Citizens & Northern Corp (CZNC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Citizens & Northern Corp has a market cap of $189.23 million; its shares were traded at around $15.6 with a P/E ratio of 11.14 and P/S ratio of 2.35. The dividend yield of Citizens & Northern Corp stocks is 3.08%.
For the nine months ended September 30, 2010, net income available to common shareholders was $12,697,000, or $1.05 per share – basic and diluted. For the first nine months of 2009, the net loss of $45,005,000, or $5.01 per share, included the effects of pre-tax realized losses from securities totaling $83,522,000.
(1) Income tax has been allocated to the non-core gains and losses at 34%, adjusted for a valuation allowance on deferred tax assets associated with losses from securities classified as capital assets for federal income tax reporting purposes. A valuation allowance of $886,000 was recorded in the third quarter 2009, was reduced to $373,000 in the fourth quarter 2009 and was further reduced to $148,000 in the second quarter 2010. There was no change to the valuation allowance in the third quarter 2010.
Core earnings per share-diluted was $0.32 in the third quarter 2010, down $0.03 from the immediately previous quarter, and $0.11 lower than third quarter 2009 results, and reflecting the effects of the $0.05 charge resulting from the preferred stock repayment. For the first nine months of 2010, core earnings per share – diluted was $1.02, as compared to $1.26 for the first nine months of 2009. Core earnings per share in 2010 were impacted by a higher number of weighted average common shares outstanding than in 2009, resulting from 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. Some of the more significant fluctuations in the components of core earnings are as follows:
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Citizens & Northern Corp has a market cap of $189.23 million; its shares were traded at around $15.6 with a P/E ratio of 11.14 and P/S ratio of 2.35. The dividend yield of Citizens & Northern Corp stocks is 3.08%.
Highlight of Business Operations:
In the third quarter 2010, net income available to common shareholders was $4,135,000, or $0.34 per share – basic and diluted. Third quarter earnings per share was reduced by $607,000, or $0.05 per share, for accelerated discount accretion related to the repayment of the preferred stock that had been sold to the U.S. Treasury Department under the TARP Capital Purchase Program. Net income available to common shareholders was $4,497,000, or $0.37 per share - basic and diluted in the second quarter 2010 and the net loss was $28,194,000, or $3.17 per share in the third quarter 2009. Pre-tax realized gains from available-for-sale securities totaled $388,000 in the third quarter 2010 and $319,000 in the second quarter 2010, while third quarter 2009 results were significantly impacted by pre-tax realized losses from securities totaling $47,848,000.For the nine months ended September 30, 2010, net income available to common shareholders was $12,697,000, or $1.05 per share – basic and diluted. For the first nine months of 2009, the net loss of $45,005,000, or $5.01 per share, included the effects of pre-tax realized losses from securities totaling $83,522,000.
(1) Income tax has been allocated to the non-core gains and losses at 34%, adjusted for a valuation allowance on deferred tax assets associated with losses from securities classified as capital assets for federal income tax reporting purposes. A valuation allowance of $886,000 was recorded in the third quarter 2009, was reduced to $373,000 in the fourth quarter 2009 and was further reduced to $148,000 in the second quarter 2010. There was no change to the valuation allowance in the third quarter 2010.
Core earnings per share-diluted was $0.32 in the third quarter 2010, down $0.03 from the immediately previous quarter, and $0.11 lower than third quarter 2009 results, and reflecting the effects of the $0.05 charge resulting from the preferred stock repayment. For the first nine months of 2010, core earnings per share – diluted was $1.02, as compared to $1.26 for the first nine months of 2009. Core earnings per share in 2010 were impacted by a higher number of weighted average common shares outstanding than in 2009, resulting from 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. Some of the more significant fluctuations in the components of core earnings are as follows:
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