-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O/iK1kGkfH3w+UDVosFQpKgB+yn2h9KX7nTsznWsXBP5ZiOzuRKwjf8WNCOGEmR6 CmCnbD2JKeryDdKz3caPHw== 0000912057-95-009741.txt : 19951119 0000912057-95-009741.hdr.sgml : 19951119 ACCESSION NUMBER: 0000912057-95-009741 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS & NORTHERN CORP CENTRAL INDEX KEY: 0000810958 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232451943 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16084 FILM NUMBER: 95590297 BUSINESS ADDRESS: STREET 1: THOMPSON ST CITY: RALSTON STATE: PA ZIP: 17763 BUSINESS PHONE: 7172656171 MAIL ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) FOR THE NINE MONTH PERIOD ENDED: SEPTEMBER 30, 1995 COMMISSION FILE NUMBER: 0-6084 CITIZENS AND NORTHERN CORPORATION STATE OF INCORPORATION: PENNSYLVANIA I.R.S. EMPLOYER IDENTIFICATION NUMBER: 23-2451943 REGISTRANT'S TELEPHONE NUMBER (INCLUDING AREA CODE) : 717-724-3411 ADDRESS OF PRINCIPAL EXECUTIVE OFFICE: THOMPSON STREET RALSTON, PA 17763 MAILING ADDRESS OF EXECUTIVE OFFICE: 90-92 MAIN STREET WELLSBORO, PA. 16901 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (D) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes x No -- -- As of November 1, 1995 5,066,516 COMMON SHARES WERE OUTSTANDING 1 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information Item 1. Financial Statements CONSOLIDATED BALANCE SHEET
September 30, December 31 (In Thousands) 1995 1994 (Unaudited) (Audited) ASSETS Cash & Due From Banks 11,670 11,572 Interest-Bearing Deposits 1,151 835 Total Cash and Cash Equivalents 12,821 12,407 Available-for-Sale Securities 301,489 260,624 Held-to-Maturity Securities 1,268 1,196 Federal Funds Sold 2,500 Loans, Net 258,027 254,243 Bank Premises and Equipment 6,613 6,920 Foreclosed Assets Held for Sale 831 644 Accrued Interest on Bonds and Loans 4,059 3,861 Other Assets 831 6,583 TOTAL ASSETS 588,439 546,478 LIABILITIES Deposits: Noninterest-Bearing 40,791 42,855 Interest-Bearing 384,551 356,408 Total Deposits 425,342 399,263 Dividends Payable 794 786 Borrowed Funds 94,650 98,500 Accrued Interest and Other Liabilities 6,482 1,133 TOTAL LIABILITIES 527,268 499,682 STOCKHOLDERS' EQUITY Common Stock, Par Value $ 1.00 per Share 5,067 5,016 Authorized 10,000,000; Issued 5,066,516 and 5,016,352 in 1995 and 1994, respectively Stock Dividend Distributable 1,016 Paid in Capital 11,575 10,610 Retained Earnings 42,823 39,743 Total 59,465 56,385 Unrealized Holding Loss on Available-for-Sale Securities 2,706 (8,589) Less: Treasury Stock at Cost 104,060 shares at September 30, 1995 (1,000) - 103,030** shares at December 31, 1994 (1,000) TOTAL STOCKHOLDERS' EQUITY 61,171 46,796 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 588,439 546,478
The accompanying notes are an integral part of the consolidated financial statements. ** Common stock adjusted to reflect 100% stock dividend issued October 1994 2 CITIZENS & NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 1. Financial Statements (continued) CONSOLIDATED STATEMENT OF INCOME
(Dollars in Thousands except Per Share Data) Fiscal Year to Date 3 Months Ending 9 Months Ending September 30, September 30, 1995 1994 1995 1994 (Current) (Prior Year) (Current) (Prior Year) INTEREST INCOME Interest and Fees on Loans 19,338 17,163 6,739 5,957 Interest on Balances with Depository Institutions 38 51 15 10 Interest on Loans to Political Subdivisions 315 228 107 84 Interest on Federal Funds Sold 64 13 5 Income from Available-for-Sale and Held-to-Maturity Securities: Taxable 11,259 11,246 3,939 3,897 Tax Exempt 1,992 1,995 693 652 Dividends 519 478 165 167 Total Interest and Dividend Income 33,525 31,174 11,658 10,772 INTEREST EXPENSE Interest on Deposits 14,186 11,272 4,772 3,978 Interest on Other Borrowings 4,308 3,668 1,492 1,379 Total Interest Expense 18,494 14,940 6,264 5,357 Interest Margin 15,031 16,234 5,394 5,415 Provision for Possible Loan Losses 552 553 184 184 Interest Margin After Provision for Possible Loan Losses 14,479 15,681 5,210 5,231 OTHER INCOME Service Charges on Deposit Accounts 842 793 286 273 Service Charges and Fees 204 216 73 72 Trust Department Income 562 392 178 122 Insurance Commissions, Fees and Premiums 477 444 164 169 Other Operating Income 37 322 8 15 Realized Gains on Available-for-Sale and Held-to-Maturity Securities, Net 1,229 722 378 27 Total Other Income 3,351 2,889 1,087 678 OTHER EXPENSES Salaries and Wages 4,096 3,731 1,368 1,247 Pensions and Other Employee Benefits 1,260 1,296 382 390 Occupancy Expense, Net 524 511 168 159 Furniture and Equipment Expense 486 403 176 144 Other Operating Expense 4,331 4,216 1,294 1,406 Total Other Expenses 10,697 10,157 3,388 3,346 Income Before Income Tax Provision 7,133 8,413 2,909 2,563 Income Tax Provision 1,671 2,098 840 585 NET INCOME 5,462 6,315 2,069 1,978 PER SHARE DATA: NET INCOME 1.10 1.27 0.42 0.40 NUMBER SHARES USED IN COMPUTATION 4,962,456 4,962,456 4,962,456 4,962,456 NUMBER SHARES ISSUED 5,066,516 5,016,352 5,066,516 5,016,352 NUMBER SHARES AUTHORIZED 10,000,000 10,000,000 10,000,000 10,000,000 DIVIDEND PER SHARE 0.48 0.455 0.16 0.155
