CCF Bank reports record half-year earnings

EAU CLAIRE — The parent company of CCF Bank reported record earnings for the first half of 2021.

In the first six months of this year, Citizens Community Bancorp had $10.2 million in earnings, according to the company’s second quarter financial report.

That’s an 80% increase on the $5.7 million in earnings from the first half of 2020.

Looking just at the quarter that ended on June 30, the company had $4.7 million in earnings, which were the second-highest in its history. It’s down just slightly from the record $5.5 million in earnings from the prior quarter that started 2021.

Loan activity at the bank rose in the recent quarter and Stephen Bianchi, chairman, president and CEO, foresees that momentum continuing.

“Our loan pipeline remains strong entering the summer months and we are optimistic about our loan growth prospects in the third quarter, ” he said in a CCF news release.

Merchants’ earnings boosted by PPP, mortgages

WINONA, Minn. — Writing loans to small businesses through the Paycheck Protection Program and strong continued residential mortgage activity contributed largely to Merchants Financial Group’s profits for the first half of 2021.

The parent company of Merchants Bank recently announced it had $18.16 million in net income for the first six months of this year, which is $9.7 million ahead of mid-year earnings in 2020 when the COVID-19 pandemic hampered performance.

Gregory Evans, president and CEO of the company, cited participation in federal programs helping businesses recover as contributing factors in the bank’s performance for the first half of 2021.

“Our strong earnings reflect our commitment to continue showing up in our communities as a trusted advisor and resource,” he said in a news release. “As community bankers, it’s our privilege to serve our communities and do our part to help local economies and neighbors recover from the pandemic.”

Merchants Bank has an Eau Claire branch at 2728 Mall Drive.

From staff reports