C&N Blog Home Category Image

Ryan Satalin Joins C&N’s Commercial Business Team

Posted Saturday, 05 March 2011 16:29 | Filed under C&N News

Ryan J. Satalin

Ryan J. Satalin

WELLSBORO, PA - Ryan J. Satalin has joined the Citizens & Northern Bank commercial lending division as a business development specialist and commercial lender.

Satalin comes to C&N with a wealth of experience in the financial arena, including four years with M&T Bank Corporation. While with M&T in Baltimore, MD, Satalin was a commercial relationship manager. He later moved to the M&T offices in Williamsport, PA, where he served as a business banking relationship manager.

He holds his BA degree from Johns Hopkins University and his MBA degree in finance from Iona College. Satalin and his wife, Sarah, and daughter, Kate, live in Wellsboro.

“We are so fortunate to have someone with Ryan’s depth of experience and leadership qualities join our commercial lending team,” said Harold F. Hoose, III, C&N director of lending. “Ryan brings to Citizens & Northern not only a wealth of knowledge, but a deep and varied background in commercial financial services. We are certain he will be a huge asset to the commercial clients in our market area.”

Satalin is working from the C&N branch office in Wellsboro and looks forward to meeting area business clients. He can be reached at 570-724-0223 or via e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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.

Category Image

Applicants Sought for Copp Scholarship

Posted Friday, 04 February 2011 18:04 | Filed under C&N News

WELLSBORO, PA. –  High school seniors pursuing studies in agriculture are invited to apply for a scholarship offered through the William Bowen Copp and Graydon S. Copp Agriculture Education Trust.

Applicants are sought for the 2011 fall semester. The application deadline is April 15, 2011. An applicant must be a high school senior accepted to an accredited college or university in a program leading to a degree in a curriculum directly related to agriculture, have a cumulative grade point average of at least 2.0, demonstrate financial need,  be a Tioga County, PA resident for at least six months and graduate from a Tioga County, PA High School.

Students interested in more information may contact Citizens & Northern Bank’s Trust and Financial Management Group at 800-487-8784 or their high school guidance counselors.

The $1.4 million William Bowen Copp and Graydon S. Copp Agriculture Education Trust will distribute scholarships annually. The trust was created under the Last Will and Testament of Graydon S. Copp, who died July 7, 2002. Graydon and his brother, William Bowen Copp, operated a farm located in Charleston and Covington townships in Tioga County, PA. The brothers lived and operated the same farm as their grandparents and parents until 1982 when William died. Neither brother ever married, but they were well known by their neighbors, friends and relatives as accomplished farmers and generous individuals.

The Copps were known for sharing their food, money, machinery and time with friends and neighbors. Graydon, who loved cats and was very active in hunting, flying, motorcycling and maintaining the family cemetery, always considered education very important. During World War II he dropped out of school to help his family on the farm. Following the war, he returned to school and graduated from the Charleston High School.

Graydon’s generosity will continue for years to come as his intent for this trust is to provide scholarships to well deserving Tioga County, PA high school seniors who pursue higher education in an agricultural field. This field has a broad spectrum of possibilities and might include education in the field of animal sciences, agricultural business management, bioresource, crop and soil science, fisheries and wildlife, food science and technology and general agriculture, to name a few.

The scholarship recipients will be determined each year by the Scholarship Committee, which consists of the trustee – Citizens & Northern Bank’s Trust and Financial Management Group – and the superintendents from Northern and Southern Tioga School Districts and the Wellsboro Area School District. The committee will decide the number of recipients and amounts awarded annually. The scholarship award may be used to help pay for tuition, books, and room and board.
Category Image

Citizens & Northern Corporation Declares Dividend

Posted Thursday, 20 January 2011 16:55 | 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 $0.13 per share. The record date is January 31, 2011 and it is payable on February 11, 2011 to shareholders of record. The amount is increased from the previous dividend of $0.12 per share, which was paid in November, 2010. A dividend of $0.10 per share was paid in August, $0.09 per share was paid in May and an $0.08 dividend was paid in February, 2010.

Declaration of the dividend was made at the January 20, 2011 meeting of the C&N Board of Directors.

Citizens & Northern Corporation is the parent company of 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 Bradford, Cameron, Lycoming, Potter, McKean, Steuben, Sullivan and Tioga Counties. C&N can be found on the worldwide web at www.cnbankpa.com. The Corporation’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

Category Image

C&N Announces Fourth Quarter 2010 Unaudited Financial Results

Posted Thursday, 20 January 2011 16:34 | Filed under C&N News

WELLSBORO, PA - Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the fourth quarter 2010 and for the year ended December 31, 2010.

