{"id":750848,"date":"2023-04-25T10:10:51","date_gmt":"2023-04-25T14:10:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/citizens-community-bancorp-inc-reports-earnings-of-0-35-per-share-in-1q23-deposit-and-loan-balances-increase-from-prior-quarter\/"},"modified":"2023-04-25T10:10:51","modified_gmt":"2023-04-25T14:10:51","slug":"citizens-community-bancorp-inc-reports-earnings-of-0-35-per-share-in-1q23-deposit-and-loan-balances-increase-from-prior-quarter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/citizens-community-bancorp-inc-reports-earnings-of-0-35-per-share-in-1q23-deposit-and-loan-balances-increase-from-prior-quarter\/","title":{"rendered":"Citizens Community Bancorp, Inc. Reports Earnings of $0.35 Per Share in 1Q23; Deposit and Loan Balances Increase From Prior Quarter"},"content":{"rendered":"
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EAU CLAIRE, Wis., April 25, 2023 (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 $3.7 million and earnings per diluted share of $0.35 for the quarter ended March 31, 2023, compared to $4.7 million and $0.45 per diluted share for the quarter ended December 31, 2022, and $4.7 million and $0.45 per diluted share for the quarter ended March 31, 2022, respectively.<\/p>\n

The Company\u2019s first quarter of 2023 operating results reflected the following changes from the fourth quarter of 2022: (1) lower net interest income due to the impact of higher deposit costs; and (2) lower non-interest income of $0.6 million due to decreases in net gains on investment securities, partially offset by lower credit loss provision due to lower loan growth and improved asset quality.<\/p>\n

\u201cDespite unusual challenges presented to us by rapidly rising interest rates, highly publicized bank failures and continued discussion of a pending economic recession, our underlying resilience and teamwork produced a return on tangible shareholders\u2019 equity of 12% for our first quarter of 2023. Much effort has been put into the Bank\u2019s operations designed to ensure efficiency, diversification of deposits and loans and continued growth in franchise value. Our largely small and rural markets have provided stability in employment and deposits with customer outlooks generally positive about 2023. The stability of our deposit base also benefits from the fact that 82% are either insured or collateralized,\u201d stated Stephen Bianchi, Chairman, President and Chief Executive Officer. \u201cWe expect to see annual loan growth moderating to low single digit percentage growth in 2023 as higher interest rates appear to be affecting new project feasibility. Asset quality improved further with a 25% reduction in criticized loans to $22.1 million, non-performing assets to total assets of .63%, and minimal loan net charge offs of $23 thousand.\u201d<\/p>\n

Book value per share was $15.70 at March 31, 2023, compared to $16.03 at December 31, 2022, and $15.72 at March 31, 2022. Tangible book value per share (non-GAAP)1<\/sup> was $12.48 at March 31, 2023, compared to $12.77 at December 31, 2022, and $12.40 at March 31, 2022. For the quarter, tangible book value was positively influenced by net income, intangible amortization and lower accumulated other comprehensive loss on investment securities, offset by dividend payments to shareholders and the adoption of the Accounting Standards Update (\u201cASU\u201d) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (\u201cCECL\u201d).<\/p>\n

\n March 31, 2023 Highlights: <\/strong>(as of or for the 3-month period ended March 31, 2023 compared to December 31, 2022 and March 31, 2022.)<\/p>\n