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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2023
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-33003
CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Maryland | | 20-5120010 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification Number) |
2174 EastRidge Center
Eau Claire, WI 54701
(Address and Zip Code of principal executive offices)
715-836-9994
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.01 par value per share | CZWI | NASDAQ Global Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
| | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | | ☐ | | Accelerated filer | | ☐ |
Non-accelerated filer | | ☒ | | Smaller reporting company | | ☒ |
| | | | Emerging growth company | | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
At May 4, 2023 there were 10,484,321 shares of the registrant’s common stock, par value $0.01 per share, outstanding.
CITIZENS COMMUNITY BANCORP, INC.
FORM 10-Q
March 31, 2023
INDEX
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| Item 2. | | |
| Item 3. | | |
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| Item 1. | | |
| Item 1A. | | |
| Item 2. | | |
| Item 3. | | |
| Item 4. | | |
| Item 5. | | |
| Item 6. | | |
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PART 1 – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Balance Sheets
March 31, 2023 (unaudited) and December 31, 2022
(derived from audited financial statements)
(in thousands, except share and per share data)
| | | | | | | | | | | |
| March 31, 2023 | | December 31, 2022 |
Assets | | | |
Cash and cash equivalents | $ | 65,050 | | | $ | 35,363 | |
Other interest bearing deposits | 249 | | | 249 | |
Securities available for sale "AFS" | 173,423 | | | 165,991 | |
Securities held to maturity "HTM" | 95,301 | | | 96,379 | |
Equity investments | 2,151 | | | 1,794 | |
Other investments | 17,428 | | | 15,834 | |
Loans receivable | 1,420,955 | | | 1,411,784 | |
Allowance for credit losses | (22,679) | | | (17,939) | |
Loans receivable, net | 1,398,276 | | | 1,393,845 | |
Loans held for sale | 761 | | | — | |
Mortgage servicing rights, net | 4,120 | | | 4,262 | |
Office properties and equipment, net | 20,197 | | | 20,493 | |
Accrued interest receivable | 5,550 | | | 5,285 | |
Intangible assets | 2,245 | | | 2,449 | |
Goodwill | 31,498 | | | 31,498 | |
Foreclosed and repossessed assets, net | 1,113 | | | 1,271 | |
Bank owned life insurance ("BOLI") | 25,118 | | | 24,954 | |
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Other assets | 18,240 | | | 16,719 | |
TOTAL ASSETS | $ | 1,860,720 | | | $ | 1,816,386 | |
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| | | |
Liabilities and Stockholders’ Equity | | | |
Liabilities: | | | |
Deposits | $ | 1,436,793 | | | $ | 1,424,720 | |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances | 182,530 | | | 142,530 | |
Other borrowings | 67,300 | | | 72,409 | |
Other liabilities | 9,536 | | | 9,639 | |
Total liabilities | 1,696,159 | | | 1,649,298 | |
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Stockholders’ Equity: | | | |
| | | |
Common stock—$0.01 par value, authorized 30,000,000; 10,482,821 and 10,425,119 shares issued and outstanding, respectively | 105 | | | 104 | |
Additional paid-in capital | 119,327 | | | 119,240 | |
Retained earnings | 61,720 | | | 65,400 | |
| | | |
Accumulated other comprehensive loss | (16,591) | | | (17,656) | |
Total stockholders’ equity | 164,561 | | | 167,088 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,860,720 | | | $ | 1,816,386 | |
See accompanying condensed notes to unaudited consolidated financial statements.
