Form 8-K
8-K — Citizens Community Bancorp Inc.
Accession: 0001367859-26-000056
Filed: 2026-10-26
Period: 2026-10-26
CIK: 0001367859
SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — czwi-20261026.htm (Primary)
EX-99.1 (exhibit991earningsrelczwi2.htm)
EX-99.2 (ex992.htm)
EX-99.3 (ex993.htm)
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8-K
8-K (Primary)
Filename: czwi-20261026.htm · Sequence: 1
czwi-20261026
0001367859false00013678592026-10-262026-10-26
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 26, 2026
CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation)
001-33003 20-5120010
(Commission File Number) (I.R.S. Employer Identification No.)
2174 EastRidge Center
Eau Claire, WI 54701
(Address and Zip Code of principal executive offices)
715-836-9994
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value per share CZWI NASDAQ Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 26, 2026, Citizens Community Bancorp, Inc. (the “Company”) issued a press release announcing our financial results for the three and nine months ended September 30, 2026, and posted its Earnings Release Supplement and Earnings Release Presentation to its website. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K, a copy of the Earnings Release Supplement is attached hereto as Exhibit 99.2 and a copy of the Earnings Release Presentation is attached hereto as Exhibit 99.3. The attached Exhibits 99.1, 99.2 and 99.3 are furnished pursuant to Item 2.02 of Form 8-K.
The information in this Item 2.02, Item 7.01, Item 9.01 and Exhibits 99.1, 99.2 and 99.3 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 7.01. Regulation FD Disclosure..
On November 5 - November 6, 2026, Stephen Bianchi, Chairman, President & CEO of Citizens Community Bancorp, Inc. (the "Company"), and James S. Broucek, CFO of the Company, will participate in a meeting with institutional investors at the 2026 Hovde Group Financial Services Conference in Orlando, Florida. As part of the conference, the Company's management will provide a presentation to certain participants in attendance regarding certain matters impacting the Company and its operating results. In connection with this presentation, the Company's management intends to present the earnings presentation attached as Exhibit 99.3 to this Current Report on Form 8-K. The attached Exhibit 99.3 is furnished pursuant to Item 7.01 of Form 8-K.
This Current Report on Form 8-K and the attached exhibits may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, descriptions of the financial condition, results of operations, asset and credit quality trends, profitability, projected earnings, future plans, strategies and expectations of Citizens Community Bancorp, Inc. (“CZWI” or the “Company”) and its subsidiary, Citizens Community Federal, National Association (“CCFBank”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions of the Company, are generally identifiable by use of the words “believe,” “expect,” “estimates,” “intend,” “anticipate,” “estimate,” “project,” “on pace,” “seek,” “target,” “potential,” “focus,” “may,” “preliminary,” “could,” “should” or similar expressions. These forward-looking statements express management’s current expectations or forecasts of future events, and by their nature, are subject to risks and uncertainties. Therefore, there are a number of factors that might cause actual results to differ materially from those in such statements. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which the Company and the Bank operate; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our ability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance.
Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company's performance are discussed further in Part I, Item 1A, "Risk Factors," in the
Company's Form 10-K, for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on March 5, 2026, and the Company's subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained herein or to update them to reflect events or circumstances occurring after the date hereof.
Item 8.01. Other Events.
On October 22, 2026, the Board of Directors declared a quarterly cash dividend of $0.12 per share to shareholders of record as of November 6, 2026, payable on November 20, 2026.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is being furnished herewith:
99.1
Press Release dated October 26, 2026
99.2
Earnings Release Supplement dated October 26, 2026
99.3
Earnings Release Presentation dated October 26, 2026
104 The cover page from this Current Report on Form 8-K in Inline XBRL (Extensible Business Reporting Language)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CITIZENS COMMUNITY BANCORP, INC.
Date: October 26, 2026 By: /s/ James S. Broucek
James S. Broucek
Chief Financial Officer
EX-99.1
EX-99.1
Filename: exhibit991earningsrelczwi2.htm · Sequence: 2
Document
EXHIBIT 99.1
Citizens Community Bancorp, Inc. Reports Third Quarter 2026 Earnings of $0.56 Per Share;
Board Approves 14% Increase in Quarterly Dividend to $0.12 per Share
EAU CLAIRE, WI, October 26, 2026 - Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of CCFBank N.A. (the “Bank” or “CCFBank”), today reported earnings of $5.4 million and earnings per diluted share of $0.56 for the third quarter ended September 30, 2026, compared to $1.1 million and earnings per diluted share of $0.11 for the second quarter ended June 30, 2026, and $3.7 million and $0.37 earnings per diluted share for the quarter ended September 30, 2025, respectively. For the nine months ended September 30, 2026, the Company reported earnings of $10.3 million and earnings per diluted share of $1.06 compared to the prior year period of $10.1 million and earnings per diluted share of $1.02.
Third quarter 2026 operating results reflected the following changes from the second quarter of 2026: (1) an increase in net interest income of $1.0 million largely due to a higher net interest margin of 15 basis points due to the impact of new loan originations and loans repricing; (2) a decrease in provision for credit losses of $4.2 million from $4.3 million the prior quarter; and (3) slightly higher non-interest income of $0.3 million largely due to higher loan servicing income and higher gains on equity securities.
Book value per share increased to $19.91 on September 30, 2026, compared to $19.83 at June 30, 2026, and increased from $18.95 at September 30, 2025. Tangible book value per share (non-GAAP)1 was $16.62 at September 30, 2026, compared to $16.55 at June 30, 2026, and $15.71 at September 30, 2025. For the third quarter of 2026, the increase in tangible book value was due to quarterly net income, partially offset by both the impact of higher unrealized losses on the available-for-sale investment portfolio, and the quarterly dividend payment. Stockholders’ equity as a percentage of total assets was 10.62% at September 30, 2026, compared to 10.55% at June 30, 2026. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 9.02% at September 30, 2026, compared to 8.96% at June 30, 2026.
“The strong quarter reflected continued execution of our strategic plan with lower provision expense and the net interest margin and margin dollar increase being the highlight. We also saw loan originations outpace a modest pickup in loan payoffs, ten percent higher non-interest income from the linked quarter and non-interest expenses were controlled other than higher variable performance-based compensation expense which accounted for the uptick from last quarter. Efforts to work through asset quality issues continued in the quarter. Net charge offs were $5 thousand and criticized loans increased at a slower rate from last quarter to $61.2 million. The number of relationships risk rated special mention or substandard is concentrated in ten relationships, which make up 70% of the above two risk ratings dollars. We believe these problem loan relationships represent individual company/management issues rather than a concentration or industry weakness.
Executive management has directed workout strategies for criticized loan relationships and led portfolio reviews during the quarter of select loan segments to enhance resolution efforts and align resources. We continue to monitor performance as updated borrower financial information is received.
