Citizens & Northern Corp · NASDAQ:CZNC
Citizens & Northern — Piper Sandler Financial Services Conference 2025
41 slides from Citizens & Northern's conference presentation, Nov 7, 2025
Slide 1: Piper Sandler Financial Services Conference November 11, 2025
Piper Sandler & Co. Piper Sandler & Co. Financial Services Conference November 11, 2025
Slide 2: Caution Regarding Forward Looking Statements
CAUTION REGARDING FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to future events or the future performance of the Company. Forward-looking statements are not guarantees of perfor
Slide 3: Overview
3 Overview 161-year-old institution with a strong risk profile and market position Experienced management team with a proven track record of M&A Consistently strong profitability with diversified revenue streams Balanced loan portfolio with sound asset quality Stable, low-cost core deposit franchise
Slide 4: Citizens & Northern Corporation overview
• Citizens & Northern Corporation (“C&N”) is a bank holding company with assets of approximately $2.7 billion at September 30, 2025. It was founded in 1987 and has been listed on the NASDAQ since 2005. C&N’s principal subsidiary is Citizens & Northern Bank (“C&N Bank”). • On October 1, 2025, C&N com
Slide 5: Current Branch and LPO Footprint
Current Branch and LPO Footprint 5
Slide 6: Experienced Management Team
6 Experienced Management Team Name Position Years of Banking Experience Years with Citizens & Northern J. Bradley Scovill President and CEO 34 10 Mark Hughes Chief Financial Officer 25 25 Alexander Balagour Chief Information Officer 12 4 Kelley Cwiklinski Chief Commercial Lending Officer 40 5 Stan D
Slide 7: Current Strategic Focus
7 Current Strategic Focus •Target business segments we know and understand •Integrate C&N relationship model for the benefit of established Susquehanna market team •Blending digital with personal/physical access Relationship Banking Model •Delivering results from cloud migration and API integrations
Slide 8: Susquehanna Community Bank – Strategic Acquisition Transaction Overview
Transaction Overview • Closed October 1, 2025 • Exchange ratio: 0.80 C&N shares per Susquehanna share • ~2.273M C&N shares issued • Susquehanna shareholders own ~13% of combined company • Transaction value: ~$44.6M Susquehanna Financial Snapshot • Total Assets: $587M • Gross Loans: $400M • Deposits:
Slide 9: Susquehanna Market Opportunity and Execution Scalability
Enhanced go-to-market capabilities: • Treasury Management products and services • C&I lending • Digital Channels • Direct digital marketing, onboarding and communications • Employee workflow automation 9 Susquehanna Market Opportunity and Execution Scalability Tech and Ops Scalability • Asset size i
Slide 10: Summary Statistics
10 Summary Statistics September 30, 2025 (Unaudited) Total Assets $2,664 Million Net Loans $1,922 Million Total Deposits $2,166 Million Total Loans / Total Deposits 89.8% Uninsured and Uncollateralized Deposits / Total Deposits 23.7% Tangible Common Equity1 $239.7 Million Tang. Common Equity / Tang.
Slide 11: Strong Historical Profitability
11 Strong Historical Profitability Net Income ($M) Efficiency Ratio (%) ROAA (%) Net Interest Margin (%) 1) Annualized 2) Reference GAAP to Non GAAP reconciliation pages in appendix 3) YTD 9/2025 information is unaudited Non-GAAP GAAP Adjusted2 Non-GAAP GAAP Adjusted2 62.48% 69.51% 68.04% 65.66% 202
Slide 12: Pre-tax Pre-provision Net Revenue Minus Net Charge-Offs
12 Pre-tax Pre-provision Net Revenue Minus Net Charge-Offs 1) YTD 9/2025 information is unaudited and annualized PPNR – Net Charge-Offs ($M) $36.6 $33.2 $33.3 $38.6 2022Y 2023Y 2024Y YTD 9/2025¹
Slide 13: Net Interest Margin Trend
13 Net Interest Margin Trend (Unaudited) Net Interest Margin (%) 3.29% 3.30% 3.38% 3.52% 3.62% 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3
Slide 14: Average Loan Yield and Deposit Cost
14 Average Loan Yield and Deposit Cost (Unaudited) 1) Noninterest-bearing and interest-bearing deposits are included in the calculation of average deposit cost. 6.08% 6.07% 6.03% 6.07% 6.14% 1.99% 1.98% 1.89% 1.78% 1.76% 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 1.00% 1.50% 2.00% 2.50% 3.00% 4.60% 5.1
Slide 15: Diversified Revenue: Meaningful Contribution of Fee Income
