Citizens Community Bancorp Inc. (CZWI) 10-Q Quarterly Report November 2022

the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $4.0 million and earnings per diluted share of $0.38 for the quarter ended September 30, 2022, compared to $4.4 million and $0.41 per diluted share for the quarter ended June 30, 2022, and $5.0 million and $0.47 per diluted share for the quarter ended September 30, 2021, respectively. For the first nine months of 2022, earnings were $13.1 million, or $1.24 per diluted share, compared to earnings of $15.2 million, or $1.41 per diluted share for the first nine months of 2021.

The Company’s third quarter 2022 operating results reflected the following changes from the second quarter of 2022: (1) net interest income increased $0.2 million, more than offsetting: (a) $0.4 million of interest income on nonaccrual loans in the second quarter; (b) a reduction of $0.2 million in accretion of purchased discounts; and (c) higher subordinated debt expense due to write-off of unamortized issuance costs of $0.1 million; (2) higher compensation expense due to incentives of $0.2 million; and (3) higher other expense of $0.3 million due to the write down of a closed branch facility after receipt of a purchase agreement.

“We generated net loan growth of 2.2% compared to the linked quarter. Our pipeline plus advances on unfunded commitments suggests growth during the fourth quarter as our markets remain strong. Steady core net interest margin expansion was also integral to earnings performance in the quarter. While visibility into 2023 is limited, we do expect aggressive action by the Federal Reserve to slow loan demand across all loan segments in the coming year. To offset expected inflation in existing vendor contracts and colleague compensation expense, our team has taken steps to improve efficiency by closing one branch during the quarter with two more announced branch closures occurring in the fourth quarter, among other steps,” said Stephen Bianchi, Chairman, President and Chief Executive Officer.

Book value per share was $15.59 at September 30, 2022, compared to $15.64 at June 30, 2022, and $15.77 at September 30, 2021. Tangible book value per share (non-GAAP)1 was $12.32 at September 30, 2022, compared to $12.36 at June 30, 2022, and $12.37 at September 30, 2021. The increase in unrealized losses in the securities available for sale portfolio lowered both book and tangible book value in the second and third quarters, with the amount of the unrealized loss moderating in the third quarter of 2022. Net income and intangible amortization partially offset this unrealized loss impact on book value.

The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, October 24, 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-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
Amortization expense decreased in the nine months ended September 30, 2022, compared to the nine months ended September 30, 2021, by $691 thousand.

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 - Expense Highlight
67 The increase in other expenses during the three and nine months ended September 30, 2022, from the comparable prior year periods is largely due to branch closure costs.
Financial - Expense Highlight
This was partially offset by a 39-basis point decrease in SBA PPP deferred loan fee accretion and the impact of additional interest expense due to subordinated debt issued in March 2022.
Revenue - Product Highlight
Net gains on repossessed assets decreased for the nine month period ended September 30, 2022, compared to the same period in 2021 due to fewer and lower value repossessed property sales resulting in lower corresponding gains on sale.
Financial - Income
Loan servicing income decreased with...Read more
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In addition to the policies...Read more
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The lower tax expense is...Read more
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While amortization expense decreased in...Read more
Revenue - Product
For the three and nine...Read more
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We determine our provision for...Read more
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However, any such modifications could...Read more
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Our primary sources of funds...Read more
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However, payments on, and improved...Read more
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In addition, a decline in...Read more
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Allowance for Loan Losses to...Read more
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The decrease in certificate volumes...Read more
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There were no borrowings outstanding...Read more
Financial - Earnings
There can be no assurance...Read more
Financial - Earnings
The net interest margin increase...Read more
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The lower effective tax rate...Read more
M & A - Other
The Company amortizes acquired intangible...Read more
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These refinements could also cause...Read more
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Investment securities volume increases for...Read more
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Performance year to date and...Read more
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Performance year to date and...Read more
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Continued improving economic conditions in...Read more
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Net interest income for the...Read more
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Based on an estimate computed...Read more
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At September 30, 2022, the...Read more
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However, based on periodic examinations...Read more
Revenue - Product
The FDIC insurance premium decreased...Read more
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To management's knowledge, there are...Read more
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As of September 30, 2022,...Read more
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In reviewing our adequacy of...Read more
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These statements may be identified...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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The following is a summary...Read more
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We account for goodwill and...Read more
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We maintain access to additional...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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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: 0001367859-22-000149
Submitted to the SEC: Mon Nov 07 2022 4:02:33 PM EST
Accepted by the SEC: Mon Nov 07 2022
Period: Friday, September 30, 2022
Industry: Savings Institution Federally Chartered

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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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