Citizens Community Bancorp Inc. (CZWI) 10-Q Quarterly Report May 2020

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.6 million, or $0.23 per diluted share, for the quarter ended March 31, 2020, compared to $3.2 million, or $0.28 per diluted share for the previous quarter ended December 31, 2019. In February 2020, the Company’s operations were impacted by the COVID19 pandemic where state and national “Stay-At-Home” orders impacted businesses and their abilities to generate revenue. The Bank has initiated its Business Continuity Plan to protect its employees and communities which, in part, included closing lobbies of branches and directing approximately 40% of its workforce to work remotely. Full banking operations, however, continued with emphasis on bankers conducting customer outreach to understand customer needs and provide support for customer needs. Our mortgage team is busy with robust refinancing activity.

The Company’s first quarter operating results reflected: (1) improved asset quality that fueled accretion on purchase credit impaired loans and gains on the sale of OREO, (2) a continued robust refinancing market, (3) higher loan loss provisions due to COVID 19 impact on slowing the economy, loan growth and the net impact of specific reserves and net charge-offs, (4) slightly higher non-interest expense due to substantially higher impairment of purchase mortgage servicing, and (5) higher tax expenses.

“We are seeing all industries being impacted by the COVID19 pandemic. Restaurants and hotels have seen significant declines in cashflow, while some selected manufactures have seen an uptick in business related to health care products. The agricultural sector has been negatively affected by commodity prices related to corn and dairy, which may be partially offset by agricultural support from the federal government. Additionally, wholesale distributers are experiencing varying impacts,” said Stephen Bianchi, Chairman, President and Chief Executive Officer. “We are closely monitoring borrowers and businesses we serve and are providing debt service relief for those that have been impacted. Specifically, we have provided relief on loan covenants, allowed borrowers to pay interest-only or defer loan payments for a period of time and provided working capital when necessary.”

“As the Paycheck Protection Program (PPP) was initiated in early April through the Small Business Administration, we processed over 1,000 loan applications with $124 million being disbursed to customers. We earned new business in the first two weeks of April by being well organized with marketing, process and fulfillment, and because we worked through the weekend to help businesses in our communities. Early survey results showed 98% of our bankers were knowledgeable about PPP, 94% of applicants were very satisfied with their banker and 99% would refer a friend”, according to Mr. Bianchi.

“I couldn’t be more proud of our colleagues’ caring and commitment to our customers, and to each other during this pandemic. They have adapted well to changes and different ways to conduct business, such as using video conferencing for small and large group meetings as colleagues work remotely”, Bianchi said.

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Tuesday, April 28, 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-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 - Expense Highlight
The remaining provision expenses was primarily due to approximately $500 of growth in specific reserves, the impact of net charge-offs of $122 and the growth in unallocated reserves Management believes that the provision taken for the current year three-month period is adequate in view of the present condition of our loan portfolio and the sufficiency of collateral supporting our non-performing loans.

Financial - Dividend Highlight
In the first quarter of 2020, the Company declared and paid its annual cash dividend to common stockholders which increased by 5% from $0.20 per share in 2019 to $0.21 per share or $2.4 million.
Other - Other Highlight
In addition to the policies included in Note 1, "Nature of Business and Summary of Significant Accounting Policies," to the Consolidated Financial Statements included as an exhibit in our annual report on our 2019 10-K, our critical accounting estimates are as follows: We maintain an allowance for loan losses to absorb probable and inherent losses in our loan portfolio.
Financial - Earnings Highlight
The net interest margin, after subtracting the positive 30 basis point impact of accretion of purchased credit impaired loans and scheduled accretion of 7 basis points, was 3.27%.
Financial - Earnings Highlight
For the quarter ended March 31, 2019, the net interest margin of 3.43%, after subtracting the positive two basis point impact of accretion of purchased credit impaired loans and scheduled accretion of seven basis points was 3.34%.
Other - Other
The use of different assumptions...Read more
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The first quarter ended March...Read more
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The Bank was able to...Read more
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For the quarter ended March...Read more
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Our objective is to grow...Read more
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As noted in the investment...Read more
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We determine our provision for...Read more
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The remaining provision was related...Read more
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At March 31, 2020 and...Read more
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Approximately $12.7 million of December...Read more
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Professional fees for the quarter...Read more
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The Company amortizes acquired intangible...Read more
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During March 2019, the Federal...Read more
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These refinements could also cause...Read more
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We continue to refine our...Read more
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Federal Home Loan Bank (FHLB)...Read more
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MSR assets are amortized in...Read more
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Scheduled accretion on acquired loans,...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Section 302 Ceo Certification

Exhibit 31.2: Section 302 Cfo Certification

Exhibit 32.1: Section 906 Ceo And Cfo Certification

Ticker: CZWI
CIK: 1367859
Form Type: 10-Q Quarterly Report
Accession Number: 0001367859-20-000111
Submitted to the SEC: Mon May 11 2020 8:33:19 AM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institution Federally Chartered

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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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