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Consumers Bancorp, Inc. (CBKM0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing shows an increase in net income to $2,287,000, or $0.73 per share, for the second quarter of fiscal year 2025, compared to $2,015,000, or $0.65 per share, for the same period in the previous year.
Net interest income rose by 4.5% to $8,319,000, driven by a 3.5% growth in average interest-earning assets.
The provision for credit losses on loans was $85,000, with an additional $40,000 provision for credit losses on unfunded commitments.
Noninterest income increased by 9.7%, primarily due to higher debit card interchange income and bank-owned life insurance income.
Noninterest expenses rose by 5.4%, largely due to increased salaries, employee incentives, and marketing expenses.
For the first six months of fiscal year 2025, net income was $4,523,000, or $1.45 per share, compared to $4,425,000, or $1.43 per share, for the same period in the previous year.
The net interest margin for the quarter was 3.02%, up from 2.95% in the previous year.
Total assets increased to $1,111,193,000, with total loans rising by an annualized 1.0% since June 30, 2024.
The allowance for credit losses as a percentage of loans was 1.03%, with net charge-offs recorded at $248,000 for the six-month period.
Non-performing loans were 0.11% of total loans, with a portion guaranteed by the Small Business Administration.
Shareholders' equity increased to $69,540,000, with a reduction in the accumulated other comprehensive loss and net income contributing to the rise.
The filing also details the company's liquidity position, noting an increase in deposits and available-for-sale securities.
Consumers Bancorp, Inc. continues to manage its capital resources effectively, maintaining regulatory capital ratios above the required levels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Consumers Bancorp, Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.