Citizens Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2014; Reports Net Loans Charged Off for the First Quarter Ended December 31, 2014
January 23, 2015 at 10:01 am
Share
Citizens Community Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2014. For the quarter, the bank reported total interest and dividend income of $5,960,000 against $6,083,000 a year ago. Net interest income was $4,841,000 against $4,980,000 a year ago. Income before provision for income tax was $1,148,000 against $475,000 a year ago. Net income attributable to common stockholders was $715,000 or $0.14 per basic and diluted share against $303,000 or $0.06 per basic and diluted share a year ago. Book value per share at December 31, 2014, increased to $11.28 compared with $11.09 at September 30, 2014, primarily reflecting the company's growth and operations improvement between the periods. Net interest income decreased $139,000 or 2.8% for the quarter ended December 31, 2014 compared to the quarter ended December 31, 2013, primarily due to loan sales of fixed rate longer term consumer real estate loans in the amount of $7.6 million in September 2014 and $8.1 million in October 2014. Net interest income after provision for loan losses was $4.6 million during the fiscal first quarter of 2015, compared to $4.4 million during the fiscal first quarter of 2014.
Net loans charged off for the quarter ended December 31, 2014 were $276,000, compared with $495,000 a year ago.
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, 2014; Reports Net Loans Charged Off for the First Quarter Ended December 31, 2014