Citizens Community Bancorp announced net income of $3.3 million, or $0.32 per diluted share, for the third quarter ended September 30, 2024. This represents an increase from $2.5 million, or $0.24 per diluted share, reported in the same quarter of 2023. However, net income decreased from $3.7 million, or $0.35 per diluted share, in the second quarter of 2024.
The company's net interest income decreased by $0.3 million to $11.3 million from the prior quarter, and the net interest margin declined by nine basis points. This was primarily due to the absence of $0.2 million in non-recurring interest income from curing technical defaults on performing loans recognized in the previous quarter. Non-interest income, however, increased by $1.0 million, driven by $0.5 million higher gain on sale of loans and $0.6 million lower net losses on equity securities.
Credit quality metrics showed some deterioration, with special mention loans increasing by $2.2 million to $11.0 million, largely due to one $8.7 million multi-family loan. Substandard loans also rose by $6.8 million to $21.2 million, primarily from a $7.7 million agricultural real estate loan moving to nonaccrual status. Nonperforming assets increased to $17.1 million from $10.3 million in the second quarter of 2024.
The company repurchased 223 thousand shares of common stock during the third quarter of 2024 at an average price of $12.91 per share. Total assets decreased by $3.2 million to $1.80 billion, while total deposits increased by $1.1 million to $1.52 billion, with brokered deposits decreasing by $30.1 million. Book value per share improved to $17.88 at quarter-end, and tangible book value per share increased to $14.64.
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