Business
Citizens Community Bancorp, Inc. Earns $3.2 Million, or $0.28 Per Share, in 4Q19; Fourth Quarter Highlighted by Net Loan Growth of $53 Million; Net Income Increased 125% to $9.5 Million in 2019; Declared a $0.21 dividend per share
EAU CLAIRE, Wis., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community
About this update from Citizens Community Bancorp, Inc.
[{"type":"text","content":"EAU CLAIRE, Wis., Jan. 27, 2020 (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 $3.2 million, or $0.28 per diluted share, for the quarter ended December 31, 2019, compared to $1.2 million, or $0.11 per diluted share, for the previous quarter ended September 30, 2019. In the December 2019 quarter, the Company benefited from (1) significantly lower operating expense, (2) slightly higher net interest income prior to loan loss provisions, (3) slightly higher non-interest income, and (4) lower tax expenses. These items were partially offset by higher loan loss provisions largely associated with strong loan growth.\n For the year ended December 31, 2019, net income increased 125% to $9.5 million, or $0.85 per share compared to $4.2 million, or $0.49 per share for the twelve months ended December 31, 2018. Net income as adjusted (non-GAAP)1 was $3.0 million or $0.26 per diluted share for the quarter ended December 31, 2019 compared to net income as adjusted (non-GAAP) of $3.4 million or $0.30 per diluted share for the quarter ended September 30, 2019. The current quarter adjusted results were impacted by $104,000 of acquisition-related expenses and the tax impact of certain acquired BOLI policies, due to recent tax rule changes, of $300,000. The following table reports key financial metric ratios based on a net income and net income as adjusted basis: Three Months Ended Twelve Months Ended December 31,2019 September 30,2019 December 31,2018 December 31,2019 December 31,2018Ratios based on net income: Return on average assets (annualized) 0.84% 0.34% 0.47% 0.68% 0.46%Return on average equity (annualized) 8.41% 3.35% 3.66% 6.59% 3.92%Efficiency ratio (non-GAAP) 67% 85% 78% 73% 80%Net interest margin 3.41% 3.34% 3.56% 3.37% 3.46%Ratios based on net income as adjusted (non-GAAP): Return on average assets as adjusted2 (annualized) 0.79% 0.93% 0.82% 0.76% 0.58%Return on average equity as adjusted3 (annualized) 7.85% 9.22% 6.38% 7.44% 4.92%Efficiency ratio4 (non-GAAP) 66% 66% 68% 68% 76% “We experienced strong annualized loan growth of 16% in the quarter. We saw continued economic strength and low unemployment in the Eau Claire, Mankato and Twin Cities markets and maintained continuity in our Commerc...