CITIZENS & NORTHERN CORP CZNC Cash Flow

Citizens & northern corp (CZNC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
4,166	5,458	5,307	3,649	5,090	5,681	5,586	6,371	4,375	1,943	3,936	4,121	3,434	4,231	4,087	3,871	3,573	4,065	4,234	4,357	3,815	4,368	4,267	4,163	4,288	4,225	4,689	4,974	4,706	5,939	5,494	5,685	5,587	6,141	5,989	5,697	5,541
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for loan losses
1,528	652	1,158	-4	-957	252	60	-20	292	23	322	4	452	-3	538	318	368	319	302	221	3	123	218	446	-311	1,559	239	66	183	-133	236	367	-182	-87	-37	31	-192
Realized gains on available-for-sale securities, net
-	-	-	-	-	-	-	-	-	-	-	-	145	69	584	122	383	1,776	79	932	74	210	760	103	31	266	193	100	1,159	51	2,430	203	-2	-	-	-	-
Unrealized (gain) loss on marketable equity security
-	-	-	-	-	-	-	-	-15	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on prepayment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-1,023	-	-2,190	-143	0	-	-	-	-
Realized loss (gain) on foreclosed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-24	74	-13	185	-30	12	-31	0	-18	-50	-3	33	-19	-184	104	33	51	-24	-19
Realized gains on available-for-sale securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26	163	1,839
Depreciation expense
-	-	-	-	-	-	-	-	-	-	-	422	404	401	401	379	408	446	484	489	469	470	482	490	498	497	502	510	511	495	480	471	493	493	526	522	536
Accretion and amortization on securities, net
-367	-461	-375	-296	-209	-297	-235	-244	-268	-291	-283	-269	-314	-397	-405	-363	-297	-358	-413	-408	-383	-367	-334	-318	-356	-408	-476	-439	-513	-559	-606	-234	-182	-272	-292	-307	-446
Accretion and amortization on loans and deposits, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6	-5	-5	-7	-6	-7	-7	-7	-9	-8	-8	-9	-14	-14	-12	-8	-9	-10	-8
Decrease in fair value of servicing rights
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13	33	117	62	17	53	-105	-	-	-	-	119	25	23	21	20	19	16	13
Accretion and amortization on loans and deposits, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6	-7	-7	-7	-9	-8	-8	-9	-14	-14	-12	-8	-9	-10	-8
Impairment loss on limited partnership interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	948
Increase in cash surrender value of life insurance
104	106	105	99	92	99	100	98	97	98	97	94	90	96	97	93	96	92	95	102	97	98	99	91	88	98	109	99	93	108	111	117	119	128	127	132	122
Depreciation and amortization of bank premises and equipment
447	434	472	418	425	437	467	438	412	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other accretion and amortization, net
-355	-	-	-	-3	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation
194	152	215	202	229	355	162	155	183	153	153	154	168	98	159	163	162	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	157	150	-	79	172	212	91	113	205	287	80	76	170	241	37	35	159	192
Amortization of core deposit intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5	6	5	9	9	8	9	13	13	12	13	18	19	18	19	28	29	28	29
Deferred income taxes
397	-15	-396	107	476	-104	-279	30	166	2,043	-299	138	273	-163	-333	-282	622	-416	71	-16	440	291	-94	436	621	-25	291	303	1,270	840	1,425	677	818	882	374	736	1,826
Decrease in fair value of servicing rights
126	19	164	71	77	25	32	46	-20	23	67	48	30	35	68	108	71	-	-	-	-	-	-	-	-	-	-79	3	-8	-	-	-	-	-	-	-	-
Gains on sales of loans, net
315	306	310	221	87	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains on sales of loans, net
-	-	-	-	-	-	-	-	184	167	297	188	166	330	236	295	168	162	243	183	147	211	141	265	151	409	504	552	504	753	625	373	265	430	263	155	259
Origination of loans held for sale
10,414	9,315	10,880	7,524	2,259	4,985	5,299	5,403	5,327	5,852	6,536	7,183	5,558	9,930	6,668	7,723	4,975	5,210	6,584	5,879	4,150	5,136	4,101	7,670	4,773	10,690	15,028	16,363	16,346	20,258	20,450	12,947	9,174	11,444	6,713	3,924	4,529
Proceeds from sales of loans held for sale
10,842	10,819	10,218	6,568	2,539	5,443	5,046	5,570	6,001	5,646	8,039	5,777	5,657	10,650	6,612	8,092	4,861	5,126	6,886	6,037	4,052	5,718	3,792	8,002	4,805	11,755	15,336	16,874	18,471	22,156	20,286	12,279	8,100	12,103	5,876	4,009	9,798
