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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI

 EXHIBIT 99.1
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Citizens Community Bancorp, Inc. Earns $3.5 Million, or $0.31 Per Share in 3Q20
Criticized Assets Decline 27%
Nonperforming Assets Decline 14.3%

EAU CLAIRE, WI, October 27, 2020 - 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 $3.5 million, or $0.31 per share for the quarter ended September 30, 2020, compared to $3.1 million, or $0.28 per diluted share for the quarter ended June 30, 2020. Net income as adjusted (non-GAAP)1 of $3.3 million, or $0.30 per share was reported for the quarter ended September 30, 2020, compared to $2.8 million, or $0.25 per share for the quarter ended June 30, 2020.

The Company’s third quarter operating results reflected: (1) modestly lower net interest income largely due to loan portfolio reductions, (2) lower loan loss provisions, while increasing COVID-19-related qualitative provision, (3) a continued robust refinancing market which led to all-time high gains on sale of mortgage loans and (4) lower non-interest expenses due to reduced compensation expense and decreased impairment of mortgage servicing right assets.

Book value per share was $14.10 at September 30, 2020 compared to $13.70 at June 30, 2020 and $13.13 at September 30, 2019. Book value per share increased $0.74, or a 7% annualized increase, from December 31, 2019. Tangible book value per share (non-GAAP)5 was $10.75 at September 30, 2020 compared to $10.31 at June 30, 2020 and $9.60 at September 30, 2019.

The increase in book value and tangible book value (non-GAAP)5 in the third quarter reflects net income of $3.5 million and a quarterly increase in accumulated other comprehensive income unrealized gain of $0.9 million. Additionally, the increase in tangible book value (non-GAAP)5 in the third quarter reflects the reduction of core deposit intangibles of $0.4 million.

“We were pleased with the continued execution of our strategic priorities. This year we have increased tangible book value $0.86 per share, or a 12% annualized increase. Asset quality continued to improve with a quarterly decrease of 14% and year-to-date decrease of 31% in non-performing assets, an $18 million reduction, or 28%, in criticized assets from March 31 levels and $37 thousand of net charge-offs in the quarter. We completed an extensive review of our business during the COVID-19 pandemic to build more efficient workflows and staffing models, to better manage operating expenses, announced branch closings effective in the fourth quarter and strengthened our culture centered on caring for our customers and colleagues,” said Stephen Bianchi, Chairman, President and Chief Executive Officer.

“As expected, COVID-19 deferrals remain concentrated in the hospitality segment where occupancy rates have been tracking with national averages. We are working with our clients as the pandemic persists by requiring additional support from the borrower in exchange for further deferral periods. Restaurants, especially quick service, have rebounded and many have resumed full payment status. All other segments have or are scheduled to return to regular payment status. Nevertheless, we have increased loan loss reserves adding $3.5 million in COVID-19 qualitative reserves over the last three quarters,” continued Bianchi.
1




The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Tuesday, October 27, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Capital Matters
Capital Matters (Tables)
Capital Matters - Summary (Details)
Deposits
Deposits (Tables)
Deposits - Deposits By Type (Details)
Deposits - Maturities Of Time Deposits (Details)
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 - Carrying Amount And Estimated Fair Value (Details)
Fair Value Accounting - Level 3 Fair Value Inputs (Details)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings (Tables)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings - Narrative (Details)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings - Summary (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Available-For-Sale Securities (Details)
Investment Securities - Held-To-Maturity Securities (Details)
Investment Securities - Investment Category Of Available-For-Sale Securities (Details)
Investment Securities - Maturity Of Available-For-Sale Securities (Details)
Investment Securities - Maturity Of Held-To-Maturity Securities (Details)
Investment Securities - Narrative (Details)
Leases
Leases (Tables)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Leases (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 - Acquired Loans Changes In Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Acquired Loans Outstanding Balance And The Carrying Amount (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Aging Analysis (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Changes In The All By Loan Type (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Impaired Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans By Loan Segment (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans Receivable By Loan Type (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Narrative (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Originated And Acquired Loans By Type And Risk (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Tdr Loan Modifications (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Tdr Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructurings (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Narrative (Details)
Mortgage Servicing Rights - Servicing Asset At Amortized Cost (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 - Narrative (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
Other Comprehensive Income (Loss) - Changes In The Accumulated Balances (Details)
Other Comprehensive Income (Loss) - Components Of Other Comprehensive Income (Loss) (Details)
Other Comprehensive Income (Loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan Information (Details)
Stock-Based Compensation - Common Stock Options Awards (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Award (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-Q Quarterly Report
Accession Number: 0001367859-20-000195
Submitted to the SEC: Fri Nov 06 2020 4:08:39 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Savings Institution Federally Chartered

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