0001144204-17-053219.txt : 20171019 0001144204-17-053219.hdr.sgml : 20171019 20171019154802 ACCESSION NUMBER: 0001144204-17-053219 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20171019 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20171019 DATE AS OF CHANGE: 20171019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS & NORTHERN CORP CENTRAL INDEX KEY: 0000810958 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232451943 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16084 FILM NUMBER: 171144739 BUSINESS ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 BUSINESS PHONE: 877-838-2517 MAIL ADDRESS: STREET 1: 90-92 MAIN ST CITY: WELLSBORO STATE: PA ZIP: 16901 8-K 1 tv477331_8k.htm FORM 8-K

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) October 19, 2017

 

CITIZENS & NORTHERN CORPORATION

(Exact name of registrant as specified in its charter)

 

Pennsylvania   0-16084   23-2451943
(State or other jurisdiction of   (Commission   (I.R.S. Employer
incorporation)   File Number)   Identification No.)

 

90-92 Main Street, Wellsboro, PA   16901
(Address of Principal Executive Office)   (Zip Code)

 

Registrant’s telephone number, including area code    (570) 724-3411

 

N/A
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by checkmark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)

 

Emerging growth company ¨

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

 

 

 

  

 

 

ITEM 2.02. Results of Operations and Financial Condition

 

Citizens & Northern Corporation (the “Company”) announced unaudited, consolidated financial results for the three-month and nine-month periods ended September 30, 2017. On October 19, 2017, the Company issued a press release titled “C&N Declares Dividend and Announces Third Quarter 2017 Unaudited Financial Results,” a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Company’s “banCNotes,” a report that includes unaudited financial information, will be mailed to shareholders on or about October 26, 2017. A copy of the unaudited quarterly financial information included in banCNotes is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. Also, supplemental, unaudited financial information is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

 

ITEM 8.01. Other Events

 

On October 19, 2017, the Company’s Board of Directors declared a dividend on its common stock of $0.26 per share, payable November 10, 2017 to shareholders of record as of October 30, 2017. The Company announced the dividend in the press release which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

ITEM 9.01. Financial Statements and Exhibits

 

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.

 

Exhibit 99.1:   Press Release issued by Citizens & Northern Corporation dated October 19, 2017, titled “C&N Declares Dividend and Announces Third Quarter 2017 Unaudited Financial Results.”
     
Exhibit 99.2:   Unaudited financial information included in “banCNotes” report to be mailed to shareholders on or about October 26, 2017.
     
Exhibit 99.3:   Supplemental, unaudited financial information.

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  CITIZENS & NORTHERN CORPORATION
     
Date:  10/19/17 By: /s/ Mark A. Hughes
    Treasurer and Chief Financial Officer

 

 2 

 

 EX-99.1 2 tv477331_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

    Contact:  Charity Frantz
October 19, 2017       570-724-0225
    charityf@cnbankpa.com

 

C&N DECLARES DIVIDEND AND Announces THIRD QUARTER 2017 UNAUDITED Financial RESULTS

For Immediate Release:

 

Wellsboro, PA – Citizens & Northern Corporation (“C&N”) (NASDAQ: CZNC) announced its most recent dividend declaration and its unaudited, consolidated financial results for the three-month and nine-month periods ended September 30, 2017.

 

Dividend Declared

 

C&N’s Board of Directors has declared a regular quarterly cash dividend of $0.26 per share. The dividend is payable on November 10, 2017 to shareholders of record as of October 30, 2017. Declaration of the dividend was made at the October 19, 2017 meeting of C&N’s Board of Directors.

 

Unaudited Financial Information

 

Basic and diluted earnings per common share were $0.32 for the third quarter 2017, as compared to $0.34 in the second quarter 2017 and $0.34 in the third quarter 2016. For the nine months ended September 30, 2017, basic and diluted earnings per common share were $0.94 as compared to $0.95 for the first nine months of 2016. The return on average assets for the first nine months of 2017 was 1.23%, and the return on average equity was 8.13%. Highlights related to C&N’s earnings results for the comparative periods are presented below.

 

Third Quarter 2017 as Compared to Second Quarter 2017

 

Net income totaled $3,936,000 in the third quarter 2017 as compared to $4,121,000 in the second quarter 2017. Significant variances were as follows:

 

·Net interest income increased $279,000 (2.7%) in the third quarter 2017 as compared to the second quarter. The net interest margin was 3.83% for the third quarter 2017, unchanged from the second quarter result. In addition to the benefit of an additional day in the third quarter as compared to the second quarter, the increase in net interest income reflected growth in average earning assets of $16.3 million, funded from growth in average total deposits of $30.2 million (3.1%).

 

·The provision for loan losses was $322,000 in the third quarter 2017, up from $4,000 in the second quarter. In the third quarter, the provision included $141,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period, and an increase of $181,000 in the collectively determined allowance for loan losses. The increase in the collectively determined allowance in the third quarter reflected the effects of an increase in outstanding loans, as there were minimal changes in the net charge-off experience and qualitative factors used to estimate that portion of the allowance. In comparison, the second quarter provision included $315,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period and a $102,000 increase in the unallocated portion of the allowance. Offsetting a significant portion of the second quarter provision was a $413,000 reduction in the collectively determined allowance for loan losses. In the third quarter 2017, the net change in total specific allowances on impaired loans included a reduction of $6,000 in the allowance related to one real estate secured commercial loan for which the allowance had increased $205,000 in the second quarter and $225,000 in the first quarter. At September 30, 2017, the outstanding balance of this loan was $2,686,000, and the related allowance was $952,000.

 

 1 

 

 

·Noninterest revenue totaled $4,066,000 in the third quarter 2017, a decrease of $40,000 (1.0%) from the second quarter total. Trust and financial management revenue of $1,292,000 in the third quarter was $205,000 lower than the second quarter amount, as the second quarter included $215,000 resulting from a change in the frequency of billings. Net gains from sales of loans totaled $297,000 in the third quarter, an increase of $109,000 over the second quarter, reflecting increases in sales volume and average profit margin. Service charges on deposit accounts totaled $1,168,000 in the third quarter, up $74,000 from the second quarter, consistent with C&N’s typical seasonal pattern of increased consumer overdraft and other fees in the summer months.

 

·Total noninterest expenses in the third quarter 2017 increased $116,000 (1.3%) as compared to the second quarter amount. Pensions and other employee benefits expense was $72,000 higher in the third quarter 2017 as health care expenses on C&N’s partially self-insured plan increased. Automated teller machine and interchange expense in the third quarter 2017 increased $41,000 (13.4%) over the second quarter amount, reflecting increased costs related to fraud protection services, higher volume of debit card transactions and other factors.

 

·The income tax provision was $1,262,000 in the third quarter 2017 for an effective tax rate of 24.3% of pre-tax income, down $112,000 from $1,374,000 (25.0% of pre-tax income) in the second quarter. The lower amount of tax provision and effective tax rate in the third quarter resulted primarily from lower pre-tax income.

 

Third Quarter 2017 as Compared to Third Quarter 2016

 

Net income for the third quarter 2017 of $3,936,000 was lower by $151,000 (3.7%) than the third quarter 2016 amount. Significant variances were as follows:

 

·Net interest income increased $454,000 (4.5%) in the third quarter 2017 as compared to the third quarter 2016. The net interest margin of 3.83% for the third quarter 2017 was higher than the third quarter 2016 level of 3.74%. The improvement in the margin included the impact of a favorable change in the mix of earning assets, including growth in loans and a reduction in securities. Average total loans outstanding were higher by $55.3 million (7.5%) in the third quarter 2017 as compared to the third quarter 2016, while average total available-for-sale securities were lower by $41.0 million. Average total deposits were $26.8 million (2.7%) higher in the third quarter 2017 as compared to the third quarter 2016.

 

·The third quarter 2017 provision for loan losses was $216,000 lower than the third quarter 2016 amount. As noted above, the third quarter 2017 provision included $141,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period, and an increase of $181,000 in the collectively determined allowance for loan losses. In comparison, the third quarter 2016 provision included a $478,000 increase in total specific allowances on impaired loans, as adjusted for net charge-offs during the period, and a $60,000 increase in the collectively determined portion of the allowance. The increase in total specific allowances on impaired loans in the third quarter 2016 included the initial recognition of an allowance of $528,000 on the real estate secured loan referred to above, for which the specific allowance had increased to $952,000 at September 30, 2017.

