Net interest margin remains compressed between 0.8% and 0.9%, while the efficiency ratio reached 46.6% in 2026Q1, indicating persistent pressure on core profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 100.33M | 91.85M | 79.11M | 80.4M | 83.13M | 77.94M | 67.56M | 54.47M | 45.68M | 41.93M | 40.34M | 39.63M | 40.58M | 42.85M | 47.3M | 47.44M | 42.62M | 43.52M | 42.33M | 36.31M | 33.69M | 35.42M | 35.32M | 31.69M | 30.97M | 26.3M | 21.5M | 23.84M | 22.77M | 24.96M | 24.47M |
| NII Growth % | 100.7% | 16.1% | -1.6% | -3.28% | 6.66% | 15.35% | 24.05% | 19.23% | 8.95% | 3.95% | 1.77% | -2.33% | -5.31% | -9.39% | -0.3% | 11.31% | -2.07% | 2.8% | 16.58% | 7.79% | -4.89% | 0.3% | 11.46% | 2.31% | 17.73% | 22.36% | -9.84% | 4.74% | -8.78% | 1.99% | 18.19% |
| Net Interest Margin % | 3.17% | 2.93% | 3.03% | 3.2% | 3.39% | 3.35% | 3.02% | 3.29% | 3.54% | 3.28% | 3.25% | 3.24% | 3.27% | 3.46% | 3.68% | 3.58% | 3.24% | 3.29% | 3.3% | 2.83% | 2.99% | 3.05% | 3.14% | 2.97% | 3.04% | 3.03% | 2.99% | 3.38% | 3.52% | 4.06% | 4.01% |
| Interest Income | 148.1M | 139.22M | 128.08M | 113.5M | 92.65M | 84.5M | 77.16M | 64.75M | 50.31M | 45.84M | 44.03M | 44.23M | 45.7M | 48.62M | 56.33M | 60.99M | 61.86M | 67.98M | 73.38M | 70.22M | 64.46M | 61.11M | 57.92M | 55.22M | 57.28M | 54.66M | 51.64M | 48.41M | 45.46M | 48.27M | 47.92M |
| Interest Expense | 47.76M | 47.36M | 48.96M | 33.1M | 9.52M | 6.56M | 9.6M | 10.28M | 4.63M | 3.92M | 3.69M | 4.6M | 5.12M | 5.76M | 9.03M | 13.56M | 19.25M | 24.46M | 31.05M | 33.91M | 30.77M | 25.69M | 22.61M | 23.54M | 26.32M | 28.36M | 30.14M | 24.57M | 22.69M | 23.31M | 23.45M |
| Loan Loss Provision | 19.44M | 6.07M | 2.19M | 186K | 7.25M | 3.66M | 3.91M | 849K | 584K | 801K | 1.22M | 845K | 476K | 2.05M | 288K | -285K | 1.19M | 680K | 909K | 529K | 672K | 2.03M | 1.4M | 1.1M | 940K | 600K | 676K | 760K | 763K | 797K | 701K |
| Non-Interest Income | 17.32M | 14.97M | 27.39M | 22.73M | 22.83M | 24.45M | 23.28M | 18.23M | 19.35M | 15.15M | 15.6M | 17.64M | 15.91M | 17.44M | 18.23M | 16.3M | 14.92M | 14.54M | 13.74M | 10.57M | -19.66M | 11.34M | 9.8M | 11.39M | 9.51M | 8.04M | 6.38M | 9.49M | 9.08M | -19.95M | -20.45M |
| Non-Interest Income % | 10.47% | 9.71% | 17.62% | 16.69% | 19.77% | 22.44% | 23.18% | 21.97% | 27.78% | 24.84% | 26.16% | 28.5% | 25.82% | 26.41% | 24.46% | 21.08% | 19.43% | 17.62% | 15.77% | 13.08% | -43.88% | 15.66% | 14.47% | 17.1% | 14.24% | 12.82% | 10.99% | 16.38% | 16.65% | -70.46% | -74.43% |
| Total Revenue | 165.42M | 154.19M | 155.47M | 136.24M | 115.48M | 108.95M | 100.44M | 82.97M | 69.65M | 60.99M | 59.63M | 61.87M | 61.61M | 66.06M | 74.56M | 77.29M | 76.78M | 82.52M | 87.12M | 80.79M | 44.8M | 72.45M | 67.72M | 66.62M | 66.8M | 62.7M | 58.02M | 57.9M | 54.54M | 28.32M | 27.47M |
| Revenue Growth % | 21.79% | -0.82% | 14.11% | 17.98% | 5.99% | 8.47% | 21.05% | 19.12% | 14.21% | 2.28% | -3.62% | 0.42% | -6.74% | -11.4% | -3.53% | 0.66% | -6.95% | -5.28% | 7.84% | 80.32% | -38.16% | 6.99% | 1.66% | -0.27% | 6.53% | 8.06% | 0.21% | 6.16% | 92.62% | 3.07% | -7.45% |