Growth in capital through earnings absorbed unrealized losses in our securities portfolio and nudged our tangible capital ratio to 9.02%. Seventy thousand shares were repurchased in the quarter under the authorization announced in early September. On October 22, 2026, the board authorized an increase of the quarterly dividend by 14% to $0.12 per
1
share. The board and management continue to work with our investment bankers on strategic opportunities in the best interest of our shareholders,” said Stephen Bianchi, Chairman, President, and CEO.
September 30, 2026, Highlights:
•Quarterly earnings were $5.4 million, or $0.56 per diluted share for the quarter ending September 30, 2026, an increase compared to earnings of $1.1 million, or $0.11 per diluted share for the quarter ended June 30, 2026, and an increase from $3.7 million, or $0.37 per diluted share for the quarter ended September 30, 2025.
•For the nine months ended September 30, 2026, earnings were $10.3 million or $1.06 per diluted share compared to $10.1 million or $1.02 per diluted share for the nine-month period one year earlier. The increase in earnings for the nine-month period primarily related to a $2.9 million increase in net interest income, higher non-interest income of $0.1 million, lower non-interest expenses of $0.4 million, lower income taxes of $0.2 million, partially offset by a $3.5 million increase in the provision for credit losses.
•Pre-provision net revenue (“PPNR”) increased 21.1% during the quarter ended September 30, 2026, to $6.74 million from $5.56 million for the quarter ended June 30, 2026, and increased 29.9% from $5.19 million for the third quarter of 2025.
•PPNR for the nine months ended September 30, 2026, increased 23.6% to $17.7 million from $14.3 million for the nine months ended September 30, 2025, largely due to increases in net interest income.
•Net interest income increased $1.0 million to $14.5 million for the quarter ended September 30, 2026, from $13.5 million for the quarter ended June 30, 2026, and increased from $13.2 million for the quarter ended September 30, 2025. The increase in net interest income from the second quarter of 2026 was primarily due to a 15 basis point increase in net interest margin, primarily due to a 17 basis point increase in loan yields from the prior quarter due to the impact of loans repricing and new loan production. In addition, the impact of a larger average balance of net interest earning assets increased net interest income by $0.2 million and the impact of one more day in the quarter added $0.1 million.
•The provision for credit losses was $0.13 million for the quarter ended September 30, 2026, compared to a provision for credit losses of $4.33 million for the second quarter of 2026. Factors affecting the third quarter provision for credit losses relative to the second quarter included lower specific reserves and charge-offs on nonaccrual loans, lower required ACL provisions based on changes in loan characteristics, offset by the impact of new loan growth.
•Non-interest income increased by $0.3 million in the third quarter ended September 30, 2026, to $2.9 million from $2.6 million in the prior quarter and decreased $0.1 million from $3.0 million in the third quarter of 2025. The increase in the third quarter of 2026 from the second quarter of 2026 was primarily due to higher gains on equity securities and higher loan servicing income. The decrease in the third quarter of 2026 from the third quarter of 2025 was primarily due to lower gains on the sale of loans, partially offset by higher gains on equity securities, net.
•Non-interest expense increased $0.1 million to $10.6 million from $10.5 million for the previous quarter and decreased $0.4 million from $11.1 million for the third quarter of 2025. The increase in non-interest expense compared to the linked quarter was driven primarily by higher compensation costs, as third quarter incentive accruals reflected higher performance. Additionally, a one-time $0.1 million increase in data processing expense was more than offset by the decrease in other expenses, primarily related to a decrease in expenses related to credit quality. Non-interest expense in the third quarter of 2026 decreased $0.4 million from the third quarter of 2025, primarily due to data processing expenses. Amortization of intangible assets will decline in the fourth quarter as the remaining intangible will be fully amortized during the fourth quarter.
•The effective tax rate was 18.2% for the quarter ended September 30, 2026, compared to 10.9% for the quarter ended June 30, 2026, and 18.8% for the quarter ended September 30, 2025. The increase in the effective tax rate in the third quarter of 2026 from the second quarter of 2026 was due to the effective tax rate normalizing to historical levels after the extremely low effective rate in the second quarter of 2026 primarily due to the impact of lower net income in the second quarter.
2
•Loans receivable increased $5.9 million during the third quarter ended September 30, 2026, to $1.389 billion compared to the prior quarter end. The increase in loans reflected new commercial real estate and multi-family loan originations partially offset by reductions in C&I, agricultural and residential loans.
•Nonperforming assets decreased modestly by $0.2 million to $32.2 million at September 30, 2026, compared to $32.4 million at June 30, 2026. The non-guaranteed portion of the loans originated with partial government guarantees decreased $0.3 million to $0.9 million at September 30, 2026. There are specific reserves of approximately 25% on the non-guaranteed government loans.
•Special mention loans decreased $6.2 million to $13.7 million at September 30, 2026, from June 30, 2026, largely due to the migration of two loan relationships to substandard.
•Substandard loans increased $12.4 million to $47.6 million at September 30, 2026, from June 30, 2026, primarily due to the migration of two loan relationships from special mention and the addition of two other loans. One of the additional loans is a multi-family project experiencing cash flow reductions and the other is an office loan that is currently listed for sale. Established reserve levels for all substandard loans are believed to be adequate.
•Total deposits decreased $17.7 million during the quarter ended September 30, 2026, to $1.537 billion, and increased $56.1 million from the quarter ended September 30, 2025. The decrease in the third quarter of 2026 from the second quarter of 2026 was largely due to seasonal decreases in public deposits of $30.5 million partially offset by seasonal increases of $16.0 million in commercial deposits.
•The efficiency ratio was 61% for the quarter ended September 30, 2026, compared to 65% for the quarter ended June 30, 2026, and 67% for the quarter ended September 30, 2025. The decrease in the efficiency ratio was primarily related to the growth in net interest income.
•On October 22, 2026, the Board of Directors approved an increase in the quarterly dividend to $0.12 per share or a 14% increase. The dividend will be payable on November 20, 2026, to shareholders of record on November 6, 2026.
•On September 2, 2026, the Board of Directors approved a new 5% stock authorization or 482,500 shares. In the third quarter the Company repurchased 70,000 shares resulting in 412,500 shares remaining in the authorization.
Balance Sheet and Asset Quality
Total assets decreased by $18.7 million during the quarter to $1.796 billion at September 30, 2026.
Cash and cash equivalents decreased $26.3 million due to funding net new loan originations and seasonal reductions in public deposits.
The on-balance sheet liquidity ratio, which is defined as the fair market value of available-for-sale (“AFS”) and held-to-maturity (“HTM”) securities that are not pledged and cash on deposit with other financial institutions, was 13.1% of total assets at September 30, 2026, compared to 14.3% of total assets at June 30, 2026. On-balance sheet liquidity, collateralized new borrowing capacity, and uncommitted federal funds borrowing availability was $772 million, or 279% of uninsured and uncollateralized deposits at September 30, 2026, and $781 million, or 246% at June 30, 2026.
