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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  October 28, 2024

CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of incorporation)
001-33003 20-5120010
(Commission File Number) (I.R.S. Employer Identification No.)

2174 EastRidge Center
Eau Claire, WI 54701
(Address and Zip Code of principal executive offices)


715-836-9994
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
  
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par value per shareCZWINASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02.  Results of Operations and Financial Condition.

On October 28, 2024, Citizens Community Bancorp, Inc. (the “Company”) issued a press release announcing our financial results for the three and nine months ended September 30, 2024, and posted its Earnings Release Supplement and Earnings Release Presentation to its website. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K, a copy of the Earnings Release Supplement is attached hereto as Exhibit 99.2 and a copy of the Earnings Release Presentation is attached hereto as Exhibit 99.3. The attached Exhibits 99.1, 99.2 and 99.3 are furnished pursuant to Item 2.02 of Form 8-K.

On November 4, 2024, we will be filing this same Earnings Release Presentation with an updated cover sheet for the Hovde Investor Conference.

The information in this Item 2.02, Item 9.01 and Exhibits 99.1, 99.2 and 99.3 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.


Item 9.01.  Financial Statements and Exhibits.

(d)    Exhibits.  The following exhibit is being furnished herewith:

104The cover page from this Current Report on Form 8-K in Inline XBRL (Extensible Business Reporting Language)


        
    


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 CITIZENS COMMUNITY BANCORP, INC.
Date: October 28, 2024 By: /s/ James S. Broucek
  James S. Broucek
  Chief Financial Officer



EXHIBIT 99.1
bancorp_logoa34.jpg
Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share;
Nine Month 2024 Earnings of $1.07 Per Share
EAU CLAIRE, WI, October 28, 2024 - 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 $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.
The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.
Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)1 was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.
“We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

1



September 30, 2024, Highlights:
•Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.

•Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.

•The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

•In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.

•Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.

•Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.

•Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.

•Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.

•Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.

•The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

•Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.

•Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.

•The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.
2



Balance Sheet and Asset Quality
Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.
Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.
Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 30, 2024, due to principal repayments.
The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.
Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.
The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.
The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.
Allowance for Credit Losses (“ACL”) - Loans Percentage
(in thousands, except ratios)
September 30, 2024June 30, 2024December 31, 2023September 30, 2023
Loans, end of period$1,424,828 $1,428,588 $1,460,792 $1,447,529 
Allowance for credit losses - Loans$21,000 $21,178 $22,908 $22,973 
ACL - Loans as a percentage of loans, end of period1.47 %1.48 %1.57 %1.59 %

In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses - Unfunded Commitments:
(in thousands)
September 30, 2024 and Three Months EndedSeptember 30, 2023 and Three Months EndedSeptember 30, 2024 and Nine Months EndedSeptember 30, 2023 and Nine Months Ended
ACL - Unfunded commitments - beginning of period$712 $1,544 $1,250 $— 
Cumulative effect of ASU 2016-13 adoption— — — 1,537 
(Reductions) additions to ACL - Unfunded commitments via provision for credit losses charged to operations(252)27 (790)34 
ACL - Unfunded commitments - end of period$460 $1,571 $460 $1,571 
3



Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.
Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.
Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.
(in thousands)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Special mention loan balances$11,047 $8,848 $13,737 $18,392 $20,043 
Substandard loan balances21,202 14,420 14,733 19,596 16,171 
Criticized loans, end of period$32,249 $23,268 $28,470 $37,988 $36,214 
Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

Deposit Portfolio Composition
(in thousands)
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Consumer deposits$844,808 $822,665 $827,290 $814,899 $794,970 
Commercial deposits432,361 412,385 414,088 423,762 429,358 
Public deposits176,844 187,698 202,175 182,172 163,734 
Brokered deposits66,654 96,796 83,936 98,259 85,173 
Total deposits$1,520,667 $1,519,544 $1,527,489 $1,519,092 $1,473,235 
Deposit Composition
(in thousands)
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Non-interest-bearing demand deposits$256,840 $255,703 $248,537 $265,704 $275,790 
Interest-bearing demand deposits346,971 353,477 361,278 343,276 336,962 
Savings accounts169,096 170,946 177,595 176,548 183,702 
Money market accounts366,067 370,164 387,879 374,055 312,689 
Certificate accounts381,693 369,254 352,200 359,509 364,092 
Total deposits$1,520,667 $1,519,544 1,527,489 $1,519,092 $1,473,235 
At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.
Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.
4



Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.
Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations
Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

Net interest income and net interest margin analysis:
(in thousands, except yields and rates)
Three months ended
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Net Interest IncomeNet Interest MarginNet Interest IncomeNet Interest MarginNet Interest IncomeNet Interest MarginNet Interest IncomeNet Interest MarginNet Interest IncomeNet Interest Margin
As reported$11,285 2.63 %$11,576 2.72 %$11,905 2.77 %$11,747 2.69 %$12,121 2.79 %
Less accretion for PCD loans(45)(0.01)%(62)(0.01)%(75)(0.02)%(37)(0.01)%(39)(0.01)%
Less scheduled accretion interest(33)(0.01)%(32)(0.01)%(33)(0.01)%(33)(0.01)%(77)(0.02)%
Without loan purchase accretion$11,207 2.61 %$11,482 2.70 %$11,797 2.74 %$11,677 2.67 %$12,005 2.76 %
Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.
Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.
Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
These financial results are preliminary until Form 10-Q is filed in November 2024.



5



About the Company
Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.
1 Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

6



Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

Contact: Steve Bianchi, CEO
(715)-836-9994

(CZWI-ER)


7



CITIZENS COMMUNITY BANCORP, INC.
Consolidated Balance Sheets
(in thousands, except shares and per share data)
September 30, 2024 (unaudited)June 30, 2024 (unaudited)December 31, 2023 (audited)September 30, 2023 (unaudited)
Assets
Cash and cash equivalents$36,632 $36,886 $37,138 $32,532 
Securities available for sale “AFS”149,432 146,438 155,743 153,414 
Securities held to maturity “HTM”87,033 88,605 91,229 92,336 
Equity investments5,096 5,023 3,284 2,433 
Other investments12,311 13,878 15,725 15,109 
Loans receivable1,424,828 1,428,588 1,460,792 1,447,529 
Allowance for credit losses(21,000)(21,178)(22,908)(22,973)
Loans receivable, net1,403,828 1,407,410 1,437,884 1,424,556 
Loans held for sale697 275 5,773 2,737 
Mortgage servicing rights, net3,696 3,731 3,865 3,944 
Office properties and equipment, net17,365 17,774 18,373 19,465 
Accrued interest receivable6,235 6,289 5,409 5,936 
Intangible assets1,158 1,336 1,694 1,873 
Goodwill31,498 31,498 31,498 31,498 
Foreclosed and repossessed assets, net1,572 1,662 1,795 1,046 
Bank owned life insurance (“BOLI”)25,901 25,708 25,647 25,467 
Other assets16,683 15,794 16,334 18,741 
TOTAL ASSETS$1,799,137 $1,802,307 $1,851,391 $1,831,087 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits$1,520,667 $1,519,544 $1,519,092 $1,473,235 
Federal Home Loan Bank (“FHLB”) advances21,000 31,500 79,530 114,530 
Other borrowings61,548 61,498 67,465 67,407 
Other liabilities15,773 13,720 11,970 10,513 
Total liabilities1,618,988 1,626,262 1,678,057 1,665,685 
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively101 103 104 105 
Additional paid-in capital115,455 117,838 119,441 119,612 
Retained earnings78,438 75,501 71,117 67,424 
Accumulated other comprehensive loss(13,845)(17,397)(17,328)(21,739)
Total stockholders’ equity180,149 176,045 173,334 165,402 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,799,137 $1,802,307 $1,851,391 $1,831,087 
        Note: Certain items previously reported were reclassified for consistency with the current presentation.
8



CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Operations
(in thousands, except per share data)
 Three Months EndedNine Months Ended
September 30, 2024 (unaudited)June 30, 2024 (unaudited)September 30, 2023 (unaudited)September 30, 2024 (unaudited)September 30, 2023 (unaudited)
Interest and dividend income: 
Interest and fees on loans$20,115 $19,921 $19,083 $60,204 $54,169 
Interest on investments2,397 2,542 2,689 7,450 8,053 
Total interest and dividend income22,512 22,463 21,772 67,654 62,222 
Interest expense:
Interest on deposits10,165 9,338 7,388 28,712 17,898 
Interest on FHLB borrowed funds128 576 1,210 1,216 4,595 
Interest on other borrowed funds934 973 1,053 2,960 3,127 
Total interest expense11,227 10,887 9,651 32,888 25,620 
Net interest income before provision for credit losses11,285 11,576 12,121 34,766 36,602 
(Negative) provision for credit losses(400)(1,525)(325)(2,725)175 
Net interest income after provision for credit losses11,685 13,101 12,446 37,491 36,427 
Non-interest income:
Service charges on deposit accounts513 490 491 1,474 1,464 
Interchange income577 579 601 1,697 1,743 
Loan servicing income643 526 611 1,751 1,679 
Gain on sale of loans752 226 299 1,998 1,501 
Loan fees and service charges165 309 140 704 308 
Net realized gains on debt securities— — — — 12 
Net (losses) gains on equity securities(78)(658)116 (569)170 
Bank Owned Life Insurance (BOLI) death benefit— 184 — 184 — 
Other349 257 307 859 893 
Total non-interest income2,921 1,913 2,565 8,098 7,770 
Non-interest expense:
Compensation and related benefits5,743 5,675 5,293 16,901 15,967 
Occupancy1,242 1,333 1,335 3,942 4,117 
Data processing1,665 1,525 1,536 4,787 4,440 
Amortization of intangible assets178 179 179 536 576 
Mortgage servicing rights expense, net163 116 150 427 456 
Advertising, marketing and public relations225 186 185 575 472 
FDIC premium assessment201 200 204 606 608 
Professional services336 347 342 1,249 1,153 
Losses (gains) on repossessed assets, net65 (18)100 47 62 
Other603 756 645 2,427 2,085 
Total non-interest expense10,421 10,299 9,969 31,497 29,936 
Income before provision for income taxes4,185 4,715 5,042 14,092 14,261 
Provision for income taxes899 1,040 2,544 3,043 4,895 
Net income attributable to common stockholders$3,286 $3,675 $2,498 $11,049 $9,366 
Per share information:
Basic earnings $0.32 $0.35 $0.24 $1.07 $0.89 
Diluted earnings$0.32 $0.35 $0.24 $1.07 $0.89 
Cash dividends paid$— $— $— $0.32 $0.29 
Book value per share at end of period$17.88 $17.10 $15.80 $17.88 $15.80 
Tangible book value per share at end of period (non-GAAP)$14.64 $13.91 $12.61 $14.64 $12.61 


9



Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)
(in thousands, except per share data)
 Three Months EndedNine Months Ended
September 30,
2024		June 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
GAAP pretax income$4,185 $4,715 $5,042 $14,092 $14,261 
Branch closure costs (1)— 168 — 168 — 
Pretax income as adjusted (2)$4,185 $4,883 $5,042 $14,260 $14,261 
Provision for income tax on net income as adjusted (3)899 1,077 2,544 3,079 4,895 
Net income as adjusted (non-GAAP) (2)$3,286 $3,806 $2,498 $11,181 $9,366 
GAAP diluted earnings per share, net of tax$0.32 $0.35 $0.24 $1.07 $0.89 
Branch closure costs, net of tax — 0.01 — 0.01 — 
Diluted earnings per share, as adjusted, net of tax (non-GAAP)$0.32 $0.36 $0.24 $1.08 $0.89 
Average diluted shares outstanding10,204,195 10,373,089 10,470,098 10,339,802 10,474,685 

(1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
(2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
(3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

