New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 3.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.8% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (107% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Buy Or Sell Opportunity • May 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to US$21.53. The fair value is estimated to be US$27.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 4.8%. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: US$0.015 (vs US$0.41 in 1Q 2025) First quarter 2026 results: EPS: US$0.015 (down from US$0.41 in 1Q 2025). Revenue: US$23.0m (down 14% from 1Q 2025). Net income: US$273.0k (down 96% from 1Q 2025). Profit margin: 1.2% (down from 23% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • May 01
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 108% Current dividend yield: 5.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (108% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings have declined by 2.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.4% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (16% increase in shares outstanding). Declared Dividend • Apr 27
Fourth quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 4th May 2026 Payment date: 15th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (77% payout ratio) and is expected to be covered in 3 years' time (44% forecast payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 64% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 09
Citizens & Northern Corporation, Annual General Meeting, Apr 23, 2026 Citizens & Northern Corporation, Annual General Meeting, Apr 23, 2026. Reported Earnings • Mar 09
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$1.46 (down from US$1.69 in FY 2024). Revenue: US$116.6m (up 9.9% from FY 2024). Net income: US$23.2m (down 9.7% from FY 2024). Profit margin: 20% (down from 24% in FY 2024). Net interest margin (NIM): 3.61% (up from 3.30% in FY 2024). Non-performing loans: 1.40% (up from 1.26% in FY 2024). Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Price Target Changed • Feb 28
Price target increased by 9.0% to US$24.25 Up from US$22.25, the current price target is an average from 2 analysts. New target price is 8.0% above last closing price of US$22.46. Stock is up 5.2% over the past year. The company is forecast to post earnings per share of US$2.52 for next year compared to US$1.46 last year. Declared Dividend • Jan 30
Fourth quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 2nd February 2026 Payment date: 13th February 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (77% payout ratio) and is expected to be covered in 3 years' time (42% forecast payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 63% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 29
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$1.47 (down from US$1.69 in FY 2024). Revenue: US$116.6m (up 9.9% from FY 2024). Net income: US$23.4m (down 9.0% from FY 2024). Profit margin: 20% (down from 24% in FY 2024). Net interest margin (NIM): 3.61% (up from 3.30% in FY 2024). Non-performing loans: 1.40% (up from 1.26% in FY 2024). Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Duyuru • Jan 29
Citizens & Northern Corporation Reports Net Charge-Offs for the Fourth Quarter 2025 Citizens & Northern Corporation reported net charge-offs for the fourth quarter 2025. For the period, net charge-offs totaled $884,000 or 0.15% (annualized) of average loans receivable compared to net charge-offs of $94,000 or 0.02% (annualized) of average loans receivable in the third quarter 2025. Duyuru • Jan 23
Citizens & Northern Corporation Declares Regular Quarterly Cash Dividend, Payable on February 13, 2026 On January 22, 2026, Citizens & Northern Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.28 per share. The dividend is payable on February 13, 2026 to shareholders of record as of February 2, 2026. New Risk • Nov 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Declared Dividend • Oct 27
Third quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 3rd November 2025 Payment date: 14th November 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (64% payout ratio) and is expected to be covered in 3 years' time (44% forecast payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 43% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: US$0.42 (up from US$0.41 in 3Q 2024). Revenue: US$27.4m (up 5.1% from 3Q 2024). Net income: US$6.50m (up 3.0% from 3Q 2024). Profit margin: 24% (in line with 3Q 2024). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Oct 02
Citizens & Northern Corporation (NasdaqCM:CZNC) completed the acquisition of Susquehanna Community Financial, Inc. (OTCPK:SQCF). Citizens & Northern Corporation (NasdaqCM:CZNC) entered into an Agreement and Plan of Merger to acquire Susquehanna Community Financial, Inc. (OTCPK:SQCF) for $44.3 million on April 23, 2025. The consideration consists of common equity of Citizens & Northern Corporation at a ratio of 0.8 per common equity of Susquehanna Community Financial, Inc. Sell side termination fee is approximately $1.78 million. Following closing, Susquehanna Community Financial stockholders will own approximately 13% of Citizens & Northern's outstanding shares of common stock.