AFS securities increased $2.2 million during the quarter ended September 30, 2026, to $130.6 million from $128.4 million at June 30, 2026. The increase was largely related to the purchase of $10 million of two-year US Treasury notes and corporate debt securities of $3.0 million, offset by principal repayments and maturities of $3.3 million, corporate debt security redemptions of $4.1 million and a decrease in the market value of $3.4 million. HTM securities decreased $1.3 million to $76.1 million during the quarter ended September 30, 2026, from $77.4 million at June 30, 2026, due to principal repayments.
Loans receivable increased $5.9 million during the third quarter ended September 30, 2026, to $1.389 billion compared to the prior quarter end as loan growth was realized in commercial real estate and multi-family loans.
3
The office loan portfolio consisted of sixty-eight loans totaling $40 million at September 30, 2026, compared to seventy loans totaling $36 million at June 30, 2026. Criticized loans in the office loan portfolio for the quarter ended September 30, 2026, totaled $4.6 million, compared to $0.3 million at June 30, 2026, and there have been no charge-offs in office loans in the trailing twelve months. The Company has no non-depository financial institution loans as the one bank holding company loan for $5 million at June 30, 2026, paid off in the third quarter.
The allowance for credit losses on loans increased by $0.2 million to $26.1 million at September 30, 2026, representing 84% of total nonperforming loans and 1.88% of total loans compared to 1.87% of total loans receivable at June 30, 2026. The provision for credit losses was $0.13 million for the quarter ended September 30, 2026, compared to a provision for credit losses of $4.33 million for the quarter ended June 30, 2026, and a provision for credit losses of $0.65 million for the quarter ended September 30, 2025.
Allowance for Credit Losses (“ACL”) - Loans Percentage
(in thousands, except ratios)
September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025
Loans, end of period $ 1,388,878 $ 1,382,975 $ 1,358,252 $ 1,340,325
ACL - Loans $ 26,139 $ 25,899 $ 22,966 $ 22,401
ACL - Loans as a percentage of loans, end of period 1.88 % 1.87 % 1.69 % 1.67 %
In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.337 million at September 30, 2026, $0.457 million at June 30, 2026, and $0.493 million at September 30, 2025, classified in other liabilities on the consolidated balance sheets.
Allowance for Credit Losses - Unfunded Commitments
(in thousands)
September 30, 2026 and Three Months Ended September 30, 2025 and Three Months Ended September 30, 2026 and Nine Months Ended September 30, 2025 and Nine Months Ended
ACL - Unfunded commitments, beginning of period $ 457 $ 627 $ 490 $ 334
(Reversals)/additions to ACL - Unfunded commitments via provision for credit losses charged to operations (120) (134) (153) 159
ACL - Unfunded commitments, end of period $ 337 $ 493 $ 337 $ 493
Nonperforming assets decreased by $0.2 million to $32.2 million at September 30, 2026, compared to $32.4 million at June 30, 2026. The non-guaranteed portion of the loans originated with partial government guarantees decreased $0.3 million to $0.9 million at September 30, 2026. There are specific reserves of approximately 25% on the non-guaranteed government loans.
Special mention loans decreased $6.2 million to $13.7 million at September 30, 2026, from $19.9 million at June 30, 2026. The decrease was largely due to the transfer of two relationships to substandard.
Substandard loans increased $12.4 million to $47.6 million at September 30, 2026, from June 30, 2026, primarily due to the migration of two loan relationships from special mention and the addition of two other loans. One of the additional loans is a multi-family project experiencing cash flow reductions and the other is an office loan that is currently listed for sale. Established reserve levels for all substandard loans are believed to be adequate.
(in thousands)
September 30,
2026 June 30,
2026 March 31,
2026 December 31, 2025 September 30, 2025
Special mention loan balances $ 13,654 $ 19,863 $ 25,894 $ 24,473 $ 12,920
Substandard loan balances 47,600 35,216 22,498 21,388 21,310
Criticized loans, end of period $ 61,254 $ 55,079 $ 48,392 $ 45,861 $ 34,230
4
Deposit Portfolio Composition
(in thousands)
September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Consumer deposits $ 880,714 $ 884,335 $ 887,998 $ 889,109 $ 855,226
Commercial deposits 458,424 442,443 433,923 422,605 423,662
Public deposits 171,087 201,599 217,400 187,777 175,689
Wholesale deposits 26,467 26,040 26,301 24,608 25,977
Total deposits $ 1,536,692 $ 1,554,417 $ 1,565,622 $ 1,524,099 $ 1,480,554
At September 30, 2026, the deposit portfolio composition by percentages changed very modestly from the prior quarter and were 57.3% consumer, 29.9% commercial, 11.1% public, and 1.7% wholesale deposits.
Deposit Composition By Type
(in thousands)
September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Non-interest-bearing demand deposits $ 271,690 $ 274,822 $ 271,396 $ 264,394 $ 262,535
Interest-bearing demand deposits 372,515 384,101 392,684 367,958 360,475
Savings accounts 138,208 145,390 152,487 151,525 157,317
Money market accounts 415,895 408,305 404,991 392,900 354,290
Certificate accounts 338,384 341,799 344,064 347,322 345,937
Total deposits $ 1,536,692 $ 1,554,417 $ 1,565,622 $ 1,524,099 $ 1,480,554
Uninsured and uncollateralized deposits were $277 million, or 18% of total deposits at September 30, 2026, and $313 million, or 20% of total deposits at June 30, 2026. Uninsured deposits alone at September 30, 2026, were $385 million, or 25% of total deposits and $479 million, or 31% of total deposits at June 30, 2026.
Federal Home Loan Bank advances remained at $0 at September 30, 2026, June 30, 2026, and September 30, 2025.
5
Review of Operations
Net interest income increased by $1.0 million to $14.5 million for the current quarter ended September 30, 2026, from $13.5 million for the prior quarter ended June 30, 2026, and increased from $13.2 million for the quarter ended September 30, 2025. The increase in net interest income from the second quarter of 2026 was primarily due to a 15 basis point increase in net interest margin, primarily due to a 17 basis point increase in loan yields from the prior quarter due to the impact of loans repricing and new loan originations. In addition, the impact of a larger average balance of net interest earning assets increased net interest income by $0.2 million and the impact of one more day in the quarter added $0.1 million.
Net Interest Income and Net Interest Margin Analysis
(in thousands, except yields and rates)
Three Months Ended
September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025
Net Interest Income Net Interest Margin Net Interest Income Net Interest Margin Net Interest Income Net Interest Margin Net Interest Income Net Interest Margin Net Interest Income Net Interest Margin
As reported $ 14,491 3.37 % $ 13,504 3.22 % $ 13,010 3.18 % $ 13,065 3.15 % $ 13,214 3.20 %
Less scheduled accretion for PCD loans (5) — % (5) — % (4) — % (5) — % (17) — %
Less paid loan accretion for PCD loans — — % (26) (0.01) % 10 — % — — % (133) (0.03) %
Less scheduled accretion interest — — % — — % — — % — — % (30) (0.01) %
Without loan purchase accretion $ 14,486 3.37 % $ 13,473 3.21 % $ 13,016 3.18 % $ 13,060 3.15 % $ 13,034 3.16 %
The table below shows the impact of loans, securities, and certificates contractual fixed rate maturing and repricing.