Increase in accrued interest receivable and other assets
1,886	-293	-1,149	-395	649	551	-592	1,211	-757	802	-1,775	1,397	171	105	-403	-51	759	-333	805	-527	1,752	-1,269	53	-1,043	864	176	-705	-3,714	1,009	-223	-1,251	-424	2,941	-	-	-	-
Decrease in accrued interest payable and other liabilities
-799	-2,304	1,424	1,029	-2,217	890	390	1,159	-482	688	-297	1,382	-461	-403	483	-7	-289	-138	652	194	487	-1,118	-767	-166	1,961	-2,786	1,709	1,368	-970	1,219	-237	-1,049	741	-	-	-	-
Other
-67	288	-79	-93	39	-6	84	222	-29	53	-18	70	34	-40	19	20	45	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Increase) decrease in accrued interest receivable and other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,862	1,354	1,396
(Decrease) increase in accrued interest payable and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-773	-1,351	844
Net Cash Provided by Operating Activities
4,127	6,185	8,692	4,764	2,820	7,435	6,250	5,877	6,330	4,344	7,439	3,416	4,175	-	-	-	3,737	4,430	5,399	6,148	3,709	5,814	3,198	6,818	6,451	4,138	8,155	11,396	6,883	10,304	8,239	5,702	3,407	10,162	4,501	9,850	12,951
Proceeds from maturities of certificates of deposit
0	480	0	0	100	0	1,460	0	820	0	0	248	100	480	960	0	100	1,780	0	0	0	1,840	240	240	240	240	240	0	0	-	-	-	-	-	-	-	-
Purchase of certificates of deposit
-	-	-	-	-	2,350	1,000	250	100	0	0	0	100	0	1,940	240	100	100	0	0	0	-	-	-	-	-	-	-	-	0	100	480	480	3,760	0	0	0
Proceeds from sales of available-for-sale debt securities
6,722	508	501	95,139	0	-	-	-	-	0	9,745	517	13,856	15,459	2,186	10,692	8,695	18,532	14,717	10,394	861	3,925	23,513	1,317	27,514	1,380	718	378	23,024	9,424	3,023	11,754	27	8,775	81	665	15,950
Proceeds from calls and maturities of available-for-sale debt securities
17,451	19,963	26,416	16,212	18,613	15,735	13,043	13,089	10,516	16,394	19,756	14,758	12,771	20,005	17,463	19,691	17,318	23,898	23,484	22,377	19,400	21,520	21,241	21,492	13,848	19,901	25,571	29,037	22,614	32,652	25,172	29,144	27,279	28,325	25,759	27,273	26,781
Purchase of available-for-sale debt securities
12,993	8,879	22,114	17,728	8,934	23,398	44,262	22,043	312	11,265	30,835	1,229	8,147	32,314	12,816	31,914	14,852	5,163	0	7,048	28,152	32,220	42,908	47,762	36,004	33,855	32,633	50,610	35,065	19,337	43,981	32,144	31,358	43,717	28,700	33,558	46,069
Redemption of Federal Home Loan Bank of Pittsburgh stock
3,660	1,862	1,552	4,415	2,308	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemption of Federal Home Loan Bank of Pittsburgh stock
-	-	-	-	-	-	-	-	-2,990	-1,801	-1,433	-1,563	-2,491	-1,616	-1,019	-345	-2,297	-1,238	-1,749	-1,557	-485	-1,827	-1	-21	-955	-2	-905	-1,080	-693	-709	-574	-316	-332	-349	-368	-388	-408
Purchase of Federal Home Loan Bank of Pittsburgh stock
2,735	4,297	1,763	1,395	1,753	2,427	332	836	1,706	4,693	1,519	1,076	2,130	2,682	764	699	901	3,428	1,714	2,414	546	357	122	3	120	799	0	825	0	-	-	-	-	-	-	-	-
Net decrease in loans
-15,179	42,769	23,474	32,066	-1,681	4,818	3,962	3,907	1,805	15,097	21,375	18,173	10,580	9,438	14,896	27,064	-2,313	24,856	18,120	35,555	-1,402	1,516	8,415	-2,495	-17,753	-4,037	-6,052	-11,768	-17,202	-13,179	-5,982	6,935	-10,094	2,886	-7,726	-3,217	-11,207
Proceeds from bank owned life insurance
0	0	0	0	796	-1	0	1,443	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of premises and equipment
1,300	1,570	375	429	496	205	275	220	467	488	270	194	745	392	468	342	378	306	194	172	367	324	271	116	90	-	-	-	-	194	400	802	226	332	400	180	86
Proceeds from disposition of premises and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	465	-160	-263	-	-	-	-	-	-	-	-
Purchase of investment in limited liability company
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	121	26	0	4	320	214	197	0	200	0
Return of principal on limited liability entity investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	34	45	54	48	38	45	42	38	51	38	37	34	33	20	27	23	23	0	70
Proceeds from sale of foreclosed assets
1,253	28	1,513	51	176	1,037	138	640	603	352	391	175	469	178	69	292	0	150	1,729	466	191	1,035	91	108	270	0	241	5	9	260	262	0	858	472	410	230	0
Other