Chris Trate, current SQCF Board Chairman, will join the C&N and C&N Bank boards of directors. In addition, Dave Runk will become a member of the C&N Bank executive team as EVP and Strategic Advisor, and Jeffrey Hollenbach, President and Chief Operating Officer at Susquehanna, has agreed to lead the Susquehanna market as Region President. The merger is expected to be approximately 17% accretive to earnings per share in 2026, while resulting in single-digit tangible book value dilution at close. The transaction is expected to have cost saving estimated at 30% of Susquehanna’s non-interest expense, phased 75% in 2025 and $6.6 million of pretax merger expense.
The transaction is subject to approval by regulatory approval, approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and registration statement effectiveness. The deal has been unanimously approved by the board of both companies. The transaction is expected to close in the 4th quarter of 2025.
Piper Sandler & Co. served as financial advisor to C&N and Kimberley J. Decker of Barley Snyder served as C&N’s legal counsel. Janney Montgomery Scott LLC served as financial advisor and fairness opinion provider to SQCF and Kenneth J. Rollins of Pillar+Aught served as SQCF’s legal counsel. Equiniti Trust Company, LLC acted as transfer agent to Citizens & Northern Corporation. Laurel Hill Advisory Group, LLC acted as proxy solicitor to Susquehanna Community Financial and will be paid a fee of $7,500.
Citizens & Northern Corporation (NasdaqCM:CZNC) completed the acquisition of Susquehanna Community Financial, Inc. (OTCPK:SQCF) on October 1, 2025. David S. Runk, Chief Executive Officer of Susquehanna and Susquehanna Bank, and Jeffrey G. Hollenbach, President and Chief Operating Officer of Susquehanna and Susquehanna Bank, will join the C&N team as Executive Vice President and Strategic Advisor and Executive Vice President and Region President. Duyuru • Sep 12
Citizens & Northern Bank and Citizens & Northern Corporation Announces the Retirement of Susan E. Hartley as Director, Effective September 8, 2025 Citizens & Northern Corporation on September 8, 2025, Susan E. Hartley, a director and its wholly-owned banking subsidiary, Citizens & Northern Bank (the "Bank"), advised the Board of Directors of her intent to retire as a director of the Corporation and the Bank, effective September 8, 2025, to focus on health matters. Declared Dividend • Jul 28
Second quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 4th August 2025 Payment date: 15th August 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jul 26
Citizens & Northern Corporation announces Quarterly dividend, payable on August 15, 2025 Citizens & Northern Corporation announced Quarterly dividend of USD 0.2800 per share payable on August 15, 2025, ex-date on August 04, 2025 and record date on August 04, 2025. Reported Earnings • Jul 25
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$0.40 (up from US$0.40 in 2Q 2024). Revenue: US$26.9m (flat on 2Q 2024). Net income: US$6.12m (flat on 2Q 2024). Profit margin: 23% (in line with 2Q 2024). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Declared Dividend • Apr 30
First quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 2nd May 2025 Payment date: 15th May 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.2% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 26
Citizens & Northern Corporation Appoints Chris Trate to the Board of Directors On April 23, 2025, Wellsboro, PA-based Citizens & Northern Corporation, parent company of Citizens & Northern Bank, and West Milton, PA-based Susquehanna Community Financial Inc., parent company of Susquehanna Community Bank, jointly announced that they had entered into a definitive agreement pursuant to which Susquehanna Community Financial Inc. would merge with and into Citizens & Northern Corporation, and Susquehanna Community Bank would merge with and into Citizens & Northern Bank. Under the agreement, Chris Trate, current SQCF Board Chairman, would be appointed to C&N's board of directors. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.41 (up from US$0.35 in 1Q 2024). Revenue: US$26.7m (up 8.0% from 1Q 2024). Net income: US$6.24m (up 19% from 1Q 2024). Profit margin: 23% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 6.8%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Duyuru • Apr 25
Citizens & Northern Corporation (NasdaqCM:CZNC) entered into an Agreement and Plan of Merger to acquire Susquehanna Community Financial, Inc. (OTCPK:SQCF) for $44.3 million. Citizens & Northern Corporation (NasdaqCM:CZNC) entered into an Agreement and Plan of Merger to acquire Susquehanna Community Financial, Inc. (OTCPK:SQCF) for $44.3 million on April 23, 2025. The consideration consists of common equity of Citizens & Northern Corporation at a ratio of 0.8 per common equity of Susquehanna Community Financial, Inc. Sell side termination fee is approximately $1.78 million. The transaction is subject to approval by regulatory approval, approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and registration statement effectiveness. The deal has been unanimously approved by the board of both companies. The transaction is expected to close in the 4th quarter of 2025. Piper Sandler & Co. served as financial advisor to C&N and Kimberley J. Decker of Barley Snyder served as C&N’s legal counsel. Janney Montgomery Scott LLC served as financial advisor and fairness opinion provider to SQCF and Kenneth J. Rollins of Pillar+Aught served as SQCF’s legal counsel. Equiniti Trust Company, LLC acted as transfer agent to Citizens & Northern Corporation. Duyuru • Mar 17