Portfolio Contractual Fixed Rate Repricing by Future Quarters:
(in millions, except yields)
Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027
Maturing or Repricing Loans:
Contractual balance $ 87 $ 63 $ 66 $ 47 $ 70
Contractual interest rate 4.21 % 4.52 % 4.64 % 5.17 % 5.39 %
Maturing or Repricing Securities:
Contractual balance $ 3 $ 3 $ — $ 4 $ —
Contractual interest rate 3.27 % 3.31 % — % 5.92 % — %
Maturing Certificate Accounts:
Contractual balance $ 97 $ 120 $ 39 $ 65 $ 14
Contractual interest rate 3.70 % 3.63 % 3.62 % 3.73 % 3.77 %
Non-interest income increased by $0.3 million in the third quarter ended September 30, 2026, to $2.9 million from $2.6 million in the prior quarter and decreased $0.1 million from $3.0 million in the third quarter of 2025. The increase in the third quarter of 2026 from the second quarter of 2026 was primarily due to higher gains on equity securities and higher loan servicing income. The decrease in the third quarter of 2026 from the third quarter of 2025 was primarily due to lower gains on the sale of loans, partially offset by higher gains on equity securities.
Non-interest expense increased $0.1 million to $10.6 million from $10.5 million for the previous quarter and decreased $0.4 million from $11.1 million for the third quarter of 2025. The increase in non-interest expense compared to the linked quarter was driven primarily by higher compensation costs, as second quarter incentive accruals reflected a downward adjustment while the third quarter reflected a more normal level. Additionally, a one-time $0.1 million
6
increase in data processing expense was more than offset by the decrease in other expenses, primarily related to a decrease in expenses related to credit quality. Non-interest expense in the third quarter of 2026 decreased $0.4 million from the third quarter of 2025, primarily due to data processing expenses. Amortization of intangible assets will decline, as the remaining intangible will be fully amortized during the fourth quarter.
The effective tax rate was 18.2% for the quarter ended September 30, 2026, compared to 10.9% for the quarter ended June 30, 2026, and 18.8% for the quarter ended September 30, 2025. The increase in the effective tax rate in the third quarter of 2026 from the second quarter of 2026 was due to the tax rate normalizing to historical levels after the extremely low effective tax rate in the second quarter of 2026 primarily due to the impact of lower net income in the second quarter.
Certain items previously reported may be reclassified for consistency with the current presentation. These financial results are preliminary until the Form 10-Q is filed in November 2026.
About the Company
Citizens Community Bancorp, Inc. (Nasdaq: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 21 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Similarly, statements that describe the Company’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics; cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which the Company and the Bank operate; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures from others in the financial services industry, including non-depository institutions; disintermediation risk (including the use of emerging financial technologies such as cryptocurrencies); our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our ability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; volatility of our stock price (including possible removal from the Russell 3000® Index and related indexes); accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2026, and the Company’s subsequent filings with the SEC. The forward-looking statements made herein are only made as of the date
7
of this release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release.
1 Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.
Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.
Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.
Contact: Steve Bianchi, CEO
(715)-836-9994
(CZWI-ER)
8
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Balance Sheets
(in thousands, except share data)
September 30, 2026 (unaudited) June 30, 2026 (unaudited) December 31, 2025 (audited) September 30, 2025 (unaudited)
Assets
Cash and cash equivalents $ 95,444 $ 121,762 $ 118,853 $ 82,431
Securities available-for-sale (“AFS”) 130,593 128,435 134,103 137,639
Securities held-to-maturity (“HTM”) 76,065 77,415 80,210 81,526
Equity investments 6,556 6,287 5,840 5,675
Other investments 12,476 12,485 12,506 12,370
Loans receivable 1,388,878 1,382,975 1,340,325 1,323,010
Allowance for credit losses (26,139) (25,899) (22,401) (22,182)
Loans receivable, net 1,362,739 1,357,076 1,317,924 1,300,828
Loans held for sale 1,559 941 4,954 5,346
Mortgage servicing rights, net 3,506 3,453 3,494 3,532
Office properties and equipment, net 17,338 17,441 16,357 16,244
Accrued interest receivable 6,436 6,180 6,126 6,159
Intangible assets 56 169 395 508
Goodwill 31,498 31,498 31,498 31,498
Foreclosed and repossessed assets, net 1,090 850 857 911
Bank owned life insurance (“BOLI”) 27,564 27,342 26,908 26,700
Other assets 22,737 22,975 21,730 15,620
TOTAL ASSETS $ 1,795,657 $ 1,814,309 $ 1,781,755 $ 1,726,987
Liabilities and Stockholders’ Equity
Liabilities:
Deposits $ 1,536,692 $ 1,554,417 $ 1,524,099 $ 1,480,554
Federal Home Loan Bank (“FHLB”) advances — — — —
Other borrowings 51,925 51,885 51,804 46,762
Other liabilities 16,299 16,659 17,913 12,856
Total liabilities 1,604,916 1,622,961 1,593,816 1,540,172
Stockholders’ Equity:
Common stock— $0.01 par value, authorized 30,000,000; 9,579,231, 9,650,231, 9,617,245, and 9,856,745 shares issued and outstanding, respectively 96 97 96 99
Additional paid-in capital 109,670 110,454 110,315 113,030
Retained earnings 96,464 92,820 89,995 86,913
Accumulated other comprehensive loss (15,489) (12,023) (12,467) (13,227)
Total stockholders’ equity 190,741 191,348 187,939 186,815
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,795,657 $ 1,814,309 $ 1,781,755 $ 1,726,987
9
CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, 2026 (unaudited) June 30, 2026 (unaudited) September 30, 2025 (unaudited) September 30, 2026 (unaudited) September 30, 2025 (unaudited)
Interest and dividend income:
Interest and fees on loans $ 20,407 $ 19,322 $ 19,759 $ 58,498 $ 58,466
Interest on cash and investments 2,793 2,712 2,495 8,252 7,393
