EXHIBIT 13
annual highlights
2004
[PICTURE]
[CITIZENS & NORTHERN
CORPORATION LOGO]
annual highlights
2004
investor information
invest
Known Market Makers who handle Citizens & Northern Corporation
stock transactions follow:
ARCHIPELAGO TRADING SERVICES, INC.
100 South Wacker Drive, Suite 1800, Chicago, IL 60606
BOENNING & SCATTERGOOD, INC.
4 Tower Bridge, Suite 300, 200 Barr Harbor Drive,
West Conshocken, PA 19428
COMMERCE CAPITAL MARKETS, INC.
90 Fifth Avenue, New York, NY 10011
FERRIS, BAKER, WATTS, INC.
100 Light Street - Eighth Floor, Baltimore, MD 21202
HILL THOMPSON MAGID, L.P.
15 Exchange Place, Suite 800, Jersey City, NJ 07302
JANNEY MONTGOMERY SCOTT, LLC
1801 Market Street, Tenth Floor, Philadelphia, PA 19103
KNIGHT EQUITY MARKETS, LP
Newport Tower, 525 Washington Boulevard, Jersey City, NJ 07310
MONROE SECURITIES, INC.
343 West Erie, Suite 410, Chicago, IL 60610
PERSHING TRADING COMPANY, LP
1 Pershing Plaza, Jersey City, NJ 07399
RBC CAPITAL MARKETS CORPORATION
60 South Street, PO Box 1160, Minneapolis, MN 55402
RYAN BECK & CO., INC.
18 Columbia Turnpike, Florham Park, NJ 07932
SANDLER O'NEILL & PARTNERS, LP
919 Third Avenue, Sixth Floor, New York, NY 10022
SCHWAB SOUNDVIEW CAPITAL MARKETS
111 Pavonia Avenue, East Jersey City, NJ 07310
annual highlights
2004
citizens & northern bank
offices
ATHENS MUNCY
428 South Main Street, Athens, PA 18810 3461 Route 405 Highway, Muncy, PA 17756
570-888-2291 570-546-6666
DUSHORE RALSTON
111 Main Street, Dushore, PA 18614 Thompson Street, Ralston, PA 17763
570-928-8124 570-995-5421
EAST SMITHFIELD SAYRE
Main Street, East Smithfield, PA 18817 503 North Elmira Street, Sayre, PA 18840
570-596-3131 570-888-2220
ELKLAND SOUTH WILLIAMSPORT
104 Main Street, Elkland, PA 16920 2 East Mountain Ave., South Williamsport, PA 17702
814-258-5111 570-601-3016
KNOXVILLE TIOGA
102 East Main Street, Knoxville, PA 16928 Main Street, Tioga, PA 16946
814-326-4151 570-835-5236
LAPORTE TOWANDA
Main Street, Laporte, PA 18626 428 Main Street, Towanda, PA 18848
570-946-4011 570-265-6171
LIBERTY TROY
Main Street, Liberty, PA 16930 Court House Square, Troy, PA 16947
570-324-2331 570-297-2158
MANSFIELD WELLSBORO
1085 South Main Street, Mansfield, PA 16933 90-92 Main Street, Wellsboro, PA 16901
570-662-1111 570-724-3411
MONROETON WILLIAMSPORT
Route 220, Monroeton, PA 18832 130 Court Street, Williamsport, PA 17701
570-265-2157 570-320-0100
WYSOX
Route 6, Wysox, PA 18854
570-265-9148
annual highlights
2004
[PHOTO OF CRAIG G. LITCHFIELD] shareholders' message
insight
craig g. litchfield, chairman, president, CEO
the year in review
We had plenty to keep us busy during 2004. Among the many initiatives were a
core processing system conversion, the opening of two new offices in the
Williamsport area, executing a definitive agreement to acquire Canisteo Valley
Corporation and its subsidiary First State Bank, reorganizing our commercial
banking management structure, complying with new SEC corporate governance
requirements, applying for listing on the NASDAQ Small Cap market and striving
for continued excellence in customer service. With the commitment of your board
of directors and the smart and dedicated people of Citizens & Northern, we have
achieved our objectives. We are well positioned for more growth throughout our
existing and new market areas.
Our future plans for the Lycoming/Williamsport market include the addition of
two new offices that should provide the delivery platforms for expanding our
share of the retail market. For many years, we have believed that entry into the
Southern Tier of New York holds opportunity for a locally focused community
bank. With the future acquisition of First State Bank as a subsidiary of
Citizens & Northern Corporation, we will be positioned to expand the Citizens &
Northern market. It is hoped that the acquisition will be finalized by the
second quarter of 2005. We are pleased that the First State Bank board and
employees share our commitment to customer excellence. This combination will be
beneficial to all stakeholders.
Your board of directors authorized us to apply for listing our stock on the
NASDAQ Small Cap market. It is hoped and expected that listing on the NASDAQ
will provide more liquidity for current investors and will attract investment
managers looking to add a strong company like C&N to their portfolios. On
January 13th, 2005, our stock began trading on the NASDAQ SM under the symbol
CZNC.