10



Loan Composition
(in thousands)
September 30, 2024June 30, 2024December 31, 2023September 30, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate$730,459 $729,236 $750,531 $750,282 
Agricultural real estate76,043 78,248 83,350 84,558 
Multi-family real estate239,191 234,758 228,095 219,193 
Construction and land development87,875 87,898 110,941 109,799 
C&I/Agricultural operating:
Commercial and industrial119,619 127,386 121,666 121,033 
Agricultural operating27,550 27,409 25,691 24,552 
Residential mortgage:
Residential mortgage134,944 133,503 129,021 125,939 
Purchased HELOC loans2,932 2,915 2,880 2,881 
Consumer installment:
Originated indirect paper4,405 5,110 6,535 7,175 
Other consumer5,438 5,860 6,187 6,440 
Gross loans$1,428,456 $1,432,323 $1,464,897 $1,451,852 
Unearned net deferred fees and costs and loans in process(2,703)(2,733)(2,900)(3,048)
Unamortized discount on acquired loans(925)(1,002)(1,205)(1,275)
Total loans receivable$1,424,828 $1,428,588 $1,460,792 $1,447,529 
Nonperforming Assets
Loan Balances at Amortized Cost
(in thousands, except ratios)
September 30, 2024June 30, 2024December 31, 2023September 30, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate$4,778 $5,350 $10,359 $10,570 
Agricultural real estate6,193 382 391 469 
Construction and land development106 — 54 94 
Commercial and industrial (“C&I”)1,956 422 — — 
Agricultural operating901 1,017 1,180 1,373 
Residential mortgage1,088 1,145 1,167 923 
Consumer installment20 36 33 27 
Total nonaccrual loans$15,042 $8,352 $13,184 $13,456 
Accruing loans past due 90 days or more530 256 389 971 
Total nonperforming loans (“NPLs”) at amortized cost15,572 8,608 13,573 14,427 
Foreclosed and repossessed assets, net1,572 1,662 1,795 1,046 
Total nonperforming assets (“NPAs”)$17,144 $10,270 $15,368 $15,473 
Loans, end of period$1,424,828 $1,428,588 $1,460,792 $1,447,529 
Total assets, end of period$1,799,137 $1,802,307 $1,851,391 $1,831,087 
Ratios:
NPLs to total loans1.09 %0.60 %0.93 %1.00 %
NPAs to total assets0.95 %0.57 %0.83 %0.85 %





11



Average Balances, Interest Yields and Rates
(in thousands, except yields and rates)
 Three Months Ended
September 30, 2024		Three Months Ended
June 30, 2024		Three Months Ended
September 30, 2023
Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate
Average interest earning assets:
Cash and cash equivalents$25,187 $360 5.69 %$18,894 $272 5.79 %$21,298 $302 5.63 %
Loans receivable1,429,928 20,115 5.60 %1,439,535 19,921 5.57 %1,435,284 19,083 5.27 %
Investment securities236,960 1,966 3.30 %238,147 2,012 3.40 %252,226 2,119 3.33 %
Other investments12,553 71 2.25 %13,051 258 7.95 %15,511 268 6.85 %
Total interest earning assets$1,704,628 $22,512 5.25 %$1,709,627 $22,463 5.28 %$1,724,319 $21,772 5.01 %
Average interest-bearing liabilities:
Savings accounts$170,777 $450 1.05 %174,259 $429 0.99 %$199,279 $328 0.65 %
Demand deposits357,201 2,152 2.40 %354,850 $2,023 2.29 %354,073 1,863 2.09 %
Money market accounts381,369 3,126 3.26 %377,346 $2,958 3.15 %298,098 1,889 2.51 %
CD’s379,722 4,437 4.65 %352,323 $3,928 4.48 %358,238 3,308 3.66 %
Total deposits$1,289,069 $10,165 3.14 %$1,258,778 $9,338 2.98 %$1,209,688 $7,388 2.42 %
FHLB advances and other borrowings80,338 1,062 5.26 %121,967 $1,549 5.11 %182,967 2,263 4.91 %
Total interest-bearing liabilities$1,369,407 $11,227 3.26 %$1,380,745 $10,887 3.17 %$1,392,655 $9,651 2.75 %
Net interest income$11,285 $11,576 $12,121 
Interest rate spread1.99 %2.11 %2.26 %
Net interest margin2.63 %2.72 %2.79 %
Average interest earning assets to average interest-bearing liabilities1.24 1.24 1.24 

 Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate
Average interest earning assets:
Cash and cash equivalents$19,073 $823 5.76 %$19,066 $768 5.39 %
Loans receivable1,441,972 60,204 5.58 %1,420,423 54,169 5.10 %
Interest bearing deposits— — — %84 1 1.59 %
Investment securities240,054 6,038 3.36 %261,507 6,505 3.33 %
Other investments12,983 589 6.06 %16,447 779 6.33 %
Total interest earning assets$1,714,082 $67,654 5.27 %$1,717,527 $62,222 4.84 %
Average interest-bearing liabilities:
Savings accounts$173,946 $1,300 1.00 %$208,446 $1,103 0.71 %
Demand deposits355,356 6,192 2.33 %370,235 5,047 1.82 %
Money market accounts378,740 9,005 3.18 %298,957 4,759 2.13 %
CD’s364,131 12,215 4.48 %300,279 6,989 3.11 %
Total deposits$1,272,173 $28,712 3.01 %$1,177,917 $17,898 2.03 %
FHLB advances and other borrowings108,897 4,176 5.12 %214,034 7,722 4.82 %
Total interest-bearing liabilities$1,381,070 $32,888 3.18 %$1,391,951 $25,620 2.46 %
Net interest income$34,766 $36,602 
Interest rate spread2.09 %2.38 %
Net interest margin2.71 %2.85 %
Average interest earning assets to average interest bearing liabilities1.24 1.23 
12



Key Financial Metric Ratios:
 Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Ratios based on net income:
Return on average assets (annualized)0.72 %0.81 %0.54 %0.81 %0.68 %
Return on average equity (annualized)7.34 %8.52 %5.97 %8.46 %7.59 %
Return on average tangible common equity4 (annualized)
9.38 %10.92 %7.74 %10.78 %9.91 %
Efficiency ratio72 %72 %67 %71 %66 %
Net interest margin with loan purchase accretion2.63 %2.72 %2.79 %2.71 %2.85 %
Net interest margin without loan purchase accretion2.61 %2.70 %2.76 %2.69 %2.82 %
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted2 (annualized)
0.72 %0.84 %0.54 %0.82 %0.68 %
Return on average equity as adjusted3 (annualized)
7.34 %8.82 %5.97 %8.56 %7.59 %

Reconciliation of Return on Average Assets
(in thousands, except ratios)

 Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
GAAP earnings after income taxes$3,286 $3,675 $2,498 $11,049 $9,366 
Net income as adjusted after income taxes (non-GAAP) (1)$3,286 $3,806 $2,498 $11,181 $9,366 
Average assets$1,810,826 $1,815,693 $1,836,775 $1,822,106 $1,832,832 
Return on average assets (annualized)0.72 %0.81 %0.54 %0.81 %0.68 %
Return on average assets as adjusted (non-GAAP) (annualized) 0.72 %0.84 %0.54 %0.82 %0.68 %
(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)


Reconciliation of Return on Average Equity
(in thousands, except ratios)

 Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
GAAP earnings after income taxes$3,286 $3,675 $2,498 $11,049 $9,366 
Net income as adjusted after income taxes (non-GAAP) (1)$3,286 $3,806 $2,498 $11,181 $9,366 
Average equity$178,050 $173,462 $166,131 $174,436 $165,075 
Return on average equity (annualized)7.34 %8.52 %5.97 %8.46 %7.59 %
Return on average equity as adjusted (non-GAAP) (annualized) 7.34 %8.82 %5.97 %8.56 %7.59 %
(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)






13



Reconciliation of Efficiency Ratio
(in thousands, except ratios)

 Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Non-interest expense (GAAP)$10,421 $10,299 $9,969 $31,497 $29,936 
Less amortization of intangibles(178)(179)(179)(536)(576)
Efficiency ratio numerator (GAAP) $10,243 $10,120 $9,790 $30,961 $29,360 
Non-interest income$2,921 $1,913 $2,565 $8,098 $7,770 
Add back net losses on debt and equity securities(78)(658)— (569)— 
Subtract net gains on debt and equity securities— — 116 — 182 
Net interest income11,285 11,576 12,121 34,766 36,602 
Efficiency ratio denominator (GAAP)$14,284 $14,147 $14,570 $43,433 $44,190 
Efficiency ratio (GAAP)72 %72 %67 %71 %66 %

Reconciliation of tangible book value per share (non-GAAP)
(in thousands, except per share data)

Tangible book value per share at end of periodSeptember 30, 2024June 30, 2024December 31, 2023September 30,
2023
Total stockholders’ equity$180,149 $176,045 $173,334 $165,402 
Less: Goodwill(31,498)(31,498)(31,498)(31,498)
Less: Intangible assets(1,158)(1,336)(1,694)(1,873)
Tangible common equity (non-GAAP)$147,493 $143,211 $140,142 $132,031 
Ending common shares outstanding10,074,136 10,297,341 10,440,591 10,468,091 
Book value per share$17.88 $17.10 $16.60 $15.80 
Tangible book value per share (non-GAAP)$14.64 $13.91 $13.42 $12.61 

Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)
(in thousands, except ratios)

Tangible common equity as a percent of tangible assets at end of period September 30, 2024June 30, 2024December 31, 2023September 30,
2023
Total stockholders’ equity$180,149 $176,045 $173,334 $165,402 
Less: Goodwill(31,498)$(31,498)(31,498)$(31,498)
Less: Intangible assets(1,158)$(1,336)(1,694)$(1,873)
Tangible common equity (non-GAAP)$147,493 $143,211 $140,142 $132,031 
Total Assets$1,799,137 $1,802,307 $1,851,391 $1,831,087 
Less: Goodwill(31,498)(31,498)(31,498)$(31,498)
Less: Intangible assets(1,158)(1,336)(1,694)$(1,873)
Tangible Assets (non-GAAP)$1,766,481 $1,769,473 $1,818,199 $1,797,716 
Total stockholders’ equity to total assets ratio10.01 %9.77 %9.36 %9.03 %
Tangible common equity as a percent of tangible assets (non-GAAP)8.35 %8.09 %7.71 %7.34 %





14




Reconciliation of Return on Average Tangible Common Equity (non-GAAP)
(in thousands, except ratios)
Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Total stockholders’ equity$180,149 $176,045 $165,402 $180,149 $165,402 
Less: Goodwill(31,498)(31,498)(31,498)(31,498)(31,498)
Less: Intangible assets(1,158)(1,336)(1,873)(1,158)(1,873)
Tangible common equity (non-GAAP)$147,493 $143,211 $132,031 $147,493 $132,031 
Average tangible common equity (non-GAAP)$145,305 $140,539 $132,671 $141,512 $131,425 
GAAP earnings after income taxes3,286 3,675 2,498 11,049 9,366 
Amortization of intangible assets, net of tax140 140 89 374 378 
Tangible net income$3,426 $3,815 $2,587 $11,423 $9,744 
Return on average tangible common equity (annualized)9.38 %10.92 %7.74 %10.78 %9.91 %

1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.
2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.
3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.
4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.
15



EXHIBIT 99.2 Earnings Release Supplement Third Quarter 2024

 
Citizens Community Bancorp, Inc. Table of Contents Cautionary Notes and Additional Disclosures Portfolio Contractual Repricing Deposit Composition Commercial Deposit Concentrations Top 100 Depositors Liquidity Non-Owner Occupied CRE Owner Occupied CRE Multi-family Commercial & Industrial Loans Construction & Development Loans Agricultural Real Estate & Operating Loans Hotel Loans Restaurant Loans Campground Loans Office Loans Credit Quality/Risk Rating Descriptions Loans by Risk Rating as of September 30, 2024 Loans by Risk Rating as of June 30, 2024 Loans by Risk Rating as of December 31, 2023 Loans by Risk Rating as of September 30, 2023 Allowance for Credit Losses – Loans Allowance for Credit Losses – Unfunded Commitments Delinquency as of September 30, 2024 and June 30, 2024 Delinquency as of December 31, 2023 and September 30, 2023 Nonaccrual Loans Roll forward Page(s) 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 19 20 20 21 21 22 23 24 Other Real Estate Owned Roll Forward Investments – Amortized Cost and Fair Value Investments – Credit Ratings Earnings Per Share Economic Value of Equity Net Interest Income Over One Year Horizon Selected Capital Composition Highlights – Bank and Company Fair Value Accounting and Fair Value Table Page(s) 24 25 25 26 27 27 28 29 1

