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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2015

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI


Exhibit 99.1
 
Citizens Community Bancorp, Inc. Reports Fiscal Fourth Quarter, Twelve Month 2015 Earnings,
Financial Results
Quarterly and Annual Performance Demonstrates Year-Over-Year Net Income Growth and Strong Asset Quality
 
Eau Claire, WI, November 3, 2015
– Citizens Community Bancorp, Inc. (NasdaqGM: CZWI) (the "Company"), parent company of Citizens Community Federal N.A. (the “Bank”), a national banking association offering full-service retail banking and commercial lending, today announced unaudited financial results for the fiscal fourth quarter and twelve months ended September 30, 2015. The Company's results reflected year-over-year growth in net income, an increase in non-interest income and strong asset quality. For the three months ended, September 30, 2015, net income was $691,000, or $0.13 per diluted share, up 15% compared with net income of $601,000, or $0.11 per diluted share, for the three months ended September 30, 2014. For the twelve months ended, September 30, 2015, net income was $2.6 million, or $0.50 per diluted share, up 46.6% compared with net income of $1.8 million, or $0.34 per diluted share, for the twelve months ended September 30, 2014.

Edward H. Schaefer, President and CEO, stated: "We are pleased with our steady year-over-year improvement in earnings. Non-interest income, comprised of loan fees and service charges, continues to improve and we have made progress in reducing our non-interest expense. We're excited for our customers to see us at our new location in Mankato, MN. Our new branch office has the same experienced bankers who are able to provide products that satisfy personal, mortgage and business needs in the community. As previously announced, we are excited to be expanding our footprint in Rice Lake and Barron with our recent branch purchase that is scheduled to close during our second fiscal quarter of 2016, pending regulatory approval."

Fourth Quarter Highlights 

Controlled loan growth. Total loans decreased $19.9 million, to $450.5 million as of September 30, 2015, from $470.4 million at September 30, 2014. The decrease was primarily due to sales of fixed rate longer term residential mortgage loans during fiscal 2015 and a further reduction in consumer real estate and indirect loans due to normal pay downs and payoffs. These decreases were partially offset by an increase in commercial and agricultural loans in the amount of $28.1 million as of September 30, 2015, from their September 30, 2014 balances. Mark C. Oldenberg, Executive Vice President and CFO, stated: "During our fiscal 2015 first and fourth quarters, fixed rate residential mortgage loans were sold in the amount of $8.1 million and $8.7 million, respectively. These sales were conducted as part of our balance sheet restructuring to help manage our interest rate risk. We continue to monitor and assess our interest rate risk position and take the applicable actions to reasonably manage our interest rate risk."

Strong Asset Quality. As of September 30, 2015, nonperforming assets were $2.1 million or 0.37% of total assets, compared to nonperforming assets of $2.6 million or 0.46% of total assets as of September 30, 2014. Net loans charged-off during the twelve months ended September 30, 2015 were $666,000, or 0.14% of total average loans, compared to $1.6 million, or 0.35% of total average loans, during the same period in the previous year.

Stable net interest income. Net interest income was approximately $4.6 million for the third consecutive quarter despite continued net interest margin pressure. The net interest margin was 3.36% for the year ended September 30, 2015 and 3.63% for the year ended September 30, 2014. The net interest margin remained at 3.31% for the three months ended September 30, 2015 compared to the three months ended June 30, 2015.

Disciplined expense management. Non-interest expense was $4.4 million for the fourth quarter of fiscal 2015 compared to $4.7 million for the same period in the previous year, primarily reflecting reduced salaries and related benefit costs.

Strong capital levels. As of September 30, 2015, the Company and the Bank exceeded all regulatory standards to be considered "well-capitalized". Book value increased to $11.57 at September 30, 2015 from $11.09 at September 30, 2014.

As previously announced, the Bank closed three in-store branch offices in January 2015 and two limited service branch offices in September 2015. As part of our branch consolidation and efficiency strategy, we will be closing an in-store branch office located in Menomonie, Wisconsin in December 2015 and two in-store branch offices located in Brooklyn Park and Winona, Minnesota in January 2016.