Last year, our prediction for the equity and bond markets was right on target.
The equity markets ended the year with respectable gains. The NASDAQ Composite
was up 8.59%, the S&P 500 was up 10.87% and the Dow Jones industrial Average
increased 3.15%. And as expected, the Federal Reserve began increasing its Fed
Funds rate by 25 basis point increments beginning in June 2004. In total, the
Federal Reserve increased the Fed Funds rate 5 times during the second half of
2004 to 2.25%. At the same time longer-term treasury rates (5-year and longer)
remained relatively stable with inflation concerns under control. For banking,
this means higher costs for funds and little, if any, increase in rates on loans
and fixed income investments.
It would appear that the Fed is positioned to increase the Fed Funds rate few
more times during 2005, increasing the rate to the 3% to 4% range. Unless fears
of inflation appear, it is likely that the longer-term rates will not increase
at a similar pace. The national economic growth is still strong, albeit slowing,
thus the year should be another good one for the equity markets.
(Continued Page 2)
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ONE
annual highlights
2004
[PHOTO OF CRAIG G. LITCHFIELD] shareholders' message
insight
craig g. litchfield, chairman, president, CEO
financial highlights
During 2004, we continued to grow our interest and dividend income while we
reduced our interest expense. As a result, our interest margin increased by
$3.63 million, or nearly 11.5% over 2003. This growth in interest margin was
primarily driven by the 10.4% increase in our loan portfolio. During 2003,
several of the bank stocks we held in our investment portfolios had appreciated
to, what we believed to be, exceptionally high levels, and we decided to reap
the gains that those levels offered. That strategy proved correct because many
of those stocks later dropped in price during 2004. The same environment was not
prevalent during 2004, and the opportunities for gains in what we believed to be
well-valued securities were not as numerous. As a result, our gains on
securities dropped by $1.9 million, or 40%.
an investment in the future
During 2004, we had substantial increases in operating expenses related to the
core computer conversion and the start-up expenses and operations for the two
new Williamsport area offices. Those additional expenses totaled more than $1.5
million. Another increase in expenses, $1.3 million, was due to the addition of
new positions. These increased expenses are an investment in the future growth
potential of your company's market share and net income.
Total assets increased to $1.123 billion, up 5.3%. Deposits, including repo
sweeps, increased to $697.7 million, 2.39%, despite the runoff of nearly $30
million in municipal deposits due to new school building projects. Trust assets
under management increased $16.2% to $383 million.
Shareholder equity, excluding unrealized gains and losses on available-for-sale
securities, as a percentage of total assets remained fairly stable at 10.72%.
Non-performing loans increased substantially above our historical average, and
we are closely monitoring the portfolio and are continuing to maintain an
adequate allowance for loan losses.
Our 4th quarter dividend increased to 23 cents per share, bringing total
dividends declared for 2004 to 89 cents, up 4.7%.
(Continued Page 3)
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TWO
annual highlights
2004
[PHOTO OF CRAIG G. LITCHFIELD] shareholders' message
insight
craig g. litchfield, chairman, president, CEO
products and services
Our Trust and Financial Management Group saw substantial growth in its assets
under management during 2004. This growth will continue for some time to come.
The Daily Valuation 401 (k) product is proving very attractive to area
employers.
Our Internet Banking Service has over 8,500 retail customers realizing the
convenience and security of banking over the Internet. Internet Banking is one
more way we enhance our value to our customers.
projects
In addition to the acquisition of First State Bank, we have several projects
planned for 2005. The growth in administrative, trust and commercial lending
staff has put us in need of more room. To meet that need, a new administrative
building will be erected within two blocks of the Wellsboro main office. The
facility will provide about 17,000 square feet of room. In Lycoming County, we
have sales agreements on two sites for future full service offices. We will
begin the construction of a full service facility in Jersey Shore by the second
quarter of the year. The construction of the second building will most likely
begin by the end of the year. We are in a growth mode that positions us for
continued increases in assets and net income.
people
It is our people who provide us the opportunity for optimism about our future.
Without the commitment and dedication of our team members, our expectations for
success as we enter new markets would not exist. The C&N team is committed to
continually improving its customer service. As time passes, the proverbial
change of the guard occurs.
During 2004, six of our longer term employees retired from banking: Russ Bauman
after 33 years, Brian Canfield after 25 years, Carol Tobias after 21 years,
Elaine Johnston after 20 years, Beverly Heatley after 17 years and Klas Anderson
after 16 years. We will miss their 132 years of experience and commitment to
C&N. We wish them the best for the future.
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THREE
annual highlights
2004
five-year
performance
[PICTURE]
net income (in millions)
[BAR CHART]
2000 $ 8.5
2001 $12.1
2002 $15.0
2003 $16.3
2004 $14.9
total shareholders' equity (in millions)
[BAR CHART]
2000 $ 89.0
2001 $100.2
2002 $115.8
2003 $125.3
2004 $131.6
total assets (in millions)
[BAR CHART]
2000 $ 719
2001 $ 867
2002 $1,019
2003 $1,067
2004 $1,123
deposits (in millions)
[BAR CHART]
2000 $529
2001 $576
2002 $640
2003 $658
2004 $677
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FOUR
annual highlights
2004
five-year
performance
[PICTURE]
net loans (in millions)
[BAR CHART]
2000 $323
2001 $374
2002 $445
2003 $519
2004 $573
cash dividends declared
[BAR CHART]
2000 $0.65
2001 $0.71
2002 $0.77
2003 $0.85
2004 $0.89
*Cash dividends per share for 2000-2002 adjusted for the effects of a 3-for-2
stock split issued in April, 2003. In addition to cash dividends, a 1% stock
dividend has been declared for each year.
stockholder inquiries
A copy of the Corporation's Annual Report on Form 10-K for the year ended
December 31, 2004, as required to be filed with the Securities and Exchange
Commission, will be furnished to a stockholder without charge upon written
request to the Corporation's Treasurer at the principal office at P.O. Box 58,
Wellsboro, PA 16901. The information is also available through C&N's website at
www.cnbankpa.com and at the website of the Securities and Exchange Commission at
www.sec.gov.
This statement has not been reviewed or confirmed for accuracy or relevance by
the Federal Deposit Insurance Corporation.
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FIVE
annual highlights
2004
quarterly share
data
[PICTURE]
Trades of the Corporation's stock are executed through various brokers who
maintain a market in the Corporation's stock. Effective January 13, 2005 the
Corporation's stock began to be listed on the NASDAQ SmallCap Market with the
trading symbol CZNC. Previously, the Corporation's stock was available through
the Over-The-Counter Bulletin Board.
The following table sets forth the approximate high and low sales prices of the
common stock during 2004 and 2003:
2004
Dividend Declared
High Low per quarter
First Quarter $27.00 $25.00 $0.22
Second Quarter $25.50 $24.45 $0.22
Third Quarter $25.90 $24.20 $0.22
Fourth Quarter $27.00 $24.80 $0.23
plus 1% stock dividend
2003
Dividend Declared
High Low per quarter
First Quarter $21.63 $20.37 $0.21
Second Quarter $26.95 $21.00 $0.21
Third Quarter $26.95 $25.80 $0.21
Fourth Quarter $27.00 $25.80 $0.22
plus 1% stock dividend
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SIX
annual highlights
2004
common stock and per share
data
[PICTURE]
2004 2003 2002 2001 2000
Net income per share - basic $ 1.82 $ 1.99 $ 1.83 $ 1.47 $ 1.03
Net income per share - diluted $ 1.81 $ 1.98 $ 1.83 $ 1.47 $ 1.03
Cash dividends declared per share $ 0.89 $ 0.85 $ 0.77 $ 0.71 $ 0.65
Stock dividend 1% 1% 1% 1% 1%
Stockholders' equity per share (a) $ 16.08 $ 15.33 $ 14.18 $ 12.26 $ 10.84
Stockholders' equity per share, excluding
accumulated other comprehensive
income (loss) (a) $ 14.79 $ 13.86 $ 12.69 $ 11.61 $ 10.83
Weighted average shares outstanding-
basic 8,185,466 8,170,651 8,170,159 8,184,716 8,206,549
Weighted average shares outstanding -
diluted 8,233,992 8,219,366 8,192,047 8,206,604 8,208,297
Number of shares outstanding at
year-end 8,102,646 8,014,625 5,285,606 5,234,800 5,207,244
Number of shares authorized 20,000,000 10,000,000 10,000,000 10,000,000 10,000,000
(a) for purposes of this computation, the number of outstanding shares has been
increased for the effects of a 3-for-2 stock split issued in April, 2003, and
for 1% stock dividends issued in January following each year-end.
