Citizens Community Bancorp, Inc. Reports Earnings Of $0.41 Per Share in 2Q22; Net Interest Margin Expands to 3.46%; Originated Loans Up 6.0% From Prior Quarter
Citizens Community Bancorp (Nasdaq: CZWI) reported Q2 2022 earnings of $4.4 million or $0.41 per diluted share, down from $4.7 million or $0.45 in Q1 2022. Year-to-date earnings were $9.1 million ($0.86 per share), a decrease from $10.2 million ($0.94) in the same period last year. Net interest income rose $1.1 million from Q1 to $14.3 million. Loan growth was strong at 18% annualized, but demand has softened due to economic pressures. The efficiency ratio improved to 60%.
- Net interest income increased by $1.1 million to $14.3 million.
- Strong annualized loan growth of 18% linked quarter.
- Efficiency ratio improved to 60%.
- Quarterly earnings decreased from $4.7 million to $4.4 million.
- Year-to-date earnings declined from $10.2 million to $9.1 million.
- Provision for loan losses increased by $0.4 million due to loan growth.
EAU CLAIRE, Wisc., July 25, 2022 (GLOBE NEWSWIRE) -- 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
The Company’s second quarter 2022 operating results reflected the following changes from the first quarter of 2022: (1) net interest income increased
“We experienced strong annualized loan growth of
Book value per share was
June 30, 2022 Highlights: (as of or for the 3-month period ended June 30, 2022 compared to March 31, 2022 and June 30, 2021.)
- Quarterly earnings of
$4.4 million , or$0.41 per diluted share for the quarter ended June 30, 2022, decreased from the quarter ended March 31, 2022, earnings of$4.7 million or$0.45 per diluted share, and decreased from the quarter ended June 30, 2021, earnings of$4.7 million or$0.44 per diluted share. - Earnings for the six months ended June 30, 2022 were
$9.1 million , or$0.86 per share, which is a decrease from$10.2 million , or$0.94 per share, for the same period in the prior year. The Company grew net interest income despite lower SBA PPP net loan fee accretion. The decrease in earnings is largely due to lower gain on sale of loans and second quarter 2022 provision for loan losses. - Net interest income increased
$1.1 million from the first quarter of 2022 and$1.4 million from the second quarter of 2021 to$14.3 million for the six months ended June 30, 2022. - The net interest margin without SBA PPP net loan fee accretion and loan purchase accretion has increased each quarter over the past five quarters. For the quarter ended June 30, 2022, the net interest margin without SBA PPP net loan fee accretion and loan purchase accretion was
3.29% compared to2.81% for the year earlier quarter and3.11% versus the linked quarter. The net interest margin benefited from: 1) the positive impact of nonaccrual loan payoffs and purchased loan credit impairment accretion; 2) increases in loan and investment yields due to both contractual repricing and higher coupons on new loans in excess of portfolio yield; and 3) lower deposit costs. These benefits were partially offset by lower SBA PPP net loan fee accretion and the full quarter impact of subordinated debt issued in early March 2022. - Interest expense on subordinated debt increased approximately
$0.3 million in the second quarter from first quarter levels as the first full quarter of interest expense was realized. In the upcoming third quarter of 2022, the write-off of unamortized issuance costs, net of lower interest expense due to the call of the subordinated debt in August, will increase interest expense by approximately$50 thousand . Subordinated debt interest expense will decrease by approximately$250 thousand in the fourth quarter from second quarter levels as the existing subordinated debt is called and repaid in August. - The provision for loan losses for the quarter ended June 30, 2022 was
$0.4 million due to loan growth. No loan loss provision was realized during the quarters ended March 31, 2022, June 30, 2021 and March 31, 2021, due to lower CARES Act Section 4013 deferrals, low net charge-off or low net recoveries, decreases in criticized assets and improving economic conditions in our markets. - Originated loans, net of SBA PPP loans, increased by
$68.4 million during the second quarter of 2022, with strong originations in commercial real estate, commercial operating loans and strong construction loan growth due to loan fundings in our warmer weather construction season. As a result of current market conditions, some residential 10/1 ARM loans were added to the portfolio. The acquired loan portfolio declined$10.2 million . At June 30, 2022 there were no outstanding SBA PPP loans, as the remaining$2.1 million portfolio was repaid during the current quarter. - The allowance for loan losses on originated loans decreased to
1.37% at June 30, 2022, from1.45% at March 31, 2022. Additionally, loans resulting from Bank acquisitions were effectively marked to market value at the time of their acquisition and were also excluded from this reserve calculation. - Nonperforming assets decreased
$1.0 million to$12.6 million at June 30, 2022, compared to$13.6 million one quarter earlier primarily due to net reductions in nonperforming agricultural loans. - Substandard loans decreased modestly by
$4.1 million to$20.7 million at June 30, 2022, compared to$24.8 million at March 31, 2022. The decrease was largely due to nonaccrual loan payoffs of$2.8 million and the upgrade of agricultural loans due to an increase in collateral underlying the loans. - In June 2022, the bank issued the required notice to call
$15 million of6.75% subordinated debt on August 10, 2022. - Stockholders’ equity as a percent of total assets was
9.34% at June 30, 2022, compared to9.32% at March 31, 2022. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was7.53% at June 30, 2022, compared to7.50% at March 31, 2022. The impact of an increase in unrealized losses in the available for sale portfolio was partially offset by net income and a modestly lower asset size. - In June 2022, the Company notified customers of the St. James, MN branch, with approximately
$18.7 million in deposits, that the branch would close in September. To the extent possible, the deposit accounts will be consolidated into various nearby branches.
