10-Q 1 cznc-20240331x10q.htm 10-Q
0000810958--12-312024Q1falsehttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedTaxPAhttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedTax0000810958us-gaap:TreasuryStockCommonMember2024-03-310000810958us-gaap:RetainedEarningsMember2024-03-310000810958us-gaap:AdditionalPaidInCapitalMember2024-03-310000810958us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000810958us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000810958us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000810958us-gaap:TreasuryStockCommonMember2023-12-310000810958us-gaap:RetainedEarningsMember2023-12-310000810958us-gaap:AdditionalPaidInCapitalMember2023-12-310000810958us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000810958us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000810958us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-03-310000810958us-gaap:TreasuryStockCommonMember2023-03-310000810958us-gaap:RetainedEarningsMember2023-03-310000810958us-gaap:AdditionalPaidInCapitalMember2023-03-310000810958us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000810958us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000810958us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000810958us-gaap:TreasuryStockCommonMember2022-12-310000810958us-gaap:RetainedEarningsMember2022-12-310000810958us-gaap:AdditionalPaidInCapitalMember2022-12-310000810958us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000810958us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000810958us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000810958srt:FederalHomeLoanBankOfPittsburghMemberus-gaap:FederalHomeLoanBankAdvancesMember2024-03-310000810958us-gaap:FederalHomeLoanBankAdvancesMember2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000810958us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000810958us-gaap:CommonStockMember2024-03-310000810958us-gaap:CommonStockMember2023-12-310000810958us-gaap:CommonStockMember2023-03-310000810958us-gaap:CommonStockMember2022-12-310000810958us-gaap:RestrictedStockMembercznc:IndependentDirectorsStockIncentivePlanMember2024-01-012024-03-310000810958us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000810958us-gaap:DepositAccountMember2024-01-012024-03-310000810958us-gaap:DebitCardMember2024-01-012024-03-310000810958us-gaap:BankServicingMember2024-01-012024-03-310000810958us-gaap:DepositAccountMember2023-01-012023-03-310000810958us-gaap:DebitCardMember2023-01-012023-03-310000810958us-gaap:BankServicingMember2023-01-012023-03-310000810958us-gaap:SeniorNotesMember2021-01-012021-12-310000810958cznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2021-01-012021-12-310000810958us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000810958us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000810958us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000810958us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000810958us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000810958us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate202202Member2024-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate202202Member2023-03-310000810958us-gaap:AssetPledgedAsCollateralMember2024-03-310000810958us-gaap:AssetPledgedAsCollateralMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:FederalReserveBankOfPhiladelphiaMember2024-03-310000810958cznc:OtherCorrespondentBanksMember2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:FederalReserveBankOfPhiladelphiaMember2023-12-310000810958cznc:OtherCorrespondentBanksMember2023-12-310000810958us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-03-310000810958us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-01-012024-03-310000810958us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2023-01-012023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMembercznc:FinancingReceivables30To89DaysPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMembercznc:FinancingReceivables30To89DaysPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMembercznc:FinancingReceivables30To89DaysPastDueMember2024-03-310000810958cznc:ResidentialPortfolioSegmentNewMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000810958cznc:ResidentialPortfolioSegmentNewMembercznc:FinancingReceivables30To89DaysPastDueMember2024-03-310000810958cznc:ConsumerPortfolioSegmentNewMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000810958cznc:ConsumerPortfolioSegmentNewMembercznc:FinancingReceivables30To89DaysPastDueMember2024-03-310000810958us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000810958cznc:FinancingReceivables30To89DaysPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMembercznc:FinancingReceivables30To89DaysPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMembercznc:FinancingReceivables30To89DaysPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMembercznc:FinancingReceivables30To89DaysPastDueMember2023-12-310000810958cznc:ResidentialPortfolioSegmentNewMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000810958cznc:ResidentialPortfolioSegmentNewMembercznc:FinancingReceivables30To89DaysPastDueMember2023-12-310000810958cznc:ConsumerPortfolioSegmentNewMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000810958cznc:ConsumerPortfolioSegmentNewMembercznc:FinancingReceivables30To89DaysPastDueMember2023-12-310000810958us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000810958cznc:FinancingReceivables30To89DaysPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:SubstandardMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:SpecialMentionMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:PassMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:DoubtfulMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:SubstandardMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:SpecialMentionMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:PassMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:DoubtfulMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:SubstandardMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:SpecialMentionMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:PassMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:DoubtfulMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2024-03-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-03-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-03-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMember2024-03-310000810958cznc:ResidentialPortfolioSegmentNewMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000810958cznc:ConsumerPortfolioSegmentNewMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000810958us-gaap:FinancialAssetNotPastDueMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:SubstandardMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:PassMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:DoubtfulMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:SubstandardMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:SpecialMentionMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:PassMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:DoubtfulMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:SubstandardMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:PassMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMemberus-gaap:DoubtfulMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2023-12-310000810958us-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2023-12-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-12-310000810958us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedExcludingPurchasedCreditImpairedMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedExcludingPurchasedCreditImpairedMember2023-12-310000810958cznc:ResidentialPortfolioSegmentNewMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000810958cznc:ConsumerPortfolioSegmentNewMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000810958us-gaap:FinancialAssetNotPastDueMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2023-01-012023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2023-01-012023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2023-01-012023-12-310000810958us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-12-310000810958us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-12-310000810958cznc:ResidentialPortfolioSegmentNewMember2024-03-310000810958cznc:ConsumerPortfolioSegmentNewMember2024-03-310000810958cznc:ResidentialPortfolioSegmentNewMember2023-12-310000810958cznc:ConsumerPortfolioSegmentNewMember2023-12-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:UnallocatedFinancingReceivablesMember2023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercznc:ResidentialPortfolioSegmentNewMember2023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercznc:ConsumerPortfolioSegmentNewMember2023-03-310000810958us-gaap:UnallocatedFinancingReceivablesMember2023-03-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-03-310000810958cznc:ResidentialPortfolioSegmentNewMember2023-03-310000810958cznc:ConsumerPortfolioSegmentNewMember2023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2022-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2022-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2022-12-310000810958us-gaap:UnallocatedFinancingReceivablesMember2022-12-310000810958cznc:ResidentialPortfolioSegmentNewMember2022-12-310000810958cznc:ConsumerPortfolioSegmentNewMember2022-12-310000810958us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310000810958us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000810958us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-03-310000810958us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000810958srt:FederalHomeLoanBankOfPittsburghMemberus-gaap:OtherAssetsMember2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMemberus-gaap:OtherAssetsMember2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2028WithWeightedAverageRateOf4.15Member2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2027WithWeightedAverageRateOf4.00Member2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2026WithWeightedAverageRateOf4.51Member2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2025WithWeightedAverageRateOf4.30Member2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2024WithWeightedAverageRateOf3.04Member2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2028WithWeightedAverageRateOf4.15Member2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2027WithWeightedAverageRateOf4.00Member2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2026WithWeightedAverageRateOf4.51Member2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2025WithWeightedAverageRateOf4.30Member2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:LoansMaturingIn2024WithWeightedAverageRateOf3.04Member2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMember2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:OvernightBorrowingsMember2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:FederalHomeLoanBankAdvances1Member2024-03-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:OvernightBorrowingsMember2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMembercznc:FederalHomeLoanBankAdvances1Member2023-12-310000810958srt:FederalHomeLoanBankOfPittsburghMember2024-03-310000810958cznc:LoansMaturingIn2028WithWeightedAverageRateOf4.15Member2024-03-310000810958cznc:LoansMaturingIn2027WithWeightedAverageRateOf4.00Member2024-03-310000810958cznc:LoansMaturingIn2026WithWeightedAverageRateOf4.51Member2024-03-310000810958cznc:LoansMaturingIn2025WithWeightedAverageRateOf4.30Member2024-03-310000810958cznc:LoansMaturingIn2024WithWeightedAverageRateOf3.04Member2024-03-310000810958cznc:LoansMaturingIn2028WithWeightedAverageRateOf4.15Member2023-12-310000810958cznc:LoansMaturingIn2027WithWeightedAverageRateOf4.00Member2023-12-310000810958cznc:LoansMaturingIn2026WithWeightedAverageRateOf4.51Member2023-12-310000810958cznc:LoansMaturingIn2025WithWeightedAverageRateOf4.30