Citizens & Northern Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, net interest income was $10,786,000 against $10,186,000 a year ago. Net interest income after provision for loan losses was $10,763,000 against $10,189,000 a year ago. Income before income tax provision was $5,479,000 against $5,731,000 a year ago. Net income was $1,943,000 or $0.16 per basic and diluted share against $4,231,000 or $0.35 per basic and diluted share a year ago. Net income attributable to common shares was $1,933,000 against $4,209,000 a year ago. C&N's fourth quarter and annual 2017 earnings were impacted by the recent reduction in the federal corporate income tax rate to 21%, effective January 1, 2018, from the 35% marginal tax rate in effect throughout 2017 and 2016. Fourth quarter and annual 2017 results include additional income tax expense related to a reduction in the carrying value of the net deferred tax asset, resulting in a reduction of $0.18 in diluted earnings per share.

For the year, net interest income was $41,948,000 against $40,405,000 a year ago. Net interest income after provision for loan losses was $41,147,000 against $39,184,000 a year ago. Income before income tax provision was $20,590,000 against $21,109,000 a year ago. Net income was $13,434,000 or $1.10 per basic and diluted share against $15,762,000 or $1.30 per basic and diluted share a year ago. Return on average assets for the year was 1.08% against 1.28% a year ago. Return on average equity was 7.11% against 8.37% a year ago. Net income attributable to common shares was $13,365,000 against $15,677,000 a year ago. Common book value was $15.43 against $15.36 a year ago. Tangible common book value was $14.45 against $14.37 a year ago.

For the quarter, the company reported net charge offs of $67,000 against $57,000 a year ago.