3 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 1. Financial Statements (continued) CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands) Periods Ending September 30, 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income 5,462 6,315 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Provision for Possible Loan Losses 552 553 Realized Gain on the Sale of Available-for-Sale Securities (1,229) (722) Gain on the Sale of Premises and Equipment (7) Gain on the Sale of Other Assets (266) Provision for Depreciation 550 443 Accretion and Amortization 583 293 Deferred Income Tax (18) (22) (Increase) in Accrued Interest Receivable and Other Assets (265) (2,380) Increase in Accrued Interest Payable and Other Liabilities 5,375 6,190 Net Cash Provided by Operating Activities 11,010 10,397 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from the Maturity of Held-to-Maturity Securities 126 150 Purchase of Held-to-Maturity Securities (198) (320) Proceeds from Sales of Available-for-Sale Securities 4,822 37,624 Proceeds from Maturities of Available-for-Sale Securities 25,884 39,283 Purchase of Available-for-Sale Securities (53,811) (79,417) Net (Increase) Decrease in Loans (4,336) (13,617) Proceeds from the Sale of Premises and Equipment 7 Proceeds from the Sale of Other Assets 266 Purchase of Premises and Equipment (243) (1,976) Sale of Other Real Estate 241 266 Purchase of Other Real Estate (428) (618) Net Cash Used in Investing Activities (27,943) (18,352) CASH FLOWS FROM FINANCING ACTIVITIES: Net Increase in Deposits 26,079 3,668 Increase in Short Term Borrowings 27,150 7,693 Repayment of Long Term Borrowings (33,500) (1,500) Dividends Declared (2,382) (2,236) Net Cash Provided by Financing Activities 17,347 7,625 INCREASE IN CASH AND CASH EQUIVALENTS 414 (330) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 12,407 13,122 CASH AND CASH EQUIVALENTS, END OF PERIOD 12,821 12,792 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Interest Paid 14,030 10,777 Income Taxes Paid 1,606 2,255
The accompanying notes are an integral part of the consolidated financial statements. 4 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 1. Financial Statements (continued) Notes to Consolidated Financial Statements 1. The financial information included herein, with the exception of the Consolidated Balance Sheet dated December 31, 1994 is unaudited; however, such information reflects all adjustments ( consisting solely of normal recurring adjustments ) that are, in the opinion of management, necessary to a fair presentation of the financial position, results of operations, and changes in financial position for the interim periods. During the first quarter of 1995 the Corporation implemented SFAS No. 114 "Accounting by Creditors for Impairment of a Loan". The pronouncement requires that impaired loans that are within the scope of this statement be measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or at the loan's observable market price or the fair value of collateral if the loan is collateral dependent. The implementation of this standard will not have a material impact on the 1995 Corporate balance sheet. At the regular annual meeting of the Corporation, the shareholders approved a Stock Incentive Plan. The shares of stock that may be issued under the Stock Incentive Plan shall not exceed in the aggregate 60,000 shares ( subject to proportional adjustment to reflect increases or decreases resulting from stock splits, stock dividends and recapitalizations ) of the Corporation's common stock, par value $1.00 per share. Such stock utilized by the Stock Incentive Plan may be authorized and unissued capital stock of the Corporation or it may be such capital stock issued and subsequently reacquired by the Corporation as treasury stock. Certain 1994 information has been restated to reflect a 2 for 1 stock split in the form of a stock dividend on October 14, 1994. This document has not been reviewed or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation. 5 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations EARNINGS OVERVIEW The Corporation reported net income for the nine month period ending September 30, 1995 of $5,462,000 or $ 1.10 per common share; this compares to $6,315,000 or $1.27 per share for the same period ending September 30, 1994. The decline in net income reflects the increase in interest rates that occurred during 1994 as the Federal Reserve increased interest rates to control inflation. The net spread between earning assets and interest-bearing liabilities for the periods ending September 30, 1995, December 31, 1994, and September 30, 1994 was 2.96, 3.39, and 3.55 percent respectively. The directors and management of the Corporation expect that 1995 will be a profitable year, though profits are not expected to reach levels attained during 1994 and 1993. NET INTEREST MARGIN 1995 / 1994 The net spread between the rate of return on earning assets and the cost of interest-bearing liabilities dropped from 3.55 percent for the nine month period ending September 30, 1994 to 2.96 percent for the nine month period ending September 30, 1995. The net spread for the year ending December 31, 1994 was 3.39 percent. The gross rate of return on earning assets for the periods ending September 30, 1995, December 31, 1994, and September 30, 1994 was 8.26 percent, 7.91 percent, and 7.84 percent respectively. The total cost of interest bearing liabilities for the periods ending September 30, 1994, December 31, 1994 and September 30, 1994 was 5.30 percent, 4.52 percent and 4.36 percent respectively. The return on the investment portfolio has changed only slightly when compared to 1994, at September 30 1994 and December 31 1994 the return was 6.35 percent and the nine month period ending September 30, 1995 the return was 6.44. The return on the loan portfolio has improved significantly since the periods ending September 30, 1994 and December 31, 1994. At September 30, 1994 and December 