Business
CORRECTING and REPLACING – Citizens Community Bancorp, Inc. Earns $1.2 Million, or $0.11 Per Share, in 3Q19; Third Quarter Highlighted by Completed Acquisition of F. & M. Bancorp of Tomah, Inc.
Announces 5% Stock Buyback Plan EAU CLAIRE, Wis., Oct. 28, 2019 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Citizens
About this update from Citizens Community Bancorp, Inc.
[{"type":"text","content":"Announces 5% Stock Buyback Plan\nEAU CLAIRE, Wis., Oct. 28, 2019 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Citizens Community Bancorp, Inc. (Nasdaq: CZWI), please note that in the table titled \"Loan Composition,\" under \"Acquired Loans,\" \"Residential real estate,\" all figures in the \"One to four family\" row have been corrected. The corrected release follows:\n 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 $1.2 million, or $0.11 per diluted share, for the quarter ended September 30, 2019, compared to $4.1 million, or $0.37 per diluted share, for the previous quarter ended June 30, 2019. In the September 2019 quarter, the Company benefited from (1) the full quarter impact of the F. & M. Bancorp. of Tomah, Inc. (\"F&M\") acquisition, net of merger charge considerations, (2) strong loan fee income from commercial activity, (3) an annual debit card incentive and (4) reduced FDIC insurance assessments due to the FDIC application of Small Bank Assessment Credits to our current quarter invoice. These items were partially offset by (1) increased loan servicing amortization resulting from higher prepayments and (2) higher than normal marketing expenses as CCFBank continues to execute on its plan of brand awareness with recent acquisitions. Net income as adjusted (non-GAAP)1 was $3.4 million or $0.30 per diluted share for the quarter ended September 30, 2019 compared to $2.6 million of $0.23 per diluted share for the quarter ended June 30, 2019. The current quarter results were impacted by $2.9 million of acquisition-related expenses which reduced net income by $0.19 per diluted share. Included in GAAP net income and net income as adjusted for the quarter ended September 30, 2019, was the earnings impact from F&M of approximately $0.03 per diluted share, before merger charges. The June 2019 quarter operations reflected a $2.3 million gain on the sale of a branch, or $0.15 per diluted share. This gain was excluded from net income as adjusted and modestly offset by the addition of $206,000 of pre-tax acquisition-related expenses which added $0.01 per diluted share. The following table reports key financial metric ratios based on a net income and net income as adjusted...