 

·Noninterest revenue increased $182,000 (4.7%) in the third quarter 2017 over the third quarter 2016 amount. Trust and financial management revenue increased $120,000 (10.2%), reflecting growth in assets under management resulting from market appreciation and new business, as well as a recent increase in fee levels. Interchange revenue from debit card transactions increased $80,000 (16.6%), reflecting benefits from a consulting project in 2016 that identified opportunities for improvements in card-related volumes and processing. Net gains from sales of loans increased $61,000 (25.8%) in the third quarter 2017 as compared to the third quarter 2016, reflecting increases in sales volume and average profit margin. Service charges on deposit accounts decreased $53,000 (4.3%), as revenue from consumer overdrafts declined due to lower volume.

 

 2 

 

 

·Total noninterest expenses increased $613,000 (7.1%) in the third quarter 2017 over the third quarter 2016 amount. Other operating expense increased $226,000. The increase in other operating expense included an increase of $97,000 in attorney fees, mainly related to a commercial loan workout situation, and an increase in accounting and auditing expense of $46,000 resulting from an increase in outsourced internal audit activity. Pensions and other employee benefits expense increased $156,000, mainly due to higher health care expenses on C&N’s partially self-insured plan. Salaries and wages expense increased $84,000, or 2.2%. Software subscriptions increased $62,000, including costs associated with new applications as well as annual licensing increases. Automated teller machine and interchange expense increased $55,000, including increased costs related to fraud protection services and higher volume of debit card transactions. Pennsylvania shares tax increased $49,000, reflecting a tax rate increase and an increase in Bank capital. FDIC assessments expense decreased $58,000, reflecting a lower assessment level.

 

·The income tax provision of $1,262,000 in the third quarter 2017 (24.3% of pre-tax income) was $189,000 lower than the third quarter 2016 tax provision of $1,451,000 (26.2% of pre-tax income). The lower amount of tax provision and effective tax rate in the third quarter 2017 resulted primarily from lower pre-tax income. Also, in the third quarter 2016, the tax provision included a $39,000 catch up adjustment for an increase in the New York State tax provision related to a change in tax methodology that first became effective in 2015.

 

Nine-Month Periods Ended September 30, 2017 and 2016

 

Net income was $11,491,000 for the first nine months of 2017, a decrease of $40,000 (0.4%) from net income for the first nine months of 2016. Significant variances were as follows:

 

·Net interest income was $943,000 (3.1%) higher for the first nine months of 2017 as compared to the first nine months of 2016. The net interest margin was 3.81% for the first nine months of 2017, up from 3.77% for the first nine months of 2016. Average total loans outstanding were up $57.6 million (8.0%) in the first nine months of 2017 as compared to the first nine months of 2016, while average total available-for-sale securities were lower by $33.0 million. Average total deposits were $20.4 million (2.1%) higher in the first nine months of 2017 as compared to the first nine months of 2016.

 

·The provision for loan losses of $778,000 for the first nine months of 2017 was $446,000 lower than the amount for the first nine months of 2016. In 2017, the provision included $844,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period and a $102,000 increase in the unallocated portion of the allowance, with a reduction in the provision of $168,000 related to the reduction in the collectively determined allowance for loan losses. The reduction in the collectively determined allowance included the effects of an improvement in C&N’s aggregate net charge-off experience and a reduction in the qualitative factors used to estimate the allowance as of September 30, 2017. The net increase in specific allowances in the first nine months of 2017 included an increase in the allowance related to one real estate secured commercial loan of $424,000 to $952,000 at September 30, 2017 as compared to $528,000 at December 31, 2016. The increase in the specific allowance for this loan was based on an updated appraisal. In comparison, the provision for the first nine months of 2016 included $557,000 related to the change in total specific allowances on impaired loans, as adjusted for net charge-offs during the period, a $29,000 decrease in the unallocated portion of the allowance and an increase in the provision of $696,000 related to an increase in the collectively determined allowance for loan losses. The increase in the collectively determined portion of the allowance at September 30, 2016 as compared to the end of the preceding year resulted from loan growth and slight increases in the net charge-off and qualitative factors used to estimate the allowance.

 

 3 

 

 

·Noninterest revenue increased $556,000 (4.8%) in the first nine months of 2017 as compared to the first nine months of 2016. Trust and financial management revenue increased $402,000 (11.3%), reflecting growth in assets under management resulting from market appreciation and new business, as well as a recent increase in fee levels and an estimated $215,000 of additional revenue from changing the frequency of billings to monthly for certain services. Interchange revenue from debit card transactions increased $218,000 (15.2%), reflecting improvements in card-related volumes and processing. Loan servicing fees, net, increased $123,000, as the fair value of mortgage servicing rights decreased by $145,000 in the first nine months of 2017 as compared to a reduction of $247,000 in the first nine months of 2016. Service charges on deposit accounts decreased $177,000 (5.0%), as revenue from consumer overdrafts declined due to lower volume.

 

·Total noninterest expenses increased $1,380,000 (5.3%) for the first nine months of 2017 as compared to the first nine months of 2016. Other operating expense increased $682,000. Within other operating expense, the largest variances included increases of $182,000 in loan collection expenses, $129,000 in attorney fees (mainly related to a commercial loan workout situation) and $94,000 in accounting and auditing expense stemming from increased internal audit outsourcing. Pensions and other employee benefits expense increased $391,000, primarily as a result of higher health care expenses on C&N’s partially self-insured plan. Software subscriptions increased $141,000, including costs associated with new applications as well as annual licensing increases. Automated teller machine and interchange expense increased $138,000, including increased costs related to fraud protection services and higher volume of debit card transactions. FDIC assessments expense decreased $165,000, reflecting a lower assessment level. Professional fees expense decreased $66,000, reflecting a reduction in information technology and sales and service-related consulting expense.

 

·The income tax provision was $3,620,000 for the first nine months of 2017 (24.0% of pre-tax income), down from $3,847,000 (25.0% of pre-tax income) for the first nine months of 2016. The lower amount of tax provision and effective tax rate in 2017 resulted from lower pre-tax income, along with the effects of a change in accounting for stock-based compensation that requires recognition of the tax benefits as a reduction in the tax provision and a $30,000 catch up adjustment in 2016 for an increase in the New York State tax provision related to a change in tax methodology that first became effective in 2015.

 

Other Information:

Changes in other unaudited financial information are as follows:

 

·Total assets amounted to $1,259,921,000 at September 30, 2017, as compared to $1,243,401,000 at June 30, 2017 and $1,245,333,000 at September 30, 2016.

 

·Net loans outstanding (excluding mortgage loans held for sale) were $792,112,000 at September 30, 2017, up from $771,057,000 at June 30, 2017 and up 7.9% from $733,917,000 at September 30, 2016. In comparing outstanding balances at September 30, 2017 and 2016, total residential mortgage loans increased $31.5 million, or 7.7%, and total commercial loans increased $25.0 million, or 7.8%. At September 30, 2017, the outstanding balance of commercial loan participations with other financial entities was $53.6 million, up from $48.7 million at September 30, 2016.

 

·The outstanding balance of residential mortgages originated by C&N and sold to third parties, with servicing retained, totaled $169,581,000 at September 30, 2017, up from $165,789,000 at June 30, 2017 and $157,845,000 at September 30, 2016.

 

·Total nonperforming assets as a percentage of total assets was 1.35% at September 30, 2017 as compared to 1.30% at June 30, 2017 and 1.79% at September 30, 2016.

 

·Deposits and repo sweep accounts totaled $1,026,364,000 at September 30, 2017, up from $1,002,137,000 at June 30, 2017, and up 2.8% from $998,200,000 at September 30, 2016.

 

 4 

 

 

·Total shareholders’ equity was $191,013,000 at September 30, 2017 as compared to $189,859,000 at June 30, 2017 and $190,603,000 at September 30, 2016. Tangible common equity as a percentage of tangible assets was 14.35% at September 30, 2017 as compared to 14.48% a year earlier. Within shareholders’ equity, the portion of accumulated other comprehensive income related to available-for-sale securities was $227,000 at September 30, 2017 as compared to $369,000 at June 30, 2017 and $5,388,000 at September 30, 2016. Fluctuations in accumulated other comprehensive income have been caused by increases in interest rates, which have resulted in an overall net reduction in the fair value of available-for-sale securities.

 

·Assets under management by C&N’s Trust and Financial Management Group amounted to $924,907,000 at September 30, 2017, up from $894,669,000 at June 30, 2017, and up 6.6% from $867,852,000 a year earlier.

