Attached files
| file | filename |
|---|---|
| 8-K - CITIZENS & NORTHERN CORP | v218820_8k.htm |
| EX-99.2 - CITIZENS & NORTHERN CORP | v218820_ex99-2.htm |
| EX-99.1 - CITIZENS & NORTHERN CORP | v218820_ex99-1.htm |
EXHIBIT 99.3 – Supplemental, Unaudited Financial Information
|
AVAILABLE-FOR-SALE SECURITIES
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March 31, 2011
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December 31, 2010
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||||||||||||||
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(In Thousands)
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Amortized
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Fair
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Amortized
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Fair
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||||||||||||
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Cost
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Value
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Cost
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Value
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|||||||||||||
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Obligations of other U.S. Government agencies
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$36,963 | $37,129 | $44,005 | $44,247 | ||||||||||||
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Obligations of states and political subdivisions:
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||||||||||||||||
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Tax-exempt
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127,107 | 121,789 | 127,210 | 119,874 | ||||||||||||
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Taxable
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11,676 | 11,507 | 7,808 | 7,668 | ||||||||||||
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Mortgage-backed securities
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99,220 | 103,627 | 113,176 | 118,386 | ||||||||||||
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Collateralized mortgage obligations,
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||||||||||||||||
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Issued by U.S. Government agencies
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152,718 | 153,558 | 131,040 | 130,826 | ||||||||||||
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Corporate bonds
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1,000 | 1,019 | 1,000 | 1,027 | ||||||||||||
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Trust preferred securities issued by individual institutions
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6,640 | 8,040 | 6,535 | 7,838 | ||||||||||||
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Collateralized debt obligations:
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||||||||||||||||
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Pooled trust preferred securities - senior tranches
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9,937 | 9,038 | 9,957 | 7,400 | ||||||||||||
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Other collateralized debt obligations
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681 | 681 | 681 | 681 | ||||||||||||
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Total debt securities
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445,942 | 446,388 | 441,412 | 437,947 | ||||||||||||
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Marketable equity securities
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4,789 | 6,586 | 4,589 | 6,009 | ||||||||||||
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Total
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$450,731 | $452,974 | $446,001 | $443,956 | ||||||||||||
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Summary of Loans by Type
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||||||||
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(Excludes Loans Held for Sale)
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||||||||
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(In Thousands)
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March 31,
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December 31,
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||||||
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2011
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2010
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|||||||
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Consumer mortgage:
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||||||||
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Residential mortgage loans - first liens
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$335,362 | $333,012 | ||||||
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Residential mortgage loans - junior liens
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30,403 | 31,590 | ||||||
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Home equity lines of credit
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26,887 | 26,853 | ||||||
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1-4 Family residential construction
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7,666 | 14,379 | ||||||
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Total consumer mortgage
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400,318 | 405,834 | ||||||
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Commercial:
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||||||||
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Commercial loans secured by real estate
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164,201 | 167,094 | ||||||
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Commercial and industrial
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57,494 | 59,005 | ||||||
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Political subdivisions
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36,226 | 36,480 | ||||||
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Commercial construction
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23,340 | 24,004 | ||||||
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Loans secured by farmland
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11,715 | 11,353 | ||||||
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Multi-family (5 or more) residential
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7,600 | 7,781 | ||||||
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Agricultural loans
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3,199 | 3,472 | ||||||
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Other commercial loans
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862 | 392 | ||||||
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Total commercial
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304,637 | 309,581 | ||||||
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Consumer
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14,004 | 14,996 | ||||||
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Total
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718,959 | 730,411 | ||||||
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Less: allowance for loan losses
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(8,846 | ) | (9,107 | ) | ||||
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Loans, net
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$710,113 | $721,304 | ||||||
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ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
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||||
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(In Thousands)
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||||
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3 Months
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3 Months
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Year
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||||||||||
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Ended
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Ended
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Ended
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||||||||||
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March 31,
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March 31,
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December 31,
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||||||||||
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2011
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2010
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2010
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||||||||||
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(Unaudited)
