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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, 2025

◻ 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)	17,801,873 Shares Outstanding on November 5, 2025

Table of Contents

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

CITIZENS & NORTHERN CORPORATION

Index


Part I. Financial Information

Item 1. Financial Statements

Consolidated Balance Sheets (Unaudited) –September 30, 2025 and December 31, 2024			Page 3

Consolidated Statements of Income (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2025 and 2024			Page 4

Consolidated Statements of Comprehensive Income (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2025 and 2024			Page 5

Consolidated Statements of Cash Flows (Unaudited) – Nine-month Periods Ended September 30, 2025 and 2024			Page 6

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) – Three-month and Nine-month Periods Ended September 30, 2025 and 2024			Page 7

Notes to Unaudited Consolidated Financial Statements			Pages 8 –33

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			Pages 34 – 57

Item 3. Quantitative and Qualitative Disclosures About Market Risk			Pages 58 – 60

Item 4. Controls and Procedures			Page 60

Part II. Other Information

Item 1. Legal Proceedings			Page 61

Item 1A. Risk Factors			Page 61

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			Page 61– 62

Item 3. Default upon Senior Securities			Page 62

Item 4. Mine Safety Disclosures			Page 62

Item 5. Other Information			Page 62

Item 6. Exhibits			Page 62– 63

Signatures			Page 64

Table of Contents

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

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


	September 30,		December 31,
(In Thousands, Except Share and Per Share Data)	2025		2024
ASSETS
Cash and due from banks:
Noninterest-bearing	$	27,430	$	21,110
Interest-bearing		95,660		105,064
Total cash and due from banks		123,090		126,174
Available-for-sale debt securities, at fair value		415,313		402,380

Loans receivable		1,945,107		1,895,848
Allowance for credit losses		(23,474)		(20,035)
Loans, net		1,921,633		1,875,813

Bank-owned life insurance		52,614		51,214
Accrued interest receivable		9,656		8,735
Bank premises and equipment, net		21,055		21,338
Foreclosed assets held for sale		402		181
Deferred tax asset, net		16,759		19,098
Goodwill		52,505		52,505
Core deposit intangibles, net		1,762		2,080
Other assets		49,244		51,135
TOTAL ASSETS	$	2,664,033	$	2,610,653

LIABILITIES
Deposits:
Noninterest-bearing	$	508,475	$	486,566
Interest-bearing		1,657,260		1,607,343
Total deposits		2,165,735		2,093,909
Short-term borrowings		1,489		2,488
Long-term borrowings - FHLB advances		132,894		165,451
Senior notes, net		14,952		14,899
Subordinated debt, net		24,919		24,831
Accrued interest and other liabilities		30,085		33,791
TOTAL LIABILITIES		2,370,074		2,335,369

COMMITMENTS AND CONTINGENT LIABILITIES

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 15,531,700 at September 30, 2025;
issued 16,030,172 and outstanding 15,433,494 at December 31, 2024		16,030		16,030
Paid-in capital		143,352		143,565
Retained earnings		171,733		165,778
Treasury stock, at cost; 498,472 shares at September 30, 2025 and 596,678
shares at December 31, 2024		(11,130)		(13,328)
Accumulated other comprehensive loss		(26,026)		(36,761)
TOTAL STOCKHOLDERS' EQUITY		293,959		275,284
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	2,664,033	$	2,610,653

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

Table of Contents

CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Consolidated Statements of Income