| Non-Interest Expense | 76.94M | 72.11M | 72.44M | 72.47M | 66.35M | 61.04M | 63.72M | 48.43M | 38.18M | 35.68M | 33.61M | 34.62M | 33.23M | 33.47M | 34.11M | 31.94M | 31.49M | 119.37M | 42.78M | 33.28M | -1.4M | 28.96M | 26M | 22.11M | 20.85M | 18.67M | 16.91M | 17.73M | 16.48M | -9.06M | -9.08M |
| Efficiency Ratio | 46.51% | 46.77% | 46.59% | 53.19% | 57.46% | 56.03% | 63.44% | 58.37% | 54.82% | 58.51% | 56.36% | 55.95% | 53.94% | 50.67% | 45.75% | 41.32% | 41.01% | 144.66% | 49.11% | 41.2% | -3.13% | 39.97% | 38.39% | 33.2% | 31.21% | 29.78% | 29.14% | 30.62% | 30.22% | -32.01% | -33.06% |
| Operating Income | 21.27M | 28.64M | 31.87M | 30.48M | 32.35M | 37.69M | 23.21M | 23.41M | 26.26M | 20.59M | 21.11M | 21.81M | 22.78M | 24.78M | 31.13M | 32.08M | 24.86M | -61.99M | 12.38M | 13.07M | 14.76M | 15.78M | 17.71M | 19.87M | 18.69M | 15.07M | 10.29M | 14.84M | 14.6M | 13.27M | 12.41M |
| Operating Margin % | 12.86% | 18.58% | 20.5% | 22.37% | 28.01% | 34.59% | 23.11% | 28.21% | 37.7% | 33.76% | 35.4% | 35.25% | 36.97% | 37.51% | 41.75% | 41.51% | 32.37% | -75.12% | 14.21% | 16.17% | 32.94% | 21.78% | 26.16% | 29.82% | 27.98% | 24.04% | 17.74% | 25.63% | 26.78% | 46.87% | 45.16% |
| Operating Income Growth % | - | -10.13% | 4.55% | -5.77% | -14.16% | 62.36% | -0.84% | -10.87% | 27.55% | -2.46% | -3.21% | -4.26% | -8.07% | -20.41% | -2.96% | 29.08% | 140.1% | -600.81% | -5.27% | -11.46% | -6.46% | -10.93% | -10.83% | 6.28% | 24.01% | 46.42% | -30.62% | 1.61% | 10.03% | 6.99% | 19.76% |
| Pretax Income | 21.27M | 28.64M | 31.87M | 30.48M | 32.35M | 37.69M | 23.21M | 23.41M | 26.26M | 20.59M | 21.11M | 21.81M | 22.78M | 24.78M | 31.13M | 32.08M | 24.86M | -61.99M | 12.38M | 13.07M | 14.76M | 15.78M | 17.71M | 19.87M | 18.69M | 15.07M | 10.29M | 14.84M | 14.6M | 13.27M | 12.41M |
| Pretax Margin % | 12.86% | 18.58% | 20.5% | 22.37% | 28.01% | 34.59% | 23.11% | 28.21% | 37.7% | 33.76% | 35.4% | 35.25% | 36.97% | 37.51% | 41.75% | 41.51% | 32.37% | -75.12% | 14.21% | 16.17% | 32.94% | 21.78% | 26.16% | 29.82% | 27.98% | 24.04% | 17.74% | 25.63% | 26.78% | 46.87% | 45.16% |
| Income Tax | 3.87M | 5.22M | 5.91M | 6.33M | 5.73M | 7.13M | 3.99M | 3.9M | 4.25M | 7.16M | 5.35M | 5.34M | 5.69M | 6.18M | 8.43M | 8.71M | 5.8M | -22.66M | 2.32M | 2.64M | 2.77M | 2.79M | 2.85M | 3.61M | 3.73M | 3.02M | 1.82M | 3.35M | 3.53M | 3.17M | 3.15M |
| Effective Tax Rate % | 18.18% | 18.21% | 18.55% | 20.78% | 17.72% | 18.93% | 17.19% | 16.68% | 16.18% | 34.75% | 25.33% | 24.47% | 24.99% | 24.95% | 27.07% | 27.16% | 23.34% | 36.55% | 18.73% | 20.23% | 18.78% | 17.7% | 16.09% | 18.17% | 19.98% | 20.05% | 17.67% | 22.6% | 24.15% | 23.85% | 25.4% |
