Citizens Community Bancorp announced net income of $3.2 million, or $0.32 per diluted share, for the first quarter ended March 31, 2025. This represents an increase from $2.7 million, or $0.27 per diluted share, in the fourth quarter of 2024. However, it is a decrease from $4.1 million, or $0.39 per diluted share, reported in the first quarter of 2024.
Net interest income decreased by $0.1 million from the prior quarter, primarily due to two fewer days in the quarter, though this was largely offset by a six basis point increase in the net interest margin. Non-interest income increased by $0.6 million, driven by higher gains on loan sales and net gains on equity securities. Non-interest expense decreased by $0.2 million, mainly due to lower compensation and repossessed asset losses.
The company's liquidity position strengthened, with cash increasing by $50.0 million and the on-balance sheet liquidity ratio rising to 14.38% of total assets. Total available liquidity, including borrowing capacity, reached $852 million, covering uninsured and uncollateralized deposits by 314%. The last remaining Federal Home Loan Bank advance was repaid during the quarter, resulting in no advances at March 31, 2025.
Loans receivable decreased by $16.3 million to $1.353 billion, attributed to seasonal impacts on origination and funding activity. While 30-89 day loan delinquencies decreased to 0.15% of total loans, special mention loans increased by $6.5 million to $15.0 million due to one commercial and industrial relationship. Nonperforming assets increased modestly by $0.3 million to $14.5 million.
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