Crazy Woman Creek Bancorp Reports Earnings for Fiscal Year 2024; Declares Annual Cash Dividend of $0.32 Per Share

Rhea-AI Summary

Crazy Woman Creek Bancorp (CRZY) has reported its second-best performance in 88 years for fiscal year 2024, with net income of $1,628,469. The company achieved a 12.03% return on equity and 0.87% return on assets. The bank's net interest margin of 3.80% exceeds Wyoming's average of 3.41%. The company declared an annual cash dividend of $0.32 per share to be paid in January 2025.

The bank maintains strong capital positions with a Tier 1 Leverage Ratio of 10.15%, well above the 'well-capitalized' threshold. Asset quality remains solid with nonperforming assets at 0.72% and a loan loss reserve of 1.86%, surpassing Wyoming's average of 1.43%.

Positive

• Second-best financial performance in company history with $1.628M net income
• Net interest margin of 3.80% exceeds Wyoming average of 3.41%
• Strong Tier 1 Leverage Ratio of 10.15%
• Loan loss reserve of 1.86% above Wyoming average of 1.43%
• Annual cash dividend of $0.32 per share declared

Negative

• Margin compression due to challenging interest rate environment
• Nonperforming assets at 0.72%
• $324,000 in foreclosed assets from residential construction loan

News Market Reaction – CRZY

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+3.03% Session move

In the trading session that priced this news, CRZY gained 3.03%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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BUFFALO, Wyo., Dec. 23, 2024 (GLOBE NEWSWIRE) -- We continue to build our franchise as Crazy Woman Creek Bancorp (OTCPink: CRZY) and Buffalo Federal Bank, known as The Banks of Buffalo, Sheridan, Gillette and BFSB Mortgage of Evanston. Headquartered in Buffalo, Wyoming, our bank remains a vital business and community partner since founding in 1936. We take great pride in meeting our customers’ banking needs with a passion for local decision-making and personal involvement in our communities. Our vision remains to be the premier community bank serving the needs of individuals, families and businesses throughout North-Central Wyoming.

Given our commitment to shareholders, we have declared an annual cash dividend of $0.32 per share to be paid in January 2025.

Crazy Woman Creek Bancorp is proud to have posted the second-best performance in our 88-year history; at September 30, 2024, the fiscal year net income was $1,628,469, corresponding to an annualized return on equity (ROE) of 12.03% and annualized return on assets (ROA) of 0.87%.

With FOMC target rates escalating from zero in the 1^st Quarter of 2022 to their peak of 5.50% as recently as the 3^rd Quarter of 2023, the entire financial sector has faced an incredibly difficult environment. Community Banks such as ours continue to be challenged with margin compression primarily on the funding side. Fortunately, our foundation continues to be successfully managing the cost of funds and loan yields. Our net interest margin at September 30, 2024, of 3.80% places our bank well above the Wyoming average of 3.41%. We maintain ample capital ratios and at September 30, 2024, our Tier 1 Leverage Ratio was 10.15%. This ratio substantially exceeds the current definition for “well-capitalized” institutions.

Our commitment to asset quality is clear. Nonperforming assets were 0.72% at September 30, 2024. During this fiscal year, we achieved an over 30-day past-due monthly loan delinquency average of 0.41% and at September 30, 2024, the balance held in foreclosed and repossessed assets was $324,000 consisting of a residential construction loan. Our loan loss reserve at September 30, 2024 was 1.86% and substantially above the Wyoming average of 1.43%. We are confident our reserve position is solid and accurately reflects the identifiable risks in our loan portfolio.

Our continuing strong financial results demonstrate the efforts of a dedicated management team, commitment to delivering diversified financial services and products, high levels of customer service and professionalism. We will focus on maintaining conservative lending protocols, improving operating efficiencies and building long-term value for our shareholders. I truly appreciate our customers for their continuing partnership and our shareholders for entrusting us with their capital.

Our annual meeting is scheduled at 3:00 p.m. MDT on January 29th, 2025, at our corporate office located at 106 Fort Street in Buffalo, WY.

PAUL
BRUNKHORST
C.E.O.
PO Box 1020  •  106 Fort Street
Buffalo, WY 82834 

P 307-684-5591

FAQ

What is CRZY's net income for fiscal year 2024?

Crazy Woman Creek Bancorp reported a net income of $1,628,469 for fiscal year 2024.

What dividend did CRZY declare for 2024?

CRZY declared an annual cash dividend of $0.32 per share to be paid in January 2025.

What is CRZY's current Tier 1 Leverage Ratio?

CRZY's Tier 1 Leverage Ratio was 10.15% as of September 30, 2024.

How does CRZY's net interest margin compare to Wyoming's average?

CRZY's net interest margin of 3.80% is above the Wyoming average of 3.41%.

What is CRZY's loan loss reserve percentage?

CRZY's loan loss reserve was 1.86% as of September 30, 2024, above Wyoming's average of 1.43%.

When is CRZY's annual meeting scheduled for 2025?

CRZY's annual meeting is scheduled for January 29th, 2025, at 3:00 p.m. MDT in Buffalo, WY.