 
Cautionary Notes and Additional Disclosures DATES AND PERIODS PRESENTED In this earnings release financial supplement, unless otherwise noted, “20YY” refers to either the corresponding fiscal year-end date or the corresponding 12-months (i.e. fiscal year) then ended. “MMM-YY” refers to either the corresponding quarter-end date, or the corresponding three-month period then ended. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This earnings release financial supplement may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, descriptions of the financial condition, results of operations, asset and credit quality trends, profitability, projected earnings, future plans, strategies and expectations of Citizens Community Bancorp, Inc. (“CZWI” or the “Company”) and its subsidiary, Citizens Community Federal, National Association (“CCFBank”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions of the Company, are generally identifiable by use of the words “believe,” “expect,” “estimates,” “intend,” “anticipate,” “estimate,” “project,” “on pace,” “seek,” “target,” “potential,” “focus,” “may,” “preliminary,” “could,” “should” or similar expressions. These forward-looking statements express management’s current expectations or forecasts of future events, and by their nature, are subject to risks and uncertainties. Therefore, there are a number of factors that might cause actual results to differ materially from those in such statements. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company's performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, and the Company's subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained herein or to update them to reflect events or circumstances occurring after the date hereof. NON-GAAP FINANCIAL MEASURES This earnings release financial supplement contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Non-GAAP financial measures referred to herein include net income as adjusted, return on average equity as adjusted, and return on average assets as adjusted. Reconciliations of all non-GAAP financial measures used herein to the comparable GAAP financial measures in the appendix at the end of this presentation. 2

 
2 Portfolio Contractual Repricing (Contractual Dollars shown in millions) September 30, 2024 • Current contractual principal amounts shown are at maturity or repricing period • Current contractual interest rates shown 3

 
Deposit Composition September 30, 2024 Average Account Size (In Thousands) Type Amount Retail $17 Commercial $70 Public $404 $1.52 Billion 82% of deposits insured or collateralized Top 10 Depositors Rank % of Deposits Industry Coverage Beyond FDIC(1) 1 2.3% Public Administration ICS 2 2.2% Health Care ICS 3 2.0% Educational Services ICS 4 1.4% Public Administration Collateralized 5 1.3% Public Administration Collateralized 6 0.8% Public Administration Collateralized 7 0.8% Manufacturing ICS 8 0.7% Public Administration Collateralized 9 0.5% Public Administration Collateralized 10 0.5% Professional, Scientific, a Technical Services None (1) Coverage by ICS and private insurance may not cover entire balance 4

 
Commercial Deposit Concentrations September 30, 2024 Source: Internal Company Documents Diverse commercial deposit base with no industry concentration over 10% 5

 
Top 100 Depositors September 30, 2024 $395 Million 6

 
Liquidity September 30, 2024 $718 Million 7

 
Portfolio Fundamentals 52% 22% 26% Wisconsin Minnesota Other By Geography As of 9/30/24 • Typically, well seasoned investors with multiple projects, track record of success and personal financial strength (Net Worth/Liquidity) • Maximum LTV =<80% with recourse to owners with >20% interest • Term of 5-10 years with 20 to 25-year amortizations depending on property type, markets and strength and liquidity of sponsors • Minimum DSC and/or Global DSC covenant required to monitor performance ranging from 1.15x-1.25x • Conservative underwriting approach emphasizing actual results or market data • Appropriate use of SBA 504/7a for lower cash injection or special use projects Non – Owner Occupied CRE 9/30/2024 6/30/2024 $489 $492 760 759 $643 $648 Approximate Weighted Average LTV 53% 53% 42 40 Trailing 12 Month Net Charge-Offs 0.00% 0.00% $8.0 $9.1 1.6% 1.9% Weighted Average Seasoning In Months Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Thousands Portfolio Characteristics - Non-Owner Occupied CRE As of Criticized Loans Millions Criticized Loans as a Percent of Total 26% 19% 18% 11% 9% 5% 4% 3%2%3% CRE - Campground Investor Residential Hotel CRE - Senior Living CRE - Retail CRE - Industrial/Manufacturing CRE - Office CRE - Warehouse/Mini Storage CRE - Mixed Use Other Non – Owner Occupied CRE As of 9/30/24 8

 
20% 19% 17% 14% 10% 5% 1% 14% CRE Warehouse/Mini Storage CRE Restaurant CRE Industrial/Manufacturing CRE Retail CRE Mixed Use CRE Office Residential Lot Other Owner Occupied CRE As of 9/30/24 Portfolio Fundamentals 78% 18% 4% Wisconsin Minnesota Other By Geography As of 9/30/24 • Underwritten to <80% LTV based on appraised value (<75% for Restaurant) • Term of 5-10 years with 20-year amortization • Recourse to owners with greater than 20% interest • DSC covenant of 1.25x on project and/or Global DSC of 1.15x • Appropriate use of SBA 504/7a for lower cash injection or special use projects • By Geography “Other” segment includes borrowers with warm climates, no income tax states Owner Occupied CRE 9/30/2024 6/30/2024 $241 $238 394 378 $613 $628 Approximate Weighted Average LTV 52% 51% 39 38 Trailing 12 Month Net Charge-Offs (Recoveries) (0.01%) (0.01%) $1.8 $1.1 0.8% 0.5%Criticized Loans as a Precent of Total Weighted Average Seasoning In Months Criticized Loans In Millions Portfolio Characteristics - Owner Occupied CRE Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Thousands As of 9

 
Portfolio Fundamentals 62% 33% 5% Wisconsin Minnesota Other By Geography As of 9/30/24 3%4% 23% 43% 18% 1% 7% 1% 2024 2023 2022 2021 2020 2019 2018 Prior By Vintage As of 9/30/24 • Robust housing markets in Eau Claire and Mankato markets supported by student populations at state universities, technical colleges, and growing population and job markets • Multi-family sponsors experienced owners with multi-project portfolios • Typically underwritten to 75% LTV based on appraised value with recourse; metro markets and/or strong sponsors may warrant up to 80% LTV • Generally, term of 5-10 years with 20 to 25-year amortization (varies by new versus existing, size of market and sponsor strength) • Covenant for minimum DSC/Global DSC Multi-family 9/30/2024 6/30/2024 $239 $235 131 129 $1.83 $1.82 61% 61% Weighted Average Seasoning In Months 38 36 0% 0% $8.7 $0.0 3.7% 0.0%Criticized Loans as a Percent of Total Approximate Weighted Average LTV Trailing 12 Month Net Charge-Offs Criticized Loans in Millions Portfolio Characteristics - Multi-family Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Millions As of 10

 
92% 7% 1% Wisconsin Minnesota Other By Geography As of 9/30/24 21% 14% 13% 9% 7% 7% 5% 5% 3% 3% 2% 11% Finance and Insurance Transportation and Warehousing Manufacturing Public Admin Wholesale Trade Construction Administrative Support Real Estate, Rental and Leasing Agriculture Retail Trade Education Services Other Commercial & Industrial As of 9/30/24 • Highly diversified, secured loan portfolio underwritten with recourse • Lines of credit reviewed annually and may have borrowing base certificates governing line usage • Fixed asset LTV’s based on age and type of equipment; <5-year amortization • Use of SBA Guaranty Program (Preferred Lender or General Processing) as appropriate • “Retail Trade” segment consists of Farm Supply, Franchised Hardware, Franchised Auto Parts, Franchised and Non-franchised Auto Dealers and Repair Shops, Convenience Stores/Gas Stations Commercial & Industrial Loans 9/30/2024 6/30/2024 $120 $127 636 645 $188 $197 31 30 (0.01%) (0.01%) $45 $54 $2.9 $2.9 Criticized Loans as a Precent of Total 2.4% 2.2% Criticized Loans In Millions Weighted Average Seasoning In Months Trailing 12 Month Net Charge-Offs (Recoveries) Committed Line, if collateral In Millions Portfolio Characteristics - Commercial & Industrial Loan Balance In Millions Number of Loans Average Loan Size In Thousands As of Portfolio Fundamentals 11

 
Portfolio Fundamentals 30% 26% 12% 10% 7% 6% 4% 5% Multi-Family Campgrounds Land 1-4 Family Hospitality Warehouse Retail Other Construction & Development As of 9/30/24 50% 19% 11% 8% 7% 5% Wisconsin South Dakota Utah Minnesota Tennessee Colorado By Geography As of 9/30/24 • Underwritten to 75-80% LTV based on lesser of cost or appraised value with full recourse • Interest only typically up to 18 months (depending on project complexity and seasonal timing) followed by amortization of 15-25 years (terms vary by property type) • Borrower equity contribution of cash/land value =>15% injected at the beginning of project (cash/land contribution) • Construction loans require 3rd party inspections and title company draws after balancing to sworn construction statement • 1-4 residential construction centered in eastern Twin Cities and Northwest Wisconsin. Generally, 80% LTC /60%-80% of AV. Spec building capped. Progress reporting monthly by individual home Construction & Development Loans 9/30/2024 6/30/2024 Loan Balance Outstanding In Millions $88 $88 Number of Loans 97 109 Average Loan Size In Millions $0.9 $0.8 Approximate Weighted Average LTV 67% 67% Trailing 12 Month Net Charge-Offs 0.00% 0.00% Percent Utilized of Commitments 80% 73% $0.1 $0.1 Criticized Loans as a Percent of Total 0.1% 0.1% Portfolio Characteristics - Construction & Development As of Criticized Loans in Millions 12

 
36% 26% 20% 18% Crop Other Farming Dairy Other Agricultural As of 9/30/24 Portfolio Fundamentals 80% 19% 1% Wisconsin Minnesota Other By Geography As of 9/30/24 • Producers required to have marketing plans to mitigate volatility of commodities • Appropriate crop/revenue insurance and/or dairy margin protection required • Maximum ag RE LTV of less than 65%; equipment LTV of less than 75% • Appropriate structuring to separate crop production cycles and to match length of loan with asset financed • Use of Farmer Mac, FSA, SBA or USDA programs to address DSC, collateral margins or working capital • Operating and ag loan relationships are typically cross collateralized Agricultural Real Estate & Operating Loans 9/30/2024 6/30/2024 $104 $106 483 489 $214 $216 41 39 (0.47%) (0.47%) Criticized Loans in Millions $7.3 $7.5 7.1% 7.1%Criticized Loans as a Percent of Total Weighted Average Seasoning In Months Trailing 12 Month Net Charge-Offs (Recoveries) Portfolio Characteristics - Agricultural Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Thousands As of 13

 
54% 30% 16% Limited Service Full Service Other Hotels As of 9/30/24 Portfolio Fundamentals 40% 39% 16% 5% Minnesota Wisconsin Illinois Colorado By Geography As of 9/30/24 • Mainly experienced multi project hoteliers and guarantors with strong personal financial statements (net worth and liquidity) • Mainly flagged/franchised limited stay properties • Underwriting consistent with management's conservative approach to Investor CRE, emphasizing actual results in underwriting Hotel Loans 9/30/2024 6/30/2024 $91 $92 21 20 $4.3 $4.6 51% 51% (0.04%) (0.04%) Criticized Loans in Millions $4.3 $4.5 4.8% 4.9%Criticized Loans as a Precent of Total As of Number of Loans Trailing 12 Month Net Charge Offs (Recoveries) Portfolio Characteristics - Hotels Loan Balance Outstanding In Millions Average Loan Size In Millions Approximate Weighted Average LTV 14