Contact us
[PICTURE]
Our service departments may be contacted directly:
FUNDS MANAGEMENT: 90-92 Main St., Wellsboro, PA 16901 - 1-800-577-9397
ACCOUNT SERVICES: 90-92 Main St., Wellsboro, PA 16901 - 1-800-726-2265
BANKCARD SERVICES: RR#7, Wellsboro, PA 16901 - 1-800-676-6639
INTERNET BANKING: 90-92 Main St., Wellsboro, PA 16901 - 570-724-0266
www.cnbankpa.com
C&N FINANCIAL SERVICES CORP: 64 Main St., Wellsboro, PA 16901
1-866-ASK-CNFS www.cnfinancialservices.com
TRUST & FINANCIAL MANAGEMENT GROUP:
90-92 Main St., Wellsboro, PA 16901 - 1-800-487-8784
503 North Elmira St., Sayre, PA 18840 - 1-888-760-8192
428 Main St., Towanda, PA 18848 - 1-888-987-8784
130 Court St., Williamsport, PA 17701 - 1-866-732-7213
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SEVEN
annual highlights
2004
five-year summary of
operations
Profit
[PICTURE]
(In thousands)
INCOME STATEMENT
2004 2003 2002 2001 2000
Interest income $ 57,922 $ 55,223 $ 57,285 $ 54,661 $ 51,643
Interest expense $ 22,606 $ 23,537 $ 26,315 $ 28,356 $ 30,145
========== ========== ========== ========== ==========
Interest margin $ 35,316 $ 31,686 $ 30,970 $ 26,305 $ 21,498
Provision for loan losses $ 1,400 $ 1,100 $ 940 $ 600 $ 676
========== ========== ========== ========== ==========
Interest margin after provision
for loan losses $ 33,916 $ 30,586 $ 30,030 $ 25,705 $ 20,822
Other income $ 6,922 $ 6,595 $ 6,624 $ 6,120 $ 5,002
Securities gains $ 2,877 $ 4,799 $ 2,888 $ 1,920 $ 1,377
Other expenses $ 26,001 $ 22,114 $ 20,849 $ 18,671 $ 16,906
========== ========== ========== ========== ==========
Income before income tax provision $ 17,714 $ 19,866 $ 18,693 $ 15,074 $ 10,295
Income tax provision $ 2,851 $ 3,609 $ 3,734 $ 3,022 $ 1,819
========== ========== ========== ========== ==========
Net income $ 14,863 $ 16,257 $ 14,959 $ 12,052 $ 8,476
========== ========== ========== ========== ==========
BALANCE SHEET AT YEAR END
Total securities (1) $ 479,626 $ 484,825 $ 513,597 $ 437,398 $ 343,596
Gross loans, excluding unearned discount $ 579,613 $ 524,897 $ 451,145 $ 379,228 $ 328,305
Total assets $1,123,002 $1,066,901 $1,018,768 $ 866,999 $ 719,335
Total deposits $ 676,545 $ 658,065 $ 640,304 $ 576,274 $ 528,967
Stockholders' equity, excluding
accumulated other comprehensive
income (3) $ 121,050 $ 113,306 $ 103,691 $ 94,903 $ 88,887
Total stockholders' equity $ 131,585 $ 125,343 $ 115,837 $ 100,187 $ 88,969
========== ========== ========== ========== ==========
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EIGHT
annual highlights
2004
five-year summary of
operations
Profit
[PICTURE]
(In thousands)
AVERAGE BALANCE SHEET
2004 2003 2002 2001 2000
Total securities, at amortized cost (1) $ 485,182 $ 474,406 $ 470,764 $ 412,654 $ 371,360
Gross loans, excluding unearned discount $ 551,352 $ 485,150 $ 410,670 $ 346,353 $ 318,382
Earning assets $ 1,036,534 $ 959,556 $ 881,434 $ 759,007 $ 689,743
Total assets $ 1,114,040 $ 1,034,720 $ 943,001 $ 805,229 $ 704,221
Total assets excluding unrealized
gains/losses (3) $ 1,097,858 $ 1,014,424 $ 930,539 $ 798,590 $ 717,052
Total deposits $ 669,307 $ 651,026 $ 613,392 $ 544,579 $ 503,848
Stockholders' equity, excluding
accumulated other comprehensive
income (3) $ 117,695 $ 108,876 $ 99,361 $ 91,703 $ 87,258
Stockholders' equity $ 128,374 $ 122,271 $ 107,595 $ 96,021 $ 78,792
=========== =========== ========= ========= =========
FINANCIAL RATIOS
Return on stockholders' equity,
excluding accumulated other
comprehensive income (2), (3) 12.63% 14.93% 15.06% 13.14% 9.71
Return on stockholders' equity (2) 11.58% 13.30% 13.90% 12.55% 10.76%
Return on assets (2) 1.33% 1.57% 1.59% 1.50% 1.20%
Stockholders' equity to assets, excluding
accumulated other comprehensive
income (2), (3) 10.72% 10.73% 10.68% 11.48% 12.17%
Stockholders' equity to assets (2) 11.52% 11.82% 11.41% 11.92% 11.19%
Stockholders' equity to loans (2) 23.28% 25.20% 26.20% 27.72% 24.75%
Net income to:
Total interest income 25.66% 29.44% 26.11% 22.05% 16.41%
Interest margin 42.09% 51.31% 48.30% 45.82% 39.43%
Dividends as a % of net income 48.54% 41.96% 41.17% 46.08% 60.19%
=========== =========== ========= ========= =========
(1) Includes available-for-sale and held-to-maturity securities, and
interest-bearing cash and due from banks.
(2) Financial ratios calculated based on average balance sheet data.
