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WELLSBORO, PA - Eight Citizens & Northern Bank employees have been recognized for a combined 120 years of service to the financial institution.
 
Recognized during the September/October service awards luncheon were:

  • Larry Alderson, Regional Manager of Financial Services Delivery, working from the Sayre office, 15 years.
  • Robert Baker, Customer Service Representative in the Monroeton office, 10 years.
  • Barbara Clinger, Customer Service Representative in the Emporium office, 20 years.
  • William Holmes, Business Development Sales Officer, working from the Troy office, 25 years.
  • Linda Koeppel, Customer Service Representative in the Wellsboro office, 20 years.
  • Jessica Loper, Customer Service Representative in the Hornell office, 10 years.
  • Kenna Marshall, Resource Recovery Administrative Assistant, working from the Muncy office, 10 years.
  • Brenda Mitchell, South Williamsport Community Office Manager, 10 years.

 

Service awards luncheons are held regularly and hosted by C&N Interim President and CEO Mark A. Hughes. In 2014, C&N will recognize 36 employees for a total of 545 years of service to Citizens & Northern Bank.

 

Mark A. Hughes, back, second from left, interim C&N President and CEO, presented service awards to: Front, from left, Kenna Marshall, Brenda Mitchell, Jessica Loper, Barbara Clinger and Linda Koeppel and back, from left, William Holmes, Robert Baker and Larry Alderson.

Sept service winners photo

 

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COUDERSPORT, PA – Courtney Cole has been named Vice President/Commercial Loan Sales Officer with Citizens & Northern Bank. He is working from the bank’s Coudersport office, 10 North Main Street.
 
Cole has over 32 years of commercial lending experience. He is an honors graduate of the Stonier Graduate School of Banking and a graduate of numerous other banking schools. Prior to joining the C&N lending team he worked as Vice President of Commercial Banking at S&T Bank in DuBois, Loan Officer/Business Development at Integra Bank in Punxsutawney and Pennbank/Integra Bank in Bradford.
 
Prior to his banking career, Cole served as a sergeant in the U.S. Marine Corps. He also served more than 22 years as a combat engineer with the Pennsylvania National Guard, U.S. Army. He served overseas during Operation Enduring Freedom and Operation Iraq Freedom, retiring as First Sergeant. He was awarded the Bronze Star for Meritorious Service in combat.
 
Active in his community, he is a past assistant district governor of Rotary International, a member of the Coudersport Rotary Club and a member and past chairman of the North Central PA Workforce Investment Board.
 
Cole and his wife, Kristine, live in Roulette.

 

Courtney Cole

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WELLSBORO, PA - Citizens & Northern Corporation announced today the retirement and accepted the resignation of Charles H. Updegraff, Jr. as Chairman, President and Chief Executive Officer.  Mr. Updegraff also resigned as a member of the Board of the Company and as Chairman, President and CEO of Citizens & Northern Bank, the Company's wholly owned banking subsidiary.
 
Mark A. Hughes, currently Executive Vice President and Chief Financial Officer of the Bank, and Treasurer and Chief Financial Officer of the Company, has been appointed Interim President and CEO of the Company and Bank.
 
Anthony Peluso, the current Controller of the Bank also has been appointed as Treasurer of the Company and Interim Chief Financial Officer of the Company and the Bank.
 
The Executive Committee of the Board will act as a Search Committee to seek a permanent replacement for Mr. Updegraff.  The Committee will consider both internal and external candidates.
 
Mr. Updegraff joined the Company in 2007 and has been President and CEO of the Company and Bank since 2010.  On  behalf of the Board of Directors, James E. Towner, Lead Director, stated:  "During his tenure, the bank increased profitability and positioned itself to remain competitive in the ever changing financial services industry.  We wish him well in his future endeavors."

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WELLSBORO, PA - Four Citizens & Northern Bank employees have been recognized for a combined 40 years of service to the financial institution.
 
Recognized during the July service awards luncheon were:
Darci Baird, Senior Financial Consultant in the Sayre office, 10 years.
Leslie Fassett, Monroeton Community Office Manager, 10 years.
Joseph Kilmer, Financial Consultant in the Coudersport office, 10 years.
Melissa Peters, Customer Service Representative based in the Towanda office, 10 years.
 
Service awards luncheons are held regularly and hosted by C&N Chairman, President and CEO Charles H. Updegraff, Jr. In 2014, C&N will recognize 36 employees for a total of 545 years of service to Citizens & Northern Bank.
 
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:  Charles H. Updegraff, Jr., C&N chairman, president, and CEO, left, presented service awards to Leslie Fassett and Melissa Peters, front, from left and Darci Baird and Joseph Kilmer, back.

