Citizens Community Bancorp reported net income of $2.7 million, or $0.27 per diluted share, for the fourth quarter ended December 31, 2024. This is a decrease from $3.3 million, or $0.32 per diluted share, in the third quarter of 2024, and $3.7 million, or $0.35 per diluted share, in the fourth quarter of 2023. For the full year 2024, diluted earnings per share stood at $1.34.
Net interest income increased by $0.4 million from the previous quarter, and the net interest margin expanded by 16 basis points. This improvement was partially offset by a $0.9 million decrease in non-interest income, primarily due to lower gains on loan sales and higher net losses on equity securities. Non-interest expense increased by $0.4 million, driven by higher REO expenses and professional fees.
The Board of Directors approved a 12.5% increase in the annual dividend to $0.36 per share, signaling a commitment to shareholder returns. The company also continued its share repurchase program, buying back approximately 94 thousand shares in the fourth quarter at an average price of $14.55 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.
Credit metrics showed improvement, with special mention loans decreasing by $2.5 million to $8.5 million and substandard loans declining by $2.3 million to $18.9 million. Nonperforming assets decreased by $2.8 million to $14.3 million. The allowance for credit losses on loans increased to 1.50% of total loans receivable.
Total assets decreased by $50.6 million to $1.749 billion, and loans decreased by $55.8 million, primarily due to the repayment of non-strategic relationships. Total deposits decreased by $32.5 million to $1.49 billion, largely due to the repayment of $59.7 million in wholesale brokered deposits, which improved funding stability. The company forecasts modest loan growth of one to three percent in 2025.
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