(3) Generally accepting accounting principles ("GAAP") require that
available-for-sale securities be reported at fair value, with unrealized
gains and losses excluded from earnings and reported separately through
stockholders' equity, net of tax. Management believes there is an inherent
mismatch between the income statement and balance sheet related to
unrealized gains/losses that may create a material inconsistency in
earnings-based ratios. Further, the amount of unrealized gains/losses may
vary widely from period-to-period, depending on the financial markets as a
whole and interest rate movements. Therefore, management has provided
these "non-GAAP" amounts and ratios because we believe they provide
meaningful information for evaluating the Corporation's financial position
and results of operations.
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NINE
ANNUAL HIGHLIGHTS
2004
quarterly financial
DATA
[PICTURE]
The following table presents summarized quarterly financial data for 2004
(unaudited)
(In thousands, except per share data)
2004 QUARTER ENDED
MARCH 31 JUNE 30 SEPT. 30 DEC. 31
-------- -------- -------- --------
Interest income $ 14,015 $ 14,343 $ 14,573 $ 14,991
Interest expense $ 5,703 $ 5,493 $ 5,665 $ 5,745
======== ======== ======== ========
Interest margin $ 8,312 $ 8,850 $ 8,908 $ 9,246
Provision for loan losses $ 350 $ 350 $ 350 $ 350
======== ======== ======== ========
Interest margin after provision for loan losses $ 7,962 $ 8,500 $ 8,558 $ 8,896
Other income $ 1,625 $ 1,855 $ 1,627 $ 1,815
Securities gains $ 964 $ 321 $ 459 $ 1,133
Other expenses $ 6,228 $ 6,289 $ 6,738 $ 6,746
======== ======== ======== ========
Income before income tax provision $ 4,323 $ 4,387 $ 3,906 $ 5,098
Income tax provision $ 617 $ 698 $ 501 $ 1,035
======== ======== ======== ========
Net income $ 3,706 $ 3,689 $ 3,405 $ 4,063
======== ======== ======== ========
Net income per share - basic $ 0.45 $ 0.45 $ 0.42 $ 0.50
======== ======== ======== ========
Net income per share - diluted $ 0.45 $ 0.45 $ 0.41 $ 0.49
======== ======== ======== ========
INVESTOR INFORMATION
[PICTURE]
Independent Auditors
PARENTE RANDOLPH, PC
400 Market Street,
Williamsport, PA 17701
INFORMATION FOR INVESTORS
The Annual Meeting of Shareholders will be held in the Arcadia Theater,
Wellsboro, PA at 2:00 p.m. Tuesday, April 19th, 2005.
General shareholder inquiries should be sent to:
CITIZENS & NORTHERN CORPORATION
90-92 Main Street, PO Box 58, Wellsboro, PA 16901
STOCK TRANSFER AGENT
American Stock Transfer & Trust Co., 59 Maiden Lane, Plaza Level, New York, NY
10038 800-278-4353
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TEN
ANNUAL HIGHLIGHTS
2004
quarterly financial
DATA
[PICTURE]
The following table presents summarized quarterly financial data for 2003
(unaudited)
(In thousands, except per share data)
2003 QUARTER ENDED
MARCH 31 JUNE 30 SEPT. 30 DEC. 31
-------- ------- -------- -------
Interest income $13,930 $13,943 $13,553 $13,797
Interest expense $ 6,243 $ 6,089 $ 5,655 $ 5,550
======= ======= ======= =======
Interest margin $ 7,687 $ 7,854 $ 7,898 $ 8,247
Provision for loan losses $ 350 $ 250 $ 250 $ 250
======= ======= ======= =======
Interest margin after provision for loan losses $ 7,337 $ 7,604 $ 7,648 $ 7,997
Other income $ 1,540 $ 1,628 $ 1,705 $ 1,722
Securities gains $ 1,721 $ 908 $ 660 $ 1,510
Other expenses $ 5,532 $ 5,356 $ 5,336 $ 5,890
======= ======= ======= =======
Income before income tax provision $ 5,066 $ 4,784 $ 4,677 $ 5,339
Income tax provision $ 994 $ 864 $ 759 $ 992
======= ======= ======= =======
Net income $ 4,072 $ 3,920 $ 3,918 $ 4,347
======= ======= ======= =======
Net income per share - basic $ 0.50 $ 0.48 $ 0.48 $ 0.53
======= ======= ======= =======
Net income per share - diluted $ 0.50 $ 0.48 $ 0.48 $ 0.53
======= ======= ======= =======
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ELEVEN
annual highlights
2004
trust and financial management
group
2004 2003 2002 2001 2000
(IN THOUSANDS) ---- ---- ---- ---- ----
Assets $ 383,062 $ 329,493 $ 285,221 $ 303,868 $ 327,063
Revenue $ 2,105 $ 1,733 $ 1,755 $ 1,576 $ 1,613
