C&N completes $44.6M Susquehanna merger; pro forma EPS $1.20 for 2024

CITIZENS & NORTHERN CORP

Merger consideration $44.6M: 0.8 C&N shares per Susquehanna share, price $19.64/share.
Pro forma total assets $3.256B; goodwill $11.5M, core deposit intangibles $10.2M.
Pro forma net income $21.2M (FY 2024) and $19.9M (9mo 2025); EPS $1.20 and $1.12.
C&N expects early adoption of ASU 2025-08 to eliminate Day 1 $4.1M provision for credit losses.
C&N sold most acquired securities for $143.2M; repaid Susquehanna's $45.8M short-term borrowing.

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