Citizens Community Bancorp Inc. (CZWI) 10-K Annual Report March 2022

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $6.1 million and earnings per diluted share of $0.58 for the quarter ended December 31, 2021, compared to $5.0 million and $0.47 per diluted share for the quarter ended September 30, 2021, and $3.6 million and $0.32 per diluted share for the quarter ended December 31, 2020, respectively. Net income as adjusted (non-GAAP)1 was $6.1 million and $0.58 per diluted share for the fourth quarter of 2021, compared to net income as adjusted of $5.0 million and $0.47 per diluted share for the preceding quarter, and $3.7 million and $0.33 per diluted share for the fourth quarter one year ago. For the fiscal year ended December 31, 2021, earnings increased 67% to a record $21.3 million, or $1.98 per diluted share compared to earnings of $12.7 million or $1.14 per diluted share, for the fiscal year ended December 31, 2020.

The Company’s fourth quarter 2021 operating results reflected the following changes from the third quarter of 2021: (1) increase in loan interest income due to loan growth and the resulting increase in the loan portfolio, partially offset by lower net accretion of SBA PPP fees and purchase accretion; (2) lower deposit costs; (3) an increase in net gains on the sale of investment securities; and (4) a slight increase in compensation expense of $0.3 million largely due to higher incentive compensation based on performance, including loan growth.

Book value per share was $16.27 at December 31, 2021, compared to $15.77 at September 30, 2021, and $14.52 at December 31, 2020. Tangible book value per share (non-GAAP)5 was $12.90 at December 31, 2021, compared to $12.37 at September 30, 2021, and $11.18 at December 31, 2020. Book value per share increased $1.75 over the past 12 months, a 12.1% increase from December 31, 2020. Tangible book value per share increased $1.72 over the past 12 months, a 15.4% increase from December 31, 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 experienced a second consecutive quarter of exceptional loan growth in a period that typically shows decelerating business demand. However, our key markets are very strong with unemployment below 2%, which drove commercial real estate, multi-family and commercial development lending opportunities and growth. Our Ag based rural communities are also very healthy. SBA PPP loan forgiveness exceeded 95% of originations at year end. The reduction in cash balances at the Fed boosted our net interest margin and continued stability in asset quality was achieved. Expenses were well managed with compensation increasing due to higher loan production and net income incentives. As the year ended, loan pipelines had softened and some payoff activity expected in Q4 slipped into 2022,” said Stephen Bianchi, Chairman, President and Chief Executive Officer.

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, January 31, 2022 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-K Annual 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-K Annual Report:

Financial - Expense Highlight
Other non-interest expense decreased in 2021 due to lower origination and branch closure costs in 2020 of $165 thousand.

Other - Other Highlight
Certain external factors may result in higher future losses but are not readily determinable at this time, including, but not limited to: unemployment rates, increased taxes and continuing increased regulatory expectations with respect to ALL levels.
Financial - Expense Highlight
Interest expense on liabilities decreased $3.9 million in 2021 due to the lower interest rate environment and actions taken by the Bank to reduce interest rates paid.
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.
Other - Other Highlight
However, due to strategic pricing decisions regarding rate matching and branch closures, our retention rate decreased in 2021 and may remain at lower than historical levels in 2022 based on management's current pricing strategy, which reflects the Bank's current strong on-balance sheet liquidity ratio.
Other - Other
Strong originated loan growth and...Read more
Financial - Income
Loan servicing income decreased largely...Read more
Other - Other
Accretion on purchased credit impaired...Read more
Revenue - Product
The net gain on sale...Read more
Financial - Earnings
The decrease in the net...Read more
Other - Other
See Note 1, "Nature of...Read more
Revenue - Product
In 2021's higher interest rate...Read more
Other - Other
This was largely due to...Read more
Other - Other
In addition, a decline in...Read more
Other - Other
As such, no gain or...Read more
Other - Other
We determine our provision for...Read more
M & A - Other
The intangible assets are comprised...Read more
Revenue - Product
The sale of these 100%...Read more
Other - Other
In 2020, the provision allocated...Read more
Other - Other
We believe our credit and...Read more
Financial - Expense
The increase in deposits, largely...Read more
Other - Other
Allowance for Loan Losses to...Read more
Other - Other
We also maintain lines of...Read more
Financial - Earnings
There can be no assurance...Read more
Financial - Income
Income tax expense recorded in...Read more
M & A - Other
The Company amortizes acquired intangible...Read more
Other - Other
These refinements could also cause...Read more
Other - Other
Federal Home Loan Bank (FHLB)...Read more
Revenue - Geography
Based on an estimate computed...Read more
Other - Other
For the year ended December...Read more
Other - Other
(3) The weighted-average interest rates...Read more
Other - Other
We have intangible assets of...Read more
Other - Other
The remaining provision in 2020...Read more
Other - Other
However, based on periodic examinations...Read more
Other - Other
The cash received represents a...Read more
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In reviewing the adequacy of...Read more
Revenue - Product
These 2021 sales resulted in...Read more
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The decrease in allowance dollars...Read more
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(2) Maximum month-end borrowed amounts...Read more
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We continue to refine our...Read more
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Intangible Assets....Read more
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Goodwill and Other Intangible Assets....Read more
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We account for goodwill and...Read more
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We maintain an allowance for...Read more
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We maintain access to additional...Read more
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The fair market value of...Read more
Financial - Income
Interchange income increased due to...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 - Income
In 2021, net interest income...Read more
Financial - Expense
Compensation expense increased in 2021...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.5: Material Contract

Exhibit 10.11: Material Contract

Exhibit 10.12: Material Contract

Exhibit 10.19: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001367859-22-000069
Submitted to the SEC: Wed Mar 02 2022 4:05:26 PM EST
Accepted by the SEC: Wed Mar 02 2022
Period: Friday, December 31, 2021
Industry: Savings Institution Federally Chartered

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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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