WELLSBORO, PA – High school seniors pursuing studies in medicine, education or engineering are invited to apply for a scholarship offered through the Joseph R. Every Scholarship Fund.
Applicants are sought for the 2012 fall semester. Completed applications are due to the student’s high school guidance office by April 2, 2012 or to a Citizens & Northern Bank branch office by April 6, 2012. Applicants must be a high school senior or graduate of a public or non-public high school in Bradford or Tioga County, PA or Chemung County, NY. Applicants must be accepted to an accredited college, university or professional school in a program leading to a degree in education or medicine, including medical research for human diseases. If too few students apply with those majors, preference will be given to students who express an interest in the fields of civil, mechanical, electrical or metallurgical engineering, or any other field that would improve society.
In addition, applicants must have a cumulative grade point average of at least 2.0. Consideration will be given to financial need.
Students interested in more information may contact Citizens & Northern Bank’s Trust and Financial Management Group at 888-987-8784 or their high school guidance counselors.
The Joseph R. Every Scholarship Fund was created under the Last Will and Testament of Joseph R. Every, who died Sept. 8, 2005. Citizens & Northern’s Trust and Financial Management Group serves as Trustee of the annual award.
Joseph R. Every was a long-time operator of a construction business and had a great desire to help area students pursue higher education. His intent was to provide scholarships to well-deserving seniors and graduates from public and non-public high schools in Bradford, Tioga and Chemung counties. Mr. Every believed that special consideration should be given to average students with ambition and the potential to contribute positively to society. In addition, he directed that the successful recipient of funds must not smoke tobacco or use illegal drugs or alcoholic beverages.
The scholarship award will be for the first year of higher education only and will be in an amount determined by the Selection Committee. A maximum award of $10,000 may be made. Funds may be used to help pay for tuition, books and room and board. Payments from the trust will be made directly to the university or college the recipient attends. Under the terms of Mr. Every’s will, final scholarship awards will be determined by a Selection Committee comprised of four employees of Citizens & Northern Bank, scholarship fund Trustee, and one representative of the Finance Committee of Holy Child Roman Catholic Church in Mansfield.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.
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WELLSBORO, PA –Philip Prough, director of Financial Service Delivery and vice president and Trust officer with the C&N Trust and Financial Management Group, has received his master of business administration degree from Colorado State University.
Colorado State University has been accredited by The Association to Advance Collegiate Schools of Business International, the benchmark of academic excellence for business schools. The university is accredited regionally by the North Central Association of The Higher Learning Commission. CSU’s MBA program offers advanced learning of business aspects and operations with an emphasis on management and leadership.
Prough has been a C&N employee since 2000. He is an honors graduate from Lycoming College, receiving his bachelor of arts degree in accounting. He has held the designation of Certified Financial Planner® practitioner since 2003.
Prough’s current responsibilities are the oversight of the delivery of Citizens & Northern Bank’s financial services, including the sales and service of Trust, Brokerage and Insurance services. He also retains account administration duties for his clients. He works from the bank’s Wellsboro office.Assets under management by C&N’s Trust and Financial Management Group totaled $634,782,000 at the end of 2011. A division of Citizens & Northern Bank, the group has offices in Canisteo, NY, Coudersport, Sayre, Towanda, Wellsboro and Williamsport.
WELLSBORO, PA – Two members of the C&N Trust and Financial Management Group team have received designations from the American Society of Pension Professionals and Actuaries.
Michael S. Hatlee, vice president and manager of Retirement Services Delivery, has received the Qualified Plan Financial Consultant (QPFC) and the Qualified 401(k) Administrator (QKA) designations. Nathan Gage, assistant vice president and Retirement Services support manager, has earned the QKA designation. Both men work from the C&N Trust and Financial Management Group offices in Wellsboro.
The American Society of Pension Professionals and Actuaries (ASPPA) is the premier national organization for career retirement plan professionals. The membership is comprised of the many disciplines supporting retirement income management and benefits policy. Members are part of the diversified, technical, and highly regulated benefits industry.
Hatlee has a combined total of 18 years of experience as a trust department officer, including 15 years delivering retirement plan administration and investment services. Prior to joining the C&N Trust and Financial Management Group in 2006, he managed the Retirement Services Group at Chemung Canal Trust Company in Elmira, NY. He is an honors graduate of Cornell University, where he received his Bachelor of Science degree in 1986.
Gage earned his bachelor’s degree from Pennsylvania State University and his Master of Business Administration degree from the University of Southern Maine. He has 10 years of experience in the financial services industry, with eight of those working specifically with retirement plans. He joined the C&N Trust and Financial Management Group in 2006. A resident of Wellsboro, he serves on the board of the Northcentral Area Health Education Center.Assets under management by C&N’s Trust and Financial Management Group totaled $634,782,000 at the end of 2011. A division of Citizens & Northern Bank, the group has offices in Canisteo, NY, Coudersport, Sayre, Towanda, Wellsboro and Williamsport.
WELLSBORO, PA- Directors of Citizens & Northern Corporation, parent company of Citizens & Northern Bank, have declared a regular quarterly cash dividend of $0.18 per share. The record date is January 30, 2012 and it is payable on February 10, 2012 to shareholders of record. The amount is increased from the previous dividend of $0.16 per share, which was paid in November, 2011, and is the eighth consecutive quarterly increase in the dividend.
