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January BanCNotes 2012

Posted Wednesday, 08 February 2012 15:46 | Filed under C&N News

This Quarter's Topics:

  • E-Banking: The Future Is Now
  • Bank 24-7 - We Have An App For That!
  • Save Time, Trees With e-Statements and Bill Pay
  • Are You In The Gas & Oil Business?
January BanCNotes 2012 [pdf]
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C&N Trust Officer Receives MBA

Posted Thursday, 02 February 2012 15:50 | Filed under C&N News

Philip Prough

Philip Prough

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.
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C&N Trust Officers Earn Designations

Posted Monday, 30 January 2012 16:03 | Filed under C&N News

Trust Team

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.
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Citizens & Northern Corporation Declares Dividend

Posted Thursday, 19 January 2012 16:37 | 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 $0.18 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.

 

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C&N Announces Annual And Fourth Quarter 2011 Unaudited Financial Results

Posted Wednesday, 18 January 2012 17:01 | Filed under C&N News

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.

Quarterly Results:

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.

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C&N HR Director Earns Certification

Posted Wednesday, 11 January 2012 16:03 | Filed under C&N News

Tracy Watkins

Tracy Watkins

WELLSBORO, PA – Tracy E. Watkins, Citizens & Northern Bank vice president and director of human resources, has earned certification as a Certified Employee Benefit Specialist (CEBS). She is also certified as a Retirement Plans Associate (RPA) and Group Benefits Associate (GBA).

An eight-year C&N employee, she holds her BS degree in English and secondary education from Juniata College and is a graduate of The Institute of Paralegal Training, the Graduate School of Banking at the University of Wisconsin at Madison, and the Pennsylvania Bankers Association Advanced School of Banking. She also is credentialed as a Senior Professional in Human Resources (SPHR).

Watkins and her two sons live in Covington.

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.
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