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WILLIAMSPORT, PA – Citizens & Northern Bank was recognized for celebrating its 150-year charter anniversary at the Pennsylvania Bankers Association (PBA) Group 4 meeting at the Williamsport Country Club. The PBA recognizes member charter anniversaries every five years from the date of that institution’s charter.
 
Citizens & Northern Bank, headquartered in Wellsboro, PA, was founded in 1864 as the First National Bank of Wellsborough. The Articles of Association were signed on Feb. 27, 1864 and the bank received its charter on March 21, 1864. C&N maintained a single office in Wellsboro until opening its first branch in Tioga on March 1, 1961. The C&N Trust and Financial Management Group was formed as the bank’s first division in 1960.
 
The bank experienced rapid growth during the ensuing four decades, expanding to 26 offices in two states. The bank’s name was changed to Citizens & Northern in 1971 following the merger of Northern National Bank and Trust Company of Wellsboro and Citizens National Bank of Towanda.
 
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. C&N’s corporate headquarters is in Wellsboro, PA.

Charles H. Updegraff, Jr., center, Citizens & Northern Bank Chairman, President and CEO, receives the PBA recognition from J. Donald Steele, Jr., Group 4 First Vice Chair and Patricia A. Husic, PBA Chair.

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CITIZENS & NORTHERN CORPORATION DECLARES DIVIDEND

Posted Friday, 18 April 2014 12:14 | 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 $0.26 per share.  The dividend is payable on May 9, 2014 to shareholders of record as of April 28, 2014.
 

Declaration of the dividend was made at the April 17, 2014 meeting of the C&N Board of Directors.

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C&N Announces First Quarter 2014 Unaudited Financial Results

Posted Friday, 11 April 2014 12:20 | Filed under C&N News

WELLSBORO, PA – Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the first quarter 2014.
 
Net income in the first quarter 2014 totaled $4,288,000, or $0.35 per basic share and $0.34 per diluted share.  Net income for the first quarter 2014 was up slightly from $0.34 per basic and diluted share for the fourth quarter 2013 and down from $0.38 per basic and diluted share in the first quarter 2013.  First quarter 2014 earnings reflected an annualized return on average assets of 1.41% and an annualized return on average equity of 9.41%.
 
Highlights related to C&N’s earnings results were as follows:
 
·         Net interest income totaled $10,118,000 in the first quarter 2014, down from $10,531,000 in the fourth quarter 2013 and down 8.4% from $11,047,000 in the first quarter 2013.  Over the course of 2013 and in the first quarter 2014, yields earned on securities and loans have fallen by more than interest rates paid on deposits and borrowings.  Also, the average balance of loans outstanding was $39.6 million (5.9%) lower in the first quarter 2014 than in the first quarter 2013.  The net interest margin was 3.89% in the first quarter 2014 as compared to 3.91% in the fourth quarter 2013 and 4.18% in the first quarter 2013.
 
·         C&N recorded a credit for loan losses (reduction in expense) of ($311,000) in the first quarter 2014 as compared to a provision for loan losses of $1,559,000 in the fourth quarter 2013 and $183,000 in the first quarter 2013.  The credit for loan losses in the first quarter 2014 included the effects of a net reduction in specific allowances required on impaired loans of $143,000, and also included a reduction in the collectively determined portion of the allowance resulting from a decrease in loan balances outstanding.  The comparatively high provision in the fourth quarter 2013 included the effects of establishing an allowance of $1,552,000 on loans to one commercial borrower.  The allowance on loans to this borrower was $1,503,000 at March 31, 2014.
 
·         Noninterest revenue of $3,751,000 in the first quarter 2014 was $373,000 lower than in the fourth quarter 2013 and $92,000 lower than in the first quarter 2013.  Service charges on deposit accounts of $1,223,000 in the first quarter 2014 were down $198,000 from the fourth quarter 2013 and $3,000 from the first quarter 2013.  Gains from sales of residential mortgage loans totaled $151,000 in the first quarter 2014, down from $315,000 in the fourth quarter 2013 and $504,000 in the first quarter 2013, as volume fell mainly because of higher interest rates.  Total Trust and brokerage revenue of $1,274,000 in the first quarter 2014 was $11,000 higher than the total in the fourth quarter 2013, and $186,000 (17.1%) higher than the total in the first quarter 2013.  Other operating income of $403,000 in the first quarter 2014 was up $21,000 from the fourth quarter 2013 and up $114,000 from the first quarter 2013, mainly as a result of higher mortgage servicing revenue and an increase in the fair value of mortgage servicing rights.
 
