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Citizens Community Bancorp, Inc. Reports Second Quarter 2024 Earnings of $0.35 Per Share; Board of Directors Approves Additional 5% Stock Buyback Authorization; Criticized Assets Decreased 18%

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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. (CZWI) ha riportato un utile di $3.7 milioni nel secondo trimestre del 2024, ovvero $0.35 per azione diluita. I punti salienti includono:

1. Il reddito netto da interessi è diminuito a $11.6 milioni, con un margine di interesse netto del 2.72%.

2. Accantonamento negativo per perdite su crediti di $1.525 milioni grazie al miglioramento della qualità del credito e alle prospettive economiche.

3. Il reddito non da interessi è sceso a $1.9 milioni, principalmente a causa di minori guadagni dalla vendita di prestiti SBA.

4. Le spese non da interessi sono calate a $10.3 milioni, principalmente per la riduzione delle riserve per ricorsi SBA.

5. I prestiti lordi sono diminuiti di $21.7 milioni, scendendo a $1.43 miliardi.

6. I depositi totali sono scesi di $7.9 milioni, arrivando a $1.52 miliardi.

7. Il Consiglio ha approvato un'ulteriore autorizzazione di riacquisto di azioni del 5%.

8. Il valore contabile per azione è migliorato a $17.10, e il valore contabile tangibile per azione è aumentato a $13.91.

Citizens Community Bancorp, Inc. (CZWI) reportó ganancias de $3.7 millones en el segundo trimestre de 2024, o $0.35 por acción diluida. Los puntos destacados incluyen:

1. Los ingresos netos por intereses disminuyeron a $11.6 millones, con un margen de interés neto del 2.72%.

2. Provisión negativa para pérdidas crediticias de $1.525 millones debido a la mejora en la calidad crediticia y las perspectivas económicas.

3. Los ingresos no por intereses bajaron a $1.9 millones, principalmente debido a menores ganancias en la venta de préstamos SBA.

4. Los gastos no por intereses disminuyeron a $10.3 millones, principalmente por menores reservas de recursos de SBA.

5. Los préstamos brutos disminuyeron en $21.7 millones a $1.43 mil millones.

6. Los depósitos totales disminuyeron en $7.9 millones a $1.52 mil millones.

7. La Junta aprobó una autorización adicional de recompra de acciones del 5%.

8. El valor contable por acción mejoró a $17.10, y el valor contable tangible por acción aumentó a $13.91.

Citizens Community Bancorp, Inc. (CZWI)는 2024년 2분기 순이익으로 370만 달러, 즉 희석주당 0.35달러를 보고했습니다. 주요 내용은 다음과 같습니다:

1. 순이자 수익이 1,160만 달러로 감소했으며, 순이자 마진은 2.72%입니다.

2. 신용 손실에 대한 부정적 충당금이 152.5만 달러로, 신용 품질 및 경제 전망이 개선되었습니다.

3. 비이자 수익이 190만 달러로 감소했으며, 주로 SBA 대출 판매에서의 감소된 이익 때문입니다.

4. 비이자 비용이 1,030만 달러로 감소했습니다. 주로 SBA 자원 확보 잔고 감소에 기인합니다.

5. 총 대출이 2억 1,700만 달러 감소하여 14억 3천만 달러가 되었습니다.

6. 총 예금이 790만 달러 감소하여 15억 2천만 달러가 되었습니다.

7. 이사회가 5%의 추가 자사주 매입 승인을 했습니다.

8. 주당 장부가치가 17.10달러로 개선되었고, 주당 유형 장부가치가 13.91달러로 증가했습니다.

Citizens Community Bancorp, Inc. (CZWI) a annoncé des bénéfices de 3,7 millions de dollars pour le deuxième trimestre de 2024, soit 0,35 dollar par action diluée. Les points clés incluent :

1. Les revenus d'intérêts nets ont diminué à 11,6 millions de dollars, avec une marge d'intérêt net de 2,72 %.

2. Provision négative pour pertes sur créances de 1,525 million de dollars en raison d'une amélioration de la qualité des crédits et des perspectives économiques.

3. Les revenus non liés aux intérêts sont passés à 1,9 million de dollars, principalement en raison de la baisse des gains sur la vente de prêts SBA.

4. Les charges non liées aux intérêts ont diminué à 10,3 millions de dollars, principalement à cause de réserves de recours SBA plus faibles.

5. Les prêts bruts ont diminué de 21,7 millions de dollars pour atteindre 1,43 milliard de dollars.

6. Les dépôts totaux ont baissé de 7,9 millions de dollars pour atteindre 1,52 milliard de dollars.

7. Le Conseil a approuvé une autorisation de rachat d'actions supplémentaire de 5 %.

8. La valeur comptable par action s'est améliorée à 17,10 dollars, et la valeur comptable tangible par action a augmenté à 13,91 dollars.

Citizens Community Bancorp, Inc. (CZWI) meldete Gewinne von 3,7 Millionen Dollar im 2. Quartal 2024, bzw. 0,35 Dollar pro verwässerter Aktie. Die wichtigsten Highlights sind:

1. Die Nettozinseinnahmen gingen auf 11,6 Millionen Dollar zurück, mit einer Nettomarge von 2,72%.

2. Negative Rückstellung für Kreditausfälle in Höhe von 1,525 Millionen Dollar aufgrund verbesserter Kreditqualität und wirtschaftlicher Ausblicke.

3. Die nichtzinsenbezogenen Einnahmen verringerten sich auf 1,9 Millionen Dollar, hauptsächlich aufgrund geringerer Gewinne aus dem Verkauf von SBA-Darlehen.

