Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Independent Director Michael Conner was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • May 01
Citizens Community Bancorp, Inc., Annual General Meeting, Jun 16, 2026 Citizens Community Bancorp, Inc., Annual General Meeting, Jun 16, 2026. Location: holiday inn eau claire south, 4751 owen ayres ct, eau claire, wisconsin 54701., United States Annonce • Jan 27
Citizens Community Bancorp, Inc. Proposes Quarterly Dividend, Payable on February 20, 2026 On January 22, 2026, the Board of Directors of Citizens Community Bancorp, Inc. approved a quarterly dividend of $0.105 per share. The quarterly dividend, subject to future Board approvals, is intended to replace the Company’s former annual dividend. The dividend will be payable on February 20, 2026, to shareholders of record on February 6, 2026. Annonce • Jul 30
Citizens Community Bancorp, Inc. Reports Net Charge-Offs for the Second Quarter Ended June 30, 2025 Citizens Community Bancorp, Inc. reported net charge-offs for the second quarter ended June 30, 2025. For the quarter, the company reported net charge-offs of $16,000. Annonce • Apr 30
Citizens Community Bancorp, Inc., Annual General Meeting, Jun 17, 2025 Citizens Community Bancorp, Inc., Annual General Meeting, Jun 17, 2025. Location: 4751 owen ayres ct, eau claire, wisconsin 54701, United States Annonce • Jan 27
Citizens Community Bancorp, Inc. Declares Annual Dividend, Payable on February 21, 2025 Citizens Community Bancorp, Inc. declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025. New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$0.39 (vs US$0.35 in 1Q 2023) First quarter 2024 results: EPS: US$0.39 (up from US$0.35 in 1Q 2023). Revenue: US$16.0m (up 6.2% from 1Q 2023). Net income: US$4.09m (up 12% from 1Q 2023). Profit margin: 26% (up from 24% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 6% per year. Price Target Changed • Feb 11
Price target increased by 15% to US$13.75 Up from US$12.00, the current price target is an average from 2 analysts. New target price is 18% above last closing price of US$11.62. Stock is down 9.9% over the past year. The company is forecast to post earnings per share of US$1.26 for next year compared to US$1.25 last year. Declared Dividend • Feb 01
Dividend increased to US$0.32 Dividend of US$0.32 is 10% higher than last year. Ex-date: 8th February 2024 Payment date: 23rd February 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (23% payout ratio) and is expected to be well covered in 3 years' time (23% forecast payout ratio). The dividend has increased by an average of 32% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$1.25 (down from US$1.69 in FY 2022). Revenue: US$59.1m (down 9.6% from FY 2022). Net income: US$13.1m (down 27% from FY 2022). Profit margin: 22% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.81% (down from 3.39% in FY 2022). Non-performing loans: 0.93% (up from 0.81% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.2%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annonce • Jan 30
Citizens Community Bancorp, Inc. Declares Annual Cash Dividend, Payable on February 23, 2024 Citizens Community Bancorp, Inc. declared an annual cash dividend of $0.32 per share to shareholders of record as of February 9, 2024, payable on February 23, 2024. Price Target Changed • Dec 29
Price target increased by 9.1% to US$12.00 Up from US$11.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$11.69. Stock is down 0.3% over the past year. The company is forecast to post earnings per share of US$1.16 for next year compared to US$1.69 last year. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$10.64, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 32% over the past three years. Reported Earnings • Oct 26
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: US$0.24 (down from US$0.38 in 3Q 2022). Revenue: US$15.0m (down 9.3% from 3Q 2022). Net income: US$2.50m (down 37% from 3Q 2022). Profit margin: 17% (down from 24% in 3Q 2022). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is expected to decline by 3.7% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.31 (down from US$0.41 in 2Q 2022). Revenue: US$14.1m (down 13% from 2Q 2022). Net income: US$3.21m (down 27% from 2Q 2022). Profit margin: 23% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is expected to decline by 3.7% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$8.41, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 17% over the past three years. Price Target Changed • May 04
Price target decreased by 12% to US$11.67 Down from US$13.33, the current price target is an average from 3 analysts. New target price is 33% above last closing price of US$8.76. Stock is down 32% over the past year. The company is forecast to post earnings per share of US$1.18 for next year compared to US$1.69 last year. Price Target Changed • Apr 06
Price target decreased by 8.0% to US$13.33 Down from US$14.50, the current price target is an average from 3 analysts. New target price is 25% above last closing price of US$10.65. Stock is down 28% over the past year. The company is forecast to post earnings per share of US$1.50 for next year compared to US$1.69 last year. Reported Earnings • Mar 10
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$1.69 (down from US$1.98 in FY 2021). Revenue: US$65.3m (down 6.0% from FY 2021). Net income: US$17.8m (down 17% from FY 2021). Profit margin: 27% (down from 31% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 25
