Citizens Community Bancorp Inc (CZWI) has reported a 38.37 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $0.93 million, or $0.17 a share in the quarter, compared with $0.68 million, or $0.13 a share for the same period last year. Revenue during the quarter grew 18.23 percent to $6.43 million from $5.44 million in the previous year period. Net interest income for the quarter rose 12.90 percent over the prior year period to $5.22 million. Non-interest income for the quarter rose 48.64 percent over the last year period to $1.20 million.
Net interest margin improved 3 basis points to 3.31 percent in the quarter from 3.28 percent in the last year period.
“We achieved record earnings for the first six months of fiscal 2017, fueled by 15% year-over-year growth in loans and a 12% increase in deposits, primarily as a result of the Community Bank of Northern Wisconsin ("CBN") acquisition,” said Stephen Bianchi, president and chief executive officer. “As we continue to focus on strategically expanding our franchise through acquisitions, we are simultaneously building our commercial lending business and service capabilities to replace the transactional indirect paper and on balance sheet one to four family loan portfolios which have been declining. Gain on sale from mortgages decreased as home purchases slowed seasonally and refinancing activity decreased after rates rose following the election. We were also internally focused on upgrading our mortgage lending system to support future originations. Agricultural lending grew through acquired loans from our recent acquisition by 133%, but organic demand was muted due to weak commodity prices and tight margins for operators."
Liabilities outpace assets growth
Total assets stood at $668.45 million as on Mar. 31, 2017, up 11.08 percent compared with $601.80 million on Mar. 31, 2016. On the other hand, total liabilities stood at $604.07 million as on Mar. 31, 2017, up 11.92 percent from $539.73 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $528.97 million as on Mar. 31, 2017, up 14.95 percent compared with $460.19 million on Mar. 31, 2016. Deposits stood at $530.93 million as on Mar. 31, 2017, up 12.05 percent compared with $473.83 million on Mar. 31, 2016. Investments stood at $89.76 million as on Mar. 31, 2017, down 8.56 percent or $8.40 million from year-ago. Shareholders equity stood at $64.38 million as on Mar. 31, 2017, up 3.72 percent or $2.31 million from year-ago.
Nonperforming assets moved up 204.41 percent or $4.72 million to $7.04 million on Mar. 31, 2017 from $2.31 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.05 percent in the quarter, up from 0.38 percent in the last year period.
Tier-1 leverage ratio stood at 9.80 percent for the quarter, up from 5 percent for the previous year quarter. Book value per share was $12.22 for the quarter, up 1.83 percent or $0.22 compared to $12 for the same period last year.
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