4. Die nichtzinsbezogenen Ausgaben sanken auf 10,3 Millionen Dollar, vor allem durch niedrigere Rücklagen für SBA-Rückgriffe.

5. Die Bruttokredite verringerten sich um 21,7 Millionen Dollar auf 1,43 Milliarden Dollar.

6. Die Gesamteinlagen sanken um 7,9 Millionen Dollar auf 1,52 Milliarden Dollar.

7. Der Vorstand genehmigte eine zusätzliche Aktienrückkäuferschaft im Umfang von 5%.

8. Der Buchwert pro Aktie verbesserte sich auf 17,10 Dollar, und der greifbare Buchwert pro Aktie stieg auf 13,91 Dollar.

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EAU CLAIRE, Wis., July 29, 2024 (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 $3.7 million and earnings per diluted share of $0.35 for the second quarter ended June 30, 2024, compared to $4.1 million and earnings per diluted share of $0.39 for the quarter ended March 31, 2024, and $3.2 million and $0.31 earnings per diluted share for the quarter ended June 30, 2023, respectively.

The Company’s second quarter 2024 operating results reflected the following changes from the first quarter of 2024: (1) lower nonaccrual interest income of $0.4 million recognized in net interest income in the second quarter relative to the first quarter; (2) a $0.73 million increase in negative provision for credit losses to $1.53 million in the second quarter; (3) lower non-interest income of $1.4 million due to lower gain on sale of loans and net losses on equity securities in the second quarter of 2024; and (4) lower non-interest expense of $0.5 million largely due to lower SBA recourse reserves and lower professional expenses, partially offset by higher compensation expenses largely due to annual merit increases and the write-down of a closed branch office in the second quarter.

Book value per share improved to $17.10 at June 30, 2024, compared to $16.61 at March 31, 2024, and $15.81 at June 30, 2023. Tangible book value per share (non-GAAP)1 was $13.91 at June 30, 2024, compared to $13.43 at March 31, 2024, and a 10.3% increase from $12.61 at June 30, 2023. For the second quarter of 2024, tangible book value was positively influenced by net income, lower unrealized loss on the available for sale (“AFS”) securities portfolio, reflected in accumulated other comprehensive income (“AOCI”) and intangible amortization. Stockholders’ equity as a percent of total assets was 9.77% at June 30, 2024, compared to 9.50% at March 31, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 8.09% at June 30, 2024, compared to 7.83% at March 31, 2024, with the changes above impacted favorably by asset shrinkage, partially offset by share repurchases.

“I was pleased with our execution of strategic objectives during the quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, improving credit quality, and net interest margin expansion. A planned decrease in loans and strong earnings pushed our TCE ratio to 8.09%, giving management the flexibility to repurchase shares under the new share repurchase authorization approved by our board this month. Asset quality improvements, a reduction in loan receivables by $22 million, and improving Moody’s economic outlook resulted in a negative provision of $1.53 million while maintaining a healthy reserve for credit losses to total loans at 1.48%. Our credit and pricing discipline is stabilizing our NIM, with newly originated loans offsetting modestly higher deposit costs,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.
June 30, 2024, Highlights:

  • Quarterly earnings were $3.7 million, or $0.35 per diluted share for the quarter ended June 30, 2024, a decrease from the quarter ended March 31, 2024, earnings of $4.1 million, or $0.39 per diluted share, and an increase from the quarter ended June 30, 2023, earnings of $3.2 million or $0.31 per diluted share. 
  • Net interest income decreased $0.3 million to $11.6 million for the second quarter of 2024, from $11.9 million the previous quarter and decreased $0.1 million from the second quarter of 2023. The decrease in net interest income from the first quarter of 2024 was primarily due to lower interest income recognized from nonaccrual loan payoffs of $0.4 million.
  • The net interest margin was 2.72% for the quarter ended June 30, 2024, compared to 2.77% for the previous quarter, and 2.72% for the quarter ended June 30, 2023. First quarter 2024 was impacted by nonaccrual payoffs of $0.4 million which added approximately 9 basis points to the first quarter net interest margin. The net interest margin excluding interest income from nonaccrual loan payoff was an increase of 4 basis points.
  • In the second quarter ended June 30, 2024, a negative provision for credit losses of $1.525 million was recorded compared to $0.8 million in the quarter ended March 31, 2024, and a provision for credit losses of $0.45 million for the quarter ended June 30, 2023. The second quarter of 2024 negative provision was due to decreases in ACL related to: (1) $0.6 million due to the impact of loan portfolio decreases and credit quality improvements; (2) $0.6 million due to improvements in the economic scenario per Moody’s, our third-party provider; and (3) reductions in off-balance sheet reserves to fund commitments of $0.3 million. The first quarter negative provision was due to: (1) a decrease in the allowance for credit losses on individually evaluated loans of $0.5 million; (2) a reduction in the ACL on unfunded construction loan commitments; and (3) net loan recoveries.
  • Non-interest income decreased $1.4 million in the second quarter of 2024, due to lower gain on sale of loans and higher net losses on equity securities, and was $1.0 million lower compared to the second quarter of 2023.
  • Non-interest expenses decreased $478 thousand to $10.3 million from $10.8 million for the previous quarter and increased $453 thousand from $9.8 million one year earlier. The decrease in the current quarter relative to the first quarter was primarily related to $0.4 million in lower SBA recourse reserves and professional services partially offset by $0.2 million in branch closure costs.
  • Gross loans decreased by $21.7 million during the second quarter ended June 30, 2024, to $1.43 billion from $1.45 billion at March 31, 2024. The decrease was largely due to criticized loan principal reductions and lower origination activity.
  • Total deposits decreased by $7.9 million during the second quarter ended June 30, 2024, to $1.52 billion from $1.53 billion at March 31, 2024. The decrease in deposits reflects the seasonal decreases in public deposits partially offset by an increase in brokered deposits.
  • Federal Home Loan Bank advances were reduced $8.0 million to $31.5 million at June 30, 2024, from $39.5 million at March 31, 2024.
  • The effective tax rate increased to 22.1% for the current quarter from 21.3% in the previous quarter and decreased from 25.5% one year earlier. The effective tax rate for the six months ended June 30, 2024, of 21.6% is the current estimated effective tax rate for fiscal 2024. The decrease in the tax rate from the second quarter of 2023 is due to the impact of the Wisconsin tax change approved in the third quarter of 2023.
  • Nonperforming assets were $10.3 million at June 30, 2024, compared to $10.6 million at March 31, 2024.
  • Special mention loans decreased by $4.9 million to $8.8 million at June 30, 2024, compared to $13.7 million at March 31, 2024.
  • Common stock totaling 109 thousand shares were repurchased in the second quarter of 2024 at an average price of $11.28 per share. For the six-month period ended June 30, 2024, 159 thousand shares of common stock were repurchased at an average price of $11.48 per share.
  • On July 25, 2024, the Board of Directors authorized an additional stock repurchase program of 5% or 512 thousand shares.
  • In March, the Company notified its customers that it would be closing the St. Peter, Minnesota branch in late June 2024, with account balances transferred to the nearest branch which is 13 miles away. The branch closure cost recognized in the second quarter was $0.2 million.
  • The efficiency ratio was 72% for the quarter ended June 30, 2024, compared to 71% for the quarter ended March 31, 2024, with the increase largely due to lower non-interest income.

