Citizens & Northern(US:CZNC)2024-10-17 20:06Financial Performance - Net income for Q3 2024 decreased to $6,365,000, down 16.15% from $7,591,000 in Q3 2023[2] - Net income for the nine months ended September 30, 2024, was $17,784, a decrease of 10.57% from $19,887 in the same period of 2023[7] - Basic earnings per common share for the three months ended September 30, 2024, was $0.41, up from $0.35 in the same quarter of the previous year[11] Income and Expenses - Net interest income after provision for credit losses was $18,949,000, a decrease of 9.28% compared to $20,888,000 in the previous year[2] - Noninterest income increased by 9.92% to $7,133,000 compared to $6,489,000 in the same quarter last year[2] - Total noninterest expense for the nine months ended September 30, 2024, was $55,828, slightly up from $55,749, indicating a marginal increase of 0.14%[31] Assets and Liabilities - Total assets increased by 7.52% to $2,670,822,000 from $2,483,949,000 year-over-year[4] - Total liabilities increased by 6.68% to $2,393,517,000 from $2,243,744,000[5] - Total assets grew to $2,561,690, up from $2,454,599, reflecting a year-over-year increase of 4.36%[29] Loans and Credit Losses - Provision for credit losses was $1,207,000, a significant increase from a credit of $(1,225,000) in Q3 2023, reflecting a 198.53% change[2] - The allowance for credit losses on loans increased by 13.03% to $20,442 from $18,085 year-over-year[7] - Total loans past due 30-89 days and still accruing reached $15,906 thousand as of September 30, 2024, compared to $3,088 thousand in June 2024[19] Equity and Book Value - Common stockholders' equity, excluding accumulated other comprehensive loss, increased to $307,369,000, up from $304,582,000, reflecting a growth of 0.6%[13] - Tangible common book value per share increased by 19.14% to $14.44 from $12.12 in the previous year[7] - Total stockholders' equity increased to $268,387,000 as of September 30, 2024, from $258,420,000 in the previous quarter, reflecting a growth of 3.76%[26] Deposits and Funding - The company reported a total of $2,135,879,000 in deposits, an increase from $2,059,309,000, reflecting a growth of 3.7%[13] - Total Deposits for C&N Bank increased to $2,152,136 million as of September 30, 2024, up from $2,074,806 million in June 30, 2024[34] - Estimated Total Uninsured Deposits rose to $655,569 million, compared to $605,765 million in the previous quarter[34] Interest Rates and Spreads - The average rate of return on loans receivable for the three months ended September 30, 2024, was 6.08%, up from 6.03% in the previous quarter[26] - The interest rate spread for the three months ended September 30, 2024, was 2.55%, down from 2.61% in the previous quarter[26] - The interest rate spread decreased to 2.60% from 2.99% year-over-year[29] Trust and Noninterest Income - Trust revenue for the nine months ended September 30, 2024, was $5,857, compared to $5,500 in the previous year, marking a 6.51% increase[30] - Brokerage and insurance revenue increased to $1,589, up from $1,189, representing a growth of 33.67%[30] - Noninterest income for the nine months ended September 30, 2024, reached $21,662, up from $18,733, reflecting a growth of 10.34%[30] Market Value and Stock Performance - The market value per common share increased by 12.19% to $19.69 from $17.55 year-over-year[7] - Total earning assets increased to $2,400,684, up from $2,332,246, representing a growth of 2.93% year-over-year[29] - The total loans receivable as of September 30, 2024, was $1,888,470,000, showing a slight increase from $1,883,386,000 in the previous quarter[26]