Citizens & Northern(CZNC)2025-01-23 21:02Financial Performance - Net income for Q4 2024 reached 4,261,000 in Q4 2023[1] - Net Income for Q4 2024 reached 4,261,000 in Q4 2023[7] - Basic Earnings per Common Share for Q4 2024 was 0.28 in Q4 2023, representing an increase of 89.29%[7] - Noninterest income decreased by 13.45% to 8,720,000 in Q4 2023[1] - Noninterest Income for Q4 2024 was 8,720,000 in Q4 2023, a decrease of 13.41%[7] - Noninterest income for the year ended December 31, 2024, was 27,453,000 in 2023, reflecting a growth of 6.4%[23] Asset and Equity Growth - Total assets increased by 3.78% to 2,515,584,000 in 2023[3] - Total Assets as of December 31, 2024, were 2,515,584,000 a year earlier[8] - Total stockholders' equity increased to 262,381,000, marking a growth of 4.67%[8] - Total stockholders' equity as of December 31, 2024, was 242,488,000 in 2023, indicating a growth of 13.6%[18] - Average Assets grew by 4.88% to 2,462,856[6] Loan and Deposit Trends - Loans, net increased by 2.56% to 1,828,931,000 in 2023[5] - Total loans reached 1,848,139,000 a year earlier, reflecting an increase of approximately 2.6%[10] - Total deposits rose by 3.93% to 2,014,806,000 in 2023[5] - Total deposits, including interest-bearing and demand deposits, reached 1,971,926,000 in 2023[20] Interest Income and Expense - Interest and dividend income increased by 10.23% to 30,236,000 in Q4 2023[1] - Total interest income for the three months ended December 31, 2024, was 30,435,000 in the same period of 2023, representing a growth of 6.9%[16] - Net Interest Income for Q4 2024 was 19,594,000 in Q4 2023, reflecting an increase of 4.49%[7] - Interest expense for the three months ended December 31, 2024, was 10,642,000 in the same period of 2023, indicating a rise of 20.8%[16] Credit Quality and Losses - The provision for credit losses showed a significant decrease of 155.84%, resulting in a credit provision of 951,000 in Q4 2023[1] - The provision for credit losses was 2,195,000 for the full year 2023[14] - Nonperforming Assets to Total Assets rose to 0.92%, an increase of 22.67% compared to 0.75%[6] - Total nonperforming assets were 18,845,000 a year earlier, reflecting an increase of approximately 28.5%[12] - Nonperforming loans as a percentage of total loans stood at 1.26% as of December 31, 2024, slightly down from 1.29% in the previous quarter and up from 0.99% a year ago[12] Efficiency and Ratios - Return on average assets (annualized) improved to 1.24% in Q4 2024, compared to 0.69% in Q4 2023, reflecting a 79.71% increase[5] - Efficiency Ratio improved to 68.04% from 69.51%, a decrease of 2.11%[6] - The interest rate spread for the three months ended December 31, 2024, was 2.59%, slightly down from 2.65% in the previous year[18] - The interest rate spread decreased to 2.59% for the year ended December 31, 2024, down from 2.91% in 2023[20] Securities and Investments - Total Available-for-Sale Debt Securities amounted to 402,380,000 as of December 31, 2024, compared to 415,755,000 respectively as of December 31, 2023, indicating a decrease in both categories[9] - The company reported a net gain from sales of loans of 723,000 in 2023, reflecting a significant increase of 60.1%[23] Liquidity - Estimated total uninsured deposits were $632,804,000 as of December 31, 2024, representing 22.3% of total deposits[25] - Highly liquid available funding as a percentage of uninsured deposits was 170.7% as of December 31, 2024, indicating strong liquidity management[25]