Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

Core Viewpoint - Citizens Community Bancorp, Inc. reported a decrease in earnings for the fourth quarter of 2024, with net income of $2.7 million and earnings per diluted share of $0.27, down from $3.3 million and $0.32 per diluted share in the previous quarter, and $3.7 million and $0.35 per diluted share in the same quarter of the previous year [1][5]. Financial Performance - The fourth quarter 2024 operating results showed a $0.4 million increase in net interest income, with a net interest margin increase of 16 basis points [2]. - Non-interest income decreased by $0.9 million primarily due to lower gains on loan sales and higher net losses on equity securities [2][6]. - Non-interest expense increased by $0.4 million to $10.8 million, attributed to higher professional fees and losses on repossessed assets [9][27]. Balance Sheet and Asset Quality - Total assets decreased by $50.6 million to $1.749 billion at December 31, 2024, with a notable decrease in securities available for sale [7][8]. - Loans receivable decreased by $55.8 million to $1.369 billion, primarily due to payoffs of non-strategic relationships [9][11]. - Nonperforming assets decreased to $14.3 million, down from $17.1 million in the previous quarter, largely due to a partial paydown on a nonaccrual loan [17]. Capital and Equity - Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023 [3]. - Tangible common equity ratio increased to 8.54% at December 31, 2024, from 8.35% in the prior quarter, providing flexibility for loan portfolio growth and share repurchases [4][3]. Deposits and Funding - Total deposits decreased by $32.5 million during the fourth quarter of 2024, with a significant reduction in wholesale brokered deposits [19]. - The deposit portfolio composition shifted, with consumer deposits making up 57% and wholesale deposits dropping to 2% [19]. Dividend Declaration - The Board of Directors declared a $0.36 per share annual dividend, marking a 12.5% increase, payable on February 21, 2025 [9].