15 Diversified Revenue: Meaningful Contribution of Fee Income 1) Annualized returns on tax-exempt securities and loans are presented on a fully taxable-equivalent basis using a 21% marginal income tax rate. Increase in cash surrender value of life insurance for 2023 excludes enhancement fee of $2.1
Slide 16: Targeted Balance Sheet Growth
$1,998 $2,015 $2,094 $2,166 2022Y 2023Y 2024Y 2025Q3¹ 16 Targeted Balance Sheet Growth Total Assets ($M) Total Deposits ($M) Total Loans and Leases ($M) Total Equity ($M) CAGR2 : 3.0% 1) 2025Q3 information is unaudited 2) CAGR calculated from 2022Y to 2025Q3 CAGR2 : 4.1% CAGR2 : 3.0% CAGR2 : 6.2% $2
Slide 17: Diversified Lending Strategy & Portfolio Composition
Office (1) 24% Industrial 18% Retail 18% Hotels 15% Mixed Use 13% Other 13% Nonowner occupied 34% Multi-family 7% 1-4 family - commercial purpose 11% Owner occupied 18% C&I 8% Commericial lines of credit 9% Political subdivisions 5% Commercial construction and land 7% Other commercial loans 1% CRE -
Slide 18: Consistent and Well Covered Asset Quality Metrics
18 Consistent and Well Covered Asset Quality Metrics 1) Reference nonperforming assets detail page in appendix 2) YTD 9/2025 information is unaudited NPAs / Assets (%) Allowance for Credit Losses / Total Loans (%) NCOs / Avg. Loans (%) Provision for Credit Losses / NCOs (%) 1.04 0.75 0.92 1.02 2022Y
Slide 19: Strong Core Deposit Base
MMDA & Savings 27.0% Interest-Bearing Demand 26.2% Noninterest-Bearing Demand 23.5% Time < $250k 14.3% Jumbo Time 8.8% Brokered 0.2% 19 Strong Core Deposit Base (Unaudited) • Total deposits excluding time and brokered of $1.66B, which represents 76.6% of total deposits • 1.76% cost of total deposits
Slide 20: Holding Company Capital Ratios
20 Holding Company Capital Ratios TCE / TA (%) Tier 1 Capital Ratio (%) Leverage Ratio (%) Total RBC Ratio (%) 1) 2025Q3 information is unaudited 8.1 8.4 8.6 9.2 2022Y 2023Y 2024Y 2025Q3¹ 10.1 9.9 9.8 10.2 2022Y 2023Y 2024Y 2025Q3¹ 13.4 13.3 13.6 13.5 2022Y 2023Y 2024Y 2025Q3¹ 15.7 15.7 16.0 16.0 20
Slide 21: Bank Level Capital Ratios
21 Bank Level Capital Ratios Tier 1 Capital Ratio (%) Leverage Ratio (%) Total RBC Ratio (%) 1) 2025Q3 information is unaudited 13.7 13.8 14.1 14.0 2022Y 2023Y 2024Y 2025Q3¹ 10.4 10.3 10.2 10.6 2022Y 2023Y 2024Y 2025Q3¹ 14.7 14.9 15.2 15.2 2022Y 2023Y 2024Y 2025Q3¹
Slide 22: Thank You
Thank You 22
Slide 23: Appendix
Appendix 23
Slide 24: Management biographies
• J. Bradley Scovill - Mr. Scovill has served as President and Chief Executive Officer of the Corporation and Citizens & Northern Bank (the “Bank”) since March 2, 2015. Prior to joining the Corporation and Bank, Mr. Scovill most recently served as President and Chief Operating Officer of Kish Bancor
Slide 25: Management biographies (continued)
• Stan Dunsmore - Mr. Dunsmore has served as Executive Vice President and Chief Credit Officer of the Bank since January 2015. Previously, Mr. Dunsmore served as Vice President and Commercial Loan Sales Officer of the Bank since May 2007. Prior to the May 2007 acquisition of Citizens Trust Company b
Slide 26: Management biographies (continued)
• Blair Rush - Executive Vice President and Southeast Region President of the Bank since February 2021; formerly Southeast Region President of the Bank since July 2020 with the acquisition of Covenant Bank. Prior to his employment with C&N, Mr. Rush most recently served as President & Chief Operatin
Slide 27: Strong Presence in Legacy Markets Support Our Continued Expansion
1) Includes Susquehanna Community Bank deposits Source: FDIC Summary of Deposits; data as of June 30, 2025 27 Strong Presence in Legacy Markets Support Our Continued Expansion Northern Tier 63% Susquehanna PA 18% Southeastern PA 17% Southcentral PA 2% Total Deposits ($000) As of June 30, 2025 (Unaud
Slide 28: Consolidated Balance Sheet Data
28 Consolidated Balance Sheet Data At September 30, 2022 2023 2024 2025 (2) Assets ($000) Cash and Due from Banks 55,048 56,878 126,174 123,090 Available-for-sale Debt Securities 498,033 415,755 402,380 415,313 Total Cash & Securities 553,081 472,633 528,554 538,403 Gross Loans Held for Investment 1
Slide 29: Consolidated Income Statement Data
29 Consolidated Income Statement Data For the Year Ended December 31, 9 Months Ended 2022 2023 2024 September 30, 2025 (1) Net Interest Income 83,128 80,400 79,115 63,380 Provision for Credit Losses 7,255 186 2,195 4,753 Trust Revenue 6,994 7,413 7,928 6,125 Brokerage and Insurance Revenue 2,291 1,6