 
59% 20% 11% 4% 4% 2% Culver's - Limited Service Restaurants Bowling Centers Other National Limited Services Drinking Establishments Other Restaurants As of 9/30/24 Portfolio Fundamentals 53% 29% 18% Wisconsin Minnesota Other By Geography As of 9/30/24 • Experienced developers/operators of national Limited /Quick Service brands (Culver’s, Subway, Dairy Queen, McDonalds, Jimmy John’s, A&W) • Underwritten to =<80% LTV with full recourse (depending on sponsor history); 20-year amortization with 5 to 10-year terms • Use of SBA Guaranty Program (Preferred Lender or General Processing) as appropriate • Drinking establishments may have other collateral pledged and tend to be in smaller communities in our footprint • Lessors of RE include investor and owner-occupied structure Restaurant Loans 9/30/2024 6/30/2024 $54 $58 74 71 $731 $816 49% 46% 0.00% 0.00% Criticized Loans In Millions $0.05 $0.05 0.1% 0.1%Criticized Loans as a Percent of Total Portfolio Characteristics - Restaurants As of Trailing 12 Month Net Charge-Offs Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Thousands Approximate Weighted Average LTV 15

 
6% 27% 18% 23% 19% 2%2% 3% 2024 2023 2022 2021 2020 2017 2016 Prior By Vintage As 9/30/24 Portfolio Fundamentals 21% 12% 10% 8%8% 7% 6% 5% 3% 3% 3% 14% Wisconsin Utah Alabama Ohio Tennessee Illinois Pennsylvania Maryland Kentucky New York North Carolina Other By Geography As of 9/30/24 • Experienced multi-unit operators and owner-occupied franchised campgrounds (typically Jellystone Park) • Grounds offer a mix of camping, RV and cabin options with recreational amenities • Park locations within reasonable proximity of metropolitan areas and/or near national and state parks • Underwritten with recourse generally with 5-10 year terms and 20 year amortization • Use of SBA 7a and 504, or other government guaranteed loan programs as appropriate • 20+ years of history through CCF acquisition with no charge-off history Campground Loans 9/30/2024 6/30/2024 $151 $149 71 66 $2.1 $2.3 50% 51% 34 31 0.00% 0.00% $0.0 $0.0 Criticized Loans as a Percent of Total 0.0% 0.0% Portfolio Characteristics - Campgrounds As of Weighted Average Seasoning in Months Criticized Loans in Millions Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Millions Approximate Weighted Average LTV Trailing 12 Month Net Charge-Offs 16

 
2% 9% 43% 46% 2024 2025 2026 2027 & Beyond Maturity or Next Repricing Date As of 9/30/24 Portfolio Fundamentals 84% 8% 8% Wisconsin Minnesota Other By Geography As of 9/30/24 • Properties financed are generally in Wisconsin and Minnesota and 98% of properties are located outside of large cities • Projects underwritten with 5-10 year term, up to 20 year amortization, and less than 80% LTV • Loans are with recourse to the sponsor/owner(s) • Buildings are mostly single level buildings and no more than three floors high • Tenants centered in medical, insurance, professional services and government Office Loans 9/30/2024 6/30/2024 $31 $29 71 69 $434 $421 60% 59% 42.8 44.2 0.00% 0.00% $0.2 $0.2 0.6% 0.6%Criticized Loans as a Percent of Total Portfolio Characteristics - Office As of Weighted Average Seasoning in Months Criticized Loans in Millions Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Thousands Approximate Weighted Average LTV Trailing 12 Month Net Charge-Offs 17

 
Credit Quality/Risk Ratings: Management utilizes a numeric risk rating system to identify and quantify the Bank’s risk of loss within its loan portfolio. Ratings are initially assigned prior to funding the loan, and may be changed at any time as circumstances warrant. Ratings range from the highest to lowest quality based on factors that include measurements of ability to pay, collateral type and value, borrower stability and management experience. The Bank’s loan portfolio is presented below in accordance with the risk rating framework that has been commonly adopted by the federal banking agencies. The definitions of the various risk rating categories are as follows: 1 through 4 - Pass. A “Pass” loan means that the condition of the borrower and the performance of the loan is satisfactory or better. 5 - Watch. A “Watch” loan has clearly identifiable developing weaknesses that deserve additional attention from management. Weaknesses that are not corrected or mitigated, may jeopardize the ability of the borrower to repay the loan in the future. 6 - Special Mention. A “Special Mention” loan has one or more potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position in the future. 7 - Substandard. A “Substandard” loan is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. 8 - Doubtful. A “Doubtful” loan has all the weaknesses inherent in a Substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. 9 - Loss. Loans classified as “Loss” are considered uncollectible, and their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, and a partial recovery may occur in the future. As of September 30, 2024, and December 31, 2023, there were no loans classified as doubtful with a risk rating of 8 and no loans classified as loss with a risk rating of 9. Residential and consumer loans are typically not rated until they are past due 90 days at month-end which is why they are classified as pass graded 1-5 and once past due or have a history of delinquencies, get assigned a grade 7. 18

 
Below is a breakdown of loans by risk rating as of September 30, 2024: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 720,771 $ 1,589 $ 8,099 $ 730,459 Agricultural real estate 69,621 200 6,222 76,043 Multi-family real estate 230,455 8,736 — 239,191 Construction and land development 87,769 — 106 87,875 C&I/Agricultural operating: Commercial and industrial 116,699 522 2,398 119,619 Agricultural operating 26,651 — 899 27,550 Residential mortgage: Residential mortgage 131,633 — 3,311 134,944 Purchased HELOC loans 2,815 — 117 2,932 Consumer installment: Originated indirect paper 4,361 — 44 4,405 Other consumer 5,432 — 6 5,438 Gross loans $ 1,396,207 $ 11,047 $ 21,202 $ 1,428,456 Less: Unearned net deferred fees and costs and loans in process (2,703) Unamortized discount on acquired loans (925) Allowance for credit losses (21,000) Loans receivable, net $ 1,403,828 Below is a breakdown of loans by risk rating as of June 30, 2024: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 719,510 $ 214 $ 9,512 $ 729,236 Agricultural real estate 71,768 6,099 381 78,248 Multi-family real estate 234,758 — — 234,758 Construction and land development 87,790 108 — 87,898 C&I/Agricultural operating: Commercial and industrial 124,521 2,427 438 127,386 Agricultural operating 26,393 — 1,016 27,409 Residential mortgage: Residential mortgage 130,615 — 2,888 133,503 Purchased HELOC loans 2,798 — 117 2,915 Consumer installment: Originated indirect paper 5,049 — 61 5,110 Other consumer 5,853 — 7 5,860 Gross loans $ 1,409,055 $ 8,848 $ 14,420 $ 1,432,323 Less: Unearned net deferred fees and costs and loans in process (2,733) Unamortized discount on acquired loans (1,002) Allowance for credit losses (21,178) Loans receivable, net $ 1,407,410 19

 
Below is a breakdown of loans by risk rating as of December 31, 2023: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 726,075 $ 9,832 $ 14,624 $ 750,531 Agricultural real estate 76,715 6,245 390 83,350 Multi-family real estate 228,095 — — 228,095 Construction and land development 110,628 110 203 110,941 C&I/Agricultural operating: Commercial and industrial 119,442 2,205 19 121,666 Agricultural operating 24,512 — 1,179 25,691 Residential mortgage: Residential mortgage 125,913 — 3,108 129,021 Purchased HELOC loans 2,880 — — 2,880 Consumer installment: Originated indirect paper 6,491 — 44 6,535 Other consumer 6,158 — 29 6,187 Gross loans $ 1,426,909 $ 18,392 $ 19,596 $ 1,464,897 Less: Unearned net deferred fees and costs and loans in process (2,900) Unamortized discount on acquired loans (1,205) Allowance for loan losses (22,908) Loans receivable, net $ 1,437,884 Below is a breakdown of loans by risk rating as of September 30, 2023: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 729,891 $ 9,313 $ 11,078 $ 750,282 Agricultural real estate 77,462 6,611 485 84,558 Multi-family real estate 219,193 — — 219,193 Construction and land development 109,594 111 94 109,799 C&I/Agricultural operating: Commercial and industrial 118,062 2,950 21 121,033 Agricultural operating 22,124 1,058 1,370 24,552 Residential mortgage: Residential mortgage 122,883 — 3,056 125,939 Purchased HELOC loans 2,881 — — 2,881 Consumer installment: Originated indirect paper 7,135 — 40 7,175 Other consumer 6,413 — 27 6,440 Gross loans $ 1,415,638 $ 20,043 $ 16,171 $ 1,451,852 Less: Unearned net deferred fees and costs and loans in process (3,048) Unamortized discount on acquired loans (1,275) Allowance for loan losses (22,973) Loans receivable, net $ 1,424,556 20

 
Allowance for Credit Losses - Loans (in thousand, except ratios) September 30, 2024 and Three Months Ended June 30, 2024 and Three Months Ended December 31, 2023 and Three Months Ended September 30, 2023 and Three Months Ended Allowance for Credit Losses (“ACL”) ACL - Loans, at beginning of period $ 21,178 $ 22,436 $ 22,973 $ 23,164 Loans charged off: Commercial/Agricultural real estate (39) — — — C&I/Agricultural operating — — — — Residential mortgage (4) — — (54) Consumer installment (11) (12) (6) (3) Total loans charged off (54) (12) (6) (57) Recoveries of loans previously charged off: Commercial/Agricultural real estate 5 2 253 206 C&I/Agricultural operating 10 10 6 10 Residential mortgage 4 2 2 — Consumer installment 5 2 9 2 Total recoveries of loans previously charged off: 24 16 270 218 Net loan recoveries/(charge-offs) (“NCOs”) (30) 4 264 161 (Reductions) additions to ACL - Loans via provision for credit losses charged to operations (148) (1,262) (329) (352) ACL - Loans, at end of period $ 21,000 $ 21,178 $ 22,908 $ 22,973 Average outstanding loan balance $ 1,429,928 $ 1,439,535 $ 1,458,558 $ 1,435,284 Ratios: NCOs (annualized) to average loans 0.01 % 0.00 % (0.07) % (0.04) % Allowance for Credit Losses - Unfunded Commitments: (in thousands) In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets. September 30, 2024 and Three Months Ended June 30, 2024 and Three Months Ended December 31, 2023 and Three Months Ended September 30, 2023 and Three Months Ended ACL - Unfunded commitments - beginning of period $ 712 $ 975 $ 1,571 $ 1,544 Additions (reductions) to ACL - Unfunded commitments via provision for credit losses charged to operations (252) (263) (321) 27 ACL - Unfunded commitments - End of period $ 460 $ 712 $ 1,250 $ 1,571 21

 
Delinquency Detail Loan balances at amortized cost (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans September 30, 2024 Commercial/Agricultural real estate: Commercial real estate $ 125 $ — $ 232 $ 357 $ 728,090 $ 728,447 Agricultural real estate 229 — 354 583 75,030 75,613 Multi-family real estate — — — — 239,065 239,065 Construction and land development 413 — — 413 86,968 87,381 C&I/Agricultural operating: Commercial and industrial 48 253 421 722 118,792 119,514 Agricultural operating — — 901 901 26,666 27,567 Residential mortgage: Residential mortgage 1,534 770 1,070 3,374 131,093 134,467 Purchased HELOC loans — — 117 117 2,815 2,932 Consumer installment: Originated indirect paper 9 — 12 21 4,384 4,405 Other consumer 21 29 2 52 5,385 5,437 Total $ 2,379 $ 1,052 $ 3,109 $ 6,540 $ 1,418,288 $ 1,424,828 June 30, 2024 Commercial/Agricultural real estate: Commercial real estate $ 103 $ 111 $ 533 $ 747 $ 726,423 $ 727,170 Agricultural real estate — — 354 354 77,428 77,782 Multi-family real estate — — — — 234,624 234,624 Construction and land development — — — — 87,379 87,379 C&I/Agricultural operating: Commercial and industrial 277 — 421 698 126,610 127,308 Agricultural operating — — 1,017 1,017 26,405 27,422 Residential mortgage: Residential mortgage 3,025 692 814 4,531 128,487 133,018 Purchased HELOC loans — 117 — 117 2,798 2,915 Consumer installment: Originated indirect paper 2 9 25 36 5,074 5,110 Other consumer 41 3 2 46 5,814 5,860 Total $ 3,448 $ 932 $ 3,166 $ 7,546 $ 1,421,042 $ 1,428,588 22

