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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.

 

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WELLSBORO, PA – The Community Foundation for the Twin Tiers has received four donations from the C&N Trust and Financial Management Group.
The contributions are four of seven the Trust Division made to local charities during the holiday season. Each year the contributions are made to charities within the division’s market area in the name of their clients.
The four donations totaled $1,750 and will benefit the Foundation in Bradford, Potter, Sullivan and Tioga Counties.
The Community Foundation for the Twin Tiers was founded in 2002 to invest in the rural communities it serves in Bradford, Potter, Sullivan and Tioga Counties in Pennsylvania and Tioga County in New York State.
The Foundation is a vehicle for individuals, families, not-for-profit organizations and businesses to establish permanent named funds that will provide grants in perpetuity to the widest range of local charitable organizations and programs.
More information on the Foundation is available on the organization's website at http://www.twintierscf.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: Angela Klopf, CEO, Community Foundation for the Twin Tiers, accepts the donations from, top, left, Jennifer Schultz, AVP, Trust Account Administrator (Bradford County donation); top, right, Justin Krellner, VP, Regional Manager of Financial Services (Potter County); bottom, left, Larry Alderson, VP and Trust Officer (Sullivan County) and Brian Tevlin, VP, Regional Manager of Financial Services (Tioga County).

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WELLSBORO, PA – The Board of Directors of Citizens & Northern Corporation (the “Company”) (NASDAQ: CZNC), parent company of Citizens & Northern Bank (the “Bank”), has announced the appointment of Leo Lambert as Chairman of the Board of the Company and the Bank.   Mr. Lambert, who has been a Director of the Company and the Bank since 2001, will fill vacancies created in August 2014 as a result of the prior Chairman’s retirement and resignation. Mr. Lambert is the President and General Manager of Fitzpatrick & Lambert, Inc., a Ford dealership in Dushore, Pa.

The Board also declared a regular quarterly cash dividend of $0.26 per share.  The dividend is payable on November 17, 2014 to shareholders of record as of November 4, 2014.  Declaration of the dividend was made at the October 24, 2014 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.

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WELLSBORO, PA – Citizens & Northern Bank has been recognized by the House of Representatives of Pennsylvania for its 150 years of service to the communities it serves. The House citation was presented to C&N Interim President and CEO Mark A. Hughes by Rep. Matt Baker, (R-Bradford/Tioga). Baker sponsored the citation which honors C&N on its 150th anniversary.
 
The citation reads, in part, “With an innovative and progressive attitude, along with the conviction to operate with integrity and vision, Citizens & Northern Bank has established a reputation of quality and service over the past one hundred fifty years. The House of Representatives of the Commonwealth of Pennsylvania congratulates Citizens & Northern Bank upon the momentous occasion of its one hundred fiftieth anniversary (and) offers best wishes for continued growth and prosperity in the years to come.”
 
“We are very grateful to Rep. Baker for sponsoring this citation for us. It means a great deal to all of us at C&N to be recognized in this manner,” said Hughes.
 
Citizens & Northern Bank was founded in 1864 and is the sixth oldest bank in the state of Pennsylvania. It is one of the oldest national banks in the United States. Founded as the First National Bank of Wellsborough, the Articles of Association were signed on Feb. 27, 1864. The bank received its charter on March 21, 1864 and opened for business later that year.
 
Started with one office and deposits of just over $5,000, today C&N has 26 offices in eight counties in Pennsylvania and New York and assets of more than $1.2 billion. C&N was founded as, and remains, a local, independent community 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.
 

Rep. Matt Baker, left, presents the House citation to Mark A. Hughes, C&N interim president and CEO. The photo was taken in front of the Wellsboro branch office on Main Street.

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WELLSBORO, PA – Citizens & Northern Corporation (C&N) has announced its unaudited, consolidated financial results for the three-month and nine-month periods ended September 30, 2014.
 
Net income in the third quarter 2014 totaled $4,267,000, or $0.34 per basic and diluted share, up from $0.33 per share in the second quarter 2014 and down from $0.38 per share in the third quarter 2013.  For the nine months ended September 30, 2014, net income was $12,718,000, or $1.02 per basic and diluted share, down from $1.16 per share for the first nine months of 2013.  Earnings results for the nine months ended September 30, 2014 reflected an annualized return on average assets of 1.37% and an annualized return on average equity of 9.18%.
 
