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

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.5 million, or $0.31 per share for the quarter ended September 30, 2020, compared to $3.1 million, or $0.28 per diluted share for the quarter ended June 30, 2020. Net income as adjusted (non-GAAP)¹ of $3.3 million, or $0.30 per share was reported for the quarter ended September 30, 2020, compared to $2.8 million, or $0.25 per share for the quarter ended June 30, 2020.

The Company’s third quarter operating results reflected: (1) modestly lower net interest income largely due to loan portfolio reductions, (2) lower loan loss provisions, while increasing COVID-19-related qualitative provision, (3) a continued robust refinancing market which led to all-time high gains on sale of mortgage loans and (4) lower non-interest expenses due to reduced compensation expense and decreased impairment of mortgage servicing right assets.

Book value per share was $14.10 at September 30, 2020 compared to $13.70 at June 30, 2020 and $13.13 at September 30, 2019. Book value per share increased $0.74, or a 7% annualized increase, from December 31, 2019. Tangible book value per share (non-GAAP)⁵was $10.75 at September 30, 2020 compared to $10.31 at June 30, 2020 and $9.60 at September 30, 2019.

The increase in book value and tangible book value (non-GAAP)⁵in the third quarter reflects net income of $3.5 million and a quarterly increase in accumulated other comprehensive income unrealized gain of $0.9 million. Additionally, the increase in tangible book value (non-GAAP)⁵in the third quarter reflects the reduction of core deposit intangibles of $0.4 million.

“We were pleased with the continued execution of our strategic priorities. This year we have increased tangible book value $0.86 per share, or a 12% annualized increase. Asset quality continued to improve with a quarterly decrease of 14% and year-to-date decrease of 31% in non-performing assets, an $18 million reduction, or 28%, in criticized assets from March 31 levels and $37 thousand of net charge-offs in the quarter. We completed an extensive review of our business during the COVID-19 pandemic to build more efficient workflows and staffing models, to better manage operating expenses, announced branch closings effective in the fourth quarter and strengthened our culture centered on caring for our customers and colleagues,” said Stephen Bianchi, Chairman, President and Chief Executive Officer.

“As expected, COVID-19 deferrals remain concentrated in the hospitality segment where occupancy rates have been tracking with national averages. We are working with our clients as the pandemic persists by requiring additional support from the borrower in exchange for further deferral periods. Restaurants, especially quick service, have rebounded and many have resumed full payment status. All other segments have or are scheduled to return to regular payment status. Nevertheless, we have increased loan loss reserves adding $3.5 million in COVID-19 qualitative reserves over the last three quarters,” continued Bianchi.

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Tuesday, October 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-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
For the nine months ended September 30, 2020 compared to the comparable prior year periods, professional service expenses were lower primarily due to lower audit costs and third quarter 2019 acquisition costs.

Financial - Expense Highlight
Professional services expenses were lower during the three months ended September 30, 2020 compared to the prior period due to merger costs in third quarter 2019.
Financial - Earnings Highlight
The decrease in net interest margin was largely due to: (1) the impact of the Federal Reserve actions to offset the impact of the pandemic in March 2020, during which it lowered overnight interest rates by 125 basis points in 12 days and (2) market reactions to decreasing longer-term interest rates on loans, investments and cash and cash equivalents security yields; partially offset by lower deposit rates due to management action to reduce interest rates.
Other - Other Highlight
The use of different assumptions could produce significantly different results, which could have material positive or negative effects on the Company's results of operations, financial condition or disclosures of fair value information.
Financial - Dividend Highlight
This increase was offset by the annual cash dividend paid to common stockholders of $2.4 million during the first quarter of 2020.
Financial - Earnings
The modest increase in net...Read more
Other - Other
In addition to the policies...Read more
Financial - Expense
Compensation expense, for the nine-month...Read more
Revenue - Product
The sale resulted in a...Read more
Other - Other
Cash and cash equivalents increased...Read more
Other - Other
We determine our provision for...Read more
Other - Other
However, any such modifications could...Read more
Financial - Expense
Compensation expense for three months...Read more
Other - Other
In addition, a decline in...Read more
Other - Other
Due to the strong growth...Read more
Financial - Income
In addition to valuation, the...Read more
Other - Other
Allowance for Loan Losses to...Read more
Other - Other
Our primary sources of funds...Read more
Financial - Earnings
There can be no assurance...Read more
M & A - Other
The Company amortizes acquired intangible...Read more
Other - Other
These refinements could also cause...Read more
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Due to the strong growth...Read more
Revenue - Geography
Based on an estimate computed...Read more
Revenue - Product
The change in loan fees...Read more
Other - Other
At September 30, 2020, the...Read more
Other - Other
Higher non-accretable difference accretion of...Read more
Revenue - Product
For the three months ended...Read more
Other - Other
However, based on periodic examinations...Read more
Financial - Expense
Data processing expense increases were...Read more
Financial - Shares
Total stockholders' equity increased to...Read more
Other - Other
At September 30, 2020, the...Read more
Other - Other
In reviewing our adequacy of...Read more
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These statements may be identified...Read more
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We continue to refine our...Read more
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67 The following is a...Read more
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We account for goodwill and...Read more
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We maintain an allowance for...Read more
Revenue - Product
Gain on sale of loans...Read more
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MSR assets are amortized in...Read more
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Examples include but are not...Read more
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The additional segmentation of the...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 10.1: Material Contract

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: 0001367859-20-000195
Submitted to the SEC: Fri Nov 06 2020 4:08:39 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 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 Wednesday, September 30, 2020

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