Balance Sheet and Asset Quality
Total assets decreased modestly by
Securities available for sale decreased
Securities held to maturity decreased
Total loans receivable increased to
The allowance for loan losses remained at
Allowance for Loan Losses Percentages
(in thousands, except ratios)
| June 30, 2022 | March 31, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||
| Originated loans, net of deferred fees and costs | $ | 1,174,701 | $ | 1,106,409 | $ | 1,107,555 | $ | 877,534 | ||||||||
| SBA PPP loans, net of deferred fees | — | 2,032 | 8,457 | 71,508 | ||||||||||||
| Acquired loans, net of unamortized discount | 172,154 | 181,734 | 194,951 | 232,516 | ||||||||||||
| Loans, end of period | $ | 1,346,855 | $ | 1,290,175 | $ | 1,310,963 | $ | 1,181,558 | ||||||||
| SBA PPP loans, net of deferred fees | — | (2,032 | ) | (8,457 | ) | (71,508 | ) | |||||||||
| Loans, net of SBA PPP loans and deferred fees | $ | 1,346,855 | $ | 1,288,143 | $ | 1,302,506 | $ | 1,110,050 | ||||||||
| Allowance for loan losses allocated to originated loans | $ | 16,053 | $ | 16,001 | $ | 15,830 | $ | 15,059 | ||||||||
| Allowance for loan losses allocated to other loans | 772 | 817 | 1,083 | 1,786 | ||||||||||||
| Allowance for loan losses | $ | 16,825 | $ | 16,818 | $ | 16,913 | $ | 16,845 | ||||||||
| ALL as a percentage of loans, end of period | 1.25 | % | 1.30 | % | 1.29 | % | 1.43 | % | ||||||||
| ALL as a percentage of loans, net of SBA PPP loans and deferred fees | 1.25 | % | 1.31 | % | 1.30 | % | 1.52 | % | ||||||||
| ALL allocated to originated loans as a percentage of originated loans, net of deferred fees and costs | 1.37 | % | 1.45 | % | 1.43 | % | 1.72 | % | ||||||||
Nonperforming assets decreased to
| (in thousands) | ||||||||||||||||||||
| June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||||||||||||
| Special mention loan balances | $ | 17,274 | $ | 1,849 | $ | 4,536 | $ | 2,548 | $ | 12,308 | ||||||||||
| Substandard loan balances | 20,680 | 24,822 | 22,817 | 27,137 | 25,890 | |||||||||||||||
| Criticized loans, end of period | $ | 37,954 | $ | 26,671 | $ | 27,353 | $ | 29,685 | $ | 38,198 | ||||||||||
Special mention loans increased
Substandard loans decreased modestly by
Deposits decreased
The Company did not repurchase any shares in the second quarter. As of June 30, 2022, approximately 354 thousand shares remain available for repurchase under the current share repurchase authorization.
Review of Operations
Net interest income was
The net interest margin (“NIM”) increased to
The table below shows the impact of accretion related to purchased credit impaired loans and SBA PPP net loan fees on interest income and NIM.
Net interest income and net interest margin analysis:
(in thousands, except yields and rates)
| Three months ended | |||||||||||||||||||||||||||||||||||
| June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||
| Net Interest Income | Net Interest Margin | Net Interest Income | Net Interest Margin | Net Interest Income | Net Interest Margin | Net Interest Income | Net Interest Margin | Net Interest Income | Net Interest Margin | ||||||||||||||||||||||||||
| As reported | $ | 14,267 | 3.46 | % | $ | 13,167 | 3.25 | % | $ | 14,384 | 3.50 | % | $ | 13,688 | 3.34 | % | $ | 12,831 | 3.22 | % | |||||||||||||||
| Less non-accretable difference realized as interest from payoff of purchased credit impaired (“PCI”) loans | $ | (70 | ) | (0.02 | )% | $ | (26 | ) | (0.01 | )% | $ | (2 | ) | — | % | $ | (8 | ) | — | % | $ | (37 | ) | (0.01 | )% | ||||||||||
| Less accelerated accretion from payoff of certain PCI loans with transferred non-accretable differences | $ | (308 | ) | (0.08 | )% | $ | (11 | ) | — | % | $ | (200 | ) | (0.05 | )% | $ | (12 | ) | — | % | $ | — | — | % | |||||||||||
| Less scheduled accretion interest | $ | (255 | ) | (0.06 | )% | $ | (264 | ) | (0.07 | )% | $ | (264 | ) | (0.06 | )% | $ | (261 | ) | (0.06 | )% | $ | (265 | ) | (0.07 | )% | ||||||||||
| Without loan purchase accretion | $ | 13,634 | 3.30 | % | $ | 12,866 | 3.17 | % | $ | 13,918 | 3.39 | % | $ | 13,407 | 3.28 | % | $ | 12,529 | 3.14 | % | |||||||||||||||
| Less SBA PPP net loan fee accretion | $ | (39 | ) | (0.01 | )% | $ | (259 | ) | (0.06 | )% | $ | (1,251 | ) | (0.30 | )% | $ | (1,878 | ) | (0.46 | )% | $ | (1,309 | ) | (0.33 | )% | ||||||||||
| Without SBA PPP net loan fee accretion and loan purchase accretion | $ | 13,595 | 3.29 | % | $ | 12,607 | 3.11 | % | $ | 12,667 | 3.09 | % | $ | 11,529 | 2.82 | % | $ | 11,220 | 2.81 | % | |||||||||||||||
The Bank continued to manage deposit interest rates, primarily as maturing certificate of deposit accounts were rolled into lower-costing money market accounts. In the second quarter, the Company’s overall CD portfolio cost of funds decreased 50 basis points from the first quarter of 2022 and 78 basis points from the second quarter of 2021. At June 30, 2022, the Bank had approximately
Loan loss provisions for the quarter ended June 30, 2022, were
Non-interest income decreased to
Total non-interest expense increased
Provision for income taxes decreased to
These financial results are preliminary until the Form 10-Q is filed in August 2022.
