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CCFBANK ( 800 ) 590-9920 NEWS DETAILS IR Menu Citizens Community Bancorp , Inc. Earns $ 5.5 Million , Per Share in 1Q21 ; Record Quarterly Earnings Increas from 4Q20 Earnings ; Asset Quality Continues to Impro Company Release - 4/26/2021 4:15 PM ET EAU CLAIRE , Wis . , April 26 , 2021 ( GLOBE NEWSWIRE ) -- Citizens Community Bancorp , Inc. ( the " Company " ) ( Nasdaq : CZWI ) , the pare Community Federal N.A. ( the " Bank " or " CCFBank " ) , today reported earnings of $ 5.5 million or $ 0.50 per diluted share for the quarter ended Ma to $ 3.6 million , or $ 0.32 per diluted share for the quarter ended December 31 , 2020 , and $ 2.6 million , or $ 0.23 per diluted share for the quarter Net income as adjusted ( non - GAAP ) 1 was $ 5.6 million or $ 0.51 per diluted share for the first quarter of 2021 , compared to $ 3.7 million , or $ 0.33 the preceding quarter and $ 2.6 million or $ 0.23 per diluted share for the first quarter a year ago . The Company's first quarter 2021 operating results reflected : ( 1 ) lower net interest income largely resulting from decreased accretion due to rec credit impaired loan payoffs , partially offset by higher accretion of deferred fees on the Small Business Administration's Paycheck Protection Pr forgiveness ; ( 2 ) no loan loss provisions , primarily due to loan shrinkage , lower net charge - offs and no provision related to economic uncertainty slow - down in the refinancing market which led to decreased , yet strong gain on sale of loans ; and ( 4 ) a decrease in non - interest expenses larg $ 0.9 million of previously recorded MSR impairment as forecasted future prepayments slowed , and no branch closure costs , offset by modestly expense and $ 0.1 million of debt termination costs . Book value per share was $ 14.75 at March 31 , 2021 compared to $ 14.52 at December 31 , 2020 and $ 13.27 at March 31 , 2020. Tangible book GAAP ) 5 was $ 11.39 at March 31 , 2021 compared to $ 11.18 at December 31 , 2020 and $ 9.80 at March 31 , 2020. Book value per share increas 12 months , an 11 % increase from March 31 , 2020. Tangible book value per share increased $ 1.59 over the past 12 months , a 16 % increase frc " I am pleased with our Team's effort in building a strong culture focused on deepening our customer relationships has translated into strong fina continued focus on building tangible book value , improving asset quality and expense management was demonstrated in the quarter and year value increased 16 % year over year and the cash dividend was increased 10 % to $ 0.23 per share paid in the first quarter , despite operating in environment . Nonperforming assets declined 19 % in the quarter and have declined over 50 % in the past 12 months . I am optimistic that with C increasing , our branch lobbies reopening in June , and our cold winter coming to a close , that loan demand should increase , especially since un markets are below the national averages , " said Stephen Bianchi , Chairman , President and Chief Executive Officer . " We also assisted our busin customers seeking a second draw of SBA PPP loans , with the expected $ 3.3 million of deferred fees to be accreted over the life of the loans , " c March 31 , 2021 Highlights : ( as of or for the 3 - month period ended March 31 , 2021 compared to December 31 , 2020 and March 31 , 2020. ) • Record quarterly earnings of $ 5.5 million , or $ 0.50 per diluted share for the first quarter ended March 31 , 2021 were led by a continued st origination climate , no loan loss provision and lower non - interest expenses supported by a reversal in mortgage servicing rights impairme quarter ended December 31 , 2020 , earnings were $ 3.6 million or $ 0.32 per diluted share . • Stockholders ' equity as a percent of total assets was to 9.27 % at March 31 , 2021 compared to 9.74 % at December 31 , 2020. Tangible co percent of tangible assets ( non - GAAP ) 5 was 7.32 % at March 31 , 2021 compared to 7.67 % at December 31 , 2020. These decreases wer growth which increased liquidity and resulted in asset growth . • No loan loss provisions were realized during the quarter ended March 31 , 2021 due to improved asset quality , a smaller balance of loans charge - off activity . Economic conditions in our markets continued to improve from those seen in the last quarter of 2020. This has led to i businesses most impacted by the pandemic , but further improvements in their prospects will depend on the timing and efficacy of vaccina impact on consumer behavior and business activities . • The Bank's COVID - 19 related modifications under Section 4013 of the CARES Act totaled $ 57.3 million , or 5 % of gross loans at March 3 million , or 5 % of gross loans at December 31 , 2020. At March 31 , 2021 , hotel industry sector loans represent $ 48.9 million of the approve