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

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.

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

Financial - Income Highlight
Net interest income for the three and nine months ended September 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 - Expense Highlight
Data processing expense increases from the prior year quarter and year-to- date periods were due primarily to the impact of larger loan and deposit balances, and the impact of additional costs for new products offered to our customers.
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 - Income Highlight
For the three and nine months ended September 30, 2021, net interest income benefited from: 1) the accretion of $1.9 million and $4.9 million, respectively, of deferred fees related to the SBA Paycheck Protection Program ("SBA PPP") loans, compared to $0.6 and $1.1 million for the three and nine months ended September 30, 2020, respectively; 2) lower liability costs; and 3) organic loan growth from September 30, 2020.
Financial - Expense Highlight
Advertising, marketing and public relations expense decreased in both the three- and nine-month periods ended September 30, 2021, from the same periods in 2020 largely due to the pandemic related charitable contributions made in the second and third quarters of 2020 to local non-profit organizations.
Financial - Earnings
These increases were partially offset...Read more
Other - Other
In addition to the policies...Read more
Financial - Expense
Compensation expense for the nine-month...Read more
Other - Other
The Bank's origination of SBA...Read more
Other - Other
In the quarter ended June...Read more
Other - Other
The provision for loans losses...Read more
Other - Other
These positive impacts were offset...Read more
Other - Other
Nonperforming assets increased to $12.1...Read more
Financial - Expense
Mortgage servicing rights expense, net,...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
Financial - Expense
Other expenses for the three-...Read more
Revenue - Product
Investment securities volume increases are...Read more
Financial - Expense
Compensation expense for the three-month...Read more
Other - Other
Allowance for Loan Losses to...Read more
Financial - Debt
The Bank sold $7.2 million...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
Other - Other
Due to the program expiration...Read more
Other - Other
Due to the program expiration...Read more
M & A - Other
The Company amortizes acquired intangible...Read more
Other - Other
The decrease in the allowance...Read more
Other - Other
These refinements could also cause...Read more
Revenue - Geography
Based on an estimate computed...Read more
Financial - Income
Non-interest income for the nine-months...Read more
Other - Other
At September 30, 2021, the...Read more
Revenue - Product
The increase in the available...Read more
Financial - Shares
The increase in stockholder's equity...Read more
Other - Other
However, based on periodic examinations...Read more
Other - Other
To management's knowledge, there are...Read more
Other - Other
In reviewing our adequacy of...Read more
Other - Other
These statements may be identified...Read more
Other - Other
(2) Maximum month-end borrowed amounts...Read more
Other - Other
We continue to refine our...Read more
Other - Other
The following is a summary...Read more
Financial - Shares
The net gains on investment...Read more
Other - Other
We account for goodwill and...Read more
Other - Other
We maintain an allowance for...Read more
Financial - Income
Loan servicing income decreased with...Read more
Financial - Income
The decrease in insurance commission...Read more
Other - Other
This growth is due to...Read more
Other - Other
We maintain access to additional...Read more
Revenue - Product
For the nine-month period ended...Read more
Other - Other
As of December 31, 2020,...Read more
Financial - Income
MSR assets are amortized in...Read more
Other - Other
Examples include but are not...Read more
Other - Other
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: 0001367859-21-000163
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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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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