7 unchanged sentences
The holders of our common stock are entitled to receive such dividends when and as declared by our Board of Directors and approved by our regulators.
+Added: During the continuance of an event of default under its Subordinated Note Purchase Agreement entered into with certain accredited purchasers in August 2020, the Company would be restricted from declaring or paying any dividends on its capital stock.
In determining the payment of cash dividends, our Board of Directors considers our earnings, capital and debt servicing requirements, the financial ratio guidelines of our regulators, our financial condition and other relevant factors.
3 unchanged sentences
Purchases of Equity Securities by the Issuer
−Removed: On October 24, 2019, the Board of Directors approved a stock repurchase program.
−Removed: Under this program the Company may repurchase up to approximately 5% of the outstanding shares of its common stock as of October 24, 2019, or 563,504 shares, from time to time through October 1, 2020.
−Removed: From February 3, 2020 through March 6, 2020, the Company repurchased 155,666 shares at an average price of $11.75, for a total investment of $1.84 million, in accordance with Rule 10b5-1 of the Securities and Exchange commission.
−Removed: The table below shows information about our repurchases of our common stock during the period beginning on October 24, 2019 (the date on which the plan was adopted) and ending on December 31, 2019.
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid per Share
−Removed: Total Number of Shares purchased as Part of Publicly Announced Plans or Programs
−Removed: Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
−Removed: October 24, 2019 - October 31, 2019
+Added: On November 30, 2020, the Board of Directors approved a stock repurchase program.
+Added: Under this program the Company may repurchase up to approximately 5% of the outstanding shares of its common stock as of November 30, 2020, or 557,728 shares, from time to time.
+Added: The table below shows information about our repurchases of our common stock during the period beginning on November 30, 2020 (the date on which the plan was adopted) and ending on December 31, 2020.
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
November 30, 2020 - November 30, 2020 — $ — — 557,728
December 1, 2020 - December 31, 2020 97,765 $ 10.00 97,765 459,963
−Removed: This table does not include shares of common stock withheld from employees to satisfy tax withholding obligations associated with the vesting of restricted stock awards.
−Removed: During the three months ended December 31, 2019, the Company withheld an aggregate of 505 shares of common stock, with an average price of $11.13, from employees to satisfy such tax withholding obligations.
+Added: Total 97,765 $ 10.00 97,765
SELECTED FINANCIAL DATA
+Added: FIVE YEAR SELECTED CONSOLIDATED FINANCIAL DATA
The following tables set forth selected historical financial and other data of the Company for the years and at the dates indicated.
−Removed: The information at December 31, 2019 and December 31, 2018, and for the twelve months ended December 31, 2019, the three months ended December 31, 2018, and the year ended September 30, 2018 is derived in part from, and should be read together with, the audited consolidated financial statements and notes thereto of the Company that appear in this Transition Report on Form 10-K.
−Removed: The information at September 30, 2018, 2017 and 2016 and the years ended September 30, 2017 and 2016 is derived in part from audited financial statements that do not appear in this Annual Report on Form 10-K.
+Added: The information at December 31, 2020 and December 31, 2019, and for the twelve months ended December 31, 2020 and December 31, 2019 is derived in part from, and should be read together with, the audited consolidated financial statements and notes thereto of the Company that appear in this Annual Report on Form 10-K.
+Added: The information at December 31, 2018, September 30, 2018 and September 30, 2017 and for the three month transition period ended December 31, 2018, and for the twelve months ended September 30, 2018 and 2017 is derived in part from audited financial statements that do not appear in this Annual Report on Form 10-K.
The information below is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7., “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8., “Financial Statements and Supplementary Data” included in this Form 10-K.
1 unchanged sentence
“Acquisition” in the consolidated financial statements.
−Removed: Year ended December 31,
−Removed: Three month transition period ended December 31,
+Added: Year ended December 31, Year ended December 31, Three month transition period ended December 31,
+Added: 2020 2019 2018
Selected Results of Operations Data:
4 unchanged sentences
Net interest income after provision for loan losses 42,505 39,988 9,090
−Removed: Fees and service charges
+Added: Gain on sale of loans, loan servicing income and fees and service charges 14,066 8,649 1,790
Other non-interest income 4,382 6,326 736
3 unchanged sentences
Income tax provision 4,555 2,814 561
+Added: Net income $ 12,725 $ 9,463 $ 1,261
Per Share Data:
4 unchanged sentences
Tangible book value per share at end of period $ 11.18 $ 9.89 $ 9.03
−Removed: CITIZENS COMMUNITY BANCORP, INC.