Highlights related to C&N’s earnings results were as follows:
 
·        Net interest income of $10,285,000 in the third quarter 2014 was up slightly from the second quarter 2014, reflecting increases compared to the prior quarter in average balances of deposits of $14,979,000, available-for-sale securities of $9,548,000 and loans outstanding of $4,321,000.  Third quarter 2014 net interest income was down 3.3% from the third quarter 2013 and net interest income for the first nine months of 2014 was down $1,942,000 (6.0%) from the first nine months of 2013.  Yields earned on securities and loans have fallen by more than interest rates paid on deposits and borrowings over the course of 2013 and the first nine months of 2014.  The net interest margin was 3.75% in the third quarter 2014, down from 3.84% in the second quarter 2014 and 3.97% in the third quarter 2013.  For the first nine months of 2014, the net interest margin was 3.82% as compared to 4.10% for the first nine months of 2013.  The average balance of loans outstanding was $33.3 million (5.0%) lower in the first nine months of 2014 as compared to the first nine months of 2013.
 
·        The provision for loan losses was $218,000 in the third quarter 2014 as compared to $446,000 in the second quarter 2014 and $239,000 in the third quarter 2013.  For the first nine months of 2014, the provision for loan losses totaled $353,000, down from $488,000 for the first nine months of 2013.
     
·        Noninterest revenue of $3,887,000 in the third quarter 2014 was down $93,000 (2.3%) from the second quarter 2014, and down $406,000 (9.5%) from the third quarter 2013.  For the first nine months of 2014, noninterest revenue was $709,000 (5.8%) lower than in the first nine months of 2013.  Gains from sales of residential mortgage loans totaled $557,000 in the first nine months of 2014, down from $1,560,000 in the first nine months of 2013, reflecting lower volume from refinancing activity.  Total Trust and brokerage revenue of $4,007,000 in the first nine months of 2014 was $399,000 (11.1%) higher than the total in the first nine months of 2013.
 
 
·        In the third quarter 2014, realized gains from available-for-sale securities totaled $760,000, including gains from sales of mortgage-backed securities and other debt securities totaling $471,000 and gains from sales of equity securities (bank stocks) totaling $289,000.  In comparison, realized gains from available-for-sale securities totaled $103,000 in the second quarter 2014 and $193,000 in the third quarter 2013.  Realized gains from available-for-sale securities totaled $894,000 in the first nine months of 2014, while in the first nine months of 2013 realized gains from securities totaled $1,452,000 and losses from prepayment of borrowings totaled $1,023,000.
 
·       Noninterest expenses totaled $9,036,000 in the third quarter 2014, up from $8,347,000 in the second quarter 2014 and $8,610,000 in the third quarter 2013.  In the third quarter 2014, salaries and wages expense increased $702,000 over the second quarter 2014, and $812,000 over the third quarter 2013, mainly because of severance expenses.  In the first nine months of 2014, total noninterest expenses, excluding losses from prepayment of borrowings, were $224,000 (0.9%) higher than in the first nine months of 2013.  Salaries and wages expense increased $788,000 in the first nine months of 2014 as compared to the corresponding period in 2013, mainly as a result of severance benefits, and pensions and other employee benefit expenses increased $398,000, mainly due to higher health care costs.  Professional fees expense was $997,000 lower in the first nine months of 2014 as compared to the first nine months of 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 $1,256,533,000 at September 30, 2014, as compared to $1,256,205,000 at June 30, 2014 and up 1.9% from $1,232,952,000 at September 30, 2013.
 
·        Net loans outstanding (excluding mortgage loans held for sale) were $621,960,000 at September 30, 2014, up from $614,347,000 at June 30, 2014 and down $19.4 million (3.0%) from $641,345,000 at September 30, 2013.
        
·        The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $150,695,000 at September 30, 2014 as compared to $150,725,000 at June 30, 2014 and up $12.6 million (9.1%) from $138,074,000 at September 30, 2013.
 
·        Total nonperforming assets as a percentage of assets was 1.45% at September 30, 2014, up slightly from 1.44% at June 30, 2014 and up considerably from 0.83% at September 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 $988,294,000 at September 30, 2014, up from $983,876,000 at June 30, 2014 and up $20.0 million (2.1%) from $968,298,000 at September 30, 2013.
 
·        Total shareholders’ equity was $186,874,000 at September 30, 2014, down slightly from $189,173,000 at June 30, 2014 and up from $181,206,000 at September 30, 2013.  Tangible common equity as a percentage of tangible assets was 14.05% at September 30, 2014, up from 13.86% 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 September 30, 2014, 129,000 shares had been repurchased for a total cost of $2,464,000, at an average price of $19.10 per share.
 
·        Assets under management by C&N’s Trust and Financial Management Group amounted to $812,376,000 at September 30, 2014, an increase of 6.8% from a year earlier, reflecting the effect of new accounts as well as net appreciation in asset values.

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