Citizens Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Reports Net Loans Charged Off for the First Quarter Ended December 31, 2013
January 24, 2014 at 08:00 am EST
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Citizens Community Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the bank reported total interest and dividend income of $6,083,000 against $6,370,000 for the same period in the last year. Net interest income was $4,980,000 against $4,961,000 for the same period in the last year. Income before provision for income tax was $475,000 against $429,000 for the same period in the last year. Net income attributable to common stockholders was $303,000 or $0.06 per basic and diluted share against $260,000 or $0.05 per basic and diluted share for the same period in the last year. The increase in earnings during the fiscal first quarter of 2014 over the prior year quarter, was primarily driven by an increase in non-interest income, a decrease in interest expense and a lower provision for loan losses. As previously announced, the bank closed two in-store branch offices in the fiscal first quarter of 2014 at a cost of $359,000. Excluding these branch closure costs, net income during the fiscal first quarter of 2014, was $519,000 or $0.10 per diluted share. There was a slight increase in net interest income for the quarter ended December 31, 2013 compared to the quarter ended December 31, 2012 as the bank further reduced its cost of funds. Book value per share at December 31, 2013, rose to $10.71 compared with $10.36 at December 31, 2012, primarily reflecting the company's growth and operations improvement between the periods.
Net loans charged off for the quarter ended December 31, 2013 were $496,000, compared with $826,000 for the same period in the prior year.
Citizens Community Bancorp, Inc. is a bank holding company for Citizens Community Federal N.A. (the Bank). The Bank is a federally chartered national bank serving customers in Wisconsin and Minnesota. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, agricultural operators and consumers, including one-to-four family residential mortgages. The Bank offers a variety of loan products including commercial real estate loans, commercial and industrial (C&I) loans, agricultural real estate loans, agricultural operating loans, residential mortgages, home equity lines-of-credit and consumer loans. It maintains a portfolio of investments, consisting primarily of mortgage-backed securities, asset-backed securities, United States Government sponsored agency securities and corporate debt securities.
Citizens Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Reports Net Loans Charged Off for the First Quarter Ended December 31, 2013