Declaration of the dividend was made at the January 19, 2012 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.
WELLSBORO, PA- Citizens & Northern Corporation (C&N) has announced its unaudited, consolidated financial results for the fourth quarter 2011 and for the year ended December 31, 2011.
For the year ended December 31, 2011, net income available to common shareholders was $23,368,000, or $1.92 per basic and diluted share, up 32.4% over net income per share of $1.45 in 2010. In the fourth quarter 2011, net income of $6,141,000, or $0.51 per share, was up 4.1% as compared to net income per share of $0.49 in the third quarter 2011 and 27.5% higher than net income per share of $0.40 in the fourth quarter 2010.
Some of the more significant fluctuations in the components of annual earnings are as follows:
Net interest income was $4,831,000 (11.3%) higher in 2011than 2010. The improvement in 2011 has resulted from several factors, including reductions in cost of funds, reduction in outstanding borrowings and lower balances maintained in overnight investment with the Federal Reserve and other banks. In 2011, net interest income includes the benefit of accretion of $826,000 from the offset of a previous write-down on a security, with a corresponding benefit of $83,000 recorded in 2010.
The provision for loan losses was a credit (reduction in expense) of $285,000, as compared to a provision of $1,191,000 in 2010. The credit for loan losses in 2011 resulted, in part, from a reduction in loans outstanding, as the general component of the allowance for loan losses was reduced. Further, in recent years, C&N has experienced a limited amount of loan-related credit problems, as compared to averages for comparable-sized peer banks.
Total noninterest revenue was $13,938,000 in 2011, up $100,000 over 2010, despite an impairment loss in 2011 of $948,000 related to an investment in a real estate limited partnership. In 2011, noninterest revenue included net gains from sales of premises and equipment totaling $324,000, including a gain in the third quarter of $329,000 from sale of the banking facility at 130 Court Street, Williamsport, PA. The Corporation has entered into a leasing arrangement to continue to utilize a portion of the facility and continues to provide retail, trust and commercial banking services at the location. In 2010, noninterest revenue included net gains from sales of premises and equipment totaling $445,000. Excluding gains from sales of premises and equipment and the impairment loss, noninterest revenue for 2011 totaled $14,562,000, or 8.7% higher than the corresponding 2010 amount. In 2011, revenues increased significantly over 2010 from origination and sale of mortgage loans, interchange on debt card transactions, service charges on deposit accounts, brokerage services and other operating income.
Gains from available-for-sale securities totaled $2,216,000 in 2011, considerably higher than the total gains of $829,000 realized in 2010. In the first quarter 2011, C&N realized gains of $1,510,000 from two pooled trust-preferred securities that had been written off in prior periods.
Total noninterest expense was $32,057,000 in 2011, up $567,000, or 1.8%, over 2010. Total salaries and wages for 2011 were $690,000 (6.1%) higher than in 2010, including an increase in total employee stock-based compensation of $319,000. Pensions and employee benefits expense was $567,000 (14.8%) higher in 2011 than in 2010, including higher estimated self-insured employee health insurance expense. Furniture and equipment expense was $171,000 (8.1%) lower in 2011 as compared to 2010, as depreciation expense was lower due to some computer-related hardware and software becoming fully depreciated. FDIC assessments were $618,000 (42.6%) lower in 2011 than in 2010, reflecting the benefit of changes in the FDIC’s method for determining assessments and improvements in C&N’s financial data that impact the amounts assessed.
The provision for income taxes totaled $8,714,000 or 27.2% of pre-tax income in 2011, up from $5,800,000 or 23.3% of pre-tax income in 2010. The provision for income taxes was higher in 2011 than in 2010 primarily because of the increase in pre-tax income. Also, the provision for income tax in 2010 included a benefit (reduction in expense) of $373,000 resulting from reduction in a valuation reserve.
In the third quarter 2010, C&N redeemed preferred stock that had previously been issued, and has had no preferred stock outstanding and no corresponding dividend costs in 2011. In 2010, earnings available for common shareholders were impacted by dividends paid on preferred stock totaling $1,474,000.
Fourth quarter 2011 net income was $6,141,000, or $0.51 per basic and diluted common share, as compared to $5,989,000 ($0.49 per share) in the third quarter 2011. Net interest income was $185,000 (1.5%) higher in the fourth quarter as compared to the third quarter 2011, reflecting a lower average cost of funds and an increase of $97,000 in accretion from a previously written-down security. C&N continued to benefit from favorable loan loss experience, recording a credit for loan losses of $87,000 in the fourth quarter, as compared to a credit for loan losses of $37,000 in the third quarter. Noninterest revenue was $288,000 lower in the fourth quarter 2011 than in the third quarter, as third quarter results included the gain from sale of the Williamsport property referred to above. Gains from sales of securities totaled $188,000 in the fourth quarter 2011, up $162,000 over the third quarter, and noninterest expense was $104,000 lower than the third quarter.
Fourth quarter 2011 net income was $1,257,000 higher than fourth quarter 2010 net income of $4,884,000 ($0.40 per share). Net interest income in the fourth quarter 2011 was $1,204,000 higher than in the fourth quarter 2010, mainly due to a lower average cost of funds, and also reflecting the benefit of an increase of $243,000 in accretion from the previously written-down security. The credit for loan losses of $87,000 in the fourth quarter 2011 compares with a provision for loan losses of $719,000 in the fourth quarter 2010.