Citizens & Northern (CZNC) came out with quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -22.22%. A quarter ago, it was expected that this bank would post earnings of $0.45 per share when it actually produced earnings of $0.50, delivering a surprise of 11.11%.Over the last four quarters, the compan ...

Loan Portfolio and Credit Quality - A significant portion of the Corporation's loan portfolio consists of commercial real estate loans, which are generally viewed as having more risk of default compared to residential real estate loans[28]. - The Corporation's commercial real estate loans are subject to increased scrutiny from banking regulators, which may lead to higher costs or restrictions on lending activities[29]. - The Corporation's loan portfolio is primarily concentrated in specific geographic regions, making it vulnerable to local economic conditions[33]. - Total loans outstanding at December 31, 2023, were $1,848,139,000, reflecting an increase of $108,099,000 (6.2%) from the previous year[145]. - Commercial loans represented 75% of the loan portfolio as of December 31, 2023, while residential loans accounted for 22%[143]. - The Corporation's commercial loans increased by $82,697,000 (6.4%), driven by growth in non-owner occupied commercial real estate loans of $61,745,000[145]. - Total residential mortgage loans rose by $20,132,000 (5.1%) as of December 31, 2023[145]. - Non-owner occupied commercial real estate loans reached $499,104,000, accounting for 27.0% of total loans in 2023, compared to 26.1% in 2022[151]. - The total commercial real estate - owner occupied loans increased to $237,246,000, representing 12.8% of total loans in 2023[151]. - Multi-family residential loans grew to $64,076,000, accounting for 3.5% of total loans, up from 3.2% in 2022[151]. - The provision for credit losses for 2023 was $186,000, a significant decrease of $7,069,000 from $7,255,000 in 2022[156]. - Total nonperforming assets decreased to $18.8 million in 2023, down from $25.6 million in 2022, resulting in a nonperforming assets ratio of 0.75%[157]. - Net charge-offs for 2023 were $264,000, or 0.01% of average outstanding loans, indicating low charge-off rates historically[158]. - Total nonperforming loans decreased to $18,367,000 in 2023 from $25,322,000 in 2022, with nonperforming loans as a percentage of total loans at 0.99% compared to 1.46% in 2022[166]. - The allowance for credit losses (ACL) as a percentage of gross loans receivable was 1.04% at December 31, 2023, compared to 1.08% at January 1, 2023[156]. - The allowance for credit losses on loans increased to $19,208,000 as of December 31, 2023, up from $16,615,000 in 2022, reflecting a provision for credit losses of $753,000 in 2023 compared to $7,255,000 in 2022[162]. Financial Condition and Market Risks - The Federal Reserve raised the Federal Funds rate to a range of 5.25% to 5.50% at December 31, 2023, which could have a material adverse effect on the Corporation's financial condition[32]. - The Corporation's risk management policies may not prevent unexpected losses that could materially affect its financial condition, results of operations, or liquidity[27]. - Cybersecurity risks pose a significant threat, as breaches could lead to reputational harm and financial loss[39]. - The Corporation's liquidity position may be adversely affected by disruptions in financial market conditions or operational problems[45]. - The Corporation's liquidity position is supported by overnight borrowing facilities with correspondent banks and a line of credit with the Federal Reserve Bank[170][171]. - The carrying value of available-for-sale debt securities was $256,058,000 as of December 31, 2023, providing a potential source of liquidity for the Corporation[173]. - The fair value of available-for-sale debt securities portfolio was $415.8 million, or 10.6% less than the amortized cost basis[47]. - The Corporation's trust revenue is influenced by the value of underlying investment portfolios, which can be negatively impacted by market fluctuations[48]. Deposits and Funding - Total deposits reached $2,014,806,000 as of December 31, 2023, a slight increase of $17,213,000 (0.9%) from $1,997,593,000 in 2022, although adjusted total deposits excluding brokered deposits decreased by $26,173,000 (1.3%)[174]. - Brokered deposits increased to $64,369,000 in 2023, up $43,386,000 from the previous year, indicating a shift towards short-term certificates of deposit[174]. - The Corporation's outstanding credit facilities totaled $1,021,827,000 as of December 31, 2023, an increase from $957,485,000 in 2022, with significant borrowings from the Federal Home Loan Bank of Pittsburgh[172]. - Highly liquid available funding sources amounted to $1.1 billion at December 31, 2023, which is 183.9% of uninsured deposits and 246.8% of total uninsured and uncollateralized deposits[176]. - As of December 31, 2023, estimated uninsured deposits totaled $592.2 million, representing 29.2% of total deposits, down from 34.2% ($689.4 million) at December 31, 2022[175]. - Total uninsured and uncollateralized deposits were 21.7% of total deposits at December 31, 2023, a decrease from 24.0% at December 31, 2022[177]. Capital and Stockholder Equity - C&N Bank's capital conservation buffer was 6.89% as of December 31, 2023, exceeding the minimum requirements[181]. - The Corporation's total stockholders' equity was impacted by unrealized losses on available-for-sale debt securities, with accumulated other comprehensive loss at $38.9 million as of December 31, 2023, down from $50.4 million in 2022[183]. - Management expects C&N Bank to maintain capital levels exceeding regulatory standards for well-capitalized institutions for the next 12 months[178]. - Future dividend payments and stock repurchases will depend on the Corporation's financial condition and regulatory requirements[179]. - The minimum common equity tier 1 capital ratio is set at 4.5%, with a capital conservation buffer requirement of 2.5% for unrestricted dividend payments[180]. - A new treasury stock repurchase program was announced on September 25, 2023, allowing for the repurchase of up to 750,000 shares, approximately 5% of outstanding shares[182].

Table of Contents 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, 2023 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 Registran ...

Table of Contents UNITED STATES For the transition period from _______________ to _________________________. Commission file number: 000-16084 CITIZENS & NORTHERN CORPORATION (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or (Exact name of Registrant as specified in its charter) ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | PENNSYLVANIA | 23-2451943 | | --- | --- ...

Table of Contents 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, 2023 or 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) | Identif ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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: 0-16084 CITIZENS & NORTHERN CORPORATION (Exact name of Registrant as specif ...

Table of Contents CITIZENS&NORT 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 nam ...

Table of Contents CITIZENS&NORTHER 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 June 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 ...

Table of Contents CITIZENS&NORTI 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, 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 o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |---------------------------|------------------------------------------------------------------|--------------------------------------------------------| | ...