Citizens & northern corp (CZNC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

19,504

22,013

13,434

15,762

16,471

17,086

18,594

22,705

23,368

19,055

-39,335

Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for loan losses

849

584

801

1,221

845

476

2,047

288

-285

1,191

680

Realized (gains) losses on available-for-sale debt securities, net

23

-288

257

-

-

-

-

-

-

-

-

Realized gains on available-for-sale securities, net

-

-

-

1,158

2,861

1,104

1,718

2,682

2,216

-

-

Unrealized (gain) loss on marketable equity security

-

-

0

-

-

-

-

-

-

-

-

Gain on restricted equity security

0

2,321

0

-

-

-

-

-

-

-

-

Loss on prepayment of debt

-

-

-

0

-2,573

0

-1,023

-2,333

-

-

-

Loss on prepayment of debt

-

-

-

-

-

-

-

-

0

-

-

Realized loss (gain) on foreclosed assets

-

-

-

-

-

136

-71

-66

41

108

310

Realized gains on available-for-sale securities, net

-

-

-

-

-

-

-

-

-

829

-83,840

Loss on prepayment of debt

-

-

-

-

-

-

-

-

-

0

-

(Gain) loss on disposition of premises and equipment

-

-

-

-

-

8

-16

270

324

445

-30

Depreciation expense

-

-

-

1,589

1,888

1,940

2,020

1,939

2,077

2,339

2,816

Accretion and amortization on securities, net

-1,341

-1,044

-1,157

-1,462

-1,562

-1,375

-1,836

-1,581

-1,317

-2,233

-455

Accretion and amortization on loans and deposits, net

-

-

-

-

-

-27

-32

-49

-35

-262

-357

Decrease in fair value of servicing rights

-

-

-

-

-

27

-

188

68

12

-

Accretion and amortization on loans and deposits, net

-

-

-

-

-

-

-32

-49

-35

-262

-357

Decrease (increase) in fair value of servicing rights

-

-

-

-

-

-

67

-

-

-

-

Impairment loss on limited partnership interest

-

-

-

-

-

-

-

-

948

0

-

Increase in cash surrender value of life insurance

402

394

379

382

386

376

399

455

509

466

501

Depreciation and amortization of bank premises and equipment

1,749

1,754

1,639

-

-

-

-

-

-

-

-

Other accretion and amortization, net

-375

-6

-

-

-

-

-

-

-

-

-

Gain on life insurance benefits

-

-

-

0

212

0

0

-

-

-

-

Stock-based compensation

798

855

628

582

606

565

-

-

-

-

-

Stock-based compensation

-

-

-

-

-

-

696

567

423

67

286

Amortization of core deposit intangibles

-

-

-

-

-

35

51

74

114

176

324

Deferred income taxes

172

-187

2,155

-156

79

1,254

1,839

3,760

3,818

6,371

-18,383

Decrease in fair value of servicing rights

331

83

168

282

162

-

-

-

-

-

-

Gains on sales of loans, net

924

682

-

-

-

-

-

-

-

-

-

Gains on sales of loans, net

-

-

818

1,029

735

768

1,969

2,016

1,107

761

106

Origination of loans held for sale

29,978

21,014

25,129

29,296

21,823

21,680

58,427

62,829

26,610

30,720

11,776

Proceeds from sales of loans held for sale

30,144

22,060

25,119

30,215

22,101

22,317

62,436

62,821

31,786

26,826

11,396

Net decrease in trading securities

-

-

-

-

-

-

-

-

-

-1,045

382

Increase in accrued interest receivable and other assets

-1,188

413

595

410

1,697

-1,395

-3,234

1,043

-3,580

-9,624

-

Decrease in accrued interest payable and other liabilities

-2,068

1,957

1,312

-216

1,195

-90

-679

674

1,092

-302

-

Other

155

271

139

44

-82

-

-

-

-

-

-

(Increase) decrease in accrued interest receivable and other assets

-

-

-

-

-

-

-

-

-

-

-14,632

(Decrease) increase in accrued interest payable and other liabilities

-

-

-

-

-

-

-

-

-

-

1,077

Net Cash Provided by Operating Activities

22,461

25,892

19,374

18,510

19,686

22,281

30,572

27,652

37,464

35,046

12,968

CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash and cash equivalents used in business combination