The composition of trust assets under management and accounts as of December 31,
2004 and 2003 are shown in the following table:
(IN THOUSANDS)
INVESTMENTS 2004 2003 ACCOUNTS 2004 2003
- ----------- ---- ---- -------- ---- ----
Mutual Funds $129,299 $ 93,804 Pension/profit
Stocks $118,334 $109,145 sharing $162,129 $130,986
Bonds $107,954 $ 99,307 Investment
Savings and management $120,237 $ 98,652
Money Market Trusts $ 84,043 $ 82,890
Funds $ 24,826 $ 24,893 Custody $ 12,459 $ 8,583
Real Estate $ 1,199 $ 901 Guardianships $ 1,177 $ 903
Miscellaneous $ 1,007 $ 1,217 Estates $ 3,017 $ 7,479
Mortgages $ 443 $ 226
======== ======== =============== ======== ========
Total $383,062 $329,493 Total $383,062 $329,493
TRUST AND FINANCIAL MANAGEMENT GROUP OFFICERS
[PICTURE]
Deborah E. Scott, CFP, Executive Vice President and Senior Trust Officer
Mark A. Huffman, Vice President and Trust Officer
Rhonda J. Litchfield, Vice President and Trust Investment Officer
Renee D. Laychur, Vice President and Trust Officer
Larry D. Alderson, CFP, Assistant Vice President and Trust Officer
Michael G. Charles, Assistant Vice President and Tax Officer
Keith T. Safford, Employee Benefit Officer
Mary J. Wood, Trust Officer
Lori Brown, Trust Officer
James D. Butters, Assistant Trust Officer
Marla McIlvain, Assistant Trust officer
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TWELVE
annual highlights
2004
citizens & northern corporation, bank
officers
[PICTURE]
CITIZENS & NORTHERN CORPORATION OFFICERS
Craig G. Litchfield Chairman of the Board, President and Chief Executive
Officer
Mark A. Hughes Treasurer
Kathleen M. Osgood Corporate Secretary
ADVISORY BOARD MEMBERS
ATHENS AND SAYRE --------------------- ----------------------- --------------------- -----------------
Virginia L. Reap Warren J. Croft Max P. Gannon, Jr. R. Bruce Haner Susan E. Hartley
George D. Howell Wayne E. Lowery David Rosenbloom Mary Theresa Sullivan
DUSHORE --------------------- ----------------------- --------------------- -----------------
Helen W. Ferris Ronald A. Gutosky Leo F. Lambert Dennis K. McCarty Kerry A. Meehan
EAST SMITHFIELD --------------------- ----------------------- --------------------- -----------------
Peggy A. Brown Roy L. Beardslee Thomas G. Furman Liston D. Pepper Edward L. Learn
ELKLAND --------------------- ----------------------- --------------------- -----------------
Lynette Burrous Mary C. Heitzenrater Mark R. Howe John C. Kenyon William W. Roosa
KNOXVILLE --------------------- ----------------------- --------------------- -----------------
Amy Wherley Gerald L. Bliss L. Grant Gehman Karl W. Koreck Leonard Simpson
LAPORTE --------------------- ----------------------- --------------------- -----------------
Linda M. Etzel David L. Baumunk Robin A. Fiester William B. Saxe Ray E. Wheeland
LIBERTY --------------------- ----------------------- --------------------- -----------------
Ann L. Yuscavage Lyle R. Brion Gary L. Dinnison Lawrence F. Mase John F. Wise, Jr.
MANSFIELD --------------------- ----------------------- --------------------- -----------------
Diane Wilson Gary Ray Butters Clifford L. Cross, Jr. David Kurzejewski Roger D. Jarrett
MUNCY --------------------- ----------------------- --------------------- -----------------
Dawn Myers James R. Fetter, Jr. Kenneth F. Fry Thomas D. Hess
RALSTON --------------------- ----------------------- --------------------- -----------------
Courtney Baker George E. Bittner William W. Brooks, III Richard T. Demitras
TIOGA --------------------- ----------------------- --------------------- -----------------
Brett Kennedy C.Frederick LaVancher Leisa L. LaVancher Dirk D'Haene
TOWANDA AND MONROETON --------------------- ----------------------- --------------------- -----------------
Valerie W. Kinney James A. Bowen W. John Greenland Jeffrey A. Smith James E. Towner
Deborah J. Weisbrod
TROY --------------------- ----------------------- --------------------- -----------------
Mark C. Griffis Dennis F. Beardslee Roy W. Cummings, Jr. J. Robert Garrison Gregory W. Powers
Evan S. Williams, Jr.
