Citizens Community Bancorp, Inc. (CZWI) has reported a 10.98 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.94 million, or $0.18 a share in the quarter, compared with $0.85 million, or $0.16 a share for the same period last year.
Revenue during the quarter grew 26.57 percent to $6.87 million from $5.43 million in the previous year period. Net interest income for the quarter rose 22.05 percent over the prior year period to $5.56 million. Non-interest income for the quarter rose 38.21 percent over the last year period to $1.31 million.
Net interest margin improved 14 basis points to 3.36 percent in the quarter from 3.22 percent in the last year period.
"We started fiscal 2017 with momentum from the Community Bank of Northern Wisconsin ("CBN") integration which helped generate a 25% growth in revenue and 51% increase in core earnings year-over-year," said Stephen Bianchi, president and chief executive officer. "Our efforts to streamline our operations, reduce branch expenses, close and consolidate branch locations and remix our balance sheet, are beginning to generate results. While the rise in interest rates last quarter interrupted some loan closings, we are encouraged by our commercial loan pipeline and deposit generation priorities for the coming year."
Liabilities outpace assets growth
Total assets stood at $686.41 million as on Dec. 31, 2016, up 17.99 percent compared with $581.77 million on Dec. 31, 2015. On the other hand, total liabilities stood at $622.59 million as on Dec. 31, 2016, up 19.61 percent from $519.63 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $542.99 million as on Dec. 31, 2016, up 21.42 percent compared with $447.21 million on Dec. 31, 2015. Deposits stood at $535.11 million as on Dec. 31, 2016, up 16.91 percent compared with $457.73 million on Dec. 31, 2015.
Investments stood at $92.74 million as on Dec. 31, 2016, down 6.81 percent or $6.77 million from year-ago. Shareholders equity stood at $63.83 million as on Dec. 31, 2016, up 4.23 percent or $1.68 million from year-ago.
Nonperforming assets moved up 206.44 percent or $5 million to $7.43 million on Dec. 31, 2016 from $2.42 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.08 percent in the quarter, up from 0.42 percent in the last year period.
Tier-1 leverage ratio stood at 9.80 percent for the quarter. Book value per share was $12.13 for the quarter, up 2.10 percent or $0.25 compared to $11.88 for the same period last year.
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