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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Citizens Community Bancorp Inc.

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CIK: 1367859 Ticker: CZWI

EXHIBIT 99.1
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Citizens Community Bancorp, Inc. Earns $3.6 Million, or $0.32 Per Share in 4Q20;
Record 2020 Annual Earnings Increase 34% from Prior Year Annual Earnings;
Asset Quality Continues to Improve;
2021 Annual Cash Dividend Increases to $0.23 Per Share

EAU CLAIRE, WI, January 28, 2021 - 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 $3.6 million, or $0.32 per diluted share for the quarter ended December 31, 2020, compared to $3.5 million, or $0.31 per diluted share for the quarter ended September 30, 2020 and $3.2 million, or $0.28 per diluted share for the quarter ended December 31, 2019. Net income as adjusted (non-GAAP)1 of $3.7 million, or $0.33 per diluted share was reported for the quarter ended December 31, 2020, compared to $3.3 million, or $0.30 per diluted share for the quarter ended September 30, 2020. For the fiscal year ended December 31, 2020, the Company earned a record $12.7 million, or $1.14 per diluted share compared to earnings of $9.5 million, or $0.85 per diluted share for the fiscal year ended December 31, 2019.

The Company’s fourth quarter operating results reflected: (1) increased net interest income largely due to increased accretion related to both reductions of purchased credit impaired loans and the Small Business Administration’s Paycheck Protection Program (SBA PPP) debt forgiveness; (2) higher loan loss provisions, primarily due to the impact of loan growth and economic uncertainty; (3) a continued robust refinancing market which led to an all-time high on gains on sale of mortgage loans; and (4) a modest increase in non-interest expenses due to branch closure costs and modestly higher impairment of mortgage servicing right assets, offset by lower compensation and a seasonal reduction in advertising.

Book value per share was $14.52 at December 31, 2020 compared to $14.10 at September 30, 2020 and $13.36 at December 31, 2019. Tangible book value per share (non-GAAP)5 was $11.18 at December 31, 2020 compared to $10.75 at September 30, 2020 and $9.89 at December 31, 2019. Book value per share increased $1.16 in fiscal 2020, a 9% increase from December 31, 2019. Tangible book value per share increased $1.29 in fiscal 2020, a 13.0% increase from December 31, 2019. In addition to building tangible book value per share 13.0% over the past year, the Company paid an annual dividend of $0.21 per share in fiscal 2020. On January 28, 2021, the Board of Directors approved a 10% increase in the annual cash dividend to $0.23 per share. The dividend will be payable on February 25, 2021 to the shareholders of record on February 11, 2021.

Stephen Bianchi, Chairman, President and Chief Executive Officer, in expressing his appreciation of the Citizens team, said, “I am very proud of the focus and commitment by our colleagues to clients, to each other and to the communities we serve. Their dedication in the face of adversity helped the Bank deliver strong returns to stakeholders and positions us well for the future.”

“The continued execution of our strategic priorities resulted in the following highlights; (1) a 13% increase in tangible book value, or $1.29 per share, to $11.18; (2) continued asset quality improvement in the quarter with a $3.4 million, or
1



The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Thursday, January 28, 2021 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

Cover Page
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 - Assets Acquired And Liabilities Assumed (Details)
Acquisition - Narrative (Details)
Acquisition - Pro Forma Information (Details)
Capital Matters
Capital Matters (Tables)
Capital Matters - Dividends (Details)
Capital Matters - Summary (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Off-Balance-Sheet Credit Instruments (Details)
Condensed Financial Information - Parent Company Only
Condensed Financial Information - Parent Company Only (Tables)
Condensed Financial Information - Parent Company Only - Balance Sheet (Details)
Condensed Financial Information - Parent Company Only - Cash Flows (Details)
Condensed Financial Information - Parent Company Only - Statement Of Operations (Details)
Deposits
Deposits (Tables)
Deposits - Deposits By Type (Details)
Deposits - Maturities (Details)
Deposits - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Summary (Details)
Fair Value Accounting
Fair Value Accounting (Tables)
Fair Value Accounting - Assets Measured On Nonrecurring Basis (Details)
Fair Value Accounting - Available-For-Sale Securities (Details)
Fair Value Accounting - Fair Values Of Financial Instruments (Details)
Fair Value Accounting - Level 3 Inputs (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 - Narrative (Details)
Federal Home Loan Bank Advances And Other Borrowings - Summary (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
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 - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Narrative (Details)
Income Taxes - Net Deferred Tax Assets (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Available-For-Sale Securities (Details)
Investment Securities - Held-To-Maturity Securities (Details)
Investment Securities - Maturities (Details)
Investment Securities - Narrative (Details)
Investment Securities - Unrealized Losses On Available-For-Sale Securities (Details)
Investment Securities - Unrealized Losses On Held-To-Maturity Securities (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 - Accounts, Notes, Loans And Financing Receivable (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Acquired Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Allowance For Loans By Loan Portfolio (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Financing Receivables (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Financing Receivables To Related Party (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Impaired Financing Receivables (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans By Loan Class Modified In Troubled Debt Restructuring (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans By Risk (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Narrative (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Non-Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Past Due Financing Receivables (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Purchased Loans, Impaired And Non-Impaired (Details)
Loans, Allowance For Loan Losses And Impaired Loans - 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 - Amortization Expense (Details)
Mortgage Servicing Rights - Narrative (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 - Narrative (Details)
Office Properties And Equipment
Office Properties And Equipment (Tables)
Office Properties And Equipment - Narrative (Details)
Office Properties And Equipment - Summary (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)
Retirement Plan
Retirement Plan - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Common Stock Options Awards (Details)
Stock-Based Compensation - Information On 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Award (Details)
Ticker: CZWI
CIK: 1367859
Form Type: 10-K Annual Report
Accession Number: 0001367859-21-000063
Submitted to the SEC: Mon Mar 08 2021 4:05:20 PM EST
Accepted by the SEC: Mon Mar 08 2021
Period: Thursday, December 31, 2020
Industry: Savings Institution Federally Chartered

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