Citizens Community Bancorp, Inc. (CZWI) Bundle
An Overview of Citizens Community Bancorp, Inc. (CZWI)
General Summary of Citizens Community Bancorp, Inc. (CZWI)
Citizens Community Bancorp, Inc. (CZWI), headquartered in Wisconsin, has established itself as a prominent banking institution since its inception. The company provides a comprehensive range of financial services, including personal and commercial banking, mortgage lending, and investment services. As of 2024, the bank's offerings include checking and savings accounts, loans, and various investment products designed to meet the needs of both individual and business customers.
As of September 30, 2024, Citizens Community Bancorp reported total deposits of $1.52 billion, reflecting a slight increase from the previous quarter. The composition of deposits includes 56% consumer deposits, 28% commercial deposits, 12% public deposits, and 4% brokered deposits.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reporting period, Citizens Community Bancorp demonstrated a solid financial performance. For the nine months ended September 30, 2024, the company reported a net income of $11.0 million, or $1.07 per diluted share, compared to $9.4 million, or $0.89 per diluted share for the same period in 2023.
Net interest income for the nine months ended September 30, 2024, was $34.8 million, down from $36.6 million in the previous year. The decrease was primarily attributed to higher short-term interest rates affecting the bank's liability-sensitive balance sheet. However, the bank's total interest income increased to $67.7 million, compared to $62.2 million for the same period in 2023.
Non-interest income also saw a positive trend, totaling $8.1 million for the nine-month period, up from $7.8 million in the previous year. This increase was driven by higher gains on loan sales and increased loan servicing income.
| Financial Metrics | 2024 | 2023 |
|---|---|---|
| Net Income | $11.0 million | $9.4 million |
| Net Interest Income | $34.8 million | $36.6 million |
| Total Interest Income | $67.7 million | $62.2 million |
| Non-Interest Income | $8.1 million | $7.8 million |
Introduction to Company as a Leader in the Industry
Citizens Community Bancorp, Inc. is recognized as one of the leading companies in the banking industry, particularly in the Midwest region. The bank's commitment to providing exceptional customer service and innovative financial solutions has positioned it as a trusted partner for both individuals and businesses. The bank's diverse product offerings and strong financial performance underscore its leadership and resilience in the competitive banking landscape.
As of September 30, 2024, the bank's total loans outstanding were reported at $1.43 billion, with a focus on real estate lending, which constitutes a significant portion of its loan portfolio. The bank's effective management of its resources and its proactive approach to market opportunities continue to drive its success in the financial sector.
Mission Statement of Citizens Community Bancorp, Inc. (CZWI)
Mission Statement Overview
The mission statement of Citizens Community Bancorp, Inc. (CZWI) serves as a foundational element in guiding the company's long-term goals and objectives. It articulates the company's purpose and commitment to its stakeholders, emphasizing the importance of high-quality financial services and community engagement.
Core Component 1: Commitment to Customers
Citizens Community Bancorp prioritizes a strong commitment to its customers by offering a diverse range of financial products and services tailored to meet individual needs. As of September 30, 2024, the bank reported total deposits of $1.52 billion, reflecting its robust customer base and trust within the community. The breakdown of deposits includes:
| Type of Deposit | Amount (in millions) | Percentage of Total Deposits |
|---|---|---|
| Consumer Deposits | $844.8 | 56% |
| Commercial Deposits | $432.4 | 28% |
| Public Deposits | $176.8 | 12% |
| Brokered Deposits | $66.7 | 4% |
This diverse deposit base demonstrates the bank's ability to cater to various customer segments, reinforcing its mission to deliver exceptional service.
Core Component 2: Community Engagement
Community engagement is a cornerstone of CZWI’s mission statement. The bank actively participates in local initiatives, fostering economic development and social responsibility. As of September 30, 2024, the bank's total loans outstanding were $1.42 billion, with a significant portion allocated to community-focused lending, including:
| Loan Type | Amount (in millions) | Percentage of Total Loans |
|---|---|---|
| Commercial Real Estate | $730.5 | 51.3% |
| Agricultural Real Estate | $76.0 | 5.3% |
| Multi-Family Real Estate | $239.2 | 16.8% |
| Residential Mortgage | $134.9 | 9.5% |
By focusing on community-oriented loans, CZWI demonstrates its commitment to supporting local businesses and homeowners, which is integral to its mission.
Core Component 3: Financial Stability and Growth
Financial stability and growth are emphasized in CZWI's mission statement, reflecting the bank's goal to maintain a sound financial position while expanding its operations. As of September 30, 2024, the bank reported a net income of $11.0 million for the nine-month period, an increase compared to $9.4 million in the same period of the previous year. Key financial metrics include:
| Metric | 2024 | 2023 |
|---|---|---|
| Net Interest Income | $34.8 million | $36.6 million |
| Non-Interest Income | $8.1 million | $7.8 million |
| Total Assets | $1.86 billion | $1.79 billion |
The increase in net income and total assets signifies the bank's effective management and strategic growth initiatives, reinforcing its mission to provide reliable and sustainable financial services.