(In Thousands Except Per Share Data) (Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
(In Thousands, Except Per Share Data)	2025		2024		2025		2024
INTEREST INCOME
Interest and fees on loans:
Taxable	$	29,085	$	28,099	$	84,639	$	82,292
Tax-exempt		590		610		1,784		1,749
Income from available-for-sale debt securities:
Taxable		2,390		2,136		7,021		6,409
Tax-exempt		568		572		1,720		1,685
Other interest and dividend income		1,017		1,670		2,649		2,614
Total interest and dividend income		33,650		33,087		97,813		94,749
INTEREST EXPENSE
Interest on deposits		9,456		10,412		28,332		28,617
Interest on short-term borrowings		0		184		1		1,141
Interest on long-term borrowings - FHLB advances		1,577		1,983		5,040		5,294
Interest on senior notes, net		121		120		362		360
Interest on subordinated debt, net		233		232		698		695
Total interest expense		11,387		12,931		34,433		36,107
Net interest income		22,263		20,156		63,380		58,642
Provision for credit losses		2,163		1,207		4,753		2,726
Net interest income after provision for credit losses		20,100		18,949		58,627		55,916
NONINTEREST INCOME
Trust revenue		2,056		1,946		6,125		5,857
Brokerage and insurance revenue		490		523		1,542		1,589
Service charges on deposit accounts		1,471		1,546		4,333		4,336
Interchange revenue from debit card transactions		1,137		1,103		3,391		3,205
Net gains from sale of loans		408		360		925		786
Loan servicing fees, net		107		74		418		434
Increase in cash surrender value of life insurance		477		458		1,400		1,372
Other noninterest income		1,158		1,123		4,320		4,083
Total noninterest income		7,304		7,133		22,454		21,662
NONINTEREST EXPENSE
Salaries and employee benefits		11,293		10,875		34,119		33,460
Net occupancy and equipment expense		1,336		1,377		4,198		4,160
Data processing and telecommunications expense		1,939		1,882		5,991		5,877
Automated teller machine and interchange expense		529		510		1,319		1,470
Pennsylvania shares tax		469		433		1,435		1,300
Professional fees		445		555		1,468		1,625
Merger-related expenses		882		0		1,049		0
Other noninterest expense		2,496		2,637		8,251		7,936
Total noninterest expense		19,389		18,269		57,830		55,828
Income before income tax provision		8,015		7,813		23,251		21,750
Income tax provision		1,464		1,448		4,290		3,966
NET INCOME	$	6,551	$	6,365	$	18,961	$	17,784
EARNINGS PER COMMON SHARE - BASIC AND DILUTED	$	0.42	$	0.41	$	1.22	$	1.16

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

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Consolidated Statements of Comprehensive Income

(In Thousands) (Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
(In Thousands)	2025		2024		2025		2024
Net income	$	6,551	$	6,365	$	18,961	$	17,784

Available-for-sale debt securities:
Unrealized holding gains on available-for-sale debt securities		5,979		13,829		13,757		10,243
Reclassification adjustment for losses (gains) realized in income		0		0		0		0
Other comprehensive income on available-for-sale debt securities		5,979		13,829		13,757		10,243

Unfunded pension and postretirement obligations:
Changes from plan amendments and actuarial gains and losses		0		0		69		394
Amortization of prior service cost, net actuarial loss and curtailment gain included in net periodic benefit cost		(21)		(22)		(65)		(532)
Other comprehensive (loss) income on pension and postretirement obligations		(21)		(22)		4		(138)

Other comprehensive income before income tax		5,958		13,807		13,761		10,105
Income tax related to other comprehensive income		(1,310)		(2,510)		(3,026)		(1,732)

Other comprehensive income, net		4,648		11,297		10,735		8,373

Comprehensive income	$	11,199	$	17,662	$	29,696	$	26,157

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

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands) (Unaudited)


