Citizens Community Bancorp Q3 profit soars, net interest income up
CZWI•Citizens Community Bancorp’s preliminary Q3 earnings per share rose sharply year over year and sequentially to $0.56, while net interest income increased to $14.49 million. The company repurchased 70,000 shares and raised its quarterly dividend by 14%.
1. Earnings and income
Citizens Community Bancorp reported preliminary Q3 earnings per share of $0.56 and net interest income of $14.49 million. Higher net interest margin, loan repricing and new loan originations lifted net interest income.
2. Other results
The company said lower specific reserves and charge-offs on nonaccrual loans, along with lower required allowance provisions, contributed to a sequential decline in credit loss provisions. Higher gains on equity securities and increased loan servicing income boosted non-interest income. Citizens Community Bancorp repurchased 70,000 shares and raised its quarterly dividend by 14%.
