Earnings Performance - Third quarter 2024 earnings were $3.3 million, or $0.32 per diluted share, a decrease from $3.7 million, or $0.35 per diluted share in the second quarter of 2024, but an increase from $2.5 million, or $0.24 per diluted share in the third quarter of 2023[1][4]. - Net income attributable to common stockholders was $3,286 million, an increase from $2,498 million year-over-year[41]. - Basic earnings per share remained at $0.32, consistent with the previous quarter[41]. - The company reported GAAP earnings after income taxes of $3,286 million for the current quarter[50]. - The company reported GAAP earnings after income taxes of $3,286,000 for the three months ended September 30, 2024, compared to $2,498,000 for the same period last year, marking a 31.6% increase[55]. Income and Expenses - Net interest income decreased by $0.3 million to $11.3 million in the third quarter of 2024, down from $11.6 million in the second quarter of 2024 and $12.1 million in the third quarter of 2023[5]. - Non-interest income increased by $1.0 million in the third quarter of 2024, driven by a $0.5 million higher gain on sale of loans and a $0.6 million lower net loss on equity securities[8]. - Non-interest expense rose to $10.4 million in the third quarter of 2024, an increase of $122 thousand from the previous quarter and $452 thousand from the same quarter last year[29]. - Non-interest income totaled $2,921 million, compared to $1,913 million in the previous quarter[41]. - Total non-interest expense rose to $10,421 million, compared to $10,299 million in the prior quarter[41]. Asset and Deposit Management - Total deposits increased by $1.1 million to $1.52 billion during the third quarter of 2024, despite a $30.1 million decrease in brokered deposits[9][22]. - Total deposits as of September 30, 2024, were $1,520.67 million, a slight increase from $1,519.54 million on June 30, 2024[24]. - Uninsured and uncollateralized deposits increased to $267.1 million, or 18% of total deposits, as of September 30, 2024, up from $246.7 million, or 16% of total deposits, at June 30, 2024[25]. - Total deposits as of September 30, 2024, were $1,289,069,000, an increase from $1,209,688,000 for September 30, 2023[46]. - Total deposits reached $1,272,173 million, with a net interest income contribution of $28,712 million[47]. Credit Quality - Nonperforming assets rose to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024, primarily due to one agricultural real estate loan[11][20]. - The allowance for credit losses on loans decreased to $21.0 million, representing 1.47% of total loans, compared to 1.48% at June 30, 2024[17]. - Nonperforming assets increased to $17,144,000 as of September 30, 2024, compared to $15,473,000 for September 30, 2023, reflecting a rise in nonaccrual loans[45]. - The ratio of nonperforming loans (NPLs) to total loans was 1.09% as of September 30, 2024, up from 1.00% for September 30, 2023[45]. Financial Ratios - The net interest margin was 2.63% for the third quarter of 2024, compared to 2.72% in the previous quarter and 2.79% in the third quarter of 2023[6]. - The efficiency ratio remained stable at 72% for both the third quarter of 2024 and the previous quarter[12]. - The effective tax rate was 21.48% for the third quarter of 2024, down from 22.1% in the previous quarter and significantly lower than 50.5% in the third quarter of 2023[10]. - Return on average assets (annualized) was 0.72%, while return on average equity (annualized) was 7.34%[49]. - The average yield on loans receivable was 5.60% for the three months ended September 30, 2024[46]. Shareholder Value - Book value per share improved to $17.88 at September 30, 2024, up from $17.10 at June 30, 2024, and $15.80 at September 30, 2023[3]. - The company repurchased 223 thousand shares of common stock in the third quarter of 2024 at an average price of $12.91 per share, with 333 thousand shares remaining under the repurchase authorization plan[26]. - Tangible book value per share increased to $14.64, up from $13.91 in the previous quarter[53]. - Total stockholders' equity reached $180,149,000 as of September 30, 2024, compared to $165,402,000 on September 30, 2023, reflecting a year-over-year increase of 8.3%[55]. - Tangible common equity as a percent of tangible assets increased to 8.35% as of September 30, 2024, up from 7.34% a year earlier[54].
Citizens munity Bancorp(CZWI) - 2024 Q3 - Quarterly Results