Citizens & Northern Corporation

0001104659-26-051471.txt : 20260429 0001104659-26-051471.hdr.sgml : 20260429 20260429160228 ACCESSION NUMBER: 0001104659-26-051471 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20260429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20260429 DATE AS OF CHANGE: 20260429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS & NORTHERN CORP CENTRAL INDEX KEY: 0000810958 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance EIN: 232451943 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16084 FILM NUMBER: 26915640 BUSINESS ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 BUSINESS PHONE: 877-838-2517 MAIL ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 8-K 1 cznc-20260429x8k.htm 8-K Citizens & Northern Corporation_April 29, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

April 29, 2026

Date of Report (Date of earliest event reported)

Citizens & Northern Corporation

(Exact name of registrant as specified in its charter)


Pennsylvania		0-16084		23-2451943
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Ident. No.)

90-92 Main Street, Wellsboro, Pennsylvania				16901
(Address of principal executive offices)				(Zip Code)

(570) 724-3411

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00 per share	CZNC	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition

Citizens & Northern Corporation (the “Company”) announced unaudited, consolidated financial results for the three month period ended March 31, 2026. On April 29, 2026, the Company issued a press release titled “C&N Announces First Quarter 2026 Unaudited Financial Results,” a copy of which is furnished as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

ITEM 9.01. Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.


	Exhibit 99: Press Release issued by Citizens & Northern Corporation dated April 29, 2026.

	Exhibit 104: Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	CITIZENS & NORTHERN CORPORATION

Date: April 29, 2026	By:	/s/ Mark A. Hughes
		Mark A. Hughes
		Treasurer and Chief Financial Officer

EX-99 2 cznc-20260429xex99.htm EX-99

Exhibit 99


		Contact: Charity Frantz
April 29, 2026		570-724-0225
		charityf@cnbankpa.com

C&N ANNOUNCES FIRST QUARTER 2026 UNAUDITED FINANCIAL RESULTS

For Immediate Release:

Wellsboro, PA – Citizens & Northern Corporation (“C&N”) (NASDAQ: CZNC) announced its unaudited, consolidated financial results for the three-month period ended March 31, 2026. C&N’s principal activity is community banking, and its largest subsidiary is Citizens & Northern Bank (“C&N Bank”).

Brad Scovill, C&N’s President and CEO, commented, “Our first quarter net income of $0.02 per share was well below expectations, mainly due to a significant charge related to one of our largest loans. Having said that, our fundamentals remain very strong, with solid PPNR performance highlighted by 14 basis points of net interest margin expansion and strong capital and liquidity profiles. While our non-performing asset level is somewhat elevated in comparison to that of our peers, we maintain a comparatively higher allowance for credit losses as a percentage of total loans, and we continue to make methodical progress in executing prudent workout strategies for all of our larger nonperforming loans. Looking forward, we remain confident in our ability to execute our strategy for profitable growth.”

Highlights:

●

Net income was $273,000, or $0.02 diluted earnings per share for the first quarter of 2026 as compared to $4,466,000, or $0.25 diluted earnings per share for the fourth quarter 2025, and $6,293,000, or $0.41 per diluted share in the first quarter 2025. As described in more detail below, first quarter 2026 earnings were negatively impacted by an elevated provision for credit losses and earnings for the fourth quarter 2025 were impacted by merger-related expenses resulting from C&N’s acquisition of Susquehanna Community Financial, Inc. (“Susquehanna”) effective October 1, 2025. Excluding merger-related expenses, net of taxes, adjusted earnings (non-GAAP) totaled $9,966,000 or $0.56 per diluted share for the fourth quarter of 2025. See Table 13 for additional information.

●

Pre-tax, pre-provision net revenue (“PPNR”) was $14,142,000 for the first quarter 2026 as compared to $14,445,000 for the fourth quarter 2025 and $8,151,000 for the first quarter 2025. PPNR measures the strength of C&N’s core earnings from recurring operations independent of credit volatility. The higher PPNR results in the two most recent quarters include the net impact of growth in net interest income, noninterest income and noninterest expense resulting from C&N’s acquisition of Susquehanna on October 1, 2025. PPNR includes net interest income and noninterest income, net of noninterest expense, but excludes the provision for credit losses, realized gains or losses on securities, merger-related expenses and other nonrecurring items included in earnings. See Table 12 for additional information.

●

The provision for credit losses was $13,602,000 in the first quarter 2026 as compared to $1,320,000 in the fourth quarter 2025 and $236,000 in the first quarter 2025. The increase in the first quarter 2026 provision was primarily driven by the impact on the allowance for credit losses (“ACL”) of an increase in net charge-offs to $10,808,000 as compared to $884,000 in the fourth quarter of 2025 and $91,000 in the first quarter of 2025.

●

The significant increase in charge-offs in the first quarter of 2026 is due to a non-owner occupied, commercial real estate loan originated in 2022 in the amount of $24 million of which $7,200,000 was participated with another financial institution. The loan is secured by a first lien on the leasehold interests of an approximately 190,000 square foot Class A office property with multiple buildings and tenants, located in Bucks County, PA. The loss of a large tenant as well as cash flow requirements of the borrower’s other properties (which C&N has not financed) caused the loan to be downgraded to substandard and placed in nonaccrual status as of March 31, 2026. C&N obtained an updated appraisal in April 2026 which was significantly lower than the original appraisal when the loan was originated, resulting in a charge-off of $10,056,000. At March 31, 2026, the amortized cost basis of the loan, net of the partial charge-off, is $5,836,000. Management believes the property’s location and condition provide an opportunity for recovery of value in the future.

●

The ACL was 1.42% of gross loans receivable at March 31, 2026, up from 1.32% at December 31, 2025 and 1.06% at March 31, 2025, as the higher level of net charge-offs in the first quarter 2026 impacted the portion of C&N’s ACL determined based on historical loss experience.

●

Total nonperforming assets were 1.33% of total assets at March 31, 2026, up from 1.06% at December 31, 2025 and 0.93% at March 31, 2025. The increase in nonperforming assets in the first quarter 2026 included the impact of classifying the nonowner occupied commercial real estate loan referenced above as nonaccrual at March 31, 2026.

●

Net interest income for the first quarter 2026 decreased $19,000 from the total for the fourth quarter 2025 and increased $8,479,000 over the total for the first quarter 2025. The net interest margin increased 14 basis points to 3.98% in the first quarter 2026 from 3.84% for the fourth quarter 2025 and increased 60 basis points from 3.38% for the first quarter 2025.

●

Total loans receivable were $30,485,000 higher at March 31, 2026 compared to December 31, 2025. Average loans receivable increased 0.8% during the first quarter 2026 from the fourth quarter 2025. Average loans receivable were higher by 24.5% for the first quarter 2026 as compared to the first quarter 2025.

●

Deposits totaled $2,600,053,000 at March 31, 2026, up $35,337,000 from December 31, 2025. Average total deposits decreased 2.6% during the first quarter 2026 from the fourth quarter 2025, mainly due to a seasonal reduction in balances held by municipal customers. Average total deposits were 24.2% higher for the first quarter 2026 as compared to the first quarter 2025.