Citizens & Northern Corporation, Annual General Meeting, Apr 24, 2025 Citizens & Northern Corporation, Annual General Meeting, Apr 24, 2025. Reported Earnings • Mar 07
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$1.69 (up from US$1.57 in FY 2023). Revenue: US$106.1m (up 1.4% from FY 2023). Net income: US$25.7m (up 7.4% from FY 2023). Profit margin: 24% (up from 23% in FY 2023). Net interest margin (NIM): 3.30% (down from 3.47% in FY 2023). Non-performing loans: 1.26% (up from 0.99% in FY 2023). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Major Estimate Revision • Jan 30
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$111.1m to US$113.8m. EPS estimate increased from US$1.80 to US$2.02 per share. Net income forecast to grow 20% next year vs 10% growth forecast for Banks industry in the US. Consensus price target of US$21.00 unchanged from last update. Share price rose 11% to US$21.41 over the past week. Declared Dividend • Jan 27
Fourth quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 3rd February 2025 Payment date: 14th February 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (66% payout ratio) and is expected to be covered in 3 years' time (56% forecast payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 24
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$1.70 (up from US$1.57 in FY 2023). Revenue: US$106.1m (up 1.4% from FY 2023). Net income: US$26.0m (up 8.3% from FY 2023). Profit margin: 25% (up from 23% in FY 2023). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Jan 24
Citizens & Northern Corporation Declares Regular Quarterly Cash Dividend, Payable on February 14, 2025 On January 23, 2025, Citizens & Northern Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.28 per share. The dividend is payable on February 14, 2025 to shareholders of record as of February 3, 2025. Price Target Changed • Dec 02
Price target increased by 7.5% to US$21.50 Up from US$20.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$20.74. Stock is down 1.2% over the past year. The company is forecast to post earnings per share of US$1.61 for next year compared to US$1.57 last year. Declared Dividend • Oct 24
Third quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 28th October 2024 Payment date: 8th November 2024 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (78% payout ratio) and is expected to be covered in 3 years' time (60% forecast payout ratio). The dividend has increased by an average of 1.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Oct 21
Price target increased by 11% to US$21.00 Up from US$19.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of US$18.95. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$1.60 for next year compared to US$1.57 last year. Reported Earnings • Oct 18
Third quarter 2024 earnings released: EPS: US$0.41 (vs US$0.50 in 3Q 2023) Third quarter 2024 results: EPS: US$0.41 (down from US$0.50 in 3Q 2023). Revenue: US$26.1m (down 4.7% from 3Q 2023). Net income: US$6.31m (down 16% from 3Q 2023). Profit margin: 24% (down from 28% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. Duyuru • Jul 23
Citizens & Northern Corporation Introduces Moneyarmor Citizens & Northern Corporation has introduced MoneyArmor. This comprehensive fraud and cybersecurity program is designed to empower businesses and individuals of all ages with the tools and knowledge to safeguard their finances and navigate the digital landscape with confidence. Additional key features include: Fraud Detection and Prevention: Advanced monitoring systems and real-time threat detection safeguard your accounts against unauthorized activity. Personalized Education: Tailored training and resources to address varying levels of digital literacy and fraud awareness, empowering users to identify and avoid common scams. Community Engagement: Initiatives that promote collaboration and education about online safety best practices foster a collective defense against fraud. Declared Dividend • Jul 22
Second quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 29th July 2024 Payment date: 9th August 2024 Dividend yield will be 5.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 19
Second quarter 2024 earnings released: EPS: US$0.40 (vs US$0.39 in 2Q 2023) Second quarter 2024 results: EPS: US$0.40 (up from US$0.39 in 2Q 2023). Revenue: US$26.7m (up 2.1% from 2Q 2023). Net income: US$6.07m (up 1.2% from 2Q 2023). Profit margin: 23% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$20.74, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 2.9% over the past three years. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. Independent Director Kate Shattuck was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 29
