Citizens Community Bancorp, Inc. reported a net income of $13.75 million for the fiscal year ending December 31, 2024, reflecting an increase from $13.06 million in the previous year. The diluted earnings per share rose to $1.34, up from $1.25 in 2023. The company's total assets decreased to approximately $1.75 billion, down from $1.85 billion in 2023, primarily due to a reduction in loans and investment securities. Net interest income fell by $1.9 million to $46.5 million, attributed to higher deposit costs and borrowing expenses, which were partially offset by increased asset yields.
The company experienced a significant change in its provision for credit losses, recording a negative provision of $3.175 million in 2024 compared to a negative provision of $0.475 million in 2023. This shift was largely due to improving economic forecasts and a strategic decision to optimize the balance sheet, resulting in a reduction of non-strategic loans. Non-interest income decreased slightly by approximately $150,000, primarily due to losses on equity securities, although this was offset by gains from loan sales and increased loan fees.
Operationally, Citizens Community Bancorp maintained a total of 22 branch locations across Wisconsin and Minnesota, with a focus on community banking services. The company reported a total loan portfolio of $1.37 billion, down from $1.46 billion in 2023, with commercial and agricultural real estate loans comprising the largest segment. The bank's total deposits also decreased modestly to $1.49 billion, with a notable reduction in wholesale deposits, which was offset by growth in retail and commercial deposits.
Looking ahead, the company remains focused on maintaining its capital adequacy, with total stockholders' equity increasing to $179.1 million as of December 31, 2024. The bank is categorized as "Well Capitalized" under regulatory standards, with capital ratios exceeding the required thresholds. Citizens Community Bancorp plans to continue its strategy of optimizing its loan portfolio and managing interest rate risk while navigating the competitive landscape of the banking industry. The company is also monitoring economic conditions closely, as factors such as inflation and geopolitical tensions could impact future performance.
About Citizens Community Bancorp Inc.
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