●

At March 31, 2026, C&N’s highly liquid sources of available funds totaled $1.363 billion, or 159.3% of uninsured deposits and 199.1% of uninsured and uncollateralized deposits.

First Quarter 2026 as Compared to Fourth Quarter 2025

Net income was $273,000, or $0.02 per diluted share, for the first quarter 2026 as compared to $4,466,000, or $0.25 per diluted share, for the fourth quarter 2025. As described in the Highlights section, first quarter 2026 earnings were negatively impacted by an elevated provision for credit losses and fourth quarter 2025 earnings were impacted by merger-related expenses resulting from the acquisition of Susquehanna. Excluding merger-related expenses, net of taxes, adjusted earnings (non-GAAP) totaled $9,966,000 or $0.56 per diluted share for the fourth quarter of 2025. See Table 13 for additional information. Other significant variances were as follows:

◾

Net interest income of $28,454,000 in the first quarter 2026 decreased $19,000 from the fourth quarter 2025 result. Average total earning assets decreased $36,883,000 from the prior quarter, as average interest-bearing due from banks decreased $57,255,000. Average total deposits decreased $68,657,000 while average total borrowed funds increased $33,777,000 in the first quarter 2026 as compared to the total for the prior quarter. The net interest margin was 3.98% in the first quarter 2026, up 0.14% from 3.84% in the fourth quarter 2025. Accretion of purchase accounting valuation adjustments related to the Susquehanna merger had a net positive impact on net interest income of $765,000 in the first quarter 2026 and $789,000 in the fourth quarter. The net interest spread increased 0.14%, as the average yield on earning assets increased 0.08% and the average rate on interest-bearing liabilities decreased 0.06%.

◾

Noninterest income excluding realized gains on available-for-sale securities, of $8,169,000 in the first quarter 2026 decreased $191,000 from the fourth quarter 2025. Significant variances included the following:

Other noninterest income of $1,586,000 increased $269,000 including a conversion assistance payment of $241,000 received related to merger integration of the wealth management platform.

Net gains from sale of loans of $370,000 decreased $188,000 reflecting a decrease in volume of residential mortgage loans sold.

Brokerage and insurance revenue of $588,000 decreased $183,000 due to a decrease in sales volume.

Loan servicing fees, net, of $108,000 decreased $117,000, as the fair value of servicing rights decreased $172,000 in first quarter 2026 as compared to a decrease of $58,000 in fourth quarter 2025.

◾

Noninterest expense of $22,712,000 in the first quarter of 2026 decreased $7,447,000 from the fourth quarter 2025 total. The fourth quarter 2025 included merger-related expenses of $6,891,000 related to the Susquehanna acquisition and also included professional fees totaling $757,000 related to contract renegotiations with technology core system and operations providers with no comparable amounts in first quarter of 2026. In the first quarter 2026, net occupancy and equipment expense was $229,000 higher than in fourth quarter 2025, including increases of $151,000 in snow removal and $55,000 in light and power expenses while data processing and telecommunications expenses was $302,000 lower than in fourth quarter 2025 reflecting lower software license expense.

◾

The income tax provision of $62,000, or 18.5% of pre-tax income for the first quarter 2026, decreased $864,000 from $926,000, or 17.2% of pre-tax income, for the fourth quarter 2025 reflecting a decrease in pre-tax income for the quarter.

First Quarter 2026 as Compared to First Quarter 2025

First quarter 2026 net income was $273,000, or $0.02 per diluted share, as compared to $6,293,000, or $0.41 per diluted share, in the first quarter 2025. As described in the Highlights section, first quarter 2026 earnings were impacted by an elevated provision for credit losses. Other significant variances were as follows:

◾

Net interest income of $28,454,000 in the first quarter 2026 was $8,479,000 higher than in the first quarter 2025, including the benefit of income from growth in net earning assets resulting from the Susquehanna merger. The net interest margin increased to 3.98% in the first quarter 2026 from 3.38% in the first quarter 2025. The interest rate spread increased 0.76%, as the average yield on earning assets increased 0.31% while the average rate on interest-bearing liabilities decreased 0.45%. Average total earning assets increased $505,810,000 from the first quarter 2025, as average total loans receivable increased $465,531,000, including the impact of loans acquired from Susquehanna, and average available-for-sale debt securities increased $81,543,000 while average interest-bearing due from banks decreased $42,380,000. Average total deposits increased $499,043,000, including the impact of deposits assumed from Susquehanna, while average brokered deposits decreased $24,333,000.

◾

Noninterest income, excluding gains on available-for-sale debt securities, of $8,169,000 in the first quarter 2026 increased $1,161,000 from the first quarter 2025 result. Significant variances included the following:

Other noninterest income of $1,586,000 increased $454,000, including a conversion assistance payment of $241,000 received related to the merger integration of the wealth management platform, an increase of $94,000 in tax credit income and an increase of $78,000 in dividends on Federal Home Loan Bank of Pittsburgh stock.

Interchange revenue from debit card transactions of $1,267,000 increased $231,000, including an increase in volume-related incentive income.

Service charges on deposit accounts of $1,650,000 increased $210,000 reflecting an increase in volume of fees.

Net gains from sale of loans of $370,000 increased $165,000, reflecting an increase in volume of residential mortgage loans sold and includes the impact of $133,000 in net gains from sale of loans resulting from the Susquehanna acquisition.

◾

Noninterest expense of $22,712,000 in the first quarter 2026 increased $3,669,000 from the first quarter 2025 result, reflecting the impact of the Susquehanna acquisition. Other significant variances included the following:

Salaries and employee benefits expense of $13,201,000 increased $1,442,000, including the impact of the Susquehanna acquisition while cash and stock-based incentive compensation decreased $219,000.

Other noninterest expense of $3,364,000 increased $1,010,000 from the first quarter 2025. Within this category, significant variances included the following:

◾Core deposit intangible amortization expense increased $708,000, related to core deposits assumed from Susquehanna.

◾

FDIC insurance expense increased $243,000 from the first quarter of 2025, reflecting the impact of the Susquehanna acquisition.

◾

Legal fees unrelated to merger activity decreased $104,000 from the first quarter of 2025.

Net occupancy and equipment expense was $432,000 higher than in first quarter 2025, including $337,000 related to the Susquehanna acquisition and increases in snow removal, light and power and repairs and maintenance expenses.

Data processing and telecommunications expenses were $378,000 higher than in the first quarter 2025 reflecting higher software license expense of $179,000 and higher internet banking expenses of $170,000, related to the Susquehanna acquisition.

◾

The income tax provision of $62,000, or 18.5% of pre-tax income for the first quarter 2026 decreased $1,349,000 from $1,411,000, or 18.3% of pre-tax income, for the first quarter 2025 reflecting a decrease in pre-tax income for the quarter.

Other Information:

Changes in other unaudited financial information were as follows:

◾

Total assets were $3,164,340,000 at March 31, 2026 up from $3,132,469,000 at December 31, 2025 and $2,609,228,000 at March 31, 2025.

