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

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI

EXHIBIT 99.1
bancorp_logoa34.jpg
Citizens Community Bancorp, Inc. Earnings Increase 44% to $0.47 Per Share in 3Q21 from 3Q20;
2021 Record Nine Month Earnings of $15.2 million;
Quarterly Loan Growth of $109 Million Excluding PPP Loan Paydowns


EAU CLAIRE, WI, October 25, 2021 - 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 $5.0 million and earnings per diluted share of $0.47 for the quarter ended September 30, 2021, compared to $4.7 million and $0.44 per diluted share for the quarter ended June 30, 2021, and $3.5 million and $0.31 per diluted share for the quarter ended September 30, 2020, respectively. Net income as adjusted (non-GAAP)1 was $5.0 million and $0.47 per diluted share for the third quarter of 2021, compared to net income as adjusted of $4.7 million and $0.44 per diluted share for the preceding quarter, and $3.3 million and $0.30 per diluted share for the third quarter a year ago. For the first nine months of 2021, earnings increased 66% to a record $15.2 million, or $1.41 per diluted share compared to earnings of $9.2 million or $0.82 per diluted share, for the first nine months of 2020.

The Company’s third quarter 2021 operating results reflected the following changes from the second quarter of 2021: (1) increase in loan interest income due to an increase of $0.6 million in the accretion of deferred fees on the Small Business Administration’s Paycheck Protection Program (“SBA PPP”); (2) modest increase in net interest income resulting from an increase in the investment portfolio size and lower deposit cost; (3) decreases in gain on sale of loans of $0.5 million due to lower loan origination and sales activity; (4) an increase in compensation expense of $0.3 million largely due to higher incentive compensation based on performance, including loan growth; and (5) the reversal of MSR impairment of $0.4 million.

Book value per share was $15.77 at September 30, 2021, compared to $15.33 at June 30, 2021, and $14.10 at September 30, 2020. Tangible book value per share (non-GAAP)5 was $12.37 at September 30, 2021, compared to $11.95 at June 30, 2021 and $10.75 at September 30, 2020. Book value per share increased $1.67 over the past 12 months, an 11.8% increase from September 30, 2020. Tangible book value per share increased $1.62 over the past 12 months, a 15.1% increase from September 30, 2020. These increases were net of the Company’s payment of the annual shareholder dividend in the first quarter of 2021 of $0.23 per share.

“We were pleased with our continued focus on building market share, the significant progress with PPP loan forgiveness for our clients and further improvements in support areas. Our execution has produced strong results, including the 15% increase in tangible book value year over year, 9% year-to-date loan growth rate, and disciplined operational and expense management. Stronger employment dynamics in our markets than national averages and the seasonal strength of summer also contributed to exceptionally strong loan growth in all commercial loan types this quarter. SBA PPP loans decreased by $44 million to $31 million or 16% of the total in SBA PPP loans originated. Our current loan pipeline is understandably softer following the strong quarterly performance and the seasonal slowdown we see in the fall and winter, ” said Stephen Bianchi, Chairman, President and Chief Executive Officer.

1




The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, October 25, 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.

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

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

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Capital Matters
Capital Matters (Tables)
Capital Matters - Schedule Of Bank???S Tier 1 (Leverage) And Risk-Based Capital Ratios (Details)
Deposits
Deposits (Tables)
Deposits - Deposits By Type (Details)
Deposits - Maturities Of Time Deposits (Details)
Deposits - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Reconciliation Of Basic And Diluted Earnings Per Share (Details)
Fair Value Accounting
Fair Value Accounting (Tables)
Fair Value Accounting - Assets Measured On A Nonrecurring Basis (Details)
Fair Value Accounting - Assets Measured On A Recurring Basis (Details)
Fair Value Accounting - Carrying Amount And Estimated Fair Value (Details)
Fair Value Accounting - Level 3 Fair Value Inputs (Details)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings (Tables)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings - Narrative (Details)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings - Schedule Of Federal Home Loan Bank Advances (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Available-For-Sale Securities (Details)
Investment Securities - Held-To-Maturity Securities (Details)
Investment Securities - Investment Category Of Available-For-Sale Securities (Details)
Investment Securities - Investment Category Of Held-To-Maturity Securities (Details)
Investment Securities - Maturity Of Available-For-Sale Securities (Details)
Investment Securities - Maturity Of Held-To-Maturity Securities (Details)
Investment Securities - Narrative (Details)
Leases
Leases (Tables)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Leases (Details)
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 - Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Acquired Loans Outstanding Balance And The Carrying Amount (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Aging Analysis (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Changes In The All By Loan Type (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Impaired Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans By Loan Segment (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans Receivable By Loan Type (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Narrative (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Non-Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Originated And Acquired Loans By Type And Risk (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Sba Ppp Loans By Round (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Tdr Loan Modifications (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Tdr Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructurings (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Narrative (Details)
Mortgage Servicing Rights - Servicing Asset At Amortized Cost (Details)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Nature Of Business And Summary Of Significant Accounting Policies - Narrative (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
Other Comprehensive Income (Loss) - Changes In The Accumulated Balances (Details)
Other Comprehensive Income (Loss) - Components Of Other Comprehensive Income (Loss) (Details)
Other Comprehensive Income (Loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan Information (Details)
Stock-Based Compensation - Common Stock Options Awards (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Award (Details)

Material Contracts, Statements, Certifications & more

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

Ticker: CZWI
CIK: 1367859
Form Type: 10-Q Quarterly Report
Accession Number: 0001367859-21-000163
Submitted to the SEC: Mon Nov 08 2021 4:03:49 PM EST
Accepted by the SEC: Mon Nov 08 2021
Period: Thursday, September 30, 2021
Industry: Savings Institution Federally Chartered

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