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CITIZENS & NORTHERN CORPORATION DECLARES DIVIDEND

Posted Friday, 25 October 2013 00:13 | 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 $0.25 per share. The dividend is payable on November 15, 2013 to shareholders of record as of November 4, 2013.
 
Declaration of the dividend was made at the October 24, 2013 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 Donates $50K To Hospital Campaign

Posted Tuesday, 22 October 2013 13:16 | Filed under C&N News

WELLSBORO, PA – Soldiers + Sailors Memorial Hospital has announced a major donation for its historic multi-million dollar expansion project as Citizens & Northern Bank presented a $50,000 check to leaders of the hospital’s Building for the Future Capital Campaign.
 
Citizens & Northern Bank sought to create momentum for the fund raising effort in advance of the public kickoff, which will be officially announced next month. The campaign is raising funds to support the recent two-story expansion at Soldiers + Sailors Memorial Hospital.
 
Developed as part of the hospital’s strategic plan, the expansion project is the result of ongoing research into the current and anticipated health care needs of Tioga County residents. The two-story addition to Soldiers + Sailors Memorial Hospital is the largest in its 70-year history, guided by long-term vision and planning for the future needs of the community.
 
The first floor of the 36,000-square foot expansion houses a brand new, state-of-the-art Emergency Department while the second floor accommodates a new Same Day Surgery Unit which houses endoscopy suites and an infusion area. “The number of patients our Emergency Department treats is expanding and will continue to grow in the future,” added Janie Hilfiger, President of SSMH. “The development of a new emergency department and Same Day Surgery unit were necessary in order to continue providing high quality emergency care and outpatient surgical services for all of our communities.
 
Hilfiger continues, “In order to realize such a large-scale project, we needed to obtain funds through a variety of sources to build our addition, including state grants, fund raising and a structured loan similar to a mortgage. Our Building for the Future campaign is currently raising donations to re-pay the loan and ensure capital will be available for future necessary projects. Thanks to long-term strategic planning, these projects place SSMH in an excellent position to meet the expanding needs of our community for the next 10 to 20 years.”
 
“Citizens & Northern has been committed to the well-being of its residents for nearly 150 years,” said Charles H. Updegraff, Jr., C&N chairman, president and CEO. “This contribution solidifies that commitment. We’re fortunate to have a facility such as Soldiers + Sailors in our community. It’s essential that we all support its ongoing efforts to provide our residents with state-of-the-art local health care.”
 
For more information on SSMH’s capital campaign, call the Development office at (570) 723-0506.
 
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.

 

CAPTION: Soldiers + Sailors Memorial Hospital has announced a major donation for its historic multi-million dollar expansion project from Citizens & Northern Bank. C&N donated $50,000 to the hospital’s Building for the Future Capital Campaign, which kicks off publicly next month. From left: Thomas Rudy, C&N EVP/Director of Branch Delivery, Charles H. Updegraff, Jr., C&N Chairman, President & CEO, Harold “Hal” Hoose, C&N EVP/Director of Lending, Janie Hilfiger, President of Soldiers + Sailors Memorial Hospital and Donald Shaw, DO, Medical Director for the Emergency Department.

 

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Joe Joyce Joins C&N Lending Team

Posted Friday, 18 October 2013 12:34 | Filed under C&N News

WELLSBORO, PA – Joe Joyce has been named Vice President – Commercial Loan Sales Officer for Citizens & Northern Bank.

 

Working from the Towanda

C&N office, Joyce will manage commercial customer relationships for the bank, primarily in Bradford and Sullivan Counties in Pennsylvania and the Southern Tier of New York.
 
Joyce holds his BSBA Degree in Management from Bucknell University in Lewisburg. Prior to joining C&N he was a partner with Murphy McCormack Capital Advisors, a Pennsylvania-based middle market merger and acquisition advisory firm.
 
Other previous positions include President and CEO and Senior Vice President and Senior Lender for Peoples State Bank of Wyalusing and various commercial lending related jobs with Pennsylvania-based banking institutions.
 
Joyce is a member of the Board of Guthrie Health, Vice Chairman of the Board of Robert Packer Hospital, Treasurer and coach for Athens Little League and a board member of Penn York Opportunities, Inc. and the Sayre Enterprise Center.
 
He and his wife, Jennifer, have two children and live in Athens.
 
“Joe brings a wealth of experience and depth to our commercial lending division,” said Hal Hoose, C&N Director of Lending. “We feel very fortunate to have someone with Joe’s background join our commercial lending team. Our clients will benefit greatly from his expertise.”
 
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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Amy Van Blarcom-Lackey Joins C&N Team

Posted Wednesday, 16 October 2013 10:38 | Filed under C&N News

WELLSBORO, PA – Amy Van Blarcom-Lackey has been named Sales Team Leader at Citizens & Northern Bank.

