Citizens & Northern ( (CZNC) ) has released its Q1 earnings. Here is a breakdown of the information Citizens & Northern presented to its investors.
Citizens & Northern Corporation, a bank holding company headquartered in Wellsboro, Pennsylvania, operates 28 banking offices across Pennsylvania and New York, specializing in community banking services. In its latest earnings report, Citizens & Northern Corporation announced a quarterly net income of $6.3 million for the first quarter of 2025, marking a decrease from the previous quarter but an increase compared to the same period last year. The company also declared a regular quarterly cash dividend of $0.28 per share.
Key financial metrics for the first quarter of 2025 include a net interest income of $19.98 million, a slight decrease from the previous quarter but an increase from the first quarter of 2024. The net interest margin improved to 3.38%, reflecting a positive trend in interest rate spreads. The provision for credit losses was recorded at $236,000, a change from a credit for credit losses in the previous quarter. Noninterest income saw a decrease compared to the previous quarter, while noninterest expenses increased, primarily due to higher salaries and technology-related costs.
The company reported total assets of $2.61 billion, with a slight decrease from the end of 2024 but an increase from the previous year. Deposits grew by 0.4% from the previous quarter, and the company maintained a strong liquidity position with available funding sources significantly exceeding uninsured deposits. Nonperforming assets increased slightly, representing 0.93% of total assets.
Looking ahead, Citizens & Northern Corporation remains focused on maintaining its strong capital position and liquidity, while navigating the challenges posed by economic conditions and regulatory changes. The management aims to continue delivering value to shareholders through strategic growth in loans and deposits, while managing expenses effectively.