0001144204-17-021224.txt : 20170420 0001144204-17-021224.hdr.sgml : 20170420 20170420134814 ACCESSION NUMBER: 0001144204-17-021224 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20170420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170420 DATE AS OF CHANGE: 20170420 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16084 FILM NUMBER: 17772517 BUSINESS ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 BUSINESS PHONE: 877-838-2517 MAIL ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 8-K 1 v464694_8k.htm FORM 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) April 20, 2017

 

CITIZENS & NORTHERN CORPORATION

(Exact name of registrant as specified in its charter)

 

Pennsylvania   0-16084   23-2451943
(State or other jurisdiction of   (Commission   (I.R.S. Employer
incorporation)   File Number)   Identification No.)

 

90-92 Main Street, Wellsboro, PA   16901
(Address of Principal Executive Office)   (Zip Code)

 

Registrant’s telephone number, including area code (570) 724-3411

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

ITEM 2.02. Results of Operations and Financial Condition

 

Citizens & Northern Corporation (the “Company”) announced unaudited, consolidated financial results for the three-month period ended March 31, 2017. On April 20, 2017, the Company issued a press release titled “C&N Declares Dividend and Announces First Quarter 2017 Unaudited Financial Results,” a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Company’s “banCNotes,” a report that includes unaudited financial information, will be mailed to shareholders on or about April 27, 2017. A copy of the unaudited quarterly financial information included in banCNotes is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. Also, supplemental, unaudited financial information is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

 

ITEM 8.01. Other Events

 

On April 20, 2017, the Company’s Board of Directors declared a dividend on its common stock of $0.26 per share, payable May 12, 2017 to shareholders of record as of May 1, 2017. The Company announced the dividend in the press release which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

ITEM 9.01. Financial Statements and Exhibits

 

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.

 

Exhibit 99.1:   Press Release issued by Citizens & Northern Corporation dated April 20, 2017, titled “C&N Declares Dividend and Announces First Quarter 2017 Unaudited Financial Results.”

 

Exhibit 99.2:  Unaudited financial information included in “banCNotes” report to be mailed to shareholders on or about April 27, 2017.

 

Exhibit 99.3:   Supplemental, unaudited financial information.

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    CITIZENS & NORTHERN CORPORATION
     
Date:  4/20/17 By: /s/ Mark A. Hughes
    Treasurer and Chief Financial Officer

 

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 EX-99.1 2 v464694_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

  

 

  Contact: Charity Frantz
April 20, 2017 570-724-0225
  charityf@cnbankpa.com

 

C&N DECLARES DIVIDEND AND Announces FIRST QUARTER 2017 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, 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 May 12, 2017 to shareholders of record as of May 1, 2017. Declaration of the dividend was made at the April 20, 2017 meeting of C&N’s Board of Directors.

 

First Quarter 2017 Unaudited Financial Results

 

Earnings per basic and diluted common share were $0.28 in the first quarter 2017, as compared to $0.35 per share in the fourth quarter 2016 and $0.29 per share in the first quarter 2016. The annualized return on average assets for the first quarter 2017 was 1.11%, and the annualized return on average equity was 7.38%. Earnings for the first quarter 2017 included an estimated $0.01 per common share after-tax benefit from realized gains on available-for-sale securities, as compared to an estimated $0.02 per share after-tax benefit from securities gains in the first quarter 2016. Highlights related to C&N’s earnings results for the comparative periods are presented below.

 

First Quarter 2017 as Compared to Fourth Quarter 2016

 

Net income totaled $3,434,000 in the first quarter 2017, down from $4,231,000 in the fourth quarter 2016. Significant variances were as follows:

 

·Total noninterest expenses in the first quarter 2017 increased $740,000 (8.6%) over the fourth quarter 2016 amount. Pensions and other employee benefits expense was $312,000 higher in the first quarter 2017 as compared to the fourth quarter 2016, as payroll taxes and similar expenses increased, consistent with the normal pattern of such costs being highest in the beginning of the calendar year. Other operating expenses were $281,000 higher in the first quarter 2017 as compared to the fourth quarter 2016. Within other operating expense, charitable donations increased $152,000, including donations totaling $150,000 under a state program that resulted in a credit to be applied against Pennsylvania Bank Shares Tax of $135,000. Also within other operating expense, loan collection expenses increased $110,000, net losses and expenses on other real estate properties increased $52,000 and education and training expenses decreased $35,000. Salaries and wages increased $158,000 (4.3%) in the first quarter 2017 as compared to the fourth quarter 2016, reflecting merit-based pay increases for a portion of the employee base as well as the effects of fourth quarter 2016 reductions in restricted stock and incentive bonus expense based on updated year-end 2016 estimates.