1,778

0

-

-

-

-

-

-

-

-

-

Proceeds from maturities of certificates of deposit

580

2,280

348

1,540

1,780

2,560

480

0

0

-

-

Purchase of certificates of deposit

0

3,700

100

2,280

100

960

1,688

1,060

3,760

0

-

Proceeds from maturity of held-to-maturity securities

-

-

-

-

-

-

-

-

-

300

106

Proceeds from sales of available-for-sale debt securities

96,148

25,860

24,118

37,032

44,504

56,269

25,500

24,228

25,471

53,115

41,242

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

81,204

52,383

63,679

74,477

89,159

78,101

97,123

114,247

108,138

163,618

68,432

Purchase of available-for-sale debt securities

57,655

90,015

51,476

91,896

40,363

158,894

152,163

126,820

152,044

267,082

131,203

Redemption of Federal Home Loan Bank of Pittsburgh stock

10,137

6,145

-

-

-

-

-

-

-

-

-

Purchase of Federal Home Loan Bank of Pittsburgh Stock

-

-

-

-

-

-

-

-

-

-

-4

Redemption of Federal Home Loan Bank of Pittsburgh stock

-

-

-7,288

-5,277

-5,029

-2,804

-2,680

-1,931

-1,513

-429

-

Purchase of Federal Home Loan Bank of Pittsburgh stock

9,208

5,301

9,418

5,046

8,102

602

1,624

0

0

-

-

Net decrease in loans

96,628

14,492

65,225

49,085

77,129

-10,317

-39,059

-22,320

-19,264

10,330

-20,470

Proceeds from sale of restricted equity security

0

2,321

0

-

-

-

-

-

-

-

-

Proceeds from bank owned life insurance

796

1,442

0

1,442

1,953

0

0

-

1,442

1,442

-

Purchase of premises and equipment

2,870

1,167

1,697

1,580

1,039

801

801

1,622

998

707

1,253

Proceeds from disposition of premises and equipment

-

-

-

-

-

43

42

456

3,060

103

-

Purchase of investment in limited liability company

-

-

-

-

-

-

147

538

397

0

-

Return of principal on limited liability entity investments

-

-

-

-

-

173

164

114

116

66

18

Proceeds from sale of foreclosed assets

1,768

2,418

1,387

539

2,536

1,504

255

1,380

1,112

1,169

1,564

Other

-174

-178

-191

-181

-181

-

-

-

-

-

-

Net Cash Provided by Investing Activities

22,668

-21,648

-30,905

-29,399

18,409

-9,486

8,880

34,636

2,917

-57,877

-628

CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits

-4,822

25,323

24,606

48,228

-32,374

13,473

-51,590

-12,106

13,839

77,537

62,706

Net decrease in short-term borrowings

-38,307

-48,913

35,591

-27,321

47,959

-17,848

17,818

617

-13,463

-20,816

-9,318

Proceeds from long-term borrowings

48,500

33,000

8,000

0

0

-

-

-

-

-

-

Repayments of long-term borrowings

38,173

6,274

37,265

313

36,866

278

11,497

43,884

23,132

47,607

40,445

Sale of treasury stock

198

189

127

263

381

123

184

229

71

0

30

Issuance of US Treasury preferred stock and warrant

-

-

-

-

-

-

-

-

-

-

26,409

Redemption of US Treasury preferred stock and warrant

-

-

-

-

-

-

-

-

-

26,840

-

Issuance of common stock

-

-

-

-

-

-

-

-

-

-

-24,585

Purchase of vested restricted stock

189

0

-

3,723

4,415

4,002

0

0

1,022

0

-

Tax benefit from compensation plans

-

-

-

175

159

157

124

118

67

42

145

US Treasury preferred dividends paid

-

-

-

-

-

-

-

-

-

952

1,098

Common dividends paid

14,041

11,746

11,145

11,112

11,245

11,392

10,916

9,061

6,227

4,297

7,317

Net Cash Used in Financing Activities

-46,834

-8,421

19,914

6,197

-36,401

-19,767

-55,877

-64,087

-29,867

-22,933

55,697

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

-1,705

-4,177

8,383

-4,692

1,694

-6,972

-16,425

-1,799

10,514

-45,764

68,037

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Right-of-use assets recognized at adoption of ASU 2016-02

1,132

0

-

-

-

-

-

-

-

-

-

Leased assets obtained in exchange for new operating lease liabilities

745

0

-

-

-

-

-

-

-

-

-

Assets acquired through foreclosure of real estate loans

-

-

-

-

-

-

-

1,004

1,769

725

1,829

Accrued purchase of available-for-sale securities

-

-

-

-

-

226

0

0

-

-

-

Assets acquired through foreclosure of real estate loans

2,053

2,520

940

1,508

2,523

1,665

339

-

-

-

-

Interest paid

9,601

4,529

3,934

3,698

4,636

-

-

-

-

-

-

Interest paid

-

-

-

-

-

5,138

5,782

9,246

13,609

19,614

24,944

Income taxes paid

3,234

4,277

4,913

5,129

4,827

4,432

4,213

4,250

3,616

-8,134

3,475

Securities transferred from trading to available-for-sale

-

-

-

-

-

-

-

-

-

-

1,643