◾

Cash and due from banks totaled $54,798,000 at March 31, 2026, up from $46,056,000 at December 31, 2025 and down from $114,738,000 at March 31, 2025.

◾

The fair value of available-for-sale debt securities at March 31, 2026 was lower than the amortized cost basis by $32,175,000 or 6.1%. In comparison, the aggregate unrealized loss position was $29,685,000 or 5.5% lower than the amortized cost basis at December 31, 2025 and $ 42,374,000 or 9.4% lower than the amortized cost basis at March 31, 2025. The volatility in the fair value of the portfolio has resulted from changes in interest rates. Management reviewed the available-for-sale debt securities as of March 31, 2026 and concluded, as of such date, that there were no credit-related declines in fair value and no allowance for credit losses was recorded as of March 31, 2026.

◾

Gross loans receivable totaled $2,384,850,000 at March 31, 2026, up $30,485,000 from total loans at December 31, 2025 and $486,418,000 from total loans at March 31, 2025. On October 1, 2025, $393,587,000 of gross loans receivable, net of purchase accounting adjustments were recorded pursuant to the acquisition of Susquehanna. In comparing outstanding balances at March 31, 2026 and 2025, total commercial loans were up $393,876,000 or 27.5%, total outstanding consumer loans increased $48,879,000 or 74.0% and total residential mortgage loans increased $43,663,000 or 10.9%. The outstanding balance of residential mortgage loans originated and serviced by C&N that have been sold to third parties was $451,162,000 at March 31, 2026, up $121,401,000 from the total at March 31, 2025, reflecting the impact of servicing obligations assumed on such loans that had been sold by Susquehanna prior to the merger.

◾

At March 31, 2026, the recorded investment in non-owner occupied commercial real estate loans for which the primary purpose is utilization of office space by third parties was $109,404,000, or 4.6% of gross loans receivable. At March 31, 2026, within this segment there were three loans with a total recorded investment of $8,600,000 in nonaccrual status with no individual allowances, including the loan referred to in the Highlights section with a partial charge-off of $10,056,000 in the first quarter 2026 and an amortized cost basis at March 31, 2026 of $5,836,000. The remainder of the non-owner occupied commercial real estate loans with a primary purpose of office space utilization were in accrual status with no individual allowance at March 31, 2026.

◾

Total nonperforming assets as a percentage of total assets was 1.33% at March 31, 2026, up from 1.06% at December 31, 2025 and 0.93% at March 31, 2025. Total nonperforming assets were $42,113,000 at March 31, 2026, up from $33,113,000 at December 31, 2025 and $24,329,000 at March 31, 2025, including the impact of classifying the non-owner occupied commercial real estate loan referenced above as nonaccrual at March 31, 2026 and also includes the impact of nonaccrual loans purchased with credit deterioration (“PCD loans”) that were acquired as part of the Susquehanna merger with a total amortized cost basis of $8,566,000 at March 31, 2026.

◾

Deposits totaled $2,600,053,000 at March 31, 2026, up $35,337,000 from December 31, 2025 and $497,912,000 from March 31, 2025. Deposits of $501,488,000 were assumed from Susquehanna, effective October 1, 2025. Average total deposits decreased 2.6% during the first quarter 2026 from the fourth quarter 2025, mainly due to a seasonal reduction in balances held by municipal customers. Average total deposits were 24.2% higher for the first quarter 2026 as compared to the first quarter 2025.

◾

C&N maintained highly liquid sources of available funds totaling $1.363 billion at March 31, 2026, including unused borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $948.3 million, unused availability on the Federal Reserve Bank of Philadelphia’s discount window of $24.6 million, available federal funds lines with other banks of $75

million and available-for-sale debt securities with a fair value in excess of collateral obligations of $315.4 million. At March 31, 2026, available funding from these sources totaled 159.3% of uninsured deposits, and 199.1% of uninsured and uncollateralized deposits.

◾

The outstanding balance of borrowed funds, including Federal Home Loan Bank advances, repurchase agreements, senior notes and subordinated debt, totaled $193,046,000 at March 31, 2026, up $3,574,000 from December 31, 2025 and down $1,725,000 from March 31, 2025.

◾

Total stockholders’ equity was $335,564,000 March 31, 2026, down from $341,714,000 at December 31, 2025 and up from $281,831,000 at March 31, 2025. Effective October 1, 2025, C&N recorded a net increase in stockholders’ equity of $44,388,000 from the issuance of common stock to the former Susquehanna stockholders. Within stockholders’ equity, the portion of accumulated other comprehensive loss related to available-for-sale debt securities was $25,096,000 at March 31, 2026, $23,154,000 at December 31, 2025 and $33,050,000 at March 31, 2025. The volatility in stockholders’ equity related to accumulated other comprehensive loss from available-for-sale debt securities has been caused by fluctuations in interest rates including overall increases in rates as compared to market rates when most of C&N’s securities were purchased. Accumulated other comprehensive loss is excluded from C&N’s regulatory capital ratios.

◾

Tangible common book value per share, a non-GAAP financial measure, was $14.73 at March 31, 2026 as compared to $15.11 at December 31, 2025 and $14.71 at March 31, 2025. The Corporation’s tangible common equity ratio was 8.53% at March 31, 2026 compared to 8.80% at December 31, 2025 and 8.91% at March 31, 2025. See Non-GAAP Reconciliation for additional information.

◾

Citizens & Northern Corporation and Citizens & Northern Bank are subject to various regulatory capital requirements. At March 31 2026, Citizens & Northern Corporation and Citizens & Northern Bank maintained regulatory capital ratios that exceeded all capital adequacy requirements and were classified as well-capitalized.

◾

On September 25, 2023, C&N announced a treasury stock repurchase program with no expiration that can be suspended or terminated by the Board of Directors, in its sole discretion. Under this program, C&N is authorized to repurchase up to 750,000 shares of its common stock. There were no shares repurchased during the three-month period ended March 31, 2026. At March 31, 2026, there were 723,465 shares available to be repurchased under the program.

◾

Trust assets under management by C&N’s Wealth Management Group were $1,473,084,000 at March 31 2026, up from $1,468,691,000 at December 31, 2025, and up 10.2% from $1,336,737,000 at March 31, 2025. Fluctuations in values of assets under management reflect the impact of market volatility.

◾

Under U.S. GAAP, interest income on tax-exempt securities and loans is reported at applicable nominal amounts, with the tax benefit accounted for as a reduction in the income tax provision. C&N presents certain analyses and ratios with net interest income determined on a fully taxable-equivalent basis, which are non-GAAP financial measures as presented. C&N believes presentation of net interest income on a fully taxable-equivalent basis provides investors with meaningful information for purposes of comparing the returns on tax-exempt securities and loans with returns on taxable securities and loans. The excess of net interest income on a fully taxable-equivalent basis over the amounts reported under U.S. GAAP was $231,000, $233,000 and $211,000 for the first quarter 2026, fourth quarter 2025 and first quarter 2025, respectively.