Price target decreased by 9.3% to US$19.50 Down from US$21.50, the current price target is an average from 2 analysts. New target price is 14% above last closing price of US$17.16. Stock is down 9.1% over the past year. The company is forecast to post earnings per share of US$1.59 for next year compared to US$1.57 last year. Declared Dividend • Apr 29
First quarter dividend of US$0.28 announced Dividend of US$0.28 is the same as last year. Ex-date: 3rd May 2024 Payment date: 17th May 2024 Dividend yield will be 6.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.7% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: US$0.35 (vs US$0.40 in 1Q 2023) First quarter 2024 results: EPS: US$0.35 (down from US$0.40 in 1Q 2023). Revenue: US$24.8m (down 7.4% from 1Q 2023). Net income: US$5.27m (down 15% from 1Q 2023). Profit margin: 21% (down from 23% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Duyuru • Mar 16
Citizens & Northern Corporation, Annual General Meeting, Apr 25, 2024 Citizens & Northern Corporation, Annual General Meeting, Apr 25, 2024, at 14:00 US Eastern Standard Time. Agenda: To elect four (4) Class I directors to serve for a term of three (3) years; to ratify the appointment of Baker Tilly US, LLP as the Corporation’s independent registered public accounting firm for the year ending December 31, 2024; and to consider other matters. Reported Earnings • Mar 12
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$1.57 (down from US$1.71 in FY 2022). Revenue: US$104.6m (up 4.3% from FY 2022). Net income: US$24.0m (down 9.2% from FY 2022). Profit margin: 23% (down from 26% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.47% (down from 3.77% in FY 2022). Cost-to-income ratio: 69.5% (up from 62.5% in FY 2022). Non-performing loans: 0.99% (down from 1.46% in FY 2022). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 19
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$1.57 (down from US$1.71 in FY 2022). Revenue: US$104.6m (up 4.3% from FY 2022). Net income: US$24.0m (down 9.2% from FY 2022). Profit margin: 23% (down from 26% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.47% (down from 3.77% in FY 2022). Cost-to-income ratio: 69.5% (up from 62.5% in FY 2022). Non-performing loans: 0.99% (down from 1.46% in FY 2022). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 4.6%. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Duyuru • Jan 19
Citizens & Northern Corporation Declares Quarterly Cash Dividend, Payable on February 9, 2024 On January 18, 2024, Citizens & Northern Corporation's board of directors declared a regular quarterly cash dividend of $0.28 per share. The dividend is payable on February 9, 2024 to shareholders of record as of January 29, 2024. Price Target Changed • Jan 10
Price target increased by 10% to US$21.50 Up from US$19.50, the current price target is an average from 2 analysts. New target price is 5.4% above last closing price of US$20.39. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of US$1.65 for next year compared to US$1.71 last year. Buying Opportunity • Dec 28
Now 21% undervalued Over the last 90 days, the stock is up 31%. The fair value is estimated to be US$28.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 6.6%. Revenue is forecast to grow by 3.8% in 2 years. Earnings is forecast to decline by 7.7% in the next 2 years. Price Target Changed • Oct 22
Price target decreased by 11% to US$19.50 Down from US$22.00, the current price target is an average from 2 analysts. New target price is 9.7% above last closing price of US$17.78. Stock is down 26% over the past year. The company is forecast to post earnings per share of US$1.68 for next year compared to US$1.71 last year. Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: US$0.50 (up from US$0.29 in 3Q 2022). Revenue: US$27.4m (up 20% from 3Q 2022). Net income: US$7.59m (up 72% from 3Q 2022). Profit margin: 28% (up from 19% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 27%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Sep 25
Price target decreased by 8.7% to US$21.00 Down from US$23.00, the current price target is an average from 2 analysts. New target price is 18% above last closing price of US$17.84. Stock is down 26% over the past year. The company is forecast to post earnings per share of US$1.57 for next year compared to US$1.71 last year. Reported Earnings • Jul 21
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.39 (down from US$0.48 in 2Q 2022). Revenue: US$26.2m (flat on 2Q 2022). Net income: US$6.00m (down 19% from 2Q 2022). Profit margin: 23% (down from 28% in 2Q 2022). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 5.4%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Buying Opportunity • Jul 21
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$26.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 5.9% in a year. Earnings is forecast to decline by 3.4% in the next year. Major Estimate Revision • Apr 27
