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.