Citizens & Northern Corporation Announces Financial Results for 2024; Declares Dividend and Releases Fourth Quarter Data

On January 23, 2025, Citizens & Northern Corporation filed its 8-K report with the Securities and Exchange Commission, disclosing unaudited consolidated financial results for the year ended December 31, 2024. In the report, the company revealed that they had issued a press release titled “C&N Declares Dividend and Announces Fourth Quarter 2024 Unaudited Financial Results.” The press release and supplemental, unaudited financial information were provided as exhibits in the filing.

The financial highlights for the fourth quarter of 2024 showed that interest and dividend income amounted to $33,329, reflecting a 10.23% increase from the previous year. Net interest income was reported at $20,473, up 4.49% from the same period in 2023. Noninterest income declined by 13.45% to $7,547, while noninterest expenses saw a marginal increase of 0.17% to reach $18,430.

The company reported an income before income tax provision of $10,121 for the fourth quarter of 2024, showcasing a 70.91% increase from the corresponding period in 2023. Net income for the quarter amounted to $8,174, which marked a significant 91.83% surge from the previous year. The net income attributable to common shares was reported as $8,103, reflecting a 91.52% increase.

For the year ended December 31, 2024, Citizens & Northern Corporation reported total interest and dividend income of $128,078, a 12.84% increase from 2023. Net interest income after provisions for credit losses was $76,920, a 4.11% decrease from the previous year. The company’s net income for the year was reported at $25,958, showing a 7.50% increase from 2023.

Furthermore, the filing included information on the company’s assets, liabilities, stockholders’ equity, and various ratios, indicating the financial strength and capital adequacy of Citizens & Northern Corporation. The filing also contained details on nonperforming assets, past due loans, and allowances for credit losses, providing insights into the credit quality of the company’s loan portfolio.

Overall, the financial results disclosed in the 8-K filing demonstrate Citizens & Northern Corporation’s performance and financial stability throughout 2024, culminating in a positive trajectory for the company’s shareholders and stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Citizens & Northern’s 8K filing here.

About Citizens & Northern

Citizens & Northern Corp. is a holding company, which engages in community banking. It provides a full range of banking and mortgage services to individual and corporate customers in North Central Pennsylvania and Southern New York State. The firm’s lending products include mortgage loans, commercial loans, and consumer loans.