 
Delinquency Detail (Continued) Loan balances at amortized cost (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans December 31, 2023 Commercial/Agricultural real estate: Commercial real estate $ 50 $ 308 $ 5,579 $ 5,937 $ 742,510 $ 748,447 Agricultural real estate 30 — 361 391 82,766 83,157 Multi-family real estate — — — — 228,004 228,004 Construction and land development — — 54 54 110,164 110,218 C&I/Agricultural operating: Commercial and industrial 248 — — 248 120,942 121,190 Agricultural operating — — 1,179 1,179 24,516 25,695 Residential mortgage: Residential mortgage 856 583 1,023 2,462 126,017 128,479 Purchased HELOC loans 117 — — 117 2,763 2,880 Consumer installment: Originated indirect paper 66 — 12 78 6,457 6,535 Other consumer 38 — 20 58 6,129 6,187 Total $ 1,405 $ 891 $ 8,228 $ 10,524 $ 1,450,268 $ 1,460,792 September 30, 2023 Commercial/Agricultural real estate: Commercial real estate $ 523 $ — $ 5,650 $ 6,173 $ 741,945 $ 748,118 Agricultural real estate 36 — 438 474 83,854 84,328 Multi-family real estate — — — — 219,095 219,095 Construction and land development — — 94 94 108,947 109,041 C&I/Agricultural operating: Commercial and industrial — 150 — 150 120,382 120,532 Agricultural operating — 292 958 1,250 23,321 24,571 Residential mortgage: Residential mortgage 1,122 365 1,409 2,896 122,452 125,348 Purchased HELOC loans 117 — — 117 2,764 2,881 Consumer installment: Originated indirect paper 70 3 12 85 7,090 7,175 Other consumer 36 4 20 60 6,380 6,440 Total $ 1,904 $ 814 $ 8,581 $ 11,299 $ 1,436,230 $ 1,447,529 23

 
Nonaccrual Loans Roll forward Loan balances at amortized cost (in thousands) Quarter Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Balance, beginning of period $ 8,352 $ 8,413 $ 13,184 $ 13,456 $ 15,663 Additions 7,486 352 961 538 33 Charge offs — — — — (53) Transfers to OREO (124) — — (23) — Return to accrual status — — — — (190) Payments received (641) (411) (5,767) (781) (1,994) Other, net (31) (2) 35 (6) (3) Balance, end of period $ 15,042 $ 8,352 $ 8,413 $ 13,184 $ 13,456 Other Real Estate Owned Roll forward (in thousands) Quarter Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Balance, beginning of period $ 1,662 $ 1,845 $ 1,795 $ 1,046 $ 1,199 Loans transferred in — — 73 23 — Real estate transferred in from fixed assets — — — 724 — Real estate transferred in from fixed assets value reduction — — (27) — — Branch properties sales — — — — — Sales (25) (183) — — (25) Write-downs (70) — — — (128) Other, net — — 4 2 — Balance, end of period $ 1,567 $ 1,662 $ 1,845 $ 1,795 $ 1,046 24

 
The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of September 30, 2024 and December 31, 2023, respectively, were as follows: (in thousands) Available for sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2024 U.S. government agency obligations $ 14,497 $ 55 $ 95 $ 14,457 Mortgage-backed securities 89,439 — 15,419 74,020 Corporate debt securities 44,925 66 3,940 41,051 Asset-backed securities 20,021 38 155 19,904 Total available for sale securities $ 168,882 $ 159 $ 19,609 $ 149,432 December 31, 2023 U.S. government agency obligations $ 16,655 $ 77 $ 156 $ 16,576 Mortgage-backed securities 91,091 — 17,611 73,480 Corporate debt securities 47,158 6 5,990 41,174 Asset-backed securities 24,840 12 339 24,513 Total available for sale securities $ 179,744 $ 95 $ 24,096 $ 155,743 (in thousands) Held to maturity securities Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value September 30, 2024 Obligations of states and political subdivisions $ 500 $ — $ 19 $ 481 Mortgage-backed securities 86,533 8 15,976 70,565 Total held to maturity securities $ 87,033 $ 8 $ 15,995 $ 71,046 December 31, 2023 Obligations of states and political subdivisions $ 600 $ — $ 35 $ 565 Mortgage-backed securities 90,629 6 17,938 72,697 Total held to maturity securities $ 91,229 $ 6 $ 17,973 $ 73,262 The composition of our available for sale portfolios by credit rating as of the dates indicated below was as follows: (in thousands) September 30, 2024 December 31, 2023 Available for sale securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 96,246 $ 80,821 $ 98,977 $ 81,351 AAA 10,366 10,322 9,695 9,508 AA 17,345 17,239 23,913 23,709 A 5,950 5,571 8,200 7,292 BBB 38,975 35,479 38,959 33,883 Non-rated — — — — Total available for sale securities $ 168,882 $ 149,432 $ 179,744 $ 155,743 25

 
The composition of our held to maturity portfolio by credit rating as of the dates indicated was as follows: (in thousands) September 30, 2024 December 31, 2023 Held to maturity securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 86,533 $ 70,565 $ 90,629 $ 72,697 AAA — — — — AA — — — — A 500 481 600 565 Total $ 87,033 $ 71,046 $ 91,229 $ 73,262 On July 23, 2021, the Board of Directors adopted a share repurchase program, pursuant to which Citizens Community Bancorp, Inc. was authorized to repurchase 532,962 shares of its common stock, or approximately 5% of the outstanding shares on that date. On July 25, 2024, the Board of Directors authorized an additional stock repurchase program of 5% or 512,709 shares. As of the beginning of the quarter ended September 30, 2024, 555 thousand shares were collectively available for purchase under the 2021 and 2024 share repurchase programs. During the quarter ended September 30, 2024, 223 thousand shares were repurchased under the program. As of September 30, 2024, no shares remain available under the 2021 share repurchase program, and an additional 332 thousand shares remain available for repurchase under the 2024 share repurchase program. Earnings Per Share (Amounts in thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Basic Net income attributable to common shareholders $ 3,286 $ 3,675 $ 2,498 $ 11,049 $ 9,366 Weighted average common shares outstanding 10,198 10,370 10,470 10,335 10,473 Basic earnings per share $ 0.32 $ 0.35 $ 0.24 $ 1.07 $ 0.89 Diluted Net income attributable to common shareholders $ 3,286 $ 3,675 $ 2,498 $ 11,049 $ 9,366 Weighted average common shares outstanding 10,198 10,370 10,470 10,335 10,473 Add: Dilutive stock options outstanding 6 3 — 5 2 Average shares and dilutive potential common shares 10,204 10,373 10,470 10,340 10,475 Diluted earnings per share $ 0.32 $ 0.35 $ 0.24 $ 1.07 $ 0.89 Common stock issued and outstanding 10,074 10,297 10,468 10,074 10,468 26

 
Economic Value of Equity Percent Change in Economic Value of Equity (EVE) Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) At September 30, 2024 At December 31, 2023 +300 bp 0 % 0 % +200 bp 0 % 0 % +100 bp 0 % 0 % -100 bp 0 % 0 % -200 bp (2) % (2) % Net Interest Income Over One Year Horizon Percent Change in Net Interest Income Over One Year Horizon Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) At September 30, 2024 At December 31, 2023 +300 bp (11) % (13) % +200 bp (7) % (8) % +100 bp (4) % (4) % -100 bp 3 % 4 % -200 bp 5 % 7 % 27

 
CITIZENS COMMUNITY FEDERAL N.A. Selected Capital Composition Highlights September 30, 2024 (unaudited) June 30, 2024 (unaudited) December 31, 2023 (audited) September 30, 2023 (unaudited) To Be Well Capitalized Under Prompt Corrective Action Provisions Tier 1 leverage ratio (to adjusted total assets) 11.7% 11.7% 11.5% 11.6% 5.0% Tier 1 capital (to risk weighted assets) 13.8% 13.7% 13.4% 13.3% 8.0% Common equity tier 1 capital (to risk weighted assets) 13.8% 13.7% 13.4% 13.3% 6.5% Total capital (to risk weighted assets) 15.0% 15.0% 14.6% 14.6% 10.0% CITIZENS COMMUNITY BANCORP, INC. Selected Capital Composition Highlights September 30, 2024 (unaudited) June 30, 2024 (unaudited) December 31, 2023 (audited) September 30, 2023 (unaudited) For Capital Adequacy Purposes Tier 1 leverage ratio (to adjusted total assets) 9.2% 9.1% 8.9% 8.7% 4.0% Tier 1 capital (to risk weighted assets) 10.8% 10.7% 10.3% 10.0% 6.0% Common equity tier 1 capital (to risk weighted assets) 10.8% 10.7% 10.3% 10.0% 4.5% Total capital (to risk weighted assets) 15.3% 15.2% 14.7% 14.4% 8.0% 28

 
Fair Value Accounting ASC Topic 820-10, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value: Level 1- Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. Level 2- Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3- Significant unobservable inputs that reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the fair value measurement. The fair value of securities available for sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available (Level 1 inputs); or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value (Level 3 inputs). Fair Value Table The table below represents what we would receive to sell an asset or what we would have to pay to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount and estimated fair value of the Company’s financial instruments as of the dates indicated below were as follows: September 30, 2024 Valuation Method Used Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents (Level I) $ 36,632 $ 36,632 Securities available for sale “AFS” (Level II) 149,432 149,432 Securities held to maturity “HTM” (Level II) 87,033 71,046 Farmer Mac equity securities (Level I) 540 540 Preferred equity (Level III) 1,812 1,812 Equity investments valued at NAV (1) N/A 2,744 N/A Other investments (Level II) 12,311 12,311 Loans receivable, net (Level III) 1,403,828 1,379,680 Loans held for sale - Residential mortgage (Level I) 535 535 Loans held for sale - SBA /FSA (Level II) 162 162 Mortgage servicing rights (Level III) 3,696 5,025 Accrued interest receivable (Level I) 6,235 6,235 Financial liabilities: Deposits (Level III) $ 1,520,667 $ 1,520,399 FHLB advances (Level II) 21,000 20,915 Other borrowings (Level II) 61,548 57,225 Accrued interest payable (Level I) 6,887 6,887 (1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B. 29

 
2024 Third Quarter Results Earnings Release Presentation Exhibit 99.3

 
Cautionary Notes and Additional Disclosures 2 DATES AND PERIODS PRESENTED Unless otherwise noted, “20YY” refers to either the corresponding fiscal year-end date or the corresponding 12-months (i.e., fiscal year) then ended. “MMM-YY” refers to either the corresponding quarter-end date, or the corresponding three-month period then ended. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This presentation may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, descriptions of the financial condition, results of operations, asset and credit quality trends, profitability, projected earnings, future plans, strategies and expectations of Citizens Community Bancorp, Inc. (“CZWI” or the “Company”) and its subsidiary, Citizens Community Federal, National Association (“CCFBank”) . The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of complying with those safe harbor provisions. Forward- looking statements, which are based on certain assumptions of the Company, are generally identifiable by use of the words “believe,” “expect,” “estimates,” “intend,” “anticipate,” “estimate,” “project,” “on pace,” “seek,” “target,” “potential,” “focus,” “may,” “preliminary,” “could,” “should” or similar expressions. These forward-looking statements express management’s current expectations or forecasts of future events, and by their nature, are subject to risks and uncertainties. Therefore, there are a number of factors that might cause actual results to differ materially from those in such statements. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company's performance are discussed further in Part I, Item 1A, "Risk Factors," in the Company's Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on March 5, 2024, and the Company's subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained herein or to update them to reflect events or circumstances occurring after the date hereof. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Non·GAAP financial measures referred to herein include net income as adjusted, EPS as adjusted, ROAA as adjusted, return on average tangible common equity (ROATCE), ROATCE as adjusted, tangible book value, tangible book value per share, efficiency ratio as adjusted and tangible common equity / tangible assets. Reconciliations of all Non·GAAP financial measures used herein to the comparable GAAP financial measures in the appendix at the end of this presentation. SOURCE Unless otherwise noted, internal Company documents

