Citizens Community Bancorp, Inc. Earns $2.5 Million For Fiscal 2017. Assets Expand 35% From Prior Year
EAU CLAIRE, WI, November 6, 2017 - Citizens Community Bancorp, Inc. (the "Company") (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank”), today reported GAAP earnings decreased to $2.50 million, or $0.46 per diluted share in fiscal 2017, compared to $2.57 million, or $0.49 per diluted share for the prior fiscal year. For the fourth quarter ended September 30, 2017, GAAP earnings showed a loss of $458,000, or $0.08 per diluted share compared to earnings of $1.08 million, or $0.20 per diluted share in the linked quarter and earnings of $176,000, or $0.04 per diluted share for the fourth quarter one year earlier. The 2017 fiscal fourth quarter and year to date operations were negatively impacted by merger expenses including data system conversion expenses, severance costs, higher professional fees, interest expense from acquisition debt, increased loan loss provision associated with organic loan growth and higher compensation costs due to production incentive increases, partially offset by settlement proceeds and the positive impact of the Wells merger.
Core earnings (non-GAAP) increased 20.0% year-over-year to $4.3 million, or $0.79 per diluted share for fiscal 2017, compared to $3.6 million, or $0.67 per diluted share for fiscal 2016. For the fourth quarter of fiscal 2017, core earnings (non-GAAP) were $731,000, or $0.13 per diluted share, compared to $785,000, or $0.15 per diluted share (non-GAAP) for the fourth quarter of fiscal 2016. Fiscal 2017 core earnings exclude merger expenditures and the cost of closing six branches during the year, as well as other costs and proceeds itemized on the accompanying financial table "Reconciliation of GAAP Earnings and Core Earnings (non-GAAP)". Fiscal 2016 core earnings exclude merger expenditures related to the merger with Community Bank of Northern Wisconsin ("CBN") and the cost of closing four branch offices.
Core earnings is a non-GAAP measure that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table "Reconciliation of GAAP Earnings and Core Earnings (non-GAAP)".
“We have made considerable progress during the year improving our balance sheet, core operations and transforming our profile from our credit union heritage during the past year. We will continue to focus on streamlining operations and demonstrating we can grow organically as well as through acquisitions.” said Stephen Bianchi, President and Chief Executive Officer. “Our commercial lending platform continues to expand through the addition of new lending teams and improved performance of our existing lending teams. With solid fourth quarter growth in the commercial loan portfolio, we recorded a loan loss provision for the first time since the quarter ended December 31, 2015.”
The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Tuesday, November 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.