Citizens Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2017; Reports Net Charged Off Loans for the First Quarter of 2017
January 27, 2018 at 02:55 am IST
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Citizens Community Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2017. The company reported GAAP earnings increased to $1.34 million or $0.23 per diluted share in first fiscal 2018, compared to $940,000, or $0.18 per share one year earlier and a loss of $458,000, or $0.08 one quarter earlier. Net interest income increased 35.5% to $7.53 million in first quarter fiscal 2018, from $5.56 million in first fiscal 2017 and 22.0% from $6.17 million one quarter earlier, largely due to the full quarter impact of the wells acquisition. Income before provision for income taxes was $2.223 million compared to loss before benefit for income taxes was $0.665 million a year ago. Core earnings (non-GAAP) increased 140% to $1.8 million, or $0.30 per diluted share for first fiscal 2018, compared to $0.7 million, or $0.14 per diluted share from the prior quarter. Core earnings before income taxes were $2.324 million compared to $1.107 million a year ago. Book value per share at end of period was $12.65 compared to $12.48 a year ago. Tangible book value per share at end of period (non-gaap) was $9.98 compared to $9.78 a year ago.
Net charged off loans totaled $183,000 for the first quarter ended December 31, 2017 compared to $151,000 for the quarter ended December 31, 2016.
Citizens Community Bancorp, Inc. is a bank holding company for Citizens Community Federal N.A. (the Bank). The Bank is a federally chartered national bank serving customers in Wisconsin and Minnesota. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, agricultural operators and consumers, including one-to-four family residential mortgages. The Bank offers a variety of loan products including commercial real estate loans, commercial and industrial (C&I) loans, agricultural real estate loans, agricultural operating loans, residential mortgages, home equity lines-of-credit and consumer loans. It maintains a portfolio of investments, consisting primarily of mortgage-backed securities, asset-backed securities, United States Government sponsored agency securities and corporate debt securities.
Citizens Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2017; Reports Net Charged Off Loans for the First Quarter of 2017