 

Citizens & Northern Corporation is the parent company of Citizens & Northern Bank, a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Tioga, Bradford, Sullivan, Lycoming, Potter, Cameron and McKean counties in Pennsylvania and in Canisteo and South Hornell, New York. C&N’s most recently opened location, in Elmira, New York, offers commercial, residential and consumer lending services. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

 

Safe Harbor Statement: Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the following: changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates; changes in general economic conditions; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in the Corporation’s market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; changes in management’s assessment of realization of securities and other assets; and changes in accounting principles, or the application of generally accepted accounting principles. Citizens & Northern disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 5 

 

 EX-99.2 3 tv477331_ex99-2.htm EXHIBIT 99.2

 

EXHIBIT 99.2

 

 

 

September 30, 2017 QUARTERLY REPORT  

 

Dear Shareholder:

 

Third quarter 2017 net income was $0.32 per share, as compared to $0.34 in the second quarter 2017 and $0.34 in the third quarter 2016. For the nine months ended September 30, 2017, net income per share was $0.94 as compared to $0.95 for the first nine months of 2016. The return on average assets for the first nine months of 2017 was 1.23%, and the return on average equity was 8.13%. Loans, deposits, and trust assets under management continued the steady growth we have experienced over the past several years. This ongoing progress is the result of our focus on building relationships and delivering value to customers across the C&N franchise and was the driver of solid revenue growth during the quarter.

 

Net interest income increased $279,000 (2.7%) in the third quarter of 2017 compared to the second quarter, and by $454,000 (4.5%) compared to the third quarter of 2016. Through the first nine months of 2017, net interest income was $943,000 (3.1%) higher than in the same period in 2016. Growth in average loans outstanding of approximately $17 million during the quarter and $55 million compared to the third quarter of 2016 is the primary driver of these increases. We also experienced solid growth in core deposits and ongoing reductions in higher cost borrowings, improving C&N’s funding mix. The yield on earning assets was 4.16% during the third quarter of 2017 compared to 4.07% in 2016 while the overall cost of funds increased by .02% during the same period. As a result, the net interest margin increased .09%, to 3.83% during the third quarter of 2017 from 3.74% a year earlier. Recall that the Federal Reserve raised the federal funds rate by .25% in June to a target of 1.25%, resulting in a flattening of the yield curve throughout most of the third quarter.

 

The provision for loan losses was $322,000 during the third quarter of 2017 compared to $538,000 in 2016. Through the first nine months of 2017, the provision was $778,000 compared to $1.224 million for the same period in 2016. The lower provision amounts for both the current quarter and the first nine months of 2017 reflect reductions in reserves related to charge-off experience and qualitative factors used in calculating the allowance for loan losses. Management maintains a robust process to determine the adequacy of the allowance that incorporates these and other factors. C&N’s overall credit quality remains strong as reflected in our past due and non-performing loan metrics at September 30, 2017 compared to a year earlier.

 

Noninterest revenue increased by $182,000 (4.7%) in the third quarter of 2017 compared to 2016. The most notable increases were Trust revenues reflecting growth in assets under management as well as a recent fee increase, interchange revenue on debit cards, and gains from the sale of mortgage loans, while service charges on deposit account declined due to lower volumes of overdrafts. These same factors contributed to an increase of $556,000 (4.8%) during the first nine months of 2017 compared to the same period in 2016, with the exception of gains from the sale of mortgage loans which decreased $48,000.

 

 1 

 

 

Noninterest expenses increased $613,000 (7.1%) in the third quarter of 2017 compared to 2016. The primary drivers of this increase were collection and other real estate expenses, costs associated with health care benefits, ATM and interchange expenses, software subscriptions related to investments in technology, and increased fees for outsourcing internal audit activities. Overall salaries and wages increased 2%, while FDIC premiums declined. These same factors produced a $1.38 million (5.3%) increase in noninterest expenses for the first nine months of 2017 compared to the same period in 2016.

 

C&N’s strong capital position provides the ability to pursue a strategy of growth and expansion while continuing to support shareholder value. The dividend paid during the third quarter remained at $.26 per share producing a yield of 4.23% based on the September 30, 2017 market price of $24.56. In April 2016, the Board announced a common stock repurchase program for the acquisition of up to 600,000 shares. There have been no repurchases of stock under this program to date.

 

We hope you enjoy this edition of banCnotes and, as always, thank you for your investment and ongoing support.

  

 
J. Bradley Scovill  
President and CEO  

 

 2 

 

 

CONDENSED, CONSOLIDATED EARNINGS INFORMATION

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

    3RD   3RD          
    QUARTER    QUARTER           
    2017    2016           
    (Current)    (Prior Year)    $ Incr. (Decr.)    % Incr. (Decr.) 
Interest and Dividend Income  $11,626   $11,131   $495    4.45%
Interest Expense   985    944    41    4.34%
Net Interest Income   10,641    10,187    454    4.46%
Provision for Loan Losses   322    538    (216)   -40.15%
Net Interest Income After Provision for Loan Losses   10,319    9,649    670    6.94%
Noninterest Revenue   4,066    3,884    182    4.69%
Net Gains on Available-for-sale Securities   5    584    (579)   -99.14%
Noninterest Expenses   9,192    8,579    613    7.15%
Income Before Income Tax Provision   5,198    5,538    (340)   -6.14%
Income Tax Provision   1,262    1,451    (189)   -13.03%
Net Income  $3,936   $4,087   $(151)   -3.69%
Net Income Attributable to Common Shares (1)  $3,916   $4,065   $(149)   -3.67%
                     
PER COMMON SHARE DATA:                    
Net Income - Basic  $0.32   $0.34   $(0.02)   -5.88%
Net Income - Diluted  $0.32   $0.34   $(0.02)   -5.88%
Dividend Per Share  $0.26   $0.26   $0.00    0.00%
Number of Shares Used in Computation - Basic   12,124,854    12,014,267           
Number of Shares Used in Computation - Diluted   12,162,263    12,044,066           

 

CONDENSED, CONSOLIDATED EARNINGS INFORMATION

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

   9 MONTHS ENDED         
   SEPTEMBER 30,         
   2017   2016         
   (Current)   (Prior Year)   $ Incr. (Decr.)   % Incr. (Decr.) 
Interest and Dividend Income  $34,078   $32,992   $1,086    3.29%
Interest Expense   2,916    2,773    143    5.16%
Net Interest Income   31,162    30,219    943    3.12%
Provision for Loan Losses   778    1,224    (446)   -36.44%
Net Interest Income After Provision for Loan Losses   30,384    28,995    1,389    4.79%
Noninterest Revenue   12,036    11,480    556    4.84%
Net Gains on Available-for-sale Securities   257    1,089    (832)   -76.40%
Noninterest Expenses   27,566    26,186    1,380    5.27%
Income Before Income Tax Provision   15,111    15,378    (267)   -1.74%
Income Tax Provision   3,620    3,847    (227)   -5.90%
Net Income  $11,491   $11,531   $(40)   -0.35%
Net Income Attributable to Common Shares (1)  $11,432   $11,468   $(36)   -0.31%
                     
PER COMMON SHARE DATA:                    
Net Income - Basic  $0.94   $0.95   $(0.01)   -1.05%
Net Income - Diluted  $0.94   $0.95   $(0.01)   -1.05%
Dividend Per Share  $0.78   $0.78   $0.00    0.00%
Number of Shares Used in Computation - Basic   12,105,673    12,032,619           
Number of Shares Used in Computation - Diluted   12,146,297    12,056,639           

 

(1) Basic and diluted net income per common share are determined based on net income less earnings allocated to nonvested restricted shares with nonforfeitable dividends.

 

 3 

 

 

CONDENSED, CONSOLIDATED BALANCE SHEET DATA

(Dollars In Thousands) (Unaudited)

 

   SEPTEMBER 30,   SEPTEMBER 30,   SEPTEMBER 30, 2017 vs 2016 
   2017   2016   $ Incr. (Decr.)   % Incr. (Decr.) 
ASSETS                    
Cash & Due from Banks  $32,850   $34,070   $(1,220)   -3.58%
Available-for-sale Securities   365,086    409,800    (44,714)   -10.91%
Loans Held for Sale   437    621    (184)   -29.63%
Loans, Net   792,112    733,917    58,195    7.93%
Intangible Assets   11,956    11,963    (7)   -0.06%
Other Assets   57,480    54,962    2,518    4.58%
TOTAL ASSETS  $1,259,921   $1,245,333   $14,588    1.17%
                     
LIABILITIES                    
Deposits  $1,021,625   $991,880   $29,745    3.00%
Repo Sweep Accounts   4,739    6,320    (1,581)   -25.02%
Total Deposits and Repo Sweeps   1,026,364    998,200    28,164    2.82%
Borrowed Funds   34,256    46,808    (12,552)   -26.82%
Other Liabilities   8,288    9,722    (1,434)   -14.75%
TOTAL LIABILITIES   1,068,908    1,054,730    14,178    1.34%
                     
