Consumers Bancorp, Inc. reported its financial results for the third quarter and nine months ended March 31, 2025, revealing a net income of $1.851 million, or $0.59 per share, compared to $2.052 million, or $0.66 per share, for the same period in the previous year. The company’s tax-equivalent net interest income increased by 11.8% to $8.656 million, driven by a 29-basis point rise in the yield on interest-earning assets and a 10-basis point reduction in the cost of interest-bearing liabilities. For the nine-month period, net income was $6.374 million, or $2.04 per share, slightly down from $6.477 million, or $2.09 per share, in the prior year.
Total assets grew to $1.134 billion as of March 31, 2025, up from $1.097 billion at the end of June 2024, marking a 4.5% annualized increase. Total loans increased by $8.715 million, or 1.5%, while total deposits rose by $52.529 million, or 7.2%. The company’s available-for-sale securities also saw an increase, rising to $274.256 million from $264.802 million. However, the portfolio recorded an unrealized loss of $29.986 million due to rising market interest rates.
In terms of operational metrics, the company reported a provision for credit losses of $495, compared to $15 in the same quarter last year, reflecting a shift in the loan mix and net charge-offs of $292. Noninterest income increased by 4.8% to $1.278 million, attributed to higher bank-owned life insurance income and service charges on deposit accounts. Noninterest expenses rose by 9.8% to $7.162 million, primarily due to increased salaries and marketing expenses.
Looking ahead, Consumers Bancorp anticipates continued growth in its loan portfolio, particularly in consumer and commercial real estate segments. The company is also focused on managing its cost of funds, which has decreased due to competitive pressures easing on deposit pricing. Management remains cautious about potential economic fluctuations and their impact on asset quality, but is optimistic about the company’s ability to navigate these challenges effectively.
About CONSUMERS BANCORP INC /OH/
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