In her new position Van Blarcom-Lackey will lead business development and sales efforts throughout C&N’s market area.
 
Van Blarcom-Lackey holds her BS Degree in Communication and Government from Cornell University and her Masters of Government Administration Degree from the University of Pennsylvania at Philadelphia.
 
She has extensive lending and sales experience, having held various positions as sales team leader, branch manager and loan officer for AgChoice Farm Credit for the past eight years, working the Towanda and Lewisburg territories. She has also been employed as Director of National Governmental Affairs and Dairy Specialist for the Pennsylvania Farm Bureau, Government Relations Director for PennAg Industries Association in Harrisburg, Ombudsperson for the Pennsylvania Department of Agriculture in Harrisburg and Director of Communications for Dairy Farmers of America North East in Syracuse.
 
“High quality – high impact individuals such as Amy are extremely difficult to find,” said Hal Hoose, C&N’s Director of Lending. “We are fortunate to have her joining the C&N team. Our employees and our clients will benefit greatly from having someone with Amy’s talents working with them.”
 
Van Blarcom-Lackey and her husband, Scott, have two children. The family lives in Troy on her family’s dairy farm, Sugar Branch Farm, LLC.

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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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, 2013.

 Net income was $4,689,000 in the third quarter 2013, or $0.38 per basic and diluted share, as compared to $0.40 per share in the second quarter 2013 and down from $0.45 per share in the third quarter 2012. Net income for the nine months ended September 30, 2013 totaled $14,369,000, or $1.16 per share, representing an annualized return on average assets of 1.55% and an annualized return on average equity of 10.57%. Net income for the first nine months of 2013 was down from $1.37 per share for the first nine months of 2012.

Highlights related to C&N’s earnings results were as follows:

 

  • Net interest income totaled $10,631,000 in the third quarter 2013, down from $10,940,000 in the second quarter 2013 and $11,608,000 in the third quarter 2012. For the first nine months of 2013, net interest income of $32,618,000 was down $3,392,000 (9.4%) from the first nine months of 2012. In the first nine months of 2013, yields earned on securities and loans have fallen by more than interest rates paid on deposits and borrowings. Also, net interest income in 2012 was enhanced by the recovery of a security that had been written down in prior years, resulting in income (accretion) of $855,000, all of which was recorded in the first two quarters of 2012.

 

  • In the third quarter 2013, the provision for loan losses was $239,000, up from $66,000 in the second quarter 2013 and slightly higher than the third quarter 2012 amount of $236,000.  The increase in the provision in the most recent quarter was mainly related to commercial loans. For the first nine months of 2013, the provision for loan losses was $488,000, up $67,000 from the total for the first nine months of 2012.

 

  • Noninterest revenue of $4,293,000 in the third quarter 2013 was $102,000 higher than in the second quarter 2013 and $171,000 higher than in the third quarter 2012. Service charges on deposit accounts increased $110,000 in the third quarter 2013 over the second quarter 2013, and total trust and brokerage revenues increased $168,000 in the third quarter 2013 over the third quarter 2012. For the first nine months of 2013, total noninterest revenue exceeded the corresponding 2012 total by $271,000, with increases in gains from sales of loans of $493,000 and total trust and brokerage revenues of $193,000. The net gain from premises and equipment was $14,000 in the first nine months of 2013, as compared to $271,000 in the first nine months of 2012.

 

  • In the third quarter 2013, realized gains from securities totaled $193,000, up from $100,000 in the second quarter 2013. In the third quarter 2012, C&N generated gains from sales of securities totaling $2,430,000 and also incurred losses from prepayment of borrowings totaling $2,190,000. Realized gains from securities totaled $1,452,000 in the first nine months of 2013 as compared to $2,631,000 in the first nine months of 2012, while losses from prepayment of borrowings amounted to $1,023,000 in the first nine months of 2013 as compared to $2,333,000 in the same period of 2012.

  