 

 1 

 

 

·The provision for loan losses totaled $452,000 in the first quarter 2017 as compared to a credit (reduction in expense) of $3,000 in the fourth quarter 2016. Net charge-offs totaled $181,000 in the first quarter 2017, and total specific allowances on impaired loans increased $207,000 to $881,000 at March 31, 2017 from $674,000 at December 31, 2016. The net increase in specific allowances in the first quarter 2017 included an increase in the allowance related to one real estate secured commercial loan relationship of $225,000. At March 31, 2017, total loans outstanding associated with this relationship amounted to $3,278,000, and the related allowance was $753,000. The small credit for loan losses in the fourth quarter 2016 included the effect of an excess of $55,000 of recoveries on previously charged-off loans over the amount of current charge-offs as well as a net reduction of $11,000 in specific allowances required on impaired loans.

 

·Noninterest revenue totaled $3,864,000 in the first quarter 2017, down $167,000 (4.1%) from the fourth quarter 2016 total. Net gains from sales of residential mortgage loans totaled $166,000 in the first quarter 2017, which was $164,000 lower than the fourth quarter 2016 total, consistent with C&N’s historical experience of a lower volume of mortgage loan sales in the winter months. Service charges on deposit accounts totaled $1,084,000 in the first quarter 2017, down $88,000 from the fourth quarter amount, consistent with C&N’s typical seasonal trends and also reflecting an ongoing pattern of fewer consumer overdrafts throughout the market area. Other operating income totaled $458,000 in the first quarter 2017, up $113,000 from the fourth quarter 2016 amount. The increase in other operating income resulted mainly from an increase in revenue from tax credit programs, including the tax credits associated with the charitable donations described above.

 

·The income tax provision was $984,000 in the first quarter 2017, down from $1,500,000 in the fourth quarter 2016, primarily as a result of lower pre-tax income.

 

First Quarter 2017 as Compared to First Quarter 2016

 

Net income for the first quarter 2017 was $139,000 (3.9%) lower than the first quarter 2016 amount. Significant variances were as follows:

 

·Net interest income increased $126,000 (1.3%), in the first quarter 2017 as compared to the first quarter 2016. The net interest margin was 3.78% for the first quarter 2017 as compared to 3.81% for the first quarter 2016. Average total loans outstanding were higher by $57.7 million (8.2%) in the first quarter 2017 as compared to the first quarter 2016, while average total available-for-sale securities were lower by $22.4 million. Average total deposits were $22.6 million (2.4%) higher in the first quarter 2017 as compared to the first quarter 2016.

 

·The first quarter 2017 provision for loan losses was $84,000 higher than the first quarter 2016 amount. The $452,000 provision in the first quarter 2017 included $388,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period and a $64,000 increase in the collectively determined allowance for loan losses, mainly due to loan growth. In the first quarter 2016, the $368,000 provision included $82,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period and a $286,000 increase in the collectively determined allowance for loan losses. The increase in the collectively determined allowance in the first quarter 2016 included the effects of loan growth, increased qualitative factors associated with residential mortgage loans and an increased net charge-off experience factor for commercial loans.

 

·Noninterest revenue increased $174,000 (4.7%) in the first quarter 2017 over the first quarter 2016 amount. Other operating income increased $87,000, including an increase of $50,000 in revenue from tax credits. Interchange revenue from debit card transactions increased $57,000 (12.3%), reflecting benefits from a consulting project in 2016 that identified opportunities for improvements in card-related volumes and processing. Loan servicing fees, net, increased $50,000, as the fair value of mortgage servicing rights decreased by $30,000 in the first quarter 2017 as compared to a reduction of $71,000 in the first quarter 2016. Trust and Financial Management Group revenue increased $36,000 (3.1%), in part due to market valuation increases. Service charges on deposit accounts decreased $54,000 (4.7%), as revenue from consumer overdrafts declined due to lower volume.

 

 2 

 

 

·Realized gains on available-for-sale securities totaled $145,000 in the first quarter 2017, down from $383,000 in the first quarter 2016.

 

·Total noninterest expenses increased $226,000 (2.5%) in the first quarter 2017 over the first quarter 2016 amount. Other operating expense increased $169,000, including increases of $89,000 in loan collection expenses and $42,000 in losses and expenses associated with other real estate. Pensions and other employee benefits expense increased $93,000, including the effect of higher health care expenses on C&N’s partially self-insured plan. Automated teller machine and interchange expense increased $45,000, including costs associated with issuing new debit cards with EMV functionality. Software subscriptions increased $39,000, including costs associated with new applications as well as annual licensing increases. Professional fees expense decreased $62,000, including a reduction in information technology and sales and service -related consulting. FDIC assessments expense decreased $48,000, reflecting a lower assessment level.