-70	-54	-45	-29	-46	-50	-44	-33	-51	-47	-69	-29	-46	-66	-33	-33	-49	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Cash Provided by Investing Activities
27,307	-34,620	-17,699	62,450	12,537	-4,973	-16,244	-11,021	10,590	-12,949	-22,605	-3,382	8,031	-	-	-	14,541	12,304	21,685	-8,908	-6,672	-5,182	-6,549	-22,163	24,408	-10,101	166	-9,410	28,225	36,728	-9,438	1,007	6,339	-12,948	9,769	-2,165	8,261
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits
-2,789	-42,354	10,601	20,792	6,139	-10,175	3,048	22,818	9,632	-13,176	24,363	17,011	-3,592	-8,037	23,929	12,103	20,233	-25,497	-17,337	1,815	8,645	-13,540	2,290	17,406	7,317	-8,949	12,696	-17,205	-38,132	-6,904	-16,446	12,653	-1,409	22,471	364	-14,644	5,648
Net decrease in short-term borrowings
-48,619	64,939	-6,256	-89,269	-7,721	4,432	-8,748	-9,313	-35,284	54,027	-1,136	-11,869	-5,431	11,585	-11,112	-250	-27,544	43,252	-9,562	13,966	303	-1,228	2,128	-93	-18,655	18,552	-11,554	11,750	-930	-14,090	15,415	212	-920	-14,284	-1,109	4,275	-2,345
Proceeds from long-term borrowings
25,891	0	26,000	17,500	5,000	9,000	6,000	9,000	9,000	5,000	3,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of long-term borrowings
5,074	6,583	6,073	17,446	8,071	6,070	69	68	67	27,067	10,065	67	66	84	77	77	75	25,738	74	10,982	72	71	70	69	68	67	67	3,189	8,174	6,142	22,274	5,307	10,161	2,661	5,158	5,158	10,155
Sale of treasury stock
124	0	0	36	162	96	28	2	63	29	17	28	53	137	26	66	34	2	1	99	279	24	13	24	62	16	49	66	53	10	64	54	101	55	0	13	3
Purchase of vested restricted stock
163	0	0	0	189	0	0	0	0	-	-	-	-	0	0	653	3,070	471	529	393	3,022	1,538	2,464	0	0	-	-	-	-	-	-	-	0	-	-	-	-
Tax benefit from compensation plans
-	-	-	-	-	-	-	-	-	-	-	-	-	46	41	43	45	42	39	36	42	37	46	34	40	33	36	27	28	35	53	8	22	19	17	16	15
Common dividends paid
3,328	3,328	3,327	3,324	4,062	2,949	2,939	2,930	2,928	2,814	2,806	2,789	2,736	2,779	2,776	2,768	2,789	2,804	2,806	2,806	2,829	2,828	2,861	2,856	2,847	2,738	2,730	2,728	2,720	2,601	2,375	2,149	1,936	1,714	1,610	1,502	1,401
Net Cash Used in Financing Activities
-33,958	12,674	20,945	-71,711	-8,742	-5,666	-2,680	19,509	-19,584	15,999	13,373	2,314	-11,772	-	-	-	-13,166	-11,214	-30,268	1,735	3,346	-19,144	-918	14,446	-14,151	6,847	-1,570	-11,279	-49,875	-29,692	-25,563	5,471	-14,303	3,847	-7,908	-17,571	-8,235
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
-2,524	-15,761	11,938	-4,497	6,615	-3,204	-12,674	14,365	-2,664	7,394	-1,793	2,348	434	-1,481	6,134	-14,457	5,112	5,520	-3,184	-1,025	383	-18,512	-4,269	-899	16,708	884	6,751	-9,293	-14,767	17,340	-26,762	12,180	-4,557	1,061	6,362	-9,886	12,977
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Right-of-use assets recognized at adoption of ASU 2016-02
0	0	0	0	1,132	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Leased assets obtained in exchange for new operating lease liabilities
0	0	0	399	346	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Assets acquired through foreclosure of real estate loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	730	-	145	30	48	267	216	25	496	78	290	1,212	189
Accrued purchase of available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-128	-958	-424	1,736	0	0	-811	811	-	-	-535	765	-	-	0	0
Assets acquired through foreclosure of real estate loans
0	190	1,039	425	399	31	3	2,414	72	332	0	392	216	0	357	781	370	0	1,893	32	598	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued purchase of available-for-sale debt security
-	-	-	-	-	-	-	-	507	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest paid
2,650	2,880	2,875	2,469	1,377	1,284	1,234	1,033	978	992	1,016	975	951	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued redemption of bank-owned life insurance policy
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,442	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	938	921	905	-	1,121	1,203	1,201	1,250	1,301	1,297	1,290	1,345	1,397	1,431	1,609	1,854	2,275	2,544	2,573	2,792	3,123	3,645	4,049
Income taxes paid
42	1,734	550	900	50	1,500	1,502	1,150	125	1,750	1,528	1,435	200	1,944	1,700	1,260	225	1,532	1,650	1,470	175	1,370	1,228	1,564	270	1,347	1,880	786	200	100	1,100	2,750	300	1,316	1,900	396	4