Member2023-12-310000810958cznc:LoansMaturingIn2024WithWeightedAverageRateOf3.04Member2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000810958us-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-03-310000810958cznc:MutualFund1Member2024-01-012024-03-310000810958cznc:MutualFund1Member2023-01-012023-12-310000810958us-gaap:OtherAssetsMember2024-03-310000810958us-gaap:OtherAssetsMember2023-12-310000810958us-gaap:RetainedEarningsMember2024-01-012024-03-310000810958us-gaap:RetainedEarningsMember2023-01-012023-03-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementOutMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:InterestRateSwapMember2024-03-310000810958cznc:RiskParticipationAgreementsOutMember2024-03-310000810958cznc:RiskParticipationAgreementsInMember2024-03-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958cznc:RiskParticipationAgreementsInMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:InterestRateSwapMember2023-12-310000810958cznc:RiskParticipationAgreementsOutMember2023-12-310000810958cznc:RiskParticipationAgreementsInMember2023-12-310000810958us-gaap:FairValueInputsLevel2Membercznc:TimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel2Membercznc:TimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel2Membercznc:DepositsWithNoStatedMaturityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel2Membercznc:DepositsWithNoStatedMaturityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel2Membercznc:TimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000810958us-gaap:FairValueInputsLevel2Membercznc:TimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000810958us-gaap:FairValueInputsLevel2Membercznc:DepositsWithNoStatedMaturityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000810958us-gaap:FairValueInputsLevel2Membercznc:DepositsWithNoStatedMaturityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2022-12-310000810958srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Member2022-12-310000810958us-gaap:AccountingStandardsUpdate201613Member2022-12-310000810958us-gaap:SeniorNotesMember2024-01-012024-03-310000810958cznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2024-01-012024-03-310000810958us-gaap:SeniorNotesMember2023-01-012023-03-310000810958cznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2023-01-012023-03-310000810958us-gaap:CollateralPledgedMembercznc:FederalReserveBankOfPhiladelphiaMember2024-03-310000810958cznc:InvestmentSecuritiesMember2024-03-310000810958us-gaap:CollateralPledgedMembercznc:FederalReserveBankOfPhiladelphiaMember2023-12-310000810958cznc:InvestmentSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:U.s.TreasuryDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialPassthroughSecuritiesMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ResidentialCollateralizedMortgageObligationsMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMembercznc:BankHoldingCompanyDebtSecuritiesMember2023-12-310000810958us-gaap:DebtInstrumentRedemptionPeriodOneMembercznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2021-01-012021-12-310000810958us-gaap:DebtInstrumentRedemptionPeriodOneMembercznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2021-12-310000810958us-gaap:SeniorNotesMember2024-03-310000810958cznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2024-03-310000810958us-gaap:SeniorNotesMember2023-12-310000810958cznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2023-12-310000810958us-gaap:SeniorNotesMember2021-12-310000810958cznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2021-12-310000810958us-gaap:DebtInstrumentRedemptionPeriodTwoMembercznc:ThreePointTwoFivePercentSubordinatedDebtMaturingInJune2031AndRedeemableAtParInJune2026Member2021-01-012021-12-3100008109582023-03-3100008109582022-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000810958us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-03-310000810958us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310000810958us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000810958us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000810958cznc:U.s.TreasuryDebtSecuritiesMember2024-03-310000810958cznc:ResidentialPassthroughSecuritiesMember2024-03-310000810958cznc:ResidentialCollateralizedMortgageObligationsMember2024-03-310000810958cznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2024-03-310000810958cznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2024-03-310000810958cznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2024-03-310000810958cznc:BankHoldingCompanyDebtSecuritiesMember2024-03-310000810958us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000810958us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000810958cznc:U.s.TreasuryDebtSecuritiesMember2023-12-310000810958cznc:ResidentialPassthroughSecuritiesMember2023-12-310000810958cznc:ResidentialCollateralizedMortgageObligationsMember2023-12-310000810958cznc:PrivateLabelCommercialMortgageBackedSecuritiesMember2023-12-310000810958cznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxExemptMember2023-12-310000810958cznc:ObligationsOfStatesAndPoliticalSubdivisionsTaxableMember2023-12-310000810958cznc:BankHoldingCompanyDebtSecuritiesMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:FairValueMeasurementsRecurringMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:FairValueMeasurementsRecurringMember2023-12-310000810958us-gaap:RestrictedStockMember2024-01-012024-03-310000810958us-gaap:RestrictedStockMember2023-01-012023-03-310000810958us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000810958us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100008109582024-04-300000810958srt:DirectorMemberus-gaap:RestrictedStockMembercznc:IndependentDirectorsStockIncentivePlanMember2024-01-012024-03-310000810958cznc:EmployeesMemberus-gaap:RestrictedStockMembercznc:StockIncentivePlanMember2024-01-012024-03-310000810958cznc:EmployeesMemberus-gaap:PerformanceSharesMembercznc:StockIncentivePlanMember2024-01-012024-03-310000810958us-gaap:RestrictedStockMembercznc:StockIncentivePlanMember2024-01-012024-03-310000810958us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000810958us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000810958cznc:MutualFund1Member2024-03-310000810958cznc:MutualFund1Member2023-12-310000810958us-gaap:InterestRateSwapMember2024-01-012024-03-310000810958us-gaap:InterestRateSwapMember2023-01-012023-03-310000810958srt:MinimumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MinimumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MinimumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MinimumMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MaximumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MaximumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MaximumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:MaximumMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958cznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958srt:WeightedAverageMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:WeightedAverageMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:WeightedAverageMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:WeightedAverageMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MinimumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MinimumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MinimumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MinimumMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MinimumMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MaximumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MaximumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MaximumMembercznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MaximumMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958srt:MaximumMembercznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000810958us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000810958us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000810958us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000810958us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000810958cznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958cznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958cznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958cznc:ImpairedLoansMember2024-03-310000810958cznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:OtherCommercialLoansMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958cznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958cznc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958cznc:ImpairedLoansMember2023-12-310000810958cznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateReceivablesMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958cznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMembercznc:CommercialRealEstateReceivablesMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000810958cznc:ForeclosedAssetsHeldForSaleMember2024-03-310000810958cznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateReceivablesMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958cznc:ForeclosedAssetsHeldForSaleMemberus-gaap:FairValueMeasurementsNonrecurringMembercznc:CommercialRealEstateReceivablesMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310000810958cznc:ForeclosedAssetsHeldForSaleMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2024-03-310000810958us-gaap:ResidentialPortfolioSegmentMember2024-03-310000810958us-gaap:ConsumerPortfolioSegmentMember2024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2023-12-310000810958us-gaap:ResidentialPortfolioSegmentMember2023-12-310000810958us-gaap:ConsumerPortfolioSegmentMember2023-12-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2024-01-012024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2024-01-012024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2024-01-012024-03-310000810958cznc:ResidentialPortfolioSegmentNewMember2024-01-012024-03-310000810958cznc:ConsumerPortfolioSegmentNewMember2024-01-012024-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansOwnerOccupiedMember2023-01-012023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialRealEstateLoansNonownerOccupiedMember2023-01-012023-03-310000810958us-gaap:CommercialPortfolioSegmentMembercznc:CommercialLoansOtherThanNonownerOccupiedAndOwnerOccupiedMember2023-01-012023-03-310000810958us-gaap:UnallocatedFinancingReceivablesMember2023-01-012023-03-310000810958cznc:ResidentialPortfolioSegmentNewMember2023-01-012023-03-310000810958cznc:ConsumerPortfolioSegmentNewMember2023-01-012023-03-310000810958cznc:MarketRateAdjustmentMember2024-03-310000810958cznc:CreditAdjustmentOnNonimpairedLoansMember2024-03-310000810958cznc:MarketRateAdjustmentMember2023-12-310000810958cznc:CreditAdjustmentOnNonimpairedLoansMember2023-12-310000810958cznc:MarketRateAdjustmentMember2023-03-310000810958cznc:CreditAdjustmentOnNonimpairedLoansMember2023-03-310000810958cznc:MarketRateAdjustmentMember2022-12-310000810958cznc:CreditAdjustmentOnNonimpairedLoansMember2022-12-310000810958cznc:MarketRateAdjustmentMember2024-01-012024-03-310000810958cznc:CreditAdjustmentOnNonimpairedLoansMember2024-01-012024-03-310000810958cznc:MarketRateAdjustmentMember2023-01-012023-03-310000810958cznc:CreditAdjustmentOnNonimpairedLoansMember2023-01-012023-03-3100008109582024-03-3100008109582023-12-310000810958cznc:ServicingRightsAssetsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000810958cznc:ServicingRightsAssetsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000810958cznc:ServicingRightsAssetsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-01-012024-03-310000810958cznc:ServicingRightsAssetsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-01-012023-12-3100008109582024-01-012024-03-3100008109582023-01-012023-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000810958us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31iso4217:USDxbrli:purecznc:loancznc:itemcznc:securityxbrli:sharesiso4217:USDxbrli:shares