SHAREHOLDERS' EQUITY                    
Common Shareholders' Equity, Excluding Accumulated Other Comprehensive Income   190,639    185,173    5,466    2.95%
Accumulated Other Comprehensive Income:                    
Net Unrealized Gains/Losses on Available-for-sale Securities   227    5,388    (5,161)   -95.79%
Defined Benefit Plans   147    42    105    250.00%
TOTAL SHAREHOLDERS' EQUITY   191,013    190,603    410    0.22%
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $1,259,921   $1,245,333   $14,588    1.17%

 

 4 

 EX-99.3 4 tv477331_ex99-3.htm EXHIBIT 99.3

 

EXHIBIT 99.3 – Supplemental, Unaudited Financial Information

 

 

CONDENSED, CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars In Thousands, Except Per Share Data) (Unaudited)

 

   AS OF OR FOR THE     
   9 MONTHS ENDED   % 
   SEPTEMBER 30,   INCREASE 
   2017   2016   (DECREASE) 
EARNINGS PERFORMANCE               
Net Income  $11,491   $11,531    -0.35%
Return on Average Assets   1.23%   1.25%   -1.60%
Return on Average Equity   8.13%   8.16%   -0.37%
BALANCE SHEET HIGHLIGHTS               
Total Assets  $1,259,921   $1,245,333    1.17%
Available-for-Sale Securities   365,086    409,800    -10.91%
Loans (Net)   792,112    733,917    7.93%
Allowance for Loan Losses   8,900    8,421    5.69%
Deposits and Repo Sweep Accounts   1,026,364    998,200    2.82%
OFF-BALANCE SHEET               
Outstanding Balance of Mortgage Loans Sold with Servicing Retained   169,581    157,845    7.44%
Trust Assets Under Management   924,907    867,852    6.57%
SHAREHOLDERS' VALUE (PER COMMON SHARE)               
Net Income - Basic  $0.94   $0.95    -1.05%
Net Income - Diluted  $0.94   $0.95    -1.05%
Dividends  $0.78   $0.78    0.00%
Common Book Value  $15.66   $15.77    -0.70%
Tangible Common Book Value  $14.68   $14.78    -0.68%
Market Value (Last Trade)  $24.56   $21.97    11.79%
Market Value / Common Book Value   156.83%   139.32%   12.57%
Market Value / Tangible Common Book Value   167.30%   148.65%   12.55%
Price Earnings Multiple (Annualized)   19.60    17.34    13.03%
Dividend Yield (Annualized)   4.23%   4.73%   -10.57%
Common Shares Outstanding, End of Period   12,197,527    12,087,223    0.91%
SAFETY AND SOUNDNESS               
Tangible Common Equity / Tangible Assets   14.35%   14.48%   -0.90%
Nonperforming Assets / Total Assets   1.35%   1.79%   -24.58%
Allowance for Loan Losses / Total Loans   1.11%   1.13%   -1.77%
Total Risk Based Capital Ratio (a)   23.50%   23.56%   -0.25%
Leverage Ratio (a)   14.41%   14.17%   1.69%
                
(a) Capital ratios for the most recent period are estimated.               
AVERAGE BALANCES               
Average Assets  $1,243,448   $1,226,733    1.36%
Average Equity  $188,448   $188,424    0.01%
EFFICIENCY RATIO               
Net Interest Income on a Fully Taxable-Equivalent               
Basis  $33,240   $32,297    2.92%
Noninterest Revenue   12,036    11,480    4.84%
Total (1)  $45,276   $43,777    3.42%
Noninterest Expenses (2)  $27,566   $26,186    5.27%
Efficiency ratio = (2)/(1)   60.88%   59.82%   1.78%

  

 1 

 

 

QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION          

(In Thousands, Except Per Share Data) (Unaudited)

 

   For the Three Months Ended:                 
   Sept. 30,   June 30,   Mar. 31,   Dec. 31,   Sept. 30,   June 30,   Mar. 31, 
   2017   2017   2017   2016   2016   2016   2016 
Interest income  $11,626   $11,340   $11,112   $11,106   $11,131   $10,924   $10,937 
Interest expense   985    978    953    920    944    925    904 
Net interest income   10,641    10,362    10,159    10,186    10,187    9,999    10,033 
Provision (credit) for loan losses   322    4    452    (3)   538    318    368 
Net interest income after provision (credit) for loan losses   10,319    10,358    9,707    10,189    9,649    9,681    9,665 
Noninterest revenue   4,066    4,106    3,864    4,031    3,884    3,906    3,690 
Net gains on available-for-sale securities   5    107    145    69    584    122    383 
Noninterest expenses   9,192    9,076    9,298    8,558    8,579    8,535    9,072 
Income before income tax provision   5,198    5,495    4,418    5,731    5,538    5,174    4,666 
Income tax provision   1,262    1,374    984    1,500    1,451    1,303    1,093 
Net income  $3,936   $4,121   $3,434   $4,231   $4,087   $3,871   $3,573 
Net income attributable to common shares  $3,916   $4,100   $3,416   $4,209   $4,065   $3,850   $3,553 
Basic earnings per common share  $0.32   $0.34   $0.28   $0.35   $0.34   $0.32   $0.29 
Diluted earnings per common share  $0.32   $0.34   $0.28   $0.35   $0.34   $0.32   $0.29 

 

QUARTERLY CONDENSED, CONSOLIDATED BALANCE SHEET INFORMATION

(In Thousands) (Unaudited)

 

   As of:                 
   Sept. 30,   June 30,   March 31,   Dec. 31,   Sept. 30, 
   2017   2017   2017   2016   2016 
ASSETS                         
Cash & Due from Banks  $32,850   $34,643   $32,543   $32,109   $34,070 
Available-for-Sale Securities   365,086    364,753    376,919    395,077    409,800 
Loans Held for Sale   437    1,708    163    142    621 
Loans, Net   792,112    771,057    753,277    743,362    733,917 
Intangible Assets   11,956    11,957    11,958    11,959    11,963 
Other Assets   57,480    59,283    59,064    59,643    54,962 
TOTAL ASSETS  $1,259,921   $1,243,401   $1,233,924   $1,242,292   $1,245,333 
                          
LIABILITIES                         
Deposits  $1,021,625   $997,262   $980,251   $983,843   $991,880 
Repo Sweep Accounts   4,739    4,875    6,244    5,175    6,320 
Total Deposits and Repo Sweeps   1,026,364    1,002,137    986,495    989,018    998,200 
Borrowed Funds   34,256    42,321    52,888    59,454    46,808 
Other Liabilities   8,288    9,084    7,191    7,812    9,722 
TOTAL LIABILITIES   1,068,908    1,053,542    1,046,574    1,056,284    1,054,730 
                          
SHAREHOLDERS' EQUITY                         
Common Shareholders' Equity, Excluding Accumulated Other Comprehensive Income/ Loss   190,639    189,339    187,825    186,906    185,173 
Accumulated Other Comprehensive Income/ Loss:                         
Net Unrealized Gains/Losses on Available-for-sale Securities   227    369    (630)   (949)   5,388 
Defined Benefit Plans Adjustment, Net   147    151    155    51    42 
TOTAL SHAREHOLDERS' EQUITY   191,013    189,859    187,350    186,008    190,603 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $1,259,921   $1,243,401   $1,233,924   $1,242,292   $1,245,333 

 

 

 2 

 

 

 

AVAILABLE-FOR-SALE SECURITIES  September 30, 2017   June 30, 2017   December 31, 2016 
(In Thousands)  Amortized   Fair   Amortized   Fair   Amortized   Fair 
   Cost   Value   Cost   Value   Cost   Value 
Obligations of U.S. Government agencies  $8,028   $7,946   $9,678   $9,591   $9,671   $9,541 
Obligations of states and political subdivisions:                              
Tax-exempt   108,521    110,557    114,095    116,338    118,140    119,037 
Taxable   27,538    27,816    28,162    28,452    30,073    30,297 
                               
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored  agencies:                              
Residential pass-through securities   55,247    54,917    47,767    47,405    58,922    58,404 
Residential collateralized mortgage obligations   130,375    129,243    129,372    128,248    147,915    146,608 
Commercial mortgage-backed securities   34,028    33,629    34,112    33,742    30,817    30,219 
Total debt securities   363,737    364,108    363,186    363,776    395,538    394,106 
Marketable equity securities   1,000    978    1,000    977    1,000    971 
Total  $364,737   $365,086   $364,186   $364,753   $396,538   $395,077 

 

Summary of Loans by Type

(Excludes Loans Held for Sale)

(In Thousands)

 