 

·The first quarter 2017 provision for income tax of $984,000, or 22.3% of pre-tax earnings, was $109,000 lower than the first quarter 2016 tax provision of $1,093,000, or 23.4% of pre-tax income. The lower effective tax in the first quarter 2017 resulted primarily from lower pre-tax earnings.

 

Other Information:

Changes in other unaudited financial information are as follows:

 

·Total assets amounted to $1,233,924,000 at March 31, 2017, as compared to $1,242,292,000 at December 31, 2016 and $1,216,544,000 at March 31, 2016.

 

·Net loans outstanding (excluding mortgage loans held for sale) were $753,277,000 at March 31, 2017, up from $743,362,000 at December 31, 2016 and up 8.6% from $693,994,000 at March 31, 2016. In comparing outstanding balances at March 31, 2017 and 2016, total residential mortgage loans increased $38.0 million, or 9.8%, and total commercial loans increased $19.5 million, or 6.4%. At March 31, 2017, the outstanding balance of commercial loan participations with other financial entities was $43.6 million, down slightly from $43.9 million at March 31, 2016.

 

·The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $164,291,000 at March 31, 2017, up from $163,296,000 at December 31, 2016 and $153,778,000 at March 31, 2016.

 

·Total nonperforming assets as a percentage of total assets was 1.28% at March 31, 2017 as compared to 1.43% at December 31, 2016 and 1.36% at March 31, 2016. The balance of loans subject to troubled debt restructurings (TDRs) was $4.8 million lower at March 31, 2017 as compared to December 31, 2016, mainly due to removal of one commercial relationship from TDR status. Loans to this borrower are performing as agreed based on a modification agreement entered into in 2016.

 

·Deposits and repo sweep accounts totaled $986,495,000 at March 31, 2017, down from $989,018,000 at December 31, 2016, and up 2.4% from $962,989,000 at March 31, 2016.

 

·Total shareholders’ equity was $187,350,000 at March 31, 2017 as compared to $186,008,000 at December 31, 2016 and $188,310,000 at March 31, 2016. Tangible common equity as a percentage of tangible assets was 14.35% at March 31, 2017 as compared to 14.64% a year earlier. Within shareholders’ equity, the portion of accumulated other comprehensive income (loss) related to available-for-sale securities was in a loss position of ($630,000) at March 31, 2017 and ($949,000) at December 31, 2016 as compared to a gain position of $5,347,000 at March 31, 2016. The decrease in accumulated other comprehensive income (loss) was caused by increases in interest rates, which resulted in a decrease in the fair value of available-for-sale securities.

 

·Assets under management by C&N’s Trust and Financial Management Group amounted to $880,979,000 at March 31, 2017, up from $879,844,000 at December 31, 2016, and up 6.6% from $826,470,000 a year earlier.

 

 3 

 

 

Citizens & Northern Corporation is the parent company of Citizens & Northern Bank, a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Tioga, Bradford, Sullivan, Lycoming, Potter, Cameron and McKean counties in Pennsylvania and in Canisteo and South Hornell, New York. C&N’s most recently opened location, in Elmira, New York, offers commercial, residential and consumer lending services. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

 

Safe Harbor Statement: Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the following: changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates; changes in general economic conditions; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in the Corporation’s market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; changes in management’s assessment of realization of securities and other assets; and changes in accounting principles, or the application of generally accepted accounting principles. Citizens & Northern disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 4 

 

 EX-99.2 3 v464694_ex99-2.htm EXHIBIT 99.2

 

EXHIBIT 99.2

 

 

 

 

March 31, 2017 QUARTERLY REPORT

 

Dear Shareholder:

 

Diluted earnings per share for the first quarter of 2017 were $.28 per share compared to $.29 in the first quarter of 2016. Earnings for the first quarter of 2017 included an estimated $.01 per share benefit from realized gains on securities, while earnings for the first quarter of 2016 included an estimated $.02 benefit from realized gains on securities. Return on average assets for the quarter was 1.11% and return on average equity was 7.38%. The first quarter has always been challenging to assess as it is historically the weakest period during the year for new business development, carries a variety of front-loaded compensation and benefits related expenses, and includes the short month of February that impacts certain accruals. While we felt the impact of these forces in the first three months of 2017, we generated $10 million of loan growth during the period and maintain solid pipelines entering the second quarter.

