Crazy Woman Creek Bancorp Reports Earnings for Fiscal Year 2023

BUFFALO, Wyo., Dec. 27, 2023 (GLOBE NEWSWIRE) -- We continue to build our franchise as Crazy Woman Creek Bancorp (OTCPink: CRZY) and Buffalo Federal Bank, known as The Banks of Buffalo, Sheridan, Gillette and BFSB Mortgage of Evanston. Headquartered in Buffalo, Wyoming, our bank remains a vital business and community partner since founding in 1936. We take great pride in meeting our customers’ banking needs with a passion for local decision-making and personal involvement in our communities. Our vision remains to be the premier community bank serving the needs of individuals, families and businesses throughout North-Central Wyoming.

Given our commitment to shareholders, along with balancing anticipated economic and/or regulatory requirements, we have elected to retain our cash dividend traditionally paid in January. The cash retention will be utilized to fund our strong balance sheet growth and provide for our continuing strong Tier 1 Leverage Ratio.

Crazy Woman Creek Bancorp posted the third-best performance in our 87-year history; at September 30, 2023 the fiscal year net income was $1,277,138, corresponding to an annualized return on equity (ROE) of 10.41% and annualized return on assets (ROA) of 0.71%.

With the FOMC target range of 5.25-5.50%, the highest in 22 years, the entire financial sector is faced with an incredibly challenging environment and community banks are certainly being impacted with margin compression. Our foundation continues to be successfully managing the cost of funds and loan yields. Our net interest margin at September 30, 2023 of 3.51% places us eighth highest in Wyoming and above the state average of 3.31%. We maintain ample capital ratios and at September 30, 2023, our Tier 1 Leverage Ratio was 9.37%. This ratio substantially exceeds the current definition for “well-capitalized” institutions.

Our commitment to asset quality is clear. Nonperforming assets were 0.94% at September 30, 2023. During this fiscal year, we achieved an over 30-day past-due monthly loan delinquency average of 0.60% and at September 30, 2023, the balance held in foreclosed and repossessed assets was zero. Our loan loss reserve at September 30, 2023 was 1.79% and substantially above the Wyoming average of 1.45%. We are confident our reserve position is solid and accurately reflects the identifiable risks in our loan portfolio forecast with deteriorating regional and national economic conditions. Our bank successfully implemented CECL in the first quarter of 2023.

Our continuing strong financial results demonstrate the efforts of a dedicated management team, our commitment to delivering diversified financial services and products, high levels of customer service and professionalism. We will focus on maintaining conservative lending protocols, improving operating efficiencies and building long-term value for our shareholders. Our employees and board members are hard-working and dedicated and we could not ask for a better team. I truly appreciate our customers for their continuing partnership and our shareholders for entrusting us with their capital.

Our annual meeting is scheduled at 3:00 p.m. MST on January 31st, 2024, at our corporate office located at 106 Fort Street in Buffalo, WY.

FORWARD-LOOKING STATEMENTS

Statements in this release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward looking statements”. Crazy Woman Creek Bancorp, Incorporated cautions that such “forward looking” statements,” wherever they occur in this release or in other statements attributable to Crazy Woman Creek Bancorp, Incorporated are necessarily estimates reflecting the judgment of Crazy Woman Creek Bancorp, Incorporated senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the “forward looking statements.” Some factors that could affect the accuracy of such “forward looking statements” include general economic conditions, especially in Wyoming the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in the competitive environment in the market served by Crazy Woman Creek Bancorp, Incorporated; and changes in the loan portfolio and the deposit base of Crazy Woman Creek Bancorp, Incorporated. Crazy Woman Creek Bancorp, Incorporated disclaims any intent or obligations to update such “forward looking statements.”

PAUL

BRUNKHORST

C.E.O.

PO Box 1020  •  106 Fort Street

Buffalo, WY 82834 

P 307-684-5591