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(Unaudited)
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|||||||||||
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Balance, beginning of year
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$9,107 | $8,265 | $8,265 | |||||||||
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Charge-offs
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(97 | ) | (181 | ) | (619 | ) | ||||||
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Recoveries
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28 | 126 | 270 | |||||||||
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Net charge-offs
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(69 | ) | (55 | ) | (349 | ) | ||||||
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(Credit) provision for loan losses
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(192 | ) | 207 | 1,191 | ||||||||
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Balance, end of period
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$8,846 | $8,417 | $9,107 | |||||||||
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PAST DUE AND NONPERFORMING ASSETS
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||||
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(In Thousands)
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||||
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Mar. 31,
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Dec. 31,
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Mar. 31,
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||||||||||
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2011
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2010
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2010
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||||||||||
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Total loans past due 30-89 days and still accruing
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$5,291 | $7,125 | $7,571 | |||||||||
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Nonperforming assets:
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||||||||||||
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Total loans past due 90 days or more and still accruing
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$453 | $727 | $530 | |||||||||
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Total nonaccrual loans
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10,371 | 10,809 | 8,556 | |||||||||
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Foreclosed assets held for sale (real estate)
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707 | 537 | 669 | |||||||||
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Total nonperforming assets
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$11,531 | $12,073 | $9,755 | |||||||||
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Total nonperforming assets as a % of assets
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0.88% | 0.92% | 0.72% | |||||||||
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(Dollars in Thousands)
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||||||||||||||||||||||||
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3 Months
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3 Months
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3 Months
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||||||||||||||||||||||
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Ended
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Rate of
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Ended
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Rate of
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Ended
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Rate of
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|||||||||||||||||||
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3/31/2011
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Return/
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12/31/2010
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Return/
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3/31/2010
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Return/
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|||||||||||||||||||
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Average
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Cost of
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Average
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Cost of
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Average
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Cost of
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|||||||||||||||||||
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Balance
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Funds %
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Balance
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Funds %
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Balance
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Funds %
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|||||||||||||||||||
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EARNING ASSETS
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Available-for-sale securities, at amortized cost:
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Taxable
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$327,104 | 3.42 | % | $312,889 | 3.46 | % | $306,966 | 4.18 | % | |||||||||||||||
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Tax-exempt
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126,973 | 6.08 | % | 120,990 | 6.06 | % | 107,857 | 6.56 | % | |||||||||||||||
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Total available-for-sale securities
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454,077 | 4.16 | % | 433,879 | 4.18 | % | 414,823 | 4.80 | % | |||||||||||||||
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Held-to-maturity securities, Taxable
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0 | 0.00 | % | 0 | 0.00 | % | 154 | 5.27 | % | |||||||||||||||
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Trading securities
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0 | 0.00 | % | 0 | 0.00 | % | 116 | 6.99 | % | |||||||||||||||
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Interest-bearing due from banks
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31,750 | 0.20 | % | 40,139 | 0.22 | % | 66,887 | 0.23 | % | |||||||||||||||
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Federal funds sold
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0 | 0.00 | % | 1 | 0.00 | % | 60 | 0.00 | % | |||||||||||||||
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Loans:
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||||||||||||||||||||||||
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Taxable
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688,975 | 6.40 | % | 693,013 | 6.36 | % | 683,899 | 6.49 | % | |||||||||||||||
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Tax-exempt
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35,073 | 6.44 | % | 35,273 | 6.51 | % | 36,365 | 6.56 | % | |||||||||||||||
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Total loans
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724,048 | 6.40 | % | 728,286 | 6.37 | % | 720,264 | 6.50 | % | |||||||||||||||
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Total Earning Assets
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1,209,875 | 5.40 | % | 1,202,305 | 5.38 | % | 1,202,304 | 5.56 | % | |||||||||||||||
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Cash
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16,985 | 17,493 | 16,922 | |||||||||||||||||||||
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Unrealized gain/loss on securities
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(588 | ) | 4,694 | (204 | ) | |||||||||||||||||||
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Allowance for loan losses
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(9,201 | ) | (8,686 | ) | (8,410 | ) | ||||||||||||||||||
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Bank premises and equipment
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22,474 | 22,923 | 24,164 | |||||||||||||||||||||
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Intangible Asset - Core Deposit Intangible
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315 | 352 | 484 | |||||||||||||||||||||
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Intangible Asset - Goodwill
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11,942 | 11,942 | 11,942 | |||||||||||||||||||||
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Other assets
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60,758 | 62,350 | 79,191 | |||||||||||||||||||||