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 March 31, 2024

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)

15,376,107 Shares Outstanding on April 30, 2024

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

CITIZENS & NORTHERN CORPORATION

Index

Part I. Financial Information

 

 

 

Item 1. Financial Statements

 

 

Consolidated Balance Sheets (Unaudited) – March 31, 2024 and December 31, 2023

Page 3

 

 

Consolidated Statements of Income (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023

Page 4

Consolidated Statements of Comprehensive Income (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023

Page 5

 

 

Consolidated Statements of Cash Flows (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023

Page 6

 

 

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) – Three-month Periods Ended March 31, 2024 and 2023

Page 7

 

 

Notes to Unaudited Consolidated Financial Statements

Pages 8 –31

 

 

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

Pages 32 – 51

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Pages 52 – 54

Item 4. Controls and Procedures

Page 54

 

 

Part II. Other Information

Pages 54 – 56

 

 

Signatures

Page 57

2

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

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

    

March 31, 

    

December 31, 

(In Thousands, Except Share and Per Share Data)

2024

2023

ASSETS

 

  

 

  

Cash and due from banks:

 

  

 

  

Noninterest-bearing

$

18,084

$

24,855

Interest-bearing

 

28,364

 

32,023

Total cash and due from banks

 

46,448

 

56,878

Available-for-sale debt securities, at fair value

 

405,094

 

415,755

Loans receivable

 

1,872,449

 

1,848,139

Allowance for credit losses

 

(20,023)

 

(19,208)

Loans, net

 

1,852,426

 

1,828,931

Bank-owned life insurance

 

49,857

 

63,674

Accrued interest receivable

 

9,465

 

9,140

Bank premises and equipment, net

 

21,852

 

21,632

Foreclosed assets held for sale

 

456

 

478

Deferred tax asset, net

 

17,703

 

17,441

Goodwill

 

52,505

 

52,505

Core deposit intangibles, net

 

2,372

 

2,469

Other assets

 

63,359

 

46,681

TOTAL ASSETS

$

2,521,537

$

2,515,584

LIABILITIES

 

 

Deposits:

 

 

Noninterest-bearing

$

493,962

$

490,554

Interest-bearing

 

1,501,941

 

1,524,252

Total deposits

 

1,995,903

 

2,014,806

Short-term borrowings

 

48,831

 

33,874

Long-term borrowings - FHLB advances

 

148,824

 

138,337

Senior notes, net

14,848

14,831

Subordinated debt, net

 

24,745

 

24,717

Accrued interest and other liabilities

 

26,730

 

26,638

TOTAL LIABILITIES

 

2,259,881

 

2,253,203

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 15,378,065 at March 31, 2024;

 

 

issued 16,030,172 and outstanding 15,295,135 at December 31, 2023

 

16,030

 

16,030

Paid-in capital

 

143,016

 

144,388

Retained earnings

 

158,051

 

157,028

Treasury stock, at cost; 652,107 shares at March 31, 2024 and 735,037

 

 

shares at December 31, 2023

 

(14,735)

 

(16,628)

Accumulated other comprehensive loss

 

(40,706)

 

(38,437)

TOTAL STOCKHOLDERS' EQUITY

 

261,656

 

262,381

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

2,521,537

$

2,515,584

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

March 31, 

March 31, 

(In Thousands, Except Per Share Data)

2024

2023

INTEREST INCOME

  

 

  

Interest and fees on loans:

  

 

  

Taxable

$

26,703

$

22,431

Tax-exempt

 

545

 

571

Income from available-for-sale debt securities:

 

