Citizens Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016
January 31, 2017 at 02:30 am IST
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Citizens Community Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, the company reported net interest income of $5,557,000 against $4,553,000 a year ago. Income before provision for income taxes was $1,407,000 against $1,334,000 a year ago. Net income attributable to common stockholders was $940,000 against $847,000 a year ago. Basic and diluted earnings per share were $0.18 against $0.16 per share a year ago. Core earnings (non-GAAP) grew 51% to $1.3 million compared to $892,000 for the quarter ended December 31, 2015, and increased 72% from $785,000 for the quarter ended September 30, 2016. Core earnings (non-GAAP) primarily reflect adjustments related to merger-related costs of the CBN acquisition on May 16, 2016, and the costs associated with the closing of four branches as part of the planned exit from the Eastern Wisconsin market.
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.