C&N Blog Home Category Image

Twelve C&N Employees Earn Service Awards

Posted Thursday, 05 June 2014 10:27 | Filed under C&N News

WELLSBORO, PA - Twelve Citizens & Northern Bank employees have been recognized for a combined 225 years of service to the financial institution.
Recognized during the April-June service awards luncheon were:

Brandy Allen, Electronic Banking Team Leader, Wellsboro – 10 years.

  • Jamie Butters, Trust Operations Manager, Wellsboro – 15 years.
  • Shelley D’Haene, Director of Alternate Delivery Channels, Wellsboro – 15 years.
  • Stan Dunsmore, Commercial Lending Regional Team Leader, Coudersport – 30 years.
  • Joan Grenell, Staff Accountant, Towanda – 35 years.
  • Karen Hall, Customer Services Representative, East Smithfield – 10 years.
  • Sara Heatley, Staff Auditor, Wellsboro – 10 years.
  • Carla Packard, Loan Processor, Escrow Specialist, Troy – 30 years.
  • John Reber, Director of Risk Management, Wellsboro – 10 years.
  • Bruce Smithgall, Commercial Lending Regional Team Leader, Williamsport – 10 years.
  • Charles H. Updegraff, Jr., Chairman, President and CEO, Wellsboro – 40 years.
  • Kathryn Wesneski, Customer Service Representative, Liberty – 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: Honored for their service to Citizens & Northern Bank were: Front, from left, Brandy Allen, Carla Packard, Sara Heatley, Joan Grenell and Kathryn Wesneski and back, from left, Charles H. Updegraff, Jr., Jamie Butters, Shelley D’Haene, Stan Dunsmore, John Reber and Bruce Smithgall.

Category Image

Eight Students Receive Gale Foundation Scholarships

Posted Tuesday, 13 May 2014 09:59 | Filed under C&N News


GALETON, PA. – Eight Galeton High School students have been awarded scholarships from The William and L. R. Gale Community Foundation a/k/a Galeton Foundation.  The 2014 scholarships totaled $40,000 with each student being awarded a $5,000 scholarship.
   Scholarship recipients include:
- April Howell   who plans to attend Keystone College for nursing;
- Alex Kulish who plans to attend  the University of Pitt at Bradford for Petroleum Technology;
- Andrea Leach  who plans to attend  Juniata College for early childhood education;
- Jeffrey Mashula  who plans to attend  Penn State Dubois for wildlife management;
- Mataya McPherson  who plans to attend Wilkes University for Pharmacy;

- Dakota Shadle   who plans to attend  Mansfield University for the Academic Exploratory Program;

- Dustin Shepler  who plans to attend Neumann University for Accounting; and

- Corrine Shuemaker   who plans to attend University of Pitt at Bradford for nursing.

The Galeton Foundation Scholarship Foundation started this scholarship program in 2013 for current high school seniors attending Galeton Area High School accepted by an accredited college, university or trade school. The scholarship awards may be used to help pay for tuition, books and room and board charges and are paid directly to the college, university or school.
 
The Galeton Foundation is a 501©(3) organization and welcomes contributions to grow the fund to help assist charitable organizations in the Galeton Area and provide scholarships for Galeton Area High School seniors.
 
The C&N Trust and Financial Management Group is the Trustee of the Galeton Foundation.
 
   The C&N Trust and Financial Management Group, a division of Citizens & Northern Bank, maintains offices in Wellsboro, Sayre, Towanda, Williamsport, Coudersport and Canisteo. The division, founded in 1960, provides a wide range of investment, trust and retirement plan services to individuals and organizations.

Category Image


WELLSBORO, PA – Citizens & Northern Bank’s Susan Evans and Charles H. Updegraff, Jr. have been recognized for serving 40 or more years in the banking industry. They were honored at the Pennsylvania Bankers Association (PBA) Group 4 meeting held in Williamsport. The 40-Year Club consists of bankers completing 40 or more years of service in Pennsylvania’s banking industry.
 
Evans is a Credit Analyst in C&N’s Jersey Shore office. She began her banking career in 1973 with Fidelity National Bank of Pennsylvania, predecessor to Santander Bank. She worked as secretary to the vice president and president, as a credit analyst, loan review officer and commercial lender. She is treasurer of the Transitional Living Center, Inc. and a volunteer with Susquehanna Health Systems. She and her husband, Raymond, have two children and two granddaughters and live in Williamsport.
 