During the twelve months ended September 30, 2015, we incurred accelerated depreciation expense which totaled $562,000 as well as additional fees in the amount of $52,000 related to these branch closures. Excluding these branch closure costs, net



The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Tuesday, November 3, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Other Comprehensive Income (loss)
Consolidated Statements Of Other Comprehensive Income (loss) - Reclassifications Out Of Accumulated Other Comprehensive Income
Capital Matters
Capital Matters (details)
Capital Matters (tables)
Commitments And Contingencies
Commitments And Contingencies (details Textual)
Commitments And Contingencies (details)
Commitments And Contingencies (details1)
Commitments And Contingencies (tables)
Condensed Financial Information - Parent Company Only
Condensed Financial Information - Parent Company Only (details 1)
Condensed Financial Information - Parent Company Only (details 2)
Condensed Financial Information - Parent Company Only (details)
Condensed Financial Information - Parent Company Only (tables)
Deposits
Deposits (details 1)
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Accounting
Fair Value Accounting (details 1)
Fair Value Accounting (details 2)
Fair Value Accounting (details 3)
Fair Value Accounting (details)
Fair Value Accounting (tables)
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances (details Textual)
Federal Home Loan Bank Advances (details)
Federal Home Loan Bank Advances (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (details 1)
Intangible Assets (details)
Intangible Assets (tables)
Investment Securities
Investment Securities (details 1)
Investment Securities (details 2)
Investment Securities (details 3)
Investment Securities (details 4)
Investment Securities (details 5)
Investment Securities (details)
Investment Securities (tables)
Loans, Allowance For Loan Losses And Impaired Loans
Loans, Allowance For Loan Losses And Impaired Loans (details 1)
Loans, Allowance For Loan Losses And Impaired Loans (details 2)
Loans, Allowance For Loan Losses And Impaired Loans (details 3)
Loans, Allowance For Loan Losses And Impaired Loans (details 4)
Loans, Allowance For Loan Losses And Impaired Loans (details 5)
Loans, Allowance For Loan Losses And Impaired Loans (details 6)
Loans, Allowance For Loan Losses And Impaired Loans (details 7)
Loans, Allowance For Loan Losses And Impaired Loans (details 8)
Loans, Allowance For Loan Losses And Impaired Loans (details Textual)
Loans, Allowance For Loan Losses And Impaired Loans (details)
Loans, Allowance For Loan Losses And Impaired Loans (tables)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (details Textual)
Nature Of Business And Summary Of Significant Accounting Policies (policies)
Office Properties And Equipment
Office Properties And Equipment (details)
Office Properties And Equipment (tables)
Office Properties And Equipment Textual (details)
Other Comprehensive Income (loss)
Other Comprehensive Income (loss) (details 1)
Other Comprehensive Income (loss) (details)
Other Comprehensive Income (loss) (tables)
Retirement Plans
Retirement Plans (details 1)
Retirement Plans (details 2)
Retirement Plans (details 3)
Retirement Plans (details 4)
Retirement Plans (details Textual)
Retirement Plans (details)
Retirement Plans (tables)
Stock-based Compensation
Stock-based Compensation (details 1)
Stock-based Compensation (details 2)
Stock-based Compensation (details 3)
Stock-based Compensation (details Textual)
Stock-based Compensation (tables)
Stock-based Compensation Details (details)

Material Contracts, Statements, Certifications & more

Citizens Community Bancorp Inc. provided additional information to their SEC Filing as exhibits

Ticker: CZWI
CIK: 1367859
Form Type: 10-K Annual Report
Accession Number: 0001367859-15-000040
Submitted to the SEC: Mon Dec 07 2015 9:33:10 AM EST
Accepted by the SEC: Mon Dec 07 2015
Period: Wednesday, September 30, 2015
Industry: Savings Institution Federally Chartered

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