Citizens & Northern Corporation reported a net income of $25.96 million, or $1.69 per diluted share, for the fiscal year ending December 31, 2024, marking an increase from $24.15 million, or $1.57 per diluted share, in 2023. The corporation's total assets grew to $2.61 billion, up from $2.52 billion in the previous year, driven by a 2.6% increase in gross loans to $1.90 billion and a 3.9% rise in total deposits to $2.09 billion. The net interest income for 2024 was $79.12 million, a slight decrease from $80.40 million in 2023, reflecting a decline in the net interest margin from 3.47% to 3.30%.
The corporation's provision for credit losses significantly increased to $2.20 million in 2024 from just $186,000 in 2023, reflecting a proactive approach to managing potential credit risks. The allowance for credit losses as a percentage of gross loans rose to 1.06% from 1.04% year-over-year. Noninterest income also saw a notable increase, totaling $29.21 million, up from $24.42 million in 2023, primarily due to higher brokerage and insurance revenue, as well as increased trust revenue.
Strategically, Citizens & Northern has expanded its footprint in Southeastern and Southcentral Pennsylvania through acquisitions and new branch openings. The corporation's employee headcount stood at 386 full-time equivalents as of December 31, 2024, reflecting its commitment to maintaining a robust workforce to support its growth initiatives. The corporation continues to focus on enhancing its product offerings and customer engagement, which has contributed to a diverse customer base and increased market share in its operating regions.
Looking ahead, management remains optimistic about the corporation's growth trajectory, emphasizing the importance of maintaining strong capital ratios and liquidity. As of December 31, 2024, the corporation's capital ratios exceeded regulatory requirements, positioning it well for future opportunities. The board has also authorized a stock repurchase program, allowing for the repurchase of up to 750,000 shares, which reflects confidence in the corporation's financial health and commitment to returning value to shareholders.
About CITIZENS & NORTHERN CORP
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