Net income available to common shareholders was $4,884,000, or $0.40 per share – basic and diluted in the fourth quarter 2010, up from third quarter 2010 earnings of $4,135,000, or $0.34 per share – basic and diluted. Third quarter 2010 earnings per share was reduced by $607,000, or $0.05 per share, for accelerated discount accretion related to C&N’s repayment of TARP preferred stock. Net income available to common shareholders was $4,242,000, or $0.42 per share - basic and diluted in the fourth quarter 2009.

For the year ended December 31, 2010, net income available to common shareholders was $17,581,000, or $1.45 per share – basic and diluted. In 2009, C&N had a net loss of $40,763,000, or $4.40 per share for the year, included the effects of pre-tax realized losses from securities totaling $83,840,000.

Core Earnings is an earnings performance measurement which C&N’s management has defined to exclude the effects of other-than-temporary impairment (OTTI) losses on available-for-sale securities and realized gains on securities for which OTTI has previously been recognized. Core Earnings is a performance measurement that is not based on U.S. generally accepted accounting principles (GAAP), meaning that it is a non-GAAP measure. Management believes Core Earnings information is meaningful for evaluating C&N’s operating performance, because it excludes some of the impact of market volatility as it relates to investments in securities. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The table below provides a reconciliation of Core Earnings to net income (loss), the most directly comparable GAAP financial measure:

RECONCILIATION OF NON-GAAP MEASURE (UNAUDITED)
(In thousands, except per-share data)

fourthqtr

Core earnings per share - diluted was $0.39 in the fourth quarter 2010, up $0.07 from the third quarter 2010 and up $0.02 from the fourth quarter 2009. Third quarter 2010 core earnings per share – diluted included the effects of the $0.05 charge resulting from the preferred stock repayment (described above). For the year ended December 31, 2010, core earnings per share – diluted was $1.40, as compared to $1.63 for 2009. Core earnings per share in 2010 have been impacted by a higher number of weighted average common shares outstanding than in 2009, resulting from the issuance of shares of common stock in a public offering in December 2009 that raised capital of $21.4 million, net of offering costs. Some of the more significant fluctuations in the components of core earnings are as follows:

  • Net interest income was $11,190,000 in the fourth quarter 2010, up $334,000 from the third quarter 2010 and $604,000 over the fourth quarter 2009. For the year ended December 31, 2010, net interest income totaled $42,869,000, down 1.5% from 2009. The improvement in the most recent quarter reflected a reduced cost of funds, as well as $166,000 in income from a security that had been previously written down with no earnings recognized on it for several quarters.

  • The provision for loan losses was $719,000 in the fourth quarter 2010, which was $530,000 higher than the third quarter 2010 and $593,000 higher than the fourth quarter 2009 amounts. In the fourth quarter 2010, management increased the total estimated allowance for losses from individually impaired loans (primarily larger commercial loans) by $494,000 from the September 30, 2010 amount. For the year ended December 31, 2010, the provision for loan losses totaled $1,191,000, up from $680,000 in 2009, mainly as a result of the increased estimate in allowance for losses on impaired loans in the most recent quarter.

  • Noninterest revenue was $3,480,000 in the fourth quarter 2010, down $95,000 from the immediate prior quarter and $183,000 from the fourth quarter 2009. The reduction in noninterest revenue in the fourth quarter 2010 in comparison to the prior quarter was mainly due to a lower amount of gains realized on sales of other real estate properties. Similarly, the reduced level of noninterest revenue in the fourth quarter 2010 as compared to the fourth quarter 2009 resulted from lower amounts of gains from sales of other real estate, as well as inclusion in 2009 of revenue from temporary operation of a property that was subsequently sold. For the year ended December 31, 2010, noninterest revenue was $896,000, or 6.9%, higher than in 2009, reflecting substantial increases in 2010 in revenue from sales of mortgages and from debit card-related interchange fees.

  • Noninterest expense totaled $7,720,000 in the fourth quarter 2010, down $375,000 from the third quarter, mainly as a result of lower costs related to loan collection activities and a decrease in FDIC assessments expense. Noninterest expense was $38,000 higher in the fourth quarter 2010 as compared to the fourth quarter 2009, reflecting increases in total compensation-related costs, offset by reductions in expenses associated with other real estate properties, as well as reductions in FDIC assessments and furniture and equipment expense. For the year ended December 31, 2010, total noninterest expense was $2,442,000, or 7.2%, lower than in 2009, reflecting the impact of lower FDIC assessments, lower furniture and equipment expense as a result of much of the core banking system software and equipment becoming fully depreciated and reductions in several other categories of operating costs.

  • The provision for income taxes totaled $1,411,000, or 22.4% of pre-tax income in the fourth quarter 2010, down from $1,671,000, or 25.6% of pre-tax income in the third quarter. The provision for income tax in the fourth quarter 2010 included a benefit (reduction in expense) of $148,000 resulting from a reduction in a valuation reserve. For the year ended December 31, 2010, the tax provision was $5,800,000, or 23.3% of pre-tax income.

