Citizens Community Bancorp Inc. (CZWI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Citizens Community Bancorp Inc. has a market cap of $20.8 million; its shares were traded at around $4.06 with and P/S ratio of 2.4.
Net Income. The Company s net loss for the three month period ended March 31, 2010 was ($79) compared to net income of $193 for the three month period ended March 31, 2009. The reduction was primarily due to $502 in fair value (OTTI) losses incurred during the current quarter on our non-agency mortgage-backed securities (MBS) and increases in the provision for loan losses to $1,402 for the three-month period ended March 31, 2010, which compared to $374 for the three-month period ended March 31, 2009. Net income for the six-month period ended March 31, 2010 was $96 compared to $459 for the prior year six-month period, a decline of $363, primarily as a result of a $1,086, pre-tax, OTTI charge to our non-agency residential MBS portfolio. In addition to the OTTI charge, the first six months of 2010 results were impacted by three additional major factors: (1) the substantial increase in our FDIC deposit insurance premium; (2) as expected, our expenses associated with the opening of the 17 new branch locations since March 2008 have continued to temporarily negatively impact our operating results; and (3) our increased loan demand coupled with the continuation of the recent economic downturn necessitated an increase in our provision for loan losses.
Total Interest and Dividend Income. Total interest and dividend income increased by $600 to $8,100 for the three-month period ended March 31, 2010, from $7,500 for the three-month period ended March 31, 2009. Total interest and dividend income increased by $1,400 to $16,300 for the six-month period ended March 31, 2010, from $14,900 for the same period in fiscal 2009. The increase was largely a result of increases in the average balances of loans receivable from loans obtained from marketing efforts at the new branch locations, partially offset by declines in earning asset yields as a result of declining market rates and declines in investment income. The yield on average loans receivable decreased from 6.69 percent during the six-month period ended March 31, 2009 to 6.56 percent for the six-month period ended March 31, 2010. Interest income from loans receivable increased to $14,600 for the six month period ending March 31, 2010, compared to $12,800 for the comparable prior year period. The average balance of Securities Available for Sale decreased from $58,800 for the six months ending March 31, 2009 to $51,800 for six months ending March 31, 2010, resulting in a reduction in investment income of $400 year-over-year.
Total Interest Expense. Total interest expense decreased to $2,700 for the three-month period ended March 31, 2010, compared to $3,700 for the three-month period ended March 31, 2009. Total interest expense decreased to $5,900 for the six months ended March 31, 2010, compared to $7,500 for the prior year period. The decreases during the current year three and six-month periods were the result of decreasing interest rates paid as a result of a declining market, offset slightly by relatively minor increases in the average balances of interest-bearing liabilities. The average balance of interest-bearing liabilities increased from $422,800 in the six months ended March 31, 2009 to $511,300 for the six months ended March 31, 2010.
Net Interest Income. Net interest income before provision for loan losses increased by $1,600, to $5,400 for the three-month period ended March 31, 2010, compared to $3,800 for the three-month period ended March 31, 2009. Net interest income before provision for loan losses increased by $3,000, to $10,300 for the six-month period ended March 31, 2010, compared to $7,300 for the prior year six-month period. Largely responsible for the increases were increases in average balances of interest-earning assets, partially offset by increases in average balances of interest-bearing liabilities. We also experienced an increase in net interest spreads as a result of the cost of interest-bearing liabilities declining at a faster rate than the earnings yield of interest-earning assets.
Non-Interest Expense. Non-interest expense for the quarters ended March 31, 2010 and 2009 was $4,000 and $3,600, respectively. Increases were primarily due to increases in FDIC deposit insurance premiums, compensation costs, and occupancy costs. Non-interest expense increased from $6,900 for the six month period ended March 31, 2009, to $8,000 for the current six month period ended March 31, 2010. The increase resulted mainly from the planned growth costs associated with our new branch expansions. These expansions strongly contributed to deposit and loan growth. Additionally, the FDIC deposit insurance premium increase from $128 for the prior six month period to $464 for the current six month period, thus contributing significantly to our higher level of non-interest expense during the current year period. We continue to experience increases in FDIC deposit insurance premiums as FDIC insurance losses associated with failed banks continue to rise, and as our deposit volume increases.
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Citizens Community Bancorp Inc. has a market cap of $20.8 million; its shares were traded at around $4.06 with and P/S ratio of 2.4.
