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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI


EXHIBIT 99.1
 
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Citizens Community Bancorp, Inc. Earns $1.1 million For Fourth Fiscal Quarter 2018;
Fiscal Year 2018 Earnings Were Up 71% Compared to Fiscal 2017 Earnings;
United Bank Acquisition Completed on October 19, 2018.


EAU CLAIRE, WI, October 26, 2018 - Citizens Community Bancorp, Inc. (the "Company") (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank”), today reported earnings of $1.10 million, or $0.10 per diluted share in the fourth quarter of fiscal 2018 ("Q4 fiscal 2018"), compared to $503,000, or $0.08 per diluted share, in the third fiscal quarter. The Q4 fiscal 2018 operations reflected higher net interest income, higher non-interest income and lower non-interest expense relative to the prior quarter. For fiscal year ended September 30, 2018, earnings increased 71% to $4.28 million, or $0.58 per diluted share from $2.50 million, or $0.46 per diluted share for the fiscal year ended September 30, 2017.
Net income as adjusted (non-GAAP)1 was $1.50 million, or $0.12 per diluted share for Q4 fiscal 2018 compared to $731,000, or $0.14 per diluted shares for Q4 fiscal 2017. Net income as adjusted (non-GAAP)1 excludes merger and branch closure expenditures, insurance and legal settlements received, and the net impact of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") which are itemized on the accompanying financial table "Reconciliation of GAAP Net Income (Loss) and Net Income as Adjusted (non-GAAP)1".
“We closed the United Bank acquisition on October 19th which will enhance the composition of core community banking loans and increase our market presence in Eau Claire and the Chippewa Valley markets. We expect to report assets in excess of $1.2 billion next quarter and rank second in market presence in Eau Claire County as measured by deposits,” said Stephen Bianchi, President and Chief Executive Officer. "The combination of two independent financial institutions will be better positioned to provide enhanced product lines and services along with knowledge and resources to our customers."
"Though the total loan portfolio was flat for the quarter, core community bank loans continued to grow in the 4th quarter as expected. The legacy indirect and one-to-four family loans continued the planned runoff. Over the past two years, legacy indirect and one-to-four family loans have declined from 62.0% of gross loans to 36.0% of gross loans at the end of fiscal 2018. This change in loan composition is a result of recent mergers as well as a focused effort by our lending team equipped with better resources, knowledge and incentives to provide the borrowing needs of the communities we serve," Mr. Bianchi stated.
Q4 Fiscal 2018 Financial Highlights: (at or for the periods ended September 30, 2018, compared to September 30, 2017 and /or June 30, 2018)

Net income totaled $1.1 million, or $0.10 per diluted share in Q4 fiscal 2018, compared to $503,000, or $0.08 per diluted share in Q3 fiscal 2018 and a loss of $458,000, or ($0.08) per diluted share a year ago. Higher net interest and non-interest income, as well as lower non-interest expense more than offset higher tax provisions for the quarter.

1Net income as adjusted, previously referred to as 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. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table "Reconciliation of GAAP Net Income (Loss) and Net Income as Adjusted (non-GAAP)".
1


The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Friday, October 26, 2018 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 Citizens Community Bancorp Inc.'s 10-K Annual Report:

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
Acquisition
Acquisition (Tables)
Acquisition - Additional Information (Details)
Acquisition - Business Acquisition, Pro Forma Information (Details)
Acquisition - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details)
Capital Matters
Capital Matters (Tables)
Capital Matters - Additional Information (Details)
Capital Matters - Dividends (Details)
Capital Matters - Tier 1 And Risk-Based Capital Ratios (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Future Minimum Lease Payments (Details)
Commitments And Contingencies - Off-Blance Sheet Credit Instruments (Details)
Condensed Financial Information - Parent Company Only
Condensed Financial Information - Parent Company Only (Tables)
Condensed Financial Information - Parent Company Only - Condensed Balance Sheet (Details)
Condensed Financial Information - Parent Company Only - Statement Of Cash Flows (Details)
Condensed Financial Information - Parent Company Only - Statement Of Operations (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Deposits By Type (Details)
Deposits - Schedule Of Maturities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Accounting
Fair Value Accounting (Tables)
Fair Value Accounting - Assets Measured On A Nonrecurring Basis (Details)
Fair Value Accounting - Assets Measured On A Recurring Basis (Details)
Fair Value Accounting - Fair Values Of Financial Instruments (Details)
Fair Value Accounting - Level 3 Inputs (Details)
Fair Value Accounting - Level 3 Rollforward (Details)
Federal Home Loan Bank Advances And Other Borrowings
Federal Home Loan Bank Advances And Other Borrowings (Tables)
Federal Home Loan Bank Advances And Other Borrowings - Additional Information (Details)
Federal Home Loan Bank Advances And Other Borrowings - Long-Term Debt Maturities (Details)
Federal Home Loan Bank Advances And Other Borrowings - Summary Of Federal Home Loan Bank Advances And Other Borrowings (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Amortization Expense (Details)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Net Deferred Tax Assets (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Available For Sale Securities (Details)
Investment Securities - Available For Sale Securities, Maturity (Details)
Investment Securities - Held To Maturity Securities (Details)
Investment Securities - Held To Maturity Securities, Maturity (Details)
Investment Securities - Unrealized Loss (Details)
Loans, Allowance For Loan Losses And Impaired Loans
Loans, Allowance For Loan Losses And Impaired Loans (Tables)
Loans, Allowance For Loan Losses And Impaired Loans - Additional Information (Details)
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 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)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Additional Information (Details)
Mortgage Servicing Rights - Amortization Expense (Details)
Mortgage Servicing Rights - Rollforward Of Rights (Details)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Nature Of Business And Summary Of Significant Accounting Policies (Tables)
Nature Of Business And Summary Of Significant Accounting Policies - Additional Information (Details)
Nature Of Business And Summary Of Significant Accounting Policies - Dividends (Details)
Office Properties And Equipment
Office Properties And Equipment (Tables)
Office Properties And Equipment - Additional Information (Details)
Office Properties And Equipment - Office Properties And Equipment (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
Other Comprehensive Income (Loss) - Changes In The Accumulated Balances (Details)
Other Comprehensive Income (Loss) - Component Of Other Comprehensive Income (Details)
Other Comprehensive Income (Loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Retirement Plans
Retirement Plans (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan, Assumptions (Details)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan, Information (Details)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Common Stock Awards (Details)
Stock-Based Compensation - Restricted Common Stock Awards (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: CZWI
CIK: 1367859
Form Type: 10-K Annual Report
Accession Number: 0001367859-18-000178
Submitted to the SEC: Mon Dec 10 2018 12:09:40 PM EST
Accepted by the SEC: Mon Dec 10 2018
Period: Sunday, September 30, 2018
Industry: Savings Institution Federally Chartered

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