Year-end net income more than doubled for the parent company of an Altoona-based bank.
Citizens Community Bancorp, owner of Citizens Community Federal, ended last year with $9.5 million in net income — a 125% increase on the $4.2 million posted for 2018.
The year-end figures were part of the company's quarterly report, which was released on Monday.
For the last three months of 2019, the company showed commercial and construction loan growth, partially a reflection of markets where the bank does business.
"We saw continued economic strength and low unemployment in the Eau Claire, Mankato and Twin Cities markets and maintained continuity in our commercial banking team," chairman, president and CEO Stephen Bianchi said in a news release.
As a result of 2019's strong performance, shareholders will be paid a larger dividend on Feb. 19. The upcoming 21-cent-per-share cash dividend is a 5% increase on the prior one.