	Nine Months Ended
	September 30,		September 30,
(In Thousands)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	18,961	$	17,784
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		4,753		2,726
Net amortization of securities		1,056		1,269
Increase in cash surrender value of life insurance		(1,400)		(1,372)
Depreciation and amortization of bank premises and equipment		1,676		1,632
Net accretion of acquisition accounting adjustment		(66)		(197)
Stock-based compensation		993		1,099
Deferred income taxes		(687)		(1,338)
Decrease in fair value of servicing rights		200		172
Net gains from sale of loans		(925)		(786)
Origination of loans held for sale		(31,334)		(27,070)
Proceeds from sales of loans held for sale		32,689		24,773
Decrease (increase) in accrued interest receivable and other assets		852		(3,196)
(Decrease) increase in accrued interest payable and other liabilities		(5,456)		5,340
Other		112		124
Net Cash Provided by Operating Activities		21,424		20,960
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of certificates of deposit		1,000		1,250
Proceeds from calls and maturities of available-for-sale debt securities		35,499		28,734
Purchase of available-for-sale debt securities		(35,731)		(11,516)
Redemption of Federal Home Loan Bank of Pittsburgh stock		1,596		5,991
Purchase of Federal Home Loan Bank of Pittsburgh stock		(924)		(6,748)
Purchase of Federal Reserve Bank stock		(32)		(36)
Net increase in loans		(49,839)		(45,752)
Proceeds from bank-owned life insurance		0		14,289
Purchase of premises and equipment		(1,453)		(1,554)
Proceeds from sale of foreclosed assets		58		293
Other		2		33
Net Cash Used in Investing Activities		(49,824)		(15,016)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits		71,826		121,077
Net decrease in short-term borrowings		(999)		(22,448)
Proceeds from long-term borrowings - FHLB advances		0		59,386
Repayments of long-term borrowings - FHLB advances		(32,557)		(23,083)
Purchases of treasury stock		(208)		(655)
Common dividends paid		(11,746)		(11,636)
Net Cash Provided by Financing Activities		26,316		122,641
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(2,084)		128,585
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		123,574		52,778
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	121,490	$	181,363
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Increase in accrued purchase of available-for-sale debt securities	$	0	$	911
Assets acquired through foreclosure of real estate loans	$	231	$	0
Leased assets obtained in exchange for new operating lease liabilities	$	1,126	$	187
Interest paid	$	34,753	$	35,134
Income taxes paid	$	6,548	$	4,839

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

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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 September 30, 2025	Shares	Shares	Stock		Capital		Earnings		Loss		Stock		Total
Balance, June 30, 2025	16,030,172	515,229	$	16,030	$	142,982	$	169,521	$	(30,674)	$	(11,502)	$	286,357
Net income								6,551						6,551
Other comprehensive income, net										4,648				4,648
Cash dividends declared on common stock, $.28 per share								(4,339)						(4,339)
Shares issued for dividend reinvestment plan		(20,886)				(61)						466		405
Forfeiture of restricted stock		4,129				94						(94)		0
Stock-based compensation expense						337								337
Balance, September 30, 2025	16,030,172	498,472	$	16,030	$	143,352	$	171,733	$	(26,026)	$	(11,130)	$	293,959

Three Months Ended September 30, 2024
Balance, June 30, 2024	16,030,172	654,190	$	16,030	$	143,352	$	159,859	$	(41,361)	$	(14,659)	$	263,221
Net income								6,365						6,365
Other comprehensive income, net										11,297				11,297
Cash dividends declared on common stock, $.28 per share								(4,304)						(4,304)
Shares issued for dividend reinvestment plan		(21,688)				(81)						484		403
Restricted stock granted		(20,000)				(448)						448		0
Stock-based compensation expense						383								383
Treasury stock purchases		3,538										(60)		(60)
Balance, September 30, 2024	16,030,172	616,040	$	16,030	$	143,206	$	161,920	$	(30,064)	$	(13,787)	$	277,305


									Accumulated
									Other
	Common	Treasury	Common		Paid-in		Retained		Comprehensive		Treasury
Nine Months Ended September 30, 2025	Shares	Shares	Stock		Capital		Earnings		Loss		Stock		Total
Balance, December 31, 2024	16,030,172	596,678	$	16,030	$	143,565	$	165,778	$	(36,761)	$	(13,328)	$	275,284
Net income								18,961						18,961
Other comprehensive income, net										10,735				10,735
Cash dividends declared on common stock, $.84 per share								(13,006)						(13,006)
Shares issued for dividend reinvestment plan		(59,629)				(130)						1,330		1,200
Restricted stock granted		(55,661)				(1,243)						1,243		0
Forfeiture of restricted stock		7,351				167						(167)		0
Stock-based compensation expense						993								993
Purchase of restricted stock for tax withholding		9,733										(208)		(208)
Balance, September 30, 2025	16,030,172	498,472	$	16,030	$	143,352	$	171,733	$	(26,026)	$	(11,130)	$	293,959

