Citizens Community Bancorp Inc. (CZWI) 10-Q Quarterly Report August 2021

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $4.7 million or $0.44 per diluted share for the quarter ended June 30, 2021 compared to $5.5 million, or $0.50 per diluted share for the quarter ended March 31, 2021, and $3.1 million, or $0.28 per diluted share for the quarter ended June 30, 2020. Net income as adjusted (non-GAAP)1 was also $4.7 million or $0.44 per diluted share for the second quarter of 2021 as there were no adjustments to any income or expense items during the quarter, compared to net income as adjusted of $5.6 million, or $0.51 per diluted share for the preceding quarter and $2.8 million or $0.25 per diluted share for the second quarter a year ago. For the first six months of 2021, earnings increased 80% to a record $10.2 million, or $0.94 per diluted share compared to earnings of $5.7 million or $0.51 per share, for the first six months of 2020. On July 23, 2021, the Board of Directors approved a new 5% stock repurchase plan as described below.

The Company’s second quarter 2021 operating results reflected the following changes from the first quarter of 2021: (1) modest increase in net interest income resulting from an increase in the investment portfolio size and lower deposit cost; which was largely offset by a decrease in the accretion of deferred fees on the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) and a decrease in accretion due to reductions of purchased credit impaired loans; (2) lower gains on securities sales; and (3) an increase in net mortgage servicing expenses of $0.9 million largely due to the reversal of $0.9 million of previously recorded MSR impairment in the first quarter of 2021.

Book value per share was $15.33 at June 30, 2021, compared to $14.75 at March 31, 2021, and $13.70 at June 30, 2020. Tangible book value per share (non-GAAP)5 was $11.95 at June 30, 2021 compared to $11.39 at March 31, 2021 and $10.31 at June 30, 2020. Book value per share increased $1.63 over the past 12 months, an 11.9% increase from June 30, 2020. Tangible book value per share increased $1.64 over the past 12 months, a 15.9% increase from June 30, 2020. Additionally, the Company increased and paid an annual dividend, which increased 10% to $0.23 per share on February 25, 2021.

“Our effort over the last year and a half to strengthen our culture of caring for customers and colleagues and accountability for our strategic and tactical execution is evidenced in our results. The 16% increase in tangible book value year over year, further asset quality improvements to peer group levels and disciplined expense management are examples of a focused team. We saw a nice rebound this quarter in loan growth (12% annualized) following the seasonally slow first quarter which was supported by low unemployment rates in our markets that are below the

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, July 26, 2021 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1367859/000136785921000132/czwi-20210630.htm

View differences made from one quarter to another to evaluate Citizens Community Bancorp Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Citizens Community Bancorp Inc..

Continue

Assess how Citizens Community Bancorp Inc.'s management team is paid from their Annual Proxy

Citizens Community Bancorp Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

M & A

Other

Filter Subcategory:

All

Dividend

Income

Expense

Product

Earnings

Other

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

Other - Other Highlight
In addition, in the second quarter of 2021, the Bank reduced the allocation of the allowance for loan losses for general economic conditions, which offset increases in the allocation of the allowance for loan losses due to loan growth and specific reserve increases.

Financial - Dividend Highlight
These increases were partially offset by 1) the payment of the annual cash dividend paid in February to common stockholders of $0.23 per share or $2.5 million; and 2) the repurchase of approximately 423 thousand shares of its common stock at a weighted average price of $12.26 per share, which reduced equity by $5.2 million.
Financial - Income Highlight
Net interest income for the three and six months ended June 30, 2021 was negatively impacted by: 1) lower accretion associated with reductions in purchased credit impaired loans; 2) the impact of 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 6 days; and 3) market reactions to decreasing longer-term interest rates on loans, investments and cash and cash equivalent security yields.
Financial - Shares Highlight
Under this program, the Company may repurchase up to 532 thousand shares of its common stock, or 5% of the current outstanding shares, after the existing repurchase program is completed.
Financial - Shares Highlight
The increase in stockholder's equity was due to: 1) the Company's net income of $10.2 million; and 2) an increase in the unrealized gain on available for sale securities of $0.57 million.
Other - Other
The use of different assumptions...Read more
Financial - Expense
Total loans outstanding, net of...Read more
Financial - Income
For the three and six...Read more
Revenue - Product
For the six-month period ended...Read more
Other - Other
In addition to the policies...Read more
Financial - Earnings
These increases were more than...Read more
M & A - Other
TDR loans may involve loans...Read more
Other - Other
The provision for loans losses...Read more
Financial - Expense
Mortgage servicing rights expense, net...Read more
Financial - Expense
Other expenses for the three-...Read more
Financial - Shares
Under the November 2020 stock...Read more
Other - Other
We determine our provision for...Read more
Other - Other
However, any such modifications could...Read more
Financial - Earnings
The decrease in net interest...Read more
Other - Other
In addition, a decline in...Read more
Other - Other
Due to the strong growth...Read more
Other - Other
Due to the strong growth...Read more
Financial - Income
In addition to valuation, the...Read more
Financial - Expense
Compensation expense for the three...Read more
Other - Other
65 Allowance for Loan Losses...Read more
Other - Other
Our primary sources of funds...Read more
Financial - Earnings
There can be no assurance...Read more
Other - Other
This growth was partially offset...Read more
M & A - Other
The Company amortizes acquired intangible...Read more
Other - Other
The decrease in the allowance...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: 0001367859-21-000132
Submitted to the SEC: Thu Aug 05 2021 4:17:50 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/czwi/0001367859-21-000132.htm

Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

SEC Filings

CZWI Valuations

CZWI Annual Reports

CZWI Quarterly Reports

CZWI Corporate News