Citizens & Northern ( (CZNC) ) has released its Q4 earnings. Here is a breakdown of the information Citizens & Northern presented to its investors.
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Citizens & Northern Corporation, a community banking institution headquartered in Wellsboro, Pennsylvania, operates multiple banking offices across Pennsylvania and New York and is publicly traded on NASDAQ under the symbol CZNC. The company recently announced its fourth-quarter 2024 financial results, showcasing a strong improvement in net income and a declaration of a regular quarterly cash dividend.
In the fourth quarter of 2024, Citizens & Northern reported a net income of $8.17 million, translating to $0.53 per diluted share, marking a significant increase from both the third quarter of 2024 and the fourth quarter of 2023. The year-end net income rose to $25.96 million, with earnings per share increasing to $1.69 compared to the previous year. The increase was driven by higher net interest income and favorable credit loss provisions.
Key financial metrics for the quarter showed a slight increase in net interest margin to 3.30%. The company also experienced growth in average loans receivable, with a 5% increase for the year. Additionally, there was a notable reduction in nonperforming loans and assets, despite a minor drop in total deposits during the quarter.
Looking forward, Citizens & Northern Corporation remains focused on maintaining solid capital adequacy and liquidity positions, as indicated by their robust funding sources and regulatory capital ratios. The bank’s management expects to continue its well-capitalized status while navigating potential economic and regulatory changes in the coming year.