Nine Months Ended September 30, 2024
Balance, December 31, 2023	16,030,172	735,037	$	16,030	$	144,388	$	157,028	$	(38,437)	$	(16,628)	$	262,381
Net income								17,784						17,784
Other comprehensive loss, net										8,373				8,373
Cash dividends declared on common stock, $.84 per share								(12,892)						(12,892)
Shares issued for dividend reinvestment plan		(64,476)				(237)						1,452		1,215
Restricted stock granted		(92,860)				(2,094)						2,094		0
Forfeiture of restricted stock		2,076				50						(50)		0
Stock-based compensation expense						1,099								1,099
Purchase of restricted stock for tax withholding		10,229										(212)		(212)
Treasury stock purchases		26,034										(443)		(443)
Balance, September 30, 2024	16,030,172	616,040	$	16,030	$	143,206	$	161,920	$	(30,064)	$	(13,787)	$	277,305

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

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Notes to Unaudited Consolidated Financial Statements

1. BASIS OF INTERIM PRESENTATION AND STATUS OF RECENT ACCOUNTING PRONOUNCEMENTS

The consolidated financial statements include the accounts of Citizens & Northern Corporation and its subsidiaries, Citizens & Northern Bank (“C&N Bank”), Bucktail Life Insurance Company and Citizens & Northern Investment Corporation (collectively, “Corporation”). The consolidated financial statements also include C&N Bank’s wholly-owned subsidiaries, C&N Financial Services, LLC and Northern Tier Holding LLC. C&N Bank is the sole member of C&N Financial Services, LLC and Northern Tier Holding LLC. All material intercompany balances and transactions have been eliminated in consolidation.

The consolidated financial information included herein, except the consolidated balance sheet dated December 31, 2024, is unaudited. Such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows and changes in stockholders’ equity for the interim periods; however, the information does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for a complete set of financial statements.

Operating results reported for the nine-month period ended September 30, 2025 might not be indicative of the results for the year ending December 31, 2025. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission.

RECENT ACCOUNTING PRONOUNCEMENTS

The Financial Accounting Standards Board (FASB) issues Accounting Standard Updates (ASUs) to communicate changes to the FASB Accounting Standards Codification (ASC). This section provides a summary description of recent ASUs that have significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on consolidated financial statements issued in the foreseeable future.

Recently Issued but Not Yet Effective Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. The ASU may be adopted on a prospective or retrospective basis and early adoption is permitted. The Corporation is currently evaluating the impact the new guidance will have on disclosures related to income taxes; however, management does not expect it will have a significant impact on its consolidated financial statements.

In December 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of certain costs and expenses in the notes to the consolidated financial statements. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2026, and will be effective for interim periods with fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments will be applied prospectively with the option for retrospective application. The Corporation is currently evaluating the impact of the standard to our consolidated financial statement disclosures.

2. PER SHARE DATA

Earnings per common share are calculated using the two-class method to determine income attributable to common shareholders. Unvested restricted stock awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Distributed dividends and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. Income attributable to common shareholders is then divided by weighted-average common shares outstanding for the period to determine basic earnings per common share. The Corporation’s basic and diluted earnings per share are the same because there are no potential dilutive shares of common stock outstanding.

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q


(In Thousands, Except Share and Per Share Data)	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024

Net income	$	6,551	$	6,365	$	18,961	$	17,784
Less: Dividends and undistributed earnings allocated to participating securities		(53)		(54)		(153)		(140)
Net income attributable to common shares	$	6,498	$	6,311	$	18,808	$	17,644
Weighted-average common shares outstanding		15,398,262		15,267,120		15,371,733		15,254,124
Earnings per common share - Basic and Diluted	$	0.42	$	0.41	$	1.22	$	1.16
Weighted-average nonvested restricted shares outstanding		126,451		131,302		125,204		121,035