31, 1994 the return on loans was 9.66 percent and 9.72 percent respectively. The return on the portfolio for the nine months ending September 30, 1995 was 10.31 percent. Late in the second quarter and into third quarter of 1995 the cost of interest-bearing liabilities has begun to show signs of easing as short term rates have fallen slightly. This has helped to strengthen earnings in the third quarter as nearly half of the Corporation's liabilities are tied to short term interest rates. The Cost of Money Market accounts and Interest Checking averaged 5.01 and 4.35 percent for the nine months ending September 30, 1995, this compares to a nine month cost in 1994 of 3.54 and 3.04 percent respectively. Effective November 1, 1995 Interest Checking accounts will earn only 50 percent of the Money Market rate, the previous rate was 79 percent. The Money Market rate is based on the 91 day Treasury bill auction rate. The rate paid on Individual Retirement Accounts has also posted a significantly decline. The rate is based off of the two year Treasury Note auction which dropped nearly 83 basis points during the second quarter of 1995. The average cost of Individual Retirement accounts during the first nine months of 1994 was 6.91 percent, the average rate paid on those funds during the third quarter of 1995 was 6.10 percent. The average rate paid on Certificates of Deposit is significantly higher for the nine months ending September 30, 1995 when compared to the nine months ending September 30, 1994 and the year ending December 31, 1994. For the nine month period in 1995 the average rate was 5.42 percent, this compares to 4.43 and 4.36 percent at December 31, 1994 and September 30, 1994 respectively. The cost of borrowed funds also increased when compared to the nine months ending September 30, 1994 and the year ending December 31, 1994. The average cost of borrowed funds was 4.95, 5.17 and 6.08 percent respectively. It appears that interest rates have leveled off and management is expecting a slight decline in rates that should improve the net interest margin during the remainder of 1995. Tables II and III will provide the reader with information regarding average balance and rate information for the periods being compared. 6 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part 1 - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) TABLE I ANALYSIS OF THE EFFECT OF VOLUME AND RATE CHANGE IN INTEREST INCOME AND INTEREST EXPENSE
Nine Months Ending September 30, 1995/1994 (In Thousands) Change in Change in Total Volume Rate Change EARNING ASSETS Available-for-Sale Securities: U. S. Treasury Securities Securities of Other U.S. Government Agencies and Corporations 73 8 81 Mortgage Backed Securities (470) 366 (104) Obligations of States and Political Subdivisions 57 (60) (3) Stock 23 18 41 Other Securities 171 (137) 34 Total Available-for-Sale Securities (146) 195 49 Held-to-Maturity Securities U.S. Treasury Securities 8 3 11 Securities of Other U.S. Government Agencies and Corporations Mortgage Backed Securities (10) 1 (9) Obligations of States and Political Subdivisions Stock Other Securities Total Held-to-Maturity Securities (2) 4 2 Interest -bearing Due from Banks (6) (6) (12) Federal Funds Sold 35 16 51 Loans: Real Estate Loans 917 745 1,662 Consumer 105 240 345 Agricultural 4 19 23 Commercial/Industrial (17) 159 142 Other (3) 2 (1) Political Subdivisions 65 23 88 Leases 1 1 2 Total Loans 1,072 1,189 2,261 Total Interest Income 953 1,398 2,351 INTEREST BEARING LIABILITIES Interest Checking 29 410 439 Money Market 376 954 1,330 Savings (98) (2) (100) Certificates of Deposit (12) 875 863 Individual Retirement Accounts 427 (60) 367 Other Time Deposits (3) 6 3 Federal Funds Purchased (210) 143 (67) Other Borrowed Funds (80) 799 719 Total Interest Expense 429 3,125 3,554 NET INTEREST INCOME 524 (1,727) (1,203)
7 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part 1 - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial and Results of Operations (continued) TABLE II - ANALYSIS OF AVERAGE BALANCES AND RATES (In Thousands)
Rate of Rate of Rate of Return/ Return/ Return/ Cost of Cost of Cost of Funds Funds Funds EARNING ASSETS 9/30/95 % 12/31/94 % 9/30/94 % Available-for-Sale Securities: U. S. Treasury Securities 2,510 5.13 2,512 5.10 2,513 5.11 Securities of Other U.S. Government Agencies and Corporations 10,157 6.42 9,761 6.32 8,634 6.30 Mortgage Backed Securities 208,461 6.59 219,627 6.40 218,169 6.36 Obligations of States and Political Subdivisions 41,756 6.38 40,464 6.56 40,580 6.57 Stock 13,327 5.21 13,010 5.12 12,747 5.01 Other Securities 8,049 5.38 4,011 9.35 4,696 8.26 Total Available-for-Sale Securities 284,260 6.44 289,385 6.39 287,339 6.35 Held-to-Maturity Securities U. S. Treasury Securities 299 6.65 50 6.00 100 4.01 Securities of Other U. S. Government Agencies and Corporations Mortgage Backed Securities 1,032 7.60 1,185 7.34 1,214 7.49 Obligations of States and Political Subdivisions Stock Other Securities Total Held-to-Maturity Securities 1,331 7.38 1,235 7.29 1,314 7.22 Interest -bearing Due from Banks 1,089 4.64 1,114 5.92 1,247 5.47 Federal Funds Sold 1,406 6.04 346 3.76 462 3.76 Loans: Real Estate Loans 196,579 9.16 185,535 8.61 182,650 8.58 Consumer 36,296 17.27 35,073 16.53 35,452 16.26 Agricultural 3,050 10.44 3,028 9.78 2,997 9.59 Commercial/Industrial 13,686 10.10 13,843 8.81 13,958 8.55 Other 223 7.94 272 6.99 287 6.99 Political Subdivisions 6,458 6.53 5,244 6.01 5,097 5.98 Leases 163 8.79 152 8.55 150 7.97 Total Loans 256,455 10.31 243,147 