Citizens Community Bancorp Inc. (CZWI, Financial) filed Quarterly Report for the period ended 2009-12-31.
Citizens Community Bancorp Inc. has a market cap of $21.7 million; its shares were traded at around $3.9685 with and P/S ratio of 2.5.
Total Assets. Total Company assets as of December 31, 2009, were $566.6 million, compared with $575.4 million as of September 30, 2009, representing a fiscal year-to-date decrease of $8.8 million over the prior year. The decrease was primarily due to a $5.4 million reduction in the value of our mortgage-backed securities (MBS) as a result of payments, market value change and the additional $584,000 OTTI charge suffered during the current quarter. Also contributing to the decrease in total assets year over year, was a reduction in cash and cash equivalents of $10.4 million as excess liquidity was reduced, offset by a $4.9 million increase in loans receivable. Contributing to the decrease in cash and cash equivalents was the required prepayment of approximately $3.5 million in the FDIC assessment for December 2009 and calendar 2010 through 2012.
Based on management s impairment testing, during the quarter ended December 31, 2009 we recognized an additional $606,000 other-than-temporary impairment loss on one security. The impairment loss before tax that was recorded in earnings was $584,000 and the portion of the impairment recorded as other comprehensive loss was $22,000. At December 31, 2009, the approximate aggregate fair value of that security was $190,000. The following table is a roll forward of the amount of other-than-temporary impairment, related to credit losses, recognized in earnings.
Loans Receivable. Loans increased by $5.0 million, or 1.1 percent, to $447.5 million as of December 31, 2009. At December 31, 2009, the loan portfolio was comprised of $248.3 million of loans secured by real estate, or 55.5 percent of total loans, and $199.2 million of consumer loans, or 44.5 percent of total loans. The Company s in-store branch operations increased loans receivable by $7.2 million in the first fiscal quarter of 2010, as compared to September 30, 2009.
Deposits. Deposits decreased to $406.0 million at December 31, 2009, from $409.3 million at September 30, 2009. The decrease in deposits was primarily a result of an $11.2 million decline in the CD portfolio as the Bank made decisions not to renew any maturing or attract any new brokered deposit CDs and to not renew a portion of maturing institutional CDs. Core deposits continued to show growth for the quarter, as non-CD deposits increased. Non-CD deposits increased $7.9 million, of which $6.3 million came from the 17 in-store branches opened in 2008 and 2009.
Stockholders Equity. Total equity was $55.2 million at December 31, 2009, versus $55.4 million at September 30, 2009. The decrease was mainly attributed to the net income for the three months ended December 31, 2009, of $175,000, offset by an increase in the unrealized loss on the MBS portfolio, net of tax, of $355,000.
Read the The complete Report
Citizens Community Bancorp Inc. has a market cap of $21.7 million; its shares were traded at around $3.9685 with and P/S ratio of 2.5.
Highlight of Business Operations:
As noted above, the Bank s aggressive growth plan began in 2007 and included opening eleven branches in 2008 and six branches in the first half of 2009. We expected that the costs associated with this growth strategy would depress earnings at least through calendar year 2010, however core operations are starting to show positive results expected from the growth decision. In addition, efficiency ratios are showing marked improvement as the bank efficiency ratio (net of OTTI) improved from 81.3 percent at September 30, 2009 to 71.3 percent at December 31, 2009 and compared favorably to the efficiency ratio from December 31, 2008 of 79.6 percent. Efficiency is calculated net of OTTI, by dividing fiscal year to date non-interest expense by fiscal year to date non-interest income minus OTTI plus net interest margin. Going forward, we expect continued improvement in the efficiency ratio. In addition to the incremental on-going operating costs of the 17 new branch offices, during the quarter ended December 31, 2009 the Company had pre-tax OTTI of $584,000. Moreover, the FDIC insurance premium increased by $202,000 in the first quarter of fiscal 2010, compared to the first quarter of fiscal 2009. Nonetheless, earnings from core operations were up for the quarter ended December 31, 2009, excluding the OTTI and increased insurance premiums, over the same period in the prior fiscal year. Excluding the OTTI charge and the increased insurance premiums, during fiscal first quarter 2010 the Company s core operating income was $647,000 compared to $266,000 for the same period in 2009. Excluding only the OTTI charge, the Company s core operating income was $525,000 for the current fiscal period compared to $266,000 in the first quarter of last year.Total Assets. Total Company assets as of December 31, 2009, were $566.6 million, compared with $575.4 million as of September 30, 2009, representing a fiscal year-to-date decrease of $8.8 million over the prior year. The decrease was primarily due to a $5.4 million reduction in the value of our mortgage-backed securities (MBS) as a result of payments, market value change and the additional $584,000 OTTI charge suffered during the current quarter. Also contributing to the decrease in total assets year over year, was a reduction in cash and cash equivalents of $10.4 million as excess liquidity was reduced, offset by a $4.9 million increase in loans receivable. Contributing to the decrease in cash and cash equivalents was the required prepayment of approximately $3.5 million in the FDIC assessment for December 2009 and calendar 2010 through 2012.
Based on management s impairment testing, during the quarter ended December 31, 2009 we recognized an additional $606,000 other-than-temporary impairment loss on one security. The impairment loss before tax that was recorded in earnings was $584,000 and the portion of the impairment recorded as other comprehensive loss was $22,000. At December 31, 2009, the approximate aggregate fair value of that security was $190,000. The following table is a roll forward of the amount of other-than-temporary impairment, related to credit losses, recognized in earnings.
Loans Receivable. Loans increased by $5.0 million, or 1.1 percent, to $447.5 million as of December 31, 2009. At December 31, 2009, the loan portfolio was comprised of $248.3 million of loans secured by real estate, or 55.5 percent of total loans, and $199.2 million of consumer loans, or 44.5 percent of total loans. The Company s in-store branch operations increased loans receivable by $7.2 million in the first fiscal quarter of 2010, as compared to September 30, 2009.
Deposits. Deposits decreased to $406.0 million at December 31, 2009, from $409.3 million at September 30, 2009. The decrease in deposits was primarily a result of an $11.2 million decline in the CD portfolio as the Bank made decisions not to renew any maturing or attract any new brokered deposit CDs and to not renew a portion of maturing institutional CDs. Core deposits continued to show growth for the quarter, as non-CD deposits increased. Non-CD deposits increased $7.9 million, of which $6.3 million came from the 17 in-store branches opened in 2008 and 2009.
Stockholders Equity. Total equity was $55.2 million at December 31, 2009, versus $55.4 million at September 30, 2009. The decrease was mainly attributed to the net income for the three months ended December 31, 2009, of $175,000, offset by an increase in the unrealized loss on the MBS portfolio, net of tax, of $355,000.
Read the The complete Report
