Citizens & Northern Corporation (C&N) reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the same periods in 2023.
For the three months ended September 30, 2024, C&N's net income was $6.365 million, a decrease from $7.591 million in the prior year. This resulted in earnings per share of $0.41, down from $0.50. For the nine-month period, net income totaled $17.784 million, compared to $19.887 million in 2023. The decline in profitability was attributed to increased provisions for credit losses, which rose to $1.207 million in Q3 2024 from a credit of $1.225 million in Q3 2023, and a net interest income decrease for the nine-month period.
Total interest income for the third quarter increased to $33.292 million, up from $29.330 million, while interest expense also rose significantly to $12.931 million from $9.455 million. The net interest income for Q3 2024 was $20.361 million, a slight increase from $19.875 million in Q3 2023. However, the net interest margin decreased to 3.29% from 3.35% year-over-year.
C&N's total deposits increased to $2.136 billion as of September 30, 2024, up from $2.015 billion at the end of 2023, reflecting a growth of $121 million. The bank's total stockholders' equity also rose to $277.305 million from $262.381 million at year-end 2023.
Noninterest income for the third quarter was $7.133 million, an increase from $6.489 million in the same quarter of 2023, driven by higher earnings from cash surrender value of life insurance and increased brokerage and insurance revenue. For the nine-month period, noninterest income rose to $21.662 million from $18.739 million.
C&N's total loans increased to $1.893 billion as of September 30, 2024, compared to $1.848 billion at the end of 2023. However, nonaccrual loans also rose to $24.401 million, contributing to a total allowance for credit losses of $20.442 million, up from $19.208 million at year-end 2023.
In terms of strategic developments, C&N announced a treasury stock repurchase program in September 2023, allowing for the repurchase of up to 750,000 shares. As of September 30, 2024, 26,034 shares had been repurchased at an average price of $17.02 per share.
Overall, while C&N experienced growth in deposits and noninterest income, challenges in net income and increased provisions for credit losses highlighted the ongoing pressures in the banking sector.
About CITIZENS & NORTHERN CORP
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