9.72 240,591 9.66 Less Unearned Discount (1) Net Loans & Leases 256,455 10.31 243,147 9.72 240,590 9.66 Total Earning Assets 544,541 8.26 535,227 7.91 530,952 7.91 Cash 11,773 13,775 13,443 Securities Valuation Reserve (5,280) (851) 850 Allowance for Possible Loan Losses (4,442) (4,064) (4,021) Other Assets 6,387 4,382 8,960 Bank Premises & Equipment 6,775 6,199 5,820 Total Assets 559,754 554,668 556,004 INTEREST-BEARING LIABILITIES Interest Checking 41,994 4.35 41,061 3.31 40,698 3.04 Money Market 90,410 5.01 79,050 3.84 77,901 3.54 Savings 49,015 2.48 53,853 2.50 54,263 2.49 Certificates of Deposit 110,244 5.42 109,174 4.43 110,622 4.36 Individual Retirement Accounts 78,503 6.80 70,537 6.92 70,120 6.91 Other Time Deposits 2,638 2.58 2,555 2.39 2,796 2.30 Federal Funds Purchased 5,505 6.41 11,565 4.31 11,313 3.91 Other Borrowed Funds 88,044 6.16 92,614 5.17 90,210 4.95 Total Interest-bearing Liabilities 466,353 5.30 460,409 4.52 457,923 4.36 Demand Deposits 39,399 39,282 38,887 Other Liabilities 3,842 2,877 6,282 TOTAL LIABILITIES 509,594 502,568 503,092 Stockholders' Equity 53,645 52,629 52,351 Securities Valuation Reserve (3,485) (529) 561 Total Liabilities and Stockholders' Equity 559,754 554,668 556,004 Interest Rate Spread 2.96 3.39 3.55
8 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part 1 - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) ALLOWANCE FOR POSSIBLE LOAN LOSSES The Allowance for Possible Loan Losses is a reserve established by management which it believes will be adequate to absorb future loan losses based on management's assessment of the quality of the total loan portfolio. The assessment is performed on an ongoing basis and reviewed by the Board of Directors quarterly. The assessment evaluates portfolio quality and includes a historical review of charge-offs using a six year average. Portfolio quality is determined by regulatory and independent loan reviews. The Corporation employs an independent loan review specialist who reviews loans of a certain size criteria as set by the Board of Directors. The review includes but is not limited to documentation, financial statements, tax returns, and a cash flow analysis of each loan. The Department of Banking completed an examination in late May 1995 and classified $3,430,000 as substandard or loss. This is a marked reduction since the FDIC examination completed in August 1994. All loans listed as loss by the State examiners have been charged off or will be by year end 1995. Probably the most important tool used by management to determine portfolio quality is the "Watch List". The "Watch List" is a collection of loans that are now or have been substandard for a variety of reasons. The list is distributed to Branch Managers monthly for their review and update before going to the Board of Directors. The list also contains all nonperforming loans that for purposes of SFAS No. 114 are segregated for reserve purposes and valued at their observable collateral value. Other factors used to evaluate the reserve level are loan growth, economic conditions of the market area and peer group comparisons. Tables IV and V present a six year history of the Allowance for Possible Loan Losses and projection for the current year. Table V projects estimated losses using the last six years as a base. Years having abnormally large or low charge-offs are eliminated to present a realistic estimation. Table III provides reserve activity for the year-to-date, the most probable at year end, and a worst case scenario which uses a historical average including years which had larger than normal losses. TABLE III RESERVE FOR LOAN LOSSES RECONCILEMENT (In Thousands)
Actual Actual Probable Worst Case Sept. 30, 1995 Dec. 31, 1994 Dec. 31, 1995 Dec. 31, 1995 Beginning Balance January 1, 4,229 3,817 4,229 4,229 Provision Charged to Earnings 552 738 737 737 Recoveries 159 194 166 166 Charge-offs (397) (520) (525) (928) Ending Balance 4,543 4,229 4,607 4,204
9 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE IV LOAN LOSS HISTORY (In Thousands) 1995 Est 1994 1993 1992 1991 1990 1989 Average Net Loans* 277,670 258,472 238,755 225,475 199,072 190,544 159,715 221,386 Net Charge Offs 359 326 247 518 3,142 115 222 704 Allowance for Possible Loan Losses Balance 4,607 4,229 3,817 3,356 2,548 2,539 2,284 3,340 Provision for Loan Losses Charged to Earnings 737 737 708 1,326 3,151 326 275 1,037 Earnings 7,065 7,494 8,127 7,290 5,643 5,342 4,268 6,461 Earnings Coverage of Net Charge Offs 19.7 x 23.0 x 32.9 x 14.1 x 1.8 x 46.5 x 19.2 x 12.1 x Allowance Coverage of Net Charge Offs 12.8 x 13.0 x 15.5 x 6.5 x 0.8 x 22.1 x 10.3 x 6.2 x Accruing Loans Contractually Past Due Ninety Days or More 2,723 2,743 2,899 2,532 3,810 2,425 1,684 2,688.0 Net Charge Offs as a Percentage of the Provision Charged to Earnings 48.7 % 44.2 % 34.9 % 39.1 % 99.7 % 35.3 % 80.7 % 29.4 Year-End Nonperforming Loans 650 624 843 1,351 417 309 264 636.9 Allowance as a Percentage of Net Loans*: Bank (1) 1.73 % 1.64 % 1.60 % 1.49 % 1.28 % 1.33 % 1.43 % 1.51 % Peer Group (2) 1.62 % 1.65 % 1.82 % 1.42 % 1.44 % 1.34 % 1.32 % 1.52 %
