Citizens & Northern Corp 1995 10-K Summary
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1995. Citizens & Northern Corporation is a one-bank holding company incorporated in Pennsylvania, operating under the supervision of the Federal Reserve Board. Its primary subsidiary is a state-chartered nonmember bank supervised by the Pennsylvania Department of Banking and the FDIC. The bank operates 15 fully owned offices in Pennsylvania, offering a full range of banking services.
Key Financial Metrics
The filing incorporates the detailed financial statements (Balance Sheet, Income Statement, Cash Flows) from the Annual Report to Shareholders. Specific numerical values for revenue, profit, cash flow, margins, debt, and liquidity are not present in the provided text as they are referenced by page number in the Annual Report rather than listed in this 10-K cover document.
- Stock Outstanding: 5,012,081 shares of Common Stock ($1.00 par value) as of March 1, 1996.
- Market Value: Aggregate market value of non-affiliate common stock was $102,747,660 as of March 1, 1996.
- Accounting Changes: The company changed its method of accounting for securities and income taxes in 1993.
Material Changes and Operational Updates
The filing does not explicitly detail year-over-year financial variances in the provided text. However, it notes that all 15 banking offices have been modernized to meet service demands. There were no legal proceedings reported, and no matters were submitted to a vote of security holders during the fourth quarter of 1995.
Guidance, Risks, and Contingencies
Regulatory Risks: As a bank holding company, the entity is subject to strict Federal Reserve Board regulations regarding the acquisition of other banks or bank holding companies. Acquiring 5% or more of voting shares requires prior Board approval. Pennsylvania law also imposes reciprocity requirements for out-of-state acquisitions.
Management Commentary: The Management's Discussion and Analysis (MD&A) and outlook are incorporated by reference from pages 24 through 38 of the Annual Report and are not detailed in this text.
Unusual Items: No unusual items or disagreements on accounting and financial disclosure were reported.
Investor Verification Checklist
- Verify the specific revenue, net income, and earnings per share figures in the Annual Report to Shareholders (referenced in Item 8 and Item 6).
- Review the Five Year Summary of Operations (Page 40 of Annual Report) for historical trend analysis.
- Confirm the details of the 1993 accounting change for securities and income taxes in Note 1 of the financial statements to understand its impact on comparability.
- Check the Proxy Statement for details on executive compensation and director elections.
- Assess the liquidity position and loan portfolio quality in the Consolidated Financial Statements (Pages 4-22 of Annual Report).