Citizens & Northern Corporation is the bank holding company for Citizens & Northern Bank, headquartered in Wellsboro, Pennsylvania, which operates 35 banking offices located in Bradford, Bucks, Cameron, Chester, Lancaster, Lycoming, McKean, Northumberland, Potter, Snyder, Sullivan, Tioga, Union and York Counties in Pennsylvania and Steuben County in New York, as well as a loan production office in Elmira, New York. Citizens & Northern Corporation trades on NASDAQ under the symbol “CZNC.” For more information about Citizens & Northern Bank and Citizens & Northern Corporation, visit www.cnbankpa.com.

Safe Harbor Statement: Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends" and similar expressions that are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, and are not guarantees of future performance. Actual results may differ materially from those expressed in forward-looking statements. Factors that may affect future financial results include, 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; the potential for adverse developments in the banking industry that could have a negative impact on customer confidence, sources of liquidity and capital funding, and regulatory

responses to such developments; C&N’s credit standards and its on-going credit assessment processes might not protect it from significant credit losses; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in C&N’s market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; information security breach or other technology difficulties or failures; changes in accounting principles, or the application of generally accepted accounting principles; fraud and cyber malfunction risks as usage of artificial intelligence continues to expand; the integration of Susquehanna’s business and operations with those of C&N may divert the attention of the management teams of C&N and Susquehanna and cause a loss in the momentum of their ongoing businesses or have unanticipated adverse results on C&N’s or Susquehanna existing businesses, may take longer than anticipated and may be more costly than anticipated; the anticipated cost savings, operational efficiencies and other synergies of the Susquehanna merger may take longer to be realized or may not be achieved in their entirety, and attrition in key client, partner and other relationships relating to the Susquehanna merger may be greater than expected; success of C&N in Susquehanna’s geographic market area will require C&N to attract and retain key personnel in the market and to differentiate C&N from its competitors in the market; and Risk Factors identified in C&N’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 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.

Supplemental, Unaudited Financial Information

TABLE 1 - CONDENSED, CONSOLIDATED EARNINGS INFORMATION

(Dollars In Thousands, Except Per Share Data)

(Unaudited)



		1ST			1ST
		QUARTER			QUARTER
		2026			2025		$ Incr. (Decr.)		% Incr. (Decr.)
Interest and Dividend Income		$	40,588		$	31,709	$	8,879	28.00	%
Interest Expense			12,134			11,734		400	3.41	%
Net Interest Income			28,454			19,975		8,479	42.45	%
Provision for Credit Losses			13,602			236		13,366	5,663.56	%
Net Interest Income After Provision for Credit Losses			14,852			19,739		(4,887)	(24.76)	%
Noninterest Income			8,169			7,008		1,161	16.57	%
Net Realized Gains on Available-for-sale Debt Securities			26			0		26	N/M
Noninterest Expenses			22,712			19,043		3,669	19.27	%
Income Before Income Tax Provision			335			7,704		(7,369)	(95.65)	%
Income Tax Provision			62			1,411		(1,349)	(95.61)	%
Net Income		$	273		$	6,293	$	(6,020)	(95.66)	%
Net Income Attributable to Common Shares (1)		$	273		$	6,242	$	(5,969)	(95.63)	%
PER COMMON SHARE DATA:
Net Income - Basic and Diluted		$	0.02		$	0.41	$	(0.39)	(95.12)	%
Dividends Per Share		$	0.28		$	0.28	$	0.00	0.00	%
Number of Shares Used in Computation - Basic and Diluted			17,732,537			15,338,532

(1)

Basic and diluted net income per common share are determined based on net income less earnings allocated to nonvested restricted shares with nonforfeitable dividends.

N/M Not meaningful

TABLE 2 - CONDENSED, CONSOLIDATED BALANCE SHEET DATA

(Dollars In Thousands)

(Unaudited)


	March 31,		March 31,
	2026		2025		$ Incr. (Decr.)		% Incr. (Decr.)
ASSETS
Cash & Due from Banks	$	54,798	$	114,738	$	(59,940)	(52.24)	%
Available-for-sale Debt Securities		497,367		408,463		88,904	21.77	%
Loans, Net		2,351,018		1,878,260		472,758	25.17	%
Bank-Owned Life Insurance		61,609		51,671		9,938	19.23	%
Bank Premises and Equipment, Net		27,256		21,304		5,952	27.94	%
Intangible Assets		74,069		54,479		19,590	35.96	%
Other Assets		98,223		80,313		17,910	22.30	%
TOTAL ASSETS	$	3,164,340	$	2,609,228	$	555,112	21.27	%

LIABILITIES
Deposits	$	2,600,053	$	2,102,141	$	497,912	23.69	%
Borrowed Funds - Federal Home Loan Bank and Repurchase Agreements		153,079		154,994		(1,915)	(1.24)	%
Senior Notes, Net		14,988		14,917		71	0.48	%
Subordinated Debt, Net		24,979		24,860		119	0.48	%
Other Liabilities		35,677		30,485		5,192	17.03	%
TOTAL LIABILITIES		2,828,776		2,327,397		501,379	21.54	%

STOCKHOLDERS' EQUITY
Common Stockholders' Equity, Excluding Accumulated
Other Comprehensive Loss		360,326		314,521		45,805	14.56	%
Accumulated Other Comprehensive Loss:
Net Unrealized Losses on Available-for-sale Debt Securities		(25,096)		(33,050)		7,954	(24.07)	%
Defined Benefit Plans		334		360		(26)	(7.22)	%
TOTAL STOCKHOLDERS' EQUITY		335,564		281,831		53,733	19.07	%
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	3,164,340	$	2,609,228	$	555,112	21.27	%

TABLE 3 - CONDENSED, CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars In Thousands, Except Per Share Data)

(Unaudited)


		FOR THE
		THREE MONTHS ENDED						%
		March 31,						INCREASE
		2026			2025			(DECREASE)
EARNINGS PERFORMANCE- U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("GAAP")
Net Income		$	273		$	6,293		(95.66)	%
Return on Average Assets (Annualized)			0.03	%		0.98	%	(96.94)	%
Return on Average Equity (Annualized)			0.32	%		9.05	%	(96.46)	%

PRE-TAX, PRE-PROVISION NET REVENUE ("PPNR") - NON-GAAP (b)
PPNR		$	14,142		$	8,151		73.50	%
PPNR (Annualized) as a % of Average Assets			1.80	%		1.27	%	41.73	%
PPNR (Annualized) as a % of Average Equity			16.34	%		11.72	%	39.42	%

BALANCE SHEET HIGHLIGHTS
Total Assets		$	3,164,340		$	2,609,228		21.27	%
Available-for-Sale Debt Securities			497,367			408,463		21.77	%
Loans, Net			2,351,018			1,878,260		25.17	%
Allowance for Credit Losses:
Allowance for Credit Losses on Loans			33,832			20,172		67.72	%
Allowance for Credit Losses on Off-Balance Sheet Exposures			1,039			463		124.41	%
Deposits			2,600,053			2,102,141		23.69	%