* Gross loans less unearned discount (1) At September 30, 1995 (2) At June 30, 1995 10 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE V ALLOCATION OF RESERVE FOR POSSIBLE LOAN LOSSES At September 30, 1995 (In Thousands) 1995 Est. 1994 1993 1992 1991 1990 Average Loss Ratio Reserve Commercial and Agricultural 23,500 22,649 26,376 22,712 23,541 21,120 23,316 1.9508 458 Real Estate -- Construction 2,500 2,593 2,224 993 982 1,249 1,757 Real Estate -- Mortgage 210,000 193,095 170,532 162,434 136,716 121,987 165,794 0.0156 33 Credit Cards and Related Plans 9,750 9,896 9,212 9,991 6,694 5,738 8,547 0.9728 95 All Other Loans to Individuals 31,750 30,094 30,282 29,182 31,762 35,605 31,446 0.4466 142 Lease Financing 170 145 154 162 129 164 154 Total 277,670 258,472 238,780 225,474 199,824 185,863 231,014 Letter of Credit Commitments 4,500 4,415 5,046 4,670 N/A N/A 4,658 1.9606 88 Other Commitments: Consumer 25,000 24,202 23,323 22,174 N/A N/A 23,675 0.45112 113 Mortgage 9,600 9,566 9,466 9,117 N/A N/A 9,437 0.01603 2 Commercial 10,000 9,901 9,790 5,670 N/A N/A 8,840 1.96061 196 FASB No. 114 Nonperforming Loans 181 N/A N/A N/A N/A N/A 181 181 Total Reserve Allocation 1,307 The reserve allocation factor is determined by using a six year average of net Unallocated Portion 3,166 charge offs divided by the six year average loan balance by type. Total Reserve Balance 4,473
11 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) OTHER INCOME The following table compares the major categories of other income for the periods ending September 30, 1995 and September 30, 1994 and the amount and percentage of change by category.
Periods Ending September 30, $ % 1995 1994 Change Change Service Charges on Deposit Accounts 842 793 49 6.18 Service Charges and Fees 204 216 (12) (5.56) Trust Department Income 562 392 170 43.37 Insurance Commissions, Fees and Premiums 477 444 33 7.43 Other Operating Income 37 322 (285) (88.51) Realized Gains on Available-for-Sale, Net 1,229 722 507 70.22 Total Other Income 3,351 2,889 462 15.99
Other income increased 15.99 percent during the nine period ending September 30, 1995 when compared to the same period last year. Service charges on deposit accounts increased $49,000 or just over 6 percent when comparing the two periods. The increase consists of $17,000 in account and statement fees due to increased usage and an increase in the number of accounts over last year; there was also an increase of $32,000 in overdraft charges between the two periods. Other service charges and fees declined $12,000 or 5.6 percent during the first nine months of 1995 when compared to the same period in 1994. The 1994 total included a large rebate from the bank's check supplier and interest on a large tax refund for the years 1991 and 1992; the rebate and the tax refund interest amounted to $15,000. Trust Department fees increased 43.3 percent or $170,000 over the same period in 1994. The increase can be attributed to several factors. Interest rates and market values were up significantly during the first nine months of 1995 when compared to the same period last year, both of which contributed to larger account fees. An increase in the fee schedule was implemented January 1, 1995 and has thus increased fee income. Also, an ongoing effort to sell employee benefit plans is beginning to generate additional fee income. There were also fees generated from the settlement of several large estates during the first nine months of 1995. Other operating income decreased $285,000 during the six month period ending September 30, 1995 when compared to the same period in 1994. Other income totals for the nine months ending September 30, 1994 contained the realized gain on the sale of an investment which had been classified as an other asset, the gain amounted to $265,000. Also included in other income were the earnings on the same asset and the gain on the sale of data processing equipment for the period which amounted to $15,000 and $7,000 respectively. Realized gains on the sale of Available-for-Sale investments amounted to $1,229,000 for the first nine months of 1995 and $722,000 during the same period in 1994. A portion of the gain resulted from the sale of several equity securities which were sold to comply with FDIC policy. The policy requires banks to either sell or transfer to their holding company all equity investments not traded on a recognized securities exchange. The policy gives banks until mid 1996 to accomplish the sale or transfer. The other equity securities sold were involved in the recent round of bank mergers and management felt that they had become overpriced and it would be prudent to book the gain. 12 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) OTHER EXPENSE The following table compares the various categories of other expense for the periods ending September 30, 1995 and September 30, 1994
TABLE VII MAJOR CATEGORIES OF OTHER EXPENSE (In Thousands) Periods Ending September 30, $ % 1995 1994 Change Change Salaries and Wages 4,096 3,731 365 9.78 Pensions and Other Employee Benefits 1,260 1,296 (36) (2.78) Occupancy Expense, Net 524 511 13 2.54 Furniture and Equipment Expense 486 403 83 20.60 Other Operating Expense 4,331 4,216 115 2.73 Total Other Expense 10,697 10,157 540 5.32