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C&N ANNOUNCES SECOND QUARTER 2014 UNAUDITED FINANCIAL RESULTS

Posted Monday, 14 July 2014 09:20 | Filed under C&N News


WELLSBORO, PA – Citizens & Northern Corporation (C&N) has announced
its unaudited, consolidated financial results for the three-month and
six-month periods ended June 30, 2014.

Second quarter 2014 net income of $4,163,000, or $0.33 per basic and
diluted share, was down slightly from $0.35 per basic share and $0.34
per diluted share in the first quarter 2014 and down from $0.40 per
basic and diluted share in the second quarter 2013.  Net income for the
six months ended June 30, 2014 totaled $8,451,000, or $0.68 per basic
and diluted share, representing an annualized return on average assets
of 1.38% and an annualized return on average equity of 9.16%.  Net
income for the first six months of 2014 was down from $0.78 per share
for the first six months of 2013.

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

● Net interest income totaled $10,273,000 in the second quarter 2014,
up from $10,118,000 in the first quarter 2014 and down 6.1% from
$10,940,000 in the second quarter 2013.  For the first six months of
2014, net interest income of $20,391,000 was down $1,596,000 (7.3%) from
the first six months of 2013.  In 2013 and the first six months of 2014,
yields earned on securities and loans have fallen by more than interest
rates paid on deposits and borrowings.  Also, the average balance of
loans outstanding was $38.2 million (5.7%) lower in the first six months
of 2014 as compared to the first six months of 2013.  The net interest
margin was 3.84% in the second quarter 2014, down from 3.89% in the
first quarter 2014.  For the first six months of 2014, the net interest
margin was 3.86% as compared to 4.16% for the first six months of 2013.

● The provision for loan losses was $446,000 in the second quarter
2014 as compared to a credit (reduction in expense) of ($311,000) in the
first quarter 2014 and a provision of $66,000 in the second quarter
2013.  For the first six months of 2014, the provision for loan losses
totaled $135,000 as compared to a provision of $249,000 for the first
six months of 2013.  The higher provision for loan losses in the second
quarter 2014 included an increase in the collectively determined portion
of the allowance for loan losses as a result of an increased level of
net charge-offs.   C&N recorded net charge-offs totaling $1,522,000 in
the second quarter 2014, including a charge-off of $1,486,000 related to
one commercial loan relationship for which a specific allowance had been
established in previous quarters.

● Noninterest revenue totaled $3,980,000 in the second quarter 2014,
up $229,000 from the first quarter 2014 but $211,000 lower than in the
second quarter 2013.  For the first six months of 2014, noninterest
revenue was $303,000 (3.8%) lower than in the first six months of 2013.
Gains from sales of residential mortgage loans totaled $416,000 in the
first six months of 2014, down from $1,056,000 in the first six months
of 2013, as volume fell mainly because of higher interest rates.  Total
Trust and brokerage revenue of $2,654,000 in the first six months of
2014 was $284,000 (12.0%) higher than the total in the first six months
of 2013.


● Realized gains from available-for-sale securities totaled $103,000
in the second quarter 2014 as compared to $31,000 in the first quarter
2014 and $100,000 in the second quarter 2013.  In the first six months
of 2014, realized gains from securities totaled $134,000.  In
comparison, in the first six months of 2013, C&N generated gains from
sales of securities totaling $1,259,000 and also incurred losses from
prepayment of borrowings of $1,023,000.

● Noninterest expenses, excluding losses from prepayment of
borrowings, totaled $8,347,000 in the second
quarter 2014, down from
$8,524,000 in the first quarter 2014 and $8,520,000 in the second
quarter 2013.    Pensions and other employee benefit costs were $166,000
lower in the second quarter 2014 than in the first quarter 2013, mainly
due to the timing of payroll taxes and other payroll-related expenses
that are typically highest in the first quarter of each year.  In the
first six months of 2014, total noninterest expenses, excluding losses
from prepayment of borrowings, were $202,000 (1.2%) lower than in the
first six months of 2013.  The reduction in noninterest expenses in the
first six months of 2014 included decreases in professional fees of
$326,000 and ATM and interchange processing expense of $155,000, while
pensions and other employee benefit expenses increased $183,000, mainly
due to higher health care costs, and occupancy expenses increased
$123,000 due to higher weather-related maintenance expenses.            


Other Information:
Changes in other unaudited financial information are as follows:

● Total assets amounted to $1,256,205,000 at June 30, 2014, up from
$1,235,139,000 at March 31, 2014 and $1,228,344,000 at June 30, 2013.

● Net loans outstanding (excluding mortgage loans held for sale) were
$614,347,000 at June 30, 2014, down from $617,475,000 at March 31, 2014
and down $33.4 million (5.2%) from $647,772,000 at June 30, 2013.

● The outstanding balance of residential mortgages originated by C&N
and sold to third parties, with servicing retained, totaled $150,725,000
at June 30, 2014, up from $147,391,000 at March 31, 2014 and
$126,489,000 at June 30, 2013.

