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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI


 
 EXHIBIT 99.1
bancorp_logoa18.jpg
Citizens Community Bancorp, Inc. Earns $1.2 Million, or $0.11 Per Share, in 3Q19;
Third Quarter Highlighted by Completed Acquisition of F. & M. Bancorp of Tomah, Inc.
Announces 5% Stock Buyback Plan
EAU CLAIRE, WI, October 28, 2019 - Citizens Community Bancorp, Inc. (the "Company") (Nasdaq: CZWI),
the parent company of Citizens Community Federal N.A. (the “Bank” or "CCFBank"), today reported earnings of $1.2 million, or $0.11 per diluted share, for the quarter ended September 30, 2019, compared to $4.1 million, or $0.37 per diluted share, for the previous quarter ended June 30, 2019. In the September 2019 quarter, the Company benefited from (1) the full quarter impact of the F. & M. Bancorp. of Tomah, Inc. ("F&M") acquisition, net of merger charge considerations, (2) strong loan fee income from commercial activity, (3) an annual debit card incentive and (4) reduced FDIC insurance assessments due to the FDIC application of Small Bank Assessment Credits to our current quarter invoice. These items were partially offset by (1) increased loan servicing amortization resulting from higher prepayments and (2) higher than normal marketing expenses as CCFBank continues to execute on its plan of brand awareness with recent acquisitions.
Net income as adjusted (non-GAAP)1 was $3.4 million or $0.30 per diluted share for the quarter ended September 30, 2019 compared to $2.6 million of $0.23 per diluted share for the quarter ended June 30, 2019. The current quarter results were impacted by $2.9 million of acquisition-related expenses which reduced net income by $0.19 per diluted share. Included in GAAP net income and net income as adjusted for the quarter ended September 30, 2019, was the earnings impact from F&M of approximately $0.03 per diluted share, before merger charges. The June 2019 quarter operations reflected a $2.3 million gain on the sale of a branch, or $0.15 per diluted share. This gain was excluded from net income as adjusted and modestly offset by the addition of $206,000 of pre-tax acquisition-related expenses which added $0.01 per diluted share.
The following table reports key financial metric ratios based on a net income and net income as adjusted basis:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30, 2019
 
June 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Ratios based on net income:
 
 
 
Return on average assets (annualized)
 
0.34
%
 
1.23
%
 
0.44
%
 
0.61
%
 
0.46
%
Return on average equity (annualized)
 
3.35
%
 
11.72
%
 
3.21
%
 
5.94
%
 
4.00
%
Efficiency ratio (non-GAAP)
 
85
%
 
61
%
 
77
%
 
75
%
 
80
%
Net interest margin
 
3.34
%
 
3.30
%
 
3.45
%
 
3.35
%
 
3.42
%
Ratios based on net income as adjusted (non-GAAP):
 
 
 
 
 
 
 
 
 
 
Return on average assets as adjusted2 (annualized)
 
0.93
%
 
0.77
%
 
0.48
%
 
0.75
%
 
0.5
%
Return on average equity as adjusted3 (annualized)
 
9.22
%
 
7.27
%
 
3.45
%
 
7.23
%
 
4.35
%
Efficiency ratio4
 
66
%
 
74
%
 
78
%
 
69
%
 
82
%

1





The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, October 28, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Citizens Community Bancorp Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Acquistion
Acquistion (Business Acquisition, Pro Forma Information) (Details)
Acquistion (Narrative) (Details)
Acquistion (Revenue And Earnings Of F&Amp;M) (Details)
Acquistion (Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed) (Details)
Acquistion (Tables)
Capital Matters (Details)
Capital Matters (Notes)
Capital Matters (Tables)
Fair Value Accounting
Fair Value Accounting (Assets Measured On A Nonrecurring Basis) (Details)
Fair Value Accounting (Assets Measured On A Recurring Basis) (Details)
Fair Value Accounting (Carrying Amount And Estimated Fair Value) (Details)
Fair Value Accounting (Level 3 Fair Value Inputs) (Details)
Fair Value Accounting (Tables)
Federal Home Loan Bank Advances And Other Borrowings
Federal Home Loan Bank Advances And Other Borrowings (Maturities Of Fhlb Advances And Other) (Details)
Federal Home Loan Bank Advances And Other Borrowings (Narrative) (Details)
Federal Home Loan Bank Advances And Other Borrowings (Summary Of Federal Home Loan Bank Advances) (Details)
Federal Home Loan Bank Advances And Other Borrowings (Tables)
Investment Securities
Investment Securities (Available-For-Sale Securities) (Details)
Investment Securities (Available-For-Sale Securities, Maturity) (Details)
Investment Securities (Held-To-Maturity Securities) (Details)
Investment Securities (Held-To-Maturity Securities, Maturity) (Details)
Investment Securities (Narrative) (Details)
Investment Securities (Schedule Of Available-For-Sale Securities) (Details)
Investment Securities (Schedule Of Held To Maturity Securities) (Details)
Investment Securities (Tables)
Leases
Leases (Maturities Of Operating Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Operating Leases) (Details)
Leases (Tables)
Loans, Allowance For Loan Losses And Impaired Loans
Loans, Allowance For Loan Losses And Impaired Loans (Acquired Loans Changes In Accretable Yield) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Acquired Loans Outstanding Balance And The Carrying Amount) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Aging Analysis) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Changes In The All By Loan Type) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Impaired Loans) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Loans Receivable By Loan Type) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Narrative) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Schedule Of Purchased Loans, Impaired And Non-Impaired) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Summary Of Loans By Loan Segment) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Summary Of Originated And Acquired Loans By Type And Risk) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Summary Of Tdr Loans) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Tables)
Loans, Allowance For Loan Losses And Impaired Loans (Tdr Loan Modifications) (Details)
Loans, Allowance For Loan Losses And Impaired Loans (Total Troubled Debt Restructurings) (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Narrative) (Details)
Mortgage Servicing Rights (Servicing Asset At Amortized Cost) (Details)
Mortgage Servicing Rights (Tables)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Operations) (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Other Narrative) (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Changes In The Accumulated Balances) (Details)
Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income) (Loss) (Details)
Other Comprehensive Income (Loss) (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details)
Other Comprehensive Income (Loss) (Tables)
Stock-Based Compensation
Stock-Based Compensation (2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan Information) (Details)
Stock-Based Compensation (Common Stock Options Awards) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Restricted Stock Award) (Details)
Stock-Based Compensation (Tables)
Subsequent Events (Narrative) (Details)
Subsequent Events Subsequent Events

Material Contracts, Statements, Certifications & more

Citizens Community Bancorp Inc. provided additional information to their SEC Filing as exhibits

Ticker: CZWI
CIK: 1367859
Form Type: 10-Q Quarterly Report
Accession Number: 0001367859-19-000115
Submitted to the SEC: Thu Nov 07 2019 11:10:04 AM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Savings Institution Federally Chartered

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