Updegraff, C&N Chairman, President and CEO, began his banking career in 1972 with Citizens Trust Company, headquartered in Coudersport. He served as Chairman, President and CEO of Citizens Trust until its merger with Citizens & Northern in 2007. From 2007 until January 2010, he served as Citizens & Northern’s executive vice president and chief operating officer, prior to being named C&N Chairman, President and CEO in January of 2010.
 
He is active in his community serving as a board member and treasurer of Charles Cole Memorial Hospital, previously serving as Cole’s board chairman. He is president of Coudersport Golf Club and previously served as a member of the council of St. Paul’s Evangelical Lutheran Church. He is a member of the Pennsylvania and American Bankers Associations and has served in numerous offices within those organizations.
 
Updegraff, his wife, Kimberly, and their daughter live in Coudersport.
 
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:
Susan Evans, center, left photo, and Charles H. Updegraff, Jr., center, right photo, receive their 40-year recognition certificates from PBA Group 4 First Vice Chairman J. Donald Steele, Jr. and PBA Chairperson Patricia A. Husic.

Category Image

WILLIAMSPORT, PA – Citizens & Northern Bank was recognized for celebrating its 150-year charter anniversary at the Pennsylvania Bankers Association (PBA) Group 4 meeting at the Williamsport Country Club. The PBA recognizes member charter anniversaries every five years from the date of that institution’s charter.
 
Citizens & Northern Bank, headquartered in Wellsboro, PA, was founded in 1864 as the First National Bank of Wellsborough. The Articles of Association were signed on Feb. 27, 1864 and the bank received its charter on March 21, 1864. C&N maintained a single office in Wellsboro until opening its first branch in Tioga on March 1, 1961. The C&N Trust and Financial Management Group was formed as the bank’s first division in 1960.
 
The bank experienced rapid growth during the ensuing four decades, expanding to 26 offices in two states. The bank’s name was changed to Citizens & Northern in 1971 following the merger of Northern National Bank and Trust Company of Wellsboro and Citizens National Bank of Towanda.
 
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.

Charles H. Updegraff, Jr., center, Citizens & Northern Bank Chairman, President and CEO, receives the PBA recognition from J. Donald Steele, Jr., Group 4 First Vice Chair and Patricia A. Husic, PBA Chair.

Category Image

CITIZENS & NORTHERN CORPORATION DECLARES DIVIDEND

Posted Friday, 18 April 2014 12:14 | Filed under C&N News

WELLSBORO, PA - Directors of Citizens & Northern Corporation, parent company of Citizens & Northern Bank, have declared a regular quarterly cash dividend of $0.26 per share.  The dividend is payable on May 9, 2014 to shareholders of record as of April 28, 2014.
 

Declaration of the dividend was made at the April 17, 2014 meeting of the C&N Board of Directors.

Category Image

C&N Announces First Quarter 2014 Unaudited Financial Results

Posted Friday, 11 April 2014 12:20 | Filed under C&N News

WELLSBORO, PA – Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the first quarter 2014.
 
Net income in the first quarter 2014 totaled $4,288,000, or $0.35 per basic share and $0.34 per diluted share.  Net income for the first quarter 2014 was up slightly from $0.34 per basic and diluted share for the fourth quarter 2013 and down from $0.38 per basic and diluted share in the first quarter 2013.  First quarter 2014 earnings reflected an annualized return on average assets of 1.41% and an annualized return on average equity of 9.41%.
 
Highlights related to C&N’s earnings results were as follows:
 
·         Net interest income totaled $10,118,000 in the first quarter 2014, down from $10,531,000 in the fourth quarter 2013 and down 8.4% from $11,047,000 in the first quarter 2013.  Over the course of 2013 and in the first quarter 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 $39.6 million (5.9%) lower in the first quarter 2014 than in the first quarter 2013.  The net interest margin was 3.89% in the first quarter 2014 as compared to 3.91% in the fourth quarter 2013 and 4.18% in the first quarter 2013.
 
·         C&N recorded a credit for loan losses (reduction in expense) of ($311,000) in the first quarter 2014 as compared to a provision for loan losses of $1,559,000 in the fourth quarter 2013 and $183,000 in the first quarter 2013.  The credit for loan losses in the first quarter 2014 included the effects of a net reduction in specific allowances required on impaired loans of $143,000, and also included a reduction in the collectively determined portion of the allowance resulting from a decrease in loan balances outstanding.  The comparatively high provision in the fourth quarter 2013 included the effects of establishing an allowance of $1,552,000 on loans to one commercial borrower.  The allowance on loans to this borrower was $1,503,000 at March 31, 2014.
 
