

ASSETS

 

  

 

  

Cash and due from banks:

 

  

 

  

Noninterest-bearing

$

30,959

$

16,729

Interest-bearing

 

33,085

 

88,219

Total cash and due from banks

 

64,044

 

104,948

Available-for-sale debt securities, at fair value

 

487,980

 

517,679

Loans receivable

 

1,690,246

 

1,564,849

Allowance for loan losses

 

(16,170)

 

(13,537)

Loans, net

 

1,674,076

 

1,551,312

Bank-owned life insurance

 

31,074

 

30,669

Accrued interest receivable

 

8,425

 

7,235

Bank premises and equipment, net

 

21,881

 

20,683

Foreclosed assets held for sale

 

454

 

684

Deferred tax asset, net

 

22,327

 

5,887

Goodwill

 

52,505

 

52,505

Core deposit intangibles, net

 

2,987

 

3,316

Other assets

 

34,427

 

32,730

TOTAL ASSETS

$

2,400,180

$

2,327,648

LIABILITIES

 

 

Deposits:

 

 

Noninterest-bearing

$

557,769

$

521,206

Interest-bearing

 

1,481,826

 

1,403,854

Total deposits

 

2,039,595

 

1,925,060

Short-term borrowings

 

2,457

 

1,803

Long-term borrowings - FHLB advances

 

55,463

 

28,042

Senior notes, net

14,749

14,701

Subordinated debt, net

 

24,580

 

33,009

Accrued interest and other liabilities

 

24,547

 

23,628

TOTAL LIABILITIES

 

2,161,391

 

2,026,243

STOCKHOLDERS' EQUITY

 

 

Preferred stock, $1,000 par value; authorized 30,000 shares; $1,000 liquidation

 

 

preference per share; no shares issued

 

0

 

0

Common stock, par value $1.00 per share; authorized 30,000,000 shares;

 

 

issued 16,030,172 and outstanding 15,500,416 at September 30, 2022;

 

 

issued 16,030,172 and outstanding 15,759,090 at December 31, 2021

 

16,030

 

16,030

Paid-in capital

 

143,894

 

144,453

Retained earnings

 

148,304

 

142,612

Treasury stock, at cost; 529,756 shares at September 30, 2022 and 271,082

 

 

shares at December 31, 2021

 

(12,970)

 

(6,716)

Accumulated other comprehensive (loss) income

 

(56,469)

 

5,026

TOTAL STOCKHOLDERS' EQUITY

 

238,789

 

301,405

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

2,400,180

$

2,327,648

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Consolidated Statements of Income

(In Thousands Except Per Share Data) (Unaudited)

    

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

September 30, 

September 30, 

2022

2021

2022

2021

INTEREST INCOME

 

  

 

  

  

 

  

Interest and fees on loans:

 

  

 

  

  

 

  

Taxable

$

20,085

$

18,529

$

56,561

$

56,095

Tax-exempt

 

505

 

450

 

1,426

 

1,300

Income from available-for-sale debt securities:

 

 

 

 

Taxable

 

2,138

 

1,304

 

6,143

 

3,604

Tax-exempt

 

768

 

668

 

2,258

 

1,973

Other interest and dividend income

 

214

 

122

 

404

 

283

Total interest and dividend income

 

23,710

 

21,073

 

66,792

 

63,255

INTEREST EXPENSE

 

  

 

 

  

 

Interest on deposits

 

1,972

 

1,063

 

4,012

 

3,558

Interest on short-term borrowings

 

179

 

0

 

302

 

22

Interest on long-term borrowings - FHLB advances

 

332

 

87

 

436

 

330

Interest on senior notes, net

 

119

118

357

175

Interest on subordinated debt, net

 

229

 

346

 

849

 

947

Total interest expense

 

2,831

 

1,614

 

5,956

 

5,032

Net interest income

 

20,879

 

19,459

 

60,836

 

58,223

Provision for loan losses

 

3,794

 

1,530

 

4,993

 

2,533

Net interest income after provision for loan losses

 

17,085

 

17,929

 

55,843

 

55,690

NONINTEREST INCOME

 

  

 

  

 

  

 

  

Trust revenue

 

1,744

 

1,821

 

5,245

 

5,254

Brokerage and insurance revenue

 

696

 

560

 

1,784

 

1,392

Service charges on deposit accounts

 

1,105

 

1,249

 

3,662

 

3,337

Interchange revenue from debit card transactions

 

1,031

 

975

 

3,050

 

2,854

Net gains from sale of loans

 

131

 

797

 

733

 

2,786

Loan servicing fees, net

 

189

 

153

 

757

 

547

Increase in cash surrender value of life insurance

 

133

 

139

 

405

 

434

Other noninterest income

 

622

 

665

 

2,666

 

2,837

Realized gains on available-for-sale debt securities, net

20

23

21

25

Total noninterest income

 

5,671

 

6,382

 

18,323

 

19,466

NONINTEREST EXPENSE

 

 

 

  

 

  

Salaries and employee benefits

10,826

9,427

31,698

27,821

Net occupancy and equipment expense

1,498

1,217

4,217

3,740

Data processing and telecommunications expense

1,719

1,475

5,062

4,342

Automated teller machine and interchange expense

 

397

 

357

 

1,128

 

1,049

Pennsylvania shares tax

 

487

 

482

 

1,463

 

1,463

Professional fees

 

521

 

538

 

1,490

 

1,683

Other noninterest expense

 

1,995

 

1,850

 

6,310

 

6,356

Total noninterest expense

 

17,443

 

15,346