EAU CLAIRE, Wis., April 29, 2024 (GLOBE NEWSWIRE) -- Citizens Community Bancorp, Inc. (the "Company") (NASDAQ:CZWI), the parent company of Citizens Community Federal N.A. (the "Bank" or "CCFBank"), today reported earnings of $4.1 million and earnings per diluted share of $0.39 for the first quarter ended March 31, 2024, compared to $3.7 million and $0.35 per diluted share for the fourth quarter ended December 31, 2023, and $3.7 million and $0.35 per diluted share for the first quarter ended March 31, 2023, ...

When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the st ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33003 CITIZENS COMMUNITY BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 20-5120010 (State or other jur ...

Citizens Community Bancorp, Inc. (CZWI) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 46.15%. A quarter ago, it was expected that this company would post earnings of $0.24 per share when it actually produced earnings of $0.24, delivering no surprise.Over the last four quarters, the ...

Common Equity Increases 5%; Deposits Grew $46 million;Board of Directors Increase Annual Dividend 10% to $0.32 Per Share EAU CLAIRE, Wis., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Citizens Community Bancorp, Inc. (the "Company") (NASDAQ:CZWI), the parent company of Citizens Community Federal N.A. (the "Bank" or "CCFBank"), today reported earnings of $3.7 million and earnings per diluted share of $0.35 for the quarter ended December 31, 2023, compared to $2.5 million and $0.24 per diluted share for the quarter ende ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33003 CITIZENS COMMUNITY BANCORP, INC. (Exact name of registrant as specified in its charter) For the quarterly period ended September 30, 2023 2174 EastRidge Center Eau Clai ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) Maryland 20-5120010 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number) 2174 EastRidge Center Eau Claire, WI 54701 (Address and Zip Code of principal executive offices) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSIT ...

Financial Performance - Net interest income for Q1 2023 was $12.8 million, a decrease from $13.2 million in Q1 2022, attributed to higher deposit and borrowing costs and reduced accretion on purchased loans [209]. - The net interest margin for Q1 2023 was 3.02%, down from 3.25% in Q1 2022, primarily due to increased deposit costs and a decrease in SBA PPP deferred loan fee accretion [210]. - For the three months ended March 31, 2023, net interest income was $12.795 million, a decrease from $13.167 million in the same period of 2022 [214]. - Non-interest income decreased to $2.292 million, down 15.52% from $2.713 million in the prior year, primarily due to a significant drop in loan servicing income and gains on loan sales [225]. - Total non-interest expense increased to $10.121 million, a rise of 4.69% from $9.668 million in the same period of 2022 [229]. - Income tax expense for Q1 2023 was $1.3 million, down from $1.5 million in Q1 2022, with an effective tax rate of 25.5% compared to 24.2% in the prior year [237]. Credit Losses and Allowances - The company adopted ASU 2016-13 for credit loss measurement on January 1, 2023, utilizing a third-party model for loss estimation [195]. - The allowance for credit losses on loans is based on quarterly assessments of estimated lifetime losses, considering various factors including historical loss experience and economic conditions [197]. - The company does not record an allowance for credit losses on held-to-maturity securities, as they are backed by governments or government agencies, minimizing credit loss risk [196]. - The provision for credit losses for the first quarter of 2023 was $0.05 million, compared to no provision in the same period of 2022, reflecting growth in the loan portfolio [220]. - The allowance for credit losses (ACL) on loans was $22.7 million at March 31, 2023, representing 1.60% of loans receivable, up from $17.9 million or 1.27% at December 31, 2022 [250]. - The ACL on unfunded commitments was established at $1.5 million as of March 31, 2023, following the adoption of ASU 2016-13 [250]. - The net loans charged off (NCOs) for the three months ended March 31, 2023, were $(23,000), compared to $(95,000) for the same period in 2022, indicating a significant improvement [259]. - Total nonperforming assets (NPAs) decreased to $11,747,000 or 0.63% of total assets at March 31, 2023, down from $12,721,000 or 0.70% at December 31, 2022 [259]. Asset and Liability Management - Total interest earning assets increased to $1.718 billion with a yield of 4.64%, compared to $1.644 billion and a yield of 3.79% in the prior year [214]. - The average interest-bearing liabilities increased to $1.397 billion with an interest expense of $6.878 million, compared to $1.299 billion and $2.209 million in the prior year [214]. - The interest rate spread decreased to 2.64% from 3.10% year-over-year, indicating a tighter margin environment [214]. - The company experienced a significant increase in FDIC premium assessments, rising 74.78% to $201 thousand due to an increase in the FDIC assessment rate [229]. - The company pledged mortgage-backed securities with a carrying value of $30.4 million as collateral against a borrowing line of credit with the Federal Reserve Bank [241]. - The liquidity ratio increased to 13.7% at March 31, 2023, up from 13.0% at December 31, 2022, largely due to an increase in interest-bearing cash [287]. Deposits and Funding - Total deposits increased to $1.44 billion at March 31, 2023, from $1.42 billion at December 31, 2022, marking a growth of 0.5% [273]. - Consumer deposits were $786.6 million at March 31, 2023, compared to $805.6 million at December 31, 2022, indicating a decrease of 2.4% [273]. - FHLB advances increased by $40 million to $182.5 million as of March 31, 2023, compared to $142.5 million at December 31, 2022, driven by loan growth and liquidity management [281]. - Uninsured and uncollateralized deposits were $252.7 million, or 18% of total deposits, at March 31, 2023, down from $298.8 million, or 21%, at December 31, 2022 [274]. - The composition of the deposit portfolio at March 31, 2023, was 55% consumer, 27% commercial, 14% public, and 4% brokered deposits [273]. Interest Rate Risk Management - The company is focusing on originating shorter-term secured loans and variable rate loans to manage interest rate risk [303]. - The strategy includes selling a majority of longer-term fixed-rate residential loans in the secondary market while retaining servicing [303]. - The company plans to adjust its provision for credit losses as necessary based on the changing conditions of the loan portfolio and economic environment [223]. - Interest rate risk assessments are based on various assumptions, including interest rates and loan prepayment rates, which may vary from actual market conditions [306]. - The computations do not account for potential actions the company may take in response to changes in interest rates [306]. Capital Ratios - Total capital to risk-weighted assets ratio was 14.6% as of March 31, 2023, exceeding the required 8.0% for being "Well Capitalized" [296]. - Tier 1 capital to risk-weighted assets ratio was 13.3% at March 31, 2023, above the required 6.0% [296]. - Common equity tier 1 capital to risk-weighted assets ratio was 13.3% at March 31, 2023, exceeding the required 4.5% [296]. - The Company maintains access to additional funding sources, including $213.4 million available to borrow under FHLB arrangements as of March 31, 2023 [292].

