Citizens Community Bancorp Q2 profit drops on higher credit losses
CZWI•Drivers of the result
- Credit loss provision — Higher provision for credit losses, mainly from three loan relationships moving to nonaccrual or substandard, weighed on results.
- Non-interest income drop — Lower gains on sale of loans led to a decrease in non-interest income.
- Net interest margin expansion — Net interest margin rose due to lower deposit costs and higher loan yields, partially offset by new nonaccrual loans.
Outlook and analyst coverage
The company did not provide specific guidance for the current quarter or full year.
The current average analyst rating on the shares is buy, and the breakdown of recommendations is 2 strong buy or buy, no hold and no sell or strong sell.
The average consensus recommendation for the banks peer group is buy.
Wall Street's median 12-month price target for Citizens Community Bancorp Inc is $24.00, about 1.9% above its July 24 closing price of $23.56.