Slide 30: Net Interest Margin Trend
30 Net Interest Margin Trend (Unaudited) Net Interest Margin Trends (Dollars in Thousands) 3 Months 3 Months 3 Months 3 Months 3 Months Ended Rate of Ended Rate of Ended Rate of Ended Rate of Ended Rate of 9/30/2024 9/30/2024 Return/ 12/31/2024 12/31/2024 Return/ 3/31/2025 3/31/2025 Return/ 6/30/202
Slide 31: Average Loan Yield and Deposit Cost Details
31 Average Loan Yield and Deposit Cost Details (Unaudited) Average Loan Yield and Deposit Cost (Dollars in Thousands) 3 Months 3 Months 3 Months 3 Months 3 Months Ended Rate of Ended Rate of Ended Rate of Ended Rate of Ended Rate of 9/30/2024 9/30/2024 Return/ 12/31/2024 12/31/2024 Return/ 3/31/2025
Slide 32: Securities Portfolio
Investment Portfolio Characteristics as of September 30, 2025 32 Securities Portfolio (Unaudited) 1) Municipal portfolio credit quality information is summarized based on amortized cost values. Ratings are assigned to each security based on the lowest enhanced or underlying rating from Moody’s, S&P
Slide 33: Securities Portfolio, continued
33 Securities Portfolio, continued The composition of the available-for-sale debt securities portfolio at September 30, 2025, December 31, 2024 and December 31, 2023 is as follows: (Dollars In Thousands) September 30, 2025 (b) December 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Amortiz
Slide 34: Interest Rate Risk Profile
34 Interest Rate Risk Profile (Unaudited) Citizens & Northern uses a simulation model to calculate the potential effects of interest rate fluctuations on net interest income and the economic value of portfolio equity. The projected results include the impact of estimates, at each level of interest r
Slide 35: Liquidity Information
35 Liquidity Information (Unaudited) (Dollars In Thousands) Available Credit Facilities Outstanding Available Sept. 30, Dec. 31, Sept. 30, Dec. 31, 2025 2024 2025 2024 Federal Home Loan Bank of Pittsburgh $155,881 $188,692 $802,213 $749,999 Federal Reserve Bank Discount Window 0 0 25,228 18,093 Othe
Slide 36: Nonperforming Assets Detail
36 Nonperforming Assets Detail At September 30, ($000s) 2022 2023 2024 2025 (1) Nonperforming Assets: Nonaccrual Loans $23,085 $15,177 $23,842 $25,762 Total Loans Past due 90 days or More and Still Accruing 2,237 3,190 119 1,025 Total Nonperforming Loans 25,322 18,367 23,961 26,787 Foreclosed Assets
Slide 37: Nonowner Occupied CRE Loan Summary
37 Nonowner Occupied CRE Loan Summary – September 30, 2025 (Unaudited) 1) Approximately 5% of the 9/30/2025 balance represents loans collateralized by property located in Philadelphia County. % of (Dollars in Thousands) 9/30/2025 Nonowner % of Loan Type Balance Occupied CRE Total Loans Office (1) 11
Slide 38: Reconciliation of GAAP to Non-GAAP Measure
38 Reconciliation of GAAP to Non-GAAP Measure 1) Income tax has been allocated based on a marginal income tax rate of 21%. The effect on the income tax provision is adjusted for the estimated nondeductible portion of merger expenses. Note: ROAA, ROAE and ROATCE shown on an annualized basis Nine Mont
Slide 39: Reconciliation of GAAP to Non-GAAP Measure (PPNR)
39 Nine Months Ended 9/30/2025 ($000s) 2022 2023 2024 (Unaudited) Net Income (GAAP) $26,618 $24,148 $25,958 $18,961 Plus: Provision for income taxes 5,732 6,335 5,913 4,290 Plus Provision for credit losses 7,255 186 2,195 4,753 Plus: Merger-Related expenses 0 0 0 1,049 Plus: fully taxable-equivalent
Slide 40: Reconciliation of GAAP to Non-GAAP Measure
40 Reconciliation of GAAP to Non-GAAP Measure 1) Annualized returns on tax-exempt securities and loans are presented on a fully taxable-equivalent basis using a 21% marginal income tax rate. Nine Months Ended 9/30/2025 ($000s) 2022 2023 2024 (Unaudited) Total Noninterest Expense $67,955 $74,148 $74,
Slide 41: Reconciliation of GAAP to Non-GAAP Measure: Tangible Common Equity
41 Reconciliation of GAAP to Non-GAAP Measure Holding Company Tangible Common Equity 9/30/2025 (Dollars in Thousands) 12/31/2022 12/31/2023 12/31/2024 (Unaudited) Stockholders' Equity (GAAP) $249,325 $262,381 $275,284 $293,959 Less: Intangible Assets 55,382 54,974 54,585 54,267 Tangible Common Equit
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