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Total Assets
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$1,312,560 | $1,313,373 | $1,326,393 | |||||||||||||||||||||
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INTEREST-BEARING LIABILITIES
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Interest-bearing deposits:
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Interest checking
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$163,479 | 0.32 | % | $164,011 | 0.40 | % | $127,117 | 0.66 | % | |||||||||||||||
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Money market
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203,439 | 0.30 | % | 207,574 | 0.37 | % | 197,023 | 0.51 | % | |||||||||||||||
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Savings
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92,625 | 0.25 | % | 85,098 | 0.25 | % | 71,581 | 0.25 | % | |||||||||||||||
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Certificates of deposit
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212,133 | 1.99 | % | 217,005 | 2.05 | % | 236,951 | 2.44 | % | |||||||||||||||
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Individual Retirement Accounts
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161,174 | 2.99 | % | 162,908 | 3.01 | % | 161,127 | 3.10 | % | |||||||||||||||
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Other time deposits
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956 | 0.42 | % | 755 | 0.53 | % | 990 | 0.41 | % | |||||||||||||||
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Total interest-bearing deposits
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833,806 | 1.25 | % | 837,351 | 1.32 | % | 794,789 | 1.61 | % | |||||||||||||||
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Borrowed funds:
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||||||||||||||||||||||||
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Short-term
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16,865 | 0.14 | % | 19,498 | 0.22 | % | 37,189 | 1.09 | % | |||||||||||||||
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Long-term
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145,802 | 4.01 | % | 150,635 | 4.01 | % | 196,142 | 4.14 | % | |||||||||||||||
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Total borrowed funds
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162,667 | 3.61 | % | 170,133 | 3.58 | % | 233,331 | 3.66 | % | |||||||||||||||
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Total Interest-bearing Liabilities
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996,473 | 1.63 | % | 1,007,484 | 1.70 | % | 1,028,120 | 2.07 | % | |||||||||||||||
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Demand deposits
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168,211 | 156,932 | 136,434 | |||||||||||||||||||||
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Other liabilities
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6,461 | 7,495 | 7,465 | |||||||||||||||||||||
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Total Liabilities
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1,171,145 | 1,171,911 | 1,172,019 | |||||||||||||||||||||
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Stockholders' equity, excluding other comprehensive income/loss
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142,054 | 138,592 | 154,897 | |||||||||||||||||||||
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Other comprehensive income/loss
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(639 | ) | 2,870 | (523 | ) | |||||||||||||||||||
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Total Stockholders' Equity
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141,415 | 141,462 | 154,374 | |||||||||||||||||||||
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Total Liabilities and Stockholders' Equity
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$1,312,560 | $1,313,373 | $1,326,393 | |||||||||||||||||||||
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Interest Rate Spread
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3.77 | % | 3.68 | % | 3.49 | % | ||||||||||||||||||
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Net Interest Income/Earning Assets
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4.05 | % | 3.95 | % | 3.79 | % | ||||||||||||||||||
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Total Deposits (Interest-bearing
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||||||||||||||||||||||||
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and Demand)
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$1,002,017 | $994,283 | $931,223 | |||||||||||||||||||||
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(1) Rates of return on tax-exempt securities and loans are presented on a fully taxable-equivalent basis.
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||||||||||||||||||||||||
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(2) Nonaccrual loans have been included with loans for the purpose of analyzing net interest earnings.
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||||||||||||||||||||||||
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COMPARISON OF NONINTEREST INCOME
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||||||||||||
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(In Thousands)
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Three Months Ended
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|||||||||||
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Mar. 31,
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Dec. 31,
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Mar. 31,
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||||||||||
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2011
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2010
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2010
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||||||||||
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Service charges on deposit accounts
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$1,131 | $1,130 | $1,093 | |||||||||
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Service charges and fees
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218 | 264 | 193 | |||||||||
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Trust and financial management revenue
|
877 | 870 | 899 | |||||||||
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Brokerage revenue
|
123 | 147 | 109 | |||||||||
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Insurance commissions, fees and premiums
|
68 | 62 | 60 | |||||||||
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Increase in cash surrender value of life insurance
|
122 | 114 | 112 | |||||||||
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Interchange revenue from debit card transactions
|
452 | 452 | 375 | |||||||||
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Net gains from sales of loans
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259 | 268 | 66 | |||||||||
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Net (loss) gain from other real estate
|
(19 | ) | 5 | (38 | ) | |||||||
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Net gain from sale of premises and equipment
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0 | 0 | 448 | |||||||||
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Impairment loss on limited partnership investment
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(948 | ) | 0 | 0 | ||||||||
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Other operating income
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272 | 168 | 231 | |||||||||
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Total other operating income, before realized
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||||||||||||
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gains on available-for-sale securities, net
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$2,555 | $3,480 | $3,548 | |||||||||
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COMPARISON OF NONINTEREST EXPENSE
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||||||||||||
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(In Thousands)
|
Three Months Ended
|
|||||||||||
|
Mar. 31,
|
Dec. 31,
|
Mar. 31,
|
||||||||||
|
2011
|
2010
|
2010
|
||||||||||
|
Salaries and wages
|
$3,401 | $3,432 | $3,078 | |||||||||
|
Pensions and other employee benefits
|
1,306 | 938 | 939 | |||||||||
|
Occupancy expense, net
|
732 | 641 | 699 | |||||||||
|
Furniture and equipment expense
|
484 | 493 | 568 | |||||||||
|
FDIC Assessments
|
325 | 249 | 404 | |||||||||
|
Pennsylvania shares tax
|
319 | 306 | 305 | |||||||||
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Other operating expense
|
1,696 | 1,661 | 2,004 | |||||||||
|
Total Other Expense
|
$8,263 | $7,720 | $7,997 | |||||||||