Highlight of Business Operations:
Our core business of originating real estate and consumer lending and accepting consumer deposits through our Bank s 26 branches continues to grow and generate increased income. We also continue experiencing loan growth through our indirect paper lending activities. Loans receivable increased to $454,600 at March 31, 2010, compared to $442,500 at September 30, 2009. Deposits grew from $409,300 at September 30, 2009 to $417,400 at March 31, 2010. Net interest income increased from $7,337 for the six months ended March 31, 2009 to $10,329 during the six months ended March 31, 2010.Net Income. The Company s net loss for the three month period ended March 31, 2010 was ($79) compared to net income of $193 for the three month period ended March 31, 2009. The reduction was primarily due to $502 in fair value (OTTI) losses incurred during the current quarter on our non-agency mortgage-backed securities (MBS) and increases in the provision for loan losses to $1,402 for the three-month period ended March 31, 2010, which compared to $374 for the three-month period ended March 31, 2009. Net income for the six-month period ended March 31, 2010 was $96 compared to $459 for the prior year six-month period, a decline of $363, primarily as a result of a $1,086, pre-tax, OTTI charge to our non-agency residential MBS portfolio. In addition to the OTTI charge, the first six months of 2010 results were impacted by three additional major factors: (1) the substantial increase in our FDIC deposit insurance premium; (2) as expected, our expenses associated with the opening of the 17 new branch locations since March 2008 have continued to temporarily negatively impact our operating results; and (3) our increased loan demand coupled with the continuation of the recent economic downturn necessitated an increase in our provision for loan losses.
Total Interest and Dividend Income. Total interest and dividend income increased by $600 to $8,100 for the three-month period ended March 31, 2010, from $7,500 for the three-month period ended March 31, 2009. Total interest and dividend income increased by $1,400 to $16,300 for the six-month period ended March 31, 2010, from $14,900 for the same period in fiscal 2009. The increase was largely a result of increases in the average balances of loans receivable from loans obtained from marketing efforts at the new branch locations, partially offset by declines in earning asset yields as a result of declining market rates and declines in investment income. The yield on average loans receivable decreased from 6.69 percent during the six-month period ended March 31, 2009 to 6.56 percent for the six-month period ended March 31, 2010. Interest income from loans receivable increased to $14,600 for the six month period ending March 31, 2010, compared to $12,800 for the comparable prior year period. The average balance of Securities Available for Sale decreased from $58,800 for the six months ending March 31, 2009 to $51,800 for six months ending March 31, 2010, resulting in a reduction in investment income of $400 year-over-year.
Total Interest Expense. Total interest expense decreased to $2,700 for the three-month period ended March 31, 2010, compared to $3,700 for the three-month period ended March 31, 2009. Total interest expense decreased to $5,900 for the six months ended March 31, 2010, compared to $7,500 for the prior year period. The decreases during the current year three and six-month periods were the result of decreasing interest rates paid as a result of a declining market, offset slightly by relatively minor increases in the average balances of interest-bearing liabilities. The average balance of interest-bearing liabilities increased from $422,800 in the six months ended March 31, 2009 to $511,300 for the six months ended March 31, 2010.
Net Interest Income. Net interest income before provision for loan losses increased by $1,600, to $5,400 for the three-month period ended March 31, 2010, compared to $3,800 for the three-month period ended March 31, 2009. Net interest income before provision for loan losses increased by $3,000, to $10,300 for the six-month period ended March 31, 2010, compared to $7,300 for the prior year six-month period. Largely responsible for the increases were increases in average balances of interest-earning assets, partially offset by increases in average balances of interest-bearing liabilities. We also experienced an increase in net interest spreads as a result of the cost of interest-bearing liabilities declining at a faster rate than the earnings yield of interest-earning assets.
Non-Interest Expense. Non-interest expense for the quarters ended March 31, 2010 and 2009 was $4,000 and $3,600, respectively. Increases were primarily due to increases in FDIC deposit insurance premiums, compensation costs, and occupancy costs. Non-interest expense increased from $6,900 for the six month period ended March 31, 2009, to $8,000 for the current six month period ended March 31, 2010. The increase resulted mainly from the planned growth costs associated with our new branch expansions. These expansions strongly contributed to deposit and loan growth. Additionally, the FDIC deposit insurance premium increase from $128 for the prior six month period to $464 for the current six month period, thus contributing significantly to our higher level of non-interest expense during the current year period. We continue to experience increases in FDIC deposit insurance premiums as FDIC insurance losses associated with failed banks continue to rise, and as our deposit volume increases.
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