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$1.69 (down from US$1.98 in FY 2021). Revenue: US$65.3m (down 6.0% from FY 2021). Net income: US$17.8m (down 17% from FY 2021). Profit margin: 27% (down from 31% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annonce • Jan 24
Citizens Community Bancorp, Inc. Declares Annual Dividend for the Fiscal Year Ended December 31, 2022, Payable February 17, 2023 On January 19, 2023, the Board of Directors of Citizens Community Bancorp, Inc. declared a $0.29 per share annual dividend for the fiscal year ended December 31, 2022, an increase of 12%, to shareholders of record as of February 3, 2023 and payable February 17, 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Independent Director Kathleen Skarvan was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.38 (vs US$0.47 in 3Q 2021) Third quarter 2022 results: EPS: US$0.38 (down from US$0.47 in 3Q 2021). Revenue: US$16.6m (down 3.4% from 3Q 2021). Net income: US$3.99m (down 20% from 3Q 2021). Profit margin: 24% (down from 29% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 01
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$63.0m to US$64.9m. EPS estimate increased from US$1.43 to US$1.59 per share. Net income forecast to shrink 21% next year vs 9.8% growth forecast for Banks industry in the US . Consensus price target broadly unchanged at US$15.33. Share price was steady at US$13.01 over the past week. Reported Earnings • Jul 27
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.41 (down from US$0.44 in 2Q 2021). Revenue: US$16.2m (down 2.3% from 2Q 2021). Net income: US$4.37m (down 7.2% from 2Q 2021). Profit margin: 27% (down from 28% in 2Q 2021). Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Over the next year, revenue is expected to shrink by 23% compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • Jul 27
Citizens Community Bancorp, Inc. Reports Net Charge Offs for the Second Quarter Ended June 30, 2022 Citizens Community Bancorp, Inc. reported net charge offs for the second quarter ended June 30, 2022. For the quarter ended June 30, 2022, the Bank had net charge offs of $393,000, the majority of which had a specific reserve at March 31, 2022 and did not impact the allowance for loan loss provision. Price Target Changed • May 07
Price target decreased to US$15.50 Down from US$16.67, the current price target is an average from 3 analysts. New target price is 19% above last closing price of US$13.03. Stock is down 0.5% over the past year. The company is forecast to post earnings per share of US$1.44 for next year compared to US$1.98 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Outside Independent Director Timothy Olson was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 06
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.98. Revenue: US$69.5m (up 14% from FY 2020). Net income: US$21.3m (up 67% from FY 2020). Profit margin: 31% (up from 21% in FY 2020). Net interest margin (NIM): 3.34% (down from 3.40% in FY 2020). Non-performing loans: 0.90% (down from 0.91% in FY 2020). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 7.7% compared to a 6.0% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 01
Now 20% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be US$19.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 42% per annum over the last 3 years. Upcoming Dividend • Feb 04
Upcoming dividend of US$0.26 per share Eligible shareholders must have bought the stock before 11 February 2022. Payment date: 28 February 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (2.3%). Price Target Changed • Feb 03
Price target increased to US$15.83 Up from US$14.67, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$15.13. Stock is up 35% over the past year. The company is forecast to post earnings per share of US$1.40 for next year compared to US$1.98 last year. Reported Earnings • Feb 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.98 (up from US$1.14 in FY 2020). Revenue: US$69.5m (up 14% from FY 2020). Net income: US$21.3m (up 67% from FY 2020). Profit margin: 31% (up from 21% in FY 2020). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 7.7% compared to a 4.6% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annonce • Feb 01
Citizens Community Bancorp, Inc Declares Annual Cash Dividend, Payable on February 28, 2022 On January 27, 2022, the Board of Directors of Citizens Community Bancorp, Inc. approved a 13% increase in the annual cash dividend to $0.26 per share. The dividend will be payable on February 28, 2022 to the shareholders of record on February 14, 2022. Board Change • Nov 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Outside Lead Independent Director Richard McHugh was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS US$0.47 (vs US$0.31 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$17.1m (up 11% from 3Q 2020). Net income: US$5.00m (up 44% from 3Q 2020). Profit margin: 29% (up from 23% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 28
Consensus EPS estimates increase to US$1.75 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$64.5m to US$66.4m. EPS estimate increased from US$1.52 to US$1.75 per share. Net income forecast to grow 14% next year vs 1.6% growth forecast for Banks industry in the US. Consensus price target up from US$14.67 to US$15.00. Share price was steady at US$13.58 over the past week. Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS US$0.44 (vs US$0.28 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$16.6m (up 7.7% from 2Q 2020). Net income: US$4.71m (up 53% from 2Q 2020). Profit margin: 28% (up from 20% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 29