 

Taxable

 

2,136

 

2,211

Tax-exempt

 

553

 

640

Other interest and dividend income

 

399

 

286

Total interest and dividend income

 

30,336

 

26,139

INTEREST EXPENSE

 

  

 

Interest on deposits

 

8,891

 

3,230

Interest on short-term borrowings

 

597

 

1,097

Interest on long-term borrowings - FHLB advances

 

1,456

 

681

Interest on senior notes, net

120

120

Interest on subordinated debt, net

 

231

 

230

Total interest expense

 

11,295

 

5,358

Net interest income

 

19,041

 

20,781

Provision (credit) for credit losses

 

954

 

(352)

Net interest income after provision (credit) for credit losses

 

18,087

 

21,133

NONINTEREST INCOME

 

  

 

  

Trust revenue

 

1,897

 

1,777

Brokerage and insurance revenue

 

539

 

430

Service charges on deposit accounts

 

1,318

 

1,290

Interchange revenue from debit card transactions

 

1,013

 

1,007

Net gains from sale of loans

 

191

 

74

Loan servicing fees, net

 

230

 

122

Increase in cash surrender value of life insurance

 

470

 

138

Other noninterest income

 

1,017

 

771

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

0

7

Total noninterest income

 

6,675

 

5,616

NONINTEREST EXPENSE

 

  

 

  

Salaries and employee benefits

11,562

11,427

Net occupancy and equipment expense

1,450

1,402

Data processing and telecommunications expense

1,992

1,936

Automated teller machine and interchange expense

 

487

 

475

Pennsylvania shares tax

 

433

 

403

Professional fees

 

518

 

937

Other noninterest expense

 

1,862

 

2,507

Total noninterest expense

 

18,304

 

19,087

Income before income tax provision

 

6,458

 

7,662

Income tax provision

 

1,152

 

1,409

NET INCOME

$

5,306

$

6,253

EARNINGS PER COMMON SHARE - BASIC

$

0.35

$

0.40

EARNINGS PER COMMON SHARE - DILUTED

$

0.35

$

0.40

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

4

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Consolidated Statements of Comprehensive Income

(In Thousands) (Unaudited)

Three Months Ended

March 31, 

March 31, 

(In Thousands)

2024

    

2023

Net income

$

5,306

$

6,253

Available-for-sale debt securities:

Unrealized holding (losses) gains on available-for-sale debt securities

(2,774)

8,993

Reclassification adjustment for gains realized in income

0

(7)

Other comprehensive (loss) income on available-for-sale debt securities

(2,774)

8,986

Unfunded pension and postretirement obligations:

 

 

Changes from plan amendments and actuarial gains and losses

 

394

 

(8)

Amortization of prior service cost and net actuarial loss and curtailment gain included in net periodic benefit cost

 

(490)

 

(14)

Other comprehensive loss on pension and postretirement obligations

 

(96)

 

(22)

Other comprehensive (loss) income before income tax

 

(2,870)

 

8,964

Income tax related to other comprehensive loss (income)

 

601

 

(1,883)

Net other comprehensive (loss) income

 

(2,269)

 

7,081

Comprehensive income

$

3,037

$

13,334

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

5

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands) (Unaudited)

    

Three Months Ended

 

March 31, 

March 31, 

 

(In Thousands)

2024

    

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net income

$

5,306

$

6,253

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Provision (credit) for credit losses

 

954

 

(352)

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

 

0

 

(7)

Net amortization of securities

434

530

Increase in cash surrender value of life insurance

 

(470)

 

(138)

Depreciation and amortization of bank premises and equipment

 

509

 

570

Net accretion of purchase accounting adjustments

 

(56)

 

(84)

Stock-based compensation

 

326

 

377

Deferred income taxes

 

339

 

526

(Increase) decrease in fair value of servicing rights

 

(25)

 

83

Gains on sales of loans, net

 

(191)

 

(74)

Origination of loans held for sale

 

(5,663)

 

(2,493)

Proceeds from sales of loans held for sale

 

5,771

 

2,265

Increase in accrued interest receivable and other assets

 

(1,273)

 

(851)

(Decrease) increase in accrued interest payable and other liabilities

 

(290)

 

2,982

Other

 

58

 

(38)