Total interest and dividend income 23,200 22,034 22,254 66,750 65,859
Interest expense:
Interest on deposits 7,990 7,819 8,220 23,600 25,104
Interest on FHLB borrowed funds — 1 1 1 13
Interest on other borrowed funds 719 710 819 2,144 2,623
Total interest expense 8,709 8,530 9,040 25,745 27,740
Net interest income before provision for credit losses 14,491 13,504 13,214 41,005 38,119
Provision for credit losses 125 4,325 650 5,200 1,750
Net interest income after provision for credit losses 14,366 9,179 12,564 35,805 36,369
Non-interest income:
Service charges on deposit accounts 491 460 449 1,411 1,304
Interchange income 555 556 565 1,612 1,647
Loan servicing income 681 593 649 1,935 1,773
Gain on sale of loans 489 442 992 1,952 2,411
Loan fees and service charges 131 129 173 398 530
Net gains (losses) on equity securities 256 160 (66) 357 43
Other 279 267 260 923 743
Total non-interest income 2,882 2,607 3,022 8,588 8,451
Non-interest expense:
Compensation and related benefits 6,189 5,712 6,341 17,967 17,946
Occupancy 1,202 1,240 1,266 3,720 3,749
Data processing 1,381 1,302 1,811 4,100 5,283
Amortization of intangible assets 113 113 113 339 471
Mortgage servicing rights expense, net 121 173 161 455 449
Advertising, marketing and public relations 190 207 201 623 562
FDIC premium assessment 195 200 195 626 584
Professional services 353 514 359 1,472 1,299
Gains on repossessed assets, net (61) (12) (4) (73) —
Other 953 1,100 608 2,683 1,921
Total non-interest expense 10,636 10,549 11,051 31,912 32,264
Income before provision for income taxes 6,612 1,237 4,535 12,481 12,556
Provision for income taxes 1,206 135 853 2,218 2,407
Net income attributable to common stockholders $ 5,406 $ 1,102 $ 3,682 $ 10,263 $ 10,149
Per share information:
Basic earnings $ 0.56 $ 0.11 $ 0.37 $ 1.07 $ 1.02
Diluted earnings $ 0.56 $ 0.11 $ 0.37 $ 1.06 $ 1.02
Cash dividends paid $ 0.105 $ 0.105 $ — $ 0.315 $ 0.36
Book value per share at end of period $ 19.91 $ 19.83 $ 18.95 $ 19.91 $ 18.95
Tangible book value per share at end of period (non-GAAP) $ 16.62 $ 16.55 $ 15.71 $ 16.62 $ 15.71
10
Loan Composition
(in thousands)
September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate $ 743,657 $ 731,028 $ 683,108 $ 683,931
Agricultural real estate 72,903 71,382 69,136 64,096
Multi-family real estate 261,803 253,244 245,688 237,191
Construction and land development 57,877 56,090 75,767 74,789
C&I/Agricultural operating:
Commercial and industrial 104,770 117,215 105,907 101,700
Agricultural operating 26,676 29,427 33,375 30,085
Residential mortgage:
Residential mortgage 114,190 117,083 122,025 125,198
Purchased HELOC loans 1,384 1,405 1,739 1,979
Consumer installment:
Originated indirect paper 1,301 1,559 2,224 2,567
Other consumer 7,013 7,267 3,997 4,155
Gross loans $ 1,391,574 $ 1,385,700 $ 1,342,966 $ 1,325,691
Unearned net deferred fees and costs and loans in process (2,614) (2,638) (2,528) (2,563)
Unamortized discount on acquired loans (82) (87) (113) (118)
Total loans receivable $ 1,388,878 $ 1,382,975 $ 1,340,325 $ 1,323,010
Nonperforming Assets
Loan balances at amortized cost
(in thousands, except ratios)
September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025
Nonperforming Assets:
Nonaccrual loans
Commercial real estate $ 18,403 $ 18,676 $ 4,652 $ 4,592
Agricultural real estate 2,233 2,254 464 220
Multi-family real estate 8,970 8,970 8,970 8,970
Construction and land development — — — —
Commercial and industrial (“C&I”) 935 1,221 1,282 1,312
Agricultural operating — — — —
Residential mortgage 416 440 485 520
Consumer installment — — — —
Total nonaccrual loans $ 30,957 $ 31,561 $ 15,853 $ 15,614
Accruing loans past due 90 days or more 158 18 1 137
Total nonperforming loans (“NPLs”) at amortized cost 31,115 31,579 15,854 15,751
Foreclosed and repossessed assets, net 1,090 850 857 911
Total nonperforming assets (“NPAs”) $ 32,205 $ 32,429 $ 16,711 $ 16,662
Loans, end of period $ 1,388,878 $ 1,382,975 $ 1,340,325 $ 1,323,010
Total assets, end of period $ 1,795,657 $ 1,814,309 $ 1,781,755 $ 1,726,987
Ratios:
NPLs to total loans 2.24 % 2.28 % 1.18 % 1.19 %
NPAs to total assets 1.79 % 1.79 % 0.94 % 0.96 %
11
Average Balances, Interest Yields and Rates
(in thousands, except yields and rates)
Three Months Ended
September 30, 2026 Three Months Ended
June 30, 2026 Three Months Ended
September 30, 2025
Average
Balance Interest
Income/
Expense Average
Yield/
Rate Average
Balance Interest
Income/
Expense Average
Yield/
Rate Average
Balance Interest
Income/
Expense Average
Yield/
Rate
Average interest earning assets:
Cash and cash equivalents $ 104,272 $ 978 3.72 % $ 98,575 $ 908 3.69 % $ 62,395 $ 693 4.41 %
Loans receivable 1,385,049 20,407 5.85 % 1,363,849 19,322 5.68 % 1,342,635 19,759 5.84 %
Investment securities 205,178 1,660 3.21 % 209,228 1,650 3.16 % 220,213 1,738 3.13 %
Other investments 12,481 155 4.93 % 12,491 154 4.95 % 12,373 64 2.05 %
Total interest earning assets $ 1,706,980 $ 23,200 5.39 % $ 1,684,143 $ 22,034 5.25 % $ 1,637,616 $ 22,254 5.39 %
Average interest-bearing liabilities:
Savings accounts $ 142,927 $ 242 0.67 % $ 148,055 $ 276 0.75 % $ 158,905 $ 306 0.76 %
Demand deposits 391,498 1,951 1.98 % 389,098 1,862 1.92 % 376,145 2,061 2.17 %
Money market accounts 414,557 2,675 2.56 % 401,145 2,534 2.53 % 358,956 2,512 2.78 %
CD’s 339,514 3,122 3.65 % 342,800 3,147 3.68 % 339,566 3,341 3.90 %
Total deposits $ 1,288,496 $ 7,990 2.46 % $ 1,281,098 $ 7,819 2.45 % $ 1,233,572 $ 8,220 2.64 %
FHLB advances and other borrowings 51,905 719 5.50 % 51,920 711 5.49 % 54,389 820 5.98 %
Total interest-bearing liabilities $ 1,340,401 $ 8,709 2.58 % $ 1,333,018 $ 8,530 2.57 % $ 1,287,961 $ 9,040 2.78 %
Net interest income $ 14,491 $ 13,504 $ 13,214
Interest rate spread 2.81 % 2.68 % 2.61 %
Net interest margin 3.37 % 3.22 % 3.20 %
Average interest earning assets to average interest-bearing liabilities 1.27 1.26 1.27
Nine Months Ended
September 30, 2026 Nine Months Ended
September 30, 2025
Average
Balance Interest
Income/
Expense Average
Yield/
Rate Average
Balance Interest
Income/
Expense Average
Yield/
Rate
Average interest earning assets:
Cash and cash equivalents $ 102,827 $ 2,847 3.70 % $ 51,589 $ 1,710 4.43 %
Loans receivable 1,359,323 58,498 5.75 % 1,353,030 58,466 5.78 %
Investment securities 209,572 4,940 3.15 % 223,985 5,282 3.15 %
Other investments 12,492 465 4.98 % 12,423 401 4.32 %
Total interest earning assets $ 1,684,214 $ 66,750 5.30 % $ 1,641,027 $ 65,859 5.37 %
