Financial Performance - Net interest income before provision for loan losses rose to $10,062 thousand for the three months ended March 31, 2019, compared to $7,356 thousand for the same period in 2018, an increase of 36.8%[15] - Net income attributable to common stockholders decreased to $953 thousand for the three months ended March 31, 2019, down from $1,341 thousand in 2018, a decline of 29.0%[15] - Total non-interest income for the three months ended March 31, 2019, was $2,332 thousand, up from $1,675 thousand in 2018, marking a growth of 39.2%[15] - Total non-interest expense increased to $9,894 thousand for the three months ended March 31, 2019, compared to $7,103 thousand in 2018, an increase of 39.2%[15] - Comprehensive income for the three months ended March 31, 2019, was $2,117 thousand, compared to $270 thousand in 2018, a substantial increase[16] - Basic earnings per share for the three months ended March 31, 2019, were $0.09, down from $0.23 in the same period of 2018, a decrease of 60.9%[13] Asset and Liability Management - Total assets increased to $1,326,590 thousand as of March 31, 2019, up from $1,287,924 thousand at December 31, 2018, representing a growth of 3.0%[11] - Total liabilities increased to $1,188,210 thousand as of March 31, 2019, up from $1,149,737 thousand at December 31, 2018, a growth of 3.3%[11] - Total deposits increased to $1,030,649 thousand as of March 31, 2019, compared to $1,007,512 thousand at December 31, 2018, reflecting a growth of 2.3%[11] - Total cash and cash equivalents at the end of the period were $41,358,000, up from $31,468,000 year-over-year[23] Loan and Credit Quality - Provision for loan losses increased to $1,225 thousand for the three months ended March 31, 2019, compared to $100 thousand in the same period of 2018, indicating a significant rise in risk assessment[15] - The allowance for loan losses increased to $8,707 thousand as of March 31, 2019, from $7,604 thousand at December 31, 2018, reflecting a proactive approach to credit risk management[11] - Total originated loans amounted to $667,480 million, with $651,610 million rated as 1 to 5 (Pass) loans[106] - Nonperforming loans totaled $11,584 million as of March 31, 2019, compared to $8,090 million on December 31, 2018, indicating an increase of approximately 43.5%[120] - The total amount of loans categorized as "Current" was $1,005,686 million as of March 31, 2019, compared to $982,287 million on December 31, 2018, reflecting an increase of about 2.4%[122] Investment and Securities - The Company recognized total available for sale securities with an estimated fair value of $160,201 as of March 31, 2019, with gross unrealized losses of $1,410[86] - The estimated fair value of total available for sale securities was $160.201 billion as of March 31, 2019, compared to $146.725 billion as of December 31, 2018, marking an increase of about 9.1%[90] - The total unrealized losses for available for sale securities as of March 31, 2019, were $1.410 billion, compared to $2.642 billion as of December 31, 2018, indicating a reduction of approximately 46.6%[93] - The fair value of investment securities as of March 31, 2019, was $160,201 million, compared to $146,725 million as of December 31, 2018[167] Operational Changes and Strategic Initiatives - The company is in the process of selling a branch located in Michigan, expected to be completed in Q2 2019[31] - The company entered into a merger agreement with F. & M. Bancorp, indicating a strategy for market expansion[30] - The company adopted ASU 2014-09, which did not have a material impact on its consolidated financial statements, effective for annual and interim periods beginning in the first quarter of 2019[82] - The Company is assessing the impact of ASU 2016-13, which changes the accounting for credit losses, effective in the first quarter of 2020[84] Shareholder Returns - Cash dividends paid remained stable at $0.20 per share for both the three months ended March 31, 2019, and 2018[15] - Cash dividends paid amounted to $2,198,000, compared to $1,181,000 in the previous year[24]
Citizens munity Bancorp(CZWI) - 2019 Q1 - Quarterly Report