Citizens & Northern Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 14, 2015 at 01:09 pm
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Citizens & Northern Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company posted net income of $4,368,000 or $0.35 per diluted share against $4,225,000 or $0.34 per basic and diluted share a year ago. Net interest income was $10,211,000 against $10,531,000 a year ago. Income before income tax provision was $5,850,000 against $5,574,000 a year ago.
For the year, the company posted net income of $17,086,000 or $1.38 per basic and diluted share against $18,594,000 or $1.50 per diluted share a year ago. Net interest income was $40,887,000 against $43,149,000 a year ago. Income before income tax provision was $22,778,000 against $24,777,000 a year ago. Return on average assets was 1.38% against 1.50% a year ago. Return on average equity was 9.21% against 10.25% a year ago. Common book value per share was $15.34 against $14.49 a year ago. Tangible common book value per share was $14.36 against $13.51 a year ago.
Net charge-offs were $236,000 against $36,000 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.
Citizens & Northern Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Net Charge-Offs for the Fourth Quarter Ended December 31, 2014