Average interest-bearing liabilities:
Savings accounts $ 147,728 $ 827 0.75 % $ 162,222 $ 1,048 0.86 %
Demand deposits 385,918 5,581 1.93 % 377,051 6,079 2.16 %
Money market accounts 403,295 7,717 2.56 % 361,944 7,557 2.79 %
CD’s 342,251 9,476 3.70 % 342,077 10,420 4.07 %
Total deposits $ 1,279,192 $ 23,601 2.47 % $ 1,243,294 $ 25,104 2.70 %
FHLB advances and other borrowings 51,883 2,144 5.52 % 60,231 2,636 5.85 %
Total interest-bearing liabilities $ 1,331,075 $ 25,745 2.59 % $ 1,303,525 $ 27,740 2.85 %
Net interest income $ 41,005 $ 38,119
Interest rate spread 2.71 % 2.52 %
Net interest margin 3.26 % 3.11 %
Average interest earning assets to average interest bearing liabilities 1.27 1.26
12
Wholesale Deposits
(in thousands)
September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025
Brokered money market accounts 5,263 5,229 5,495 5,168 5,131
Third party originated reciprocal deposits 21,204 20,811 20,806 19,440 20,846
Total wholesale deposits $ 26,467 $ 26,040 $ 26,301 $ 24,608 $ 25,977
Key Financial Metric Ratios:
Three Months Ended Nine Months Ended
September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
Ratios based on net income:
Return on average assets (annualized) 1.18 % 0.25 % 0.84 % 0.76 % 0.78 %
Return on average equity (annualized) 11.21 % 2.32 % 7.90 % 7.21 % 7.48 %
Return on average tangible common equity1 (annualized)
13.70 % 3.03 % 9.80 % 8.88 % 9.43 %
Efficiency ratio 61 % 65 % 67 % 64 % 68 %
Net interest margin with loan purchase accretion 3.37 % 3.22 % 3.20 % 3.26 % 3.11 %
Net interest margin without loan purchase accretion 3.37 % 3.21 % 3.16 % 3.25 % 3.05 %
Reconciliation of Return on Average Assets
(in thousands, except ratios)
Three Months Ended Nine Months Ended
September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
GAAP earnings after income taxes $ 5,406 $ 1,102 $ 3,682 $ 10,263 $ 10,149
Average assets $ 1,813,413 $ 1,803,346 $ 1,735,752 $ 1,797,463 $ 1,746,423
Return on average assets (annualized) 1.18 % 0.25 % 0.84 % 0.76 % 0.78 %
Reconciliation of Return on Average Equity
(in thousands, except ratios)
Three Months Ended Nine Months Ended
September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
GAAP earnings after income taxes $ 5,406 $ 1,102 $ 3,682 $ 10,263 $ 10,149
Average equity $ 191,289 $ 190,897 $ 184,822 $ 190,405 $ 181,513
Return on average equity (annualized) 11.21 % 2.32 % 7.90 % 7.21 % 7.48 %
13
Reconciliation of Return on Average Tangible Common Equity (non-GAAP)
(in thousands, except ratios)
Three Months Ended Nine Months Ended
September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
Total stockholders’ equity $ 190,741 $ 191,348 $ 186,815 $ 190,741 $ 186,815
Less: Goodwill (31,498) (31,498) (31,498) (31,498) (31,498)
Less: Intangible assets (56) (169) (508) (56) (508)
Tangible common equity (non-GAAP) $ 159,187 $ 159,681 $ 154,809 $ 159,187 $ 154,809
Average tangible common equity (non-GAAP) $ 159,174 $ 159,174 $ 152,759 $ 158,682 $ 149,292
GAAP earnings after income taxes 5,406 1,102 3,682 10,263 10,149
Amortization of intangible assets, net of tax 92 101 92 279 381
Tangible net income $ 5,498 $ 1,203 $ 3,774 $ 10,542 $ 10,530
Return on average tangible common equity (annualized) 13.70 % 3.03 % 9.80 % 8.88 % 9.43 %
Reconciliation of Efficiency Ratio
(in thousands, except ratios)
Three Months Ended Nine Months Ended
September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
Non-interest expense (GAAP) $ 10,636 $ 10,549 $ 11,051 $ 31,912 $ 32,264
Less amortization of intangibles (113) (113) (113) (339) (471)
Efficiency ratio numerator (GAAP) $ 10,523 $ 10,436 $ 10,938 $ 31,573 $ 31,793
Non-interest income $ 2,882 $ 2,607 $ 3,022 $ 8,588 $ 8,451
Add back net losses on debt and equity securities — — (66) — —
Subtract net gains on debt and equity securities 256 160 — 357 43
Net interest income 14,491 13,504 13,214 41,005 38,119
Efficiency ratio denominator (GAAP) $ 17,117 $ 15,951 $ 16,302 $ 49,236 $ 46,527
Efficiency ratio (GAAP) 61 % 65 % 67 % 64 % 68 %
Pre-Provision Net Revenue (PPNR)
(in thousands, except yields and rates)
Three Months Ended
September 30,
2026 June 30,
2026 March 31,
2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025
Pre-tax income $ 6,612 $ 1,237 $ 4,632 $ 4,885 $ 4,535 $ 4,047 $ 3,974
Add back provision for credit losses 125 4,325 750 200 650 1,350 —
Subtract provision reversal for credit losses — — — — — — (250)
Pre-provision net revenue $ 6,737 $ 5,562 $ 5,382 $ 5,085 $ 5,185 $ 5,397 3,724
14
Reconciliation of Tangible Book Value Per Share (non-GAAP)
(in thousands, except per share data)
Tangible book value per share at end of period September 30,
2026 June 30,
2026 March 31,
2026 December 31, 2025 September 30, 2025
Total stockholders’ equity $ 190,741 $ 191,348 $ 190,874 $ 187,939 $ 186,815
Less: Goodwill (31,498) (31,498) (31,498) (31,498) (31,498)
Less: Intangible assets (56) (169) (282) (395) (508)
Tangible common equity (non-GAAP) $ 159,187 $ 159,681 $ 159,094 $ 156,046 $ 154,809
Ending common shares outstanding 9,579,231 9,650,231 9,628,612 9,617,245 9,856,745
Book value per share $ 19.91 $ 19.83 $ 19.82 $ 19.54 $ 18.95
Tangible book value per share (non-GAAP) $ 16.62 $ 16.55 $ 16.52 $ 16.23 $ 15.71
Reconciliation of Tangible Common Equity as a Percent of Tangible Assets (non-GAAP)
(in thousands, except ratios)
Tangible common equity as a percent of tangible assets at end of period September 30,
2026 June 30,
2026 March 31, 2026 December 31, 2025 September 30,
2025
Total stockholders’ equity $ 190,741 $ 191,348 $ 190,874 $ 187,939 $ 186,815
Less: Goodwill (31,498) (31,498) (31,498) (31,498) (31,498)
Less: Intangible assets (56) (169) (282) (395) (508)
Tangible common equity (non-GAAP) $ 159,187 $ 159,681 $ 159,094 $ 156,046 $ 154,809
Total assets 1,795,657 1,814,309 $ 1,822,974 $ 1,781,755 $ 1,726,987
Less: Goodwill (31,498) (31,498) (31,498) (31,498) (31,498)
Less: Intangible assets (56) (169) (282) (395) (508)
Tangible assets (non-GAAP) $ 1,764,103 $ 1,782,642 $ 1,791,194 $ 1,749,862 $ 1,694,981
Total stockholders’ equity to total assets ratio 10.62 % 10.55 % 10.47 % 10.55 % 10.82 %
Tangible common equity as a percent of tangible assets (non-GAAP) 9.02 % 8.96 % 8.88 % 8.92 % 9.13 %
1Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhance investors’ ability to understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial tables “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity (non-GAAP)”.
