Citizens Community Bancorp, Inc.
November 2, 2007
Page 2 Non-interest expense rose to $10.5 million for fiscal 2007, from $8.7 million for fiscal 2006. The increase was primarily due to costs associated with the Company's continued growth including, salary and benefits, the one-time charge detailed above, occupancy and professional services, and higher employee stock ownership plan (ESOP) expense related to the second-step conversion, among others. Total assets were $386.1 million at September 30, 2007, compared with $284.0 million at September 30, 2006. The 2007 fiscal year rise of $102.1 million, or 36.0 percent, was primarily due to a $61.7 million increase in loans receivable and a $38.8 million increase in investments, which consist of high-quality AAA-rated mortgage-backed securities purchased to increase Citizens' consumer-lending capabilities. Deposits grew to $207.7 million at September 30, 2007, from $186.7 million at September 30, 2006. The fiscal year-to-date increase of $21.0 million, or 11.2 percent, came from growth in new certificates of deposit, money market accounts and checking accounts. Federal Home Loan Bank (FHLB) advances grew $35.2 million as a result of funding the mortgage-backed securities purchases. Equity increased to $78.1 million at September 30, 2007, from $30.1 million at September 30, 2006, primarily as a result of the Company's second step conversion and reorganization. The Company's nonperforming assets were $1.6 million at September 30, 2007, or 0.41 percent of total assets, down from 0.63 percent at September 30, 2006. Net charge-offs for the fiscal year ended September 30, 2007, were $378,000, compared with $229,000 for the fiscal year ended September 30, 2006. The annualized net charge-offs to average loans receivable was 0.13 percent for the fiscal year ended September 30, 2007, compared to 0.10 percent for the prior fiscal year. Said James Cooley, president and chief executive officer of Citizens Community Bancorp, Inc., "We're very pleased with our performance for the year. We ended fiscal 2007 on a high note, delivering strong loan and income growth. For fiscal 2008, our growth strategy focuses on three primary areas: - Expansion in select locations that we believe offer excellent growth potential;
- A continued focus on increasing core deposits; and
- Rigorous management of our lending portfolio to minimize risk and maximize income--something we've proven to be effective at over the course of the fiscal year.
"The fundamental strength of our business model, employees and commitment to superior service continues to drive Citizens forward." (more) |