WELLSBORO --------------------- ----------------------- --------------------- -----------------
Todd Coolidge Donald R. Abplanalp J. Robert Bower Robert F. Cox, Jr. R. Robert DeCamp
Craig Eccher Jan E. Fisher Edward H. Owlett III F. David Pennypacker
WILLIAMSPORT AND SOUTH
WILLIAMSPORT --------------------- ----------------------- --------------------- -----------------
Keith Boatman James Bower, Jr. Daniel Mathers Raymond Mattie Ann M. Tyler
Steven Uzupis
WYSOX --------------------- ----------------------- --------------------- -----------------
Debra S. Kitchart Lucille P. Donovan Robert L. Fulmer Gary Hennip Mark W. Smith
Walter E. Warburton, Jr.
page
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THIRTEEN
annual highlights
2004
citizens & northern, bank
officers
[PICTURE]
CITIZENS & NORTHERN BANK OFFICERS
Name Title Branch
Craig G. Litchfield Chairman, President and Chief Executive Officer Wellsboro
Dawn A. Besse Executive Vice President and Director of Sales, Service Wellsboro
and Employee Development
Mark A. Hughes Executive Vice President and Chief Financial Officer Wellsboro
Thomas L. Rudy, Jr. Executive Vice President and Director of Branch Delivery Wellsboro
Deborah E. Scott Executive Vice President and Senior Trust Officer Wellsboro
Thomas L. Briggs Vice President - Facilities Management Wellsboro
Carl M. Chambers Vice President/Western Region Commercial Team Leader Wellsboro
Rick J. Cisco Vice President and Senior Systems Analyst Wellsboro
Terry R. Depew Vice President/Regional Lending Specialist Sayre
Helen W. Ferris Vice President and Branch Manager Dushore
Marisa A. Flynn Vice President/Loan Administrator Williamsport
Mark C. Griffis Vice President/Branch Manager Troy
Roberta C. Heck Vice President and Western Regional Executive Wellsboro
Harold F. Hoose, III Vice President/Eastern Region Commercial Team Leader Sayre
Mark A. Huffman Vice President and Trust Officer Williamsport
Michelle M. Karas Vice President and Marketing Coordinator Williamsport
Scott A. Keck Vice President and Branch Operations Coordinator Wellsboro
Karen L. Keck Vice President and Deposit Operations Coordinator Wellsboro
Renee D. Laychur Vice President and Trust Officer Williamsport
James P. Lazorka Vice President and Southern Regional Executive Williamsport
Rhonda J. Litchfield Vice President and Trust Investment Officer Wellsboro
Daniel Manetta Vice President and Director of Education Williamsport
Glenda R. Marzo Vice President and Internal Auditor Wellsboro
Kim L. Miller Vice President and Regional Lending Specialist Wellsboro
Kathleen M. Osgood Corporate Secretary Wellsboro
James E. Parks Vice President and Eastern Regional Executive Towanda
Philip A. Prough Vice President/Manager of Brokerage Services Wellsboro
John M. Reber Vice President and Director of Risk Management Wellsboro
James H. Shelmire Vice President and Senior Systems Analyst Wellsboro
Bruce Smithgall Vice President/Southern Regional Commercial Team Leader Williamsport
Joseph A. Snell Vice President and Comptroller Towanda
Nancy L. Tubbs Vice President, Compliance Officer and IRA Administrator Wellsboro
Kevin Weinhoffer Vice President/Commercial Lending Williamsport
Ann L. Yuscavage Vice President and Branch Manager Liberty
Jeffery E. Aeppli Assistant Vice President/Commercial Loan Officer Wysox
Larry D. Alderson Assistant Vice President and Trust Officer Sayre
Darci Baird Assistant Vice President-Senior Financial Consultant Sayre
Keith A. Boatman Assistant Vice President and Branch Manager Williamsport
Peter J. Boergermann Assistant Vice President-Senior Network Engineer Wellsboro
Rosalie L. Bordas Assistant Vice President/Account Services Manager Wellsboro
Coleen Bowen Assistant Vice President/Mortgage Lending Specilist Wellsboro
Lori Brown Trust Officer Towanda
Peggy A. Brown Assistant Vice President and Branch Manager East Smithfield
Keith C. Cavanaugh Assistant Vice President/BankCard Sales Manager BankCard Services
Michael G. Charles Assistant Vice President and Tax Officer Wellsboro
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FOURTEEN
annual highlights
2004
CITIZENS & NORTHERN BANK OFFICERS
Name Title Branch
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Todd Coolidge Assistant Vice President and Branch Manager Wellsboro
Shelley L. D'Haene Internet Banking Coordinator Wellsboro
Linda M. Etzel Assistant Vice President and Branch Manager Laporte
Joan L. Grenell Assistant Vice President/Staff Accountant Towanda
William C. Holmes Assistant Vice President/Loan Officer Troy
Brett W. Kennedy Assistant Vice President and Branch Manager Tioga
Valerie W. Kinney Assistant Vice President and Branch Manager Towanda