15
EX-99.2
EX-99.2
Filename: ex992.htm · Sequence: 3
ex992
EXHIBIT 99.2 Earnings Release Supplement Third Quarter 2026
Citizens Community Bancorp, Inc. Table of Contents Cautionary Statement and Additional Disclosures Deposit Composition Commercial Deposit Concentrations Top 100 Depositors Liquidity Non-Owner Occupied CRE Owner Occupied CRE Multi-family Commercial & Industrial Loans Construction & Development Loans Agricultural Real Estate & Operating Loans (The following four industry slides are loans included in previous commercial loan slides above, excluding Multi-family loans) Campground Loans Hotel Loans Restaurant Loans Office Loans Credit Quality/Risk Rating Descriptions Loans by Risk Rating as of September 30, 2026 Loans by Risk Rating as of June 30, 2026 Loans by Risk Rating as of December 31, 2025 Loans by Risk Rating as of September 30, 2025 Allowance for Credit Losses – Loans Allowance for Credit Losses – Unfunded Commitments Delinquency as of September 30, 2026 and June 30, 2026 Delinquency as of December 31, 2025 and September 30, 2025 Page(s) 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 18 19 19 20 20 21 22 Nonaccrual Loans Roll Forward Other Real Estate Owned Roll Forward Investments – Amortized Cost and Fair Value Investments – Credit Ratings Earnings Per Share Economic Value of Equity Net Interest Income Over One Year Horizon Selected Capital Composition Highlights – Bank and Company Fair Value Accounting and Fair Value Table Page(s) 23 23 24 24 25 26 26 27 28 1
Cautionary Statement and Additional Disclosures SOURCE, DATES AND PERIODS PRESENTED In this earnings release financial supplement, unless otherwise noted, data from internal documents was used as the source for this document. Unless otherwise noted, “20YY” refers to either the corresponding fiscal year-end date or the corresponding 12-months (i.e. fiscal year) then ended. “MMM-YY” refers to either the corresponding quarter-end date, or the corresponding three-month period then ended. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This earnings release financial supplement may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, descriptions of the financial condition, results of operations, asset and credit quality trends, profitability, projected earnings, future plans, strategies and expectations of Citizens Community Bancorp, Inc. (“CZWI” or the “Company”) and its subsidiary, CCFBank National Association (“CCFBank”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions of the Company, are generally identifiable by use of the words “believe,” “expect,” “estimates,” “intend,” “anticipate,” “estimate,” “project,” “on pace,” “seek,” “target,” “potential,” “focus,” “may,” “preliminary,” “could,” “should” or similar expressions. Similarly, statements that describe the Company’s future plans, objectives or goals are also forward-looking statements. These forward-looking statements express management’s current expectations or forecasts of future events, and by their nature, are subject to risks and uncertainties. Therefore, there are a number of factors that might cause actual results to differ materially from those in such statements. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics; cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which the Company and the Bank operate; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures from others in the financial services industry, including non-depository institutions; disintermediation risk (including the use of emerging financial technologies such as cryptocurrencies); our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our ability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; volatility of our stock price (including possible removal from the Russell 3000® Index and related indexes); accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward- looking statements. Such uncertainties and other risks that may affect the Company's performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2026, and the Company's subsequent filings with the SEC. The forward-looking statements made herein are only made as of the date of this earnings release financial supplement and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date hereof. NON-GAAP FINANCIAL MEASURES This earnings release financial supplement contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Non-GAAP financial measures referred to herein include net income as adjusted, return on average equity as adjusted, and return on average assets as adjusted. Reconciliations of all non-GAAP financial measures used herein to the comparable GAAP financial measures appear in the appendix at the end of this presentation. 2
Deposit Composition September 30, 2026 Average Account Size (in thousands) AmountType $16Retail $69Commercial $403Public $1.54 Billion 82% of deposits insured or collateralized Top 10 Depositors Coverage Beyond FDIC(1)Industry% of DepositsRank ICSPublic Administration2.6%1 ICSHealth Care2.1%2 ICSEducation Services1.8%3 CollateralizedPublic Administration1.0%4 CollateralizedPublic Administration0.9%5 ICSManufacturing0.8%6 CollateralizedPublic Administration0.8%7 NoneProfessional, Scientific, & Technical Services0.7%8 ICSEducation Services0.7%9 ICSReal Estate0.6%10 (1) Coverage by ICS and Government Issued Insurance may not insure the entire balance 3
Commercial Deposit Concentrations September 30, 2026 Diverse commercial deposit base with no industry concentration over 11% 4
Top 100 Depositors September 30, 2026 $1.54 Billion 5
Liquidity September 30, 2026 $772 Million 6
Portfolio Fundamentals 52% 15% 33% Wisconsin Minnesota Other By Geography As of 9/30/26 • Typically, well-seasoned investors with multiple projects, track record of success, and personal financial strength (Net Worth/Liquidity) • Maximum LTV =<80% with recourse to owners with >20% interest • Term of 5 to 10 years with 20 to 25-year amortizations depending on property type, markets, and strength and liquidity of sponsors • Minimum DSC and/or Global DSC covenant required to monitor performance ranging from 1.15x-1.25x • Conservative underwriting approach emphasizing actual results or market data • Appropriate use of SBA 504/7a for lower cash injection or special use projects Non-Owner Occupied CRE 9/30/2026 6/30/2026 $484 $475 723 718 $670 $661 Approximate Weighted Average LTV 54% 54% 46 48 Trailing 12 Month Net (Recoveries) Charge-Offs 0.00% (0.01%) $18.9 $14.5 3.9% 3.0% Weighted Average Seasoning in Months Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Thousands Portfolio Characteristics - Non-Owner Occupied CRE As of Criticized Loans in Millions Criticized Loans as a Percent of Total 29% 23%17% 7% 5% 4% 4% 4% 1% 1% 5% CRE - Campground Investor Residential Hotel CRE - Retail CRE - Senior Living CRE - Office CRE - Mixed Use CRE - Warehouse/Mini Storage CRE - Industrial/Manufacturing Bar/Restaurant Other Non-Owner Occupied CRE As of 9/30/26 7