Balance Sheet and Asset Quality

Total assets decreased by $17.0 million during the quarter to $1.80 billion at June 30, 2024.

Cash and cash equivalents increased $8.2 million during the quarter to $36.9 million at June 30, 2024, largely due to an increase in clearing balances of $4.8 million and an increase in interest-bearing deposits of $2.9 million.

Securities available for sale decreased $5.2 million during the quarter ended June 30, 2024, to $146.4 million from $151.7 million at March 31, 2024. The decrease was due to: (1) the exchange of $2.25 million of a community development financial institution’s senior debt for a preferred equity interest in the company’s operating subsidiary, resulting in a decrease in AFS securities and an increase in equity securities; and (2) $3.8 million principal repayments, offset by an increase in the market value of the AFS portfolio of $0.8 million. The senior debt to preferred equity exchange resulted in recognition of a $0.4 million loss, reflected in net losses on investment securities on the consolidated statement of operations, and a $0.2 million reduction of unrealized losses in accumulated other comprehensive loss (AOCI) on the consolidated balance sheet from March 31, 2024, included in the $0.8 million AFS AOCI increase.

Securities held to maturity decreased $1.3 million to $88.6 million during the quarter ended June 30, 2024, from $89.9 million at March 31, 2024, due to principal repayments.

The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.48% of total assets at June 30, 2024, compared to 11.44% at March 31, 2024.

On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $714.1 million, or 289% of uninsured and uncollateralized deposits at June 30, 2024, and $697 million, or 263% at March 2024.

Gross loans decreased by $21.7 million during the second quarter ended June 30, 2024, due to loan payoffs exceeding origination activity. Commercial real estate loans decreased $16.5 million, and construction and land development loans decreased $5.7 million during the second quarter ended June 30, 2024, from the prior quarter. Meanwhile, residential mortgage loans increased $3.8 million to $133.5 million.

The office loan portfolio totaled $29.0 million at quarter end and consists of 69 loans. There was one criticized loan in this portfolio during the quarter ended June 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $1.26 million to $21.2 million at June 30, 2024, representing 1.48% of total loans receivable compared to 1.55% of total loans receivable at March 31, 2024. For the quarter ended June 30, 2024, the Bank recorded negative provision of $1.525 million which included a negative provision on ACL for loans of $1.26 million and a negative provision of $0.26 million on ACL for unfunded commitments.

Allowance for Credit Losses (“ACL”) - Loans Percentage

(in thousands, except ratios)

 June 30, 2024 March 31, 2024 December 31, 2023 June 30, 2023
Loans, end of period$1,428,588  $1,450,159  $1,460,792  $1,424,988 
Allowance for credit losses - Loans$21,178  $22,436  $22,908  $23,164 
ACL - Loans as a percentage of loans, end of period 1.48%  1.55%  1.57%  1.63%
                

In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.712 million at June 30, 2024, $0.975 million at March 31, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses - Unfunded Commitments:
(in thousands)

 June 30, 2024
and Three Months
Ended		 June 30, 2023
and Three Months
Ended		 June 30, 2024
and Six Months
Ended		 June 30, 2023
and Six Months
Ended
ACL - Unfunded commitments - beginning of period$975  $1,530  $1,250  $— 
Cumulative effect of ASU 2016-13 adoption —   —   —   1,537 
(Reductions) additions to ACL - Unfunded commitments via provision for credit losses charged to operations (263)  14   (538)  7 
ACL - Unfunded commitments - end of period$712  $1,544  $712  $1,544 
                

Nonperforming assets decreased $0.3 million to $10.3 million, or 0.57% of total assets at June 30, 2024, compared to $10.6 million or 0.58% at March 31, 2024.