   Sept. 30,   June 30,   Dec. 31,   Sept. 30, 
   2017   2017   2016   2016 
Residential mortgage:                    
Residential mortgage loans - first liens  $355,285   $342,603   $334,102   $325,533 
Residential mortgage loans - junior liens   24,694    24,150    23,706    22,794 
Home equity lines of credit   36,534    37,159    38,057    38,623 
1-4 Family residential construction   25,286    26,067    24,908    23,310 
Total residential mortgage   441,799    429,979    420,773    410,260 
Commercial:                    
Commercial loans secured by real estate   158,520    155,158    150,468    149,938 
Commercial and industrial   83,243    82,815    83,854    86,969 
Political subdivisions   54,730    51,495    38,068    38,653 
Commercial construction and land   13,937    15,201    14,287    12,809 
Loans secured by farmland   7,744    7,432    7,294    6,900 
Multi-family (5 or more) residential   7,566    7,497    7,896    8,133 
Agricultural loans   6,137    4,454    3,998    4,313 
Other commercial loans   12,383    11,038    11,475    11,557 
Total commercial   344,260    335,090    317,340    319,272 
Consumer   14,953    14,623    13,722    12,806 
Total   801,012    779,692    751,835    742,338 
Less: allowance for loan losses   (8,900)   (8,635)   (8,473)   (8,421)
Loans, net  $792,112   $771,057   $743,362   $733,917 

 

Loans Held for Sale

(In Thousands)

 

   Sept. 30,   June 30,   Dec. 31,   Sept. 30, 
   2017   2017   2016   2016 
Residential mortgage loans originated and serviced - outstanding balance  $170,018   $167,497   $163,438   $158,466 
Less: outstanding balance of loans sold   (169,581)   (165,789)   (163,296)   (157,845)
Loans held for sale, net  $437   $1,708   $142   $621 

 

 3 

 

 

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES

(In Thousands)

 

   3 Months   3 Months   9 Months   9 Months 
   Ended   Ended   Ended   Ended 
   Sept. 30,   June 30,   Sept. 30,   Sept. 30, 
   2017   2017   2017   2016 
Balance, beginning of period  $8,635   $8,744   $8,473   $7,889 
Charge-offs   (67)   (135)   (402)   (737)
Recoveries   10    22    51    45 
Net charge-offs   (57)   (113)   (351)   (692)
Provision for loan losses   322    4    778    1,224 
Balance, end of period  $8,900   $8,635   $8,900   $8,421 

 

PAST DUE AND IMPAIRED LOANS, NONPERFORMING ASSETS

AND TROUBLED DEBT RESTRUCTURINGS (TDRs)

(Dollars In Thousands)

 

   Sept. 30,   June 30,   Dec 31,   Sept. 30, 
   2017   2017   2016   2016 
Impaired loans with a valuation allowance  $3,581   $3,293   $3,372   $3,621 
Impaired loans without a valuation allowance   5,388    5,418    7,488    7,514 
Total impaired loans  $8,969   $8,711   $10,860   $11,135 
                     
Total loans past due 30-89 days and still accruing  $5,978   $3,749   $7,735   $4,040 
                     
Nonperforming assets:                    
 Total nonaccrual loans  $12,400   $11,504   $8,736   $12,481 
 Total loans past due 90 days or more and still accruing   2,979    2,680    6,838    7,539 
 Total nonperforming loans   15,379    14,184    15,574    20,020 
 Foreclosed assets held for sale (real estate)   1,650    2,023    2,180    2,321 
Total nonperforming assets  $17,029   $16,207   $17,754   $22,341 
                     
Loans subject to troubled debt restructurings (TDRs):                    
 Performing  $658   $729   $5,803   $946 
 Nonperforming   3,075    3,059    2,874    5,032 
Total TDRs  $3,733   $3,788   $8,677   $5,978 
                     
Total nonperforming loans as a % of loans   1.92%   1.82%   2.07%   2.70%
Total nonperforming assets as a % of assets   1.35%   1.30%   1.43%   1.79%
Allowance for loan losses as a % of total loans   1.11%   1.11%   1.13%   1.13%
Allowance for loan losses as a % of nonperforming loans   57.87%   60.88%   54.40%   42.06%

 

 4 

 

 

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 
   9/30/2017   Return/   6/30/2017   Return/   9/30/2016   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  $251,774    2.11%  $255,806    2.13%  $291,847    1.98%
Tax-exempt   111,721    4.27%   114,993    4.41%   112,679    4.51%
Total available-for-sale securities   363,495    2.78%   370,799    2.83%   404,526    2.69%
Interest-bearing due from banks   21,260    1.25%   14,873    1.11%   17,138    0.67%
Loans held for sale   781    5.08%   499    4.82%   556    5.01%
Loans receivable:                              
Taxable   717,012    4.92%   702,933    4.91%   671,408    4.95%
Tax-exempt   71,334    4.51%   68,439    4.48%   61,608    4.50%
Total loans receivable   788,346    4.88%   771,372    4.87%   733,016    4.91%
Total Earning Assets   1,173,882    4.16%   1,157,543    4.17%   1,155,236    4.07%
Cash   18,325         17,276         17,523      
Unrealized gain/loss on securities   1,449         689         9,654      
Allowance for loan losses   (8,769)        (8,901)        (8,050)     
Bank premises and equipment   15,431         15,714         15,379      
Intangible assets   11,958         11,957         11,966      
Other assets   40,944         41,322         38,225      
Total Assets  $1,253,220        $1,235,600        $1,239,933      
                               
INTEREST-BEARING LIABILITIES                              
Interest-bearing deposits:                              
Interest checking  $219,633    0.25%  $203,256    0.21%  $200,789    0.15%
Money market   194,947    0.19%   190,703    0.19%   205,158    0.17%
Savings   145,025    0.10%   142,978    0.10%   133,269    0.10%
Certificates of deposit   119,351    0.85%   116,450    0.82%   123,475    0.77%
Individual Retirement Accounts   96,934    0.45%   98,004    0.43%   103,259    0.42%
Other time deposits   1,472    0.27%   1,107    0.00%   1,523    0.26%
Total interest-bearing deposits   777,362    0.33%   752,498    0.31%   767,473    0.28%
Borrowed funds:                              
Short-term   7,139    0.44%   21,205    0.85%   18,655    0.64%
Long-term   36,469    3.67%   38,353    3.74%   38,571    3.76%
Total borrowed funds   43,608    3.14%   59,558    2.71%   57,226    2.75%
Total Interest-bearing Liabilities   820,970    0.48%   812,056    0.48%   824,699    0.46%
Demand deposits   232,839         227,488         215,880      
Other liabilities   8,801         7,573         9,057      
Total Liabilities   1,062,610         1,047,117         1,049,636      
Shareholders' equity, excluding other comprehensive income/loss   189,520         187,882         183,966      
Accumulated other comprehensive income/loss   1,090         601         6,331      
Total Shareholders' Equity   190,610         188,483         190,297      
Total Liabilities and Shareholders' Equity  $1,253,220        $1,235,600        $1,239,933      
Interest Rate Spread        3.68%        3.69%        3.61%
Net Interest Income/Earning Assets        3.83%        3.83%        3.74%
                               
Total Deposits (Interest-bearing  and Demand)  $1,010,201        $979,986        $983,353      

 

 

(1) Annualized rates of return on tax-exempt securities and loans are presented on a fully taxable-equivalent basis, using the Corporation’s marginal federal income tax rate of 35%.

(2) Nonaccrual loans have been included with loans for the purpose of analyzing net interest earnings.

(3) Rates of return on earning assets and costs of funds have been presented on an annualized basis.

