AI Earnings Predictions for Citizens & Northern Corp (CZNC)

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EX-99

2 cznc-20260429xex99.htm

EX-99

Exhibit 99

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Contact:  Charity Frantz

April 29, 2026

570-724-0225

charityf@cnbankpa.com

​

C&N ANNOUNCES FIRST QUARTER 2026 UNAUDITED FINANCIAL RESULTS

​

For Immediate Release:

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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”).

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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.”

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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.

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●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 commer

Citizens & Northern Corporation_January 28, 2026 0000810958false00008109582026-01-282026-01-28 ​ ​

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 ​ January 28, 2026 Date of Report (Date of earliest event reported) ​ Citizens & Northern Corporation (Exact name of registrant as specified in its charter) ​ ​

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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 quarter and year ended December 31, 2025. On January 28, 2026, the Company issued a press release titled “C&N Announces Fourth Quarter and Year End 2025 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. (c)    Not applicable. (d)    Exhibits. ​ ​

​ Exhibit 99: Press Release issued by Citizens & Northern Corporation dated January 28, 2026, titled “C&N Announces Fourth Quarter and Year End 2025 Unaudited Financial Results.”

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

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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:  January 28, 2026 By: /s/ Mark A. Hughes

​ ​ Mark A. Hughes

Treasurer and Chief Financial Officer

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