Special mention loans decreased $4.9 million to $8.8 million for the quarter ended June 30, 2024, from $13.7 million at March 31, 2024, primarily due to the payoff of a $4.3 million loan and other net reductions.

Substandard loans decreased by $0.3 million to $14.4 million at June 30, 2024, compared to $14.7 million at March 31, 2024.

 (in thousands)
 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
Special mention loan balances$8,848  $13,737  $18,392  $20,043  $20,507 
Substandard loan balances 14,420   14,733   19,596   16,171   19,203 
Criticized loans, end of period$23,268  $28,470  $37,988  $36,214  $39,710 
                    

Total deposits decreased $7.9 million during the quarter ended June 30, 2024, to $1.52 billion. Seasonal public deposits decreased $14.5 million with modest decreases in consumer and commercial deposits. Partially offsetting these decreases were increases in brokered deposits of $12.9 million largely due to new brokered CDs of $40 million replacing $30 million of brokered CD maturities. Brokered MMDA’s also increased during the second quarter.

Deposit Portfolio Composition
(in thousands)

 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 June 30,
2023
Consumer deposits$822,665  $827,290  $814,899  $794,970  $790,404 
Commercial deposits 412,385   414,088   423,762   429,358   401,079 
Public deposits 187,698   202,175   182,172   163,734   175,869 
Brokered deposits 96,796   83,936   98,259   85,173   97,330 
Total deposits$1,519,544  $1,527,489  $1,519,092  $1,473,235  $1,464,682 
                    

Deposit Composition
(in thousands)

 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 June 30,
2023
Non-interest-bearing demand deposits$255,703  $248,537  $265,704  $275,790  $261,876 
Interest-bearing demand deposits 353,477   361,278   343,276   336,962   358,226 
Savings accounts 170,946   177,595   176,548   183,702   206,380 
Money market accounts 370,164   387,879   374,055   312,689   288,934 
Certificate accounts 369,254   352,200   359,509   364,092   349,266 
Total deposits$1,519,544   1,527,489  $1,519,092  $1,473,235  $1,464,682 
                    

At June 30, 2024, the deposit portfolio composition was 54% consumer, 27% commercial, 12% public, and 7% brokered deposits compared to 54% consumer, 27% commercial, 13% public, and 6% brokered deposits at March 31, 2024.

Uninsured and uncollateralized deposits were $246.7 million, or 16% of total deposits, at June 30, 2024, and $265.1 million, or 17% of total deposits, at March 31, 2024. Uninsured deposits alone at June 30, 2024, were $401.6 million, or 26% of total deposits, and $429.1 million, or 28% of total deposits at March 31, 2024.

Federal Home Loan Bank advances decreased $8.0 million to $31.5 million at June 30, 2024, from $39.5 million one quarter earlier due to asset shrinkage, as available funds from loan repayments and available liquidity were used to repay outstanding borrowings.

Other borrowings decreased $6.0 million as the Company paid down its senior debt by $6.0 million and refinanced the remaining $12 million, with an interest rate of prime minus 0.75%, interest only payments for 5 years, with 40 quarterly principal and interest payments maturing in 2039.

The Company repurchased 109 thousand shares of the Company’s common stock in the second quarter of 2024 at $11.28 per share. For the six-month period ended June 30, 2024, 159 thousand shares of common stock were repurchased at an average price of $11.48 per share. As of June 30, 2024, approximately 43 thousand shares remain available for repurchase under the July 2021 share repurchase authorization and an additional 512 thousand shares are available to repurchase under the new July 2024 share authorization.

Review of Operations

Net interest income decreased to $11.6 million for the current quarter ended June 30, 2024, from $11.9 million for the quarter ended March 31, 2024, and decreased from $11.7 million for the quarter ended June 30, 2023. The decrease in net interest income from the first quarter of 2024 was due to lower interest income recognized from nonaccrual loan payoffs of $0.04 million. Excluding this decrease in nonaccrual income, net interest income increased $0.05 million in the second quarter of 2024 compared to the first quarter of 2024, as the overall impact of increasing asset yields was partially offset by the impact of asset shrinkage and rising liability yields. Additionally, both the first and second quarters of 2024 reflected non-recurring interest income of $0.2 million recognized in curing technical defaults on performing loans. The reported net interest margin decreased 5 basis points to 2.72% for the second quarter ended June 30, 2024, from 2.77% one quarter earlier. The impact of nonaccrual payoffs was 9 basis points. The net interest margin excluding interest income from nonaccrual loan payoffs was an increase of 4 basis points.

Net interest income and net interest margin analysis:
(in thousands, except yields and rates)

 Three months ended
 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
 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$11,576   2.72% $11,905   2.77% $11,747   2.69% $12,121   2.79% $11,686   2.72%
Less accretion for PCD loans (62)  (0.01)%  (75)  (0.02)%  (37)  (0.01)%  (39)  (0.01)%  (39)  (0.01)%
Less scheduled accretion interest (32)  (0.01)%  (33)  (0.01)%  (33)  (0.01)%  (77)  (0.02)%  (85)  (0.02)%
Without loan purchase accretion$11,482   2.70% $11,797   2.74% $11,677   2.67% $12,005   2.76% $11,562   2.69%
                                        

Non-interest income decreased to $1.9 million in the quarter ended June 30, 2024, compared to $3.3 million in the quarter ended March 31, 2024, and decreased from $2.9 million in the quarter ended June 30, 2023. The decrease from the first quarter of 2024, and second quarter of 2023, was largely due to lower gains on sale of SBA loans and higher losses on equity securities in the second quarter of 2024.