Financial Performance - As of December 31, 2022, the total gross outstanding loans amounted to $1.416 billion, with $1.125 billion in commercial/agricultural real estate loans, $164.8 million in C&I/agricultural operating loans, $108.7 million in residential mortgage loans, and $17.4 million in consumer installment loans [29]. - Total deposits as of December 31, 2022, were $1.425 billion, including interest-bearing deposits of $1.140 billion and non-interest-bearing deposits of $0.285 billion [32]. - The Bank's net interest income is projected to change by (1)% in the event of a -100 basis points rate shock over the next 12 months [265]. Regulatory Environment - The company is subject to various regulations, including the Sarbanes-Oxley Act, which mandates periodic assessments of internal controls over financial reporting [41]. - The company is classified as a "smaller reporting company," allowing for simplified disclosures, and is currently a "non-accelerated filer" under SEC regulations [40]. - The Dodd-Frank Act has increased the regulatory burden and compliance costs for the company, affecting its lending and investment activities [43]. - The maximum per depositor FDIC insurance amount increased from $100,000 to $250,000 under the Dodd-Frank Act [63]. - The Bank is subject to various federal and state laws designed to protect borrowers and promote lending [70]. Capital and Funding - The capital conservation buffer requires a CET1 capital amount equal to 2.5% of risk-weighted assets, effectively increasing the minimum CET1 capital ratio to 7.0% [46]. - The Bank targets maintaining capital ratios that exceed minimum requirements consistent with its risk profile [62]. - The company has access to additional funding sources through borrowings, including FHLB borrowings and lines of credit with the Federal Reserve Bank [33]. - The Bank had $7.7 million in Federal Home Loan Bank stock as of December 31, 2022, in compliance with membership requirements [66]. Market Competition - The company faces competitive pressures in its lending markets, which could adversely impact the credit quality of its existing loan portfolio and its ability to originate high-quality loans in the future [28]. - The company competes with other financial institutions primarily based on interest rates, personalized services, and the quality of financial services offered [34]. Interest Rate Risk - The Bank's interest rate risk is its most significant market risk, influenced by changes in market interest rates and economic conditions [258]. - As of December 31, 2022, the estimated change in Economic Value of Equity (EVE) for a +300 basis points rate shock was 0% [264]. - As of December 31, 2022, a +300 basis points (bp) rate shock would result in a decrease of 3% in performance, compared to a decrease of 11% as of December 31, 2021 [267]. - A +200 bp rate shock would lead to a 2% decrease in performance in 2022, down from a 7% decrease in 2021 [267]. - A +100 bp rate shock would result in a 1% decrease in performance for 2022, compared to a 4% decrease in 2021 [267]. - A -100 bp rate shock would yield a 1% increase in performance for 2022, while there was no change in 2021 [267]. - A -200 bp rate shock would lead to a 2% increase in performance for 2022, with no data available for 2021 [267]. - The analysis assumes an immediate and parallel shift in the yield curve across all maturities [267]. - The assumptions for measuring interest rate risk include interest rates, loan prepayment rates, and deposit decay rates [268]. - Actual values may differ from projections if market conditions vary from the assumptions used [268]. - The computations do not account for any potential actions the company may take in response to interest rate changes [268]. - The table provided may not be indicative of future results [267]. Workforce - The Bank had 210 full-time employees and 236 total employees as of March 7, 2023 [74]. Asset Management - The company maintains a portfolio of investments primarily consisting of mortgage-backed securities, corporate asset-backed securities, U.S. Government sponsored agency securities, corporate debt securities, and trust preferred securities [30]. - The Bank's CRA rating was "Satisfactory" as of its most recent regulatory examination [69]. Economic Conditions - The ALCO meets regularly to review economic conditions and interest rate outlook, ensuring alignment with liquidity and profitability goals [260].

