Earnings release
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Exhibit 99.1 April 22 , 2021 CITIZENS & NORTHERN CORPORATION Contact : Charity Frantz 570-724-0225 charityf@cnbankpa.com C & N DECLARES DIVIDEND AND ANNOUNCES FIRST QUARTER 2021 UNAUDITED FINANCIAL RESULTS FOR IMMEDIATE RELEASE : Wellsboro , PA - Citizens & Northern Corporation ( “ C & N ” ) ( NASDAQ : CZNC ) announced its most recent dividend declaration and its unaudited , consolidated financial results for the three - month period ended March 31 , 2021 . Dividend Declared On April 22 , 2021 , C & N's Board of Directors declared a regular quarterly cash dividend of $ 0.28 per share . The dividend is payable on May 14 , 2021 to shareholders of record as of May 3 , 2021. The amount is increased 3.7 % from the previous quarterly dividend of $ 0.27 per share which was paid in February 2021 . Unaudited Financial Information Net income was $ 0.55 per diluted share in the first quarter 2021 , up $ 0.12 ( 27.9 % ) from $ 0.43 in the fourth quarter 2020 and up $ 0.25 ( 83.3 % ) from $ 0.30 in the first quarter 2020. As described below , earnings of $ 0.55 per share for the first quarter 2021 were 7.8 % higher than fourth quarter 2020 non - U.S . GAAP earnings per share of $ 0.51 as adjusted to exclude the impact of merger - related expenses , loss on prepayment of borrowings and net gains on available - for - sale debt securities . First quarter 2021 earnings per share were 77.4 % higher than first quarter 2020 non - U.S . GAAP earnings per share of $ 0.31 as adjusted to exclude the impact of merger - related expenses . The following table provides a reconciliation of C & N's unaudited earnings results under U.S. generally accepted accounting principles ( U.S. GAAP ) to comparative non - U.S . GAAP results excluding merger - related expenses , loss on prepayment of borrowings and net gains on available - for - sale debt securities . Management believes disclosure of unaudited earnings results for the periods presented , adjusted to exclude the impact of these items , provides useful information to investors for comparative purposes . 4