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Citizens & Northern Corporation Declares Dividend

Posted Thursday, 21 April 2011 15:05 | 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 $0.14 per share. The record date is May 2, 2011 and it is payable on May 13, 2011 to shareholders of record. The amount is increased from the previous dividend of $0.13 per share, which was paid in February, 2011, and is the fifth consecutive quarterly increase in the dividend.

Declaration of the dividend was made at the April 19, 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.

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C&N Announces First Quarter 2011 Unaudited Financial Results

Posted Friday, 15 April 2011 16:24 | Filed under C&N News

WELLSBORO, PA - Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the first quarter 2011.

First quarter 2011 net income available to common shareholders was $5,541,000, or $0.46 per share – basic and $0.45 per share – diluted. First quarter 2011 earnings were up from $0.40 per share – basic and diluted in the fourth quarter 2010 and $0.34 per share – basic and diluted in the first quarter 2010.

Some of the more significant fluctuations in the components of earnings are as follows:

  • Pre-tax gains from available-for-sale securities totaled $1,839,000 in the first quarter 2011, up from $64,000 in the fourth quarter 2010 and $58,000 in the first quarter 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.

  • Net interest income was $11,282,000 in the first quarter 2011, up $92,000 from the fourth quarter 2010 and $809,000 over the first quarter 2010. Net interest income has increased over the past several months, reflecting ongoing reductions in cost of funds.

  • The (credit) for loan losses (a reduction in expense) was ($192,000) in the first quarter 2011, including the effect of reversing an allowance of $150,000 on loans to an individual borrower that were repaid in full. The provision for loan losses was $719,000 in the fourth quarter 2010 and $207,000 in the first quarter 2010.

  • Noninterest revenue was $2,555,000 in the first quarter 2011, down from $3,480,000 in the fourth quarter 2010 and $3,548,000 in the first quarter 2010. The reduction in noninterest revenue in the first quarter 2011 resulted from an impairment loss of $948,000 related to an investment in a real estate limited partnership.

  • Noninterest expense totaled $8,263,000 in the first quarter 2011, up from $7,720,000 in the fourth quarter 2010 and $7,997,000 in the first quarter 2010. Total compensation-related expenses, including salaries and wages, payroll taxes, employee benefits and related costs, were higher in the first quarter 2011 than in the fourth quarter 2010 or first quarter 2010. The increase in compensation-related expense in the most recent quarter included stock option compensation of $122,000, with none in 2010, as well as higher payroll taxes and estimated 401(k) and ESOP costs related to incentive compensation paid in January 2011 for 2010 performance. Also, first quarter 2010 expense was reduced $215,000 as a result of total self-funded health insurance costs for 2009 being lower than previously estimated amounts.

  • The provision for income taxes totaled $2,064,000, or 27.1% of pre-tax income in the first quarter 2011, up from 22.4% of pre-tax income in the fourth quarter 2010 and 24.5% of pre-tax income in the first quarter 2010. 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.

Other Information:

Changes in other unaudited financial information are as follows:

  • Total assets amounted to $1,316,209,000 at March 31, 2011, as compared to $1,316,588,000 at December 31, 2010 and $1,347,311,000 at March 31, 2010.

  • Net loans outstanding (excluding mortgage loans held for sale) were $710,113,000 at March 31, 2011, down from $721,304,000 at December 31, 2010 and $711,450,000 at March 31, 2010. Total nonperforming assets as a percentage of assets was 0.88% at March 31, 2011, down from 0.92% as of December 31, 2010 and up from 0.72% at March 31, 2010.

  • Total deposits and repo sweep accounts of $1,026,069,000 at March 31, 2011 were up 0.3% from December 31, 2010 and 4.3% from March 31, 2010.

  • Total shareholders’ equity was $146,053,000 at March 31, 2011, up from $138,944,000 at December 31, 2010 and down from $155,484,000 at March 31, 2010. The reduction in total equity at March 31, 2011 as compared to March 31, 2010 resulted from repayment of preferred stock in the third quarter 2010. Tangible common equity as a percentage of tangible assets was 10.26% at March 31, 2011, up from 8.79% a year earlier.

  • Assets under management by C&N’s Trust and Financial Management Group amounted to $635,497,000 at March 31, 2011, up from $608,843,000 at December 31, 2010 and up 6.1% 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.

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Nine C&N Employees Earn Service Awards

Posted Thursday, 17 March 2011 16:40 | Filed under C&N News

march11-service-awards

Charles H. Updegraff, Jr., C&N chairman, president and CEO, back, second from left, presented January-March service awards to, from left, Jeffery Aeppli, Jenelle Selleck, Joy Cole, Lisa Cook and Lorrie Knowlton.

WELLSBORO, PA - Nine Citizens & Northern Bank employees have been recognized for a combined 125 years of service to the financial institution.

Recognized during the January-March service awards luncheon were:

  • Jeffery Aeppli – Commercial loan officer in the Wysox office, 15 years.
  • Elizabeth Chamberlain – Athens branch teller, 10 years.
  • Joy Cole - Branch Delivery executive secretary, Wellsboro, 20 years.
  • Lisa Cook – Tioga branch manager, 10 years.
  • Barbara Grimone – Emporium branch teller – 20 years.
  • Roberta Kayser – Branch Operations coordinator, Wellsboro, 15 years.
  • Lorrie Knowlton – Loan underwriter, Wellsboro, 10 years.
  • Raymond Mazzella – Credit analyst in the Canisteo, NY branch – 10 years.
  • Jenelle Selleck – Towanda branch operations manager, 15 years.

Service awards luncheons are held regularly and hosted by C&N Chairman, President and CEO Charles H. Updegraff, Jr. In 2011, C&N will recognize 25 employees for a total of 410 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.

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2010 Annual Highlights

Posted Thursday, 10 March 2011 16:31 | Filed under C&N News
Citizens & Northern Corporation’s 2010 Annual Highlights is now available.

2010 ANNUAL HIGHLIGHTS [pdf]
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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.

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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.
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