 

 5 

 

 

Analysis of Average Daily Balances and Rates

(Dollars in Thousands)

 

   9 Months       9 Months     
   Ended   Rate of   Ended   Rate of 
   9/30/2017   Return/   9/30/2016   Return/ 
   Average   Cost of   Average   Cost of 
   Balance   Funds %   Balance   Funds % 
EARNING ASSETS                    
Available-for-sale securities,  at amortized cost:                    
Taxable  $259,539    2.12%  $298,421    2.03%
Tax-exempt   114,759    4.37%   108,926    4.83%
Total available-for-sale securities   374,298    2.81%   407,347    2.78%
Interest-bearing due from banks   17,042    1.10%   20,566    0.58%
Loans held for sale   496    5.39%   516    5.44%
Loans receivable:                    
Taxable   706,065    4.90%   654,256    4.98%
Tax-exempt   67,073    4.51%   61,319    4.51%
Total loans receivable   773,138    4.87%   715,575    4.94%
Total Earning Assets   1,164,974    4.15%   1,144,004    4.09%
Cash   17,213         16,548      
Unrealized gain/loss on securities   402         8,154      
Allowance for loan losses   (8,755)        (7,913)     
Bank premises and equipment   15,618         15,409      
Intangible assets   11,958         11,968      
Other assets   42,038         38,563      
Total Assets  $1,243,448        $1,226,733      
                     
INTEREST-BEARING LIABILITIES                    
Interest-bearing deposits:                    
Interest checking  $208,071    0.21%  $197,628    0.14%
Money market   192,265    0.18%   199,211    0.17%
Savings   142,292    0.10%   131,880    0.10%
Certificates of deposit   116,500    0.82%   118,256    0.75%
Individual Retirement Accounts   97,981    0.44%   104,280    0.42%
Other time deposits   1,126    0.12%   1,157    0.12%
Total interest-bearing deposits   758,235    0.31%   752,412    0.28%
Borrowed funds:                    
Short-term   23,118    0.75%   25,828    0.69%
Long-term   37,740    3.72%   38,648    3.77%
Total borrowed funds   60,858    2.59%   64,476    2.53%
Total Interest-bearing Liabilities   819,093    0.48%   816,888    0.45%
Demand deposits   227,726         213,172      
Other liabilities   8,181         8,249      
Total Liabilities   1,055,000         1,038,309      
Shareholders' equity, excluding other comprehensive income/loss   188,041         183,078      
Accumulated other comprehensive income/loss   407         5,346      
Total Shareholders' Equity   188,448         188,424      
Total Liabilities and Shareholders' Equity  $1,243,448        $1,226,733      
Interest Rate Spread        3.67%        3.64%
Net Interest Income/Earning Assets        3.81%        3.77%
                     
Total Deposits (Interest-bearing  and Demand)  $985,961        $965,584      

 

(1) Annualized rates of return on tax-exempt securities and loans are presented on a fully taxable-equivalent basis, using the Corporation’s marginal federal income tax rate of 35%.

(2) Nonaccrual loans have been included with loans for the purpose of analyzing net interest earnings.

(3) Rates of return on earning assets and costs of funds have been presented on an annualized basis.

 

 6 

 

 

COMPARISON OF NONINTEREST REVENUE

(In Thousands)

 

   Three Months Ended   Nine Months Ended 
   Sept. 30,   June 30,   Sept. 30,   Sept. 30,   Sept. 30, 
   2017   2017   2016   2017   2016 
Service charges on deposit accounts  $1,168   $1,094   $1,221   $3,346   $3,523 
Service charges and fees   115    104    118    316    335 
Trust and financial management revenue   1,292    1,497    1,172    3,969    3,567 
Brokerage revenue   187    208    216    551    569 
Insurance commissions, fees and premiums   26    31    26    98    74 
Interchange revenue from debit card transactions   561    568    481    1,649    1,431 
Net gains from sales of loans   297    188    236    651    699 
Loan servicing fees, net   35    55    28    162    39 
Increase in cash surrender value of life insurance   97    94    97    281    286 
Other operating income   288    267    289    1,013    957 
Total other operating income, before realized gains on available-for-sale securities, net  $4,066   $4,106   $3,884   $12,036   $11,480 

 

COMPARISON OF NONINTEREST EXPENSES

(In Thousands)

 

   Three Months Ended   Nine Months Ended 
   Sept. 30,   June 30,   Sept. 30,   Sept. 30,   Sept. 30, 
   2017   2017   2016   2017   2016 
Salaries and wages  $3,985   $3,972   $3,901   $11,825   $11,701 
Pensions and other employee benefits   1,216    1,144    1,060    3,890    3,499 
Occupancy expense, net   580    600    601    1,758    1,770 
Furniture and equipment expense   471    448    435    1,372    1,301 
FDIC Assessments   93    96    151    283    448 
Pennsylvania shares tax   336    336    287    1,008    932 
Professional fees   269    254    245    750    816 
Automated teller machine and interchange expense   346    305    291    945    807 
Software subscriptions   299    291    237    870    729 
Other operating expense   1,597    1,630    1,371    4,865    4,183 
Total noninterest expense  $9,192   $9,076   $8,579   $27,566   $26,186 

 