About the Company
Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 25 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include conditions in the financial markets and economic conditions generally; adverse impacts to the Company or Bank arising from the COVID-19 pandemic; acts of terrorism and political or military actions by the United States or other governments; the possibility of a deterioration in the residential real estate markets; interest rate risk; lending risk; higher lending risks associated with our commercial and agricultural banking activities; the sufficiency of loan allowances; changes in the fair value or ratings downgrades of our securities; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; cybersecurity risks; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for loan losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 2, 2022 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.
Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill, and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.
Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.
Contact: Steve Bianchi, CEO
(715)-836-9994
(CZWI-ER)
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Balance Sheets
(in thousands, except shares and per share data)
| June 30, 2022 (unaudited) | March 31, 2022 (unaudited) | December 31, 2021 (audited) | June 30, 2021 (unaudited) | |||||||||||||
| Assets | ||||||||||||||||
| Cash and cash equivalents | $ | 31,743 | $ | 84,364 | $ | 47,691 | $ | 128,440 | ||||||||
| Other interest-bearing deposits | 1,505 | 1,511 | 1,511 | 1,512 | ||||||||||||
| Securities available for sale “AFS” | 177,068 | 187,905 | 203,068 | 243,746 | ||||||||||||
| Securities held to maturity “HTM” | 99,249 | 104,894 | 71,141 | 59,582 | ||||||||||||
| Equity investments | 1,365 | 1,291 | 1,328 | 297 | ||||||||||||
| Other investments | 14,899 | 15,084 | 15,305 | 14,966 | ||||||||||||
| Loans receivable | 1,346,855 | 1,290,176 | 1,310,963 | 1,181,558 | ||||||||||||
| Allowance for loan losses | (16,825 | ) | (16,818 | ) | (16,913 | ) | (16,845 | ) | ||||||||
| Loans receivable, net | 1,330,030 | 1,273,358 | 1,294,050 | 1,164,713 | ||||||||||||
| Loans held for sale | 1,172 | 2,528 | 6,670 | 3,109 | ||||||||||||
| Mortgage servicing rights, net | 4,520 | 4,614 | 4,161 | 3,862 | ||||||||||||
| Office properties and equipment, net | 21,589 | 21,393 | 21,169 | 21,121 | ||||||||||||
| Accrued interest receivable | 4,243 | 4,179 | 3,916 | 4,898 | ||||||||||||
| Intangible assets | 3,100 | 3,499 | 3,898 | 4,696 | ||||||||||||
| Goodwill | 31,498 | 31,498 | 31,498 | 31,498 | ||||||||||||
| Foreclosed and repossessed assets, net | 1,437 | 1,368 | 1,408 | 145 | ||||||||||||
| Bank owned life insurance (“BOLI”) | 24,622 | 24,464 | 24,312 | 23,991 | ||||||||||||
| Other assets | 15,567 | 13,519 | 8,502 | 7,896 | ||||||||||||
| TOTAL ASSETS | $ | 1,763,607 | $ | 1,775,469 | $ | 1,739,628 | $ | 1,714,472 | ||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Deposits | $ | 1,400,210 | $ | 1,428,223 | $ | 1,387,535 | $ | 1,371,226 | ||||||||
| Federal Home Loan Bank (“FHLB”) advances | 102,030 | 85,530 | 111,527 | 111,496 | ||||||||||||
| Other borrowings | 87,124 | 87,062 | 58,426 | 58,380 | ||||||||||||
| Other liabilities | 9,500 | 9,160 | 11,274 | 9,354 | ||||||||||||
| Total liabilities | 1,598,864 | 1,609,975 | 1,568,762 | 1,550,456 | ||||||||||||
| Stockholders’ equity: | ||||||||||||||||
| Common stock— | 105 | 105 | 105 | 107 | ||||||||||||
| Additional paid-in capital | 119,987 | 119,789 | 119,925 | 121,732 | ||||||||||||
| Retained earnings | 56,928 | 52,562 | 50,675 | 40,117 | ||||||||||||
| Accumulated other comprehensive (loss) income | (12,277 | ) | (6,962 | ) | 161 | 2,060 | ||||||||||
| Total stockholders’ equity | 164,743 | 165,494 | 170,866 | 164,016 | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,763,607 | $ | 1,775,469 | $ | 1,739,628 | $ | 1,714,472 | ||||||||
Note: Certain items previously reported were reclassified for consistency with the current presentation.