 

Net interest income increased $126,000 in the first quarter of 2017 compared to the same period in 2016, driven primarily by loan growth of almost $60 million. This growth produced a steady yield on earning assets and the overall cost of funds increased by only .02% in the first three months of 2017 as compared to 2016. As a result, the net interest margin was virtually unchanged, declining by .03%, to 3.78% during the first three months of 2017 from 3.81% a year earlier. We continue to operate in a historically low interest rate environment despite the Federal Reserve’s December 2016 and March 2017 rate hikes. Consistent with the prior Fed rate hike in late 2015, subsequent to these recent increases, the yield curve has flattened which makes it more challenging to expand margins.

 

The provision for loan losses was $452,000 during the first quarter of 2017 compared to $368,000 in 2016. The 2017 provision includes $388,000 related to specific allowances and net charge-offs on impaired loans and a $64,000 increase in the allowance for loan losses primarily to support ongoing loan growth. C&N’s overall credit quality remains strong as reflected in our past due and non-performing loan metrics at March 31, 2017 compared to a year earlier.

 

Noninterest revenue increased by $174,000, or 4.7%, in the first quarter of 2017 compared to 2016. Most notably, interchange revenue on debit cards, loan servicing fees, and Trust revenues produced solid gains, when comparing the first quarter of 2017 with 2016. Gains from the sale of mortgage loans were essentially unchanged and service charges on deposit account declined due to lower volume of consumer overdrafts.

 

Noninterest expenses increased 2.5% to $9.3 million from $9.1 million in the first quarter of 2016. The primary drivers of this increase were collection and other real estate expenses, costs associated with health care benefits, ATM and interchange expenses, and software subscriptions related to investments in technology. Overall salaries and wages were essentially unchanged while FDIC premiums and professional fees declined. We continue building capacity to deliver value to our customers through investments in sales and service training, employee development, information technology, and marketing. As noted in the Fourth Quarter “banCNnotes”, the pace of increase in the related expenses has been declining and we expect operating leverage to improve as we move through 2017 and into 2018.

 

C&N’s strong capital position provides the ability to pursue a strategy of growth and expansion while continuing to support shareholder value. The dividend paid during the first quarter remained at $.26 per share producing a yield of 4.47% based on the March 31, 2017 market price of $23.28. In April 2016, the Board announced a common stock repurchase program for the acquisition of up to 600,000 shares. There have been no repurchases of stock under this program to date.

 

 1 

 

 

On March 1st we officially opened the Elmira, New York Loan Production Office, an important step in our plans to expand our presence in the southern-tier market. We have established a number of strong relationships in the early weeks of this effort, maintain a strong pipeline of potential business, and are heartened by the market’s reception to C&N’s Team and value driven business model.

 

In closing, we extend our sincere thanks to Director Ann Tyler who is retiring from the Board of Directors in April. Ann has served the Corporation for fifteen years on a variety of committees and has provided valuable insight and counsel, as well as leadership in the Lycoming County market. At the same time, we welcome Aaron Singer, President & CEO of MetalKraft Industries to the Board following the Annual Meeting of Shareholders on April 20, 2017. Aaron operates a successful, family-owned business located in Wellsboro and Emporium and is a recognized leader in the community. We wish Ann the best as she retires from the Board and look forward to Aaron’s engagement and counsel as we pursue our mission of Creating Value Through Lifelong Relationships in the years ahead.

 

As always, thank you for your investment and ongoing support.

 

 

 

J. Bradley Scovill

President and CEO

 

 2 

 

 

CONDENSED, CONSOLIDATED EARNINGS INFORMATION

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

    1ST   1ST          
    QUARTER    QUARTER           
    2017    2016           
    (Current)    (Prior Year)    $ Incr. (Decr.)    % Incr. (Decr.) 
Interest and Dividend Income  $11,112   $10,937   $175    1.60%
Interest Expense   953    904    49    5.42%
Net Interest Income   10,159    10,033    126    1.26%
Provision for Loan Losses   452    368    84    22.83%
Net Interest Income After Provision for Loan Losses   9,707    9,665    42    0.43%
Noninterest Revenue   3,864    3,690    174    4.72%
Net Gains on Available-for-sale Securities   145    383    (238)   -62.14%
Noninterest Expenses   9,298    9,072    226    2.49%
Income Before Income Tax Provision   4,418    4,666    (248)   -5.32%
Income Tax Provision   984    1,093    (109)   -9.97%
Net Income  $3,434   $3,573   $(139)   -3.89%
Net Income Attributable to Common Shares (1)  $3,416   $3,553   $(137)   -3.86%
PER COMMON SHARE DATA:                    
Net Income - Basic  $0.28   $0.29   $(0.01)   -3.45%
Net Income - Diluted  $0.28   $0.29   $(0.01)   -3.45%
Dividend Per Share  $0.26   $0.26   $0.00    0.00%
Number of Shares Used in Computation - Basic   12,085,729    12,087,290           
Number of Shares Used in Computation - Diluted   12,131,410    12,108,060           

 

(1) Basic and diluted net income per common share are determined based on net income less earnings allocated to nonvested restricted shares with nonforfeitable dividends.