OFF-BALANCE SHEET
Outstanding Balance of Mortgage Loans Sold with Servicing Retained		$	451,162		$	329,761		36.81	%
Trust Assets Under Management			1,473,084			1,336,737		10.20	%

TABLE 3 - CONDENSED, CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)

(Dollars In Thousands, Except Per Share Data)

(Unaudited)


		AS OF OR FOR THE
		THREE MONTHS ENDED						%
		March 31,						INCREASE
		2026			2025			(DECREASE)
STOCKHOLDERS' VALUE (PER COMMON SHARE)
Net Income - Basic and Diluted		$	0.02		$	0.41		(95.12)	%
Dividends		$	0.28		$	0.28		0.00	%
Common Book Value		$	18.74		$	18.20		2.97	%
Tangible Common Book Value - NON-GAAP (c)		$	14.73		$	14.71		0.14	%
Market Value (Last Trade)		$	22.34		$	20.12		11.03	%
Market Value / Common Book Value			119.21	%		110.55	%	7.83	%
Market Value / Tangible Common Book Value - NON-GAAP (c)			151.66	%		136.78	%	10.88	%
Price Earnings Multiple			279.25			12.27		2,175.88	%
Dividend Yield (Annualized)			5.01	%		5.57	%	(10.05)	%
Common Shares Outstanding, End of Period			17,909,958			15,482,848		15.68	%

SAFETY AND SOUNDNESS
Tangible Common Equity / Tangible Assets (c)			8.53	%		8.91	%	(4.26)	%
Nonperforming Assets / Total Assets			1.33	%		0.93	%	43.01	%
Allowance for Credit Losses / Total Loans			1.42	%		1.06	%	33.96	%
Total Risk Based Capital Ratio (d)			14.11	%		16.02	%	(11.92)	%
Tier 1 Risk Based Capital Ratio (d)			11.84	%		13.64	%	(13.20)	%
Common Equity Tier 1 Risk Based Capital Ratio (d)			11.84	%		13.64	%	(13.20)	%
Leverage Ratio (d)			9.31	%		10.17	%	(8.46)	%

AVERAGE BALANCES
Average Assets		$	3,146,688		$	2,575,150		22.19	%
Average Equity		$	346,137		$	278,143		24.45	%

EFFICIENCY RATIO - NON-GAAP (e)
Net Interest Income on a Fully Taxable-Equivalent Basis (e)		$	28,685		$	20,186		42.10	%
Noninterest Income, Excluding Net Realized Gain on Available-for-sale Debt Securities			8,169			7,008		16.57	%
Total (1)		$	36,854		$	27,194		35.52	%
Noninterest Expense (2)		$	22,712		$	19,043		19.27	%
Efficiency Ratio = (2)/(1)			61.63	%		70.03	%	(11.99)	%

(a)

The impact of the merger-related expense, net of tax has been added to the adjusted earnings and used in the calculation of the adjusted average return on assets, adjusted average return on equity and net income per basic and diluted share. Management believes disclosure of unaudited earnings results, adjusted to exclude the impact of the merger-related expense, net of tax, provides useful information for comparative purposes. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. A reconciliation of this non-GAAP measure to the comparable GAAP measure is provided below under the table “Adjusted Ratios for Merger-Related Expenses - NON- GAAP RECONCILIATION.”

(b)

PPNR includes net interest income plus noninterest income minus total noninterest expense but excludes provision (credit) for credit losses, realized gains or losses on securities, the income tax provision and merger-related expenses and other nonrecurring items included in earnings. Management believes disclosure of PPNR provides useful information for evaluating C&N’s financial performance without the impact of realized gains or losses on securities or unusual items or events that may obscure trends in C&N’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. A reconciliation of this non-GAAP measure to the comparable GAAP measure is provided below under the table “PPNR- NON- GAAP RECONCILIATION.”

(c)

Tangible common book value per share, tangible common equity as a percentage of tangible assets and market value as a percentage of tangible common book value are non-GAAP ratios. Management believes this non-GAAP information is helpful in evaluating the strength of the C&N's capital and in providing an alternative, conservative valuation of C&N's net worth. The ratios shown above are based on the following calculations of tangible assets and tangible common equity:


	March 31,
	2026			2025
Total Assets	$	3,164,340		$	2,609,228
Less: Intangible Asset, Goodwill		(63,311)			(52,505)
Less: Intangible Asset, Core Deposit Intangibles, net		(10,758)			(1,974)
Related Tax Effect on Core Deposit Intangibles, net		2,367			434
Tangible Assets (3)	$	3,092,638		$	2,555,183
Total Stockholders' Equity	$	335,564		$	281,831
Less: Goodwill		(63,311)			(52,505)
Less: Intangible Asset, Core Deposit Intangibles, net		(10,758)			(1,974)
Related Tax Effect on Core Deposit Intangibles, net		2,367			434
Tangible Common Equity (4)	$	263,862		$	227,786

Common Shares Outstanding, End of Period (5)		17,909,958			15,482,848
Tangible Common Book Value per Share = (3)/(5)	$	14.73		$	14.71
Tangible Common Equity (4) / Tangible Assets (3)		8.53	%		8.91	%

(d)Capital ratios for the most recent period are estimated.

(e)The efficiency ratio is a non-GAAP ratio that is calculated as shown above. For purposes of calculating the efficiency ratio, net interest income on a fully taxable-equivalent basis includes amounts of interest income on tax-exempt securities and loans that have been increased to a fully taxable-equivalent basis, using C&N's marginal federal income tax rate of 21%. A reconciliation of net interest income under U.S. GAAP as compared to net interest income as adjusted to a fully taxable-equivalent basis is provided on page 20.

TABLE 4 - QUARTERLY CONDENSED, CONSOLIDATED

INCOME STATEMENT INFORMATION

(Dollars In Thousands, Except Per Share Data)

(Unaudited)


			For the Three Months Ended:
		March 31,		December 31,		September 30,		June 30,		March 31,
		2026		2025		2025		2025		2025
Interest and dividend income		$	40,588	$	41,404	$	33,650	$	32,454	$	31,709
Interest expense			12,134		12,931		11,387		11,312		11,734
Net interest income			28,454		28,473		22,263		21,142		19,975
Provision for credit losses			13,602		1,320		2,163		2,354		236
Net interest income after provision for credit losses			14,852		27,153		20,100		18,788		19,739
Noninterest income			8,169		8,360		7,304		8,142		7,008
Net realized gains on available-for-sale debt securities			26		38		0		0		0
Merger-related expenses			0		6,891		882		167		0
Other noninterest expenses			22,712		23,268		18,507		19,231		19,043
Income before income tax provision			335		5,392		8,015		7,532		7,704
Income tax provision			62		926		1,464		1,415		1,411
Net income		$	273	$	4,466	$	6,551	$	6,117	$	6,293
Net income attributable to common shares		$	273	$	4,437	$	6,498	$	6,068	$	6,242
Basic and diluted earnings per common share		$	0.02	$	0.25	$	0.42	$	0.40	$	0.41