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2022 (unaudited) | March 31, 2022 (unaudited) | June 30, 2021 (unaudited) | June 30, 2022 (unaudited) | June 30, 2021 (unaudited) | ||||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||
| Interest and fees on loans | $ | 14,893 | $ | 13,767 | $ | 13,960 | $ | 28,660 | $ | 28,477 | ||||||||||
| Interest on investments | 1,810 | 1,609 | 1,518 | 3,419 | 2,621 | |||||||||||||||
| Total interest and dividend income | 16,703 | 15,376 | 15,478 | 32,079 | 31,098 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest on deposits | 985 | 1,068 | 1,521 | 2,053 | 3,235 | |||||||||||||||
| Interest on FHLB borrowed funds | 297 | 311 | 384 | 608 | 795 | |||||||||||||||
| Interest on other borrowed funds | 1,154 | 830 | 742 | 1,984 | 1,473 | |||||||||||||||
| Total interest expense | 2,436 | 2,209 | 2,647 | 4,645 | 5,503 | |||||||||||||||
| Net interest income before provision for loan losses | 14,267 | 13,167 | 12,831 | 27,434 | 25,595 | |||||||||||||||
| Provision for loan losses | 400 | — | — | 400 | — | |||||||||||||||
| Net interest income after provision for loan losses | 13,867 | 13,167 | 12,831 | 27,034 | 25,595 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 482 | 488 | 395 | 970 | 793 | |||||||||||||||
| Interchange income | 614 | 549 | 647 | 1,163 | 1,177 | |||||||||||||||
| Loan servicing income | 600 | 701 | 825 | 1,301 | 1,718 | |||||||||||||||
| Gain on sale of loans | 414 | 722 | 1,522 | 1,136 | 3,117 | |||||||||||||||
| Loan fees and service charges | 141 | 92 | 151 | 233 | 429 | |||||||||||||||
| Net (losses) gains on investment securities | (75 | ) | (37 | ) | 37 | (112 | ) | 272 | ||||||||||||
| Other | 196 | 198 | 216 | 394 | 463 | |||||||||||||||
| Total non-interest income | 2,372 | 2,713 | 3,793 | 5,085 | 7,969 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Compensation and related benefits | 5,589 | 5,398 | 5,449 | 10,987 | 11,018 | |||||||||||||||
| Occupancy | 1,343 | 1,365 | 1,314 | 2,708 | 2,630 | |||||||||||||||
| Data processing | 1,415 | 1,301 | 1,422 | 2,716 | 2,792 | |||||||||||||||
| Amortization of intangible assets | 399 | 399 | 399 | 798 | 798 | |||||||||||||||
| Mortgage servicing rights expense, net | 195 | (327 | ) | 441 | (132 | ) | (9 | ) | ||||||||||||
| Advertising, marketing and public relations | 250 | 212 | 194 | 462 | 357 | |||||||||||||||
| FDIC premium assessment | 118 | 115 | 82 | 233 | 247 | |||||||||||||||
| Professional services | 368 | 402 | 362 | 770 | 864 | |||||||||||||||
| Gains on repossessed assets, net | (2 | ) | (7 | ) | (29 | ) | (9 | ) | (146 | ) | ||||||||||
| New market tax credit depletion | 162 | 163 | — | 325 | — | |||||||||||||||
| Other | 625 | 647 | 564 | 1,272 | 1,136 | |||||||||||||||
| Total non-interest expense | 10,462 | 9,668 | 10,198 | 20,130 | 19,687 | |||||||||||||||
| Income before provision for income taxes | 5,777 | 6,212 | 6,426 | 11,989 | 13,877 | |||||||||||||||
| Provision for income taxes | 1,411 | 1,506 | 1,720 | 2,917 | 3,665 | |||||||||||||||
| Net income attributable to common stockholders | $ | 4,366 | $ | 4,706 | $ | 4,706 | $ | 9,072 | $ | 10,212 | ||||||||||
| Per share information: | ||||||||||||||||||||
| Basic earnings | $ | 0.41 | $ | 0.45 | $ | 0.44 | $ | 0.86 | $ | 0.94 | ||||||||||
| Diluted earnings | $ | 0.41 | $ | 0.45 | $ | 0.44 | $ | 0.86 | $ | 0.94 | ||||||||||
| Cash dividends paid | $ | — | $ | 0.26 | $ | — | $ | 0.26 | $ | 0.23 | ||||||||||
| Book value per share at end of period | $ | 15.64 | $ | 15.72 | $ | 15.33 | $ | 15.64 | $ | 15.33 | ||||||||||
| Tangible book value per share at end of period (non-GAAP) | $ | 12.36 | $ | 12.40 | $ | 11.95 | $ | 12.36 | $ | 11.95 | ||||||||||
Note: Certain items previously reported were reclassified for consistency with the current presentation.