Vision Statement of Citizens Community Bancorp, Inc. (CZWI)
Vision Statement Overview
The vision statement of Citizens Community Bancorp, Inc. (CZWI) emphasizes a commitment to delivering exceptional financial services while fostering community engagement and economic growth. As of 2024, the vision reflects a dedication to integrity, innovation, and customer-centric solutions.
Commitment to Community Engagement
Citizens Community Bancorp, Inc. aims to enhance the communities it serves by promoting financial literacy and supporting local initiatives. This commitment is evident in the bank's community involvement programs, which include educational workshops and partnerships with local organizations.
Focus on Innovation
Innovation is a cornerstone of CZWI's vision. The bank continuously invests in technology to improve customer experience and streamline operations. As of September 30, 2024, the bank's total assets were reported at approximately $1.67 billion, reflecting its ability to leverage technology for growth and efficiency.
Customer-Centric Solutions
Citizens Community Bancorp places significant emphasis on providing tailored financial solutions that meet the diverse needs of its customers. For the nine months ending September 30, 2024, the bank generated net interest income of $34.8 million, showcasing its focus on profitability while serving client interests.
Integrity and Ethical Practices
The vision statement underscores the importance of integrity and ethical practices in all aspects of the bank's operations. As of September 30, 2024, the bank reported stockholders’ equity of $180.1 million, indicating a solid foundation built on trust and transparency.
Table: Financial Highlights of Citizens Community Bancorp, Inc. (as of September 30, 2024)
| Financial Metric | Amount |
|---|---|
| Total Assets | $1.67 billion |
| Net Interest Income | $34.8 million |
| Stockholders’ Equity | $180.1 million |
| Total Loans | $1.43 billion |
| Total Deposits | $1.52 billion |
Strategic Goals
Looking ahead, Citizens Community Bancorp is focused on strategic goals that align with its vision. These include expanding product offerings, enhancing digital banking capabilities, and strengthening community partnerships. The bank's commitment to innovation and customer service is expected to drive further growth.
Core Values of Citizens Community Bancorp, Inc. (CZWI)
Integrity
Integrity stands as a foundational value at Citizens Community Bancorp, Inc. (CZWI), emphasizing transparency and accountability in all operations.
In 2024, CZWI demonstrated its commitment to integrity through rigorous compliance programs, ensuring adherence to regulatory standards. The bank reported a decrease in the provision for credit losses, showcasing prudent risk management practices. The negative provision for credit losses was $2.725 million for the nine months ended September 30, 2024, compared to a provision of $0.175 million for the same period in 2023.
Customer Focus
Customer focus is central to CZWI's mission, driving initiatives that enhance customer experience and satisfaction.
As of September 30, 2024, CZWI's total deposits reached $1.52 billion, reflecting an increase of $1.1 million during the third quarter. The bank also reported a $22.1 million increase in consumer deposits, indicating a strong commitment to meeting customer needs. Additionally, the total non-interest income increased by $0.3 million compared to the previous year, driven by higher service charges and loan fees.
Community Involvement
Community involvement reflects CZWI's dedication to supporting local initiatives and enhancing community welfare.
In 2024, CZWI engaged in various community development projects, contributing to local economic growth. The bank's fair market value of mortgage servicing rights (MSR) was $5.0 million as of September 30, 2024, demonstrating its investment in community-focused lending. CZWI also maintains a robust portfolio of residential real estate loans, amounting to $1.27 billion, which supports housing stability in the communities it serves.
Excellence
Excellence drives CZWI to pursue the highest standards in service delivery and operational efficiency.
The bank's net income attributable to common stockholders was $11.049 million for the nine months ended September 30, 2024, a significant increase from $9.366 million in the same period of 2023. This growth is indicative of CZWI's effective operational strategies and commitment to excellence in financial performance.
Innovation
Innovation is essential for CZWI to adapt to changing market dynamics and enhance operational effectiveness.
In 2024, CZWI implemented new technology solutions to streamline operations and improve customer service. The increase in data processing expenses by $0.3 million compared to the previous year reflects investments in technology to support innovation. Additionally, the bank's liquidity ratio improved to 11.5% by September 30, 2024, showcasing its ability to leverage innovative solutions for effective liquidity management.
| Core Value | Importance | 2024 Key Performance Indicator |
|---|---|---|
| Integrity | Transparency and accountability | Negative provision for credit losses: $2.725 million |
| Customer Focus | Enhancing customer experience | Total deposits: $1.52 billion |
| Community Involvement | Supporting local initiatives | Fair market value of MSR: $5.0 million |
| Excellence | High standards in service delivery | Net income: $11.049 million |
| Innovation | Adapting to market dynamics | Liquidity ratio: 11.5% |
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Resources:
- Citizens Community Bancorp, Inc. (CZWI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Citizens Community Bancorp, Inc. (CZWI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Citizens Community Bancorp, Inc. (CZWI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.