Salaries and wages increased over 9 percent. The increase can be attributed to an increase in the number of full time equivalent employees and merit raises. The number of full time equivalent employees was 199 at September 30, 1995 and 195 at September 30, 1994. Merit raises effective January 1, 1995 were in the 5 to 6 percent range. Pensions and Other Employee Benefits declined by $36,000 or 3 percent when compared to the same period last year. The decrease was due to the retirement of two executive officers who received severance payments for accumulated benefits. Furniture and Fixtures Expense reflected a variance of just over 20 percent between the comparable periods. The primary cause for the increase was the purchase of a check imaging system which became operational in August of 1994. The cost of the system was approximately $900,000 and was instrumental in increasing depreciation expense $83,000 over the periods being compared. Other Expense increased $115,000 over the same period in 1994; this increase includes $113,000 of additional processing costs for the Corporation's credit card and ATM programs. Also the loss on disposition of other real estate increased $40,000 over last year. The Corporation, however, did benefit from the recent reduction in FDIC premiums, this expense is $198,000 less than the comparable period last year. 13 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part 1 - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) STATEMENT OF CONDITION Average earning assets of the Corporation for the nine month period ending September 30, 1995 increased 1.7 and 2.7 percent when compared to the periods ending December 31, 1994, and September 30, 1994. The asset structure of the balance sheet changed very little, average Available-for-Sale Securities declined slightly, down about 2 percent when compared to the average balance sheet ending December 31, 1994 and down just over 1 percent when compared to average balances for the nine months ending September 30, 1994. Average loans during the nine months ending September 30, 1995 did begin to experience growth increasing 6.6 percent over the same period in 1994 and 5.4 percent over the twelve month period ending December 31, 1994. The loan growth was centered around real estate secured loans. On the liability side of the balance sheet average total deposits have increased 2.2 and 2.3 percent respectively for the periods ending December 31, 1994 and September 30, 1994. The deposit increase was used to fund the loan growth. Deposit categories experiencing the heaviest growth were Money Market accounts and Individual Retirement accounts. Growth in other areas was relatively flat except Passbook and Statement savings which declined slightly when compared to the previous periods. Interest rate swings have caused wide fluctuations in the market value of the Available-for-Sale securities, creating large adjustments to the capital account. The net adjustment to capital at September 30, 1995, December 31, 1994 and September 30, 1994 respectively was $2,706,000 and ($8,589,000), and ($4,010,000) . All adjustments reflect a tax effect of 34 percent. The reader should refer to Table II and Table VIII on pages 8 and 14. Table II reflects average balances for the periods ending September 30, 1995, December 31, 1994, and September 30, 1994. Table VIII reflects the estimated market values of assets and liabilities at September 30, 1995. 14 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part 1 - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) TABLE VIII ESTIMATED MARKET VALUES (In Thousands)
Carrying Fair Value Value Difference ASSETS Loans: Gross Loans 262,570 259,011 (3,559) Less: Loan Loss Reserve (4,543) (4,543) Net Loans 258,027 254,468 (3,559) Held-to-Maturity Securities U.S. Government Securities 1,268 1,335 67 Total Held-to-Maturity Securities 1,268 1,335 67 LIABILITIES Deposits: Money Market 94,566 94,566 Interest Checking 42,025 42,025 Club Accounts 2,537 2,537 Certificates of Deposit 119,164 119,503 339 Golden Passbook 889 889 Regular/Key Savings 46,380 46,380 Individual Retirement Accounts 78,990 79,642 652 Total Interest Bearing Deposits 384,551 385,542 991 Borrowings: Fixed Rate Borrowings 10,000 10,050 50 Variable Rate Borrowings 10,000 10,000 Total Borrowings 20,000 20,050 50 Federal Funds Purchased Repurchase Agreements 74,650 74,650
15 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) LIQUIDITY AND INTEREST RATE SENSITIVITY The Corporation's ability to absorb short-term deposit fluctuations or unusually heavy loan demand, should either occur, is met by using a FLEXLINE of credit available through the Federal Home Loan Bank of Pittsburgh or by repurchase agreements. The FLEXLINE of credit provides the Corporation with a credit line which approximates 10 percent of total assets or about $50 million dollars. Repurchase agreements are secured with mortgage-backed instruments. The maturities of the repurchase agreements generally range from 30 days to 3 years. At September 30, 1995 the Corporation had $74,650,000 in short-term borrowings (maturing within one year) and $20,000,000 in borrowings that mature in 2 to 3 years. The majority of the borrowed funds are repurchase agreements secured with mortgage backed investments. This short-term borrowing creates a large negative gap which narrows the net interest spread and lowers the net interest margin during periods of rising interest rates. Beginning in the first quarter of 1994 and continuing into the second quarter of 1995 actions of the Federal Reserve Open Market Committee caused interest rates to increase approximately 200 basis points. This increase caused the Corporation's net interest margin to decline from 3.70 percent for the year ending December 31, 1993 to 3.39 for the year ending December 31, 1994. The net interest margin for the current nine month period has declined to 2.96 percent. Interest rates stabilized during the second quarter of 1995 and declined slightly in the third quarter of 1995, this has caused the net interest margin to increase slightly and improve earnings during the third and fourth quarter of 1995. The Corporation uses a computer model to measure its interest rate risk using a rate shock. The model shocks interest 400 basis points upward and downward. The reader should refer to table XII which provides the estimated percentage change in net interest income under the various rate shock scenarios. The Corporation's Asset Liability Policy provides for a 20 percent change in net interest income at a 200 basis point increase in interest rates. At September 30 1995, the change at 200 basis points was 21.4 percent, however, management felt that the change was insignificant for remedial action and that the short term trend was favorable. 