Citizens & Northern Corp (CZNC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Citizens & Northern Corp has a market cap of $142.6 million; its shares were traded at around $11.77 with a P/E ratio of 7.5 and P/S ratio of 1.8. The dividend yield of Citizens & Northern Corp stocks is 3.4%.
For the six months ended June 30, 2010, net income available to common shareholders was $8,562,000, or $0.71 per share – basic and diluted. For the first six months of 2009, C&N s net loss of $16,438,000, or $1.83 per share, included the effects of pre-tax realized losses from securities totaling $35,674,000.
Core earnings per share-diluted was $0.35 in the second quarter 2010, up $0.01 from the immediately previous quarter, and $0.07 lower than second quarter 2009 results. For the first six months of 2010, core earnings per share – diluted was $0.69, off from $0.83 for the first six months of 2009. Although the dollar amount of core earnings was higher in 2010 than in 2009 for each period presented above, the number of weighted average common shares outstanding was higher in 2010, reflecting the effects of the issuance of shares of common stock in a public offering in December 2009 that raised capital of $21.4 million, net of offering costs. The higher amount of Core Earnings in the first six months of 2010 as compared to the corresponding period in 2009 reflected the net impact of several significant factors, as follows:
For the six-month periods, the fully taxable equivalent net interest income was $22,339,000 in 2010, $1,166,000 (5.0%) lower than in 2009. As shown in Table IV, net changes in volume had the effect of decreasing net interest income $692,000 in 2010 compared to 2009, and interest rate changes had the effect of decreasing net interest income $474,000. The most significant components of the volume change in net interest income in 2010 were: a decrease in interest income of $1,332,000 attributable to a reduction in the balance of taxable available-for-sale securities and a decrease in interest expense of $777,000 attributable to a reduction in the balance of long-term borrowed funds. The most significant components of the rate change in net interest income in 2010 were: an decrease in interest income of $2,018,000 attributable to lower rates earned on taxable available-for-sale securities and a decrease in interest expense of $1,863,000 due to lower rates paid on interest-bearing deposits. As presented in Table III, the “Interest Rate Spread” (excess of average rate of return on earning assets over average cost of funds on interest-bearing liabilities) was 3.43% in 2010, as compared to 3.44% in 2009.
Interest income totaled $16,148,000 in 2010, a decrease of 10.6% from 2009. Income from available-for-sale securities decreased $1,569,000, while interest and fees from loans decreased $365,000, or 3.1%. As indicated in Table III, total average available-for-sale securities (at amortized cost) in 2010 decreased to $433,645,000, a decrease of $30,944,000, or 6.7% from 2009. The average rate of return on available-for-sale securities was 4.17% for 2010 and 5.26% in 2009. For the three-month period, the average balance of gross loans decreased 1.6% to $719,204,000 in 2010 from $730,493,000 in 2009. The average rate of return on loans was 6.47% in 2010 and 6.59% in 2009. The average balance of interest-bearing due from banks, mainly from balances held by the Federal Reserve, increased to $66,326,000 in 2010 from $8,139,000 in 2009, while the average balance of Federal funds sold fell to $96,000 in 2010 from $16,840,000 in 2009.
For the three-month period, interest expense fell $1,128,000, or 18.3%, to $5,036,000 in 2010 from $6,164,000 in 2009. Total average deposits (interest-bearing and noninterest-bearing) increased 9.2%, to $960,211,000 in 2010 from $879,508,000 in 2009. Total average borrowed funds decreased $44,913,000 to $218,322,000 in 2010 from $263,235,000 in 2009.
Read the The complete Report
Citizens & Northern Corp has a market cap of $142.6 million; its shares were traded at around $11.77 with a P/E ratio of 7.5 and P/S ratio of 1.8. The dividend yield of Citizens & Northern Corp stocks is 3.4%.
Highlight of Business Operations:
In the second quarter 2010, positive net income available to common shareholders was $4,497,000, or $0.37 per share – basic and diluted, up from $4,065,000, or $0.34 per share - basic and diluted in the first quarter 2010 and as compared to a net loss of $9,104,000, or $1.01 per share in the second quarter 2009. Pre-tax realized gains from available-for-sale securities totaled $319,000 in the second quarter 2010, and $58,000 in the first quarter 2010, while second quarter 2009 results were significantly impacted by pre-tax realized losses from securities totaling $18,995,000.For the six months ended June 30, 2010, net income available to common shareholders was $8,562,000, or $0.71 per share – basic and diluted. For the first six months of 2009, C&N s net loss of $16,438,000, or $1.83 per share, included the effects of pre-tax realized losses from securities totaling $35,674,000.
Core earnings per share-diluted was $0.35 in the second quarter 2010, up $0.01 from the immediately previous quarter, and $0.07 lower than second quarter 2009 results. For the first six months of 2010, core earnings per share – diluted was $0.69, off from $0.83 for the first six months of 2009. Although the dollar amount of core earnings was higher in 2010 than in 2009 for each period presented above, the number of weighted average common shares outstanding was higher in 2010, reflecting the effects of the issuance of shares of common stock in a public offering in December 2009 that raised capital of $21.4 million, net of offering costs. The higher amount of Core Earnings in the first six months of 2010 as compared to the corresponding period in 2009 reflected the net impact of several significant factors, as follows:
For the six-month periods, the fully taxable equivalent net interest income was $22,339,000 in 2010, $1,166,000 (5.0%) lower than in 2009. As shown in Table IV, net changes in volume had the effect of decreasing net interest income $692,000 in 2010 compared to 2009, and interest rate changes had the effect of decreasing net interest income $474,000. The most significant components of the volume change in net interest income in 2010 were: a decrease in interest income of $1,332,000 attributable to a reduction in the balance of taxable available-for-sale securities and a decrease in interest expense of $777,000 attributable to a reduction in the balance of long-term borrowed funds. The most significant components of the rate change in net interest income in 2010 were: an decrease in interest income of $2,018,000 attributable to lower rates earned on taxable available-for-sale securities and a decrease in interest expense of $1,863,000 due to lower rates paid on interest-bearing deposits. As presented in Table III, the “Interest Rate Spread” (excess of average rate of return on earning assets over average cost of funds on interest-bearing liabilities) was 3.43% in 2010, as compared to 3.44% in 2009.
Interest income totaled $16,148,000 in 2010, a decrease of 10.6% from 2009. Income from available-for-sale securities decreased $1,569,000, while interest and fees from loans decreased $365,000, or 3.1%. As indicated in Table III, total average available-for-sale securities (at amortized cost) in 2010 decreased to $433,645,000, a decrease of $30,944,000, or 6.7% from 2009. The average rate of return on available-for-sale securities was 4.17% for 2010 and 5.26% in 2009. For the three-month period, the average balance of gross loans decreased 1.6% to $719,204,000 in 2010 from $730,493,000 in 2009. The average rate of return on loans was 6.47% in 2010 and 6.59% in 2009. The average balance of interest-bearing due from banks, mainly from balances held by the Federal Reserve, increased to $66,326,000 in 2010 from $8,139,000 in 2009, while the average balance of Federal funds sold fell to $96,000 in 2010 from $16,840,000 in 2009.
For the three-month period, interest expense fell $1,128,000, or 18.3%, to $5,036,000 in 2010 from $6,164,000 in 2009. Total average deposits (interest-bearing and noninterest-bearing) increased 9.2%, to $960,211,000 in 2010 from $879,508,000 in 2009. Total average borrowed funds decreased $44,913,000 to $218,322,000 in 2010 from $263,235,000 in 2009.
Read the The complete Report
