Detailed financial statements for Citizens & Northern Corporation (CZNC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Citizens & Northern Corporation operates as the holding company for Citizens & Northern Bank, which offers a comprehensive suite of banking and mortgage services to both individual and corporate clients. Its financial product lineup features a range of lending options, including commercial, residential, and consumer loans, alongside specialized instruments like commercial letters of credit.
Analysis Summary
Citizens & Northern Corporation reported revenue of $154.2M in the most recent fiscal year, growing at a 5-year CAGR of 9.0%. Net income reached $23.4M, with a 4.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 51.8%, operating margin 8.2%, net margin 15.4%. Free cash flow grew at 6.8% CAGR over 5 years.
At the current price of $25.96, CZNC trades at a P/E of 17.70 and an ROE of 7.70%. Market capitalisation stands at $465M.
Balance sheet quality for CZNC: current ratio of 1.1, net cash position of $144.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $30.1M represents 128% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.6M | $61.0M | $69.7M | $83.0M | $100.4M | $108.9M | $115.5M | $136.2M | $155.5M | $154.2M |
| Cost of Revenue | $4.9M | $4.7M | $5.2M | $11.1M | $13.5M | $10.2M | $16.8M | $33.3M | $51.2M | $53.4M |
| Gross Profit | $54.7M | $56.3M | $64.4M | $71.8M | $86.9M | $98.7M | $98.7M | $102.9M | $104.3M | $100.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $21.6M | $22.4M | $23.9M | $27.9M | $33.1M | $37.6M | $41.8M | $44.2M | $44.9M | $53.2M |
| Operating Expenses | $33.6M | $35.7M | $38.2M | $48.4M | $63.7M | $61.0M | $66.4M | $72.5M | $72.4M | $72.1M |
| Operating Income | $21.1M | $20.6M | $26.3M | $23.4M | $23.2M | $37.7M | $32.4M | $30.5M | $31.9M | $28.6M |
| EBITDA | $22.7M | $22.2M | $28.0M | $25.2M | $25.2M | $39.8M | $34.7M | $32.6M | $34.1M | $31.0M |
| Interest Expense | $3.7M | $3.9M | $4.6M | $10.3M | $9.6M | $6.6M | $9.5M | $33.1M | $49.0M | $47.4M |
| Pre-tax Income | $21.1M | $20.6M | $26.3M | $23.4M | $23.2M | $37.7M | $32.4M | $30.5M | $31.9M | $28.6M |
| Income Tax | $5.3M | $7.2M | $4.2M | $3.9M | $4.0M | $7.1M | $5.7M | $6.3M | $5.9M | $5.2M |
| Net Income | $15.8M | $13.4M | $22.0M | $19.5M | $19.2M | $30.6M | $26.6M | $24.1M | $26.0M | $23.4M |
| EPS | $1.30 | $1.10 | $1.80 | $1.46 | $1.30 | $1.92 | $1.71 | $1.57 | $1.69 | $1.46 |
| EPS (Diluted) | $1.30 | $1.10 | $1.80 | $1.46 | $1.29 | $1.92 | $1.71 | $1.57 | $1.69 | $1.46 |
| Shares Outstanding (Diluted) | $12.1M | $12.1M | $12.3M | $13.3M | $14.7M | $15.8M | $15.5M | $15.2M | $15.3M | $15.9M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.1M | $40.2M | $37.5M | $35.2M | $101.9M | $104.9M | $55.0M | $56.9M | $126.2M | $46.1M |
