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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI


 
 EXHIBIT 99.1
bancorp_logoa25.jpg
Citizens Community Bancorp, Inc. Earns $3.2 Million, or $0.28 Per Share, in 4Q19;
Fourth Quarter Highlighted by Net Loan Growth of $53 Million;
Net Income Increased 125% to $9.5 Million in 2019
Declared a $0.21 dividend per share
EAU CLAIRE, WI, January 27, 2020 - 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 $3.2 million, or $0.28 per diluted share, for the quarter ended December 31, 2019, compared to $1.2 million, or $0.11 per diluted share, for the previous quarter ended September 30, 2019. In the December 2019 quarter, the Company benefited from (1) significantly lower operating expense, (2) slightly higher net interest income prior to loan loss provisions, (3) slightly higher non-interest income, and (4) lower tax expenses. These items were partially offset by higher loan loss provisions largely associated with strong loan growth.
For the year ended December 31, 2019, net income increased 125% to $9.5 million, or $0.85 per share compared to $4.2 million, or $0.49 per share for the twelve months ended December 31, 2018.
Net income as adjusted (non-GAAP)1 was $3.0 million or $0.26 per diluted share for the quarter ended December 31, 2019 compared to net income as adjusted (non-GAAP) of $3.4 million or $0.30 per diluted share for the quarter ended September 30, 2019. The current quarter adjusted results were impacted by $104,000 of acquisition-related expenses and the tax impact of certain acquired BOLI policies, due to recent tax rule changes, of $300,000.
The following table reports key financial metric ratios based on a net income and net income as adjusted basis:
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31, 2019
 
September 30, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
Ratios based on net income:
 
 
 
Return on average assets (annualized)
 
0.84
%
 
0.34
%
 
0.47
%
 
0.68
%
 
0.46
%
Return on average equity (annualized)
 
8.41
%
 
3.35
%
 
3.66
%
 
6.59
%
 
3.92
%
Efficiency ratio (non-GAAP)
 
67
%
 
85
%
 
78
%
 
73
%
 
80
%
Net interest margin
 
3.41
%
 
3.34
%
 
3.56
%
 
3.37
%
 
3.46
%
Ratios based on net income as adjusted (non-GAAP):
 
 
 
 
 
 
 
 
 
 
Return on average assets as adjusted2 (annualized)
 
0.79
%
 
0.93
%
 
0.82
%
 
0.76
%
 
0.58
%
Return on average equity as adjusted3 (annualized)
 
7.85
%
 
9.22
%
 
6.38
%
 
7.44
%
 
4.92
%
Efficiency ratio4 (non-GAAP)
 
66
%
 
66
%
 
68
%
 
68
%
 
76
%

“We experienced strong annualized loan growth of 16% in the quarter. We saw continued economic strength and low unemployment in the Eau Claire, Mankato and Twin Cities markets and maintained continuity in our

1





The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, January 27, 2020 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.

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Inside Citizens Community Bancorp Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Other Comprehensive Income
Acquisition
Acquisition (Tables)
Acquisition - Additional Information (Details)
Acquisition - Assets Acquired And Liabilities Assumed (Details)
Acquisition - Pro Forma Information (Details)
Capital Matters
Capital Matters (Tables)
Capital Matters - Dividends (Details)
Capital Matters - Tier 1 And Risk-Based Capital Ratios (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Off-Blance Sheet Credit Instruments (Details)
Condensed Financial Information - Parent Company Only
Condensed Financial Information - Parent Company Only (Tables)
Condensed Financial Information - Parent Company Only - Balance Sheet (Details)
Condensed Financial Information - Parent Company Only - Cash Flows (Details)
Condensed Financial Information - Parent Company Only - Statement Of Operations (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Deposits By Type (Details)
Deposits - Schedule Of Maturities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Accounting
Fair Value Accounting (Tables)
Fair Value Accounting - (Available-For-Sale Securities) (Details)
Fair Value Accounting - Assets Measured On A Nonrecurring Basis (Details)
Fair Value Accounting - Fair Values Of Financial Instruments (Details)
Fair Value Accounting - Level 3 Inputs (Details)
Federal Home Loan Bank Advances And Other Borrowings
Federal Home Loan Bank Advances And Other Borrowings (Tables)
Federal Home Loan Bank Advances And Other Borrowings - Additional Information (Details)
Federal Home Loan Bank Advances And Other Borrowings - Summary Of Federal Home Loan Bank Advances And Other Borrowings (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Amortization Expense (Details)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Net Deferred Tax Assets (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Available For Sale Securities (Details)
Investment Securities - Held To Maturity Securities (Details)
Investment Securities - Maturities (Details)
Investment Securities - Unrealized Loss, Afs (Details)
Investment Securities - Unrealized Loss, Held To Maturity (Details)
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 (Tables)
Loans, Allowance For Loan Losses And Impaired Loans - Additional Information (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Impaired Financing Receivables (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Past Due Financing Receivables (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Accounts, Notes, Loans And Financing Receivable (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Acquired Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Allowance For Loans By Loan Portfolio (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Financing Receivables (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Financing Receivables To Related Party (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Loans By Loan Class Modified In A Troubled Debt Restructuring (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Loans By Risk (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 - Schedule Of Restructured Loans In Default (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructuring, Loans By Accrual Status (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructurings On Financing Receivables (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Additional Information (Details)
Mortgage Servicing Rights - Amortization Expense (Details)
Mortgage Servicing Rights - Rollforward Of Rights (Details)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Office Properties And Equipment
Office Properties And Equipment (Tables)
Office Properties And Equipment - Additional Information (Details)
Office Properties And Equipment - Office Properties And Equipment (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
Other Comprehensive Income (Loss) - Changes In The Accumulated Balances (Details)
Other Comprehensive Income (Loss) - Component Of Other Comprehensive Income (Details)
Other Comprehensive Income (Loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Retirement Plans
Retirement Plans (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan, Assumptions (Details)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan, Information (Details)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Common Stock Awards (Details)
Stock-Based Compensation - Restricted Common Stock Awards (Details)
Ticker: CZWI
CIK: 1367859
Form Type: 10-K Annual Report
Accession Number: 0001367859-20-000058
Submitted to the SEC: Tue Mar 10 2020 10:54:25 AM EST
Accepted by the SEC: Tue Mar 10 2020
Period: Tuesday, December 31, 2019
Industry: Savings Institution Federally Chartered

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