Citizens & Northern Corporation (C&N) reported a net income of $23.4 million, or $1.46 per diluted share, for the fiscal year ending December 31, 2025, a decrease from $25.96 million, or $1.69 per diluted share, in 2024. The decline in profitability was attributed to increased merger-related expenses of $7.9 million associated with the acquisition of Susquehanna Community Financial, which was completed on October 1, 2025. Adjusted net income, excluding these expenses, was $29.8 million, or $1.85 per diluted share, reflecting a year-over-year increase from $25.96 million in 2024.
The Corporation's total assets surged to $3.1 billion, marking an 18% increase from $2.6 billion in 2024, primarily driven by the acquisition of Susquehanna, which added approximately $393.6 million in loans and $501.5 million in deposits. Total loans reached $2.4 billion, up 24% from the previous year, with commercial real estate loans accounting for a significant portion of this growth. The allowance for credit losses also increased to $31 million, or 1.32% of total loans, reflecting the impact of the Susquehanna acquisition and adjustments for qualitative factors.
C&N's customer base expanded significantly, with total deposits rising to $2.6 billion, a 22% increase from 2024. The merger with Susquehanna added substantial new customer accounts, enhancing the Corporation's market presence in central Pennsylvania. The net interest income for 2025 was reported at $91.9 million, an increase of 16% from the previous year, driven by higher average loan balances and an improved net interest margin of 3.61%, up from 3.30% in 2024.
Operationally, C&N Bank maintained a workforce of 460 full-time equivalent employees as of December 31, 2025. The Corporation's strategic focus on expanding its geographic footprint through acquisitions has been a key driver of its growth, with previous acquisitions including Covenant Financial in 2020 and Monument Bancorp in 2019. The management anticipates continued growth and efficiency improvements as it integrates Susquehanna's operations into its existing framework.
Looking ahead, C&N expects to maintain its capital ratios above regulatory requirements, with a capital conservation buffer of 6.18% as of December 31, 2025. The Corporation is well-positioned to navigate potential market fluctuations and regulatory changes, with a strong liquidity position supported by various credit facilities. Management remains optimistic about future growth opportunities, particularly in the wake of the Susquehanna merger, which is expected to enhance the Corporation's resilience and operational efficiency.
About CITIZENS & NORTHERN CORP
Citizens & Northern Corporation is a Pennsylvania-based bank holding company focused on community banking through its primary subsidiary, Citizens & Northern Bank. It offers personal and commercial banking services, including deposit accounts, loans, wealth management, insurance, and investment products. Serving customers mainly in Northern, Southeastern, and Southcentral Pennsylvania and Southern New York, the company emphasizes relationship banking, local market knowledge, and comprehensive financial solutions.
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