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Overview of Citizens Community Bancorp, Inc. (CZWI)
Citizens Community Bancorp, Inc. (NASDAQ: CZWI) is a bank holding company headquartered in Altoona, Wisconsin. Through its subsidiary, Citizens Community Federal, the company provides a comprehensive range of community banking services to businesses, agricultural operators, and consumers. Operating across Wisconsin, Minnesota, and Michigan, CZWI serves customers through a network of branch locations strategically located in both urban centers and rural communities. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato areas in Minnesota, and other surrounding regions.
Core Business Operations
At its core, Citizens Community Bancorp focuses on traditional banking services, offering a wide array of deposit products such as demand deposits, savings accounts, money market accounts, and certificates of deposit. On the lending side, the company provides a diverse portfolio of loan products, including:
- Residential mortgages: One-to-four-family residential loans to individuals and families.
- Commercial real estate loans: Financing for property development and investment.
- Commercial and industrial (C&I) loans: Loans tailored to meet the needs of small and medium-sized businesses.
- Agricultural loans: Both real estate and operating loans for farmers and agricultural businesses.
- Consumer loans: Personal loans, including home equity lines of credit.
The company also generates non-interest income through services such as the sale of Small Business Administration (SBA) loans, which contribute to its diversified revenue streams.
Market Position and Competitive Landscape
CZWI operates within the highly competitive regional banking sector. Its primary competitors include other community banks, credit unions, and larger national banks with a presence in its operating regions. The company differentiates itself through its focus on community banking, emphasizing customer retention, personalized service, and deep ties to the local communities it serves. This localized approach allows CZWI to compete effectively against larger institutions by offering tailored financial solutions and fostering long-term customer relationships.
Revenue Streams and Funding Sources
Citizens Community Bancorp’s revenue is primarily derived from interest income on loans and investments. Additional income is generated through non-interest sources, including fees from deposit accounts and gains on the sale of SBA loans. The company’s funding is sourced from customer deposits, the amortization and prepayment of loans, short-term investments, and operational cash flows. By maintaining a balanced mix of funding sources, CZWI ensures liquidity and financial stability.
Focus on Asset Quality and Deposit Growth
Asset quality is a key focus for CZWI, as evidenced by its efforts to manage nonperforming assets and maintain a strong allowance for credit losses. The company has demonstrated a commitment to improving credit quality through strategic loan portfolio management and risk mitigation measures. On the deposit side, CZWI has achieved steady growth by emphasizing customer acquisition and retention, which has reduced reliance on wholesale funding sources.
Strategic Priorities
Citizens Community Bancorp's strategic priorities include optimizing its balance sheet, enhancing operational efficiency, and expanding its market presence. The company’s focus on SBA loan sales and other non-interest income sources highlights its efforts to diversify revenue streams. Additionally, CZWI continues to invest in its branch network and digital banking capabilities to meet evolving customer needs.
Conclusion
Citizens Community Bancorp, Inc. stands out as a regional bank with a strong commitment to community-focused banking. By offering a broad range of financial products and services, the company addresses the diverse needs of its customers while maintaining a focus on asset quality and deposit growth. Its strategic emphasis on personalized service and local market expertise positions it as a reliable financial partner for businesses, agricultural operators, and consumers in its operating regions.
Citizens Community Bancorp (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%.
Citizens Community Bancorp reported first-quarter 2022 earnings of $4.7 million or $0.45 per diluted share, down from $6.1 million or $0.58 in Q4 2021. Key factors for the decrease include a $1 million drop in loan interest income, primarily from reduced SBA PPP fees, and a $0.9 million decline in securities sales. Total assets rose to $1.78 billion, while book value per share fell to $15.72. The company also issued $35 million in subordinated debt and injected $15 million into its banking subsidiary to strengthen capital ratios.
Citizens Community Bancorp reported record earnings of $6.1 million or $0.58 per diluted share for the fourth quarter of 2021, up from $5.0 million or $0.47 per share the previous quarter. Fiscal 2021 earnings surged by 67% to $21.3 million, compared to $12.7 million in 2020. Key drivers included increased loan interest income and reduced deposit costs. Book value per share rose to $16.27, a 12.1% annual increase. However, total assets slightly declined to $1.74 billion, and nonperforming assets increased to $13.2 million.
Citizens Community Bancorp (CZWI) reported record earnings of $5.0 million for Q3 2021, translating to $0.47 per diluted share, an increase from $4.7 million ($0.44 per diluted share) in Q2 2021 and $3.5 million ($0.31 per diluted share) in Q3 2020. Year-to-date earnings reached $15.2 million, up 66% from $9.2 million in 2020. Key drivers include increased loan interest income, modest growth in net interest income, and improved asset quality. However, nonperforming assets rose to $12.1 million from $8.8 million in the prior quarter, primarily due to a single commercial real estate loan.
Citizens Community Bancorp, Inc. (CZWI) reported second-quarter earnings of $4.7 million ($0.44 per diluted share), down from $5.5 million ($0.50 per share) in Q1 2021, but up from $3.1 million ($0.28 per share) in Q2 2020. Year-to-date earnings reached $10.2 million, an 80% increase from the previous year. The company approved a 5% stock repurchase plan, and tangible book value rose by 15.9% year-over-year to $11.95 per share. Total assets decreased by $17.8 million to $1.71 billion. Nonperforming assets fell 6% to $8.8 million, demonstrating improved asset quality.
Citizens Community Bancorp, Inc. (CZWI) reported record earnings of $5.5 million or $0.50 per diluted share for Q1 2021, up from $3.6 million ($0.32) in Q4 2020 and $2.6 million ($0.23) in Q1 2020. Adjusted net income was $5.6 million or $0.51 per diluted share. Key highlights included no loan loss provisions due to improved asset quality, a decrease in non-interest expenses, and an 11% year-over-year increase in book value per share to $14.75. The bank's nonperforming assets fell 19% this quarter. Total assets increased to $1.73 billion.
Citizens Community Bancorp, Inc. (Nasdaq: CZWI) announced that Steve Bianchi, Chairman and CEO, and Jim Broucek, CFO, will hold virtual meetings with institutional investors on May 6-7, 2021, hosted by D.A. Davidson. Discussion materials will be available on the Company's investor website by May 6, 2021. The Bank serves customers in Wisconsin and Minnesota, operating 25 branches and providing community banking services including residential mortgage loans.
Citizens Community Bancorp reported Q4 2020 earnings of $3.6 million ($0.32 per diluted share), up from $3.5 million ($0.31 per diluted share) in Q3 2020 and $3.2 million ($0.28 per diluted share) in Q4 2019. Annual earnings reached $12.7 million ($1.14 per diluted share), compared to $9.5 million ($0.85 per diluted share) in 2019. Key highlights include a 13% increase in tangible book value per share to $11.18, a decrease in nonperforming assets by 23%, and a dividend increase of 10% to $0.23 per share. The provision for loan losses rose to $2.5 million due to organic loan growth and economic uncertainties.
Citizens Community Bancorp reported earnings of $3.5 million ($0.31 per share) for the quarter ended September 30, 2020, an increase from $3.1 million ($0.28 per share) in the previous quarter. Adjusted net income was $3.3 million ($0.30 per share), up from $2.8 million ($0.25 per share). The company saw lower net interest income due to loan portfolio reductions but benefited from high mortgage loan sales. Book value per share increased to $14.10, reflecting a 7% annualized growth. Non-performing assets decreased significantly, indicating improved asset quality. However, COVID-19-related loan loss provisions increased.
Citizens Community Bancorp reported a net income of $3.1 million or $0.28 per diluted share for Q2 2020, up from $2.6 million or $0.23 in Q1. Tangible book value per share increased to $10.31 from $9.80.
Key highlights include improved asset quality, with non-performing assets decreasing to 1.08% of total assets. However, the company faced higher loan loss provisions of $1.75 million due to anticipated COVID-19 impacts. The bank's total assets grew to $1.61 billion, partly from $137 million in SBA PPP loans.
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