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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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CITIZENS & NORTHERN CORPORATION DECLARES DIVIDEND

Posted Thursday, 18 July 2013 12:46 | Filed under C&N News

FOR IMMEDIATE RELEASE

 

   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 August 9, 2013 to shareholders of record as of July 29, 2013.

     Declaration of the dividend was made at the July 18, 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 Announces Second Quarter Earnings.

Posted Monday, 15 July 2013 12:12 | Filed under C&N News

C&N Announces SECOND QUARTER 2013 UNAUDITED Financial RESULTS

For Immediate Release:

 

WELLSBORO, PA – Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the three-month and six-month periods ended June 30, 2013.

 

Second quarter 2013 net income was $4,974,000, or $0.40 per basic and diluted share, up from $0.38 per share in the first quarter 2013 and down from $0.46 per share in the second quarter 2012. Net income for the six months ended June 30, 2013 totaled $9,680,000, or $0.78 per share, representing an annualized return on average assets of 1.56% and an annualized return on average equity of 10.57%. Net income for the first six months of 2013 was down from $0.92 per share for the first six months of 2012.

 

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

 

  • Net interest income of $10,940,000 in the second quarter 2013 was down from $11,047,000 in the first quarter 2013 and $12,128,000 in the second quarter 2012. For the first six months of 2013, net interest income of $21,987,000 was down $2,415,000 (9.9%) from the first six months of 2012. Declining and very low interest rates has led to margin compression over the course of 2012 and the first half of 2013, as 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 in the first six months of 2012 including $398,000 in the second quarter 2012.

 

  • The provision for loan losses has remained at a low level by industry standards over the past several years. In the second quarter 2013, the provision for loan losses was $66,000, down from $183,000 in the first quarter 2013 and $367,000 in the second quarter 2012. The reduction in the provision in the most recent quarter was mainly the result of lower outstanding loans. For the first six months of 2013, the provision for loan losses was $249,000, up $64,000 from the first six months of 2012.

 

  • Noninterest revenue totaled $4,191,000 in the second quarter 2013, an increase of $348,000 over the first quarter 2013, and down $88,000 from the second quarter 2012. Total trust and brokerage revenues increased $194,000 in the second quarter over the first quarter 2013. Included in second quarter 2012 noninterest revenue was a net gain from premises and equipment of $270,000, with no corresponding net gain or loss in the most recent quarter. Excluding the net gain from premises and equipment, total noninterest revenue was $182,000 (4.5%) higher in the second quarter 2013 as compared to the second quarter 2012, including an increase in gains from sales of mortgage loans of $214,000. Similarly, total noninterest revenue, excluding the gain from premises and equipment, was $370,000 (4.8%) higher for the first six months of 2013 as compared to the first six months of 2012, including an increase of $494,000 in gains from sales of mortgage loans.

 

  • Realized gains from securities totaled $100,000 in the second quarter 2013, as compared to $1,159,000 in the first quarter 2013 and $203,000 in the second quarter 2012. In the first quarter 2013, C&N generated gains from sales of securities totaling $1,159,000, and also incurred a loss from prepayment of a borrowing of $1,023,000. Realized gains from securities totaled $1,259,000 in the first six months of 2013 as compared to $201,000 in the first six months of 2012, while losses from prepayment of borrowings amounted to $1,023,000 in the first six months of 2013 as compared to $143,000 in the same period of 2012.

  

  • Noninterest expenses, excluding losses from prepayment of borrowings, totaled $8,520,000 in the second quarter 2013, down slightly from $8,553,000 in the first quarter 2013 and up $199,000 (2.4%) over the second quarter 2012. For the six months ended June 30, 2013, total noninterest expenses of $17,073,000 were $339,000 (2.0%) higher than the corresponding total for the first six months of 2012. Pensions and other employee benefit costs were $221,000 lower in the second quarter 2013 than in the first quarter, reflecting normal timing of payroll taxes and similar expenses which are typically highest in the first quarter of each year. For the six months ended June 30, 2013, pensions and other employee benefit costs were $167,000 lower than the total for the first six months of 2012, as health insurance expense associated with C&N’s partially self-insured plan was lower due to a lower amount of claims. In the second quarter 2013, C&N incurred professional fees expense (included in other operating expense) of $315,000 from a consulting project related to debit card operations and electronic funds processing, for which management expects the consultants’ services to result in increases in noninterest revenue and reductions in noninterest expense going forward, most significantly from an estimated total reduction in expense of $1.9 million for electronic funds processing over the next 5 ½ years.

 

Other Information:

Changes in other unaudited financial information are as follows:

  • Total assets amounted to $1,228,344,000 at June 30, 2013 as compared to $1,240,321,000 at March 31, 2013 and $1,327,527,000 at June 30, 2012.

 

  • Net loans outstanding (excluding mortgage loans held for sale) were $647,772,000 at June 30, 2013 as compared to $659,628,000 at March 31, 2013 and down $49.0 million (7.0%) from $696,777,000 at June 30, 2012. Total nonperforming assets as a percentage of assets was 0.80% at June 30, 2013 as compared to 0.83% at March 31, 2013 and 0.72% at June 30, 2012.

  

  • The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $126,489,000 at June 30, 2013, up from $114,134,000 at March 31, 2013 and up $55,609,000 from one year earlier.

 

  • Deposits and repo sweep accounts totaled $955,156,000 at June 30, 2013, down from $972,611,000 at March 31, 2013 and $1,033,698,000 at June 30, 2012. The decrease in deposits was primarily from a reduction in certificates of deposit, as well as reductions in balances maintained by a few large municipal customers.

 

  • Total shareholders’ equity was $179,361,000 at June 30, 2013, down from $183,208,000 at March 31, 2013 but up from $176,062,000 at June 30, 2012. The reduction in shareholders’ equity in the most recent quarter resulted from a reduction in the net unrealized gain from available-for-sale securities, with the decline in fair value of securities attributable to recent increases in long-term interest rates. Tangible common equity as a percentage of tangible assets was 13.76% at June 30, 2013, up from 12.46% a year earlier.

 

  • Assets under management by C&N’s Trust and Financial Management Group amounted to $727,647,000 at June 30, 2013, an increase of 8.7% 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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