Debra S. Kithcart Assistant Vice President and Branch Manager Wysox
Steven J. Moore Assistant Vice President/Workout and Recovery Officer Williamsport
Dawn L. Myers Assistant Vice President and Branch Manager Muncy
Jeffrey B. Osgood Human Resource Director Wellsboro
Eileen K. Ranck Assistant Vice President and BankCard Services Manager BankCard Services
Virginia L. Reap Assistant Vice President and Branch Manager Athens
Christopher J. Rell Assistant Vice President/Appraisal Department Manager Williamsport
David C. Schucker Assistant Vice President/Loan Officer Troy
Stacey A. Sickler Assistant Vice President/Manager Mortgage Lending Sayre
Mary J. Wood Assistant Vice President and Trust Officer Wellsboro
Sandra G. Andrews Assistant Cashier/Customer Investment Rep/Trust Wellsboro
Courtney Baker Assistant Cashier and Branch Manager Ralston
Deborah K. Beck Assistant Cashier/Loan Officer Tioga
Margaret J. Black Assistant Cashier/Loan Officer Laporte
Joan M. Blackwell Assistant Cashier/Loan Officer Liberty
Alison S. Broughton Assistant Cashier/Loan Officer Wellsboro
Claudia Brown Assistant Cashier and Operations Manager Wellsboro
Lynette M. Burrous Assistant Cashier and Branch Manager Elkland
James D. Butters Assistant Trust Officer Wellsboro
Marcella J. Chaykosky Assistant Cashier/Loan Officer Sayre
Charlene R. Clark Assistant Cashier and Operations Manager Wellsboro
William O. Cook Assistant Cashier/Assistant BankCard Sales Manager Wellsboro
Dorine M. Crisman Assistant Cashier/Loan Officer Wysox
Raechelle N. Curry Assistant Cashier/Loan Officer Dushore
Mark W. Elsbree Assistant Cashier/Loan Officer Sayre
Diane B. Elvidge Assistant Cashier/Teller East Smithfield
Yvonne M. Gill Assistant Cashier/Advertising and PR Manager Wellsboro
Linda L. Gordner Assistant Cashier/Loan Officer Muncy
George M. Greeley Assistant Cashier/Loan Officer Wellsboro
Kathy L. Griffis Assistant Cashier/Loan Officer Athens
Teri L. Hackett Assistant Cashier and Funds Management Officer Wellsboro
Rosalie H. Hall Assistant Cashier and Branch Operations Manager Troy
Kelly Isaacson Assistant Cashier/Loan Officer Mansfield
Matthew A. Kranz Assistant Cashier/Mortgage Lending Specialist South Williamsport
Marla Mcllvain Assistant Trust Officer Wellsboro
Sandra J. McNeal Assistant Cashier/Loan Officer East Smithfield
Sandra A. Parulas Assistant Cashier/Teller and CSR Specialist Wellsboro
David Poust Assistant Cashier/Commercial Loan Officer Muncy
Joan E. Rohe Assistant Cashier and Staff Accountant Towanda
Amir Sabanovic Assistant Cashier/Commercial Loan Officer Sayre
Keith T. Safford Employee Benefit Officer/Trust Williamsport
Linda Prough-Shuey Assistant Cashier/Human Resource Administrator Wellsboro
Chad R. Smith Assistant Cashier/Loan Officer Towanda
Wendy Smith Assistant Cashier/Assistant Account Services Manager Wellsboro
Debra J. Topf Assistant Cashier/Loan and CSR Specialist Wellsboro
Amy B. Wherley Assistant Cashier/Branch Manager Knoxville
Brenda B. Whiteley Assistant Cashier/Loan Officer Dushore
Diane K. Wilson Assistant Cashier and Branch Manager Mansfield
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FIFTEEN
annual highlights
2004
citizens & northern bank board of
DIRECTORS
[PICTURE]
Our 2005 Board of Directors, seated, left to right: Karl W. Kroeck, Jan E.
Fisher, Ann M. Tyler, Edward L. Learn, Leonard Simpson, J. Robert Bower and Leo
F. Lambert; standing, left to right: F. David Pennypacker, R. Robert DeCamp, R.
Bruce Haner, Susan E. Hartley, Dennis F. Beardslee, Craig G. Litchfield, James
E. Towner and Edward H. Owlett III.
BOARD OF DIRECTORS: Leo F. Lambert, President and General Ann M. Tyler, Certified Public Accountant,
Dennis F. Beardslee, Owner, Terrace Lanes Manager, Fitzpatrick & Lambert, Inc. Ann M. Tyler CPA, PC
Bowling Center
Edward L. Learn, former owner, Learn DIRECTORS EMERITI
R. Robert DeCamp, President, Patterson Hardware and Building Supply J. Robert Bower, Pharmacist
Lumber Co., Inc.
Craig G. Litchfield, Chairman of the Board, F. David Pennypacker, Retired, formerly
Jan E. Fisher, Executive Director for President and Chief Executive Officer Certified Public Accountant, Pennypacker
Healthcare Services, Laurel Health System & Gooch, PC
Edward H. Owlett, III, President and CEO
R. Bruce Haner, auto buyer for new car of Putnam Company Lawrence F. Mase, Retired, formerly
dealers president of Mase's, Inc.
Susan E. Hartley, Attorney at Law Leonard Simpson, Attorney at Law
Donald E. Treat, Retired, former owner
James E. Towner, Publisher of the Daily of Treat Hardware
Karl W. Kroeck, farmer
and Sunday Review
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SIXTEEN