Citizens & Northern(CZNC) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $6,293,000, an increase of 18.60$5,306,000 in Q1 2024[1] - Net income for the quarter ended March 31, 2025, was $6,293,000, a decrease of 22.9$8,174,000 for the same period in 2024[7] - Noninterest income for Q1 2025 was $7,008,000, up 4.99$6,675,000 in Q1 2024[5] - Noninterest income for the quarter was $7,008,000, down from$7,547,000 in the previous quarter, representing a decrease of 7.1%[7] - The company reported a basic and diluted earnings per share of $0.41 for the quarter, down from$0.53 in the same quarter last year[7] Interest Income and Expenses - Net interest income after provision for credit losses rose to $19,739,000, reflecting a 9.13$18,087,000 in the previous year[1] - Net interest income after provision for credit losses was $19,739,000, down from$21,004,000 in the previous quarter, reflecting a decrease of 6.0%[7] - Total interest income decreased to $31,920 thousand for the three months ended March 31, 2025, down from$33,546 thousand in the previous quarter, reflecting a decline of approximately 4.8%[17] - Total interest expense decreased to $11,734 thousand for the three months ended March 31, 2025, compared to$12,856 thousand in the previous quarter, a reduction of about 8.7%[17] Assets and Liabilities - Total assets increased by 3.48% to $2,609,228,000 from$2,521,537,000 year-over-year[3] - Total assets as of March 31, 2025, were $2,609,228,000, a slight decrease from$2,610,653,000 as of December 31, 2024[8] - Total stockholders' equity increased to $281,831,000 from$275,284,000 in the previous quarter, reflecting a growth of 2.0%[8] - The total assets of the company as of March 31, 2025, were $2,575,150[19] Capital and Equity - Return on average assets (annualized) improved to 0.98$18.20, a 7.00% rise from $17.01 in the previous year[5] - The total risk-based capital ratio increased to 16.00$312,427 as of March 31, 2025[19] Credit Quality - The provision for credit losses was $236,000, compared to a credit of$531,000 in the previous quarter, indicating a shift in credit quality assessment[7] - Total nonperforming loans increased to $24,130 thousand as of March 31, 2025, up from$23,961 thousand in December 31, 2024, representing a 0.7% increase[12] - Total nonperforming assets rose to $24,329 thousand, compared to$24,142 thousand in the previous quarter, marking a 0.8% increase[12] - The allowance for credit losses as a percentage of total loans remained stable at 1.06% for both March 31, 2025, and December 31, 2024[12] - Net charge-offs for the three months ended March 31, 2025, were $91 thousand, compared to$14 thousand for the previous quarter, indicating a significant increase in charge-offs[13] - The provision for credit losses on loans was $228 thousand for the three months ended March 31, 2025, compared to a credit of$393 thousand in the previous quarter[14] Operational Efficiency - The efficiency ratio improved to 70.03% from 70.64%, indicating enhanced operational efficiency[6] - Total noninterest expense rose to $19,043 for the three months ended March 31, 2025, compared to$18,430 in the previous quarter[22] Deposits - Deposits grew by 5.32% to $2,102,141,000 compared to$1,995,903,000 in the prior year[3] - Total deposits reached $2,061,182, with uninsured deposits estimated at$621,542, representing 22.8% of total deposits[24] Other Financial Metrics - Total earning assets as of March 31, 2025, amounted to $2,419,806, with a return of 5.35$1,899,433, with a taxable return of 6.03%[19] - The interest rate spread for the three months ended March 31, 2025, was 2.69%[19] - Highly liquid available funding as a percentage of uninsured deposits was 182.7% as of March 31, 2025[24]