16 CITIZENS AND NORTHERN CORPORATION FORM 10-Q Part I Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE IX RATE SENSITIVE ASSETS AND RATE SENSITIVE LIABILITIES September 30, 1995 (In Thousands) Greater Greater Greater Greater than than than than 3 Mos. 3-6 6-12 1-3 3-5 ASSETS or Less Mos. Mos. Years Years Interest-Bearing Deposits 1,051 100 "Available-for-Sale" Securities U.S.Treasury Securities 2,457 U.S.Agency Securities 12,051 Mortgage Backed Securities 209,362 Municipals 43,304 Other Bonds 15,144 Stocks 19,171 Total "Available-for-Sale" Securities 301,489 "Held-to-Maturity" Securities: U.S.Treasury Securities 299 Mortgage Backed Securities Total "Held-to-Maturity" Securities: 299 Loans and Lease Financing: Real Estate-Construction 940 Real Estate-Mortgage 41,470 17,469 29,875 24,924 22,542 Consumer 16,013 2,885 4,506 10,294 2,528 Agricultural 749 267 472 1,066 432 Commercial 9,470 380 927 2,020 824 Other 210 31 52 31 2 Political Subdivisions 782 171 351 1,275 1,188 Leases 9 9 18 72 72 Total Loans 69,643 21,212 36,201 39,682 27,588 Less: Unearned Discount Allowance for Loan Losses Net Loans and Leases 69,643 21,212 36,201 39,682 27,588 Federal Funds sold 2,500 Cash and Due From Banks Other Assets 4,059 Total Assets 378,742 21,212 36,301 39,682 27,887 LIABILITIES AND EQUITY Interest-Bearing Deposits: Money Market 94,566 NOW and SNOW 42,025 Christmas/Fund Clubs 1,786 96 CD's 23,276 25,133 30,563 15,033 25,717 Reg/Key Savings GPS IRA's Total Interest-Bearing Deposits 159,867 26,919 30,659 15,033 25,717 Demand Deposits Repurchase Agreements 54,650 20,000 Federal Funds Purchased Borrowed Funds: Variable 10,000 Fixed 10,000 Total Borrowed Funds 10,000 10,000 Other Liabilities 794 Stockholders' Equity Total Liabilities and Equity 225,311 26,919 40,659 35,033 25,717 Interest Rate Sensitivity Gap 153,431 (5,707) (4,358) 4,649 2,170 Greater Greater Greater than than than 5-10 10-20 20 Non- ASSETS Years Years Years Interest Total Interest-Bearing Deposits 1,151 "Available-for-Sale" Securities U.S.Treasury Securities 2,457 U.S.Agency Securities 12,051 Mortgage Backed Securities 209,362 Municipals 43,304 Other Bonds 15,144 Stocks 19,171 Total "Available-for-Sale" Securities 301,489 "Held-to-Maturity" Securities: U.S.Treasury Securities 299 Mortgage Backed Securities 49 734 186 969 Total "Held-to-Maturity" Securities: 49 734 186 1,268 Loans and Lease Financing: Real Estate-Construction 940 Real Estate-Mortgage 42,729 21,710 4 200,723 Consumer 556 63 7 36,852 Agricultural 70 24 3,080 Commercial 207 13,828 Other 326 Political Subdivisions 1,391 1,498 13 6,669 Leases 2 182 Total Loans 44,955 23,295 24 262,600 Less: Unearned Discount (30) (30) Allowance for Loan Losses (4,543) (4,543) Net Loans and Leases 44,955 23,295 24 (4,573) 258,027 Federal Funds sold 2,500 Cash and Due From Banks 11,670 11,670 Other Assets 8,275 12,334 Total Assets 45,004 24,029 210 15,372 588,439 LIABILITIES AND EQUITY Interest-Bearing Deposits: Money Market 94,566 NOW and SNOW 42,025 Christmas/Fund Clubs 1,882 CD's 57 119,779 Reg/Key Savings 46,434 46,434 GPS 885 885 IRA's 78,980 78,980 Total Interest-Bearing Deposits 57 126,299 384,551 Demand Deposits 40,791 40,791 Repurchase Agreements 74,650 Federal Funds Purchased 0 Borrowed Funds: Variable 10,000 Fixed 10,000 Total Borrowed Funds 20,000 Other Liabilities 6,482 7,276 Stockholders' Equity 61,171 61,171 Total Liabilities and Equity 57 126,299 108,444 588,439 Interest Rate Sensitivity Gap 44,947 24,029 (126,089) (93,072)
17 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) CAPITAL ADEQUACY Tier I capital of the Corporation excluding unrealized gains on Available- for-Sale investments totaled $59,465,000, $56,385,000, and $55,992,000 at September 30, 1995, December 31, 1994, and September 30, 1994 respectively. The ratio of tier I capital to assets at the close of those periods was 10.11 percent, 10.31 percent, and 9.86 percent respectively. The Corporation's risk based capital ratio, which measures the amount of risk assets to total capital , was 18.36 percent, 18.36 percent, and 19.75 percent for the periods ending September 30, 1995, December 31, 1994, and September 30, 1994 respectively. The ratios exclude the Available-for Sale market value adjustment as mandated by SFAS No. 115. Dividends paid to shareholders for the respective nine month periods ending September 30, 1995 and September 30, 1994 amounted to $.48 and $.455. The dividend amounted to 43.6 percent and 35.8 percent of net income respectively. Management is aware of the possible detrimental effect that a large negative gap can have on the capital of the Corporation during prolonged periods of rising interest rates. Exposure to changes in the economic value of the Corporation's capital due to increases in interest rates is monitored on a monthly basis by the Board of Directors and senior management. Table XI provides a theoretical measurement of the effect on capital if interest rates suddenly shifted up or down 100, 200, 300, or 400 basis points. Management's Asset and Liability policy provides for a maximum decline in theoretical market value of 25 percent at a 200 basis point increase in interest rates. At September 30, 1995 the decline amounted to 28 percent, however management feels that this is only a temporary decline and no action was taken. The net after tax adjustment to the Corporation's capital as a result of SFAS No. 115 was $2,706,000, ($8,589,000) and ($4,010,000) at September 30, 1995, December 31, 1994 and September 30, 1994 respectively. There are no planned capital expenditures that will have a material effect on the capital ratios of the Corporation or the results of operations. 