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CITIZENS & NORTHERN CORPORATION DECLARES DIVIDEND FOR IMMEDIATE RELEASE:

Posted Monday, 26 January 2015 00:00 | Filed under C&N News

Wellsboro, PA – The Board of Directors of Citizens & Northern Corporation (the “Company”) (NASDAQ: CZNC), has declared a regular quarterly cash dividend of $0.26 per share. The dividend is payable on February 13, 2015 to shareholders of record as of February 2, 2015. Declaration of the dividend was made at the January 22, 2015 meeting of the Company’s Board of Directors.

Citizens & Northern Corporation is the parent company of Citizens & Northern Bank, a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Tioga, Bradford, Sullivan, Lycoming, Potter, Cameron and McKean counties in Pennsylvania and in Canisteo and South Hornell, NY. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

Safe Harbor Statement: Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the following: changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates; changes in general economic conditions; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in the Company’s market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; changes in management’s assessment of realization of securities and other assets; and changes in accounting principles, or the application of generally accepted accounting principles. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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Wellsboro, PA – Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the three-month and annual periods ended December 31, 2014.

Fourth quarter 2014 net income increased to $0.36 per share - basic and $0.35 per share - diluted from $0.34 per basic and diluted share in the third quarter 2014 and in the fourth quarter 2013. For the year ended December 31, 2014, net income was $17,086,000, or $1.38 per basic and diluted share, down from $1.51 per share – basic and $1.50 per share – diluted in 2013. Net income per share – diluted was 8.0% lower in 2014 as compared to 2013. The return on average assets for 2014 was 1.38%, and the return on average equity was 9.21%.

Highlights related to C&N’s earnings results were as follows:

  • Net interest income totaled $10,211,000 in the fourth quarter 2014, down slightly from $10,285,000 in the third quarter 2014 and down from $10,531,000 in the fourth quarter 2013. Net interest income for the year ended December 31, 2014 was lower than in 2013 by $2,262,000, or 5.2%. Yields earned on securities and loans have fallen by more than interest rates paid on deposits and borrowings over the course of 2013 and 2014. Average total loans outstanding increased slightly in the fourth quarter 2014 as compared to the third quarter, but were 4.3% lower on an annual basis in 2014 as compared to 2013. The net interest margin was 3.73% in the fourth quarter 2014, down from 3.75% in the third quarter 2014 and 3.91% in the fourth quarter 2013. On an annual basis, the net interest margin was 3.80% in 2014, down from 4.05% in 2013.

 

  • The provision for loan losses was $123,000 in the fourth quarter 2014, down from $218,000 in the third quarter 2014 and $1,559,000 in the fourth quarter 2013. For the year ended December 31, 2014, the provision for loan losses was $476,000, down from $2,047,000 in 2013. The higher levels of expense reflected in the fourth quarter and annual 2013 results included a charge of $1,552,000 from loans to one commercial customer.

 

  • Noninterest revenue of $3,802,000 in the fourth quarter 2014 was down $85,000 (2.2%) from the third quarter 2014, and down $322,000 (7.8%) from the fourth quarter 2013. Noninterest revenue for the year ended December 31, 2014 was $1,031,000 (6.3%) lower than in 2013. Gains from sales of residential mortgage loans totaled $768,000 in 2014, down from $1,969,000 in 2013, reflecting lower volume from refinancing activity. Service charges on deposit accounts fell $221,000 in 2014 as compared to 2013, a decline of 4.2%, primarily as a result of lower net overdraft fees. Total Trust and brokerage revenue of $5,391,000 in 2014 was $520,000 (10.7%) higher than in 2013.

 

  • Realized gains from available-for-sale securities totaled $210,000 in the fourth quarter 2014, down from $760,000 in the third quarter 2013 and $266,000 in the fourth quarter 2013. Realized gains from available-for-sale securities totaled $1,104,000 in the year ended December 31, 2014, while in 2013 realized gains from securities totaled $1,718,000 and losses from prepayment of borrowings totaled $1,023,000.

