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 C&N Declares Dividend and Announces Second Quarter 2017 Unaudited Financial Results


July 20, 2017

Wellsboro, PA – C&N Corporation (“C&N”) (NASDAQ: CZNC) announced its most recent dividend declaration and its unaudited, consolidated financial results for the three-month and six-month periods ended June 30, 2017.
 
Dividend Declared
C&N’s Board of Directors has declared a regular quarterly cash dividend of $0.26 per share.  The dividend is payable on August 11, 2017 to shareholders of record as of July 31, 2017.  Declaration of the dividend was made at the July 20, 2017 meeting of C&N’s Board of Directors.

Unaudited Financial Information
Second quarter 2017 net income was $0.34 per basic and diluted share, as compared to $0.28 in the first quarter 2017 and $0.32 in the second quarter 2016.  For the six months ended June 30, 2017, net income per basic and diluted share was $0.62 as compared to $0.61 for the first six months of 2016.  The return on average assets for the first six months of 2017 was 1.22%, and the return on average equity was 8.07%.  Highlights related to C&N’s earnings results for the comparative periods are presented below.
 
Second Quarter 2017 as Compared to First Quarter 2017
Net income was $4,121,000 in the second quarter 2017, up from $3,434,000 in the first quarter 2017.  Significant variances were as follows: 
  Second Quarter 2017 as Compared to Second Quarter 2016 
Net income for the second quarter 2017 was higher by $250,000 (6.5%) than the second quarter 2016 amount.  Significant variances were as follows: 
   
Six-Month Periods Ended June 30, 2017 and 2016
Net income was $7,555,000 in first six months of 2017, an increase of 1.5% over net income for the first six months of 2016 of $7,444,000.  Significant variances were as follows: 
    Other Information:
Changes in other unaudited financial information are as follows:
 
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