CITIZENS & NORTHERN CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - April 12, 2012

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8-K - FORM 8-K - CITIZENS & NORTHERN CORPv309216_8k.htm
EX-99.2 - EXHIBIT 99.2 - CITIZENS & NORTHERN CORPv309216_ex99-2.htm
EX-99.1 - EXHIBIT 99.1 - CITIZENS & NORTHERN CORPv309216_ex99-1.htm

 

EXHIBIT 99.3 – Supplemental, Unaudited Financial Information

 

 

AVAILABLE-FOR-SALE SECURITIES  March 31, 2012    December 31, 2011    March 31, 2011 
(In Thousands)  Amortized   Fair   Amortized   Fair   Amortized   Fair 
  Cost   Value   Cost   Value   Cost   Value 
                         
Obligations of U.S. Government agencies  $24,810   $25,488   $24,877   $25,587   $36,963   $37,129 
Obligations of states and political subdivisions:                              
Tax-exempt   128,628    133,337    129,401    132,962    127,107    121,789 
Taxable   16,846    17,206    14,004    14,334    11,676    11,507 
Mortgage-backed securities   117,251    121,943    116,602    121,769    99,220    103,627 
Collateralized mortgage obligations, Issued by U.S. Government agencies   162,846    165,764    161,818    165,131    152,718    153,558 
Corporate bonds   0    0    0    0    1,000    1,019 
Trust preferred securities issued by individual institutions   7,783    8,147    7,334    8,146    6,640    8,040 
Collateralized debt obligations:                              
Pooled trust preferred securities - senior tranches   4,993    4,638    4,996    4,638    9,937    9,038 
Pooled trust preferred securities - mezzanine tranches   0    782    0    730    0    0 
Other collateralized debt obligations   660    660    660    660    681    681 
Total debt securities   463,817    477,965    459,692    473,957    445,942    446,388 
Marketable equity securities   6,151    8,699    5,643    7,728    4,789    6,586 
Total  $469,968   $486,664   $465,335   $481,685   $450,731   $452,974 

  

 
 

 

Summary of Loans by Type            
(Excludes Loans Held for Sale)            
(In Thousands)  Mar. 31,   Dec. 31,   Mar. 31, 
  2012   2011   2011 
Residential mortgage:               
Residential mortgage loans - first liens  $326,343   $331,015   $335,362 
Residential mortgage loans - junior liens   27,590    28,851    30,403 
Home equity lines of credit   30,534    30,037    26,887 
1-4 Family residential construction   8,409    9,959    7,666 
Total residential mortgage   392,876    399,862    400,318 
Commercial:               
Commercial loans secured by real estate   158,323    156,388    164,201 
Commercial and industrial   54,370    57,191    57,494 
Political subdivisions   36,517    37,620    36,226 
Commercial construction and land   23,577    23,518    23,340 
Loans secured by farmland   10,334    10,949    11,715 
Multi-family (5 or more) residential   6,326    6,583    7,600 
Agricultural loans   2,982    2,987    3,199 
Other commercial loans   323    552    862 
Total commercial   292,752    295,788    304,637 
Consumer   11,960    12,665    14,004 
Total   697,588    708,315    718,959 
Less: allowance for loan losses   (7,370)   (7,705)   (8,846)
Loans, net  $690,218   $700,610   $710,113 

 

Loans Held for Sale            
(In Thousands)  Mar. 31,   Dec. 31,   Mar. 31, 
   2012   2011   2011 
Residential mortgage loans originated   and serviced - outstanding balance  $64,569   $57,577   $35,493 
Less: outstanding balance of loans sold   (62,346)   (56,638)   (35,358)
Loans held for sale, net  $2,223   $939   $135 

 

 
 

 

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES                
(In Thousands)                
  3 Months   3 Months   Year   3 Months 
  Ended   Ended   Ended   Ended 
   Mar. 31,   Dec. 31,   Dec. 31,   Mar. 31, 
    2012    2011    2011    2011 
Balance, beginning of period  $7,705   $8,177   $9,107   $9,107 
Charge-offs   (176)   (479)   (1,446)   (97)
Recoveries   23    94    329    28 
Net charge-offs   (153)   (385)   (1,117)   (69)
(Credit) provision for loan losses   (182)   (87)   (285)   (192)
Balance, end of period  $7,370   $7,705   $7,705   $8,846 

  

PAST DUE AND NONPERFORMING ASSETS            
(In Thousands)            
   Mar. 31,   Dec. 31,   Mar. 31, 
   2012   2011   2011 
Total loans past due 30-89 days and still accruing  $5,827   $7,898   $5,291 
                
Nonperforming assets:               
Total loans past due 90 days or more and still accruing  $1,252   $1,267   $453 
Total nonaccrual loans   6,961    7,197    10,371 
Foreclosed assets held for sale (real estate)   977    1,235    707 
Total nonperforming assets  $9,190   $9,699   $11,531 
                
Total nonperforming assets as a % of assets   0.70%   0.73%   0.88%

 

 
 

 