 

  • Noninterest expenses totaled $8,250,000 in the fourth quarter 2014, down from $9,036,000 in the third quarter 2014 and up from $7,788,000 in the fourth quarter 2013. Salaries and wages expenses decreased $786,000 in the fourth quarter 2014 from the third quarter total, mainly because of severance expenses incurred in the third quarter. In the fourth quarter 2014, pensions and other employee benefit expenses included a charge of $196,000 due to a distribution from a defined benefit pension plan. Also in the fourth quarter 2014, professional fees expense increased $137,000 over the third quarter total, mainly due to fees associated with an executive search. Total other operating expense was $278,000 lower in the fourth quarter as compared to the third quarter, as that category included gains on sales of other real estate owned properties of $185,000 in the fourth quarter as compared to losses of $30,000 in the third quarter. For the year ended December 31, 2014, total noninterest expenses increased $686,000, or 2.0%, over 2013, excluding the loss on prepayment of borrowings. Salaries and wages expense increased $915,000 in the year ended December 31, 2014 as compared to 2013, mainly as a result of severance benefits, and pensions and other employee benefit expenses increased $619,000, mainly due to higher health care costs and the fourth quarter charge related to a distribution from a defined benefit pension plan. Professional fees expense was $835,000 lower in the year ended December 31, 2014 as compared to 2013, as the total in 2013 included fees associated with projects designed to identify sources of noninterest revenue and reductions in debit card and ATM processing expense.

 

Other Information:

Changes in other unaudited financial information are as follows:

  • Total assets amounted to $1,241,963,000 at December 31, 2014, down from $1,256,533,000 at September 30, 2014 and up slightly from $1,237,695,000 at December 31, 2013.

 

  • Net loans outstanding (excluding mortgage loans held for sale) were $623,209,000 at December 31, 2014, up from $621,960,000 at September 30, 2014 and down $12.4 million (2.0%) from $635,640,000 at December 31, 2013.

     

  • The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $152,505,000 at December 31, 2014 as compared to $150,695,000 at September 30, 2014 and up $6.6 million (4.5%) from $145,954,000 at December 31, 2013.

 

  • Total nonperforming assets as a percentage of assets was 1.34% at December 31, 2014, down from 1.45% at September 30, 2014 and 1.53% at September 30, 2013.

 

  • Deposits and repo sweep accounts totaled $973,526,000 at December 31, 2014, down from $988,294,000 at September 30, 2014 and up $15.6 million (1.6%) from $957,901,000 at December 31, 2013.

 

  • Total shareholders’ equity was $188,362,000 at December 31, 2014, up from $186,874,000 at September 30, 2014 and $179,472,000 at December 31, 2013. Tangible common equity as a percentage of tangible assets was 14.34% at December 31, 2014, up from 13.66% a year earlier. In July 2014, C&N announced a common stock repurchase plan for the repurchase of up to 622,500 shares, or 5% of the total shares outstanding on July 16, 2014. Through December 31, 2014, 208,300 shares had been repurchased for a total cost of $4,002,000, at an average price of $19.21 per share.

 

  • Assets under management by C&N’s Trust and Financial Management Group amounted to $825,918,000 at December 31, 2014, an increase of 3.7% from a year earlier.

 

Citizens & Northern Corporation is the parent company of Citizens & Northern Bank, a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Tioga, Bradford, Sullivan, Lycoming, Potter, Cameron and McKean counties in Pennsylvania and in Canisteo and South Hornell, NY. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

 

Safe Harbor Statement: Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the following: changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates; changes in general economic conditions; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in the Corporation’s market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; changes in management’s assessment of realization of securities and other assets; and changes in accounting principles, or the application of generally accepted accounting principles. Citizens & Northern disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 

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C&N Names Stan Dunsmore EVP/ Chief Credit Officer

Posted Saturday, 03 January 2015 16:40 | Filed under C&N News

WELLSBORO, PA – Stan R. Dunsmore, a banking executive with 30 years of experience, has been named Executive Vice President and Chief Credit Officer for Citizens & Northern Bank. Dunsmore succeeds Dawn A. Besse, who retired at the end of December.

Dunsmore holds his BS Degree from Lock Haven University. He joined the former Citizens Trust Company, now Citizens & Northern Bank, in June of 1984. At Citizens Trust he served as branch manager of the Emporium office until 1996 when he was named Chief Lending Officer, a position he held until 2007 when CTC merged with C&N.

Following the merger, Dunsmore was named Commercial Lending Team

Leader, a position he held until being named Chief Credit Officer by the

C&N Board of Directors at their December meeting. In his new position

Dunsmore will be responsible for the oversight and administration of the bank’s loan portfolio. Dunsmore is working from the Wellsboro office and can be reached at 570-723-2108 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Dunsmore and his wife, Sandra, live in Emporium and have three daughters.