FIVE YEAR SELECTED CONSOLIDATED FINANCIAL DATA (CONTINUED)
−Removed: Year ended December 31,
−Removed: Three month transition period ended December 31,
+Added: As of, or for the
+Added: Year ended December 31, Year ended December 31, Three month transition period ended December 31,
+Added: 2020 2019 2018
Selected Financial Condition Data:
+Added: Total assets $ 1,649,095 $ 1,531,249 $ 1,287,924
Investment securities $ 187,784 $ 182,970 $ 151,575
−Removed: Total loans, net of deferred costs (fees)
+Added: Loans receivable $ 1,237,581 $ 1,177,380 $ 992,556
Total deposits $ 1,295,256 $ 1,195,702 $ 1,007,512
−Removed: Short-term FHLB borrowings
+Added: FHLB short-term borrowings and borrowings maturing within twelve months, net of unamortized discount $ 7,968 $ 73,471 $ 98,813
Other FHLB borrowings $ 115,530 $ 57,500 $ 11,000
26 unchanged sentences
Total risk-based capital (7) 14.7 % 13.1 % 12.7 %
−Removed: CITIZENS COMMUNITY BANCORP, INC.
FIVE YEAR SELECTED CONSOLIDATED FINANCIAL DATA (CONTINUED)
6 unchanged sentences
Net interest income after provision for loan losses 29,003 21,949
−Removed: Fees and service charges
+Added: Gain on sale of loans, loan servicing income and fees and service charges 4,635 2,937
Net (loss) gain on sale of available for sale securities (17) 111
4 unchanged sentences
Income tax provision 2,326 1,323
+Added: Net income $ 4,283 $ 2,499
Per Share Data:
Net income per share (basic) (1)
+Added: $ 0.72 $ 0.47
Net income per share (diluted) (1)
+Added: $ 0.58 $ 0.46
Cash dividends per common share $ 0.20 $ 0.16
1 unchanged sentence
Tangible book value per share at end of period $ 11.05 $ 9.78
−Removed: CITIZENS COMMUNITY BANCORP, INC.
FIVE YEAR SELECTED CONSOLIDATED FINANCIAL DATA (CONTINUED)
+Added: As of, and for the
Years ended September 30, (dollars in thousands, except per share data)
Selected Financial Condition Data:
+Added: Total assets $ 975,409 $ 940,664
Investment securities $ 123,101 $ 101,336
−Removed: Total loans, net of deferred costs (fees)
+Added: Loans receivable $ 759,247 $ 732,995
Total deposits $ 746,529 $ 742,504
−Removed: Short-term FHLB borrowings
+Added: FHLB short-term borrowings and borrowings maturing within twelve months, net of unamortized discount $ 63,000 $ 90,000
Other FHLB borrowings
7 unchanged sentences
Net interest margin (2)
+Added: 3.42 % 3.31 %
Net interest spread (2)
2 unchanged sentences
Net overhead ratio (3)
+Added: 2.35 % 2.48 %
Average loan-to-average deposit ratio 99.52 % 100.87 %
1 unchanged sentence
Efficiency ratio (4)
+Added: 79.01 % 84.67 %
Asset Quality Ratios:
Non-performing loans to total loans (5)
+Added: 1.10 % 1.10 %
Allowance for loan losses to:
5 unchanged sentences
Shareholders’ equity to assets (6)
+Added: 13.93 % 7.81 %
Average equity to average assets (6)
+Added: 10.32 % 9.09 %
Tier 1 capital (leverage ratio) (7)
Total risk-based capital (7)
+Added: 13.1 % 13.2 %
(1) Earnings per share are based on the weighted average number of shares outstanding for the period.
1 unchanged sentence
(3) Net overhead ratio represents the difference between non-interest expense and non-interest income, divided by average assets.
−Removed: Efficiency ratio represents non-interest expense, divided by the sum of net interest income and non-interest income, excluding impairment losses from OTTI.
+Added: (4) Efficiency ratio represents non-interest expense, divided by the sum of net interest income and non-interest income.
(5) Non-performing loans are either 90+ days past due or nonaccrual.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.