Total non-interest expense decreased $0.5 million in the second quarter of 2024 to $10.3 million, compared to $10.8 million for the quarter ended March 31, 2024, and increased from $9.8 million for the quarter ended June 30, 2023. The decrease from the first quarter of 2024 was primarily due to: (1) lower other expenses of $0.3 million, primarily due to a decrease in the SBA recourse reserves; and (2) lower professional costs of $0.2 million, partially offset by higher compensation costs of $0.2 million primarily due to annual merit increases effective in the last payroll in March 2024 and $0.2 million branch closure costs. The increase in non-interest expense in the second quarter of 2024 compared to the second quarter of 2023 was $0.5 million largely due to higher compensation expense.

Provision for income taxes decreased to $1.0 million in the second quarter of 2024 from $1.1 million in the first quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 22.1% for the quarter ended June 30, 2024, 21.3% for the quarter ended March 31, 2024, and 25.5% for the quarter ended June 30, 2023. The change in tax rate from 2023 is largely due to the third quarter 2023 Wisconsin state budget which largely eliminated the Company’s state income tax in Wisconsin.

These financial results are preliminary until Form 10-Q is filed in August 2024.

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 22 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; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; 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; 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 credit 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, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 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.

1 Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, 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.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. 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, 2024 (unaudited) March 31, 2024 (unaudited) December 31, 2023 (audited) June 30, 2023 (unaudited)
Assets       
Cash and cash equivalents$36,886  $28,638  $37,138  $42,969 
Securities available for sale “AFS” 146,438   151,672   155,743   161,135 
Securities held to maturity “HTM” 88,605   89,942   91,229   93,800 
Equity investments 5,023   3,281   3,284   2,299 
Other investments 13,878   13,022   15,725   16,347 
Loans receivable 1,428,588   1,450,159   1,460,792   1,424,988 
Allowance for credit losses (21,178)  (22,436)  (22,908)  (23,164)
Loans receivable, net 1,407,410   1,427,723   1,437,884   1,401,824 
Loans held for sale 275   —   5,773   2,394 
Mortgage servicing rights, net 3,731   3,774   3,865   4,008 
Office properties and equipment, net 17,774   18,026   18,373   19,827 
Accrued interest receivable 6,289   6,324   5,409   5,702 
Intangible assets 1,336   1,515   1,694   2,052 
Goodwill 31,498   31,498   31,498   31,498 
Foreclosed and repossessed assets, net 1,662   1,845   1,795   1,199 
Bank owned life insurance (“BOLI”) 25,708   25,836   25,647   25,290 
Other assets 15,794   16,219   16,334   19,493 
TOTAL ASSETS$1,802,307  $1,819,315  $1,851,391  $1,829,837 
Liabilities and Stockholders’ Equity       
Liabilities:       
Deposits$1,519,544  $1,527,489  $1,519,092  $1,464,682 
Federal Home Loan Bank (“FHLB”) advances 31,500   39,500   79,530   122,530 
Other borrowings 61,498   67,523   67,465   67,357 
Other liabilities 13,720   11,982   11,970   9,710 
Total liabilities 1,626,262   1,646,494   1,678,057   1,664,279 
Stockholders’ equity:       
Common stock— $0.01 par value, authorized 30,000,000; 10,297,341, 10,406,880, 10,440,591, and 10,470,175 shares issued and outstanding, respectively 103   104   104   105 
Additional paid-in capital 117,838   118,916   119,441   119,404 
Retained earnings 75,501   71,831   71,117   64,926 
Accumulated other comprehensive loss (17,397)  (18,030)  (17,328)  (18,877)
Total stockholders’ equity 176,045   172,821   173,334   165,558 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,802,307  $1,819,315  $1,851,391  $1,829,837 
                

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, 2024 (unaudited) March 31, 2024 (unaudited) June 30, 2023 (unaudited) June 30, 2024 (unaudited) June 30, 2023 (unaudited)
Interest and dividend income:         
Interest and fees on loans$19,921  $20,168  $17,960  $40,089  $35,086 
Interest on investments 2,542   2,511   2,817   5,053   5,364 
Total interest and dividend income 22,463   22,679   20,777   45,142   40,450 
Interest expense:         
Interest on deposits 9,338   9,209   6,162   18,547   10,510 
Interest on FHLB borrowed funds 576   512   1,892   1,088   3,385 
Interest on other borrowed funds 973   1,053   1,037   2,026   2,074 
Total interest expense 10,887   10,774   9,091   21,661   15,969 
Net interest income before provision for credit losses 11,576   11,905   11,686   23,481   24,481 
Provision for credit losses (1,525)  (800)  450   (2,325)  500 
Net interest income after provision for credit losses 13,101   12,705   11,236   25,806   23,981 
Non-interest income:         
Service charges on deposit accounts 490   471   488   961   973 
Interchange income 579   541   591   1,120   1,142 
Loan servicing income 526   582   499   1,108   1,068 
Gain on sale of loans 226   1,020   904   1,246   1,202 
Loan fees and service charges 309   230   88   539   168 
Net (losses) gains on investment securities (658)  167   10   (491)  66 
Bank Owned Life Insurance (BOLI) death benefit 184   —   —   184   — 
Other 257   253   333   510   586 
Total non-interest income 1,913   3,264   2,913   5,177   5,205 
Non-interest expense:         
Compensation and related benefits 5,675   5,483   5,336   11,158   10,674 
Occupancy 1,333   1,367   1,359   2,700   2,782 
Data processing 1,525   1,597   1,444   3,122   2,904 
Amortization of intangible assets 179   179   193   358   397 
Mortgage servicing rights expense, net 116   148   148   264   306 
Advertising, marketing and public relations 186   164   151   350   287 
FDIC premium assessment 200   205   203   405   404 
Professional services 347   566   306   913   811 
Gains on repossessed assets, net (18)  —   (9)  (18)  (38)
Other 756   1,068   715   1,824   1,440 
Total non-interest expense 10,299   10,777   9,846   21,076   19,967 
Income before provision for income taxes 4,715   5,192   4,303   9,907   9,219 
Provision for income taxes 1,040   1,104   1,097   2,144   2,351 
Net income attributable to common stockholders$3,675  $4,088  $3,206  $7,763  $6,868 
Per share information:         
Basic earnings$0.35  $0.39  $0.31  $0.75  $0.66 
Diluted earnings$0.35  $0.39  $0.31  $0.75  $0.66 
Cash dividends paid$—  $0.32  $—  $0.32  $0.29 
Book value per share at end of period$17.10  $16.61  $15.81  $17.10  $15.81 
Tangible book value per share at end of period (non-GAAP)$13.91  $13.43  $12.61  $13.91  $12.61 
                    

Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

(in thousands, except per share data)

 Three Months Ended Six Months Ended
 June 30,
2024		 March 31,
2024		 June 30,
2023		 June 30,
2024		 June 30,
2023
          
GAAP pretax income$4,715  $5,192  $4,303  $9,907  $9,219 
Branch closure costs (1) 168   —   —   168   — 
Pretax income as adjusted (2)$4,883  $5,192  $4,303  $10,075  $9,219 
Provision for income tax on net income as adjusted (3) 1,077   1,104   1,097   2,180   2,351 
Net income as adjusted (non-GAAP) (2)$3,806  $4,088  $3,206  $7,895  $6,868 
GAAP diluted earnings per share, net of tax$0.35  $0.39  $0.31  $0.75  $0.66 
Branch closure costs, net of tax 0.01   —   —   0.01   — 
Diluted earnings per share, as adjusted, net of tax (non-GAAP)$0.36  $0.39  $0.31  $0.76  $0.66 
          
Average diluted shares outstanding 10,373,089   10,443,267   10,478,206   10,407,983   10,476,711 


(1)Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
(2)Pretax income as adjusted and net income as adjusted is a non-GAAP measure that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
(3)Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.
  

Loan Composition

(in thousands)

 June 30, 2024 March 31, 2024 December 31, 2023 June 30, 2023
Total Loans:       
Commercial/Agricultural real estate:       
Commercial real estate$729,236  $745,720  $750,531  $732,435 
Agricultural real estate 78,248   80,451   83,350   87,198 
Multi-family real estate 234,758   235,450   228,095   208,211 
Construction and land development 87,898   93,560   110,941   105,625 
C&I/Agricultural operating:       
Commercial and industrial 127,386   128,434   121,666   133,763 
Agricultural operating 27,409   26,237   25,691   24,358 
Residential mortgage:       
Residential mortgage 133,503   129,665   129,021   119,724 
Purchased HELOC loans 2,915   2,895   2,880   3,216 
Consumer installment:       
Originated indirect paper 5,110   5,851   6,535   8,189 
Other consumer 5,860   5,750   6,187   6,487 
Gross loans$1,432,323  $1,454,013  $1,464,897  $1,429,206 
Unearned net deferred fees and costs and loans in process (2,733)  (2,757)  (2,900)  (2,827)
Unamortized discount on acquired loans (1,002)  (1,097)  (1,205)  (1,391)
Total loans receivable$1,428,588  $1,450,159  $1,460,792  $1,424,988 
                

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

 June 30, 2024 March 31, 2024 December 31, 2023 June 30, 2023
Nonperforming assets:       
Nonaccrual loans       
Commercial real estate$5,350  $5,340  $10,359  $11,359 
Agricultural real estate 382   382   391   1,712 
Construction and land development —   —   54   94 
Commercial and industrial (“C&I”) 422   440   —   4 
Agricultural operating 1,017   1,106   1,180   1,436 
Residential mortgage 1,145   1,127   1,167   1,029 
Consumer installment 36   18   33   29 
Total nonaccrual loans$8,352  $8,413  $13,184  $15,663 
Accruing loans past due 90 days or more 256   326   389   492 
Total nonperforming loans (“NPLs”) at amortized cost 8,608   8,739   13,573   16,155 
Foreclosed and repossessed assets, net 1,662   1,845   1,795   1,199 
Total nonperforming assets (“NPAs”)$10,270  $10,584  $15,368  $17,354 
Loans, end of period$1,428,588  $1,450,159  $1,460,792  $1,424,988 
Total assets, end of period$1,802,307  $1,819,315  $1,851,391  $1,829,837 
Ratios:       
NPLs to total loans 0.60%  0.60%  0.93%  1.13%
NPAs to total assets 0.57%  0.58%  0.83%  0.95%
                