Other Information:

Changes in other unaudited financial information are as follows:

  • Total assets amounted to $1,316,588,000 at December 31, 2010, as compared to $1,308,108,000 at September 30, 2010 and $1,321,795,000 at December 31, 2009.

  • Net loans outstanding (excluding mortgage loans held for sale) were $721,304,000 at December 31, 2010, up from $717,526,000 at September 30, 2010 and up 1.2% from December 31, 2009. Total nonperforming assets as a percentage of assets was 0.92% as of December 31, 2010, up from 0.82% at September 30, 2010 and 0.76% at December 31, 2009.

  • Total deposits and repo sweep accounts of $1,022,761,000 at December 31, 2010 were up 2.1% from September 30, 2010 and 6.4% from December 31, 2009.

  • Total shareholders’ equity was $138,944,000 at December 31, 2010, down from $141,082,000 at September 30, 2010, and $152,410,000 at December 31, 2009. The decrease in equity in the most recent quarter resulted from fluctuation in the fair value of securities, with the change in fair value recorded as a charge to equity, net of tax, with no impact to earnings. Management assessed the declines in fair value of securities as of December 31, 2010, and determined that none of the affected securities was other-than-temporarily impaired. The reduction in total equity at December 31, 2010 as compared to 2009 resulted from the preferred stock repayment. Tangible common equity as a percentage of tangible assets was 9.71% at December 31, 2010, up from 8.72% a year earlier.

  • Assets under management by C&N’s Trust and Financial Management Group amounted to $608,843,000 at December 31, 2010, up from $591,267,000 at September 30, 2010 and up 0.6% from one year earlier. Fluctuations in the value of assets under management have resulted mainly from volatility in U.S. and international stock market 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.

Category Image

Christina Merwine Earns National IRA Certification

Posted Thursday, 13 January 2011 16:34 | Filed under C&N News

Christina L. Merwine

Christina L. Merwine

WELLSBORO, PA - Christina L. Merwine, Citizens & Northern Bank IRA administrator and CD specialist, has been awarded the Certified IRA Services Professional (CISP) designation. The designation was awarded by the Institute of Certified Bankers (ICB), a subsidiary of the American Bankers Association, in Washington, DC.

Merwine, a five-year C&N employee, earned her BA degree in English from Mansfield University and completed the Ascensus IRA Online Institute Program. Prior to her employment with C&N, Merwine worked for Corning Credit Union.

She is a dance instructor for Parks and Recreation – Steps of Expression and is a dance competition instructor for Dance Rush. She is also a volunteer with the Endless Mountain Music Festival.

Merwine and her husband, Dave, live in Wellsboro and are expecting their first child in April.

The CISP designation is awarded to individuals who demonstrate excellence in the field of IRA (Individual Retirement Account) services. To qualify for certification, individuals must attain certain levels of experience and education, pass an exam and agree to abide by a code of ethics. The CISP exam covers employer plans, IRA documentation requirements, IRA eligibility and contribution requirements, IRA distribution requirements and other IRA specific issues.

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.

Category Image

C&N Names Reber Executive Vice President

Posted Wednesday, 05 January 2011 16:28 | Filed under C&N News

John Reber

John Reber

WELLSBORO, PA - The Citizens & Northern Corporation Board has named John Reber Executive Vice President – Director of Risk Management for Citizens & Northern Bank. Reber now becomes part of a seven member leadership team, serving under the direction of Charles H. Updegraff, Jr., Chairman, President and CEO.

Reber previously held the position of Vice President – Director of Risk Management. As Director of Risk Management, Reber is responsible for interfacing with all business units to coordinate the bank’s Risk Management program. He oversees Internal Audit, Compliance, Commercial Loan Review and Security Departments and serves as the bank’s liaison on all regulatory exams.

A six and a half year employee of Citizens & Northern Bank, Reber earned his B.S. Degree in finance from Bloomsburg University. Prior to joining C&N, he was vice president- risk manager for Sun Bank and previously served as a loan review manager and commercial lender. He is a member of the Wellsboro Rotary Club and the Delmar Township Zoning Hearing Board.

Reber and his wife, Wendy, live in Wellsboro.

“New regulatory requirements, along with huge strides in technology, have greatly increased the importance of risk management for financial institutions,” said Updegraff. “Bank examinations are becoming increasingly risk-based and recent legislation has heightened Board of Directors oversight responsibility for risk management. Risk management has always played a prominent role at C&N and that role will only expand going forward. C&N is fortunate to have someone with John’s talent and expertise to fill that role.”

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.