Citizens & Northern reprices AFS securities and BOLI; Q4 charge $0.08/sh expects recovery in 2024

CITIZENS & NORTHERN CORP

Sold $45.5M AFS debt securities, pre-tax loss of $3.0M; purchased $13.7M new AFS securities yielding 4.83%.
Initiated surrender of $14.3M BOLI (tax charge ~$950k); purchased $30M new BOLI yielding 4.41% vs 2.20%.
Net Q4 2023 charge to earnings of $1.253M ($0.08 diluted EPS); management expects recovery in <1 year.
Estimated positive contribution of $1.5M to net income in 2024 from reinvestment at higher yields.
New BOLI taxable-equivalent yield 5.58%; sold AFS book yield 1.42% with 2.7-year average life.

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