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Operations (unaudited)
Three Months Ended March 31, 2023 and 2022
(in thousands, except per share data)
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 31, 2023 | | March 31, 2022 | | | | |
Interest and dividend income: | | | | | | | |
Interest and fees on loans | $ | 17,126 | | | $ | 13,767 | | | | | |
Interest on investments | 2,547 | | | 1,609 | | | | | |
Total interest and dividend income | 19,673 | | | 15,376 | | | | | |
Interest expense: | | | | | | | |
Interest on deposits | 4,348 | | | 1,068 | | | | | |
Interest on FHLB and FRB borrowed funds | 1,493 | | | 311 | | | | | |
Interest on other borrowed funds | 1,037 | | | 830 | | | | | |
Total interest expense | 6,878 | | | 2,209 | | | | | |
Net interest income before provision for credit losses | 12,795 | | | 13,167 | | | | | |
Provision for credit losses | 50 | | | — | | | | | |
Net interest income after provision for credit losses | 12,745 | | | 13,167 | | | | | |
Non-interest income: | | | | | | | |
Service charges on deposit accounts | 485 | | | 488 | | | | | |
Interchange income | 551 | | | 549 | | | | | |
Loan servicing income | 569 | | | 701 | | | | | |
Gain on sale of loans | 298 | | | 722 | | | | | |
Loan fees and service charges | 80 | | | 92 | | | | | |
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Net gains on investment securities | 56 | | | (37) | | | | | |
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Other | 253 | | | 198 | | | | | |
Total non-interest income | 2,292 | | | 2,713 | | | | | |
Non-interest expense: | | | | | | | |
Compensation and related benefits | 5,338 | | | 5,398 | | | | | |
Occupancy | 1,423 | | | 1,365 | | | | | |
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Data processing | 1,460 | | | 1,301 | | | | | |
Amortization of intangible assets | 204 | | | 399 | | | | | |
Mortgage servicing rights expense, net | 158 | | | (327) | | | | | |
Advertising, marketing and public relations | 136 | | | 212 | | | | | |
FDIC premium assessment | 201 | | | 115 | | | | | |
Professional services | 505 | | | 402 | | | | | |
Gain on repossessed assets, net | (29) | | | (7) | | | | | |
New market tax credit depletion | — | | | 163 | | | | | |
Other | 725 | | | 647 | | | | | |
Total non-interest expense | 10,121 | | | 9,668 | | | | | |
Income before provision for income taxes | 4,916 | | | 6,212 | | | | | |
Provision for income taxes | 1,254 | | | 1,506 | | | | | |
Net income attributable to common stockholders | $ | 3,662 | | | $ | 4,706 | | | | | |
Per share information: | | | | | | | |
Basic earnings | $ | 0.35 | | | $ | 0.45 | | | | | |
Diluted earnings | $ | 0.35 | | | $ | 0.45 | | | | | |
Cash dividends paid | $ | 0.29 | | | $ | 0.26 | | | | | |
See accompanying condensed notes to unaudited consolidated financial statements.
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three months ended March 31, 2023 and 2022
(in thousands)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | March 31, 2023 | | March 31, 2022 | | | | |
Net income attributable to common stockholders | | $ | 3,662 | | | $ | 4,706 | | | | | |
Other comprehensive gain (loss), net of tax: | | | | | | | | |
Securities available for sale | | | | | | | | |
Net unrealized gains (losses) arising during period, net of tax | | 1,065 | | | (7,123) | | | | | |
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Other comprehensive gain (loss), net of tax | | 1,065 | | | (7,123) | | | | | |
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Comprehensive income (loss) | | $ | 4,727 | | | $ | (2,417) | | | | | |
See accompanying condensed notes to unaudited consolidated financial statements.
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statement of Changes in Stockholders’ Equity (unaudited)
Three Months Ended March 31, 2023
(in thousands, except shares and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Additional Paid-In Capital | | Retained Earnings | | | | Accumulated Other Comprehensive Income (loss) | | Total Stockholders’ Equity | |
| Common Stock | | | | | | | | |
| Shares | | Amount | | | | | | | | |
Balance, January 1, 2023 | 10,425,119 | | | $ | 104 | | | | | $ | 119,240 | | | $ | 65,400 | | | | | $ | (17,656) | | | $ | 167,088 | | |
Net income | — | | | — | | | | | — | | | 3,662 | | | | | — | | | 3,662 | | |
Other comprehensive income, net of tax | — | | | — | | | | | — | | | — | | | | | 1,065 | | | 1,065 | | |
Forfeiture of unvested shares | (1,168) | | | — | | | | | — | | | — | | | | | — | | | — | | |
Surrender of restricted shares of common stock | (10,287) | | | — | | | | | (129) | | | — | | | | | — | | | (129) | | |
Restricted common stock awarded under the equity incentive plan | 50,606 | | | 1 | | | | | — | | | — | | | | | — | | | 1 | | |
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Restricted common stock issued upon achievement of the 2020 performance criteria | 18,551 | | | — | | | | | — | | | — | | | | | — | | | — | | |
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Amortization of restricted stock | — | | | — | | | | | 216 | | | — | | | | | — | | | 216 | | |
Cumulative change in accounting principle for adoption of ASU 2016-13 | — | | | — | | | | | — | | | (4,432) | | | | | — | | | (4,432) | | |
Cumulative change in accounting principle for adoption of ASU 2023-02 | — | | | — | | | | | — | | | 130 | | | | | — | | | 130 | | |
Cash dividends ($0.29 per share) | — | | | — | | | | | — | | | (3,040) | | | | | — | | | (3,040) | | |
Balance at March 31, 2023 | 10,482,821 | | $ | 105 | | | | | $ | 119,327 | | | $ | 61,720 | | | | | $ | (16,591) | | | $ | 164,561 | | |
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See accompanying condensed notes to unaudited consolidated financial statements.
