Business
Citizens Community Bancorp, Inc. Earnings Per Share Increase 81% to $0.58 Per Share in 4Q21 from 4Q20; 2021 Record Annual Earnings of $21.3 Million; Quarterly Loan Growth of $83 Million Excluding PPP Loan Paydowns; 2022 Annual Dividend Increase of 13%...
Citizens Community Bancorp, Inc. Earnings Per Share Increase 81% to $0.58 Per Share in 4Q21 from 4Q20; 2021 Record Annual Earnings of $21.3 Million; Quarterly
About this update from Citizens Community Bancorp, Inc.
[{"type":"text","content":"Citizens Community Bancorp, Inc. Earnings Per Share Increase 81% to $0.58 Per Share in 4Q21 from 4Q20; 2021 Record Annual Earnings of $21.3 Million; Quarterly Loan Growth of $83 Million Excluding PPP Loan Paydowns; 2022 Annual Dividend Increase of 13% to $0.26 Per Share \n EAU CLAIRE, Wisc., Jan. 31, 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 $6.1 million and earnings per diluted share of $0.58 for the quarter ended December 31, 2021, compared to $5.0 million and $0.47 per diluted share for the quarter ended September 30, 2021, and $3.6 million and $0.32 per diluted share for the quarter ended December 31, 2020, respectively. Net income as adjusted (non-GAAP)1 was $6.1 million and $0.58 per diluted share for the fourth quarter of 2021, compared to net income as adjusted of $5.0 million and $0.47 per diluted share for the preceding quarter, and $3.7 million and $0.33 per diluted share for the fourth quarter one year ago. For the fiscal year ended December 31, 2021, earnings increased 67% to a record $21.3 million, or $1.98 per diluted share compared to earnings of $12.7 million or $1.14 per diluted share, for the fiscal year ended December 31, 2020. The Company’s fourth quarter 2021 operating results reflected the following changes from the third quarter of 2021: (1) increase in loan interest income due to loan growth and the resulting increase in the loan portfolio, partially offset by lower net accretion of SBA PPP fees and purchase accretion; (2) lower deposit costs; (3) an increase in net gains on the sale of investment securities; and (4) a slight increase in compensation expense of $0.3 million largely due to higher incentive compensation based on performance, including loan growth. Book value per share was $16.27 at December 31, 2021, compared to $15.77 at September 30, 2021, and $14.52 at December 31, 2020. Tangible book value per share (non-GAAP)5 was $12.90 at December 31, 2021, compared to $12.37 at September 30, 2021, and $11.18 at December 31, 2020. Book value per share increased $1.75 over the past 12 months, a 12.1% increase from December 31, 2020. Tangible book value per share increased $1.72 over the past 12 months, a 15.4% increase from December 31, 2020. Thes...