 
Investment Summary Markets Strong earnings and ROATCE profile with capacity and infrastructure to grow organically 3 Returns Asset Quality Growing markets with diverse industries and unemployment rates lower than national averages mitigate volatility and support steady growth Sound underwriting practices and portfolio administration have produced strong credit performance Capital Ratios Solid bank capital ratios and improving holding company regulatory capital ratios Shareholder Friendly Board and Executive Management commitment to the company’s stock through individual share repurchases and open authorization to reduce share count

 
Performance Objectives Capital Management Strong Asset Quality Metrics Operating Leverage Sustainable Business Practices Optimize balance sheet and earnings to support share repurchases under buyback authorization and weather potential economic headwinds Promote a strong credit culture which emphasizes prudent underwriting, disciplined loan administration, and timely intervention with borrowers experiencing difficulties Continuously update workflows and use of software applications to improve productivity, efficiency, and customer service Foster a culture of accountability for executing business strategy in a manner that engages customers, colleagues, and our communities that will generate strong results and increase stakeholder value 4 Diversification Maintain balanced deposit and loan portfolios to minimize concentrations by industry, customer, product types, loan exposures and geography

 
Operating Market Overview CZWI Operates in diverse markets within the northwestern region of Wisconsin, metro Twin Cities and the Mankato, Minnesota MSA Source: S&P Global Market Intelligence 0 0 0 0 0 5

 
$574 $733 $759 $1,177 $1,238 $1,311 $1,412 $1,461 $1,450 $1,429 $1,425 $558 $743 $747 $1,196 $1,295 $1,388 $1,425 $1,519 $1,527 $1,520 $1,521 $696 $941 $975 $1,531 $1,649 $1,740 $1,816 $1,851 $1,819 $1,802 $1,799 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY Mar-24 Jun-24 Sep-24 Franchise Expansion CZWI has transformed the Company from a consumer bank to a commercial bank to strengthen the earnings profile and franchise. ▪ Total Assets▪ Loans Receivable ▪ Total Deposits Source: S&P Global Market Intelligence, company filings 6 July 2019 Assets: $192mm Tomah, WI May 2016 Assets: $154mm Rice Lake, WI 2 Central Bank branches February 2016 Deposits: $27mm Northwestern WI August 2017 Assets: $269mm Wells, MN October 2018 Assets: $269mm Osseo, WI

 
89.2% 82.3% 76.1% 87.1% 73.7% 86.5% 87.1% 84.0% 80.8% 89.6% 74.1% 87.4% 87.4% 84.2% 76.8% 84.9% 70.2% 90.9% 86.0% 82.9% 82.6% 87.0% 69.4% 87.8% 75% 0.0% 25.0% 50.0% 75.0% 100.0% Overall Role Team Supervisor Compensation Organization Colleague Engagement 2021 Favorable 2022 Favorable 2023 Favorable 2024 Favorable Excellent Target Values Our six main values are: integrity, commitment, innovation, collaboration, focus, and sustainability. Vision Make more possible for our customers, colleagues, communities, and shareholders! Mission Provide the best products, service, and ideas to our customers every interaction every day. Culture & Engagement 7 Participation Rate: 2021 2022 2023 2024 71.8% 91.4% 84.8% 95.1%

 
Net Income and Diluted EPS Source: S&P Global Market Intelligence, company filings Net Income as Adjusted and Diluted EPS Income as Adjusted are non-GAAP financial measures, which management believes may be helpful in understanding the Company's results of operations or financial position and comparing results over different periods. Reconciliation of Net Income and Diluted EPS Income as Adjusted to the comparable GAAP financial measure can be found in the appendix of this presentation. These measures should not be viewed as a substitute for operating results determined in accordance with GAAP. 8 $2,499 $4,283 $9,463 $12,725 $21,266 $17,761 $13,059 $4,088 $3,675 $3,286 $4,221 $4,962 $10,675 $12,425 $21,339 $18,500 $13,321 $4,088 $3,806 $3,286 $0 $5,000 $10,000 $15,000 $20,000 $25,000 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Net Income Net Income Net Income as Adjusted $0.46 $0.58 $0.85 $1.14 $1.98 $1.69 $1.25 $0.39 $0.35 $0.32 $0.78 $0.68 $0.96 $1.11 $1.99 $1.76 $1.28 $0.39 $0.36 $0.32 $0.00 $0.50 $1.00 $1.50 $2.00 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Diluted EPS Diluted EPS Diluted EPS Income as Adjusted

 
Book Value, Tangible Book Value and Core Net Revenue Detail Source: S&P Global Market Intelligence, company filings Tangible book value per share is a non-GAAP measure which management believes may be helpful in better assessing capital adequacy. The reconciliation of Tangible book value per share can be found in the appendix of this presentation. These measures should not be viewed as substitutes for operating results determined in accordance with GAAP. 9 $9.78 $11.05 $9.89 $11.18 $12.90 $12.77 $13.42 $13.43 $13.91 $14.64 $12.48 $12.46 $13.36 $14.52 $16.27 $16.03 $16.60 $16.61 $17.10 $17.88 $0.00 $5.00 $10.00 $15.00 $20.00 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY Mar-24 Jun-24 Sep-24 BOOK VALUE AND TANGIBLE BOOK VALUE PER SHARE TANGIBLE BOOK VALUE PER SHARE BOOK VALUE PER SHARE $ 2 2 ,8 7 8 $ 2 9 ,7 6 4 $ 4 2 ,6 8 6 $ 4 3 ,6 7 3 $ 4 0 ,5 3 2 $ 4 1 ,7 4 3 $ 4 0 ,1 4 2 $ 3 1 ,4 9 7 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2017 2018 2019 2020 2021 2022 2023 2024 YTD CORE NET REVENUE DETAIL NET INTEREST INCOME NON-INTEREST INCOME NON-INTEREST EXPENSE $58,488 $68,703 $69,491 $42,864 $27,019 $37,673 $66,799 $58,599

 
Return on average assets as adjusted, return on average tangible common equity (ROATCE) and ROATCE as adjusted are non-GAAP measures, which management believes may be helpful in better understanding the underlying business performance trends related to average assets and average tangible equity. Reconciliations of ROAA as adjusted, ROTCE, and ROTCE as adjusted can be found in the appendix of this presentation. These measures should not be viewed as substitutes for operating results determined in accordance with GAAP. Return on Average Assets and Return on Average Tangible Common Equity Source: SEC filings and Company documents 10 0.34% 0.45% 0.68% 0.80% 1.23% 1.00% 0.71% 0.90% 0.81% 0.72% 0.58% 0.52% 0.76% 0.78% 1.24% 1.04% 0.73% 0.90% 0.84% 0.72% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 ROAA ROAA ROAA INCOME AS ADJUSTED 4.5% 5.3% 10.1% 12.1% 17.6% 14.4% 10.3% 12.3% 10.9% 9.4% 7.5% 6.0% 11.2% 11.8% 17.6% 14.9% 10.5% 12.3% 11.3% 9.4% 0.0% 5.0% 10.0% 15.0% 20.0% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 ROATCE ROATCE ROATCE INCOME AS ADJUSTED

 
Efficiency Ratio, Net Interest Income (NII) and Net Interest Margin (NIM) The efficiency ratio as adjusted is a non-GAAP measure, which management believes may be helpful in better understanding the underlying business performance trends related to non-interest expense. A reconciliation of the efficiency ratio as adjusted to its comparable GAAP financial measure can be found in the appendix of this presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 11 84% 77% 71% 61% 57% 61% 68% 71% 72% 72%74% 76% 66% 62% 57% 59% 67% 71% 70% 72% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 EFFICIENCY RATIO EFFICIENCY RATIO EFFICIENCY RATIO AS ADJUSTED $20,077 $22,268 $30,303 $43,513 $50,255 $53,667 $56,369 $48,349 $34,766 3.27% 3.31% 3.42% 3.37% 3.40% 3.34% 3.39% 2.81% 2.71% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD NII AND NIM NET INTEREST INCOME NET INTEREST MARGIN

 
Citizens Community Bancorp, Inc. Capital Ratios 12 6.6% 8.3% 7.7% 7.7% 7.9% 8.5% 8.9% 8.9% 9.1% 9.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% LEVERAGE RATIO 8.9% 10.2% 9.1% 10.5% 9.7% 9.7% 10.3% 10.4% 10.7% 10.8% 0.0% 4.0% 8.0% 12.0% COMMON EQUITY TIER 1 RATIO 12.0% 12.4% 11.2% 14.3% 13.1% 14.0% 14.7% 14.9% 15.2% 15.3% 0.0% 4.0% 8.0% 12.0% 16.0% TOTAL CAPITAL RATIO Tangible common equity/tangible assets is a non-GAAP measure, which management believes may be helpful in better understanding the underlying business performance trends related to tangible assets and tangible common equity. A reconciliation of tangible common equity and tangible assets to its comparable financial measure can be found in the appendix of the presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 6.3% 7.9% 7.5% 7.7% 7.9% 7.5% 7.7% 7.8% 8.1% 8.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% TANGIBLE COMMON EQUITY / TANGIBLE ASSETS

 
CZWI Shares Repurchased and Tangible Common Equity (TCE) as a Percent of Tangible Assets (non-GAAP) Tangible common equity/tangible assets is a non-GAAP measure, which management believes may be helpful in better understanding the underlying business performance trends related to tangible assets and tangible common equity. A reconciliation of tangible common equity and tangible assets to its comparable financial measure can be found in the appendix of the presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 13 7.7% 7.9% 7.5% 7.7% 8.4% 253,431 620,197 128,923 41,646 382,205 - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD SHARES REPURCHASED AND TCE/TANGIBLE ASSETS TCE RATIO SHARES REPURCHASED

 
Asset Quality 0.82% 0.89% 0.88% 1.38% 1.29% 1.27% 1.57% 1.55% 1.48% 1.47% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% ALLOWANCE FOR CREDIT LOSSES (ACL) - LOANS 1.49% 1.14% 1.41% 0.70% 0.76% 0.70% 0.83% 0.58% 0.57% 0.95% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% NON-PERFORMING ASSETS (NPA) / ASSETS 14 73.90% 81.04% 51.19% 150.38% 143.03%156.67% 168.78% 256.73% 246.03% 134.86% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% ACL-LOANS / NON-PERFORMING LOANS (NPL) 0.07% 0.07% 0.08% 0.08% 0.01% 0.03% -0.03% -0.01% 0.00% 0.01% -0.04% -0.02% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% NET (RECOVERIES) CHARGE-OFFS/AVERAGE LOANS