 

CONDENSED, CONSOLIDATED BALANCE SHEET DATA

(In Thousands) (Unaudited)

 

   MARCH 31,   MARCH 31,   MARCH 31, 2017 vs 2016 
   2017   2016   $ Incr. (Decr.)   % Incr. (Decr.) 
ASSETS                    
Cash & Due from Banks  $32,543   $41,173   $(8,630)   -20.96%
Available-for-sale Securities   376,919    413,606    (36,687)   -8.87%
Loans Held for Sale   163    526    (363)   -69.01%
Loans, Net   753,277    693,944    59,333    8.55%
Intangible Assets   11,958    11,969    (11)   -0.09%
Other Assets   59,064    55,326    3,738    6.76%
TOTAL ASSETS  $1,233,924   $1,216,544   $17,380    1.43%
LIABILITIES                    
Deposits  $980,251   $955,848   $24,403    2.55%
Repo Sweep Accounts   6,244    7,141    (897)   -12.56%
Total Deposits and Repo Sweeps   986,495    962,989    23,506    2.44%
Borrowed Funds   52,888    57,503    (4,615)   -8.03%
Other Liabilities   7,191    7,742    (551)   -7.12%
TOTAL LIABILITIES   1,046,574    1,028,234    18,340    1.78%
SHAREHOLDERS' EQUITY                    
Common Shareholders' Equity, Excluding Accumulated Other Comprehensive Income        187,825           182,914           4,911           2.68  %
Accumulated Other Comprehensive Income:                    
Net Unrealized Gains/Losses on Available-for-sale Securities   (630)   5,347    (5,977)   -111.78%
Defined Benefit Plans   155    49    106    216.33%
TOTAL SHAREHOLDERS' EQUITY   187,350    188,310    (960)   -0.51%
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $1,233,924   $1,216,544   $17,380    1.43%

 

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 EX-99.3 4 v464694_ex99-3.htm EXHIBIT 99.3

 

EXHIBIT 99.3 – Supplemental, Unaudited Financial Information

 

 

 

CONDENSED, CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

   3 MONTHS ENDED   % 
   MARCH 31,   INCREASE 
   2017   2016   (DECREASE) 
EARNINGS PERFORMANCE               
Net Income  $3,434   $3,573    -3.89%
Return on Average Assets   1.11%   1.18%   -5.93%
Return on Average Equity   7.38%   7.60%   -2.89%
                
BALANCE SHEET HIGHLIGHTS               
Total Assets  $1,233,924   $1,216,544    1.43%
Available-for-Sale Securities   376,919    413,606    -8.87%
Loans (Net)   753,277    693,944    8.55%
Allowance for Loan Losses   8,744    7,661    14.14%
Deposits and Repo Sweep Accounts   986,495    962,989    2.44%
                
OFF-BALANCE SHEET HIGHLIGHTS               
Outstanding Balance of Mortgage Loans Sold with Servicing Retained        164,291           153,778           6.84  %
Trust Assets Under Management   880,979    826,470    6.60%
                
SHAREHOLDERS' VALUE               
(PER COMMON SHARE)               
Net Income - Basic  $0.28   $0.29    -3.45%
Net Income - Diluted  $0.28   $0.29    -3.45%
Dividends  $0.26   $0.26    0.00%
Common Book Value  $15.41   $15.59    -1.15%
Tangible Common Book Value  $14.42   $14.60    -1.23%
Market Value (Last Trade)  $23.28   $19.88    17.10%
Market Value / Common Book Value   151.07%   127.52%   18.47%
Market Value / Tangible Common Book Value   161.44%   136.16%   18.57%
Price Earnings Multiple (Annualized)   20.79    17.14    21.30%
Dividend Yield (Annualized)   4.47%   5.23%   -14.53%
Common Shares Outstanding, End of Period   12,159,607    12,081,030    0.65%
                
SAFETY AND SOUNDNESS               
Tangible Common Equity / Tangible Assets   14.35%   14.64%   -1.98%
Nonperforming Assets / Total Assets   1.28%   1.36%   -5.88%
Allowance for Loan Losses / Total Loans   1.15%   1.09%   5.50%
Total Risk Based Capital Ratio (a)   23.65%   24.19%   -2.23%
Tier 1 Risk Based Capital Ratio (a)   22.50%   23.12%   -2.68%
Common Equity Tier 1 Risk Based Capital Ratio (a)   22.50%   23.12%   -2.68%
Leverage Ratio (a)   14.30%   14.26%   0.28%
                
AVERAGE BALANCES               
Total Assets  $1,241,392   $1,214,392    2.22%
Total Equity  $186,202   $188,007    -0.96%

 

(a) Capital ratios for the most recent period are estimated.