  • Noninterest expenses, excluding losses from prepayment of borrowings, totaled $8,610,000 in the third quarter 2013, up $90,000 (1.1%) as compared to the second quarter 2013 and $384,000 (4.7%) over the third quarter 2012. Professional fees expense (included in other operating expense) totaled $806,000 in the third quarter 2013, which was $345,000 higher than the second quarter 2013 amount and $694,000 higher than the third quarter 2012 amount. In the third quarter 2013, C&N incurred professional fees expense of $724,000 related to a consulting engagement in which the consulting firm identified recommendations for potential increases in revenues with an estimated annual total pre-tax benefit of approximately $1.3 million. Management expects to realize ongoing benefits from implementing the recommendations to a significant extent starting in the fourth quarter 2013 and thereafter, though the actual amount of benefits to be derived is difficult to estimate and is dependent on many variables. Also, in the second quarter 2013, C&N incurred professional fees expense of $315,000 from a consulting project related to debit card operations and electronic funds processing, for which reductions in electronic funds processing expenses and other benefits are expected to be realized over approximately the next five years. For the nine months ended September 30, 2013, total noninterest expenses of $25,683,000 were $723,000 (2.8%) higher than the corresponding total for the first nine months of 2012. Mainly as a result of the consulting engagements described above, professional fees expense was $1,071,000 higher in the first nine months of 2013 as compared to the first nine months of 2012. Pensions and other employee benefit costs were $273,000 lower in the first nine months of 2013 as compared to the first nine months of 2012, including a reduction of $215,000 in health insurance expense associated with C&N’s partially self-insured plan due to a lower amount of claims.

 

 

Other Information:

 

Changes in other unaudited financial information are as follows:

  • Total assets amounted to $1,232,952,000 at September 30, 2013 as compared to $1,228,344,000 at June 30, 2013 and $1,310,009,000 at September 30, 2012.

 

  • Net loans outstanding (excluding mortgage loans held for sale) were $641,345,000 at September 30, 2013 as compared to $647,772,000 at June 30, 2013 and down $49.0 million (7.1%) from $690,357,000 at September 30, 2012. Total nonperforming assets as a percentage of assets was 0.83% at September 30, 2013 as compared to 0.80% at June 30, 2013 and 0.79% at September 30, 2012.

  

  • The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $138,074,000 at September 30, 2013, up from $126,489,000 at June 30, 2013 and up $54.9 million from one year earlier.

 

  • Deposits and repo sweep accounts totaled $968,298,000 at September 30, 2013, up from $955,156,000 at June 30, 2013, and down from $1,017,667,000 at September 30, 2012. The decrease in deposits as compared to one year earlier was primarily from a reduction in time deposits.

 

  • Total shareholders’ equity was $181,206,000 at September 30, 2013, up from $179,361,000 at June 30, 2013 and $180,146,000 at September 30, 2012. Net unrealized gains from available-for-sale securities amounted to $2,520,000 at September 30, 2013, down from $2,832,000 at June 30, 2013 and $12,278,000 at September 30, 2012, reflecting the effects of recent increases in long-term interest rates. Tangible common equity as a percentage of tangible assets was 13.71% at September 30, 2013, up from 12.03% a year earlier.

 

  • Assets under management by C&N’s Trust and Financial Management Group amounted to $760,964,000 at September 30, 2013, an increase of 7.6% from a year earlier, reflecting the effect of new accounts as well as net appreciation in asset values.

 

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.

 

Safe Harbor Statement: Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the following: changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates; changes in general economic conditions; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in the Corporation’s market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; changes in management’s assessment of realization of securities and other assets; and changes in accounting principles, or the application of generally accepted accounting principles. Citizens & Northern disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 

 

 

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WELLSBORO, PA – Robert Haefner of Winfield, PA has won the grand prize in the annual Citizens & Northern Bank Photo Contest. His photo was selected from more than 500 entries.

Winning photographs will be featured on C&N’s 2014 calendar. Haefner’s photo is one of 13 selected for inclusion. The winning photo features brilliant purple iris against a wooded background.

 Other winners and the month their photographs will represent include:
-          Ann Kamzelski of Wellsboro, a snow-covered forest - January
-          Carol Ulrich of Montgomery, an ice-laden birdhouse - February
-          Don Biresch of Ottsville, a raccoon perched in a tree - March
-          Jeff Hoodak of Dushore, colorful daffodils in spring - April
-          Mike Henrich of Sayre, a bald eagle and baby - May
-          Jeanie Leber of Middlebury Center, a phlox-flanked path - June
-          Donna Williams of Troy, an assortment of summer flowers – July
-          Kathleen Odenweller of Middlebury Center, a wren in song – August
-          Patrick Greenabaum of Cogan Station, hot air balloons at night - September
-          Molly Kinsey of Dushore, Sullivan Falls in autumn - October
-          Marilyn Wood of Tioga, a strutting turkey - November
-          Maria Ananea of Williamsport, a cute snow-covered snowman - December
 
All winners will be honored at a luncheon in Wellsboro in October and will receive cash prizes. The 2014 C&N Photo Calendars will be available free of charge in all offices of Citizens & Northern Bank in late October.
 
“Judging for this calendar is always difficult and close. We have so many talented amateur photographers in our area who are willing to share their talent with us,” said Yvonne Gill, C&N marketing director. “The 2014 calendar photos are wonderful reflections of scenes typical to our area. We’re always amazed at how many beautiful photos we receive.”

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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