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

 Three Months Ended
June 30, 2024		 Three Months Ended
March 31, 2024		 Three Months Ended
June 30, 2023
 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate		 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate		 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate
Average interest earning assets:                 
Cash and cash equivalents$18,894  $272   5.79% $13,071  $191   5.88% $24,779  $327   5.29%
Loans receivable 1,439,535   19,921   5.57%  1,456,586   20,168   5.57%  1,414,925   17,960   5.09%
Interest bearing deposits —   —   —%  —   —   —%  5   —   —%
Investment securities 238,147   2,012   3.40%  243,991   2,060   3.40%  264,579   2,210   3.34%
Other investments 13,051   258   7.95%  13,350   260   7.83%  17,491   280   6.42%
Total interest earning assets$1,709,627  $22,463   5.28% $1,726,998  $22,679   5.28% $1,721,779  $20,777   4.84%
Average interest-bearing liabilities:                 
Savings accounts$174,259  $429   0.99% $176,838  $421   0.96% $209,277  $393   0.75%
Demand deposits 354,850   2,023   2.29%  353,995   2,017   2.29%  366,037   1,752   1.92%
Money market accounts 377,346   2,958   3.15%  377,475   2,920   3.11%  299,201   1,774   2.38%
CD’s 352,323   3,928   4.48%  360,177   3,851   4.30%  293,262   2,243   3.07%
Total deposits$1,258,778  $9,338   2.98% $1,268,485  $9,209   2.92% $1,167,777  $6,162   2.12%
FHLB advances and other borrowings 121,967   1,549   5.11%  124,701   1,565   5.05%  238,776   2,929   4.92%
Total interest-bearing liabilities$1,380,745  $10,887   3.17% $1,393,186  $10,774   3.11% $1,406,553  $9,091   2.59%
Net interest income  $11,576      $11,905      $11,686   
Interest rate spread     2.11%      2.17%      2.25%
Net interest margin     2.72%      2.77%      2.72%
Average interest earning assets to average interest-bearing liabilities     1.24       1.24       1.22 
                                    


 Six Months Ended
June 30, 2024		 Six Months Ended
June 30, 2023
 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate		 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate
Average interest earning assets:           
Cash and cash equivalents$15,982  $463   5.83% $17,931  $467   5.25%
Loans receivable 1,448,061   40,089   5.57%  1,412,870   35,086   5.01%
Interest bearing deposits —   —   —%  126   1   1.60%
Investment securities 241,069   4,072   3.40%  266,224   4,385   3.32%
Other investments 13,200   518   7.89%  16,923   511   6.09%
Total interest earning assets$1,718,312  $45,142   5.28% $1,714,074  $40,450   4.76%
Average interest-bearing liabilities:                       
Savings accounts$175,548  $850   0.97% $213,106  $776   0.73%
Demand deposits 354,423   4,040   2.29%  378,450   3,183   1.70%
Money market accounts 377,410   5,878   3.13%  299,393   2,870   1.93%
CD’s 356,250   7,779   4.39%  270,819   3,681   2.74%
Total deposits$1,263,631  $18,547   2.95% $1,161,768  $10,510   1.82%
FHLB advances and other borrowings 123,334   3,114   5.08%  229,825   5,459   4.79%
Total interest-bearing liabilities$1,386,965  $21,661   3.14% $1,391,593  $15,969   2.31%
Net interest income  $23,481      $24,481   
Interest rate spread     2.14%      2.45%
Net interest margin     2.75%      2.88%
Average interest earning assets to average interest bearing liabilities     1.24       1.23 
                

Key Financial Metric Ratios:

 Three Months Ended Six Months Ended
 June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Ratios based on net income:         
Return on average assets (annualized) 0.81%  0.90%  0.70%  0.86%  0.76%
Return on average equity (annualized) 8.52%  9.57%  7.81%  9.04%  8.42%
Return on average tangible common equity4 (annualized) 10.92%  12.26%  10.26%  11.59%  11.05%
Efficiency ratio 72%  71%  66%  71%  66%
Net interest margin with loan purchase accretion 2.72%  2.77%  2.72%  2.75%  2.88%
Net interest margin without loan purchase accretion 2.70%  2.74%  2.69%  2.72%  2.85%
Ratios based on net income as adjusted (non-GAAP)         
Return on average assets as adjusted2 (annualized) 0.84%  0.90%  0.70%  0.87%  0.76%
Return on average equity as adjusted3 (annualized) 8.82%  9.57%  7.81%  9.20%  8.42%
                    

Reconciliation of Return on Average Assets

(in thousands, except ratios)

 Three Months Ended Six Months Ended
 June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023
    
GAAP earnings after income taxes$3,675  $4,088  $3,206  $7,763  $6,868 
Net income as adjusted after income taxes (non-GAAP) (1)$3,806  $4,088  $3,206  $7,895  $6,868 
Average assets$1,815,693  $1,834,152  $1,844,196  $1,825,723  $1,830,150 
Return on average assets (annualized) 0.81%  0.90%  0.70%  0.86%  0.76%
Return on average assets as adjusted (non-GAAP) (annualized) 0.84%  0.90%  0.70%  0.87%  0.76%


(1)See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)
  

Reconciliation of Return on Average Equity

(in thousands, except ratios)

 Three Months Ended Six Months Ended
 June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023
GAAP earnings after income taxes$3,675  $4,088  $3,206  $7,763  $6,868 
Net income as adjusted after income taxes (non-GAAP) (1)$3,806  $4,088  $3,206  $7,895  $— 
Average equity$173,462  $171,794  $164,661  $172,601  $164,541 
Return on average equity (annualized) 8.52%  9.57%  7.81%  9.04%  8.42%
Return on average equity as adjusted (non-GAAP) (annualized) 8.82%  9.57%  7.81%  9.20%  8.42%


(1)See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)
  

