Citizens Holding(US:CIZN) GlobeNewswire News Room·2024-07-29 12:30Core Viewpoint - Citizens Community Bancorp, Inc. reported a decrease in earnings for the second quarter of 2024 compared to the previous quarter, but an increase compared to the same quarter last year, reflecting ongoing balance sheet optimization and credit quality improvements. Financial Performance - The company reported earnings of $3.7 million, or $0.35 per diluted share, for Q2 2024, down from $4.1 million and $0.39 per diluted share in Q1 2024, but up from $3.2 million and $0.31 per diluted share in Q2 2023 [2][26]. - Net interest income decreased by $0.3 million to $11.6 million in Q2 2024, compared to $11.9 million in Q1 2024 and $11.7 million in Q2 2023 [5][26]. - Non-interest income fell by $1.4 million in Q2 2024, primarily due to lower gains on loan sales and higher net losses on equity securities [6][26]. Balance Sheet and Asset Quality - Total assets decreased by $17.0 million to $1.80 billion at June 30, 2024 [12]. - Gross loans decreased by $21.7 million to $1.43 billion, attributed to loan payoffs exceeding origination activity [7][15]. - The allowance for credit losses on loans decreased to $21.2 million, representing 1.48% of total loans, down from 1.55% in Q1 2024 [16][39]. Capital and Equity - Book value per share improved to $17.10 at June 30, 2024, compared to $16.61 at March 31, 2024, and $15.81 at June 30, 2023 [4]. - Tangible common equity as a percentage of tangible assets increased to 8.09% at June 30, 2024, from 7.83% at March 31, 2024 [4]. Shareholder Actions - The Board of Directors authorized an additional stock repurchase program of 5% or 512 thousand shares [10][45]. - The company repurchased 109 thousand shares at an average price of $11.28 per share during Q2 2024 [32][45]. Tax and Regulatory Changes - The effective tax rate increased to 22.1% for Q2 2024 from 21.3% in Q1 2024, but decreased from 25.5% a year earlier due to changes in Wisconsin tax law [8].