| PARENT COMPANY ONLY |
19. PARENT COMPANY ONLY The following is condensed financial information for Citizens & Northern Corporation: | | | | | | | CONDENSED BALANCE SHEET | | Dec. 31, | | Dec. 31, | (In Thousands) | | 2025 | | 2024 | ASSETS | | | | | | | Cash | | $ | 18,079 | | $ | 16,013 | Investment in subsidiaries: | | | | | | | Citizens & Northern Bank | | | 351,132 | | | 285,465 | Citizens & Northern Investment Corporation | | | 8,305 | | | 9,768 | Bucktail Life Insurance Company | | | 3,941 | | | 3,804 | Other assets | | | 473 | | | 136 | TOTAL ASSETS | | $ | 381,930 | | $ | 315,186 | | | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | Senior notes, net | | $ | 14,970 | | $ | 14,899 | Subordinated debt, net | | | 24,949 | | | 24,831 | Other liabilities | | | 297 | | | 172 | Stockholders' equity | | | 341,714 | | | 275,284 | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 381,930 | | $ | 315,186 |
| | | | | | | | | | CONDENSED INCOME STATEMENT AND COMPREHENSIVE INCOME | | | | | | | | | | (In Thousands) | | 2025 | | 2024 | | 2023 | Dividends from Citizens & Northern Bank | | $ | 18,723 | | $ | 17,341 | | $ | 19,405 | Dividends from Citizens & Northern Investment Corporation | | | 1,900 | | | 1,500 | | | 1,800 | Expenses | | | (1,758) | | | (1,644) | | | (2,003) | Income before equity in undistributed income of subsidiaries | | | 18,865 | | | 17,197 | | | 19,202 | Equity in undistributed income of subsidiaries | | | 4,562 | | | 8,761 | | | 4,946 | NET INCOME | | $ | 23,427 | | $ | 25,958 | | $ | 24,148 | COMPREHENSIVE INCOME | | $ | 37,393 | | $ | 27,634 | | $ | 35,589 |
| | | | | | | | | | CONDENSED STATEMENT OF CASH FLOWS | | | | | | | | | | (In Thousands) | | 2025 | | 2024 | | 2023 | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | Net income | | $ | 23,427 | | $ | 25,958 | | $ | 24,148 | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Amortization of debt issuance costs | | | 189 | | | 182 | | | 176 | Equity in undistributed income of subsidiaries | | | (4,562) | | | (8,761) | | | (4,946) | (Increase) decrease in other assets | | | (260) | | | 64 | | | (167) | Increase (decrease) in other liabilities | | | 35 | | | (93) | | | 97 | Net Cash Provided by Operating Activities | | | 18,829 | | | 17,350 | | | 19,308 | | | | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES, | | | | | | | | | | Net cash used in business combination | | | (252) | | | 0 | | | 0 | | | | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | Purchase of treasury stock | | | (218) | | | (629) | | | (6,784) | Dividends paid | | | (16,293) | | | (15,530) | | | (15,569) | Net Cash Used in Financing Activities | | | (16,511) | | | (16,159) | | | (22,353) | | | | | | | | | | | INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | 2,066 | | | 1,191 | | | (3,045) | CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | | | 16,013 | | | 14,822 | | | 17,867 | CASH AND CASH EQUIVALENTS, END OF YEAR | | $ | 18,079 | | $ | 16,013 | | $ | 14,822 | | | | | | | | | | | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION, | | | | | | | | | | Interest paid | | $ | 1,312 | | $ | 1,305 | | $ | 1,234 |
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