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Citizens Community Bancorp

Financials

Price	11.45	EPS	1
Shares	11	P/E	17
MCap	129	P/FCF	-44
Net Debt	106	EBIT	26
TEV	235	TEV/EBIT	9
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-11-06
10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-10
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-09
10-K	2018-09-30	Filed 2018-12-10
10-Q	2018-06-30	Filed 2018-08-10
10-Q	2018-03-31	Filed 2018-05-14
10-Q	2017-12-31	Filed 2018-02-13
10-K	2017-09-30	Filed 2017-12-13
10-Q	2017-06-30	Filed 2017-08-07
10-Q	2017-03-31	Filed 2017-05-08
10-Q	2016-12-31	Filed 2017-02-13
10-K	2016-09-30	Filed 2016-12-29
10-Q	2016-06-30	Filed 2016-08-12
10-Q	2016-03-31	Filed 2016-05-13
10-Q	2015-12-31	Filed 2016-02-08
10-K	2015-09-30	Filed 2015-12-07
10-Q	2015-06-30	Filed 2015-08-10
10-Q	2015-03-31	Filed 2015-05-11
10-Q	2014-12-31	Filed 2015-02-09
10-K	2014-09-30	Filed 2014-12-08
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-12
10-Q	2013-12-31	Filed 2014-02-10
10-K	2013-09-30	Filed 2013-12-09
10-Q	2013-06-30	Filed 2013-08-12
10-Q	2013-03-31	Filed 2013-05-13
10-Q	2012-12-31	Filed 2013-02-11
10-K	2012-09-30	Filed 2012-12-10
10-Q	2012-06-30	Filed 2012-08-13
10-Q	2012-03-31	Filed 2012-05-15
10-Q	2011-12-31	Filed 2012-02-10
10-K	2011-09-30	Filed 2011-12-21
10-Q	2011-06-30	Filed 2011-08-15
10-Q	2011-03-31	Filed 2011-05-16
10-Q	2010-12-31	Filed 2011-02-14
10-K	2010-09-30	Filed 2010-12-23
10-Q	2010-06-30	Filed 2010-08-12
10-Q	2010-03-31	Filed 2010-05-12
10-Q	2009-12-31	Filed 2010-02-12

Reports

8-K	2021-02-01	Regulation FD, Exhibits
8-K	2021-01-28	Earnings, Other Events, Exhibits
8-K	2020-12-04	Regulation FD, Exhibits
8-K	2020-11-30	Other Events
8-K	2020-10-27
8-K	2020-09-08
8-K	2020-08-27
8-K	2020-08-12
8-K	2020-07-27
8-K	2020-06-23
8-K	2020-05-05
8-K	2020-04-28
8-K	2020-04-23
8-K	2020-04-06
8-K	2020-03-23
8-K	2020-03-12
8-K	2020-01-28
8-K	2020-01-27
8-K	2019-11-04
8-K	2019-11-01
8-K	2019-10-25
8-K	2019-09-18
8-K	2019-09-04
8-K	2019-07-29
8-K	2019-06-26
8-K	2019-06-20
8-K	2019-06-06
8-K	2019-05-17
8-K	2019-05-06
8-K	2019-04-26
8-K	2019-01-29
8-K	2019-01-28
8-K	2019-01-21
8-K	2018-12-03
8-K	2018-11-09
8-K	2018-10-26
8-K	2018-10-19
8-K	2018-09-25
8-K	2018-09-25
8-K	2018-09-17
8-K	2018-08-01
8-K	2018-07-27
8-K	2018-06-20
8-K	2018-04-27
8-K	2018-03-27
8-K	2018-03-27
8-K	2018-01-29
8-K	2018-01-26

Citizens Community Bancorp Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow

czwi-20200930

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 September 30, 2020


☐			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 November 6, 2020 there were 11,154,563 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

CITIZENS COMMUNITY BANCORP, INC.

FORM 10-Q

September 30, 2020

INDEX


			Page Number
Part I – FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019	5
		Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2020 and 2019	6
		Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2020 and 2019	7
		Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) for the nine months ended September 30, 2020 and the year ended December 31, 2019	8
		Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019	10
		Condensed Notes to Consolidated Financial Statements (Unaudited)	12
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	71
	Item 4.	Controls and Procedures	73
Part II – OTHER INFORMATION			73
	Item 1.	Legal Proceedings	73
	Item 1A.	Risk Factors	74
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
	Item 3.	Defaults Upon Senior Securities	75
	Item 4.	Mine Safety Disclosures	75
	Item 5.	Other Information	75
	Item 6.	Exhibits	76
SIGNATURES			77

PART 1 – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Balance Sheets

September 30, 2020 (unaudited) and December 31, 2019

(derived from audited financial statements)

(in thousands, except share and per share data)


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	115,474	$	55,840
Other interest-bearing deposits	3,752		4,744
Securities available for sale "AFS"	150,908		180,119
Securities held to maturity "HTM"	16,927		2,851
Equity securities with readily determinable fair value	187		246
Other investments	15,075		15,005
Loans receivable	1,230,139		1,177,380
Allowance for loan losses	(14,836)		(10,320)
Loans receivable, net	1,215,303		1,167,060
Loans held for sale	4,938		5,893
Mortgage servicing rights	3,498		4,282
Office properties and equipment, net	21,607		21,106
Accrued interest receivable	5,829		4,738
Intangible assets	5,893		7,587
Goodwill	31,498		31,498
Foreclosed and repossessed assets, net	812		1,460
Bank owned life insurance ("BOLI")	23,514		23,063

Other assets	7,378		5,757
TOTAL ASSETS	$	1,622,593	$	1,531,249


Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,270,778	$	1,195,702
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances	124,491		130,971
Other borrowings	58,297		43,560
Other liabilities	11,704		10,463
Total liabilities	1,465,270		1,380,696

Stockholders’ Equity:

Common stock—$0.01 par value, authorized 30,000,000; 11,154,645 and 11,266,954 shares issued and outstanding, respectively	112		113
Additional paid-in capital	127,778		128,856
Retained earnings	29,239		22,517
Unearned deferred compensation	(710)		(462)
Accumulated other comprehensive income (loss)	904		(471)
Total stockholders’ equity	157,323		150,553
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,622,593	$	1,531,249

See accompanying condensed notes to unaudited consolidated financial statements.

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statements of Operations (unaudited)

Three and Nine Months Ended September 30, 2020 and 2019

(in thousands, except per share data)


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Interest and dividend income:
Interest and fees on loans	$	14,154	$	14,646	$	44,300	$	40,036
Interest on investments	1,064		1,577		3,712		4,241

EX-10.1	ex101.htm
EX-31.1	czwi-20200930xex311.htm
EX-31.2	czwi-20200930xex312.htm
EX-32.1	czwi-20200930xex321.htm

CZWI 10Q Quarterly Report

Citizens Community Bancorp Earnings 2020-09-30