SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Date of Report (Date of earliest event reported) February 21,
2008
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CITIZENS COMMUNITY BANCORP,
INC.
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(Exact name
of Registrant as specified in its
Charter)
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Maryland
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001-33003
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Applied For
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(State or other jurisdiction
of incorporation) |
(Commission File No.)
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(IRS
Employer
Identification Number) |
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2174 EastRidge Center, Eau
Claire, Wisconsin
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54701
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(Address of principal executive
offices)
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(Zip Code)
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Not
Applicable
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(Former name
or former address, if changed since last
report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item
7.01. Regulation FD Disclosure
Set forth below is a script and slides for a presentation to be made at Citizens Community Bancorp, Inc.'s Annual Meeting of Shareholders to be held on February 21, 2008.
Intro
Slide—
Good
afternoon. I’d like to take this opportunity to welcome you to Citizens
Community Bancorp’s fiscal 2007 annual meeting of shareholders. For those of you
who don’t know me, I’m Jim Cooley, Citizens’ president and chief executive
officer.
Safe
Harbor Slide—
Before I
begin, I must first preface my remarks with the customary safe-harbor
statement:
Certain
statements in my remarks today may contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements may involve risks and uncertainties, and include statements that are
other than historical fact. For a complete discussion of these and other factors
that could impact the company's future results, please see our quarterly and
annual filings with the U.S. Securities and Exchange Commission.
Fiscal
2007 Highlights Slide—
With
that, I’d like to express my sincere thanks and gratitude to you for joining us
today. Fiscal 2007 was an exciting year for Citizens. With roots nearly seven
decades deep, we took advantage of many opportunities during the year to enhance
our infrastructure and add a level of financial strength that’s sure to provide
benefits to our customers, shareholders and employees for many years to
come.
The
fundamental strength of our business model, employees and dedication to superior
service, drove improved performance in 2007. And during the year we achieved
many key milestones. We successfully raised almost $53 million through our
October 2006 public offering—helping support the Company’s future. What this
means for our shareholders is that we now have the ability to further grow and
compete on a larger scale. With the additional capital, Citizens is well
positioned to expand.
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In
addition, we ended the year on a high note, delivering strong loan and income
growth. And recently, we announced plans to open new branches in select Wal-Mart
retail locations in 2008. We believe that these new branches will offer
excellent potential for additional core deposit and loan growth and are
consistent with our targeted expansion strategy.
Financial
Performance Slide—
Now I’ll
briefly cover our financial performance. For the year, Citizens Community
Bancorp Inc.’s total assets increased by $102.1 million, or 36 percent, to
$386.1 million. This growth was primarily due to a $61.7 million increase in
loans receivable and a $38.8 million increase in investments, which consist of
AAA-rated mortgage-backed securities.
In fiscal
2007 net income was $743,000, or $0.11 per diluted share, up 67 percent from net
income of $446,000, or $0.06 per diluted share, for the prior year. The
year-over-year gain was primarily due to an increase in net interest
income.
Recently
we reported fiscal 2008 first-quarter results. For the first quarter, our total
assets increased by 6 percent to $409.4 million. And we delivered net income of
$455,000, or $.07 per diluted share, versus a net loss of ($115,000), or ($0.02)
per diluted share, for the prior-year first quarter. The year-earlier results
included a one-time, after-tax charge of $370,000 ($610,000 pre-tax) related to
agreements with two Citizens Community Federal executives who
resigned.
What’s
important to note here is that Citizens is off to a strong start for fiscal
2008. We manage our lending portfolio in an effort to minimize risk and maximize
income, and as such, we do not participate in any sub-prime lending. Combined
with loan growth, this management strategy helped drive income growth for the
quarter.
Delivering
Consistent Growth Slide—
Over the
past five quarters Citizens has delivered consistent growth across the board. In
a brief moment I’m going to share with you some charts that we’re particularly
proud of—our asset, loan, deposit and net income growth. What you’ll see are
impressive increases that occurred despite challenges and pressures from what
only can be categorized as a less-than-cooperative economic
environment.
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Assets
Slide—
In total,
Citizens assets have grown 41 percent over the past five quarters.
Loans
Slide—
Over the
same period, our loan balance increased more than 26 percent.
Deposits
Slide—
Deposits,
rose 18 percent during the five-quarter period.
After-tax
Net Income Slide—
My last
growth slide is what our shareholders may be most interested in, net income. You
can see that since the fiscal 2007 first quarter, our after-tax net income has
grown from a net loss of $115,000 to fiscal 2008 first-quarter net income of
$455,000—that’s a 78 percent gain excluding the one-time charge, and a more than
100 percent gain including the charge. Last year we used three words to describe
the state of our proud institution: "Growing. Stronger. Together." Today, more
than ever, these words ring true and continue to act as our guiding
force.
Growth
Strategies Slide—
It goes
without saying that 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:
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Expansion
in select locations that we believe offer excellent growth
potential;
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A
continued focus on increasing core deposits;
and
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Rigorous
management of our lending portfolio in an effort to minimize risk and
maximize income—something we’ve proven to be effective
at.
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In
closing, our strong capital position, history of acquisitions and vision for
branch expansion positions us well for future growth. We’re committed to
Citizens' strategic business model and focus on improving profitability and
return on capital. And we firmly believe our experienced team will enhance
opportunities for future growth, drive continued efficiencies throughout the
business and provide superior service to our 47,000-plus customers.
For your
belief in our vision and your continued support, I’d like to thank you on behalf
of our entire organization.
Now, I’d
like to open the floor to questions.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CITIZENS COMMUNITY BANCORP | |
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| Date: February 21, 2008 | By: /s/ John D. Zettler
John D. Zettler Chief Financial Officer |
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