·         Realized gains from available-for-sale securities totaled $31,000 in the first quarter 2014, down from $266,000 in the fourth quarter 2013.  In the first quarter 2013, C&N generated gains from sales of securities totaling $1,159,000 and also incurred losses from prepayment of borrowings of $1,023,000.   
·         Noninterest expenses, excluding losses from prepayment of borrowings, totaled $8,524,000 in the first quarter 2014, up from $7,788,000 in the fourth quarter 2013 and down slightly from $8,553,000 in the first quarter 2013.  Pensions and other employee benefit costs were $334,000 higher in the first quarter 2014 than in the fourth quarter 2013, mainly due to the timing of payroll taxes and other payroll-related expenses that are typically highest in the first quarter of each year.  Other operating expense was $200,000 higher in the first quarter 2014 than in the fourth quarter 2013, but $103,000 lower than in the first quarter 2013.  Within other operating expense, certain items tend to be seasonally higher in the first quarter of each year.  The reduction in other operating expense in the first quarter 2014 as compared to the first quarter 2013 included a reduction in ATM and interchange processing expense of $61,000, mainly due to rate reductions stemming from negotiations in 2013.                
 
Other Information:
Changes in other unaudited financial information are as follows:
 
·         Total assets amounted to $1,235,139,000 at March 31, 2014 as compared to $1,237,695,000 at December 31, 2013 and $1,240,321,000 at March 31, 2013.
 
·         Net loans outstanding (excluding mortgage loans held for sale) were $617,475,000 at March 31, 2014, down from $635,640,000 at December 31, 2013 and down $42.2 million (6.4%) from $659,628,000 at March 31, 2013.
   
·         The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $147,391,000 at March 31, 2014, up from $145,954,000 at December 31, 2013 and $114,134,000 at March 31, 2013.
 
·         Total nonperforming assets as a percentage of assets was 1.44% at March 31, 2014, down slightly from 1.53% at December 31, 2013 and up from 0.83% at March 31, 2013.  The increase in this ratio in the fourth quarter 2013 resulted mainly from classification of two large commercial loans as nonaccrual.
 
·         Deposits and repo sweep accounts totaled $966,563,000 at March 31, 2014, up from $957,901,000 at December 31, 2013 and down from $972,611,000 at March 31, 2013.  The decrease in deposits as compared to one year earlier was primarily from a reduction in time deposits.
 
·         Total shareholders’ equity was $184,762,000 at March 31, 2014, up from $179,472,000 at December 31, 2013 and $183,208,000 at March 31, 2013.  Net unrealized gains from available-for-sale securities amounted to $2,442,000 at March 31, 2014, up from net unrealized losses of ($1,004,000) at December 31, 2013 and down from net unrealized gains of $9,223,000 at March 31, 2013, reflecting the effects of changes in long-term interest rates.  Tangible common equity as a percentage of tangible assets was 14.12% at March 31, 2014, up from 13.93% a year earlier.
 
·         Assets under management by C&N’s Trust and Financial Management Group amounted to $797,833,000 at March 31, 2014, an increase of 8.2% from a year earlier, reflecting the effect of new accounts as well as net appreciation in asset values.

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C&N Names Denise Manley Troy Manager

Posted Wednesday, 02 April 2014 11:22 | Filed under C&N News

WELLSBORO, PA – Denise Manley has been named Community Office Manager for Citizens & Northern Bank’s Troy office, 64 Elmira Street. She succeeds Rosalie Hall who retired in December.
 
A resident of Columbia Cross Roads, Manley brings 16 years of management experience to the position. Prior to taking over in Troy, she was Community Office Manager for the bank’s Sayre office. She is a graduate of Troy High School and Bauder College. She joined C&N three years ago as a Customer Service Representative, before moving into the management position in Sayre. She was previously employed in retail management.
 
Manley attends Grace Community Church and is a graduate of the NY Penn Leadership Program. She enjoys spending time with family and friends and outdoor activities with her family.
 
“Troy is a wonderful community and I look forward to serving the community in which I live and raise my family,” she said.
 
Manley and her husband, David, have two daughters.

 

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C&N Names Elizabeth Johnson Sayre Manager

Posted Saturday, 29 March 2014 11:58 | Filed under C&N News

WELLSBORO, PA – Elizabeth Johnson has been named Community Office Manager for Citizens & Northern Bank’s Sayre office, 1827 Elmira Street. She succeeds Denise Manley who has been named manager for the bank’s Troy office.
 
Johnson is a native of the Troy area and a graduate of Troy High School. She has been in banking for six years and prior to coming to C&N held positions at Key Bank in Columbus, OH and Regions Bank in Anniston, AL.
 
Johnson and her husband, Todd, and their two children reside in Gillett.

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C&N Names Sean McGuire East Smithfield Manager

Posted Saturday, 29 March 2014 11:57 | Filed under C&N News

WELLSBORO, PA – Sean McGuire has been named Community Office Manager for Citizens & Northern Bank’s East Smithfield office, 563 Main Street. He succeeds Sandra McNeal who retired earlier this year.
 
A resident of Milan, PA, he holds his BS Degree in management from Indiana University of Pennsylvania and his MBA in finance from Rider University. Prior to joining C&N, he was a financial advisor at Merrill Lynch in Yardley, PA.
 
McGuire is a member of the Pennsylvania Freemasons and enjoys outdoor sports, biking, kayaking, hiking and is an avid guitar player.

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