 
CRE, C&I, Ag. Related, C&D 90% Residential & HELOC 9% Consumer 1% Loan Portfolio 09/30/2016 09/30/2024 CRE, C&I, Ag. Related, C&D 34% Residential & HELOC 33% Consumer 33% 15 (1) Yield excludes SBA PPP accretion, PCI loan accretion, loan purchase accretion, and interest income recognized on nonaccrual loan payoffs ($000s) Sep-16 Sep-17 Sep-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Sep-24 Commercial Real Estate $54,600 $109,024 $156,735 $420,383 $425,283 $610,214 $630,857 $653,437 $650,856 $637,848 $640,350 Housing related CRE $53,475 $77,166 $108,029 $181,084 $204,544 $266,600 $304,022 $325,189 $330,314 $326,145 $329,300 Commercial & Industrial $31,001 $55,251 $76,254 $133,734 $116,553 $122,167 $136,013 $121,666 $128,434 $127,386 $119,620 Ag. Real Estate / Ag. Operating $42,845 $91,875 $97,066 $123,143 $101,580 $110,083 $116,714 $109,041 $106,688 $105,657 $103,593 Q3 2024 Construction & Development $16,580 $19,708 $17,739 $86,410 $98,517 $79,520 $102,492 $110,941 $93,560 $87,898 $87,874 5.60% Residential mortgage and Purchased HELOC loans $187,738 $247,634 $209,781 $184,739 $137,646 $94,861 $108,651 $131,901 $132,560 $136,419 $137,876 Yield (1) Indirect Consumer Installment $168,294 $115,287 $78,245 $39,585 $25,851 $15,971 $10,236 $6,535 $5,851 $5,110 $4,405 Consumer Installment $19,715 $20,668 $18,844 $18,186 $13,213 $8,874 $7,150 $6,187 $5,750 $5,860 $5,438 Gross Loans Ex SBA PPP Loans $574,248 $736,613 $762,693 $1,187,264 $1,123,187 $1,308,290 $1,416,135 $1,464,897 $1,454,013 $1,432,323 $1,428,456 SBA PPP Loans $0 $0 $0 $0 $123,702 $8,755 $0 $0 $0 $0 $0 Total Gross Loans $574,248 $736,613 $762,693 $1,187,264 $1,246,889 $1,317,045 $1,416,135 $1,464,897 $1,454,013 $1,432,323 $1,428,456

 
Deposit Composition ▪ Focus has been on transforming the deposit composition to core deposits ▪ Deposit transformation and growth has been achieved through both acquisitions and organic initiatives 9/30/2016 09/30/2024 Source: S&P Global Market Intelligence, company filings Non Interest Bearing Demand 8% Interest Bearing Demand 9% MMDA & Savings 34% CDs 49% 16 Non Interest Bearing Demand 17% Interest Bearing Demand 23% MMDA & Savings 35% CDs 25% ($000) Sep-16 Sep-17 Sep-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Sep-24 Non-interest-bearing demand deposits $45,408 $75,318 $87,495 $168,157 $238,348 $276,631 $284,726 $265,704 $248,537 $255,703 $256,840 Interest bearing demand deposits $48,934 $147,912 $139,276 $223,102 $301,764 $396,231 $371,210 $343,276 $361,278 $353,477 $346,971 Q3 2024 Savings accounts $52,153 $102,756 $97,329 $156,599 $196,348 $222,674 $220,019 $176,548 $177,595 $170,946 $169,096 Cost of Deposits Money market accounts $137,234 $125,749 $109,314 $246,430 $245,549 $288,985 $323,435 $374,055 $387,879 $370,164 $366,067 2.63% Certificate accounts $273,948 $290,769 $313,115 $401,414 $313,247 $203,014 $225,334 $359,509 $352,200 $369,254 $381,693 Total Deposits $557,677 $742,504 $746,529 $1,195,702 $1,295,256 $1,387,535 $1,424,724 $1,519,092 $1,527,489 $1,519,544 $1,520,667 Deposit Composition - Quarter Lookback

 
$557,677 $742,504 $1,007,512 $1,195,702 $1,295,256 $1,387,535 $1,424,724 $1,519,092 $1,527,489 $1,519,544 $1,520,667 $27,884 $32,283 $37,315 $42,704 $51,810 $55,501 $61,945 $66,047 $66,413 $69,070 $69,121 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 TOTAL DEPOSITS AND DEPOSITS PER BRANCH ($000) Total Deposits Average Deposits Per Branch 23 27 28 25 25 23 23 23 22 22 Branch Deposit Growth & Efficiency ▪ $69 million average branch size as of September 30, 2024, up 148% in size over the past 8 years ▪ 3 branch locations were consolidated in 2022 ▪ 1 branch location opened in 2022 in an identified market of opportunity ▪ 1 branch closed in 2Q 2024 ▪ Since FY 2016 ▪ 19 branches opened or purchased ▪ 17 branches closed, consolidated, or sold Includes branch acquisitions and consolidations Source: S&P Global Market Intelligence, company filings 17 20 White Numbers Indicate Branch Count

 
Appendix 18

 
Net Interest Margin Analysis Source: S&P Global Market Intelligence, company filings 19 Quarter ended September 30, 2024 Quarter ended June 30, 2024 Quarter ended March 31, 2024 Quarter ended December 31, 2023 Interest Average Interest Average Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ ($ Dollars in Thousands) Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate Average interest earning assets: Cash and cash equivalents 25,187$ 360$ 5.69% 18,894$ 272$ 5.79% 13,071$ 191$ 5.88% 16,699$ 241$ 5.75% Loans receivable 1,429,928 20,115 5.60% 1,439,535 19,921 5.57% 1,456,586 20,168 5.57% 1,458,558 19,408 5.28% Investment securities 236,960 1,966 3.30% 238,147 2,012 3.40% 243,991 2,060 3.40% 243,705 2,102 3.42% Non-marketable equity securities, at cost 12,553 71 2.25% 13,051 258 7.95% 13,350 260 7.83% 15,760 275 6.92% Total interest earning assets 1,704,628$ 22,512$ 5.25% 1,709,627$ 22,463$ 5.28% 1,726,998$ 22,679$ 5.28% 1,734,722$ 22,026$ 5.04% Average interest-bearing liabilities: Total deposits 1,287,069$ 10,165$ 3.14% 1,258,778$ 9,338$ 2.98% 1,268,485$ 9,209$ 2.92% 1,199,468$ 7,851$ 2.60% FHLB Advances & Other Borrowings 80,338 1,062 5.26% 121,967 1,549 5.11% 124,701 1,565 5.05% 191,575 2,428 5.03% Total interest bearing liabilities 1,367,407$ 11,227$ 3.26% 1,380,745$ 10,887$ 3.17% 1,393,186$ 10,774$ 3.11% 1,391,043$ 10,279$ 2.93% Net interest income 11,285$ 11,576$ 11,905$ 11,747$ Interest Rate Spread 1.99% 2.11% 2.17% 2.11% Net interest margin 2.63% 2.72% 2.77% 2.69%

 
Interest Rate Risk 20 (1) Assumes an immediate and parallel shift in the yield curve at all maturities. Note: The tables above may not be indicative of future results. Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change +300 bp 0% +300 bp 0% +200 bp 0% +200 bp 0% +100 bp 0% +100 bp 0% -100 bp 0% -100 bp 0% -200 bp -2% -200 bp -2% Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change +300 bp -11% +300 bp -13% +200 bp -7% +200 bp -8% +100 bp -4% +100 bp -4% -100 bp 3% -100 bp 4% -200 bp 5% -200 bp 7% December 31, 2023September 30, 2024 December 31, 2023September 30, 2024 Net Interest Income Over One Year Horizon

 
21 Reconciliation of Non-GAAP Financial Measures Reconciliation of GAAP Earnings and Core Earnings (non-GAAP): GAAP pre-tax earnings 3,822$ 6,609$ 12,277$ 17,280$ 28,959$ 23,581$ 18,932$ 5,192$ 4,715$ 4,185$ Merger related costs (1) 1,860$ 463$ 3,880$ -$ -$ -$ -$ -$ -$ -$ Branch closure costs (2) 951$ 26$ 15$ 165$ -$ 981$ 380$ -$ 168$ -$ Settlement proceeds (3) (283)$ -$ -$ (131)$ -$ -$ -$ -$ -$ -$ FHLB borrowings prepayment fee (4) 104$ -$ -$ -$ 102$ -$ -$ -$ -$ -$ Audit and Financial Reporting (5) -$ -$ 358$ -$ -$ -$ -$ -$ -$ -$ Net gain on sale of branch -$ -$ (2,295)$ -$ -$ -$ -$ -$ -$ -$ Net gain on sale of acquired business lines (6) -$ -$ -$ (432)$ -$ -$ -$ -$ -$ -$ Income before provision for income taxes as adjusted (7) 6,454$ 7,098$ 14,235$ 16,882$ 29,061$ 24,562$ 19,312$ 5,192$ 4,883$ 4,185$ Provision for income tax on pre-tax earnings as adjusted (8) 2,233$ 1,798$ 3,260$ 4,457$ 7,722$ 6,062$ 5,991$ 1,104$ 1,077$ 899$ Tax impact of certain acquired BOLI policies (9) -$ -$ 300$ -$ -$ -$ -$ -$ -$ Tax cuts and Jobs Act of 2017 (10) -$ 338$ -$ -$ -$ -$ -$ -$ -$ -$ Total provision for income tax as adjusted 2,233$ 2,136$ 3,560$ 4,457$ 7,722$ 6,062$ 5,991$ 1,104$ 1,077$ 899$ Net income as adjusted (non-GAAP) (7) 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 13,321$ 4,088$ 3,806$ 3,286$ GAAP diluted earnings per share, net of tax 0.46$ 0.58$ 0.85$ 1.14$ 1.98$ 1.69$ 1.25$ 0.39$ 0.35$ 0.32$ Merger related costs, net of tax 0.22$ 0.06$ 0.27$ -$ -$ -$ -$ -$ -$ -$ Branch related costs, net of tax 0.12$ -$ -$ 0.01$ -$ 0.07$ 0.03$ -$ 0.01$ -$ Settlement proceeds (0.03)$ -$ -$ (0.01)$ -$ -$ -$ -$ -$ -$ FHLB borrowings prepayment fee 0.01$ -$ -$ -$ 0.01$ -$ -$ -$ -$ -$ Tax impact of certain acquired BOLI policies (9) -$ -$ (0.03)$ -$ -$ -$ -$ -$ -$ -$ Tax Cuts and Jobs Act of 2017 tax provision (10) -$ 0.04$ -$ -$ -$ -$ -$ -$ -$ -$ Audit and Financial Reporting, net of tax -$ -$ 0.02$ -$ -$ -$ -$ -$ -$ -$ Net gain on sale of branch -$ -$ (0.15)$ -$ -$ -$ -$ -$ -$ -$ Net gain on sale of acquired business lines -$ -$ -$ (0.03)$ -$ -$ -$ -$ -$ -$ Diluted earnings per share, as adjusted, net of tax (non-GAAP) 0.78$ 0.68$ 0.96$ 1.11$ 1.99$ 1.76$ 1.28$ 0.39$ 0.36$ 0.32$ Average diluted shares outstanding 5,378,548 7,335,247 11,121,435 11,161,811 10,726,539 10,513,773 10,470,298 10,443,267 10,373,089 10,204,195 FY 2022 Sep-24FY 2020 FY 2021 FY 2023 Mar-24 Jun-24FY 2017 FY 2018 FY 2019

 
(1) All costs incurred are presented as professional fees and other non-interest expense in the consolidated statement of operations and include costs $0, $0, $0, $0, $0, $0, $0, $341,000, $350,000, and $565,000 for the three months ended September 30, 2024, June 30, 2024, and March 31, 2024, and years ended December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019, September 30, 2018, and September 30, 2017, respectively, which are nondeductible expenses for federal income tax purposes. (2) Branch closure costs include severance pay recorded in compensation and benefits, accelerated depreciation expense and lease termination fees included in occupancy and other costs included in other non-interest expense in the consolidated statement of operations. In addition, other non-interest expense includes costs related to the reduction in valuation of a closed branch office in the fourth quarter of fiscal 2017 and costs associated with three branch closures during the quarter ended December 31, 2020, one branch closure in the quarter ended September 30, 2022, two branch closures in the quarter ended December 31, 2022, and one branch office closure in the quarter ended December 31, 2023. Professional services includes legal costs related to the sale of the Michigan branch included in these Branch closure costs during the quarter ended March 31, 2019. (3) Settlement proceeds includes litigation income from a JP Morgan Residential Mortgage-Backed Security (RMBS) claim. This JP Morgan RMBS was previously owned by the Bank and sold in 2011. (4) The prepayment fee to restructure our FHLB borrowings is included in other non-interest expense in the consolidated statement of operations. (5) Audit and financial reporting costs include additional audit and professional fees related to the change in our year end from September 30 to December 31, effective December 31, 2018. (6) Net gain on sale of acquired business lines resulted from (1) the sale of Wells Insurance Agency and (2) the termination and sale of the wealth management business line sales contract acquired in a former acquisition. (7) Pretax net income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities. (8) Provision for income tax on pre-tax income as adjusted is calculated at our effective tax rate for each respective period presented. (9) Tax impact of certain acquired BOLI policies from United Bank. (10) As a result of the Tax Cuts and Jobs Act of 2017, we recorded a one-time net tax provision of $338,000 in 2018, which is included in provision for income taxes expense in the consolidated statement of operations. 22 Reconciliation of Non-GAAP Financial Measures

