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

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.1 million, or $0.28 per diluted share for the quarter ended June 30, 2020, compared to $2.6 million, or $0.23 per diluted share for the previous quarter ended March 31, 2020. Tangible book value per share (non-GAAP)⁵ was $10.31 at June 30, 2020 compared to $9.80 at March 31, 2020. This increase in tangible book value reflects the second quarter net income of $3.1 million, quarterly increase in accumulated other comprehensive income of $1.6 million and a reduction of intangibles of $0.9 million, including a reduction of $0.5 million from the sale of the Wells Insurance Agency. For the six months ended June 30, 2020, earnings totaled $5.7 million, or $0.51 per share compared to earnings of $5.1 million, or $0.46 per share for the six months ended June 30, 2019.

The Company’s second quarter operating results reflected: (1) improved asset quality, (2) interest income benefiting from fee accretion on SBA Payment Protection Program (“PPP”) originations and accretion from purchase credit impaired (“PCI”) loans, (3) a continued robust refinancing market which lead to all-time high gains on sale of mortgage loans, (4) higher loan loss provisions, primarily due to increasing our COVID-19-related qualitative allowance factor, (5) lower net interest margin related to the addition of low yielding SBA PPP loans and further reductions in short term interest rates, and (6) higher non-interest expenses due to increased impairment of mortgage servicing right assets and variable compensation on all-time high mortgage loan production.

“We were pleased with asset quality improvements evidenced by reductions in special mention and substandard loans and the accretion of interest on PCI loans. Deferments tapered off as the quarter progressed and ended the quarter at 15% of total loans. We found through our client outreach, focused on high risk segments and larger borrowers covering approximately $700 million in loans, that businesses remained optimistic but that more visibility on the reopening of the economy in their markets is needed for them to better assess future prospects.” said Stephen Bianchi, Chairman, President and Chief Executive Officer. “The development of our mortgage banking platform over the last three years and the team’s commitment to long hours allowed us to take advantage of heavy refinance activity and accelerating purchase market to recognize all-time high gains on sale and loan servicing income. During the COVID-19 shutdown, we evaluated our business and began the implementation of a restructuring plan which began with the sale of Wells Insurance Agency,” continued Bianchi.

June 30, 2020 Highlights: (as of or for the 3-month period ended June 30, 2020, compared to March 31, 2020)


•	Non-performing assets declined to $17.4 million or 1.08% of total assets at June 30, 2020 from $19.2 million or 1.28% of total assets at March 31, 2020. With the payoff of certain purchased credit impaired loans in the second quarter of 2020, the Company realized loan accretion of approximately $0.3 million, which is reflected in interest income, and positively impacts net interest margin.

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Thursday, July 30, 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
Professional services expenses were lower during the three and six months ended June 30, 2020 compared to the comparable prior year periods, primarily due to lower audit costs.

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 8 basis point impact of accretion due to the payoff of purchased credit impaired loans and scheduled accretion of 7 basis points, was 3.19%.
Financial - Earnings Highlight
For the quarter ended June 30, 2019, the net interest margin of 3.30%, after subtracting the positive two basis point impact of accretion of purchased credit impaired loans and scheduled accretion of seven basis points was 3.21%.
Financial - Earnings Highlight
For the six months ended June 30, 2019, the net interest margin of 3.36%, after subtracting the positive one basis point impact of accretion of purchased credit impaired loans and scheduled accretion of seven basis points was 3.28%.
Financial - Earnings
The net interest margin for...Read more
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The increase in net interest...Read more
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The increase in net interest...Read more
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The following is a summary...Read more
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Compensation expense, for both the...Read more
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However, any such modifications could...Read more
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Approximately $12.7 million of December...Read more
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In continued anticipation of COVID-19...Read more
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The Company sold the Wells...Read more
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The Company amortizes acquired intangible...Read more
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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: 0001367859-20-000145
Submitted to the SEC: Thu Aug 06 2020 4:05:31 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 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, June 30, 2020

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