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statement of Changes in Stockholders’ Equity (unaudited)
Twelve Months Ended December 31, 2022
(in thousands, except shares and per share data)
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| | | | | | | Additional Paid-In Capital | | Retained Earnings | | | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders’ Equity |
| Common Stock | | | | | | | |
| Shares | | Amount | | | | | | | |
Balance, January 1, 2022 | 10,502,442 | | | $ | 105 | | | | | $ | 119,925 | | | $ | 50,675 | | | | | $ | 161 | | | $ | 170,866 | |
Net income | — | | | — | | | | | — | | | 4,706 | | | | | — | | | 4,706 | |
Other comprehensive loss, net of tax | — | | | — | | | | | — | | | — | | | | | (7,123) | | | (7,123) | |
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Surrender of restricted shares of common stock | (10,119) | | | — | | | | | (141) | | | — | | | | | — | | | (141) | |
Restricted common stock awarded under the equity incentive plan | 38,586 | | | — | | | | | — | | | — | | | | | — | | | — | |
Restricted stock issued upon achievement of the 2019 performance criteria | 11,834 | | | — | | | | | — | | | — | | | | | — | | | — | |
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Common stock options exercised | 2,500 | | | — | | | | | 20 | | | — | | | | | — | | | 20 | |
Common stock repurchased | (18,462) | | | — | | | | | (211) | | | (77) | | | | | — | | | (288) | |
Stock option expense | — | | | — | | | | | 1 | | | — | | | | | — | | | 1 | |
Amortization of restricted stock | — | | | — | | | | | 195 | | | — | | | | | — | | | 195 | |
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Cash dividends ($0.26 per share) | — | | | — | | | | | — | | | (2,742) | | | | | — | | | (2,742) | |
Balance at March 31, 2022 | 10,526,781 | | 105 | | | | | 119,789 | | | 52,562 | | | | | (6,962) | | | 165,494 | |
Net income | — | | | — | | | | | — | | | 4,366 | | | | | — | | | 4,366 | |
Other comprehensive loss, net of tax | — | | | — | | | | | — | | | — | | | | | (5,315) | | | (5,315) | |
Forfeiture of unvested shares | (866) | | | — | | | | | — | | | — | | | | | — | | | — | |
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Common stock awarded under the equity incentive plan | 4,500 | | | — | | | | | — | | | — | | | | | — | | | — | |
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Stock option expense | — | | | — | | | | | 1 | | | — | | | | | — | | | 1 | |
Amortization of restricted stock | — | | | — | | | | | 197 | | | — | | | | | — | | | 197 | |
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Balance at June 30, 2022 | 10,530,415 | | 105 | | | | | 119,987 | | | 56,928 | | | | | (12,277) | | | 164,743 | |
Net income | — | | | — | | | | | — | | | 3,993 | | | | | — | | | 3,993 | |
Other comprehensive loss, net of tax | — | | | — | | | | | — | | | — | | | | | (4,980) | | | (4,980) | |
Forfeiture of unvested shares | (1,260) | | | — | | | | | — | | | — | | | | | — | | | — | |
Surrender of restricted shares of common stock | (120) | | | — | | | | | (2) | | | — | | | | | — | | | (2) | |
Restricted common stock awarded under the equity incentive plan | 2,136 | | | — | | | | | — | | | — | | | | | — | | | — | |
Common stock repurchased | (52,961) | | | — | | | | | (603) | | | (88) | | | | | — | | | (691) | |
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Stock option expense | — | | | — | | | | | 1 | | | — | | | | | — | | | 1 | |
Amortization of restricted stock | — | | | — | | | | | 255 | | | — | | | | | — | | | 255 | |
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Balance, September 30, 2022 | 10,478,210 | | | 105 | | | | | 119,638 | | | 60,833 | | | | | (17,257) | | | 163,319 | |
Net income | — | | | — | | | | | — | | | 4,696 | | | | | — | | | 4,696 | |
Other comprehensive loss, net of tax | — | | | — | | | | | — | | | — | | | | | (399) | | | (399) | |
Forfeiture of unvested shares | (500) | | | — | | | | | — | | | — | | | | | — | | | — | |
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Surrender of restricted shares of common stock | (491) | | | — | | | | | (7) | | | — | | | | | — | | | (7) | |
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Common stock options exercised | 5,400 | | | — | | | | | 51 | | | — | | | | | — | | | 51 | |
Common stock repurchased | (57,500) | | | (1) | | | | | (655) | | | (129) | | | | | — | | | (785) | |
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Amortization of restricted stock | — | | | — | | | | | 213 | | | — | | | | | — | | | 213 | |
Balance, December 31, 2022 | 10,425,119 | | | $ | 104 | | | | | $ | 119,240 | | | $ | 65,400 | | | | | $ | (17,656) | | | $ | 167,088 | |
See accompanying condensed notes to unaudited consolidated financial statements.
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Cash Flows (unaudited)
Three Months Ended March 31, 2023 and 2022
(in thousands)
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| Three Months Ended |
| March 31, 2023 | | March 31, 2022 |
Cash flows from operating activities: | | | |
Net income attributable to common stockholders | $ | 3,662 | | | $ | 4,706 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Investment securities net (discount accretion) premium amortization | (30) | | | 33 | |
Depreciation expense | 606 | | | 573 | |
Provision for credit losses | 50 | | | — | |