| Short-term Investments | $395.1M | $355.9M | $363.3M | $346.7M | $349.3M | $517.7M | $498.0M | $415.8M | $222.4M | $291.3M |
| Receivables | $4.0M | $4.0M | $4.0M | $5.0M | $8.3M | $7.2M | $8.7M | $9.1M | $8.7M | $11.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $431.1M | $400.2M | $404.7M | $386.9M | $459.5M | $629.9M | $561.7M | $481.8M | $357.3M | $46.2M |
| Property, Plant & Equipment | $15.4M | $15.4M | $14.6M | $17.2M | $21.5M | $20.7M | $21.6M | $21.6M | $21.3M | $27.8M |
| Goodwill | $11.9M | $11.9M | $11.9M | $28.4M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $63.3M |
| Intangible Assets | $17000 | $12000 | $9000 | $1.2M | $3.9M | $3.3M | $2.9M | $2.5M | $2.1M | $11.6M |
| Total Assets | $1.24B | $1.28B | $1.29B | $1.65B | $2.24B | $2.33B | $2.45B | $2.52B | $2.61B | $3.13B |
| Accounts Payable | $7.8M | $9.1M | $11.0M | $12.2M | $27.7M | $23.6M | $25.6M | 0 | 0 | 0 |
| Short-term Debt | $53.2M | $61.8M | $12.9M | $86.2M | $20.0M | $1.8M | $119.2M | $33.9M | $2.5M | $41.7M |
| Total Current Liabilities | $1.04B | $1.08B | $1.06B | $1.35B | $1.87B | $1.95B | $2.14B | $2.05B | $2.10B | $41.7M |
| Long-term Debt | $11.5M | $9.2M | $35.9M | $58.6M | $71.2M | $75.8M | $62.6M | $177.9M | $205.2M | $148.5M |
| Total Liabilities | $1.06B | $1.09B | $1.09B | $1.41B | $1.94B | $2.03B | $2.20B | $2.25B | $2.34B | $2.79B |
| Retained Earnings | $112.8M | $113.6M | $122.6M | $126.5M | $129.7M | $142.6M | $151.7M | $157.0M | $165.8M | $171.2M |
| Total Equity | $186.0M | $188.4M | $197.4M | $244.5M | $299.8M | $301.4M | $249.3M | $262.4M | $275.3M | $341.7M |
| Total Debt | $64.6M | $71.0M | $48.8M | $144.8M | $91.2M | $77.6M | $181.8M | $211.8M | $207.7M | $193.1M |
| Net Debt | -$362.6M | -$325.2M | -$352.0M | -$237.1M | -$360.0M | -$545.1M | -$371.3M | -$260.9M | -$140.9M | -$144.3M |
| Working Capital | -$613.7M | -$679.1M | -$652.9M | -$964.1M | -$1.41B | -$1.32B | -$1.58B | -$1.57B | -$1.74B | $4.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $15.8M | $13.4M | $22.0M | $19.5M | $19.2M | $30.6M | $26.6M | $24.1M | $26.0M | $23.4M |
| Depreciation & Amortization | $1.6M | $1.6M | $1.8M | $1.7M | $2.0M | $2.1M | $2.4M | $2.2M | $2.2M | $2.4M |
| Stock-based Compensation | $582000 | $628000 | $855000 | $798000 | $1.1M | $1.2M | $1.3M | $1.5M | $1.5M | $1.3M |
| Change in Working Capital | -$726000 | $506000 | $1.2M | -$951000 | -$111000 | -$109000 | -$4.7M | $58000 | $3.1M | -$5.7M |
| Operating Cash Flow | $18.5M | $19.4M | $25.9M | $22.5M | $24.8M | $34.8M | $34.6M | $33.5M | $33.0M | $32.0M |
| Capital Expenditure | -$1.6M | -$1.7M | -$1.2M | -$2.9M | -$3.1M | -$1.9M | -$3.3M | -$2.3M | -$1.9M | -$1.9M |
| Acquisitions | 0 | 0 | 0 | -$1.8M | $76.0M | 0 | 0 | 0 | 0 | $5.8M |
| Stock Repurchased | -$3.7M | 0 | 0 | -$189000 | -$163000 | -$7.6M | -$9.3M | -$6.8M | -$629000 | -$218000 |
