Citizens Community Bancorp Inc. (CZWI, Financial) filed Quarterly Report for the period ended 2008-12-31.
Citizens Community Bancorp Inc. has a market cap of $47.08 million; its shares were traded at around $7 with a P/E ratio of 35.8. The dividend yield of Citizens Community Bancorp Inc. stocks is 2.7%.
Loans Receivable. Loans increased by $13.9 million, or 3.8 percent, to $383.6 million at December 31, 2008, from $369.7 million as of September 30, 2008. At December 31, 2008, the loan portfolio was comprised of $213.4 million of loans secured by real estate, or 55.6 percent of total loans, and $170.2 million of consumer loans, or 44.4 percent of total loans. Of the $13.9 increase in loans receivable, $7.9 million was originated in the Company s new Wal-Mart in-store branches.
Deposits. Deposits grew to $315.7 million at December 31, 2008, from $297.2 million at September 30, 2008. The increase of $18.5 million, or 6.2 percent, was primarily the result of core deposit growth (which includes all deposits excluding CDs) from the Company s newly opened Wal-Mart Supercenter in-store branch locations combined with CD growth. $13.8 million of the deposit gain came from deposit growth at the Company s Wal-Mart Supercenter branch locations. Of that amount, $10.8 million was core deposit growth.
Net Income. For the three months ended December 31, 2008, the Company reported net income of $266,000, down 41.5% from net income of $455,000 for the 2008 first quarter. As previously mentioned, the year-over-year decrease primarily resulted from two factors. First, the Company increased its 2009 first-quarter provision for loan losses by $102,000 to $267,000, from $165,000 in fiscal 2008 first quarter, due to the current economic environment. The second factor was planned salaries and benefits, occupancy and professional services, and other expenses associated with the Company s continued growth, primarily the openings of Citizens Wal-Mart Supercenter branches.
Total Interest and Dividend Income. Total interest income increased by $1.1 million to $7.4 million for the three-month period ended December 31, 2008, from $6.3 million for the same period in fiscal 2007. The increase was a result of both an increase in the average balance of securities available for sale and loans receivable. The average balance of securities available for sale increased from $43.0 million to $59.8 million for the three-month periods ended December 31, 2007 and 2008, respectively. The average balance of loans receivable increased from $328.3 million to $376.8 million for the three-month periods ended December 31, 2007, and 2008, respectively.
Total Interest Expense. Total interest expense increased $500,000 to $3.8 million for the quarter ended December 31, 2008, from $3.3 million for the year-ago first quarter. The increase was the result of growth in the average balance of interest-bearing liabilities, partially offset by a decrease in rates paid on interest-bearing liabilities. The average balance of interest-bearing liabilities increased from $316.8 million for the three-month period ended December 31, 2007, to $413.9 million for the three months ended December 31, 2008. Average balance of FHLB advances increased from $99.3 million for the fiscal 2008 three-month period, to $108.0 million for the fiscal 2009 three-month period.
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Citizens Community Bancorp Inc. has a market cap of $47.08 million; its shares were traded at around $7 with a P/E ratio of 35.8. The dividend yield of Citizens Community Bancorp Inc. stocks is 2.7%.
Highlight of Business Operations:
Securities Available for Sale. Securities available for sale decreased from $61.8 million on September 30, 2008, to $58.2 million on December 31, 2008, a decrease of $3.6 million, or 5.8 percent. The decrease was a result of a $2.1 million increase in unrealized loss and $1.5 million in cash flow from the non-agency mortgage-backed securities investments (“MBS”). While performance of the mortgage-related securities has been subject to rating agency downgrades, the unrealized losses relate principally to the continued dislocation of the securities market. All securities continue to pay as scheduled despite their impairment due to market conditions. When analyzing an issuer s financial condition, management considers whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, and industry analysts reports. Since management has the ability to hold securities until the foreseeable future for securities available for sale, no declines are deemed to be other than temporary.Loans Receivable. Loans increased by $13.9 million, or 3.8 percent, to $383.6 million at December 31, 2008, from $369.7 million as of September 30, 2008. At December 31, 2008, the loan portfolio was comprised of $213.4 million of loans secured by real estate, or 55.6 percent of total loans, and $170.2 million of consumer loans, or 44.4 percent of total loans. Of the $13.9 increase in loans receivable, $7.9 million was originated in the Company s new Wal-Mart in-store branches.
Deposits. Deposits grew to $315.7 million at December 31, 2008, from $297.2 million at September 30, 2008. The increase of $18.5 million, or 6.2 percent, was primarily the result of core deposit growth (which includes all deposits excluding CDs) from the Company s newly opened Wal-Mart Supercenter in-store branch locations combined with CD growth. $13.8 million of the deposit gain came from deposit growth at the Company s Wal-Mart Supercenter branch locations. Of that amount, $10.8 million was core deposit growth.
Net Income. For the three months ended December 31, 2008, the Company reported net income of $266,000, down 41.5% from net income of $455,000 for the 2008 first quarter. As previously mentioned, the year-over-year decrease primarily resulted from two factors. First, the Company increased its 2009 first-quarter provision for loan losses by $102,000 to $267,000, from $165,000 in fiscal 2008 first quarter, due to the current economic environment. The second factor was planned salaries and benefits, occupancy and professional services, and other expenses associated with the Company s continued growth, primarily the openings of Citizens Wal-Mart Supercenter branches.
Total Interest and Dividend Income. Total interest income increased by $1.1 million to $7.4 million for the three-month period ended December 31, 2008, from $6.3 million for the same period in fiscal 2007. The increase was a result of both an increase in the average balance of securities available for sale and loans receivable. The average balance of securities available for sale increased from $43.0 million to $59.8 million for the three-month periods ended December 31, 2007 and 2008, respectively. The average balance of loans receivable increased from $328.3 million to $376.8 million for the three-month periods ended December 31, 2007, and 2008, respectively.
Total Interest Expense. Total interest expense increased $500,000 to $3.8 million for the quarter ended December 31, 2008, from $3.3 million for the year-ago first quarter. The increase was the result of growth in the average balance of interest-bearing liabilities, partially offset by a decrease in rates paid on interest-bearing liabilities. The average balance of interest-bearing liabilities increased from $316.8 million for the three-month period ended December 31, 2007, to $413.9 million for the three months ended December 31, 2008. Average balance of FHLB advances increased from $99.3 million for the fiscal 2008 three-month period, to $108.0 million for the fiscal 2009 three-month period.
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