 

 1 

 

 

QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION

(Dollars In Thousands, Except Per Share Data) (Unaudited)  For the Three Months Ended:         
   Mar. 31,   Dec. 31,   Sept. 30,   June 30,   Mar. 31, 
   2017   2016   2016   2016   2016 
Interest income  $11,112   $11,106   $11,131   $10,924   $10,937 
Interest expense   953    920    944    925    904 
Net interest income   10,159    10,186    10,187    9,999    10,033 
Provision (credit) for loan losses   452    (3)   538    318    368 
Net interest income after provision (credit) for loan losses        9,707           10,189           9,649           9,681           9,665   
Noninterest revenue   3,864    4,031    3,884    3,906    3,690 
Net gains on available-for-sale securities   145    69    584    122    383 
Noninterest expenses   9,298    8,558    8,579    8,535    9,072 
Income before income tax provision   4,418    5,731    5,538    5,174    4,666 
Income tax provision   984    1,500    1,451    1,303    1,093 
Net income  $3,434   $4,231   $4,087   $3,871   $3,573 
Net income attributable to common shares  $3,416   $4,209   $4,065   $3,850   $3,553 
Net income per share – basic  $0.28   $0.35   $0.34   $0.32   $0.29 
Net income per share – diluted  $0.28   $0.35   $0.34   $0.32   $0.29 

 

QUARTERLY CONDENSED, CONSOLIDATED BALANCE SHEET INFORMATION

(In Thousands) (Unaudited)  As of:                 
   March 31,   Dec. 31,   March 31,         
   2017   2016   2016         
ASSETS                         
Cash & Due from Banks  $32,543   $32,109   $41,173         
Available-for-Sale Securities   376,919    395,077    413,606           
Loans Held for Sale   163    142    526           
Loans, Net   753,277    743,362    693,944           
Intangible Assets   11,958    11,959    11,969           
Other Assets   59,064    59,643    55,326           
TOTAL ASSETS  $1,233,924   $1,242,292   $1,216,544           
                          
LIABILITIES                         
Deposits  $980,251   $983,843   $955,848           
Repo Sweep Accounts   6,244    5,175    7,141           
Total Deposits and Repo Sweeps   986,495    989,018    962,989           
Borrowed Funds   52,888    59,454    57,503           
Other Liabilities   7,191    7,812    7,742           
TOTAL LIABILITIES   1,046,574    1,056,284    1,028,234           
                          
SHAREHOLDERS' EQUITY                         
Common Shareholders' Equity, Excluding                         
Accumulated Other Comprehensive Income/ Loss   187,825    186,906    182,914           
Accumulated Other Comprehensive Income/ Loss:                         
Net Unrealized Gains/Losses on Available-for-sale Securities   (630)   (949)   5,347           
Defined Benefit Plans Adjustment, Net   155    51    49           
TOTAL SHAREHOLDERS' EQUITY   187,350    186,008    188,310           
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $1,233,924   $1,242,292   $1,216,544           

 

 2 

 

 

AVAILABLE-FOR-SALE SECURITIES  March 31, 2017   December 31, 2016 
(In Thousands)  Amortized   Fair   Amortized   Fair 
   Cost   Value   Cost   Value 
                 
Obligations of U.S. Government agencies  $9,674   $9,568   $9,671   $9,541 
Obligations of states and political subdivisions:                    
Tax-exempt   117,272    118,710    118,140    119,037 
Taxable   28,559    28,805    30,073    30,297 
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies:                                                
Residential pass-through securities   49,896    49,359    58,922    58,404 
Residential collateralized mortgage obligations   137,077    135,681    147,915    146,608 
Commercial mortgage-backed securities   34,411    33,825    30,817    30,219 
Total debt securities   376,889    375,948    395,538    394,106 
Marketable equity securities   1,000    971    1,000    971 
Total  $377,889   $376,919   $396,538   $395,077 

 