| Loan Composition (in thousands) | June 30, 2022 | March 31, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||
| Originated Loans: | ||||||||||||||||
| Commercial/Agricultural real estate: | ||||||||||||||||
| Commercial real estate | $ | 596,001 | $ | 575,289 | $ | 578,395 | $ | 420,565 | ||||||||
| Agricultural real estate | 57,323 | 52,683 | 52,372 | 42,925 | ||||||||||||
| Multi-family real estate | 175,964 | 175,471 | 174,050 | 113,790 | ||||||||||||
| Construction and land development | 114,017 | 86,997 | 78,613 | 89,586 | ||||||||||||
| C&I/Agricultural operating: | ||||||||||||||||
| Commercial and industrial | 124,113 | 108,422 | 107,937 | 80,783 | ||||||||||||
| Agricultural operating | 20,287 | 24,020 | 26,202 | 23,014 | ||||||||||||
| Residential mortgage: | ||||||||||||||||
| Residential mortgage | 65,707 | 59,875 | 63,855 | 72,965 | ||||||||||||
| Purchased HELOC loans | 3,419 | 3,487 | 3,871 | 4,949 | ||||||||||||
| Consumer installment: | ||||||||||||||||
| Originated indirect paper | 12,736 | 14,508 | 15,971 | 20,377 | ||||||||||||
| Other consumer | 7,472 | 7,842 | 8,473 | 10,296 | ||||||||||||
| Originated loans before SBA PPP loans | 1,177,039 | 1,108,594 | 1,109,739 | 879,250 | ||||||||||||
| SBA PPP loans | — | 2,071 | 8,755 | 74,925 | ||||||||||||
| Total originated loans | $ | 1,177,039 | $ | 1,110,665 | $ | 1,118,494 | $ | 954,175 | ||||||||
| Acquired Loans: | ||||||||||||||||
| Commercial/Agricultural real estate: | ||||||||||||||||
| Commercial real estate | $ | 106,916 | $ | 114,485 | $ | 120,070 | $ | 139,497 | ||||||||
| Agricultural real estate | 20,484 | 23,033 | 26,123 | 29,740 | ||||||||||||
| Multi-family real estate | 3,965 | 4,016 | 4,299 | 7,401 | ||||||||||||
| Construction and land development | 1,171 | 883 | 907 | 1,202 | ||||||||||||
| C&I/Agricultural operating: | ||||||||||||||||
| Commercial and industrial | 14,889 | 12,600 | 14,230 | 19,701 | ||||||||||||
| Agricultural operating | 4,182 | 4,737 | 5,386 | 4,893 | ||||||||||||
| Residential mortgage: | ||||||||||||||||
| Residential mortgage | 22,868 | 24,898 | 27,135 | 33,781 | ||||||||||||
| Consumer installment: | ||||||||||||||||
| Other consumer | 313 | 349 | 401 | 648 | ||||||||||||
| Total acquired loans | $ | 174,788 | $ | 185,001 | $ | 198,551 | $ | 236,863 | ||||||||
| Total Loans: | ||||||||||||||||
| Commercial/Agricultural real estate: | ||||||||||||||||
| Commercial real estate | $ | 702,917 | $ | 689,774 | $ | 698,465 | $ | 560,062 | ||||||||
| Agricultural real estate | 77,807 | 75,716 | 78,495 | 72,665 | ||||||||||||
| Multi-family real estate | 179,929 | 179,487 | 178,349 | 121,191 | ||||||||||||
| Construction and land development | 115,188 | 87,880 | 79,520 | 90,788 | ||||||||||||
| C&I/Agricultural operating: | ||||||||||||||||
| Commercial and industrial | 139,002 | 121,022 | 122,167 | 100,484 | ||||||||||||
| Agricultural operating | 24,469 | 28,757 | 31,588 | 27,907 | ||||||||||||
| Residential mortgage: | ||||||||||||||||
| Residential mortgage | 88,575 | 84,773 | 90,990 | 106,746 | ||||||||||||
| Purchased HELOC loans | 3,419 | 3,487 | 3,871 | 4,949 | ||||||||||||
| Consumer installment: | ||||||||||||||||
| Originated indirect paper | 12,736 | 14,508 | 15,971 | 20,377 | ||||||||||||
| Other consumer | 7,785 | 8,191 | 8,874 | 10,944 | ||||||||||||
| Gross loans before SBA PPP loans | 1,351,827 | 1,293,595 | 1,308,290 | 1,116,113 | ||||||||||||
| SBA PPP loans | — | 2,071 | 8,755 | 74,925 | ||||||||||||
| Gross loans | $ | 1,351,827 | $ | 1,295,666 | $ | 1,317,045 | $ | 1,191,038 | ||||||||
| Unearned net deferred fees and costs and loans in process | (2,338 | ) | (2,223 | ) | (2,482 | ) | (5,133 | ) | ||||||||
| Unamortized discount on acquired loans | (2,634 | ) | (3,267 | ) | (3,600 | ) | (4,347 | ) | ||||||||
| Total loans receivable | $ | 1,346,855 | $ | 1,290,176 | $ | 1,310,963 | $ | 1,181,558 | ||||||||
Nonperforming Originated and Acquired Assets
(in thousands, except ratios)
| June 30, 2022 | March 31, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||
| Nonperforming assets: | ||||||||||||||||
| Originated nonperforming assets: | ||||||||||||||||
| Nonaccrual loans | $ | 7,770 | $ | 6,602 | $ | 6,448 | $ | 2,420 | ||||||||
| Accruing loans past due 90 days or more | 700 | 398 | 63 | 88 | ||||||||||||
| Total originated nonperforming loans (“NPL”) | 8,470 | 7,000 | 6,511 | 2,508 | ||||||||||||
| Other real estate owned (“OREO”) | — | — | — | — | ||||||||||||
| Other collateral owned | 10 | 8 | 2 | 16 | ||||||||||||