● Total nonperforming assets as a percentage of assets was 1.44% at
June 30, 2014, the same as at March 31, 2014 and up from 0.80% at June
30, 2013.  The increase in this ratio has resulted mainly from
classification of two large commercial loans as nonaccrual.

● Deposits and repo sweep accounts totaled $983,876,000 at June 30,
2014, up from $966,563,000 at March 31, 2014 and $955,156,000 at June
30, 2013.

● Total shareholders’ equity was $189,173,000 at June 30, 2014, up
from $184,762,000 at March 31, 2014 and $179,361,000 at June 30, 2013.
Tangible common equity as a percentage of tangible assets was 14.24% at
June 30, 2014, up from 13.76% a year earlier.

● Assets under management by C&N’s Trust and Financial Management
Group amounted to $824,279,000 at June 30, 2014, an increase of 13.3%
from a year earlier, reflecting the effect of new accounts as well as
net appreciation in asset values.

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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WELLSBORO, PA – Six Tioga County students have been named recipients of scholarships from the William Bowen Copp and Graydon S. Copp Agriculture Education Trust. The 2014 awards totaled $76,000.
 
The Scholarship Committee hosted a luncheon for scholarship recipients and their parents at the Penn Wells Hotel in Wellsboro.
 
The 2014 recipients include:
 
Debra Bieser, daughter of Ernie and Jeanine Bieser of Westfield, PA.  A graduate of Cowanesque Valley High School, she plans to attend Delaware Valley College majoring in large animal science.
 
Samantha Swarner, daughter of Lloyd and Mary Swarner of Sabinsville, PA. A graduate of Cowanesque Valley High School, she plans to attend SUNY Cobleskill , NY majoring in animal
science.
 
Simone Lichty, daughter of David and Ann Lichty of Covington, PA. A graduate of Mansfield Jr-Sr High School, she plans to attend Baptist Bible College majoring in Business Administration.
 
Harley Heichel, daughter of Chris and Peggy Heichel of Wellsboro, PA. A graduate of Wellsboro Area High School, she plans to attend Pennsylvania College of Technology majoring in Forestry.
 
Cassie Frederick, daughter of Robert and Elisa Frederick of Blossburg, PA. A graduate of North Penn Jr. Sr.  High School, she plans to attend Clarion University of PA majoring in Environmental Biology.
 
Devin Remley, son of Drew and Lisa Remley of Roaring Branch, PA. A graduate of Liberty Jr. Sr. High School, he plans to attend The College of Agricultural Sciences at Penn State University, Hazelton, majoring in Animal Science/Agronomy.
 
     The Copp trust was created under the Last Will and Testament of Graydon S. Copp, who died July 7, 2002. He and his brother, William Bowen Copp, operated a farm in Charleston and Covington Townships in Tioga County.
 
   “Graydon’s generosity will continue for a long time, as Graydon’s intent for this trust is to provide scholarships to well-deserving Tioga County, PA high school seniors who pursue high education in an agricultural field,” said Deborah Scott, Citizens & Northern Bank Executive Vice President and Trust Officer.
 
     Scott said the field has a broad spectrum of possibilities and might include education in the field of animal sciences, agricultural business management, bio-resource, crop and soil science, fisheries and wildlife, food science and technology and general agriculture to name a few.
 
     The scholarship recipients were chosen by the Scholarship Committee, which consists of the Trustee and the superintendents from each school district in Tioga County. The Committee determines the number of recipients and amounts awarded annually. The scholarship awards may be used to help pay tuition, books and room and board charges. Citizens & Northern Bank as Trustee invests and manages the funds in the account and administrates the scholarship application and distribution process.
 
    Applicants for the scholarship are sought each year, with the deadline being April 15th annually. Applicants must be high school seniors accepted to accredited colleges or universities in programs leading to degrees in curriculums directly related to agriculture. In addition, applications must have grade point averages of at least 2.0, have financial need and must have been Tioga County, PA residents for at least six months.
 
     For more information on this scholarship or to obtain an application, interested students should contact Citizens & Northern Bank’s Trust and Financial Management Group at 1-800-487-8784 or their high school guidance counselor.
 
     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.
 


Copp Scholarship recipients, front row, from left, Debra Bieser, Harley Heichel, Devin Remley and Cassie Frederick, are congratulated by, back row, from left, Chris Morral, Wellsboro Area School District Superintendent; Brian Tevlin, Vice President and Regional Manager of Financial Services with the C&N Trust and Financial Management Group; and Bill David, Mansfield High School Principal, representing the Southern Tioga School District. Absent from the photo were Diana Barnes, Northern Tioga School District Superintendent; Samantha Swarner, recipient from Cowanesque Valley High School and Simone Lichty, shown below.

 


Simone Lichty, Mansfield Copp Scholarship winner.