Citizens Community Bancorp inc (CZWI) has reported a 15.20 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $0.59 million, or $0.12 a share in the quarter, compared with $0.69 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 24.34 percent to $6.86 million from $5.52 million in the previous year period. Net interest income for the quarter rose 23.93 percent over the prior year period to $5.72 million. Non-interest income for the quarter rose 11.52 percent over the last year period to $1.14 million.
Net interest margin improved 1 basis points to 3.32 percent in the quarter from 3.31 percent in the last year period.
“Fiscal 2016 saw numerous changes throughout the organization with the acquisition and integration of CBN, the announcement to close six branches, the building of a new traditional branch, the authorization of a stock repurchase program for up to 10% of the outstanding shares, and a new management team and new initiatives for our lending and deposit gathering efforts,” said Stephen Bianchi, president and chief executive officer. “We expect the loan mix to change as we underwrite more commercial loans and discontinue the origination of dealer indirect loans. Meanwhile, we are working to improve operating efficiency to boost core earnings (non-GAAP) and enhance franchise and shareholder value.”
Liabilities outpace assets growth
Total assets stood at $696.13 million as on Sep. 30, 2016, up 19.99 percent compared with $580.15 million on Sep. 30, 2015. On the other hand, total liabilities stood at $631.96 million as on Sep. 30, 2016, up 21.62 percent from $519.61 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $568.37 million as on Sep. 30, 2016, up 28.01 percent compared with $444.01 million on Sep. 30, 2015. Deposits stood at $557.68 million as on Sep. 30, 2016, up 22.22 percent compared with $456.30 million on Sep. 30, 2015.
Investments stood at $91.83 million as on Sep. 30, 2016, down 0.79 percent or $0.73 million from year-ago. Shareholders equity stood at $64.17 million as on Sep. 30, 2016, up 6 percent or $3.63 million from year-ago.
Book value per share was $12.20 for the quarter, up 5.45 percent or $0.63 compared to $11.57 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