| Total originated nonperforming assets (“NPAs”) | $ | 8,480 | $ | 7,008 | $ | 6,513 | $ | 2,524 | ||||||||
| Acquired nonperforming assets: | ||||||||||||||||
| Nonaccrual loans | $ | 2,664 | $ | 5,256 | $ | 5,217 | $ | 5,655 | ||||||||
| Accruing loans past due 90 days or more | 14 | — | 97 | 454 | ||||||||||||
| Total acquired nonperforming loans (“NPL”) | 2,678 | 5,256 | 5,314 | 6,109 | ||||||||||||
| Other real estate owned (“OREO”) | 1,427 | 1,360 | 1,406 | 129 | ||||||||||||
| Other collateral owned | — | — | — | — | ||||||||||||
| Total acquired nonperforming assets (“NPAs”) | $ | 4,105 | $ | 6,616 | $ | 6,720 | $ | 6,238 | ||||||||
| Total nonperforming assets (“NPAs”) | $ | 12,585 | $ | 13,624 | $ | 13,233 | $ | 8,762 | ||||||||
| Loans, end of period | $ | 1,346,855 | $ | 1,290,176 | $ | 1,310,963 | $ | 1,181,558 | ||||||||
| Total assets, end of period | $ | 1,763,607 | $ | 1,775,469 | $ | 1,739,628 | $ | 1,714,472 | ||||||||
| Ratios: | ||||||||||||||||
| Originated NPLs to total loans | 0.63 | % | 0.54 | % | 0.50 | % | 0.21 | % | ||||||||
| Acquired NPLs to total loans | 0.20 | % | 0.41 | % | 0.41 | % | 0.52 | % | ||||||||
| Originated NPAs to total assets | 0.48 | % | 0.40 | % | 0.37 | % | 0.15 | % | ||||||||
| Acquired NPAs to total assets | 0.23 | % | 0.37 | % | 0.39 | % | 0.36 | % | ||||||||
Nonperforming Assets
(in thousand, except ratios)
| June 30, 2022 | March 31, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||
| Nonperforming assets: | ||||||||||||||||
| Nonaccrual loans | ||||||||||||||||
| Commercial real estate | $ | 5,275 | $ | 5,503 | $ | 5,374 | $ | 1,027 | ||||||||
| Agricultural real estate | 3,169 | 3,454 | 3,490 | 3,716 | ||||||||||||
| Construction and land development | 43 | 129 | — | — | ||||||||||||
| Commercial and industrial (“C&I”) | 211 | 284 | 298 | 313 | ||||||||||||
| Agricultural operating | 555 | 1,064 | 993 | 1,163 | ||||||||||||
| Residential mortgage | 1,122 | 1,334 | 1,433 | 1,768 | ||||||||||||
| Consumer installment | 59 | 90 | 77 | 88 | ||||||||||||
| Total nonaccrual loans | $ | 10,434 | $ | 11,858 | $ | 11,665 | $ | 8,075 | ||||||||
| Accruing loans past due 90 days or more | 714 | 398 | 160 | 542 | ||||||||||||
| Total nonperforming loans (“NPLs”) | 11,148 | 12,256 | 11,825 | 8,617 | ||||||||||||
| Foreclosed and repossessed assets, net | 1,437 | 1,368 | 1,408 | 145 | ||||||||||||
| Total nonperforming assets (“NPAs”) | $ | 12,585 | $ | 13,624 | $ | 13,233 | $ | 8,762 | ||||||||
| Troubled Debt Restructurings (“TDRs”) | $ | 8,712 | $ | 10,231 | $ | 12,523 | $ | 16,597 | ||||||||
| Nonaccrual TDRs | $ | 2,549 | $ | 4,586 | $ | 4,539 | $ | 4,861 | ||||||||
| Loans, end of period | $ | 1,346,855 | $ | 1,290,176 | $ | 1,310,963 | $ | 1,181,558 | ||||||||
| Total assets, end of period | $ | 1,763,607 | $ | 1,775,469 | $ | 1,739,628 | $ | 1,714,472 | ||||||||
| Ratios: | ||||||||||||||||
| NPLs to total loans | 0.83 | % | 0.95 | % | 0.90 | % | 0.73 | % | ||||||||
| NPAs to total assets | 0.71 | % | 0.77 | % | 0.76 | % | 0.51 | % | ||||||||
Deposit Composition
(in thousands)
| June 30, 2022 | March 31, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||
| Non-interest bearing demand deposits | $ | 276,815 | $ | 269,481 | $ | 276,631 | $ | 253,097 | ||||||||
| Interest bearing demand deposits | 401,857 | 423,251 | 396,231 | 375,005 | ||||||||||||
| Savings accounts | 239,322 | 241,072 | 222,674 | 220,698 | ||||||||||||
| Money market accounts | 328,718 | 321,409 | 288,985 | 263,390 | ||||||||||||
| Certificate accounts | 153,498 | 173,010 | 203,014 | 259,036 | ||||||||||||
| Total deposits | $ | 1,400,210 | $ | 1,428,223 | $ | 1,387,535 | $ | 1,371,226 | ||||||||
Average Balances, Interest Yields and Rates
(in thousands, except yields and rates)
| Three months ended June 30, 2022 | Three months ended March 31, 2022 | Three months ended June 30, 2021 | |||||||||||||||||||||||||
| Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | |||||||||||||||||||
| Average interest earning assets: | |||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 25,195 | $ | 43 | 0.68 | % | $ | 35,208 | $ | 13 | 0.15 | % | $ | 113,561 | $ | 28 | 0.10 | % | |||||||||
| Loans receivable | 1,328,661 | 14,893 | 4.50 | % | 1,304,141 | 13,767 | 4.28 | % | 1,186,439 | 13,960 | 4.72 | % | |||||||||||||||
| Interest bearing deposits | 1,509 | 8 | 2.13 | % | 1,511 | 8 | 2.15 | % | 1,754 | 9 | 2.06 | % | |||||||||||||||
| Investment securities (1) | 285,332 | 1,593 | 2.23 | % | 288,261 | 1,416 | 1.99 | % | 283,557 | 1,308 | 1.85 | % | |||||||||||||||
