CITIZENS & NORTHERN CORP CZNC
Citizens & Northern Corporation ("Corporation") is a bank holding company whose principal activity is community banking. The Corporation's principal office is located in Wellsboro, Pennsylvania. The largest subsidiary is Citizens & Northern Bank ("C&N Bank" or the "Bank"). The Corporation's other wholly-owned subsidiaries are Citizens & Northern Investment Corporation and Bucktail Life Insurance Company ("Bucktail"). Citizens & Northern Investment Corporation was formed in 1999 to engage in investment activities. Bucktail reinsures credit and mortgage life and accident and health insurance on behalf of C&N Bank.
C&N Bank is a Pennsylvania banking institution that was formed by the consolidation of Northern National Bank of Wellsboro and Citizens National Bank of Towanda in 1971. C&N Bank has operated under its current name since May 6, 1975, at which time C&N Bank changed its charter from a national bank to a Pennsylvania bank. The Bank has expanded its presence over the past several decades through a series of mergers as well as by opening new branch and lending offices and providing access to banking services via the internet and through ATMs. At December 31, 2025, the Bank had 35 branch offices, including 28 in the Northern tier/Northcentral region of Pennsylvania, 1 in the Southern tier of New York State, 4 in Southeastern Pennsylvania (3 in Bucks County and 1 in Chester County) and 2 in Southcentral Pennsylvania (York and Lancaster). In addition to its branch locations, the Bank has a lending office in Elmira, New York.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $139.2M | $128.1M | $113.5M | $92.6M | $84.5M | $77.2M | $64.8M | $50.3M | $45.9M | $44.1M |
| Interest expense | $91.9M | $79.1M | $80.4M | $83.1M | $6.6M | $9.6M | $10.3M | $4.6M | $3.9M | $3.7M |
| Pre-tax income | $28.6M | $31.9M | $30.5M | $32.4M | $37.7M | $23.2M | $23.4M | $26.3M | $20.6M | $21.1M |
| Income tax | $5.2M | $5.9M | $6.3M | $5.7M | $7.1M | $4.0M | $3.9M | $4.2M | $7.2M | $5.3M |
| Net income | $23.4M | $26.0M | $24.1M | $26.6M | $30.6M | $19.2M | $19.5M | $22.0M | $13.4M | $15.8M |
| EPS, basic | 1.46 | 1.69 | 1.57 | 1.71 | 1.92 | 1.30 | 1.46 | 1.79 | 1.10 | 1.30 |
| EPS, diluted | — | 1.69 | 1.57 | 1.71 | 1.92 | 1.30 | 1.46 | 1.79 | 1.10 | 1.30 |
| Shares, diluted (wtd. avg.) | $15.9M | $15.3M | $15.2M | $15.5M | $15.8M | $14.7M | $13.3M | $12.3M | $12.2M | $12.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $46.1M | $126.2M | $52.8M | $47.7M | $95.8M | $101.9M | $35.2M | $37.5M | $40.2M | $28.6M |
| Property, plant and equipment | $27.8M | $21.3M | $21.6M | $21.6M | $20.7M | $21.5M | $17.2M | $14.6M | $15.4M | $15.4M |
| Goodwill | $63.3M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $28.4M | $11.9M | $11.9M | $11.9M |
| Other intangibles | $11.6M | $2.1M | $2.5M | $2.9M | $3.3M | $3.9M | $1.2M | $9.0K | $12.0K | $17.0K |
| Total assets | $3.13B | $2.61B | $2.52B | $2.45B | $2.33B | $2.24B | $1.65B | $1.29B | $1.28B | $1.24B |
| Short-term debt | $28.6M | $2.5M | $33.9M | $80.1M | $1.8M | $20.0M | $86.2M | $12.9M | $61.8M | $26.2M |
| Long-term debt | — | — | — | — | — | — | — | $35.9M | $9.2M | $38.5M |
| Total liabilities | $2.79B | $2.34B | $2.25B | $2.20B | $2.03B | $1.94B | $1.41B | $1.09B | $1.09B | $1.06B |
| Retained earnings | $171.2M | $165.8M | $157.0M | $151.7M | $142.6M | $129.7M | $126.5M | $122.6M | $113.6M | $112.8M |
| Total equity | $341.7M | $275.3M | $262.4M | $249.3M | $301.4M | $299.8M | $244.5M | $197.4M | $188.4M | $186.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $32.0M | $33.0M | $33.5M | $34.6M | $34.8M | $24.8M | $22.5M | $25.9M | $19.4M | $18.5M |
| Depreciation and amortisation | $2.4M | $2.2M | $2.2M | $2.4M | $2.1M | $2.0M | $1.7M | $1.8M | $1.6M | — |
| Capital expenditure | $1.9M | $1.9M | $2.3M | $3.3M | $1.9M | $3.1M | $2.9M | $1.2M | $1.7M | $1.6M |
| Investing cash flow | $196.0K | -$20.9M | -$53.2M | -$234.7M | -$103.9M | $96.6M | $22.7M | -$21.6M | -$30.9M | -$29.4M |
| Financing cash flow | -$111.1M | $58.7M | $24.7M | $151.9M | $68.9M | -$56.5M | -$46.8M | -$8.4M | $19.9M | $6.2M |
| Dividends paid | $16.3M | $15.5M | $15.6M | $15.9M | $16.0M | $14.5M | $14.0M | $11.7M | $11.1M | $11.1M |
| Buybacks | $10.0K | $417.0K | $6.6M | $9.2M | $7.4M | $163.0K | $189.0K | $0 | $0 | $3.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-024613.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |