Business
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
EAU CLAIRE, Wisc., July 25, 2022 (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, 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 $4.4 million and earnings per diluted share of $0.41 for the quarter ended June 30, 2022, compared to $4.7 million and $0.45 per diluted share for the quarter ended March 31, 2022, and $4.7 million and $0.44 per diluted share for the quarter ended June 30, 2021, respectively. For the first six months of 2022, earnings were $9.1 million, or $0.86 per diluted share, compared to earnings of $10.2 million, or $0.94 per diluted share for the first six months of 2021. The Company’s second quarter 2022 operating results reflected the following changes from the first quarter of 2022: (1) net interest income increased $1.1 million; (2) an increase in provision for loan losses of $0.4 million due to loan growth; (3) lower gain on sale of loans of $0.3 million; (4) a decrease in the MSR impairment reversals of $0.5 million as a result of no MSR impairment at March 31, 2022 or June 30, 2022; and (5) modestly higher compensation resulting from the annual merit increases effective in late March. “We experienced strong annualized loan growth of 18% on a linked quarter basis and annualized loan growth through six months of 7%. At the end of the quarter, loan demand and pipeline activity showed some softening due to the effect of higher interest rates, inflation and supply chain delays on new construction projects, and our adjusted credit standards to prudently manage risk. Economic activity in our markets, however, remains strong with unemployment rates remaining below national averages and solid business activity across most industries. I am pleased by our work to closely manage expenses as evidenced by the efficiency ratio of 60% in the quarter,” said Stephen Bianchi, Chairman, President and Chief Executive Officer. Book value per share was $15.64 at June 30, 2022, compared to $15.72 at March 31, 2022, and $15.33 at June 30, 2021. Tangible book value per share (non-GAAP)1 was $12.36 at June 30, 2022, compared to $12.40 at March 31, 2022, and $11.95 at June 30, 2021. The increase in unrealized losses in the available for sale portfolio lowered both book and tangible book value in the first and second quarters, with the am...