18 CITIZENS & NORTHERN CORPORATION - FORM 10-Q Part 1 - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE X RATE SHOCK ANALYSIS COMPARISON OF EXECUTIVE SUMMARIES FOR THE PERIOD ENDING September 30, 1995 (In Thousands) -4.00 -3.00 -2.00 -1.00 FLAT 1.00 2.00 3.00 4.00 INCOME STATEMENT Interest Income Loans 22,856 23,751 24,646 25,541 26,436 27,191 27,984 28,781 29,610 Investments 18,903 18,996 19,089 19,182 19,275 19,367 19,460 19,553 19,646 Total Interest Income 41,759 42,747 43,735 44,723 45,711 46,558 47,444 48,334 49,256 Interest Expense Deposits 7,281 10,107 12,934 15,761 18,588 20,995 23,343 25,744 27,256 Borrowings 695 802 909 1,016 1,123 1,218 1,274 1,346 1,404 Federal Funds Purchased 1,318 2,097 2,894 3,710 4,544 5,391 6,251 7,129 7,993 Total Interest Expense 9,294 13,006 16,737 20,487 24,255 27,604 30,868 34,219 36,653 Net Interest Income 32,465 29,741 26,998 24,236 21,456 18,954 16,576 14,115 12,603 Memo: Net Interest Income Tax Equivalent 34,028 31,284 28,522 25,741 22,941 20,425 18,030 15,553 14,034 Provision for Loan Losses 737 737 737 737 737 737 737 737 737 Net Income After Provision 31,728 29,004 26,261 23,499 20,719 18,217 15,839 13,378 11,866 Other Operating Income 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 Other Operating Expense 13,137 13,137 13,137 13,137 13,137 13,137 13,137 13,137 13,137 Income Before Income Tax 20,641 17,917 15,174 12,412 9,632 7,130 4,752 2,291 779 Income Tax 5,987 5,073 4,153 3,227 2,295 1,455 656 (170) (679) Net Income 14,654 12,844 11,021 9,185 7,337 5,675 4,096 2,461 1,458 Projected Dividends 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300
19 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE XI RATE SHOCK ANALYSIS COMPARISON OF EQUITY MARKET VALUES FOR THE PERIOD ENDING SEPTEMBER 30, 1995 (In Thousands) -4.00 -3.00 -2.00 -1.00 FLAT 1.00 2.00 3.00 4.00 Assets: Book Value 581,053 581,053 581,053 581,053 581,053 581,053 581,053 581,053 581,053 Market Value 702,229 670,162 641,077 614,612 590,456 575,736 558,955 543,756 528,642 Change 121,176 89,109 60,024 33,559 9,403 (5,317) (22,098) (37,297) (52,411) Liabilities: Book Value 525,324 525,324 525,324 525,324 525,324 525,324 525,324 525,324 525,324 Market Value 572,064 559,426 547,637 536,632 526,355 519,272 512,982 506,707 500,667 Change (46,740) (34,102) (22,313) (11,308) (1,031) 6,052 12,342 18,617 24,657 Equity Beginning Balance 55,729 55,729 55,729 55,729 55,729 55,729 55,729 55,729 55,729 Asset Change 121,176 89,109 60,024 33,559 9,403 (5,317) (22,098) (37,297) (52,411) Liability Change (46,740) (34,102) (22,313) (11,308) (1,031) 6,052 12,342 18,617 24,657 Market Value 130,165 110,736 93,440 77,980 64,101 56,464 45,973 37,049 27,975 Duration Assets 5.036 4.805 4.590 4.390 4.204 4.071 3.932 3.806 3.684 Liabilities 2.882 2.791 2.704 2.620 2.539 2.487 2.441 2.394 2.348 Equity 14.504 14.980 15.645 16.571 17.873 18.635 20.560 23.108 27.594
20 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part I - Financial Information (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) TABLE XII CURRENT EXPOSURE TO HYPOTHETICAL CHANGES IN INTEREST RATES FOR THE PERIOD ENDING SEPTEMBER 30, 1995 PERCENTAGE CHANGE IN: Change in Net Interest Income MV of Portfolio Equ Interest Rates Projected Projected (Basis Points) Change Change 400 -38.8 -56.4 300 -32.2 -42.2 200 -21.4 -28.3 100 -11.0 -11.9 0 0.0 0.0 -100 12.2 21.7 -200 24.3 45.8 -300 36.4 -72.8 -400 48.3 103.1 21 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q Part II - Other Information Item 1. Legal Proceedings Citizens and Northern Corporation is not a litigant in any pending lawsuits. It is the opinion of the counsel of Citizens and Northern Corporation that minor lawsuits that are pending will not have a significant or materially detrimental effect on the capital of the Corporation or in any way affect the results of operations. Item 6. Exhibits and Reports on Form 8-K a. Exhibits filed as part of this report are listed below: Exhibit 1 -- Quarterly Report to Shareholders for period ending September 30, 1995 b. No reports on Form 8-K were filed during the period ending September 30, 1995 22 CITIZENS AND NORTHERN CORPORATION - FORM 10-Q SIGNATURE PAGE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date November 9, 1995 WILLIAM K FRANCIS /S/ ----------------------- William K. Francis President and Chief Executive Officer Date November 9, 1995 JAMES W SEIPLER /S/ ---------------------- James W. Seipler Treasurer (Chief Financial Officer) 23 EX-27 2 EXHIBIT 27
9 0000810958 CITIZENS & NORTHERN CORP 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 11,670 384,551 2,500 0 301,489 1,268 1,271 262,600 4,543 588,439 425,342 0 7,276 0 5,067 0 0 56,104 588,439 19,338 13,770 19,755 33,525 14,186 18,494 15,031 552 1,229 10,697 7,133 7,133 0 0 5,462 1.10 1.10 0 421 2,724 0 0 4,229 397 159 4,543 0 0 0
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