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Overview of Citizens Community Bancorp, Inc. (CZWI)
Citizens Community Bancorp, Inc. (NASDAQ: CZWI) is a bank holding company headquartered in Altoona, Wisconsin. Through its subsidiary, Citizens Community Federal, the company provides a comprehensive range of community banking services to businesses, agricultural operators, and consumers. Operating across Wisconsin, Minnesota, and Michigan, CZWI serves customers through a network of branch locations strategically located in both urban centers and rural communities. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato areas in Minnesota, and other surrounding regions.
Core Business Operations
At its core, Citizens Community Bancorp focuses on traditional banking services, offering a wide array of deposit products such as demand deposits, savings accounts, money market accounts, and certificates of deposit. On the lending side, the company provides a diverse portfolio of loan products, including:
- Residential mortgages: One-to-four-family residential loans to individuals and families.
- Commercial real estate loans: Financing for property development and investment.
- Commercial and industrial (C&I) loans: Loans tailored to meet the needs of small and medium-sized businesses.
- Agricultural loans: Both real estate and operating loans for farmers and agricultural businesses.
- Consumer loans: Personal loans, including home equity lines of credit.
The company also generates non-interest income through services such as the sale of Small Business Administration (SBA) loans, which contribute to its diversified revenue streams.
Market Position and Competitive Landscape
CZWI operates within the highly competitive regional banking sector. Its primary competitors include other community banks, credit unions, and larger national banks with a presence in its operating regions. The company differentiates itself through its focus on community banking, emphasizing customer retention, personalized service, and deep ties to the local communities it serves. This localized approach allows CZWI to compete effectively against larger institutions by offering tailored financial solutions and fostering long-term customer relationships.
Revenue Streams and Funding Sources
Citizens Community Bancorp’s revenue is primarily derived from interest income on loans and investments. Additional income is generated through non-interest sources, including fees from deposit accounts and gains on the sale of SBA loans. The company’s funding is sourced from customer deposits, the amortization and prepayment of loans, short-term investments, and operational cash flows. By maintaining a balanced mix of funding sources, CZWI ensures liquidity and financial stability.
Focus on Asset Quality and Deposit Growth
Asset quality is a key focus for CZWI, as evidenced by its efforts to manage nonperforming assets and maintain a strong allowance for credit losses. The company has demonstrated a commitment to improving credit quality through strategic loan portfolio management and risk mitigation measures. On the deposit side, CZWI has achieved steady growth by emphasizing customer acquisition and retention, which has reduced reliance on wholesale funding sources.
Strategic Priorities
Citizens Community Bancorp's strategic priorities include optimizing its balance sheet, enhancing operational efficiency, and expanding its market presence. The company’s focus on SBA loan sales and other non-interest income sources highlights its efforts to diversify revenue streams. Additionally, CZWI continues to invest in its branch network and digital banking capabilities to meet evolving customer needs.
Conclusion
Citizens Community Bancorp, Inc. stands out as a regional bank with a strong commitment to community-focused banking. By offering a broad range of financial products and services, the company addresses the diverse needs of its customers while maintaining a focus on asset quality and deposit growth. Its strategic emphasis on personalized service and local market expertise positions it as a reliable financial partner for businesses, agricultural operators, and consumers in its operating regions.
Citizens Community Bancorp (CZWI) reported Q4 2024 earnings of $2.7 million ($0.27 per diluted share), down from $3.3 million ($0.32 per share) in Q3 2024 and $3.7 million ($0.35 per share) in Q4 2023. Key highlights include:
Net interest income increased $0.4 million to $11.7 million, with net interest margin rising 16 basis points to 2.79%. The company recorded a negative provision for credit losses of $0.45 million. Total loans decreased by $55.8 million to $1.369 billion, while deposits decreased by $32.5 million to $1.49 billion.
The Board of Directors increased the annual dividend by 12.5% to $0.36 per share. Book value per share improved to $17.94, and tangible book value per share increased 9.5% year-over-year to $14.69. The company repurchased 94,000 shares at an average price of $14.55 during Q4 2024.
Citizens Community Bancorp reported Q3 2024 earnings of $3.3 million ($0.32 per diluted share), compared to $3.7 million ($0.35 per share) in Q2 2024 and $2.5 million ($0.24 per share) in Q3 2023. Book value per share improved to $17.88, with tangible book value reaching $14.64. Key highlights include: net interest income decreased $0.3 million from Q2, deposits increased $1.1 million despite a $30.1 million decrease in brokered deposits, and nonperforming assets rose to $17.1 million. The company maintained a healthy reserve for credit losses at 1.47% of total loans and repurchased 223,000 shares at an average price of $12.91.
Citizens Community Bancorp, Inc. (CZWI) reported Q2 2024 earnings of $3.7 million, or $0.35 per diluted share. Key highlights include:
1. Net interest income decreased to $11.6 million, with a net interest margin of 2.72%.
2. Negative provision for credit losses of $1.525 million due to improved credit quality and economic outlook.
3. Non-interest income decreased to $1.9 million, mainly due to lower gains on sale of SBA loans.
4. Non-interest expenses decreased to $10.3 million, primarily due to lower SBA recourse reserves.
5. Gross loans decreased by $21.7 million to $1.43 billion.
6. Total deposits decreased by $7.9 million to $1.52 billion.
7. Board approved an additional 5% stock buyback authorization.
8. Book value per share improved to $17.10, and tangible book value per share increased to $13.91.
Citizens Community Bancorp, Inc. reported Q1 2024 earnings of $0.39 per share, with a net interest income increase and higher non-interest income. They saw a decrease in nonperforming assets by 31% and criticized assets by 25%.
Citizens Community Bancorp reported first-quarter earnings of $3.7 million or $0.35 per diluted share for the quarter ending March 31, 2023, down from $4.7 million or $0.45 per diluted share in the previous quarter and the same period last year. Key highlights include a 12% return on tangible shareholders’ equity, though net interest income fell $1.7 million to $12.8 million amid rising deposit costs. The bank achieved improved asset quality with a 25% reduction in criticized loans to $22.1 million and non-performing assets representing 0.63% of total assets. Total assets grew modestly to $1.86 billion, with consumer deposits contributing 55% of the deposit base. The adoption of new accounting standards increased the allowance for credit losses by $4.7 million.
Citizens Community Bancorp (Nasdaq: CZWI) reported fourth-quarter earnings of $4.7 million ($0.45 per diluted share) for Q4 2022, up from $4.0 million ($0.38) in Q3 2022 but down from $6.1 million ($0.58) in Q4 2021. For the fiscal year 2022, net income was $17.8 million ($1.69 per share), compared to $21.3 million ($1.98) in 2021. The company experienced solid loan growth of 2.6% quarter-over-quarter, despite a declining net interest margin at 3.33%. Book value per share increased to $16.03. A 12% dividend increase to $0.29 per share was declared for 2023.
Citizens Community Bancorp (Nasdaq: CZWI) reported earnings of $4.0 million ($0.38/share) for Q3 2022, down from $4.4 million ($0.41/share) in Q2 2022 and $5.0 million ($0.47/share) in Q3 2021. Year-to-date earnings totaled $13.1 million ($1.24/share), compared to $15.2 million ($1.41/share) in the same period last year. Net interest income rose by $0.2 million to $14.5 million, driven by loan growth. However, total non-interest expense increased to $11.3 million. The bank struggled with declining book value due to unrealized losses. Key metrics include a net interest margin of 3.33%.
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