Table III - 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 
  3/31/2012   Return/   12/31/2011   Return/   3/31/2011   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  $331,007    3.32%  $337,405    3.27%  $327,104    3.42%
Tax-exempt   127,729    6.03%   130,819    5.87%   126,973    6.08%
Total available-for-sale securities   458,736    4.08%   468,224    4.00%   454,077    4.16%
Interest-bearing due from banks   34,334    0.33%   36,404    0.31%   31,750    0.20%
Loans held for sale   1,057    3.42%   953    7.08%   1,722    4.95%
Loans receivable:                              
Taxable   665,936    6.26%   669,755    6.33%   687,253    6.40%
Tax-exempt   36,218    6.36%   35,744    6.29%   35,073    6.44%
Total loans receivable   702,154    6.27%   705,499    6.33%   722,326    6.40%
Total Earning Assets   1,196,281    5.25%   1,211,080    5.25%   1,209,875    5.40%
Cash   16,891         17,812         16,985      
Unrealized gain/loss on securities   17,923         12,710         (588)     
Allowance for loan losses   (7,739)        (8,255)        (9,201)     
Bank premises and equipment   18,898         19,286         22,474      
Intangible Asset - Core Deposit Intangible   204         230         315      
Intangible Asset - Goodwill   11,942         11,942         11,942      
Other assets   48,282         50,743         60,758      
Total Assets  $1,302,682        $1,315,548        $1,312,560      
                               
INTEREST-BEARING LIABILITIES                              
Interest-bearing deposits:                              
Interest checking  $161,524    0.13%  $161,274    0.15%  $163,479    0.32%
Money market   205,866    0.19%   208,855    0.18%   203,439    0.30%
Savings   104,532    0.10%   101,405    0.10%   92,625    0.25%
Certificates of deposit   191,924    1.73%   195,774    1.81%   212,133    1.99%
Individual Retirement Accounts   146,241    0.96%   149,219    1.12%   161,174    2.99%
Other time deposits   942    0.00%   801    0.50%   956    0.42%
Total interest-bearing deposits   811,029    0.67%   817,328    0.73%   833,806    1.25%
Borrowed funds:                              
Short-term   7,422    0.16%   12,673    0.09%   16,865    0.14%
Long-term   115,607    4.00%   127,692    4.04%   145,802    4.01%
Total borrowed funds   123,029    3.77%   140,365    3.68%   162,667    3.61%
Total Interest-bearing Liabilities   934,058    1.08%   957,693    1.16%   996,473    1.63%
Demand deposits   189,275         186,562         168,211      
Other liabilities   9,452         8,721         6,461      
Total Liabilities   1,132,785         1,152,976         1,171,145      
Stockholders' equity, excluding  other comprehensive income/loss   158,801         154,484         142,054      
Other comprehensive income/loss   11,096         8,088         (639)     
Total Stockholders' Equity   169,897         162,572         141,415      
Total Liabilities and Stockholders' Equity  $1,302,682        $1,315,548        $1,312,560      
Interest Rate Spread        4.17%        4.09%        3.77%
Net Interest Income/Earning Assets        4.41%        4.33%        4.05%
                               
Total Deposits (Interest-bearing and Demand)  $1,000,304        $1,003,890        $1,002,017      

 

(1) Rates of return on tax-exempt securities and loans are presented on a fully taxable-equivalent basis.
  The income tax rate used was 35% for the 3 months ended March 31, 2012 and 34% for the 2011 tables.
(2)  Nonaccrual loans have been included with loans for the purpose of analyzing net interest earnings.

  

 
 

 

COMPARISON OF NONINTEREST INCOME            
(In Thousands)  Three Months Ended 
   Mar. 31,   Dec. 31,   Mar. 31, 
   2012   2011   2011 
Service charges on deposit accounts  $1,161   $1,187   $1,131 
Service charges and fees   220    206    218 
Trust and financial management revenue   929    864    877 
Brokerage revenue   168    89    123 
Insurance commissions, fees and premiums   34    65    68 
Interchange revenue from debit card transactions   495    495    452 
Net gains from sales of loans   265    430    259 
Increase in cash surrender value of life insurance   119    127    122 
Net gain (loss) from other real estate   104    33    (19)
Impairment loss on limited partnership investment   0    0    (948)
Other operating income   264    215    272 
Total other operating income, before realized gains on available-for-sale securities, net  $3,759   $3,711   $2,555 

  

COMPARISON OF NONINTEREST EXPENSE            
(In Thousands)  Three Months Ended 
   Mar. 31,   Dec. 31,   Mar. 31, 
   2012   2011   2011 
Salaries and wages  $3,575   $3,545   $3,401 
Pensions and other employee benefits   1,366    1,063    1,306 
Occupancy expense, net   636    600    732 
Furniture and equipment expense   482    497    484 
FDIC Assessments   146    144    325 
Pennsylvania shares tax   332    322    319 
Other operating expense   1,980    1,777    1,696 
Total Noninterest Expense  $8,517   $7,948   $8,263 

 

 

 

 

 

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