Price target increased to US$14.67 Up from US$13.67, the current price target is an average from 3 analysts. New target price is 7.4% above last closing price of US$13.65. Stock is up 96% over the past year. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS US$0.50 (vs US$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$16.9m (up 19% from 1Q 2020). Net income: US$5.51m (up 111% from 1Q 2020). Profit margin: 33% (up from 18% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 08
Price target increased to US$13.67 Up from US$12.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$13.16. Stock is up 114% over the past year. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 9.1%, compared to a 18% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Mar 02
New 90-day high: US$11.54 The company is up 23% from its price of US$9.36 on 01 December 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$7.38 per share. Is New 90 Day High Low • Feb 06
New 90-day high: US$11.34 The company is up 48% from its price of US$7.67 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 36% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$7.44 per share. Major Estimate Revision • Feb 04
Analysts increase EPS estimates to US$1.29 The 2021 consensus revenue estimate increased from US$62.6m to US$66.5m. The earnings per share estimate also received an upgrade from US$1.06 to US$1.29 for the same period. Net income is expected to grow by 11% next year compared to 15% growth forecast for the Banks industry in the US. The consensus price target increased from US$10.83 to US$12.17. Share price is up 4.2% to US$11.20 over the past week. Price Target Changed • Feb 03
Price target raised to US$12.17 Up from US$10.83, the current price target is an average from 3 analysts. The new target price is 10% above the current share price of US$11.04. As of last close, the stock is down 6.9% over the past year. Reported Earnings • Jan 31
Full year 2020 earnings released: EPS US$1.14 (vs US$0.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$61.0m (up 16% from FY 2019). Net income: US$12.7m (up 35% from FY 2019). Profit margin: 21% (up from 18% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 31
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 3.3%, compared to a 17% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Jan 14
New 90-day high: US$11.18 The company is up 56% from its price of US$7.15 on 15 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$2.46 per share. Is New 90 Day High Low • Dec 10
New 90-day high: US$10.19 The company is up 51% from its price of US$6.75 on 10 September 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.75 per share. Price Target Changed • Dec 05
Price target raised to US$9.83 Up from US$8.83, the current price target is an average from 3 analysts. The new target price is close to the current share price of US$9.86. As of last close, the stock is down 19% over the past year. Is New 90 Day High Low • Nov 10
New 90-day high: US$8.25 The company is up 18% from its price of US$6.99 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.75 per share. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue and earnings beat expectations Third-quarter revenue exceeded analyst estimates by 6.1% at US$16.8m. Earnings per share (EPS) also surpassed analyst estimates by 63% at US$0.31. Revenue is forecast to grow 11% over the next year, compared to a 18% growth forecast for the Banks industry in the US. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of US$12.3m, up 63% from the prior year. Total revenue was US$57.0m over the last 12 months, up 8.8% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day high: US$7.35 The company is up 4.0% from its price of US$7.04 on 24 July 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.56 per share. Is New 90 Day High Low • Oct 07
New 90-day high: US$7.20 The company is up 6.0% from its price of US$6.77 on 09 July 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Banks industry, which is also up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.60 per share. Annonce • Aug 28
Citizens Community Bancorp, Inc. announced that it has received $15 million in funding Citizens Community Bancorp, Inc. (NasdaqGM:CZWI) announced that it has entered into subordinated note purchase agreement with certain accredited purchasers for the gross proceeds of $15,000,000 on August 27, 2020. The notes will mature on September 1, 2030 and carry interest rate of 6.00% from the date of issuance of the notes until, but excluding, September 1, 2025, the interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate, plus 591 basis points. Interest on the Notes will be payable semi-annually in arrears on March 1 and September 1 of each year during the Fixed Interest Period, and quarterly in arrears on March 1, June 1, September 1 and December 1 of each year during the Floating Interest Period. The notes are expected to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. The notes may not be redeemed by the company prior to the fifth anniversary of the effective date of the Notes, with certain limited exceptions. 