Summary of Loans by Type            
(Excludes Loans Held for Sale)            
(In Thousands)  March 31,   Dec. 31,   March 31, 
   2017   2016   2016 
Residential mortgage:               
Residential mortgage loans - first liens  $340,431   $334,102   $306,753 
Residential mortgage loans - junior liens   23,717    23,706    21,622 
Home equity lines of credit   36,810    38,057    38,627 
1-4 Family residential construction   24,041    24,908    20,010 
Total residential mortgage   424,999    420,773    387,012 
Commercial:               
Commercial loans secured by real estate   153,385    150,468    154,646 
Commercial and industrial   79,493    83,854    71,628 
Political subdivisions   44,625    38,068    38,364 
Commercial construction and land   15,252    14,287    7,445 
Loans secured by farmland   7,497    7,294    7,168 
Multi-family (5 or more) residential   7,622    7,896    8,393 
Agricultural loans   3,992    3,998    4,492 
Other commercial loans   11,131    11,475    11,387 
Total commercial   322,997    317,340    303,523 
Consumer   14,025    13,722    11,070 
Total   762,021    751,835    701,605 
Less: allowance for loan losses   (8,744)   (8,473)   (7,661)
Loans, net  $753,277   $743,362   $693,944 

 

Loans Held for Sale            
(In Thousands)  March 31,   Dec. 31,   March 31, 
   2017   2016   2016 
Residential mortgage loans originated and serviced - outstanding balance     $  164,454        $  163,438        $  154,304   
Less: outstanding balance of loans sold   (164,291)   (163,296)   (153,778)
Loans held for sale, net  $163   $142   $526 

 

 3 

 

 

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES                
(In Thousands)                
   3 Months   3 Months   Year   3 Months 
   Ended   Ended   Ended   Ended 
   March 31,   Dec. 31,   Dec. 31,   March 31, 
   2017   2016   2016   2016 
Balance, beginning of period  $8,473   $8,421   $7,889   $7,889 
Charge-offs   (200)   (20)   (757)   (613)
Recoveries   19    75    120    17 
Net (charge-offs) recoveries   (181)   55    (637)   (596)
Provision (credit) for loan losses   452    (3)   1,221    368 
Balance, end of period  $8,744   $8,473   $8,473   $7,661 

 

PAST DUE AND IMPAIRED LOANS, NONPERFORMING ASSETS

AND TROUBLED DEBT RESTRUCTURINGS (TDRs)

(Dollars In Thousands)

 

   March 31,   Dec 31,   March 31,     
   2017   2016   2016     
Impaired loans with a valuation allowance  $3,319   $3,372   $1,420     
Impaired loans without a valuation allowance   5,380    7,488    8,210      
Total impaired loans  $8,699   $10,860   $9,630      
                     
Total loans past due 30-89 days and still accruing  $6,476   $7,735   $11,373      
                     
Nonperforming assets:                    
Total nonaccrual loans  $11,231   $8,736   $10,944      
Total loans past due 90 days or more and still accruing   2,714    6,838    3,957      
Total nonperforming loans   13,945    15,574    14,901      
Foreclosed assets held for sale (real estate)   1,878    2,180    1,584      
Total nonperforming assets  $15,823   $17,754   $16,485      
                     
Loans subject to troubled debt restructurings (TDRs):                    
Performing  $752   $5,803   $1,167      
Nonperforming   3,083    2,874    5,146      
Total TDRs  $3,835   $8,677   $6,313      
                     
Total nonperforming loans as a % of loans   1.83%   2.07%   2.12%     
Total nonperforming assets as a % of total assets   1.28%   1.43%   1.36%     
Allowance for loan losses as a % of total loans   1.15%   1.13%   1.09%     
Allowance for loan losses as a % of nonperforming loans   62.70%   54.40%   51.41%     

 

 4 

 

 

Analysis of Average Daily Balances and Rates

(Dollars in Thousands)

 

