{"id":517772,"date":"2021-07-26T16:33:51","date_gmt":"2021-07-26T20:33:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/citizens-community-bancorp-inc-earnings-increase-53-to-4-7-million-or-0-44-per-share-in-2q21-from-2q20-2021-record-six-month-earnings-of-10-2-million-increase-of-80-from-2020-annualized-gross\/"},"modified":"2021-07-26T16:33:51","modified_gmt":"2021-07-26T20:33:51","slug":"citizens-community-bancorp-inc-earnings-increase-53-to-4-7-million-or-0-44-per-share-in-2q21-from-2q20-2021-record-six-month-earnings-of-10-2-million-increase-of-80-from-2020-annualized-gross","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/citizens-community-bancorp-inc-earnings-increase-53-to-4-7-million-or-0-44-per-share-in-2q21-from-2q20-2021-record-six-month-earnings-of-10-2-million-increase-of-80-from-2020-annualized-gross\/","title":{"rendered":"Citizens Community Bancorp, Inc. Earnings Increase 53% to $4.7 Million, or $0.44 Per Share in 2Q21 from 2Q20; 2021 Record Six Month Earnings of $10.2 million, Increase of 80% from 2020; Annualized Gross Loan Growth of 12% and Asset Quality Continues to Improve; Board Approves 5% Stock Repurchase Program"},"content":{"rendered":"
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EAU CLAIRE, Wis., July 26, 2021 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the \u201cCompany\u201d) (Nasdaq: CZWI), <\/strong>the parent company of Citizens Community Federal N.A. (the \u201cBank\u201d or \u201cCCFBank\u201d), today reported earnings of $4.7 million or $0.44 per diluted share for the quarter ended June 30, 2021 compared to $5.5 million, or $0.50 per diluted share for the quarter ended March 31, 2021, and $3.1 million, or $0.28 per diluted share for the quarter ended June 30, 2020. Net income as adjusted (non-GAAP)1<\/sup> was also $4.7 million or $0.44 per diluted share for the second quarter of 2021 as there were no adjustments to any income or expense items during the quarter, compared to net income as adjusted of $5.6 million, or $0.51 per diluted share for the preceding quarter and $2.8 million or $0.25 per diluted share for the second quarter a year ago. For the first six months of 2021, earnings increased 80% to a record $10.2 million, or $0.94 per diluted share compared to earnings of $5.7 million or $0.51 per share, for the first six months of 2020. On July 23, 2021, the Board of Directors approved a new 5% stock repurchase plan as described below.<\/p>\n

The Company\u2019s second quarter 2021 operating results reflected the following changes from the first quarter of 2021: (1) modest increase in net interest income resulting from an increase in the investment portfolio size and lower deposit cost; which was largely offset by a decrease in the accretion of deferred fees on the Small Business Administration\u2019s Paycheck Protection Program (\u201cSBA PPP\u201d) and a decrease in accretion due to reductions of purchased credit impaired loans; (2) lower gains on securities sales; and (3) an increase in net mortgage servicing expenses of $0.9 million largely due to the reversal of $0.9 million of previously recorded MSR impairment in the first quarter of 2021.<\/p>\n

Book value per share was $15.33 at June 30, 2021, compared to $14.75 at March 31, 2021, and $13.70 at June 30, 2020. Tangible book value per share (non-GAAP)5<\/sup> was $11.95 at June 30, 2021 compared to $11.39 at March 31, 2021 and $10.31 at June 30, 2020. Book value per share increased $1.63 over the past 12 months, an 11.9% increase from June 30, 2020. Tangible book value per share increased $1.64 over the past 12 months, a 15.9% increase from June 30, 2020. Additionally, the Company increased and paid an annual dividend, which increased 10% to $0.23 per share on February 25, 2021.<\/p>\n

\u201cOur effort over the last year and a half to strengthen our culture of caring for customers and colleagues and accountability for our strategic and tactical execution is evidenced in our results. The 16% increase in tangible book value year over year, further asset quality improvements to peer group levels and disciplined expense management are examples of a focused team. We saw a nice rebound this quarter in loan growth (12% annualized) following the seasonally slow first quarter which was supported by low unemployment rates in our markets that are below the national averages. Our loan pipeline remains strong entering the summer months and we are optimistic about our loan growth prospects in the third quarter,\u201d said Stephen Bianchi, Chairman, President and Chief Executive Officer.<\/p>\n

\n June 30, 2021 Highlights: <\/strong>(as of or for the 3-month period ended June 30, 2021 compared to March 31, 2021 and June 30, 2020.)<\/p>\n