Citizens Community Bancorp Inc. Files Q2 2024 10-Q

TL;DR

CZWI 10-Q filed for Q2 2024. Financials out.

AI Summary

Citizens Community Bancorp Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Citizens Community Bancorp Inc., crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• Citizens Community Bancorp Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. CITIZENS COMM

Filing Documents

• czwi-20240630.htm (10-Q) — 4124KB
• ex103.htm (EX-10.3) — 23KB
• czwi-20240630xex311.htm (EX-31.1) — 10KB
• czwi-20240630xex312.htm (EX-31.2) — 10KB
• czwi-20240630xex321.htm (EX-32.1) — 7KB
• ex991.htm (EX-99.1) — 9KB
• ex103001.jpg (GRAPHIC) — 272KB
• ex103002.jpg (GRAPHIC) — 228KB
• ex103003.jpg (GRAPHIC) — 203KB
• ex103004.jpg (GRAPHIC) — 126KB
• ex103005.jpg (GRAPHIC) — 41KB
• ex991001.jpg (GRAPHIC) — 242KB
• ex991002.jpg (GRAPHIC) — 215KB
• ex991003.jpg (GRAPHIC) — 160KB
• 0001367859-24-000084.txt ( ) — 22310KB
• czwi-20240630.xsd (EX-101.SCH) — 74KB
• czwi-20240630_cal.xml (EX-101.CAL) — 142KB
• czwi-20240630_def.xml (EX-101.DEF) — 506KB
• czwi-20240630_lab.xml (EX-101.LAB) — 1063KB
• czwi-20240630_pre.xml (EX-101.PRE) — 824KB
• czwi-20240630_htm.xml (XML) — 5075KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 5 Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statement of Changes in Stockholders' Equity (Unaudited) for the six months ended June 30, 2024 and the year ended December 31, 2023 8 Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023 10 Condensed Notes to Consolidated Financial Statements (Unaudited) 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 83 Item 4.

Controls and Procedures

Controls and Procedures 84

– OTHER INFORMATION

Part II – OTHER INFORMATION 85 Item 1.

Legal Proceedings

Legal Proceedings 85 Item 1A.

Risk Factors

Risk Factors 86 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 86 Item 3. Defaults Upon Senior Securities 86 Item 4. Mine Safety Disclosures 86 Item 5. Other Information 86 Item 6. Exhibits 87

SIGNATURES

SIGNATURES 88 3 PART 1 – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 CITIZENS COMMUNITY BANCORP, INC. Consolidated Balance Sheets June 30, 2024 (unaudited) and December 31, 2023 (derived from audited financial statements) (in thousands, except share and per share data) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 36,886 $ 37,138 Available for sale ("AFS") securities, at fair value (amortized cost of $ 170,494 , net of allowance for credit losses of $ 0 at June 30, 2024 and amortized cost of $ 179,744 , net of allowance for credit losses of $ 0 at December 31, 2023) 146,438 155,743 Held to maturity ("HTM") securities, at amortized cost (fair value of $ 69,027 , net of allowance for credit losses of $ 0 at June 30, 2024 and fair value of $ 73,262 , net of allowance for credit losses of $ 0 at December 31, 2023) 88,605 91,229 Equity investments 5,023 3,284 Other investments 13,878 15,725 Loans receivable 1,428,588 1,460,792 Allowance for credit losses ( 21,178 ) ( 22,908 ) Loans receivable, net 1,407,410 1,437,884 Loans held for sale 275 5,773 Mortgage servicing rights, net 3,731 3,865 Office properties and equipment, net 17,774 18,373 Accrued interest receivable 6,289 5,409 Intangible assets 1,336 1,694 Goodwill 31,498 31,498 Foreclosed and repossessed assets, net 1,662 1,795 Bank owned life insurance ("BOLI") 25,708 25,647 Other assets 15,794 16,334 TOTAL ASSETS $ 1,802,307 $ 1,851,391 Liabilities and Stockholders' Equity Liabilities: Deposits $ 1,519,544 $ 1,519,092 Federal Home Loan Bank ("FHLB") advances 31,500 79,530 Other borrowings 61,498 67,465 Other liabilities 13,720 11,970 Total liabilities 1,626,262 1,678,057 Stockholders' Equity: Common stock—$ 0.01 par value, authorized 30,000,000 ; 10,297,341 and 10,440,591 shares issued and outstanding, respectively 103 104 Additional paid-in capital 117,838 119,441 Retained earnings 75,501 71,117 Accumulated other comprehensive loss ( 17,397 ) ( 17,328 ) Total stockholders' equity 176

View Full Filing

View this 10-Q filing on SEC EDGAR