| Dividends Paid | -$11.1M | -$11.1M | -$11.7M | -$14.0M | -$14.5M | -$16.0M | -$15.9M | -$15.6M | -$15.5M | -$16.3M |
| Free Cash Flow | $16.9M | $17.7M | $24.7M | $19.6M | $21.6M | $33.0M | $31.3M | $31.3M | $31.1M | $30.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.3% | +14.2% | +19.1% | +21.1% | +8.5% | +6.0% | +18.0% | +14.1% | -0.8% | |
| Net Income Growth (YoY) | -14.8% | +63.9% | -11.4% | -1.4% | +59.0% | -12.9% | -9.3% | +7.5% | -9.8% | |
| EPS Growth (YoY) | -15.4% | +63.6% | -18.9% | -11.0% | +47.7% | -10.9% | -8.2% | +7.6% | -13.6% | |
| Shares Change (YoY) | +0.7% | +0.9% | +8.7% | +10.7% | +7.0% | -2.0% | -1.4% | +0.1% | +4.5% | |
| FCF Growth (YoY) | +4.4% | +39.9% | -20.8% | +10.5% | +52.4% | -5.1% | -0.1% | -0.5% | -3.3% | |
| Gross Margin | 91.8% | 92.3% | 92.5% | 86.6% | 86.6% | 90.6% | 85.5% | 75.6% | 67.1% | 65.3% |
| Operating Margin | 35.4% | 33.8% | 37.7% | 28.2% | 23.1% | 34.6% | 28.0% | 22.4% | 20.5% | 18.6% |
| EBITDA Margin | 38.1% | 36.4% | 40.2% | 30.3% | 25.1% | 36.5% | 30.1% | 24.0% | 21.9% | 20.1% |
| Net Margin | 26.4% | 22.0% | 31.6% | 23.5% | 19.1% | 28.0% | 23.1% | 17.7% | 16.7% | 15.2% |
| FCF Margin | 28.4% | 29.0% | 35.5% | 23.6% | 21.6% | 30.3% | 27.1% | 23.0% | 20.0% | 19.5% |
| Effective Tax Rate | 25.3% | 34.8% | 16.2% | 16.7% | 17.2% | 18.9% | 17.7% | 20.8% | 18.6% | 18.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.40 | $1.46 | $2.02 | $1.47 | $1.47 | $2.09 | $2.03 | $2.05 | $2.04 | $1.89 |
| Dividends Per Share | $0.92 | $0.92 | $0.96 | $1.05 | $0.98 | $1.01 | $1.03 | $1.02 | $1.02 | $1.02 |
| Shares Outstanding (Basic) | $12.0M | $12.1M | $12.2M | $13.3M | $14.7M | $15.8M | $15.5M | $15.2M | $15.3M | $15.9M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 7.70% |
| Return on Invested Capital | 0.35% |
| Return on Assets | 0.80% |
| Gross Margin | 51.76% |
| Operating Margin | 8.16% |
| Net Margin | 15.42% |
Financial Health
| Debt / Equity | 0.49 |
| Current Ratio | 40.31 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.23 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.15 | 21.82 | 14.68 | 19.35 | 15.26 | 13.60 | 13.37 | 14.29 | 11.01 | 13.82 |
| P/B | 1.69 | 1.54 | 1.64 | 1.54 | 0.98 | 1.37 | 1.42 | 1.30 | 1.03 | 0.94 |
| P/S | 5.29 | 4.77 | 4.64 | 4.53 | 2.91 | 3.78 | 3.06 | 2.51 | 1.83 | 2.09 |
| Gross Margin | 91.8% | 92.3% | 92.5% | 86.6% | 86.6% | 90.6% | 85.5% | 75.6% | 67.1% | 65.3% |
| Operating Margin | 35.4% | 33.8% | 37.7% | 28.2% | 23.1% | 34.6% | 28.0% | 22.4% | 20.5% | 18.6% |
| Net Margin | 26.4% | 22.0% | 31.6% | 23.5% | 19.1% | 28.0% | 23.1% | 17.7% | 16.7% | 15.2% |
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Explore sector: Financial Services · Banks - Regional
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