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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.
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.
Citizens Community Bancorp, Inc. (CZWI) reported record earnings of $5.5 million or $0.50 per diluted share for Q1 2021, up from $3.6 million ($0.32) in Q4 2020 and $2.6 million ($0.23) in Q1 2020. Adjusted net income was $5.6 million or $0.51 per diluted share. Key highlights included no loan loss provisions due to improved asset quality, a decrease in non-interest expenses, and an 11% year-over-year increase in book value per share to $14.75. The bank's nonperforming assets fell 19% this quarter. Total assets increased to $1.73 billion.
Citizens Community Bancorp, Inc. (Nasdaq: CZWI) announced that Steve Bianchi, Chairman and CEO, and Jim Broucek, CFO, will hold virtual meetings with institutional investors on May 6-7, 2021, hosted by D.A. Davidson. Discussion materials will be available on the Company's investor website by May 6, 2021. The Bank serves customers in Wisconsin and Minnesota, operating 25 branches and providing community banking services including residential mortgage loans.
Citizens Community Bancorp reported Q4 2020 earnings of $3.6 million ($0.32 per diluted share), up from $3.5 million ($0.31 per diluted share) in Q3 2020 and $3.2 million ($0.28 per diluted share) in Q4 2019. Annual earnings reached $12.7 million ($1.14 per diluted share), compared to $9.5 million ($0.85 per diluted share) in 2019. Key highlights include a 13% increase in tangible book value per share to $11.18, a decrease in nonperforming assets by 23%, and a dividend increase of 10% to $0.23 per share. The provision for loan losses rose to $2.5 million due to organic loan growth and economic uncertainties.
Citizens Community Bancorp reported earnings of $3.5 million ($0.31 per share) for the quarter ended September 30, 2020, an increase from $3.1 million ($0.28 per share) in the previous quarter. Adjusted net income was $3.3 million ($0.30 per share), up from $2.8 million ($0.25 per share). The company saw lower net interest income due to loan portfolio reductions but benefited from high mortgage loan sales. Book value per share increased to $14.10, reflecting a 7% annualized growth. Non-performing assets decreased significantly, indicating improved asset quality. However, COVID-19-related loan loss provisions increased.
Citizens Community Bancorp reported a net income of $3.1 million or $0.28 per diluted share for Q2 2020, up from $2.6 million or $0.23 in Q1. Tangible book value per share increased to $10.31 from $9.80.
Key highlights include improved asset quality, with non-performing assets decreasing to 1.08% of total assets. However, the company faced higher loan loss provisions of $1.75 million due to anticipated COVID-19 impacts. The bank's total assets grew to $1.61 billion, partly from $137 million in SBA PPP loans.