Citizens & Northern Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 20, 2017 at 02:12 am IST
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Citizens & Northern Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, net interest income was $10,186,000 against $9,949,000 a year ago. Net interest income after provision for loan losses was $10,189,000 against $9,630,000 a year ago. Income before income tax provision was $5,731,000 against $5,326,000 a year ago. Net income was $4,231,000 or $0.35 per diluted share against $4,065,000 or $0.33 per diluted share a year ago.
For the year, net interest income was $40,405,000 against $39,917,000 a year ago. Net interest income after provision for loan losses was $39,184,000 against $39,072,000 a year ago. Income before income tax provision was $21,109,000 against $21,808,000 a year ago. Net income was $15,762,000 or $1.30 per basic and diluted share against $16,471,000 or $1.35 per basic and diluted share a year ago. Return on average assets was 1.28% against 1.32% a year ago. Return on average equity was 8.37% against 8.72% a year ago. Common book value per share was $15.36 against $15.39 a year ago. Tangible common book value was $14.37 against $14.41 a year ago.
Citizens & Northern Corporation is a holding company whose principal activity is community banking. The Company's subsidiaries include Citizens & Northern Bank (the Bank), Citizens & Northern Investment Corporation and Bucktail Life Insurance Company (Bucktail). The Bank is a Pennsylvania banking institution, which provides a range of banking services, including deposit and loan products for personal and commercial customers. The Bank also provides wealth management services through its trust department and C&N Financial Services, LLC (CNFS). The trust department offers a range of financial services, such as 401(k) plans, retirement planning, estate planning, estate settlements and asset management. It operates over 29 branch offices, including 22 in the Northern tier/Northcentral region of Pennsylvania, one in the Southern tier of New York State, four in Southeastern Pennsylvania and two in Southcentral Pennsylvania. The Bank also has a lending office in Elmira, New York.