Citizens Community Bancorp Q3 profit soars, net interest income up
Overview
US community bank's preliminary Q3 EPS rose sharply yr/yr and sequentially
Net interest income increased, driven by higher margin and new loan originations
Company repurchased 70,000 shares and raised quarterly dividend by 14%
Outlook
Company did not provide specific financial guidance for future quarters or the full year in its press release
Result Drivers
NET INTEREST MARGIN - Co said higher net interest margin, driven by loan repricing and new loan originations, boosted net interest income
CREDIT LOSS PROVISION - Co said lower specific reserves and charge-offs on nonaccrual loans, lower required ACL provisions based on changes in loan characteristics contributed to decline in credit loss provisions sequentially
NON-INTEREST INCOME - Co said higher gains on equity securities and increased loan servicing income raised non-interest income
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $0.56 | ||
Q3 Net Interest Income | $14.49 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "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 $23.50, about 9.7% above its October 23 closing price of $21.42
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 12 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)