 
Note: All quarterly periods are annualized for net income / net income as adjusted. 23 Reconciliation of Non-GAAP Financial Measures 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Net Income 2,499$ 4,283$ 9,463$ 12,725$ 21,266$ 17,761$ 13,059$ 4,088$ 3,675$ 3,286$ Net Income as adjusted 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 13,321$ 4,088$ 3,806$ 3,286$ Average assets 731,407$ 954,912$ 1,398,482$ 1,594,053$ 1,722,483$ 1,775,049$ 1,836,337$ 1,834,152$ 1,815,693$ 1,810,826$ Return on average assets 0.34% 0.45% 0.68% 0.80% 1.23% 1.00% 0.71% 0.90% 0.81% 0.72% Return on average assets as adjusted 0.58% 0.52% 0.76% 0.78% 1.24% 1.04% 0.73% 0.90% 0.84% 0.72% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Common Equity 73,483$ 135,847$ 150,553$ 160,564$ 170,866$ 167,088$ 173,334$ 172,821$ 176,045$ 180,149$ Less: Goodwill (10,444) (10,444) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core Deposit and other intangibles (5,449) (4,805) (7,587) (5,494) (3,898) (2,449) (1,694) (1,515) (1,336) (1,158) Tangible Common Equity (TCE) 57,590$ 120,598$ 111,468$ 123,572$ 135,470$ 133,141$ 140,142$ 139,808$ 143,211$ 147,493$ Average Tangible Common Equity 58,300$ 89,094$ 105,340$ 115,313$ 127,793$ 131,305$ 132,409$ 138,692$ 140,539$ 145,305$ Net Income 2,499$ 4,283$ 9,463$ 12,725$ 21,266$ 17,761$ 13,059$ 4,088$ 3,675$ 3,286$ Intangible amortization, net of tax 143 417 1,153 1,194 1,171 1,095 521 141 140 140 Tangible Net Income 2,642$ 4,700$ 10,616$ 13,919$ 22,437$ 18,856$ 13,580$ 4,229$ 3,815$ 3,426$ Net Income as adjusted 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 13,321$ 4,088$ 3,806$ 3,286$ Intangible amortization, net of tax 143 417 1,153 1,194 1,171 1,095 521 141 140 140 Tangible Net Income as adjusted 4,364$ 5,379$ 11,828$ 13,619$ 22,510$ 19,595$ 13,842$ 4,229$ 3,946$ 3,426$ ROATCE 4.5% 5.3% 10.1% 12.1% 17.6% 14.4% 10.3% 12.3% 10.9% 9.4% ROATCE as adjusted 7.5% 6.0% 11.2% 11.8% 17.6% 14.9% 10.5% 12.3% 11.3% 9.4% (In thousands except ROATCE and ROATCE as adjusted) (In thousands except ROAA and ROAA as adjusted) Return on Average Assets (ROAA) as Adjusted Return on Average Tangible Common Equity (ROATCE) as Adjusted

 
Reconciliation of Non-GAAP Financial Measures Note: All quarterly periods are annualized for net income / net income as adjusted 24 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Non-interest Expense (GAAP) 22,878$ 29,764$ 42,686$ 43,673$ 40,532$ 41,743$ 40,142$ 10,777$ 10,299$ 10,421$ Less amortization of intangibles (219) (644) (1,496) (1,622) (1,596) (1,449) (755) (179) (179) (178) Efficiency ratio numerator 22,659 29,120 41,190 42,051 38,936 40,294 39,387 10,598 10,120 10,243 Merger related costs (1,860) (463) (3,880) - - - - - - - Branch Closure costs (951) (26) (15) (165) - (981) (380) - (168) - Audit and financial reporting - - (358) - - - - - - - Prepayment fee (104) - - - (102) - - - - - Efficiency ratio numerator as adjusted 19,744$ 28,631$ 36,937$ 41,886$ 38,834$ 39,313$ 39,007$ 10,598$ 9,952$ 10,243$ Non-interest income 4,751$ 7,370$ 14,975$ 18,448$ 15,824$ 10,430$ 10,250$ 3,264$ 1,913$ 2,921$ Net interest margin 22,268 30,303 43,513 50,255 53,667 56,369 48,349 11,905 11,576 11,285 Add back net losses on debt and equity securities (17) (658) (78) Subtract net gains on debt and equity securities 111 - 271 110 1,224 541 459 167 - - Efficiency ratio denominator (GAAP) 26,908 37,690 58,217 68,593 68,267 66,258 58,140 15,002 14,147 14,284 Net gain on sale of branch - - (2,295) - - - - - - - Net gain on sale of acquired business lines - - - (432) - - - - - - Settlement proceeds (283) - - (131) - - - - - - Efficiency ratio denominator as adjusted 26,625$ 37,690$ 55,922$ 68,030$ 68,267$ 66,258$ 58,140$ 15,002$ 14,147$ 14,284$ Efficiency ratio 84% 77% 71% 61% 57% 61% 68% 71% 72% 72% Efficiency ratio as adjusted 74% 76% 66% 62% 57% 59% 67% 71% 70% 72% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Total Stockholders' equity 73,483$ 135,847$ 150,553$ 160,564$ 170,866$ 167,088$ 173,334$ 172,821$ 176,045$ 180,149$ Less: Goodwill (10,444) (10,444) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and intangibles (5,449) (4,805) (7,587) (5,494) (3,898) (2,449) (1,694) (1,515) (1,336) (1,158) Tangible book value (non-GAAP) 57,590$ 120,598$ 111,468$ 123,572$ 135,470$ 133,141$ 140,142$ 139,808$ 143,211$ 147,493$ Shares outstanding 5,888,816 10,913,853 11,266,954 11,056,349 10,502,442 10,425,119 10,440,591 10,406,880 10,297,341 10,074,136 Book Value 12.48$ 12.45$ 13.36$ 14.52$ 16.27$ 16.03$ 16.60$ 16.61$ 17.10$ 17.88$ TBVPS 9.78$ 11.05$ 9.89$ 11.18$ 12.90$ 12.77$ 13.42$ 13.43$ 13.91$ 14.64$ 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Sep-24 Total Assets 940,664$ 975,409$ 1,531,249$ 1,649,095$ 1,739,628$ 1,816,367$ 1,851,391$ 1,819,315$ 1,802,307$ 1,799,137$ Less: Goodwill (10,444) (10,444) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and intangibles (5,449) (4,805) (7,587) (5,494) (3,898) (2,449) (1,694) (1,515) (1,336) (1,158) Tangible Assets (non-GAAP) 924,771$ 960,160$ 1,492,164$ 1,612,103$ 1,704,232$ 1,782,420$ 1,818,199$ 1,786,302$ 1,769,473$ 1,766,481$ Total Stockhoders' Equity/Total Assets 7.8% 13.9% 9.8% 9.7% 9.8% 9.2% 9.4% 9.5% 9.8% 10.0% Tangible Common Equity / Tangible Assets 6.2% 12.6% 7.5% 7.7% 7.9% 7.5% 7.7% 7.8% 8.1% 8.4% (In thousands except Tangible Common Equity / Tangible Asets) (In thousands except Shares Outstanding, Book Value and TBVPS) (In thousands except Efficiency Ratio and Efficiency Ratio as adjusted) Efficiency Ratio as Adjusted Tangible Book Value Per Share (TBVPS) as Adjusted Tangible Common Equity / Tangible Assets

 
Source: S&P Global Market Intelligence, eauclairedevelopment.com, greatermankato.com, Google Images, US Bureau of Labor Statistics Eau Claire MSA: ▪ Features a broad-based, diverse economy, which is driven by commercial, housing, retail and medical industries. Mankato MSA: ▪ The Mankato market also possesses a broad-based, diverse economy, which is driven by manufacturing, agribusiness, health care and education. Mankato Area EmployersEau Claire Area Employers Market Demographics 25 2.6% 3.1% 5.6% 3.2% 2.8% 3.3% 2.5%2.3% 2.9% 5.5% 3.2% 2.1% 2.6% 3.2% 0.0% 2.0% 4.0% 6.0% Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 MSA Unemployment Rates Eau Claire MSA Mankato MSA

 
Leadership Team Stephen M. Bianchi Chairman of the Board President & CEO Mr. Stephen M. Bianchi, also known as Steve, has been the Chief Executive Officer and President of Citizens Community Bancorp, Inc. and Citizens Community Federal since June 24, 2016. He has been Chairman of Citizens Community Bancorp, Inc. since October 2018 and Citizens Community Federal National Association. As a banking veteran with 39 years of experience, Mr. Bianchi served in several senior management positions at Wells Fargo Bank and with Associated Bank. He served as the Chief Executive Officer at HF Financial Corp. from October 2011 and its President from April 2010 to May 2015. Mr. Bianchi served as the Chief Executive Officer and President of Home Federal Bank, a subsidiary of HF Financial Corp. from August 2012 to May 2015. He served as the Interim Chief Executive Officer and Interim President of HF Financial Corp. from October 2011 until July 2012. Mr. Bianchi served as Senior Vice President at Associated Bank, where he served as Minnesota Regional President and Minnesota Regional Commercial Banking Manager from July 2006 to April 2010. Before that, he served as Twin Cities Business Banking Manager for Wells Fargo Bank, where he held several other management positions over 14 years. He has been a Director of Citizens Community Bancorp, Inc. since May 25, 2017. He has been a Director of Citizens Community Federal since June 24, 2016. Mr. Bianchi received his B.S. degree in Finance and M.B.A. from Providence College. James S. Broucek Executive VP, CFO Principal Accounting Officer, Treasurer & Secretary Mr. James S. Broucek, also known as Jim, has been Chief Financial Officer and Principal Accounting Officer at Citizens Community Bancorp, Inc and Citizens Community Federal since October 31, 2017. He serves as Executive Vice President, CFO, Treasurer, and Secretary of Citizens Community Bancorp, Inc. and of Citizens Community Federal National Association. He served as a Senior Manager of Wipfli LLP (“Wipfli”) from December 2013 to October 2017. Before joining Wipfli, Mr. Broucek held several positions with TCF Financial Corporation (“TCF Financial”) and its subsidiaries from 1995 to 2013, with his last position being Treasurer of TCF Financial. Prior to joining TCF Financial, Mr. Broucek served as the Controller of Great Lakes Bancorp. Mr. Broucek is a banking veteran with 39 years of experience. Mr. Broucek holds a B.A. in mathematics and business administration with a concentration in accounting from Hope College. 26

 
v3.24.3
Cover Page
Oct. 28, 2024
Cover [Abstract]  
Entity Central Index Key 0001367859
Amendment Flag false
Document Type 8-K
Document Period End Date Oct. 28, 2024
Entity Registrant Name CITIZENS COMMUNITY BANCORP, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-33003
Entity Tax Identification Number 20-5120010
Entity Address, Address Line One 2174 EastRidge Center
Entity Address, City or Town Eau Claire
Entity Address, State or Province WI
Entity Address, Postal Zip Code 54701
City Area Code 715
Local Phone Number 836-9994
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value per share
Trading Symbol CZWI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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