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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	2021-03-31	Filed 2021-05-06
10-K	2020-12-31	Filed 2021-03-08
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 2021-03-31

Balance Sheet	Income Statement	Cash Flow

czwi-20210331

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, 2021


☐			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 6, 2021 there were 10,888,553 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

CITIZENS COMMUNITY BANCORP, INC.

FORM 10-Q

March 31, 2021

INDEX


			Page Number
Part I – FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020	5
		Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2021 and 2020	6
		Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2021 and 2020	7
		Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) for the three months ended March 31, 2021 and the year ended December 31, 2020	8
		Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2021 and 2020	10
		Condensed Notes to Consolidated Financial Statements (Unaudited)	12
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
	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	74
	Item 3.	Defaults Upon Senior Securities	74
	Item 4.	Mine Safety Disclosures	74
	Item 5.	Other Information	74
	Item 6.	Exhibits	75
SIGNATURES			76

PART 1 – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Balance Sheets

March 31, 2021 (unaudited) and December 31, 2020

(derived from audited financial statements)

(in thousands, except share and per share data)


	March 31, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	196,039	$	119,440
Other interest bearing deposits	2,016		3,752
Securities available for sale "AFS"	185,160		144,233
Securities held to maturity "HTM"	57,419		43,551
Equity securities with readily determinable fair value	297		200
Other investments	15,069		14,948
Loans receivable	1,192,126		1,237,581
Allowance for loan losses	(16,860)		(17,043)
Loans receivable, net	1,175,266		1,220,538
Loans held for sale	2,267		3,075
Mortgage servicing rights, net	3,999		3,252
Office properties and equipment, net	21,081		21,165
Accrued interest receivable	5,464		5,652
Intangible assets	5,095		5,494
Goodwill	31,498		31,498
Foreclosed and repossessed assets, net	85		197
Bank owned life insurance ("BOLI")	23,837		23,684

Other assets	7,702		8,416
TOTAL ASSETS	$	1,732,294	$	1,649,095


Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,380,202	$	1,295,256
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances	115,481		123,498
Other borrowings	58,354		58,328
Other liabilities	17,595		11,449
Total liabilities	1,571,632		1,488,531

Stockholders’ Equity:

Common stock—$0.01 par value, authorized 30,000,000; 10,893,872 and 11,056,349 shares issued and outstanding, respectively	109		111
Additional paid-in capital	125,005		126,704
Retained earnings	35,783		32,809
Unearned deferred compensation	(1,239)		(550)
Accumulated other comprehensive income	1,004		1,490
Total stockholders’ equity	160,662		160,564
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,732,294	$	1,649,095

See accompanying condensed notes to unaudited consolidated financial statements.

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statements of Operations (unaudited)

Three Months Ended March 31, 2021 and 2020

(in thousands, except per share data)


	Three Months Ended
	March 31, 2021		March 31, 2020
Interest and dividend income:
Interest and fees on loans	$	14,517	$	15,459
Interest on investments	1,103		1,449
Total interest and dividend income	15,620		16,908
Interest expense:
Interest on deposits	1,714		3,180
Interest on FHLB and FRB borrowed funds	411		508
Interest on other borrowed funds	731		549
Total interest expense	2,856		4,237
Net interest income before provision for loan losses	12,764		12,671
Provision for loan losses	—		2,000
Net interest income after provision for loan losses	12,764		10,671
Non-interest income:
Service charges on deposit accounts	398		560
Interchange income	530		464
Loan servicing income	893		685
Gain on sale of loans	1,595		780
Loan fees and service charges	278		477
Insurance commission income	—		279
Net gains on investment securities	235		73



Other	247		285
Total non-interest income	4,176		3,603
Non-interest expense:
Compensation and related benefits	5,596		5,435
Occupancy	1,316		1,374

Data processing	1,342		1,192
Amortization of intangible assets	399		412
Mortgage servicing rights expense, net	(450)		736
Advertising, marketing and public relations	163		239
FDIC premium assessment	165		68
Professional services	521

EX-31.1	czwi-20210331xex311.htm
EX-31.2	czwi-20210331xex312.htm
EX-32.1	czwi-20210331xex321.htm

CZWI 10Q Quarterly Report

Citizens Community Bancorp Earnings 2021-03-31