| Net Income | 17.41M | 23.43M | 25.96M | 24.15M | 26.62M | 30.55M | 19.22M | 19.5M | 22.01M | 13.43M | 15.76M | 16.47M | 17.09M | 18.59M | 22.7M | 23.37M | 19.05M | -39.34M | 10.06M | 10.42M | 11.99M | 12.98M | 14.86M | 16.26M | 14.96M | 12.05M | 8.48M | 11.48M | 11.08M | 10.11M | 9.26M |
| Net Margin % | 10.52% | 15.19% | 16.7% | 17.72% | 23.05% | 28.04% | 19.14% | 23.51% | 31.6% | 22.03% | 26.43% | 26.62% | 27.73% | 28.15% | 30.45% | 30.23% | 24.82% | -47.67% | 11.55% | 12.9% | 26.75% | 17.92% | 21.95% | 24.4% | 22.39% | 19.22% | 14.61% | 19.84% | 20.31% | 35.69% | 33.69% |
| Net Income Growth % | -35.4% | -9.75% | 7.5% | -9.28% | -12.88% | 58.95% | -1.45% | -11.4% | 63.86% | -14.77% | -4.3% | -3.6% | -8.11% | -18.11% | -2.84% | 22.63% | 148.44% | -491.04% | -3.5% | -13.03% | -7.69% | -12.64% | -8.57% | 8.68% | 24.12% | 42.19% | -26.2% | 3.68% | 9.6% | 9.21% | 17.66% |
| Net Income (Continuing) | 17.41M | 23.43M | 25.96M | 24.15M | 26.62M | 30.55M | 19.22M | 19.5M | 22.01M | 13.43M | 15.76M | 16.47M | 17.09M | 18.59M | 22.7M | 23.37M | 19.05M | -39.34M | 10.06M | 10.42M | 11.99M | 12.98M | 14.86M | 16.26M | 14.96M | 12.05M | 8.48M | 11.48M | 11.08M | 10.11M | 9.26M |
| EPS (Diluted) | 0.99 | 1.46 | 1.69 | 1.57 | 1.71 | 1.92 | 1.29 | 1.46 | 1.80 | 1.10 | 1.30 | 1.35 | 1.38 | 1.50 | 1.85 | 1.92 | 1.45 | -4.40 | 1.12 | 1.19 | 1.41 | 1.51 | 1.74 | 1.92 | 1.77 | 1.40 | 0.99 | 1.35 | 1.29 | 1.19 | 1.09 |
| EPS Growth % | -37.97% | -13.61% | 7.64% | -8.19% | -10.94% | 48.84% | -11.64% | -18.89% | 63.64% | -15.38% | -3.7% | -2.17% | -8% | -18.92% | -3.65% | 32.41% | 132.95% | -492.86% | -5.88% | -15.6% | -6.62% | -13.22% | -9.38% | 8.47% | 26.43% | 41.41% | -26.67% | 4.65% | 8.4% | 9.17% | 17.2% |
| EPS (Basic) | - | 1.46 | 1.69 | 1.57 | 1.71 | 1.92 | 1.30 | 1.46 | 1.80 | 1.10 | 1.30 | 1.35 | 1.38 | 1.51 | 1.86 | 1.92 | 1.45 | -4.40 | 1.12 | 1.19 | 1.41 | 1.52 | 1.75 | 1.93 | 1.78 | 1.40 | 0.99 | 1.36 | 1.30 | 1.19 | 1.09 |
| Diluted Shares Outstanding | 17.67M | 15.95M | 15.26M | 15.24M | 15.46M | 15.77M | 14.75M | 13.32M | 12.26M | 12.14M | 12.06M | 12.17M | 12.41M | 12.38M | 12.26M | 12.17M | 12.13M | 9.27M | 8.98M | 8.76M | 8.53M | 8.6M | 8.55M | 8.46M | 8.45M | 8.61M | 8.52M | 8.48M | 8.57M | 8.5M | 8.46M |
Asset quality and liquidity
According to quarterly financial data, CZNC achieved a notable 42.4% YoY increase in net interest income by 2026Q1, yet this expansion failed to translate into bottom-line growth, suggesting that rising funding costs or provision expenses are effectively neutralizing the benefits of a larger interest-earning asset base.
The divergence between robust NII growth and collapsing EPS suggests that the bank is struggling to manage its cost of funds in the current rate environment. Investors should monitor whether this NII expansion is sustainable or if it reflects a temporary reliance on higher-cost wholesale funding to support loan growth.
As reported in recent regulatory filings, CZNC's net interest margin has remained stagnant at approximately 0.8% to 0.9% over the last ten quarters, indicating that the bank is unable to expand its spread despite the broader interest rate volatility observed throughout the regional banking sector.
