Business
Citizens Community Bancorp, Inc. Reports Earnings Per Share $0.45 Per Share in 1Q22; Bank Capital Base Strengthened
EAU CLAIRE, Wisc., April 25, 2022 (GLOBE NEWSWIRE) -- Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens
About this update from Citizens Community Bancorp, Inc.
[{"type":"text","content":"EAU CLAIRE, Wisc., April 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 $4.7 million and earnings per diluted share of $0.45 for the quarter ended March 31, 2022, compared to $6.1 million and $0.58 per diluted share for the quarter ended December 31, 2021, and $5.5 million and $0.50 per diluted share for the quarter ended March 31, 2021, respectively. The Company’s first quarter 2022 operating results reflected the following expected changes from the fourth quarter of 2021: (1) loan interest income decreased largely due to lower net accretion of SBA PPP fees of $1 million as most of these loans repaid in 2021 and (2) a decrease in net gains on sale of investment securities of $0.9 million. Other changes in the quarter included an increase in interest income due to higher volume of loans, lower liability costs, a decrease in incentive compensation and the impact of higher mortgage servicing rights impairment reversals. These positive items were offset by the impact of two fewer days of interest income, the impact of lower yields on fourth quarter loan originations and lower gain on sale of loans. Book value per share was $15.72 at March 31, 2022, compared to $16.27 at December 31, 2021, and $14.75 at March 31, 2021. Tangible book value per share (non-GAAP)1 was $12.40 at March 31, 2022, compared to $12.90 at December 31, 2021, and $11.39 at March 31, 2021. Book value per share increased $0.97 over the past 12 months, a 6.6% increase from March 31, 2021. Tangible book value per share increased $1.01 over the past 12 months, an 8.9% increase from March 31, 2021. The quarterly decrease in tangible book value per share was largely due to the shift to an unrealized loss in the available for sale securities portfolio of approximately $0.68 per share in the first quarter and the Company’s payment of the annual shareholder dividend in the first quarter of 2022 of $0.26 per share. These decreases were partially offset by net income. “Loan balances decreased 1.5% in the quarter because of expected payoffs, contractual amortization and the seasonal decline in pipeline activity noted last quarter. Loan pipelines accelerated in the last half of the quarter and economic activity in our marke...