Net Cash Provided by Operating Activities

 

5,729

 

9,549

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

  

Proceeds from maturities of certificates of deposit

 

0

 

1,250

Proceeds from sales of available-for-sale debt securities

 

0

 

16,658

Proceeds from calls and maturities of available-for-sale debt securities

 

7,453

 

17,024

Purchase of available-for-sale debt securities

 

0

 

(2,000)

Redemption of Federal Home Loan Bank of Pittsburgh stock

 

2,704

 

3,634

Purchase of Federal Home Loan Bank of Pittsburgh stock

 

(3,756)

 

(5,462)

Purchase of Federal Reserve Bank stock

(14)

0

Net increase in loans

 

(24,313)

 

(4,392)

Purchase of premises and equipment

 

(744)

 

(276)

Proceeds from sale of foreclosed assets

 

22

 

0

Other

 

25

 

70

Net Cash (Used in) Provided by Investing Activities

 

(18,623)

 

26,506

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

  

Net decrease in deposits

 

(18,902)

 

(81,536)

Net increase in short-term borrowings

 

14,957

 

13,334

Proceeds from long-term borrowings - FHLB advances

16,524

43,403

Repayments of long-term borrowings - FHLB advances

 

(6,027)

 

(7,026)

Purchases of treasury stock

 

(212)

 

(1,865)

Common dividends paid

 

(3,876)

 

(3,951)

Net Cash Provided by (Used in) Financing Activities

 

2,464

 

(37,641)

DECREASE IN CASH AND CASH EQUIVALENTS

 

(10,430)

 

(1,586)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

52,778

 

47,698

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

42,348

$

46,112

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

Decrease in accrued purchase of available-for-sale debt securities

$

0

$

(2,000)

Assets acquired through foreclosure of real estate loans

$

0

$

184

Increase in other assets from surrender of bank-owned life insurance

$

14,289

$

0

Interest paid

$

10,662

$

4,836

Income taxes paid

$

46

$

64

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

6

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Consolidated Statements of Changes in Stockholders’ Equity

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

    

    

    

    

    

    

Accumulated

    

    

Other

Common

Treasury

Common

Paid-in

Retained

Comprehensive

Treasury

Three Months Ended March 31, 2024

Shares

Shares

Stock

Capital

Earnings

Loss

Stock

Total

Balance, December 31, 2023

 

16,030,172

 

735,037

$

16,030

$

144,388

$

157,028

$

(38,437)

$

(16,628)

$

262,381

Net income

 

 

5,306

5,306

Other comprehensive loss, net

 

 

(2,269)

(2,269)

Cash dividends declared on common stock, $.28 per share

 

 

(4,283)

(4,283)

Shares issued for dividend reinvestment plan

 

 

(20,886)

(66)

473

407

Restricted stock granted

 

 

(72,860)

(1,646)

1,646

0

Forfeiture of restricted stock

 

 

587

14

(14)

0

Stock-based compensation expense

 

 

326

326

Purchase of restricted stock for tax withholding

 

 

10,229

(212)

(212)

Balance, March 31, 2024

 

16,030,172

 

652,107

$

16,030

$

143,016

$

158,051

$

(40,706)

$

(14,735)

$

261,656

Three Months Ended March 31, 2023

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance, December 31, 2022

 

16,030,172

 

511,353

$

16,030

$

143,950

$

151,743

$

(49,878)

$

(12,520)

$

249,325

Adoption of ASU 2016-13 (CECL)

(1,652)

(1,652)

Net income

 

 

 

  

 

  

 

6,253

 

  

 

  

 

6,253

Other comprehensive income, net

 

 

 

  

 

  

 

 

7,081

 

  

 

7,081

Cash dividends declared on common stock, $.28 per share

 

 

 

  

 

  

 

(4,354)

 

  

 

  

 

(4,354)

Shares issued for dividend reinvestment plan

 

 

(17,695)

 

 

(29)

 

  

 

  

 

432

 

403

Restricted stock granted

 

 

(53,788)

 

 

(1,314)

 

  

 

  

 

1,314

 

0

Forfeiture of restricted stock

 

 

19,222

 

 

411

 

  

 

  

 

(411)

 

0

Stock-based compensation expense

 

 

 

  

 

377