| Other investments | 14,969 | 166 | 4.45 | % | 15,258 | 172 | 4.57 | % | 15,020 | 173 | 4.62 | % | |||||||||||||||
| Total interest earning assets (1) | $ | 1,655,666 | $ | 16,703 | 4.05 | % | $ | 1,644,379 | $ | 15,376 | 3.79 | % | $ | 1,600,331 | $ | 15,478 | 3.88 | % | |||||||||
| Average interest bearing liabilities: | |||||||||||||||||||||||||||
| Savings accounts | $ | 230,784 | $ | 125 | 0.22 | % | $ | 224,557 | $ | 94 | 0.17 | % | $ | 219,804 | $ | 99 | 0.18 | % | |||||||||
| Demand deposits | 410,468 | 300 | 0.29 | % | 410,890 | 217 | 0.21 | % | 360,314 | 257 | 0.29 | % | |||||||||||||||
| Money market accounts | 323,907 | 287 | 0.36 | % | 299,004 | 216 | 0.29 | % | 258,638 | 182 | 0.28 | % | |||||||||||||||
| CD’s | 134,338 | 223 | 0.67 | % | 161,203 | 464 | 1.17 | % | 240,224 | 868 | 1.45 | % | |||||||||||||||
| IRA’s | 35,701 | 50 | 0.56 | % | 37,067 | 77 | 0.84 | % | 39,970 | 115 | 1.15 | % | |||||||||||||||
| Total deposits | $ | 1,135,198 | $ | 985 | 0.35 | % | $ | 1,132,721 | $ | 1,068 | 0.38 | % | $ | 1,118,950 | $ | 1,521 | 0.55 | % | |||||||||
| FHLB advances and other borrowings | 186,050 | 1,451 | 3.13 | % | 166,118 | 1,141 | 2.79 | % | 171,261 | 1,126 | 2.64 | % | |||||||||||||||
| Total interest bearing liabilities | $ | 1,321,248 | $ | 2,436 | 0.74 | % | $ | 1,298,839 | $ | 2,209 | 0.69 | % | $ | 1,290,211 | $ | 2,647 | 0.82 | % | |||||||||
| Net interest income | $ | 14,267 | $ | 13,167 | $ | 12,831 | |||||||||||||||||||||
| Interest rate spread | 3.31 | % | 3.10 | % | 3.06 | % | |||||||||||||||||||||
| Net interest margin (1) | 3.46 | % | 3.25 | % | 3.22 | % | |||||||||||||||||||||
| Average interest earning assets to average interest bearing liabilities | 1.25 | 1.27 | 1.24 | ||||||||||||||||||||||||
(1) Fully taxable equivalent (FTE). The average yield on tax exempt securities is computed on a tax equivalent basis using a tax rate of
| Six months ended June 30, 2022 | Six months ended June 30, 2021 | |||||||||||||||||
| Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | |||||||||||||
| Average interest earning assets: | ||||||||||||||||||
| Cash and cash equivalents | $ | 30,174 | $ | 56 | 0.37 | % | $ | 121,557 | $ | 57 | 0.09 | % | ||||||
| Loans receivable | 1,316,469 | 28,660 | 4.39 | % | 1,199,925 | 28,477 | 4.79 | % | ||||||||||
| Interest bearing deposits | 1,510 | 15 | 2.00 | % | 2,591 | 29 | 2.26 | % | ||||||||||
| Investment securities (1) | 286,789 | 3,009 | 2.10 | % | 243,492 | 2,193 | 1.82 | % | ||||||||||
| Other investments | 15,112 | 339 | 4.52 | % | 15,029 | 342 | 4.59 | % | ||||||||||
| Total interest earning assets (1) | $ | 1,650,054 | $ | 32,079 | 3.92 | % | $ | 1,582,594 | $ | 31,098 | 3.96 | % | ||||||
| Average interest bearing liabilities: | ||||||||||||||||||
| Savings accounts | $ | 227,687 | $ | 219 | 0.19 | % | $ | 208,787 | $ | 182 | 0.18 | % | ||||||
| Demand deposits | 410,678 | 517 | 0.25 | % | 345,576 | 507 | 0.30 | % | ||||||||||
| Money market accounts | 311,524 | 503 | 0.33 | % | 256,391 | 384 | 0.30 | % | ||||||||||
| CD’s | 147,696 | 687 | 0.94 | % | 253,063 | 1,911 | 1.52 | % | ||||||||||
| IRA’s | 36,381 | 127 | 0.70 | % | 40,421 | 251 | 1.25 | % | ||||||||||
| Total deposits | $ | 1,133,966 | $ | 2,053 | 0.37 | % | $ | 1,104,238 | $ | 3,235 | 0.59 | % | ||||||
| FHLB advances and other borrowings | 176,139 | 2,592 | 2.97 | % | 175,922 | 2,268 | 2.60 | % | ||||||||||
| Total interest bearing liabilities | $ | 1,310,105 | $ | 4,645 | 0.71 | % | $ | 1,280,160 | $ | 5,503 | 0.87 | % | ||||||
| Net interest income | $ | 27,434 | $ | 25,595 | ||||||||||||||
| Interest rate spread | 3.21 | % | 3.09 | % | ||||||||||||||
| Net interest margin (1) | 3.35 | % | 3.26 | % | ||||||||||||||
| Average interest earning assets to average interest bearing liabilities | 1.26 | 1.24 | ||||||||||||||||
(1) Fully taxable equivalent (FTE). The average yield on tax exempt securities is computed on a tax equivalent basis using a tax rate of
The following table reports key financial metric ratios based on a net income basis:
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||
| Ratios based on net income: | |||||||||||||||
| Return on average assets (annualized) | 0.99 | % | 1.09 | % | 1.10 | % | 1.04 | % | 1.22 | % | |||||
| Return on average equity (annualized) | 10.63 | % | 11.38 | % | 11.63 | % | 11.00 | % | 12.78 | % | |||||
| Return on average tangible common equity1 (annualized) | 14.41 | % | 15.32 | % | 15.91 | % | 14.85 | % | 17.48 | % | |||||
