Citizens Community Bancorp reports Q2 EPS 35c vs 31c last year

Net interest income decreased $0.3 million to $11.6 million for the second quarter of 2024, from $11.9 million the previous quarter and decreased $0.1 million from the second quarter of 2023. The decrease in net interest income from the first quarter of 2024 was primarily due to lower interest income recognized from nonaccrual loan payoffs of $0.4 million. “I was pleased with our execution of strategic objectives during the quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, improving credit quality, and net interest margin expansion. A planned decrease in loans and strong earnings pushed our TCE ratio to 8.09%, giving management the flexibility to repurchase shares under the new share repurchase authorization approved by our board this month. Asset quality improvements, a reduction in loan receivables by $22 million, and improving Moody’s economic outlook resulted in a negative provision of $1.53 million while maintaining a healthy reserve for credit losses to total loans at 1.48%. Our credit and pricing discipline is stabilizing our NIM, with newly originated loans offsetting modestly higher deposit costs,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.