Net Interest Income and Margin - Net interest income for Q3 2022 was $14.5 million, up from $13.7 million in Q3 2021, representing a 5.8% increase[241] - For the nine months ended September 30, 2022, net interest income was $41.9 million, compared to $39.3 million for the same period in 2021, reflecting a 6.6% increase[241] - The net interest margin for Q3 2022 was 3.43%, an increase from 3.34% in Q3 2021, driven by higher loan and investment yields[242] - The net interest margin for the nine months ended September 30, 2022, was 3.38%, compared to 3.29% for the same period in 2021, indicating a 2.7% increase[243] - The interest rate spread for the nine months ended September 30, 2022, was 3.21%, compared to 3.13% for the same period in 2021, indicating a slight improvement[250] - The net interest margin for the nine months ended September 30, 2022, was 3.38%, compared to 3.29% for the same period in 2021, showing an improvement in profitability[250] Loan Loss Allowance and Provision - The allowance for loan losses is based on ongoing assessments of estimated probable incurred losses in the loan portfolio[228] - The company emphasizes refining its allowance for loan losses methodology, focusing on historical performance adjusted for economic factors[229] - Total provision for loan losses for the three and nine months ended September 30, 2022, was $0.4 million and $0.8 million, respectively, compared to no provision in the same periods of 2021[259] - The allowance for loan losses was $17.4 million as of September 30, 2022, compared to $16.9 million at December 31, 2021[286] - The allowance for loan losses increased by $0.3 million to $17.2 million at September 30, 2022, representing 1.25% of loans receivable[291] - The allowance for loan losses to net charge-offs ratio was 2,734.05% for the current period, compared to 13,010.00% for the previous period[298] Nonperforming Loans and Assets - Nonperforming loans totaled $11,020 as of September 30, 2022, compared to $11,825 at December 31, 2021, indicating a decrease in nonperforming loans[298] - The total nonperforming assets decreased to $12,604 at September 30, 2022, from $13,233 at December 31, 2021[298] - The ratio of nonperforming loans to total loans was 0.80% at September 30, 2022, down from 0.90% at December 31, 2021[294] - The company recorded net loans charged off of $471,000 for the period, compared to $130,000 for the previous period[298] - Nonperforming loans decreased by $0.8 million to $11.0 million at September 30, 2022, from $13.2 million at December 31, 2021, representing a decline from 0.76% to 0.71% of total assets[304] Deposits and Funding - Total deposits for the three months ended September 30, 2022, amounted to $1,143,557 thousand, with an interest expense of $1,681 thousand, resulting in an average cost of 0.58%[247] - Total deposits increased by $46.8 million to $1.43 billion at September 30, 2022, compared to $1.39 billion at December 31, 2021[319] - Non-interest bearing demand deposits increased to $285.7 million at September 30, 2022, from $276.6 million at December 31, 2021[320] - Federal Home Loan Bank (FHLB) advances decreased by $9.0 million to $102.5 million as of September 30, 2022, compared to $111.5 million as of December 31, 2021[331] - The Bank's available and unused portion under the FHLB borrowing arrangement was approximately $278.0 million as of September 30, 2022, up from $204.2 million at December 31, 2021[339] Financial Condition and Equity - The total assets at the end of the period were $1,780,202, an increase from $1,739,628 at the end of the previous period[298] - Total stockholders' equity was $163.3 million at September 30, 2022, down from $170.9 million at December 31, 2021, primarily due to a $17.4 million decrease in accumulated other comprehensive (loss) income[334] - The Bank repurchased approximately 71 thousand shares of common stock, reducing equity by $1.0 million, as part of the share repurchase program initiated in July 2021[335] Capital Ratios and Compliance - The Bank's Tier 1 and Risk-based capital levels exceeded the necessary levels to be considered "Well Capitalized" under Prompt Corrective Action provisions as of September 30, 2022[344] - As of September 30, 2022, the total capital to risk-weighted assets ratio was 14.4%, with total capital amounting to $219,988 million[345] - The Tier 1 capital to risk-weighted assets ratio was 13.3%, with Tier 1 capital at $202,771 million as of September 30, 2022[345] - The common equity Tier 1 capital to risk-weighted assets ratio was also 13.3%, with common equity Tier 1 capital at $202,771 million[345] - The Tier 1 leverage ratio stood at 11.6%, with adjusted total assets of $202,771 million as of September 30, 2022[345] Economic Value and Interest Rate Risk - The estimated change in Economic Value of Equity (EVE) at September 30, 2022, showed a 0% change for a +300 basis points rate shock[352] - For a -200 basis points rate shock, the percent change in net interest income over one year at September 30, 2022, was -4%[354] - The Asset and Liability Management Committee (ALCO) regularly reviews economic conditions and interest rate outlook to manage interest rate risk exposure limits[349]