3. COMPREHENSIVE INCOME

Comprehensive income is the total of (1) net income, and (2) all other changes in equity from non-stockholder sources, which are referred to as other comprehensive income (loss). The components of other comprehensive income (loss), and the related tax effects, are as follows:


(In Thousands)	Before-Tax		Income Tax		Net-of-Tax
	Amount		Effect		Amount
Three Months Ended September 30, 2025
Available-for-sale debt securities:
Unrealized holding gains on available-for-sale debt securities	$	5,979	$	(1,314)	$	4,665
Reclassification adjustment for (gains) realized in income		0		0		0
Other comprehensive income from available-for-sale debt securities		5,979		(1,314)		4,665
Unfunded pension and postretirement obligations:
Amortization of prior service cost and net actuarial loss included in net periodic benefit cost		(21)		4		(17)
Other comprehensive loss on unfunded retirement obligations		(21)		4		(17)
Total other comprehensive income	$	5,958	$	(1,310)	$	4,648


(In Thousands)	Before-Tax		Income Tax		Net-of-Tax
	Amount		Effect		Amount
Three Months Ended September 30, 2024
Available-for-sale debt securities:
Unrealized holding gains on available-for-sale debt securities	$	13,829	$	(2,515)	$	11,314
Reclassification adjustment for (gains) realized in income		0		0		0
Other comprehensive income from available-for-sale debt securities		13,829		(2,515)		11,314
Unfunded pension and postretirement obligations:
Amortization of prior service cost and net actuarial loss included in net periodic benefit cost		(22)		5		(17)
Other comprehensive loss on unfunded retirement obligations		(22)		5		(17)
Total other comprehensive income	$	13,807	$	(2,510)	$	11,297


(In Thousands)	Before-Tax		Income Tax		Net-of-Tax
	Amount		Effect		Amount
Nine Months Ended September 30, 2025
Available-for-sale debt securities:
Unrealized holding gains on available-for-sale debt securities	$	13,757		(3,025)	$	10,732
Reclassification adjustment for (gains) realized in income		0		0		0
Other comprehensive income from available-for-sale debt securities		13,757		(3,025)		10,732
Unfunded pension and postretirement obligations:
Changes from plan amendments and actuarial gains and losses		69		(15)		54
Amortization of prior service cost and net actuarial loss included in net periodic benefit cost		(65)		14		(51)
Other comprehensive income on unfunded retirement obligations		4		(1)		3
Total other comprehensive income	$	13,761	$	(3,026)	$	10,735

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q


(In Thousands)	Before-Tax		Income Tax		Net-of-Tax
	Amount		Effect		Amount
Nine Months Ended September 30, 2024
Available-for-sale debt securities:
Unrealized holding gains on available-for-sale debt securities	$	10,243	$	(1,761)	$	8,482
Reclassification adjustment for (gains) realized in income		0		0		0
Other comprehensive income from available-for-sale debt securities		10,243		(1,761)		8,482
Unfunded pension and postretirement obligations:
Changes from plan amendments and actuarial gains and losses		394		(83)		311
Amortization of prior service cost and net actuarial loss and curtailment gain included in net periodic benefit cost		(532)		112		(420)
Other comprehensive loss on unfunded retirement obligations		(138)		29		(109)
Total other comprehensive income	$	10,105	$	(1,732)	$	8,373

The amounts shown in the table immediately above are included in the following line items in the consolidated statements of income:


		Affected Line Item in the
Description		Consolidated Statements of Income
Amortization of prior service cost and net actuarial gain and curtailment gain included in net periodic benefit cost (before-tax)		Other noninterest expense
Income tax effect		Income tax provision

Changes in the components of accumulated other comprehensive (loss) income are as follows and are presented net of tax:


(In Thousands)	Unrealized				Accumulated
	(Losses)		Unfunded		Other
	Gains		Retirement		Comprehensive
	on Securities		Obligations		(Loss) Income
Three Months Ended September 30, 2025
Balance, beginning of period	$	(31,017)	$	343	$	(30,674)
Other comprehensive income (loss) during three months ended September 30, 2025		4,665		(17)		4,648
Balance, end of period	$	(26,352)	$	326	$	(26,026)

