Citizens Community Bancorp Q3 profit soars, net interest income up

By Reuters News


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


Reuters Recommended Reads

  • Oct 26 - Sierra Bancorp Q3 net income jumps 58% on lower credit losses

  • Oct 26 - Lakeland Financial Q3 net income rises on commercial loan growth

  • Oct 26 - HBT Financial Q3 adjusted net income beats on higher loan yields


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk