Citizens Community Bancorp, the holding company for Citizens Community Federal, has reported a net income of $193,000, or diluted earnings per share of $0.04, for the second quarter of fiscal 2009 ended march 31, 2009, compared to $246,000, or diluted earnings per share of $0.04, for the same quarter of fiscal 2008.
According to the company, net interest income for the second quarter of fiscal 2009 was $3.76m, compared to $2.97m for the same quarter of fiscal 2008. Total noninterest income was $476,000, compared to $387,000 for the second quarter of fiscal 2008.
Net income for the first six months of fiscal 2009 was $459,000, compared to $701,000 for the first half of fiscal 2008. Net interest income for the first half of fiscal 2009 was $7.34m, compared to $5.89m for the same period of fiscal 2008. Total noninterest income for the first half of 2009 was $953,000, compared to $815,000 for the first half of fiscal 2008.
The company has said that the decrease in net income for the fiscal 2009 second-quarter and six-month period has resulted mainly from two factors. First, the company has increased its 2009 second-quarter provision for loan losses by $178,000 to $374,000 for the fiscal 2009 period. The second factor was planned increases in salaries and benefits, occupancy and other expenses associated with the company’s growth, primarily the openings of Citizens’s Walmart supercenter branches.
Total assets of the company as of March 31, 2009 were $507.51m, compared to $480.04m as of September 30, 2008, said the company.
James Cooley, president and CEO at Citizens Community Bancorp, said: The in-store Walmart branches that we opened in 2008 are now maturing and our new locations are continuing to gain traction with customers. Management is optimistic that our Walmart locations will contribute improvements to Citizens’s bottom line by the end of calendar 2009.