 7 

 GRAPHIC 5 tv477331_ex99-1img01.jpg GRAPHIC begin 644 tv477331_ex99-1img01.jpg M_]C_X 02D9)1@ ! @ 9 !D #_[ 11'5C:WD 0 $ 9 _^X #D%D M;V)E &3 ?_; (0 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$" M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# M P,# P,# P,#_\ $0@ ,0'N P$1 (1 0,1 ?_$ +\ $#!0$! M "!P@! P4&"00* 0 !! ,! 0$ 0(#! 4&!P@)"A M 8! P," @8(! ,) 0 0(#! 4&!P 1""$2"3$3(A1!48$R%19A<9&QP4)R M%Z$C,QCPT2128E/#-(0E-0I%$0 ! P($ P8#!@0$! 0' !$0(# 0A$@4& M,4$'46%Q(C(3@9$(H;%",Q05\,'1(^'Q4F)R0Q87@K(D-)*BTE.#DT3_V@ , M P$ A$#$0 _ /OXT44:**-%%&BBJ;AZ;AO]6D/"BO.)NO0P&_4/I]/7;59C M\/-.U?!O]:41QOQI9#D$XE P"8"]0 =]@ 0_=OIT!Y=_"J@L01$ $=P_P"Z(?X[:ACE9*2&*2.XBE]UBY>=).X2 M3W[S[;;=-A$?B'8.@ /KMI\;A*48<5^ZI6 R/R-]24V>6LNT7"]%FL@7^6)# MUR(2+[JAB**.GCI;N]ABS;$**SAVL(?"0H".P"([ CK4][[WV[T]V]/N?<\ M_L:7;^H@%[B24:&L:'.;7+1L35TM=;K*IM5+5,21YA\W(/^0X.$4"31B=7;JGVJ"4!^^.OGOKOU MX^Y>ANCZ)_Z,'U&1BG'L,0/#&NUP=)'-8?=E"]@' IVJ:GKQ$\@F-^2$L%1D MXI;'^2CLO?"">+I.8B=42%(KDU=DB F9PH F[@16*5<2%$0 0 =>A>C7U5[. MZG:DS;4MNZPUUT>9H*O#R"!E5L;0WBN)KGVZ=@:CMJ)M^\!]NYV7,$["<0I/ M+CPKHJ59,QNT#?%MOML/T?9ZZ]6.D8R80._,<%'AX\*T%KVN<6CU"J&<)EV M>[J(%#X##U'T] U8$;CP3YTV>>.V+1*JN*! 3]RI2BJIF$Q0-U+Z@("'[PZZ M:6. 4\#4I1J*0I[Q5LSI$H@ F$1,82AL4QNH>N^P#MIPBD.('*DBT*1A3(Y8YHQ+&5C)1>\4KWD]Q#N]/ M4=AV_;MMHR.1:3WF&0QXYQW'^E4%=,"]PB.V^WW3;_LVWT>VY4YTZ*1DWH/# MMP^^J^Z02]V_3] "/^ !I,CE3G3B0&ERJ!V8_=23+IE$@"([G^[L4Q@]=NH@ M @7[=*(W$$CE4,MS'"]L;\V9_#RD_-!A\:4*I Z;^@"/0!'H7U^C29'5,XAC M7.=P:,?C]]!52& # /0=]N@@/3UZ;:"QP*&F1RLEC]UBEGA23.$B@ F-MN.P M!L/<(_T[;Z41O)0"I&D.("@%P4*0"?G23.42B(&,(;&[?NF]=M_J]-M*(GG@ M.51QRQR.@[;B&_KMMZ:0,<>%#WM9ES?C< /$\*ME=(F 1 PB ;?RF^G]&VG MF&0%"*1TC&R/A/YD;5<.Y%^/PJH.43"8H&'<@ 8WPFZ 8-PZ[;;Z0Q/ !(P- M.:0Z)LS?RWE!XJG#B*I\RCW&+W#N4""/PF]#AN78=NN^CVGH"F!7[*C9-&^= M]LT_W8T5OT>FG""0@$ 8]X MI(YXY;LV+%_4M"H00$[B<#\#2TW*2HG HC_EF$IA,0Q W 'X1, 8.OJ&^F MNB>Q%YBB*XBESY21[TAI&)JR6$/#%:7'L(-7 .40WW]>O4! >GZ!TS*14;7!S<[5RT%.4PB ; M]/K*(?O -*6D<:C9,R0HU5\"/OI'OI=PE$P@(>NY3 '[1#8=+[;T7E4[V^VT M/>6AI[2*"N$C>AOI,&X@(!\/KN(@ 'U?7H,;QQ%,<0Q[8SBYX)"8@IWC"D_ M-(=1[AZ&$GW3=1#U[0VW, ?6'33O9D[.2U!^JB+))/-DB=E=Y3@53LQ\1A2O M?2Z_$/0=A'M-MZ[=!VV'[--]M]32/9%&)7D>V[@>/W545DP 1[N@#MZ#Z_HZ M==&1RI3P%( (Q[Q506(( .X[#OMN4P>GZ!#<-&1P*4R1S8GAC\''^./"DD<) M*%$Q1$0*.P[E, _L$ $=*Z-[2AXU(]I80UR*[@A6J"Y1 X$$P@8P;AN4P!U^ MC<0VWT>T\MS 8"JYG8)_TWF]WP)'S1/MI9E"$VW$>OIL C^X!VTT,<[A2RS1 MQ%'JO<"?NJGO)[]NX[]/0IA#K^D VTN1R+RISWB-K7.5'<,%_P J6)RAZC_@ M/\ TU":D +@HX4CWT_B'<=BF[1^$WKMO]74-M.]MWSJ-CVR.@!OTV#KTT@8XA>5->0R M(SG\L=F/V"J ND/;U'XBB8 $I@'8-]^FV^_31[;_ )&FL>V2#]2U?:3L*_+C M5#.$BAN)AVV*;[IA'8P[!T -]]*(GDH*(9&SR"./UEN;'# ^-)%V@ @43CN) MA+L!3#L(%[OBV#X0V^O2B&0A4P2EB?',Z1D;FYHRCL0$Y?&A1VBD!1.)OC^Z M!4SF'[0*41#0V&1ZHF'>*KW=Y#9)[^;S<$:YW_E!JX*R8 (B;;8 ';8=^NWH M&VX^NF^VXU8:YKBUH(5P48IA2O<)V]V^P;;]0$/WZ3*Y4YTYR,*.('W?/A5@ MCQNH3O*<=MS!L)#@?X1V$>P2@?;?Z=MAT]T$C792,?'^=*X!DXMG.;[Q"HH. M''MJ\"J9A 'J/IT'ZM^O3IIA8X!33&N:\N#2I9QJH'*.^PCTZ>@A_#06D4C M)&R$AG*@5"%'81V'U]!V_;Z: UQ"BD,C0_)CF\#1[A/KZ^NVP[C^H/71E-+[ MC2W-BG@:1\PEL(B(@ !N.Y3>@]/J]=.]M_"FNFC9 +AQ2(]V/RXTHRR9.WN- MMW;;#L.W7T_?IH8YW#E3O<8H!("A0N ^?;W57W";@&_4?3H.W[=M&4HM2)@J MCYT H01$H&ZAZAL/ZOJT%K@%Y4UK@X*#_7Y4GWD^[MWV'](" ?M$ TN1R+RI MSAE"N('Q%7.X-M]^FFH:$/"M#O\ D*KXRJ$Y=KI)HPE=KL>M(2;]P8 !)$@! M[::2>X&6<+J#V$('4QNFM5U[<5CM#0)=NO NY_KN=;:@Z+;=FR=K9,H#@K2!Q/K;CA@:[+I_2>:YT]L\L@$KB 0 M%^"CYU@0\R603& O]E*X4QC)D3*%JE3&6444*0J2921QC'5'N^$OJ8>@==5; M3ZX]VW=W%8VVBVQN)2 @XG_ //68N^C,5E:_JI9" B_A_\ IKL#@>Y9EO-3 M9VK+=)KE >3+-N]CJQ%2\C+RK)NL3W$_QIPX;H,TW!TS;@DGN8@]!U[8V!K6 MZMSZ#;ZWKUN+'4+Y[FF-N 9'&06OP<]/$>*Q\M!V^O/F3I$>U0J@2C9)1$ M1_\ !QM*8*TNQ'$5C]7CT^72+INI, M$D(@<0"%1R8'Q%?:JS<%*T:N3AWJKHHJF G4 ]U%,?A =A]1 #Z]]?H0LW? MK(X;MZ"5T /S ->'W-BEN)I5RQL<:@SD_P F7"?$^0#XQO/("HPET:O2,I&- M15>R2,8Y$Q2';RTG'-'$=&B@L>P] OKVTU"X:Z:T0.0.*$M7DTTX!.\MV M#I4[@ XJ@)*)Z5'RK"R?D&X>Q6*9#-Q:.F1G M&N *@54%/:6]U00*()(@8YOA 1!/4W."C 0%-12=2MB6^F#4H;IIL[DHH7$N MX?AK27GE$X LV3EVERFQ:9-HBHIV(RCM=4XI&(*I$"I,1%RMVGZ$3 QA^@!T M]LD;G?W3@54_=6)FZM;!LM&GALK^-EU"&O(1ZHYX')O96[O^?W$.%HF/PDH&DX^%-P7RD\ 2)[CREQ2<.TJJAD9 M%\8B:)M]E%!*P.!0#81'Z@#0[VR20XH!6)M.KO3RZA9=:9>QBT)\SB'!!S*% MH-;=:?(?PJI+YE%6GD1CF!DI&#B;(TCWT@Z2K@Y$(\I[1V5D,,<[^*V?\ MD/\ %.&\N5K(EPC:W^:GC:NJ*.&1(GYM-DK[3Y4B*+ITV64**R2?<9,@[FV# M3W97>DXC^/LJ;1=^Z'J^I?L]O55-P;UV7INOVVC:W=" M#6IBMNS%7M)P((:1BG,BM3SGSLXE\HH: M Y2.]&.IQ\$\G,(\DXV?E\'9!KV0HJJSBM>FW<,+@0:2:2*;CVS%2_?65VAO79.[VOCV_<"9T93@>Q>;13YN%C MH)=R''VQ431V$3& ! O=V^A@ -PV]1'2,#0U0"JXFME>7N<^T:1^O:?T5&9;F3Q<:Y898+6SGC5IEQ9XDP+0S6!H$T>45$?:BQ,4QF:TK M0RH.##T F@O:%!))/\?.M:CW_MB/5!HMU/&W_LK4MR[]VMH=_%I6LS"">[(+'<%+"" M H!XG"MHRWR@X^8%K]8LV7,0 I(P^^G7VYM"M-#&Y=(W(RQNJ MCAC.%-NMI1*X,2OME'L;,O4VX"*B\6TFFL4YUQ\&FLGB;F%QESL]-%X=S=CW(4P0ISC#P%D8N94<>ZK^F[OVUJEW%9:;?1S73W#R^88'B<0! M6!SGS0XT\=[94:7G+*=?QM.76(E)RO%L9ETF"S&*<-VJRKIP@DL5J9==P!40 M/L*HE-V_='4S7-A"K@?FE8_D;ANA$_V\Z8D)VX---&_P#*1P*8 M'CVW^Y/'DH^DYB-@&L9!K/WSQP^EGK>.9D!J5D!B(I+NBF55.)4DB;F,8 TS MW(R3D)XX+Q7G_2M?_P"]?31P@N-,U.(V G?%PD'F#@TC%@Y]U.9>N>/#S&%T M>X\R#GW'55ND,HU;/X*7EC(/&2TBU;N69%]D#)$^9:NTSE#OW[3@.AYR$MEO\1B]=M(".+CB1_"TZ[WQLO3YC:WUVV.81 M>XQ55P5 GE[:\V+O(+Q+SCE!GA_%&8ZW=[N[KTC946$*=PX9'C8QRW;NB?B" MJ#=L,D ./<*W*)U#(IG/ML0=3-C;PC(%N[>0'AIC&V3M O/(K'-6N-8?_AUCK\Q*K$DX=Z!"&^6?E1:J)-E0!4N MW>8/O:@<]BJ_[,!5K<'4OIYL>Z;HVY=59!>/3(QPD<[S!1Z6.'?3L8RY$X3S MI%KRN'LFTC(K-BLBF]5KDRTEE&(K;^R9XU04^9:BH8A@()B[#MN ZE@!*3/*8X8>Y[QXSR@2<2JA MZ6ZEC-)4+,L0!0AE!71(V3>K]P=B9E $V_3UTT^V&EOXUK',ZB;3;N$[,DN8 MANX8&,JJHO%$_P#FK,Y6YA\:L'7"'H.6\PU"A6Z<9,I")@IU^=D\?LY!W\@S M=(D]A0AD7+S9,FX@(FTT92JD ]_^%6]8WUHNWK^/2=5>T:C(>&*=Q&!^^I(H MR#=PFBHEWF(LD18ARB4Q3)* 0R9^XHB @H50!+]8#J-#SK:HB+FV;=+EB<%^ M=0>S/Y).&''Z[JXZRAG2K0MR(Y3:OX),SV97A%5O;*0LU^$M'B4<8HG#O(

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end GRAPHIC 6 tv477331_ex99-2img01.jpg GRAPHIC begin 644 tv477331_ex99-2img01.jpg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end GRAPHIC 7 tv477331_ex99-2img02.jpg GRAPHIC begin 644 tv477331_ex99-2img02.jpg M_]C_X 02D9)1@ ! @ 9 !D #_[ 11'5C:WD 0 $ 9 _^X #D%D M;V)E &3 ?_; (0 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$" M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# M P,# P,# P,#_\ $0@ +P"- P$1 (1 0,1 ?_$ '( $$ @,! M !!P@) @8#! 4* 0$ $ !P ! P,"!@(! M!0$ ! @,$!08'" 1$B$3%#$506%Q%A<)(C)1D;%"4B48$0$ M _]H # ,! (1 Q$ /P#[^.@01 ._<0#L'<>X@'8 ^HC^70== MR]:,VJ[UTZ;-F;9,ZKETX720;-TDP\E%5W"IBI))D+ZB8P@ !T$>+;S XN4- M4R-OY!8]"K@P]!S= M!B0@'<"]P P^OY /01WK7(J#M^T*Y)7ZG:Y%DA6YZ<_D MY-O'IY\^=UN1B(R8AH%\K(%E+">,=S2*#EZU:J1J3SR:@N==)8B02*Z Z!!, M4/J(!^/J(!Z=^W?U_/H%Z#@<.$6J*B[A5%%)(ACJ*+JD12(0A1.HM5N'&9L]MFUTP;1T3&MUGKU8Q4D4C"/;H& M.X89I?T+?R'Y,Z90PR"Q.,<0GOT&)SE3*8YQ I" )C&'Z >HB/Z=!!GD%R1)' M66R9A2+(PK#/.ZHUT7D?L[QHL[A,-SITV5>1,7'*&1.PE-BO[9NH:'C@]T\< MQ(,@X2'WH])T')P3Q1'*M\+#+Q49!T>)O, M]+24N^F+^6J1*#R?747,(S;UVF7LDFD4 G)T%=?.??6=2<9]B+"VC2CZ2UG[ M9J]ZCS+'L-&P*GOX:#M"%.:M2*/WFGZ[>[/!TFL,VJ:K]PXF'CAH05F B .7 MQ-QV0JL8[TZWU)C0[5:8:&JM-S)HVBC-\*Q.LI&"CY"R?,@7,I+ =8\K95$U MU$%Y]PHF0RB+5!0X3)Z Z!B]TKND3$?1Y?+[I^U9RG:%6K-,Q#W[:C7-$I;5 M<[6V4.SR+R'EGT2Q?1;PSUJY8B@X))L6Q3'% ZQ# U-$Y2RNGW>.73*9CHV3=B_>N&(J(LRK-D'#55 M)P<&"YDWEYO%S7X:4&0=*Q+A*IK<@)2%?.&3DG[S.9[FF*IK-%$3NRW9A&/; M'<6ONI"6A1:K=3L$PW$0GI_&4%_#O\/>\_\ VO\ QU_&_P GW/\ Z'V'[!^V M_=\O9\/?^W_A[?M_AX>/^/0.,UCF3)1TJU;HH*/5RN79TDDTS.7)44VX.%S) ME**R_L(D)Y&[F\"%#Z '0-UM&N4C"LMT#6M$DABJ?G=0F[A/N4TRKNE&$,U, MN+"+:F$/N,Y*+BFU8M"]U'CQ=)$@"=0H"%:&/XM_8=%X2QFLYT["LEOVVV"X M;YJ]7T;-+7<;/2=%V2U3=UG:5 6=O;TZS&EI$'*QL$@9[7)5)!Y&*K'2<)J> MR .%A##,XS8JM3^2<#I'_P"NDF]GL&=67?K6QT5G:&B+-LA:I/CA:*[$P&6, M/MT6H51Y%Q$+ 6)@S5.==H* J*@%GB92%(4"?Z@4H%]1'N4 [%]1^OIT&?01 MAY:\@AXYY#)6^)AD[9H%BFJ]F^/T=1PFT3N^NW]Z:&I$"]>**)%C*XU=^Y)S MKXP^,; L'KLW^"!N@AQQ)X\GMD)7%;+(C>,BA;F^V.?O$HQ-'R?,7E%+29I6 MR<@++$KA[C7'Z9--D6U#B53+).&[%DZ 191L69<+8"%(@F4@=P*7T#R$QQ[C MW$>YA[B(B/0,;KG(;/LC<0U?D7,C9M'M@.PHN24IFG/:5>5F9 %?[%7A7;$; M1#83!\J6D%V4-'A_FZ=HD >@KSX:YJGR2T"W?V/;:Q($K>9=*O\ &[/#2_WB MA93B6.25NKU,T-LX5;LF=@N^@O9JZ_EFFU> M4NF=7>O6RFQ-ALE:?VF&?$<5M.;J;]2*L;9M-&$L6\;1,@W414=V]BQDZE>:C:HZ43=K1;^M6*(G6*Q[Y:-.>7&)9J%6+ [S^W5V$=+%=<@]D;DCWDSE#NP1AODT_C M?B$ZS/D,FL\5<$K+,YG@O$#@].DW*D?UQ<4[+9WK5QI^NS4BV+ 5F)9D MC[;R7Y'70[" JM1J-:BT73H4I"0;M6#.,CD7*5;J[ "D*#9F8X@G 7BMH&6U M]75N02C"1WJ^2UKNMO306;//MMRT4\2XO]ADGC,5(]Y:YT(".BT"-A,SKU7B M(^$9G4(W<.7063>V7P]ON;Q^G^P]^W?OV\OKV_#].@R'Z#Z^/H/KZ>GY^O0+FD4#&6CCB7Q-T]I9[=;-+O[:NP?(S=*D4[S+:A&U^NUN MXRK.FY-:T"VB5;294G#MXG#"J@F4#H&">BTOSA2\2QV:<611.50QPD-RUHRK M93Q 2%\D<&-\LIU>_D813$"^@ /05EAE M\_E+AJ4;&9#5+.VO<[N>=.HRA0=ZF#/86 F*$$$6)(^>3$R+,H.62ZRG0248 M?VD4]YKVDY5'8CKSA3*:>%IM[,C*-D='CG-.19X=G)$( I5UH+!RY^5/G*=,B,8 MU*J[5,H0B*1_(H=!'E6^\DN19%6N-03SCKED@4Z2VSZW!*&UJ8CU4A!)[EF& MOR(&K(.DU/)*5N*K5PB/BXQLA6I=OG].J>(\ M5>,M*@(8L7 +0^=IW"0LEBG%).53<(,WZ]A._;QPM6B<8515P4&IXW<5I&V; M:$AE?'-WQ&S' W]]Q;/+#-Y_&YS.L\_68K4JU7'/FS)^YL>D:?I3:,44:SLP MDUJM6A9--.-<\]I&! M4B9=LJ,MG5?8:';M'U:UV?X*,Z[7EOV^V15)V5.ZEQ\O3"Z34DJ-KGH?9U9% M&KVG8;"X-)ZCI2=AJ#)Q9:@\U"S+.9:08$2D(M!^N)FB"!/,I@]XD7SSNRC* M.F)SC5@\.<"?>YRB&O\ NUQ>#X'!=.MDN<)EU3KBX !!3;<+G(=G M&I2.R)',L\ M9%*540;[$.$>3Y/,0]XE&S6]:'")+)UZ5>UR"K%'SDC@1^2TQC'ZTW:9[D;9 MT'8%W,@^H]NP>@"/0:6]SZIR5P MA] ?URO/+O7X>9K<#;'$0U5L,+6[$[CWL]"1WX!^'J'_0>@3VR>7EX$\NWCY>(>7;_COV M[]N@0$D@$1!-,!$P&$0(4!$P>@&$0#N)@#\>@R$A?$2@4H=RB7Z>G8?P[!V] M.@T6B9I2\W+; I\&VAU+U>)_1[:NDJ\<+3MULX- FY]XJ^UY7E_3M8LNAU3[BEA%DS_(LD?NF#>QM'JUO8 MV/8=%KC5Q)@K,?<*ZC6HM^*#0XQS= OFN1-T)% EST!T!T!T!T!T!T!T!T!T -!T!T!T!T!T!T!T'_V0$! end GRAPHIC 8 tv477331_ex99-3img01.jpg GRAPHIC begin 644 tv477331_ex99-3img01.jpg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end