·         Noninterest revenue of $3,751,000 in the first quarter 2014 was $373,000 lower than in the fourth quarter 2013 and $92,000 lower than in the first quarter 2013.  Service charges on deposit accounts of $1,223,000 in the first quarter 2014 were down $198,000 from the fourth quarter 2013 and $3,000 from the first quarter 2013.  Gains from sales of residential mortgage loans totaled $151,000 in the first quarter 2014, down from $315,000 in the fourth quarter 2013 and $504,000 in the first quarter 2013, as volume fell mainly because of higher interest rates.  Total Trust and brokerage revenue of $1,274,000 in the first quarter 2014 was $11,000 higher than the total in the fourth quarter 2013, and $186,000 (17.1%) higher than the total in the first quarter 2013.  Other operating income of $403,000 in the first quarter 2014 was up $21,000 from the fourth quarter 2013 and up $114,000 from the first quarter 2013, mainly as a result of higher mortgage servicing revenue and an increase in the fair value of mortgage servicing rights.
 
·         Realized gains from available-for-sale securities totaled $31,000 in the first quarter 2014, down from $266,000 in the fourth quarter 2013.  In the first quarter 2013, C&N generated gains from sales of securities totaling $1,159,000 and also incurred losses from prepayment of borrowings of $1,023,000.   
·         Noninterest expenses, excluding losses from prepayment of borrowings, totaled $8,524,000 in the first quarter 2014, up from $7,788,000 in the fourth quarter 2013 and down slightly from $8,553,000 in the first quarter 2013.  Pensions and other employee benefit costs were $334,000 higher in the first quarter 2014 than in the fourth 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.  Other operating expense was $200,000 higher in the first quarter 2014 than in the fourth quarter 2013, but $103,000 lower than in the first quarter 2013.  Within other operating expense, certain items tend to be seasonally higher in the first quarter of each year.  The reduction in other operating expense in the first quarter 2014 as compared to the first quarter 2013 included a reduction in ATM and interchange processing expense of $61,000, mainly due to rate reductions stemming from negotiations in 2013.                
 
Other Information:
Changes in other unaudited financial information are as follows:
 
·         Total assets amounted to $1,235,139,000 at March 31, 2014 as compared to $1,237,695,000 at December 31, 2013 and $1,240,321,000 at March 31, 2013.
 
·         Net loans outstanding (excluding mortgage loans held for sale) were $617,475,000 at March 31, 2014, down from $635,640,000 at December 31, 2013 and down $42.2 million (6.4%) from $659,628,000 at March 31, 2013.
   
·         The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $147,391,000 at March 31, 2014, up from $145,954,000 at December 31, 2013 and $114,134,000 at March 31, 2013.
 
·         Total nonperforming assets as a percentage of assets was 1.44% at March 31, 2014, down slightly from 1.53% at December 31, 2013 and up from 0.83% at March 31, 2013.  The increase in this ratio in the fourth quarter 2013 resulted mainly from classification of two large commercial loans as nonaccrual.
 
·         Deposits and repo sweep accounts totaled $966,563,000 at March 31, 2014, up from $957,901,000 at December 31, 2013 and down from $972,611,000 at March 31, 2013.  The decrease in deposits as compared to one year earlier was primarily from a reduction in time deposits.
 
·         Total shareholders’ equity was $184,762,000 at March 31, 2014, up from $179,472,000 at December 31, 2013 and $183,208,000 at March 31, 2013.  Net unrealized gains from available-for-sale securities amounted to $2,442,000 at March 31, 2014, up from net unrealized losses of ($1,004,000) at December 31, 2013 and down from net unrealized gains of $9,223,000 at March 31, 2013, reflecting the effects of changes in long-term interest rates.  Tangible common equity as a percentage of tangible assets was 14.12% at March 31, 2014, up from 13.93% a year earlier.
 
·         Assets under management by C&N’s Trust and Financial Management Group amounted to $797,833,000 at March 31, 2014, an increase of 8.2% from a year earlier, reflecting the effect of new accounts as well as net appreciation in asset values.