Citizens & Northern Bank is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Cameron, Potter, McKean, Tioga, Bradford, Sullivan and Lycoming counties in Pennsylvania and in Canisteo and Hornell, NY in Steuben County. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC. C&N’s corporate headquarters is in Wellsboro, PA.

 

 Stan R. Dunsmore

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C&N Donates to The Christmas House

Posted Monday, 15 December 2014 10:07 | Filed under C&N News

COUDERSPORT, PA – Employees and customers at the Coudersport office of Citizens & Northern Bank have donated $525 to The Christmas House in Coudersport. Funds were collected at the local branch for the charity, which is still in need of boys’ hats and gloves, boys’ and men’s watches and wallets, infant toys and hand-held games.
 
   The Christmas House grew from its initial mission to bring Christmas joy to families in need. Today the work of The Christmas House goes way beyond the holiday season. The charity helps keep families in their homes by assisting in paying utility bills and rent and assists families who are victims of house fires. The Christmas House maintains a supply of new and used clothing for families in need and collaborates with the local food pantry to provide basic food items and vouchers for perishable items.
 
   During the holiday season The Christmas House provides toys, clothing and other gifts for families referred by school nurses, pastors and caseworkers. Anyone wishing to donate to The Christmas House may contact the charity at One Water Street in Coudersport.
 
  “We are very grateful to our employees and customers who have been so generous in their gifts to this very deserving charity,” said Nola Gross, Coudersport Community Office Manager.

Citizens & Northern Bank is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Cameron, Potter, McKean, Tioga, Bradford, Sullivan and Lycoming counties in Pennsylvania and in Canisteo and Hornell, NY in Steuben County. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.
 
CAPTION:
Melissa Reinard, Coudersport C&N Customer Transaction Specialist, left, and Georgia Cary, Coudersport C&N CSR, second from left, present the check to The Christmas House Volunteers Judy Mottershead, center; Billie Haskins, second from right and Georgia Merrick, right.

 

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WILLIAMSPORT, PA – The Williamsport Corps of the Salvation Army has received a $250.00 donation from the C&N Trust and Financial Management Group.
 
The contribution is one of seven the Trust Division made to local charities during the holiday season. Each year the contributions are made in the name of their clients to charities within the division’s market area.
 
Founded in 1865, the Salvation Army provides far-reaching services to those in need. Support for adults includes adult rehabilitation, veterans affairs services, prison ministries and elderly services. The Army aids children and families through hunger relief, housing and homeless services, Christmas assistance and youth camps and recreation.

More information on the Salvation Army is available on the organization’s website at http://www.salvationarmyusa.org/.

The C&N Trust and Financial Management Group, a division of Citizens & Northern Bank, maintains offices in Wellsboro, Sayre, Towanda, Williamsport, Coudersport and Emporium in Pennsylvania and Canisteo in New York.  The Division, founded in 1960, provides a wide range of investment, trust and retirement plan services to individuals and organizations.

CAPTION: Chas Engel of the Williamsport Corps of the Salvation Army receives the Trust donation from Samuel Lush, left, Financial Consultant, and John Zurich, right, Regional Manager of Financial Services Delivery.

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WELLSBORO, PA – The Tioga County Salvation Army has received a $250.00 donation from the C&N Trust and Financial Management Group.

The contribution is one of seven the Trust Division made to local charities during the holiday season. Each year the contributions are made in the name of their clients to charities within the division’s market area.

Founded in 1865, the Salvation Army provides far-reaching services to those in need. Support for adults includes adult

rehabilitation, veterans affairs services, prison ministries and elderly services. The Army aids children and families through hunger relief, housing and homeless services, Christmas assistance and youth camps and recreation.

More information on the Salvation Army is available on the organization’s website at http://www.salvationarmyusa.org/.

The C&N Trust and Financial Management Group, a division of Citizens & Northern Bank, maintains offices in Wellsboro, Sayre, Towanda, Williamsport, Coudersport and Emporium in Pennsylvania and Canisteo in New York.  The Division, founded in 1960, provides a wide range of investment, trust and retirement plan services to individuals and organizations.

CAPTION: Deborah Scott, right, Trust Division Director, presents the donation to Doris Wagner, Social Service Secretary for the local Salvation Army Extension Unit.