Citizens Community Bancorp Inc. (NASDAQ:CZWI) conducted its 2024 Annual Meeting of Stockholders on Monday, where several key proposals were put to vote. The federally chartered savings institution, headquartered in Eau Claire, Wisconsin, saw the election of two directors and the ratification of its independent registered public accounting firm, among other items on the agenda.
The election results confirmed Kristina M. Bourget and Timothy L. Olson as directors of the company. Bourget secured her position with 5,611,332 votes in favor and 1,359,072 withheld, while Olson garnered 4,868,319 votes for and 2,102,085 withheld. Both elections involved 1,287,940 broker non-votes.
Furthermore, the appointment of Crowe LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a significant majority. The proposal received 8,133,900 votes for, 107,511 against, and 16,933 abstentions.
The stockholders also approved, on an advisory basis, the compensation of the company's named executive officers as disclosed in the Proxy Statement for the Annual Meeting. The proposal saw 6,395,620 votes in favor, 413,384 against, and 161,400 abstentions, with 1,287,940 broker non-votes.
These results reflect the decisions made by shareholders regarding the governance and oversight of the company's operations. The meeting underscored the importance of executive compensation and the role of independent auditors in maintaining financial transparency and accountability.
The information for this article is based on the latest 8-K filing by Citizens Community Bancorp Inc. with the Securities and Exchange Commission.
InvestingPro Insights
As Citizens Community Bancorp Inc. (NASDAQ:CZWI) concludes its 2024 Annual Meeting of Stockholders, investors may find value in the latest real-time data and InvestingPro Tips. The company's Market Cap stands at a modest $117.8M, and it shows a favorable Price-to-Earnings (P/E) Ratio of 8.73, as of the last twelve months up to Q1 2024. This could indicate that the stock is potentially undervalued compared to earnings.
Moreover, Citizens Community Bancorp Inc. has maintained a steady dividend yield of 2.83%, which is a testament to its commitment to returning value to shareholders. This aligns with the InvestingPro Tip highlighting the company's 12-year streak of dividend payments, suggesting a reliable income stream for investors.
On the operational front, the company has achieved an Operating Income Margin of 35.75% during the same period, reflecting a strong ability to convert revenue into operating income. While revenue growth has seen a slight decline of -6.94%, the quarterly growth shows a positive trend at 6.2%, indicating potential for recovery and growth in the near term. For those considering adding CZWI to their portfolio, it's worth noting that the stock is trading at 89.77% of its 52-week high, with an InvestingPro Fair Value estimation at $12.83, suggesting room for price appreciation.
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