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

 Three Months Ended Six Months Ended
 June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Non-interest expense (GAAP)$10,299  $10,777  $9,846  $21,076  $19,967 
Less amortization of intangibles (179)  (179)  (193)  (358)  (397)
Efficiency ratio numerator (GAAP)$10,120  $10,598  $9,653  $20,718  $19,570 
          
Non-interest income$1,913  $3,264  $2,913  $5,177  $5,205 
(Gain) loss on investment securities 658   (167)  (10)  491   (66)
Net interest margin 11,576   11,905   11,686   23,481   24,481 
Efficiency ratio denominator (GAAP)$14,147  $15,002  $14,589  $29,149  $29,620 
Efficiency ratio (GAAP) 72%  71%  66%  71%  66%
                    

Reconciliation of tangible book value per share (non-GAAP)

(in thousands, except per share data)

Tangible book value per share at end of periodJune 30,
2024		 March 31,
2024		 December 31,
2023		 June 30,
2023
Total stockholders’ equity$176,045  $172,821  $173,334  $165,558 
Less: Goodwill (31,498)  (31,498)  (31,498)  (31,498)
Less: Intangible assets (1,336)  (1,515)  (1,694)  (2,052)
Tangible common equity (non-GAAP)$143,211  $139,808  $140,142  $132,008 
Ending common shares outstanding 10,297,341   10,406,880   10,440,591   10,470,175 
Book value per share$17.10  $16.61  $16.60  $15.81 
Tangible book value per share (non-GAAP)$13.91  $13.43  $13.42  $12.61 
                

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,
2024		 March 31,
2024		 December 31,
2023		 June 30,
2023
Total stockholders’ equity$176,045  $172,821  $173,334  $165,558 
Less: Goodwill (31,498)  (31,498)  (31,498)  (31,498)
Less: Intangible assets (1,336)  (1,515)  (1,694)  (2,052)
Tangible common equity (non-GAAP)$143,211  $139,808  $140,142  $132,008 
Total Assets$1,802,307  $1,819,315  $1,851,391  $1,829,837 
Less: Goodwill (31,498)  (31,498)  (31,498)  (31,498)
Less: Intangible assets (1,336)  (1,515)  (1,694)  (2,052)
Tangible Assets (non-GAAP)$1,769,473  $1,786,302  $1,818,199  $1,796,287 
Total stockholders’ equity to total assets ratio 9.77%  9.50%  9.36%  9.05%
Tangible common equity as a percent of tangible assets (non-GAAP) 8.09%  7.83%  7.71%  7.35%
                

Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

(in thousands, except ratios)

 Three Months Ended Six Months Ended
 June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Total stockholders’ equity$176,045  $172,821  $165,558  $176,045  $165,558 
Less: Goodwill (31,498)  (31,498)  (31,498)  (31,498)  (31,498)
Less: Intangible assets (1,336)  (1,515)  (2,052)  (1,336)  (2,052)
Tangible common equity (non-GAAP)$143,211  $139,808  $132,008  $143,211  $132,008 
Average tangible common equity (non-GAAP)$140,539  $138,692  $131,016  $139,588  $130,796 
GAAP earnings after income taxes 3,675   4,088   3,206   7,763   6,868 
Amortization of intangible assets, net of tax 140   141   144   281   296 
Tangible net income$3,815  $4,229  $3,350  $8,044  $7,164 
Return on average tangible common equity (annualized) 10.92%  12.26%  10.26%  11.59%  11.05%
                    

1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

4Tangible 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 was Citizens Community Bancorp's (CZWI) earnings per share in Q2 2024?

Citizens Community Bancorp (CZWI) reported earnings of $0.35 per diluted share for the second quarter of 2024.

How did CZWI's net interest income change in Q2 2024 compared to the previous quarter?

CZWI's net interest income decreased by $0.3 million to $11.6 million in Q2 2024, compared to $11.9 million in the previous quarter.

What was the provision for credit losses for CZWI in Q2 2024?

CZWI recorded a negative provision for credit losses of $1.525 million in Q2 2024, compared to a negative provision of $0.8 million in the previous quarter.

How did CZWI's loan portfolio change in Q2 2024?

CZWI's gross loans decreased by $21.7 million during Q2 2024, primarily due to loan payoffs exceeding origination activity.

What was CZWI's book value per share at the end of Q2 2024?

CZWI's book value per share improved to $17.10 at June 30, 2024, compared to $16.61 at March 31, 2024.

Stock CZWI logo
Citizens Community Bancorp, Inc.

NASDAQ:CZWI

CZWI Rankings

#4041 Ranked by Market Cap
#1374 Ranked by Dividends

CZWI Latest News

Oct 28, 2024
Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share
Apr 29, 2024
Citizens Community Bancorp, Inc. Reports First Quarter 2024 Earnings of $0.39 Per Share; Nonperforming Assets Decreased 31%; Criticized Assets Decreased 25%
Jan 29, 2024
Citizens Community Bancorp, Inc. Reports 4Q2023 Earnings of $0.35 Per Share;
Oct 24, 2023
Citizens Community Bancorp, Inc. Reports 3Q2023 Earnings of $0.24 Per Share Reflecting Tax Changes; Lower Future Effective Tax Rate Expected; Non-Performing Assets Decline: Net Interest Margin Expands
Jul 24, 2023
Citizens Community Bancorp, Inc. Reports Earnings of $0.31 Per Share in 2Q23; Tangible Book Value Increases, Specific Reserve Declines

CZWI Stock Data

160.24M
9.52M
4.91%
54.77%
0.29%
Banks - Regional
Savings Institution, Federally Chartered
Link
United States of America
EAU CLAIRE