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Citizens Community Bancorp, Inc. reports recurring developments for its role as the bank holding company for Citizens Community Federal N.A., or CCFBank. Company updates center on quarterly earnings, net interest income and margin, loan and deposit growth, provision for credit losses, non-interest income and expense, and asset-quality measures such as nonperforming or criticized assets.
News also covers capital actions tied to the common stock and balance sheet, including cash dividends, stock repurchase authorizations, and debt redemption. Its community-banking business includes residential mortgages, commercial real estate, commercial and industrial lending, agricultural real estate and operating loans, home equity lines of credit, consumer loans, and branch deposit products.
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Citizens Community Bancorp reported first-quarter earnings of $3.7 million or $0.35 per diluted share for the quarter ending March 31, 2023, down from $4.7 million or $0.45 per diluted share in the previous quarter and the same period last year. Key highlights include a 12% return on tangible shareholders’ equity, though net interest income fell $1.7 million to $12.8 million amid rising deposit costs. The bank achieved improved asset quality with a 25% reduction in criticized loans to $22.1 million and non-performing assets representing 0.63% of total assets. Total assets grew modestly to $1.86 billion, with consumer deposits contributing 55% of the deposit base. The adoption of new accounting standards increased the allowance for credit losses by $4.7 million.
Citizens Community Bancorp (Nasdaq: CZWI) reported fourth-quarter earnings of $4.7 million ($0.45 per diluted share) for Q4 2022, up from $4.0 million ($0.38) in Q3 2022 but down from $6.1 million ($0.58) in Q4 2021. For the fiscal year 2022, net income was $17.8 million ($1.69 per share), compared to $21.3 million ($1.98) in 2021. The company experienced solid loan growth of 2.6% quarter-over-quarter, despite a declining net interest margin at 3.33%. Book value per share increased to $16.03. A 12% dividend increase to $0.29 per share was declared for 2023.
Citizens Community Bancorp (Nasdaq: CZWI) reported earnings of $4.0 million ($0.38/share) for Q3 2022, down from $4.4 million ($0.41/share) in Q2 2022 and $5.0 million ($0.47/share) in Q3 2021. Year-to-date earnings totaled $13.1 million ($1.24/share), compared to $15.2 million ($1.41/share) in the same period last year. Net interest income rose by $0.2 million to $14.5 million, driven by loan growth. However, total non-interest expense increased to $11.3 million. The bank struggled with declining book value due to unrealized losses. Key metrics include a net interest margin of 3.33%.
Citizens Community Bancorp (Nasdaq: CZWI) reported Q2 2022 earnings of $4.4 million or $0.41 per diluted share, down from $4.7 million or $0.45 in Q1 2022. Year-to-date earnings were $9.1 million ($0.86 per share), a decrease from $10.2 million ($0.94) in the same period last year. Net interest income rose $1.1 million from Q1 to $14.3 million. Loan growth was strong at 18% annualized, but demand has softened due to economic pressures. The efficiency ratio improved to 60%.
Citizens Community Bancorp reported first-quarter 2022 earnings of $4.7 million or $0.45 per diluted share, down from $6.1 million or $0.58 in Q4 2021. Key factors for the decrease include a $1 million drop in loan interest income, primarily from reduced SBA PPP fees, and a $0.9 million decline in securities sales. Total assets rose to $1.78 billion, while book value per share fell to $15.72. The company also issued $35 million in subordinated debt and injected $15 million into its banking subsidiary to strengthen capital ratios.
Citizens Community Bancorp reported record earnings of $6.1 million or $0.58 per diluted share for the fourth quarter of 2021, up from $5.0 million or $0.47 per share the previous quarter. Fiscal 2021 earnings surged by 67% to $21.3 million, compared to $12.7 million in 2020. Key drivers included increased loan interest income and reduced deposit costs. Book value per share rose to $16.27, a 12.1% annual increase. However, total assets slightly declined to $1.74 billion, and nonperforming assets increased to $13.2 million.
Citizens Community Bancorp (CZWI) reported record earnings of $5.0 million for Q3 2021, translating to $0.47 per diluted share, an increase from $4.7 million ($0.44 per diluted share) in Q2 2021 and $3.5 million ($0.31 per diluted share) in Q3 2020. Year-to-date earnings reached $15.2 million, up 66% from $9.2 million in 2020. Key drivers include increased loan interest income, modest growth in net interest income, and improved asset quality. However, nonperforming assets rose to $12.1 million from $8.8 million in the prior quarter, primarily due to a single commercial real estate loan.
Citizens Community Bancorp, Inc. (CZWI) reported second-quarter earnings of $4.7 million ($0.44 per diluted share), down from $5.5 million ($0.50 per share) in Q1 2021, but up from $3.1 million ($0.28 per share) in Q2 2020. Year-to-date earnings reached $10.2 million, an 80% increase from the previous year. The company approved a 5% stock repurchase plan, and tangible book value rose by 15.9% year-over-year to $11.95 per share. Total assets decreased by $17.8 million to $1.71 billion. Nonperforming assets fell 6% to $8.8 million, demonstrating improved asset quality.