TABLE 5 - QUARTERLY CONDENSED, CONSOLIDATED

BALANCE SHEET INFORMATION

(In Thousands) (Unaudited)


		As of:
		March 31,		December 31,		September 30,		June 30,		March 31,
		2026		2025		2025		2025		2025
ASSETS
Cash & Due from Banks		$	54,798	$	46,056	$	123,090	$	99,619	$	114,738
Available-for-Sale Debt Securities			497,367		506,575		415,313		406,052		408,463
Loans, Net			2,351,018		2,323,317		1,921,633		1,897,559		1,878,260
Bank-Owned Life Insurance			61,609		61,094		52,614		52,138		51,671
Bank Premises and Equipment, Net			27,256		27,755		21,055		21,195		21,304
Intangible Assets			74,069		74,884		54,267		54,373		54,479
Other Assets			98,223		92,788		76,061		79,939		80,313
TOTAL ASSETS		$	3,164,340	$	3,132,469	$	2,664,033	$	2,610,875	$	2,609,228

LIABILITIES
Deposits (1)		$	2,600,053	$	2,564,716	$	2,165,735	$	2,109,776	$	2,102,141
Borrowed Funds - Federal Home Loan Bank and Repurchase Agreements			153,079		149,553		134,383		144,427		154,994
Senior Notes, Net			14,988		14,970		14,952		14,934		14,917
Subordinated Debt, Net			24,979		24,949		24,919		24,889		24,860
Other Liabilities			35,677		36,567		30,085		30,492		30,485
TOTAL LIABILITIES			2,828,776		2,790,755		2,370,074		2,324,518		2,327,397

STOCKHOLDERS' EQUITY
Common Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss			360,326		364,509		319,985		317,031		314,521
Accumulated Other Comprehensive Loss:
Net Unrealized Losses on Available-for-sale Debt Securities			(25,096)		(23,154)		(26,352)		(31,017)		(33,050)
Defined Benefit Plans			334		359		326		343		360
TOTAL STOCKHOLDERS' EQUITY			335,564		341,714		293,959		286,357		281,831
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	3,164,340	$	3,132,469	$	2,664,033	$	2,610,875	$	2,609,228

(1) Brokered Deposits (Included in Total Deposits)		$	702	$	3,850	$	5,004	$	5,005	$	22,022

TABLE 6 - AVAILABLE-FOR-SALE DEBT SECURITIES

(In Thousands)


		March 31, 2026					December 31, 2025					March 31, 2025
		Amortized		Fair			Amortized		Fair			Amortized		Fair
		Cost		Value			Cost		Value			Cost		Value
Obligations of the U.S. Treasury		$	8,042	$	7,456		$	8,047	$	7,482		$	8,062	$	7,284
Obligations of U.S. Government agencies			10,936		10,212			11,423		10,749			9,819		8,923
Bank holding company debt securities			37,631		35,745			36,103		34,076			28,959		25,944
Obligations of states and political subdivisions:
Tax-exempt			104,941		96,758			105,149		98,359			110,721		99,148
Taxable			50,239		43,955			50,306		44,152			51,075		43,587
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:
Residential pass-through securities			148,471		142,864			148,865		143,921			105,642		97,477
Residential collateralized mortgage obligations			62,511		60,094			65,782		63,707			54,923		52,148
Commercial mortgage-backed securities			98,771		92,296			99,095		92,631			73,232		65,553
Private label commercial mortgage-backed securities			0		0			3,490		3,489			8,404		8,399
Asset-backed securities,
Collateralized loan obligations			8,000		7,987			8,000		8,009			0		0
Total Available-for-Sale Debt Securities		$	529,542	$	497,367		$	536,260	$	506,575		$	450,837	$	408,463

TABLE 7 - SUMMARY OF LOANS BY TYPE

(Excludes Loans Held for Sale)

(In Thousands)


		March 31,			December 31,			March 31,
		2026			2025			2025
Commercial real estate - non-owner occupied:
Non-owner occupied		$	556,787		$	569,974		$	471,351
Multi-family (5 or more) residential			170,891			160,284			101,061
1-4 Family - commercial purpose			198,203			197,480			161,292
Total commercial real estate - non-owner occupied			925,881			927,738			733,704
Commercial real estate - owner occupied			326,210			311,792			260,248
All other commercial loans:
Commercial and industrial			127,100			128,679			96,233
Commercial lines of credit			148,118			139,727			128,290
Political subdivisions			103,097			96,349			94,046
Commercial construction and land			123,170			123,887			96,176
Other commercial loans			70,431			71,895			21,434
Total all other commercial loans			571,916			560,537			436,179
Residential mortgage loans:
1-4 Family - residential			411,451			411,827			378,841
1-4 Family residential construction			34,460			32,123			23,407
Total residential mortgage			445,911			443,950			402,248
Consumer loans:
Consumer lines of credit (including HELCs)			98,961			94,060			49,782
All other consumer			15,971			16,288			16,271
Total consumer			114,932			110,348			66,053
Total			2,384,850			2,354,365			1,898,432
Less: allowance for credit losses on loans			(33,832)			(31,048)			(20,172)
Loans, net		$	2,351,018		$	2,323,317		$	1,878,260

TABLE 8 - NON-OWNER OCCUPIED COMMERCIAL REAL ESTATE

(In Thousands)


Loan Type	March 31,		% of Non-owner		% of
	2026		Occupied CRE		Total Loans
Retail	$	116,507	20.9	%	4.9	%
Office		109,404	19.6	%	4.6	%
Industrial		98,985	17.8	%	4.2	%
Hotels		81,638	14.7	%	3.4	%
Mixed Use		57,897	10.4	%	2.4	%
Self Storage Facilities		55,083	9.9	%	2.3	%
Other		37,273	6.7	%	1.6	%
Total Non-owner Occupied CRE Loans	$	556,787
Total Gross Loans	$	2,384,850

TABLE 9- PAST DUE LOANS AND NONPERFORMING ASSETS

(Dollars In Thousands)


		March 31, 2026								December 31, 2025								March 31,
		PCD Loans (1)			Non PCD Loans		Total			PCD Loans (1)			Non PCD Loans		Total			2025
Collateral dependent loans with a valuation allowance		$	4,970		$	632	$	5,602		$	5,138		$	263	$	5,401		$	945
Collateral dependent loans without a valuation allowance			7,518			27,712		35,230			5,553			21,474		27,027			29,854
Total collateral dependent loans		$	12,488		$	28,344	$	40,832		$	10,691		$	21,737	$	32,428		$	30,799

Total loans past due 30-89 days and still accruing		$	2,193		$	8,024	$	10,217		$	5,810		$	12,499	$	18,309		$	8,452

Nonperforming assets:
Total nonaccrual loans		$	8,566		$	33,297	$	41,863		$	6,762		$	26,074	$	32,836		$	24,106
Total loans past due 90 days or more and still accruing			0			69		69			0			88		88			24
Total nonperforming loans			8,566			33,366		41,932			6,762			26,162		32,924			24,130
Foreclosed assets held for sale (real estate)			0			181		181			0			189		189			199
Total nonperforming assets		$	8,566		$	33,547	$	42,113		$	6,762		$	26,351	$	33,113		$	24,329

Total nonperforming loans as a % of total loans								1.76	%							1.40	%		1.27	%
Total nonperforming assets as a % of assets								1.33	%							1.06	%		0.93	%
Allowance for credit losses as a % of total loans								1.42	%							1.32	%		1.06	%

(1)

Loans acquired in the Susquehanna merger with more than insignificant deterioration of credit quality since origination are accounted for as purchased with credit deterioration (“PCD”). Loans in nonaccrual status or risk rated special mention or substandard at October 1, 2025 are considered PCD Loans. The amortized cost basis of PCD loans totaled $22,266,000 at March 31, 2026.

