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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2016

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI


Exhibit 99.1
 
bancorpinca08.jpg

Citizens Community Bancorp, Inc. Earnings Increased 19% to $3.1 million for Fiscal 2016
Fueled by Improving Operations and Contribution from the CBN Acquisition

EAU CLAIRE, WI, October 28, 2016 - Citizens Community Bancorp, Inc. (the "Company") (Nasdaq: CZWI),
the parent company of Citizens Community Federal N.A. (the “Bank”), today reported fiscal 2016 GAAP earnings grew 19% to $3.1 million, or $0.59 per diluted share, compared to $2.6 million, or $0.50 per diluted share, one year earlier. Fourth quarter GAAP earnings were $586,000, or $0.12 per share, compared to $691,000, or $0.13 per share, for the fourth quarter a year ago and $967,000, or $0.18, for the preceding quarter. Core earnings (non-GAAP) were $1.2 million, or $0.22 per share, for the fourth quarter, compared to Core earnings (non-GAAP) of $867,000, or $0.16 per share, for the fourth quarter a year ago. Fourth quarter fiscal 2016 Core earnings (non-GAAP) reflect adjustments for numerous one-time expenses associated with the reduction of personnel, cancellation of vendor contracts, one branch closure, one branch relocation and higher data processing fees related to the integration of the Community Bank of Northern Wisconsin (“CBN”) acquisition on May 16, 2016.

Core earnings is a non-GAAP measure that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. See the Data Sheets that follow for additional information.

“Fiscal 2016 saw numerous changes throughout the organization with the acquisition and integration of CBN, the announcement to close six branches, the building of a new traditional branch, the authorization of a stock repurchase program for up to 10% of the outstanding shares, and a new management team and new initiatives for our lending and deposit gathering efforts,” said Stephen Bianchi, President and Chief Executive Officer. “We expect the loan mix to change as we underwrite more commercial loans and discontinue the origination of dealer indirect loans. Meanwhile, we are working to improve operating efficiency to boost core earnings (non-GAAP) and enhance franchise and shareholder value.”

Relative to one year earlier, total assets increased to $696.1 million at September 30, 2016, from $580.1 million at September 30, 2015, and decreased from the immediate prior quarter of $723.0 million at June 30, 2016. The decrease in total assets over the preceding quarter is largely related to the recently announced branch closings and withdrawal of funds paid to the prior owners of CBN which were temporarily on deposit. Tangible book value per share was $11.15 per share as of September 30, 2016, compared to $11.20 per share as of June 30, 2016. Nonperforming assets, as a percentage of total assets, were 0.62% at September 30, 2016, compared to 0.71% at June 30, 2016.

Fiscal Fourth Quarter 2016 Financial Highlights: (at or for the periods ended September 30, 2016, compared to September 30, 2015 and /or June 30, 2016.)




The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Friday, October 28, 2016 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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Citizens Community Bancorp Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

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
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Acquisitions - Business Acquisition, Pro Forma Information (details)
Acquisitions - Schedule Of Business Acquisitions (details)
Acquisitions - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (details)
Capital Matters
Capital Matters (details)
Capital Matters (tables)
Commitments And Contingencies
Commitments And Contingencies (details 1)
Commitments And Contingencies (details Textual)
Commitments And Contingencies (details)
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 2)
Fair Value Accounting (details 3)
Fair Value Accounting (details 4)
Fair Value Accounting (details 5)
Fair Value Accounting (details)
Fair Value Accounting (tables)
Federal Home Loan Bank Advances And Other Borrowings
Federal Home Loan Bank Advances And Other Borrowings (details Textual)
Federal Home Loan Bank Advances And Other Borrowings (details)
Federal Home Loan Bank Advances And Other Borrowings (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 Textual)
Investment Securities (details)
Investment Securities (tables)
Loans, Allowance For Loan Losses And Impaired Loans
Loans, Allowance For Loan Losses And Impaired Loans (details Textual)
Loans, Allowance For Loan Losses And Impaired Loans (tables)
Loans, Allowance For Loan Losses And Impaired Loans - Impaired Financing Receivables (details)
Loans, Allowance For Loan Losses And Impaired Loans - Past Due Financing Receivables (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Accounts, Notes, Loans And Financing Receivable (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Accretable Yield (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Acquired Loans (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Allowance For Loans By Loan Portfolio (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Financing Receivables (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Financing Receivables To Related Party (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Loans By Loan Class Modified In A Troubled Debt Restructuring (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Loans By Risk (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Purchased Loans, Impaired And Non-impaired (details)
Loans, Allowance For Loan Losses And Impaired Loans - Schedule Of Restructured Loans In Default (details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructuring, Loans By Accrual Status (details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructurings On Financing Receivables (details)
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)
Nature Of Business And Summary Of Significant Accounting Policies Dividend (details)
Nature Of Business And Summary Of Significant Accounting Policies Goodwill (details)
Nature Of Business And Summary Of Significant Accounting Policies Tables (tables)
Office Properties And Equipment
Office Properties And Equipment (details Textual)
Office Properties And Equipment (details)
Office Properties And Equipment (tables)
Other Comprehensive Income
Other Comprehensive Income (details 1)
Other Comprehensive Income (details 2)
Other Comprehensive Income (details)
Other Comprehensive Income (tables)
Restatement Of Previously Issued Financial Restatements
Restatement Of Previously Issued Financial Restatements (details Textual)
Restatement Of Previously Issued Financial Restatements (tables)
Restatement Of Previously Issued Financial Restatements - Consolidated Balance Sheets (details)
Restatement Of Previously Issued Financial Restatements - Consolidated Statements Of Cash Flows (details)
Restatement Of Previously Issued Financial Restatements - Consolidated Statements Of Operations (details)
Restatement Of Previously Issued Financial Restatements - Cumulative Impact (details)
Retirement Plans
Retirement Plans (details 1)
Retirement Plans (details 2)
Retirement Plans (details 3)
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)
Ticker: CZWI
CIK: 1367859
Form Type: 10-K Annual Report
Accession Number: 0001367859-16-000097
Submitted to the SEC: Thu Dec 29 2016 4:36:14 PM EST
Accepted by the SEC: Thu Dec 29 2016
Period: Friday, September 30, 2016
Industry: Savings Institution Federally Chartered

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