As of September 30, 2024, Citizens Community Bancorp, Inc. reported total assets of $1.617 billion, a slight decrease from $1.617 billion at the end of 2023. Cash and cash equivalents fell to $36.6 million, while available-for-sale securities decreased to $149.4 million. Loans receivable also declined significantly from $1.461 billion to $1.425 billion, with net loans receivable dropping from $1.438 billion to $1.404 billion. Total liabilities increased marginally to $1.599 billion, driven by a rise in deposits to $1.521 billion. Notably, Federal Home Loan Bank (FHLB) advances decreased sharply from $79.5 million to $21 million.
In terms of profitability, the company reported total interest and dividend income of $22.5 million for Q3 2024, up from $21.8 million in Q3 2023. However, net interest income after provision for credit losses fell to $11.7 million from $12.4 million year-over-year. For the nine months ended September 30, 2024, net interest income was $37.5 million, an increase from $36.4 million in the same period in 2023. Non-interest income also saw growth, rising to $2.9 million in Q3 2024 from $2.6 million in Q3 2023, and to $8.1 million for the nine-month period, compared to $7.8 million in 2023.
The company’s net income attributable to common stockholders for Q3 2024 was $3.3 million, up from $2.5 million in Q3 2023. For the nine months, net income increased to $11.0 million from $9.4 million in the prior year. Basic earnings per share rose to $0.32 for Q3 2024, compared to $0.24 in Q3 2023, and to $1.07 for the nine months, up from $0.89.
Strategically, the company closed its St. Peter, Minnesota branch in June 2024, which resulted in a $168 impairment loss. The bank's stockholders' equity increased to $180.1 million, driven by net income and unrealized gains from the available-for-sale securities portfolio. The company repurchased 223,000 shares in Q3 2024 and 382,000 shares in the nine-month period, with approximately 333,000 shares remaining available for repurchase.
The effective tax rate for Q3 2024 was significantly lower at 21.5%, down from 50.5% in Q3 2023, primarily due to a Wisconsin state tax exemption on certain loans. The company continues to focus on managing interest rate risk through various strategies, including originating shorter-term loans and adjusting its interest rate risk position based on market conditions.
About Citizens Community Bancorp Inc.
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