Three Months Ended September 30, 2024
Balance, beginning of period	$	(41,710)	$	349	$	(41,361)
Other comprehensive income (loss) during three months ended September 30, 2024		11,314		(17)		11,297
Balance, end of period	$	(30,396)	$	332	$	(30,064)


(In Thousands)	Unrealized				Accumulated
	(Losses)		Unfunded		Other
	Gains		Retirement		Comprehensive
	on Securities		Obligations		(Loss) Income
Nine Months Ended September 30, 2025
Balance, beginning of period	$	(37,084)	$	323	$	(36,761)
Other comprehensive income during nine months ended September 30, 2025		10,732		3		10,735
Balance, end of period	$	(26,352)	$	326	$	(26,026)

Nine Months Ended September 30, 2024
Balance, beginning of period	$	(38,878)	$	441	$	(38,437)
Other comprehensive income (loss) during nine months ended September 30, 2024		8,482		(109)		8,373

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q

Balance, end of period

(30,396)

332

(30,064)

4. CASH AND DUE FROM BANKS

Cash and due from banks at September 30, 2025 and December 31, 2024 include the following:


(In Thousands)	September 30,		December 31,
	2025		2024
Cash and cash equivalents	$	121,490	$	123,574
Certificates of deposit		1,600		2,600
Total cash and due from banks	$	123,090	$	126,174

Certificates of deposit are issues by U.S. banks with original maturities greater than three months. Each certificate of deposit is fully FDIC-insured. The Corporation maintains cash and cash equivalents with certain financial institutions in excess of the FDIC insurance limit.

5. SECURITIES

Amortized cost and fair value of available-for-sale debt securities at September 30, 2025 and December 31, 2024 are summarized as follows. No allowance for credit losses was recorded at September 30, 2025 and December 31, 2024.


(In Thousands)	September 30, 2025
			Gross		Gross
			Unrealized		Unrealized
	Amortized		Holding		Holding		Fair
	Cost		Gains		Losses		Value

Obligations of the U.S. Treasury	$	8,052	$	0	$	(623)	$	7,429
Obligations of U.S. Government agencies		9,436		0		(766)		8,670
Bank holding company debt securities		28,963		0		(2,672)		26,291
Obligations of states and political subdivisions:
Tax-exempt		105,922		275		(8,669)		97,528
Taxable		50,373		1		(6,512)		43,862
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:
Residential pass-through securities		107,771		451		(6,287)		101,935
Residential collateralized mortgage obligations		54,678		52		(2,310)		52,420
Commercial mortgage-backed securities		72,433		13		(6,749)		65,697
Private label commercial mortgage-backed securities		3,471		0		0		3,471
Asset-backed securities,
Collateralized loan obligations		8,000		11		(1)		8,010
Total available-for-sale debt securities	$	449,099	$	803	$	(34,589)	$	415,313

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q


(In Thousands)	December 31, 2024
			Gross		Gross
			Unrealized		Unrealized
	Amortized		Holding		Holding		Fair
	Cost		Gains		Losses		Value

Obligations of the U.S. Treasury	$	8,067	$	0	$	(949)	$	7,118
Obligations of U.S. Government agencies		10,154		0		(1,129)		9,025
Bank holding company debt securities		28,958		0		(3,712)		25,246
Obligations of states and political subdivisions:
Tax-exempt		111,995		238		(10,931)		101,302
Taxable		51,147		0		(8,641)		42,506
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:
Residential pass-through securities		104,378		6		(9,970)		94,414
Residential collateralized mortgage obligations		53,389		10		(3,505)		49,894
Commercial mortgage-backed securities		73,470		0		(8,969)		64,501
Private label commercial mortgage-backed securities		8,365		9		0		8,374
Total available-for-sale debt securities	$	449,923	$	263	$	(47,806)	$	402,380

The following table presents gross unrealized losses and fair value of available-for-sale debt securities with unrealized loss positions aggregated by length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024 for which an allowance for credit losses has not been recorded:


September 30, 2025	Less Than 12 Months				12 Months or More				Total
(In Thousands)	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Obligations of the U.S. Treasury	$	0	$	0	$	7,429	$	(623)	$	7,429	$	(623)
Obligations of U.S. Government agencies		0		0		8,670		(766)		8,670		(766)
Bank holding company debt securities		0		0		26,291		(2,672)		26,291		(2,672)
Obligations of states and political subdivisions:
Tax-exempt		554		(11)		86,573		(8,658)		87,127		(8,669)
Taxable		0		0		43,289		(6,512)		43,289		(6,512)
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:
Residential pass-through securities		6,631		(32)		59,944		(6,255)		66,575		(6,287)
Residential collateralized mortgage obligations		15,224		(28)		21,952		(2,282)		37,176		(2,310)
Commercial mortgage-backed securities		861		(10)		62,464		(6,739)		63,325		(6,749)
Private label commercial mortgage-backed securities		0		0		0		0		0		0
Asset-backed securities,
Collateralized loan obligations		2,999		(1)		0		0		2,999		(1)
Total	$	26,269	$	(82)	$	316,612	$	(34,507)	$	342,881	$	(34,589)

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q


December 31, 2024	Less Than 12 Months				12 Months or More				Total
(In Thousands)	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Obligations of the U.S. Treasury	$	0	$	0	$	7,118		(949)	$	7,118	$	(949)
Obligations of U.S. Government agencies		0		0		9,025		(1,129)		9,025		(1,129)
Bank holding company debt securities		0		0		25,246		(3,712)		25,246		(3,712)
Obligations of states and political subdivisions:
Tax-exempt		6,581		(58)		91,316		(10,873)		97,897		(10,931)
Taxable		0		0		42,506		(8,641)		42,506		(8,641)
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:
Residential pass-through securities		22,777		(375)		69,282		(9,595)		92,059		(9,970)
Residential collateralized mortgage obligations		19,586		(156)		27,157		(3,349)		46,743		(3,505)
Commercial mortgage-backed securities		2,314		(38)		62,187		(8,931)		64,501		(8,969)
Total	$	51,258	$	(627)	$	333,837	$	(47,179)	$	385,095	$	(47,806)

As reflected in the table above, gross unrealized holding losses on available-for-sale debt securities totaled $34,589,000 at September 30, 2025 and $47,806,000 at December 31, 2024. At September 30, 2025, the Corporation did not have the intent to sell, nor is it more likely than not it will be required to sell, these securities before it is able to recover the amortized cost basis. The unrealized holding losses were consistent with increases in market interest rates that have occurred subsequent to the purchase of most of the securities.

At September 30, 2025 and December 31, 2024, management performed an assessment for possible credit losses of the Corporation’s debt securities on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. At September 30, 2025 and December 31, 2024, all of the Corporation’s holdings of bank holding company debt securities, obligations of states and political subdivisions, private label commercial mortgage-backed securities and collateralized loan obligations were investment grade and there have been no payment defaults.

Based on the results of the assessment, there was no ACL required on available-for-sale debt securities in an unrealized loss position at September 30, 2025 and December 31, 2024.

There were no gross realized gains and losses from the sale of available-for-sale debt securities for the three and nine months ended September 30, 2025 and 2024.

The amortized cost and fair value of available-for-sale debt securities by contractual maturity are shown in the following table as of September 30, 2025. Actual maturities may differ from contractual maturities because counterparties may have the right to call or prepay obligations with or without call or prepayment penalties.

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CITIZENS & NORTHERN CORPORATION – FORM 10-Q


(In Thousands)	September 30, 2025
	Amortized		Fair
	Cost		Value
Due in one year or less	$	2,691	$	2,679
Due from one year through five years		36,667		35,024
Due from five years through ten years		78,966		73,179
Due after ten years		84,422		72,898
Sub-total		202,746		183,780
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:
Residential pass-through securities		107,771

CITIZENS & NORTHERN CORP 10-Q