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$111.7m to US$106.9m. EPS estimate also fell from US$1.83 per share to US$1.59 per share. Net income forecast to shrink 4.2% next year vs 2.8% decline forecast for Banks industry in the US. Consensus price target down from US$23.00 to US$21.00. Share price fell 7.0% to US$19.20 over the past week. Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$1.71 (down from US$1.92 in FY 2021). Revenue: US$100.3m (flat on FY 2021). Net income: US$26.4m (down 13% from FY 2021). Profit margin: 26% (down from 30% in FY 2021). Net interest margin (NIM): 3.77% (up from 3.69% in FY 2021). Cost-to-income ratio: 62.5% (up from 59.5% in FY 2021). Non-performing loans: 1.46% (up from 1.36% in FY 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.6%. The fair value is estimated to be US$27.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Duyuru • Jan 28
Citizens & Northern Corporation Declares Quarterly Cash Dividend, Payable on February 14, 2023 On January 19, 2023, Citizens & Northern Corporation's Board of Directors declared a regular quarterly cash dividend of $0.28 per share. The dividend is payable on February 14, 2023 to shareholders of record as of February 3, 2023. Reported Earnings • Jan 28
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$1.71 (down from US$1.92 in FY 2021). Revenue: US$100.3m (flat on FY 2021). Net income: US$26.4m (down 13% from FY 2021). Profit margin: 26% (down from 30% in FY 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: US$0.29 (vs US$0.47 in 3Q 2021) Third quarter 2022 results: EPS: US$0.29 (down from US$0.47 in 3Q 2021). Revenue: US$22.8m (down 6.4% from 3Q 2021). Net income: US$4.42m (down 40% from 3Q 2021). Profit margin: 19% (down from 30% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Oct 21
Citizens & Northern Corporation Declares Quarterly Cash Dividend, Payable on November 11, 2022 Citizens & Northern Corporation declared a regular quarterly cash dividend of $0.28 per share. The dividend is payable on November 11, 2022 to shareholders of record as of October 31, 2022. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: US$0.48 (vs US$0.44 in 2Q 2021) Second quarter 2022 results: EPS: US$0.48 (up from US$0.44 in 2Q 2021). Revenue: US$26.1m (up 7.9% from 2Q 2021). Net income: US$7.42m (up 6.0% from 2Q 2021). Profit margin: 28% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be US$29.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 5.0%. Revenue is forecast to grow by 8.6% in a year. Earnings is forecast to grow by 1.5% in the next year. Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be US$29.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 5.0%. Revenue is forecast to grow by 8.5% in a year. Earnings is forecast to grow by 1.7% in the next year. Buying Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be US$29.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 5.0%. Revenue is forecast to grow by 8.5% in a year. Earnings is forecast to grow by 1.7% in the next year. Buying Opportunity • Apr 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be US$29.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 5.0%. Revenue is forecast to grow by 8.5% in a year. Earnings is forecast to grow by 1.7% in the next year. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.44 (down from US$0.55 in 1Q 2021). Revenue: US$25.3m (down 5.0% from 1Q 2021). Net income: US$6.84m (down 22% from 1Q 2021). Profit margin: 27% (down from 33% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. Over the next year, revenue is forecast to grow 8.5%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 22
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.44 (down from US$0.55 in 1Q 2021). Revenue: US$25.3m (down 5.0% from 1Q 2021). Net income: US$6.90m (down 21% from 1Q 2021). Profit margin: 27% (down from 33% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. Over the next year, revenue is forecast to grow 5.7%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Apr 22
Citizens & Northern Corporation Declares Regular Quarterly Cash Dividend, Payable on May 13, 2022 Citizens & Northern Corporation declared a regular quarterly cash dividend of $0.28 per share. The dividend is payable on May 13, 2022 to shareholders of record as of May 2, 2022. Buying Opportunity • Mar 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be US$31.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Buying Opportunity • Mar 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be US$30.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Reported Earnings • Feb 25
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: US$1.92 (up from US$1.30 in FY 2020). Revenue: US$100.2m (up 14% from FY 2020). Net income: US$30.3m (up 59% from FY 2020). Profit margin: 30% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.69% (no change from 3.69% in FY 2020). Cost-to-income ratio: 59.5% (down from 59.9% in FY 2020). Non-performing loans: 1.36% (down from 1.42% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 2.5%, compared to a 5.4% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Duyuru • Feb 19
Citizens & Northern Corporation Announces Retirement of Clark S. Frame as Director On February 18, 2022, Clark S. Frame, a director of Citizens & Northern Corporation (the "Corporation") and its wholly-owned banking subsidiary, Citizens & Northern Bank (the "Bank"), communicated to the Board of Directors his intent to retire as a director of the Corporation, effective March 17, 2022. 