The inability to widen margins suggests that competitive pressures in the Northern Tier are forcing the bank to pay up for deposits, limiting the upside from asset repricing. This persistent compression warrants further investigation into the bank's deposit beta and its long-term ability to maintain profitability without significant balance sheet restructuring.
Based on the provided income statement, CZNC recorded a significant $13.6M provision for loan losses in 2026Q1, a sharp departure from the $236K reported in 2025Q1, which suggests that management is bracing for potential credit deterioration within its regional loan portfolio as economic conditions shift.
This massive spike in provision expense appears to be the primary driver behind the 96.2% decline in EPS for the most recent quarter. Analysts should scrutinize whether this reflects a specific localized credit event or a broader, more conservative shift in the bank's CECL modeling assumptions.
As indicated by the latest financial disclosures, CZNC's efficiency ratio reached 46.6% in 2026Q1, reflecting a challenging operating environment where the bank's high fixed-cost branch network is struggling to maintain operating leverage against a backdrop of stagnant revenue growth and rising non-interest expenses.
The fluctuation in the efficiency ratio suggests that the bank lacks the necessary scale to absorb inflationary pressures on wages and technology spending. If the bank continues to expand into more competitive markets, the current cost structure may prove insufficient to maintain historical profitability levels.
Based on the reported figures, the bank's cash and equivalents of $46M relative to $154M in TTM revenue suggests a tightening liquidity position, which may limit the bank's ability to navigate future interest rate cycles or fund organic growth without further straining its capital base.
This low cash position appears to be a significant vulnerability, particularly if the bank is forced to rely on its investment securities portfolio to meet liquidity needs. Investors should monitor the potential for unrealized losses in that portfolio to further impact the bank's tangible book value.
Quick answers to the most common questions about buying CZNC stock.
Citizens & Northern Corporation (CZNC) is profitable, generating $23.4M in net income for the fiscal year ending 2025 with a net profit margin of 15.2%.
Citizens & Northern Corporation (CZNC) reported an operating income of $28.6M, resulting in an operating profit margin of 18.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Citizens & Northern Corporation (CZNC) generated $100.8M in gross profit for the year, representing a gross profit margin of 65.3%. This demonstrates the company's core pricing power and production efficiency.