   3 Months       3 Months       3 Months     
   Ended   Rate of   Ended   Rate of   Ended   Rate of 
   3/31/2017   Return/   12/31/2016   Return/   3/31/2016   Return/ 
   Average   Cost of   Average   Cost of   Average   Cost of 
   Balance   Funds %   Balance   Funds %   Balance   Funds % 
EARNING ASSETS                              
Available-for-sale securities, at amortized cost:                              
Taxable  $271,251    2.11%  $279,385    1.96%  $305,880    2.09%
Tax-exempt   117,628    4.44%   118,541    4.36%   105,406    5.23%
Total available-for-sale securities   388,879    2.81%   397,926    2.67%   411,286    2.89%
Interest-bearing due from banks   14,923    0.87%   14,424    0.74%   20,348    0.47%
Loans held for sale   201    8.07%   341    7.00%   452    5.34%
Loans receivable:                              
Taxable   698,042    4.87%   688,123    4.87%   640,959    5.00%
Tax-exempt   61,336    4.55%   57,293    4.53%   60,677    4.54%
Total loans receivable   759,378    4.84%   745,416    4.84%   701,636    4.96%
Total Earning Assets   1,163,381    4.11%   1,158,107    4.05%   1,133,722    4.13%
Cash   16,013         16,636         15,588      
Unrealized gain/loss on securities   (958)        4,223         7,055      
Allowance for loan losses   (8,593)        (8,585)        (7,932)     
Bank premises and equipment   15,712         15,425         15,458      
Intangible assets   11,959         11,960         11,971      
Other assets   43,878         41,431         38,530      
Total Assets  $1,241,392        $1,239,197        $1,214,392      
                               
INTEREST-BEARING LIABILITIES                              
Interest-bearing deposits:                              
Interest checking  $201,120    0.16%  $212,463    0.16%  $195,142    0.12%
Money market   191,103    0.17%   199,983    0.18%   191,514    0.17%
Savings   138,805    0.10%   135,059    0.10%   130,003    0.10%
Certificates of deposit   113,636    0.80%   113,776    0.78%   113,411    0.72%
Individual Retirement Accounts   99,028    0.43%   101,046    0.43%   105,562    0.41%
Other time deposits   791    0.00%   676    0.00%   804    0.00%
Total interest-bearing deposits   744,483    0.28%   763,003    0.28%   736,436    0.26%
Borrowed funds:                              
Short-term   41,386    0.75%   18,182    0.48%   35,683    0.70%
Long-term   38,419    3.75%   38,497    3.75%   38,725    3.77%
Total borrowed funds   79,805    2.20%   56,679    2.70%   74,408    2.30%
Total Interest-bearing Liabilities   824,288    0.47%   819,682    0.45%   810,844    0.45%
Demand deposits   222,740         221,928         208,163      
Other liabilities   8,162         9,366         7,378      
Total Liabilities   1,055,190         1,050,976         1,026,385      
Stockholders' equity, excluding accumulated other comprehensive income/loss        186,689                       185,437                       183,376               
Accumulated other comprehensive income/loss   (487)        2,784         4,631      
Total Stockholders' Equity   186,202         188,221         188,007      
Total Liabilities and Stockholders' Equity  $1,241,392        $1,239,197        $1,214,392      
Interest Rate Spread        3.64%        3.60%        3.68%
Net Interest Income/Earning Assets        3.78%        3.73%        3.81%
                               
Total Deposits (Interest-bearing and Demand)  $967,223        $984,931        $944,599      

 

(1) Annualized rates of return on tax-exempt securities and loans are presented on a fully taxable-equivalent basis, using

the Corporation’s marginal federal income tax rate of 35%.

(2) Nonaccrual loans have been included with loans for the purpose of analyzing net interest earnings.

(3) Rates of return on earning assets and costs of funds are presented on an annualized basis.

 

 5 

 

 

COMPARISON OF NONINTEREST INCOME            
(In Thousands)  Three Months Ended 
   March 31,   Dec. 31,   March 31, 
   2017   2016   2016 
Service charges on deposit accounts  $1,084   $1,172   $1,138 
Service charges and fees   97    104    94 
Trust and financial management revenue   1,180    1,193    1,144 
Brokerage revenue   156    187    173 
Insurance commissions, fees and premiums   41    28    21 
Interchange revenue from debit card transactions   520    512    463 
Net gains from sales of loans   166    330    168 
Loan servicing fees, net   72    64    22 
Increase in cash surrender value of life insurance   90    96    96 
Other operating income   458    345    371 
Total noninterest income, before realized gains on available-for-sale securities, net  $3,864   $4,031   $3,690 

 

COMPARISON OF NONINTEREST EXPENSE            
(In Thousands)  Three Months Ended 
   March 31,   Dec. 31,   March 31, 
   2017   2016   2016 
Salaries and wages  $3,868   $3,710   $3,887 
Pensions and other employee benefits   1,530    1,218    1,437 
Occupancy expense, net   578    570    609 
Furniture and equipment expense   453    429    427 
FDIC Assessments   94    40    142 
Pennsylvania shares tax   336    342    322 
Professional fees   227    310    289 
Automated teller machine and interchange expense   294    330    249 
Software subscriptions   280    252    241 
Other operating expense   1,638    1,357    1,469 
Total noninterest expense  $9,298   $8,558   $9,072 

 

 6 

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