Business
Crazy Woman Creek Bancorp Reports Earnings for Fiscal Year 2023
Crazy Woman Creek Bancorp Reports Earnings for Fiscal Year 2023.
About this update from Crazy Woman Creek Bancorp Inc.
[{"type":"text","content":"\n BUFFALO, Wyo., Dec. 27, 2023 (GLOBE NEWSWIRE) -- We continue to build our franchise as Crazy Woman Creek Bancorp (OTCPink: CRZY) and Buffalo Federal Bank, known as The Banks of Buffalo, Sheridan, Gillette and BFSB Mortgage of Evanston. Headquartered in Buffalo, Wyoming, our bank remains a vital business and community partner since founding in 1936. We take great pride in meeting our customers’ banking needs with a passion for local decision-making and personal involvement in our communities. Our vision remains to be the premier community bank serving the needs of individuals, families and businesses throughout North-Central Wyoming. Given our commitment to shareholders, along with balancing anticipated economic and/or regulatory requirements, we have elected to retain our cash dividend traditionally paid in January. The cash retention will be utilized to fund our strong balance sheet growth and provide for our continuing strong Tier 1 Leverage Ratio. Crazy Woman Creek Bancorp posted the third-best performance in our 87-year history; at September 30, 2023 the fiscal year net income was $1,277,138, corresponding to an annualized return on equity (ROE) of 10.41% and annualized return on assets (ROA) of 0.71%. With the FOMC target range of 5.25-5.50%, the highest in 22 years, the entire financial sector is faced with an incredibly challenging environment and community banks are certainly being impacted with margin compression. Our foundation continues to be successfully managing the cost of funds and loan yields. Our net interest margin at September 30, 2023 of 3.51% places us eighth highest in Wyoming and above the state average of 3.31%. We maintain ample capital ratios and at September 30, 2023, our Tier 1 Leverage Ratio was 9.37%. This ratio substantially exceeds the current definition for “well-capitalized” institutions. Our commitment to asset quality is clear. Nonperforming assets were 0.94% at September 30, 2023. During this fiscal year, we achieved an over 30-day past-due monthly loan delinquency average of 0.60% and at September 30, 2023, the balance held in foreclosed and repossessed assets was zero. Our loan loss reserve at September 30, 2023 was 1.79% and substantially above the Wyoming average of 1.45%. We are confident our reserve position is solid and accurately reflects the identifiable ris...