| Efficiency ratio | 60 | % | 58 | % | 59 | % | 59 | % | 57 | % | |||||
| Net interest margin with loan purchase accretion | 3.46 | % | 3.25 | % | 3.22 | % | 3.35 | % | 3.26 | % | |||||
| Net interest margin without loan purchase accretion | 3.30 | % | 3.17 | % | 3.14 | % | 3.24 | % | 3.17 | % | |||||
Reconciliation of tangible book value per share (non-GAAP)
(in thousands, except per share data)
| Tangible book value per share at end of period | June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||
| Total stockholders’ equity | $ | 164,743 | $ | 165,494 | $ | 164,016 | ||||||
| Less: Goodwill | (31,498 | ) | (31,498 | ) | (31,498 | ) | ||||||
| Less: Intangible assets | (3,100 | ) | (3,499 | ) | (4,696 | ) | ||||||
| Tangible common equity (non-GAAP) | $ | 130,145 | $ | 130,497 | $ | 127,822 | ||||||
| Ending common shares outstanding | 10,530,415 | 10,526,781 | 10,696,075 | |||||||||
| Book value per share | $ | 15.64 | $ | 15.72 | $ | 15.33 | ||||||
| Tangible book value per share (non-GAAP) | $ | 12.36 | $ | 12.40 | $ | 11.95 | ||||||
Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)
(in thousands, except ratios)
| Tangible common equity as a percent of tangible assets at end of period | June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||
| Total stockholders’ equity | $ | 164,743 | $ | 165,494 | $ | 164,016 | ||||||
| Less: Goodwill | (31,498 | ) | (31,498 | ) | (31,498 | ) | ||||||
| Less: Intangible assets | (3,100 | ) | (3,499 | ) | (4,696 | ) | ||||||
| Tangible common equity (non-GAAP) | $ | 130,145 | $ | 130,497 | $ | 127,822 | ||||||
| Total Assets | $ | 1,763,607 | $ | 1,775,469 | $ | 1,714,472 | ||||||
| Less: Goodwill | (31,498 | ) | (31,498 | ) | (31,498 | ) | ||||||
| Less: Intangible assets | (3,100 | ) | (3,499 | ) | (4,696 | ) | ||||||
| Tangible Assets (non-GAAP) | $ | 1,729,009 | $ | 1,740,472 | $ | 1,678,278 | ||||||
| Total stockholders’ equity to total assets ratio | 9.34 | % | 9.32 | % | 9.57 | % | ||||||
| Tangible common equity as a percent of tangible assets (non-GAAP) | 7.53 | % | 7.50 | % | 7.62 | % | ||||||
Reconciliation of Return on Average Tangible Common Equity (non-GAAP)
(in thousands, except ratios)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||
| Total stockholders’ equity | $ | 164,743 | $ | 165,494 | $ | 164,016 | $ | 164,743 | $ | 164,016 | ||||||||||
| Less: Goodwill | (31,498 | ) | (31,498 | ) | (31,498 | ) | (31,498 | ) | (31,498 | ) | ||||||||||
| Less: Intangible assets | (3,100 | ) | (3,499 | ) | (4,696 | ) | (3,100 | ) | (4,696 | ) | ||||||||||
| Tangible common equity (non-GAAP) | $ | 130,145 | $ | 130,497 | $ | 127,822 | $ | 130,145 | $ | 127,822 | ||||||||||
| Average tangible common equity (non-GAAP) | $ | 129,939 | $ | 132,550 | $ | 125,967 | $ | 131,351 | $ | 124,593 | ||||||||||
| GAAP earnings after income taxes | $ | 4,366 | $ | 4,706 | $ | 4,706 | $ | 9,072 | $ | 10,212 | ||||||||||
| Amortization of intangible assets, net of tax | 302 | 302 | 292 | 604 | 587 | |||||||||||||||
| Tangible net income | $ | 4,668 | $ | 5,008 | $ | 4,998 | $ | 9,676 | $ | 10,799 | ||||||||||
| Return on average tangible common equity (annualized) | 14.41 | % | 15.32 | % | 15.91 | % | 14.85 | % | 17.48 | % | ||||||||||
Reconciliation of Efficiency Ratio
(in thousands, except ratios)
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||
| Non-interest expense (GAAP) | $ | 10,462 | $ | 9,668 | $ | 10,198 | $ | 20,130 | $ | 19,687 | |||||||||
| Less amortization of intangibles | (399 | ) | (399 | ) | (399 | ) | (798 | ) | (798 | ) | |||||||||
| Efficiency ratio numerator (GAAP) | $ | 10,063 | $ | 9,269 | $ | 9,799 | $ | 19,332 | $ | 18,889 | |||||||||
| Non-interest income | $ | 2,372 | $ | 2,713 | $ | 3,793 | $ | 5,085 | $ | 7,969 | |||||||||
| Loss (Gain) on investment securities | 75 | 37 | (37 | ) | 112 | (272 | ) | ||||||||||||
| Net interest margin | 14,267 | 13,167 | 12,831 | 27,434 | 25,595 | ||||||||||||||
| Efficiency ratio denominator (GAAP) | $ | 16,714 | $ | 15,917 | $ | 16,587 | $ | 32,631 | $ | 33,292 | |||||||||
| Efficiency ratio (GAAP) | 60 | % | 58 | % | 59 | % | 59 | % | 57 | % | |||||||||
1Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.
FAQ
What were the earnings for Citizens Community Bancorp (CZWI) in Q2 2022?
How did CZWI's net interest income change in Q2 2022?
What is the loan growth percentage reported by Citizens Community Bancorp?
What was the efficiency ratio for CZWI in Q2 2022?
How have earnings changed year-to-date for CZWI?