TABLE 10- ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LOANS

(In Thousands)


		3 Months			3 Months			3 Months			Year
		Ended			Ended			Ended			Ended
		March 31,			December 31,			March 31,			December 31,
		2026			2025			2025			2025
Balance, beginning of period		$	31,048		$	23,474		$	20,035		$	20,035
Allowance recorded in business combination			0			7,074			0			7,074
Charge-offs			(10,833)			(905)			(117)			(1,726)
Recoveries			25			21			26			109
Net charge-offs			(10,808)			(884)			(91)			(1,617)
Provision for credit losses on loans			13,592			1,384			228			5,556
Balance, end of period		$	33,832		$	31,048		$	20,172		$	31,048

Net charge-offs as a % of average gross loans (annualized)			1.83	%		0.15	%		0.02	%		0.08	%

TABLE 11 - ANALYSIS OF THE PROVISION (CREDIT) FOR CREDIT LOSSES

(In Thousands)


	3 Months		3 Months		3 Months
	Ended		Ended		Ended
	March 31,		December 31,		March 31,
	2026		2025		2025
Provision (credit) for credit losses:
Loans receivable	$	13,592	$	1,384	$	228
Off-balance sheet exposures		10		(64)		8
Total provision for credit losses	$	13,602	$	1,320	$	236

TABLE 12 - PPNR NON- GAAP RECONCILIATION

(In Thousands)


	Three Months Ended
	March 31,		December 31,		March 31,
Adjusted Ratios for Merger-Related Expense:	2026		2025		2025
Net Income (GAAP)	$	273	$	4,466	$	6,293
Add: Provision for income taxes		62		926		1,411
Add: Provision for credit losses		13,602		1,320		236
Less: Realized gains on available-for-sale securities debt securities		(26)		(38)		0
Add: Merger-related expenses		0		6,891		0
Add: Professional fees expense - core system contract negotiation		0		647		0
Add: Adjustments to reflect net interest income on a fully taxable-equivalent basis		231		233		211
PPNR (non-GAAP)	$	14,142	$	14,445	$	8,151

TABLE 13 - ADJUSTED RATIOS FOR MERGER-RELATED EXPENSES - NON-GAAP RECONCILIATION

(In Thousands)


	Three Months Ended
	March 31,			December 31,			March 31,
Calculation of Adjusted Net Income:	2026			2025			2025
Net Income (GAAP) (A)	$	273		$	4,466		$	6,293
Add: Merger-related expenses (B)		0			6,891			0
Less: Tax effect of merger-related expenses (C)		0			(1,391)			0
Adjusted Net Income (D=A+B-C) - Non-GAAP	$	273		$	9,966		$	6,293
Adjusted Net Income Attributable to Common Shares - Non-GAAP	$	273		$	9,886		$	6,242

Number of Shares Used in Computation-Basic and Diluted - Non-GAAP		17,732,537			17,665,099			15,338,532
Net Income-Basic and Diluted per Common Share - GAAP	$	0.02		$	0.25		$	0.41
Adjusted Net Income-Basic and Diluted Per Common Share - Non-GAAP	$	0.02		$	0.56		$	0.41

Adjusted Ratios for Merger-Related Expenses:

Average Assets (E)		3,146,688			3,175,780			2,575,150
Return on Average Assets (=A/E ) - GAAP(1)		0.03	%		0.56	%		0.98	%
Adjusted Return on Average Assets (=D/E) - Non-GAAP(1)		0.03	%		1.26	%		0.98	%

Average Equity (F)		346,137			341,300			278,143
Return on Average Equity (=A/F) - GAAP(1)		0.32	%		5.23	%		9.05	%
Adjusted Return on Average Equity (=D/F) -Non-GAAP(1)		0.32	%		11.68	%		9.05	%

(1)Annualized

TABLE 14 - ANALYSIS OF AVERAGE DAILY BALANCES AND RATES


(Dollars in Thousands)		3 Months							3 Months							3 Months
		Ended					Rate of		Ended					Rate of		Ended						Rate of
		3/31/2026					Return/		12/31/2025					Return/		3/31/2025						Return/
		Average				Income/	Cost of		Average				Income/	Cost of		Average				Income/		Cost of
		Balance				Expense	Funds %		Balance				Expense	Funds %		Balance				Expense		Funds %
EARNING ASSETS
Interest-bearing due from banks		$	25,516		$	218	3.46	%	$	82,771		$	801	3.84	%	$	67,896		$	721		4.31	%
Available-for-sale debt securities, at amortized cost:
Taxable			427,531			3,518	3.34	%		424,835			3,399	3.17	%		339,557			2,302		2.75	%
Tax-exempt (1)			104,712			647	2.51	%		106,361			654	2.44	%		111,143			648		2.36	%
Total available-for-sale debt securities			532,243			4,165	3.17	%		531,196			4,053	3.03	%		450,700			2,950		2.65	%
Loans receivable:
Taxable			2,271,112			35,641	6.36	%		2,255,485			35,958	6.33	%		1,809,045			27,503		6.17	%
Tax-exempt (2)			93,852			765	3.31	%		90,019			787	3.47	%		90,388			728		3.27	%
Total loans receivable			2,364,964			36,406	6.24	%		2,345,504			36,745	6.22	%		1,899,433			28,231		6.03	%
Other earning assets			2,893			30	4.21	%		3,028			38	4.98	%		1,777			18		4.11	%
Total Earning Assets			2,925,616		$	40,819	5.66	%		2,962,499		$	41,637	5.58	%		2,419,806		$	31,920		5.35	%
Cash			25,498							23,461							20,920
Unrealized loss on securities			(27,003)							(31,622)							(44,405)
Allowance for credit losses			(31,520)							(30,888)							(20,341)
Bank-owned life insurance			61,275							60,756							51,383
Bank premises and equipment			27,551							27,963							21,329
Intangible assets			74,530							75,534							54,530
Other assets			90,741							88,076							71,928
Total Assets		$	3,146,688						$	3,175,779						$	2,575,150

INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest checking		$	669,972		$	2,328	1.41	%	$	687,936		$	2,664	1.54	%	$	539,244		$	2,727		2.05	%
Money market			385,585			1,850	1.95	%		409,970			2,205	2.13	%		355,144			1,981		2.26	%
Savings			362,060			848	0.95	%		374,431			1,039	1.10	%		195,971			49		0.10	%
Time deposits			602,443			5,032	3.39	%		616,988			5,235	3.37	%		494,219			4,835		3.97	%
Total interest-bearing deposits			2,020,060			10,058	2.02	%		2,089,325			11,143	2.12	%		1,584,578			9,592		2.45	%
Borrowed funds:
Short-term			28,203			276	3.97	%		2,438			6	0.98	%		1,400			0		0.00	%
Long-term - FHLB advances			134,034			1,446	4.38	%		126,069			1,428	4.49	%		162,392			1,789		4.47	%
Senior notes, net			14,979			121	3.28	%		14,962			121	3.21	%		14,908			121		3.29	%
Subordinated debt, net			24,965			233	3.79	%		24,935			233	3.71	%		24,846			232		3.79	%
Total borrowed funds			202,181			2,076	4.16	%		168,404			1,788	4.21	%		203,546			2,142		4.27	%
Total Interest-bearing Liabilities			2,222,241		$	12,134	2.21	%		2,257,729		$	12,931	2.27	%		1,788,124		$	11,734		2.66	%
Demand deposits			540,165							539,557							476,604
Other liabilities			38,145							37,193							32,279
Total Liabilities			2,800,551							2,834,479							2,297,007
Stockholders' equity, excluding accumulated other comprehensive loss			366,848							365,646							312,427
Accumulated other comprehensive loss			(20,711)							(24,346)							(34,284)
Total Stockholders' Equity			346,137							341,300							278,143
Total Liabilities and Stockholders' Equity		$	3,146,688						$	3,175,779						$	2,575,150
Interest Rate Spread							3.45	%						3.31	%							2.69	%
Net Interest Income					$	28,685						$	28,706						$	20,186
Net Interest Income/Earning Assets (Net Interest Margin)							3.98	%						3.84	%							3.38	%
Total Deposits (Interest-bearing and Demand)		$	2,560,225						$	2,628,882						$	2,061,182
Brokered Deposits		$	2,247		$	21	3.79	%	$	4,705		$	48	4.05	%	$	26,580		$	312		4.76	%

(1)Annualized rates of return on tax-exempt securities and loans are presented on a fully taxable-equivalent basis, using C&N’s marginal federal income tax rate of 21%. See Reconciliation.

(2)Nonaccrual loans have been included with loans for the purpose of analyzing net interest earnings.

(3)	Rates of return on earning assets and costs of funds have been presented on an annualized basis.

TABLE 15 - FULLY TAXABLE-EQUIVALENT NET INTEREST INCOME NON- GAAP RECONCILIATION


(In Thousands)	Three Months Ended
	March 31,		December 31,		March 31,
	2026		2025		2025
Net Interest Income Under U.S. GAAP	$	28,454	$	28,473	$	19,975
Add: fully taxable-equivalent interest income adjustment from tax-exempt securities		85		82		75
Add: fully taxable-equivalent interest income adjustment from tax-exempt loans		146		151		136
Net Interest Income as adjusted to a fully taxable-equivalent basis	$	28,685	$	28,706	$	20,186

TABLE 16 - COMPARISON OF NONINTEREST INCOME

(In Thousands)


		Three Months Ended
		March 31,		December 31,		March 31,
		2026		2025		2025
Trust revenue		$	2,085	$	2,087	$	2,102
Brokerage and insurance revenue			588		771		498
Service charges on deposit accounts			1,650		1,643		1,440
Interchange revenue from debit card transactions			1,267		1,232		1,036
Net gains from sales of loans			370		558		205
Loan servicing fees, net			108		225		138
Increase in cash surrender value of life insurance			515		527		457
Other noninterest income			1,586		1,317		1,132
Total noninterest income, excluding realized gains on available-for-sale debt securities, net			8,169		8,360		7,008
Realized gains on available-for-sale debt securities, net			26		38		0
Total noninterest income		$	8,195	$	8,398	$	7,008

TABLE 17 - COMPARISON OF NONINTEREST EXPENSE

(In Thousands)


		Three Months Ended
		March 31,		December 31,		March 31,
		2026		2025		2025
Salaries and employee benefits		$	13,201	$	13,267	$	11,759
Net occupancy and equipment expense			1,891		1,662		1,459
Data processing and telecommunications expenses			2,449		2,751		2,071
Automated teller machine and interchange expense			583		544		387
Pennsylvania shares tax			585		469		496
Professional fees			639		1,291		517
Other noninterest expense			3,364		3,284		2,354
Total noninterest expense, excluding merger-related expenses			22,712		23,268		19,043
Merger-related expenses			0		6,891		0
Total noninterest expense		$	22,712	$	30,159	$	19,043

TABLE 18 - LIQUIDITY INFORMATION

(In Thousands)


Available Credit Facilities	Outstanding						Available						Total Credit
	March 31,		Dec. 31,		March 31,		March 31,		Dec. 31,		March 31,		March 31,		Dec. 31,		March 31,
	2026		2025		2025		2026		2025		2025		2026		2025		2025
Federal Home Loan Bank of Pittsburgh	$	174,202	$	170,922	$	176,540	$	948,272	$	785,822	$	772,430	$	1,137,639	$	971,946	$	948,970
Federal Reserve Bank Discount Window		0		0		0		24,632		25,484		17,431		24,632		25,484		17,431
Other correspondent banks		0		0		0		75,000		75,000		75,000		75,000		75,000		75,000
Total credit facilities	$	174,202	$	170,922	$	176,540	$	1,047,904	$	886,306	$	864,861	$	1,237,271	$	1,072,430	$	1,041,401


Uninsured Deposits Information	March 31,			December 31,			March 31,
	2026			2025			2025
Total Deposits - C&N Bank	$	2,620,675		$	2,584,952		$	2,120,521

Estimated Total Uninsured Deposits	$	856,022		$	811,209		$	621,542
Portion of Uninsured Deposits that are
Collateralized		171,335			172,585			138,178
Uninsured and Uncollateralized Deposits	$	684,687		$	638,624		$	483,364

Uninsured and Uncollateralized Deposits as
a % of Total Deposits		26.1	%		24.7	%		22.8	%

Available Funding from Credit Facilities	$	1,047,904		$	886,306		$	864,861
Fair Value of Available-for-sale Debt
Securities in Excess of Pledging Obligations		315,391			319,624			270,496
Highly Liquid Available Funding	$	1,363,295		$	1,205,930		$	1,135,357

Highly Liquid Available Funding as a % of
Uninsured Deposits		159.3	%		148.7	%		182.7	%

Highly Liquid Available Funding as a % of
Uninsured and Uncollateralized Deposits		199.1	%		188.8	%		234.9	%

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Document and Entity Information	Apr. 29, 2026
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Apr. 29, 2026
Entity File Number	0-16084
Entity Registrant Name	Citizens & Northern Corporation
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2451943
Entity Address, Address Line One	90-92 Main Street
Entity Address, City or Town	Wellsboro
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16901
City Area Code	570
Local Phone Number	724-3411
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	CZNC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000810958
Amendment Flag	false