24% 20% 12% 11% 9% 4% 20% CRE - Warehouse/Mini Storage CRE - Restaurant CRE - Industrial/Manufacturing CRE - Retail CRE - Mixed Use CRE - Office Other Owner-Occupied CRE As of 9/30/26 Portfolio Fundamentals 82% 13% 5% Wisconsin Minnesota Other By Geography As of 9/30/26 • Underwritten to <80% LTV based on appraised value • Term of 5 to 10 years with 20-year amortization • Recourse to owners with >20% interest • DSC covenant of 1.25x on project and/or Global DSC of 1.15x • Appropriate use of SBA 504/7a for lower cash injection or special use projects • By Geography “Other” segment includes borrowers with warm climates and no income tax states Owner-Occupied CRE 9/30/2026 6/30/2026 $260 $256 385 384 $674 $667 Approximate Weighted Average LTV 50% 49% 46 46 Trailing 12 Month Net Charge-Offs 0.24% 0.24% $15.5 $15.8 6.0% 6.2%Criticized Loans as a Percent of Total Weighted Average Seasoning in Months Criticized Loans in Millions Portfolio Characteristics - Owner-Occupied CRE Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Thousands As of 8
Portfolio Fundamentals 66% 24% 10% Wisconsin Minnesota Other By Geography As of 9/30/26 35% 20% 11% 10% 9% 7% 3% 1% 4% 2021 2022 2025 2026 2023 2020 2024 2019 Prior to 2019 By Vintage As of 9/30/26 • Housing markets in Eau Claire, La Crosse, and Mankato markets supported by student populations (state universities and technical colleges) and growing populations and job markets • Multi-family sponsors experienced owners with multi-project portfolios • Typically underwritten to 75% LTV based on appraised value with recourse; metro markets and/or strong sponsors may warrant up to 80% LTV • Generally, term of 5-10 years with 20 to 25-year amortization (varies by new versus existing, size of market, and sponsor strength) • Covenant for minimum DSC/Global DSC Multi-Family CRE 9/30/2026 6/30/2026 $262 $253 128 129 $2.05 $1.96 63% 61% Weighted Average Seasoning in Months 48 49 0.00% 0.00% $14.4 $11.1 5.5% 4.4%Criticized Loans as a Percent of Total Approximate Weighted Average LTV Trailing 12 Month Net Charge-Offs Criticized Loans in Millions Portfolio Characteristics - Multi-Family CRE Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Millions As of 9
89% 10% 1% Wisconsin Minnesota Other By Geography As of 9/30/26 13% 13% 11% 11% 11% 6% 5% 5% 4% 4% 3% 3% 2%2% 7% Transportation & Warehousing Wholesale Trade Manufacturing Construction Retail Trade Finance & Insurance Professional, Scientific, & Technical Services Public Admin Administrative Support Real Estate, Rental, & Leasing Health Care & Social Services Arts, Entertainment, & Recreation Agriculture Education Services Other Commercial & Industrial As of 9/30/26 • Highly diversified, secured loan portfolio underwritten with recourse • Lines of credit reviewed annually and may have borrowing base certificates governing line usage • Fixed asset LTV’s based on age and type of equipment; <5-year amortization • Use of SBA Guaranty Program (Preferred Lender or General Processing) as appropriate • “Retail Trade” segment consists of Farm Supply, Franchised Hardware, Franchised Auto Parts, Franchised and Non-franchised Auto Dealers and Repair Shops, and Convenience Stores/Gas Stations Commercial & Industrial Loans 9/30/2026 6/30/2026 $105 $117 626 631 $167 $186 31 32 0.98% 1.01% $70 $56 $6.4 $6.9 Criticized Loans as a Percent of Total 6.1% 5.9% Criticized Loans in Millions Weighted Average Seasoning in Months Trailing 12 Month Net Charge-Offs Committed Line, if collateral in Millions Portfolio Characteristics - Commercial & Industrial Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Thousands As of Portfolio Fundamentals 10
Portfolio Fundamentals 24% 20% 16% 14% 10% 7% 3% 6% Arts & Entertainment Campgrounds Office Senior Living Hospitality Land 1-4 Family Other Construction & Development As of 9/30/26 80% 13% 3%2% 2% Wisconsin Texas Utah Massachusetts Minnesota By Geography As of 9/30/26 • Underwritten to 75-80% LTV based on lesser of cost or appraised value with full recourse • Interest only typically up to 18 months (depending on project complexity and seasonal timing) followed by amortization of 15-25 years (terms vary by property type) • Borrower equity contribution of cash/land value =>15% injected at the beginning of project (cash/land contribution) • Construction loans require 3rd party inspections and title company draws after balancing to sworn construction statement Construction & Development Loans 9/30/2026 6/30/2026 Loan Balance Outstanding in Millions $58 $56 Number of Loans 65 75 Average Loan Size in Millions $0.9 $0.8 Approximate Weighted Average LTV 63% 64% Trailing 12 Month Net Charge-Offs 0.00% 0.00% Percent Utilized of Commitments 64% 56% Criticized Loans in Millions $0.00 $0.00 Criticized Loans as a Percent of Total 0.0% 0.0% Portfolio Characteristics - Construction & Development As of 11
43% 25% 17% 15% Crop Other Farming Dairy Other Agricultural As of 9/30/26 Portfolio Fundamentals 80% 19% 1% Wisconsin Minnesota Other By Geography As of 9/30/26 • Producers required to have marketing plans to mitigate volatility of commodities • Appropriate crop/revenue insurance and/or dairy margin protection required • Maximum Ag RE LTV of <65%; equipment LTV of <75% • Appropriate structuring to separate crop production cycles and to match length of loan with asset financed • Use of Farmer Mac, FSA, SBA, or USDA programs to address DSC, collateral margins, or working capital • Operating and Ag loan relationships are typically cross collateralized Agricultural Real Estate & Operating Loans 9/30/2026 6/30/2026 $100 $101 453 451 $220 $224 40 39 0.00% 0.00% Criticized Loans in Millions $3.7 $4.4 3.7% 4.3%Criticized Loans as a Percent of Total Weighted Average Seasoning in Months Trailing 12 Month Net Charge-Offs (Recoveries) Portfolio Characteristics - Agricultural Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Thousands As of 12
19% 17% 14%14% 14% 12% 5% 5% 2021 2020 2025 2023 2022 2026 2024 Prior By Vintage As of 9/30/26 Portfolio Fundamentals 15% 10% 8% 7% 6%6%6% 5% 5% 5% 4% 4% 3% 3% 2% 2% 9% Wisconsin Alabama Ohio Illinois Florida New Jersey Utah Maryland Pennsylvania Texas New York Tennessee Nevada North Carolina South Carolina Kentucky By Geography As of 9/30/26 • Experienced multi-unit operators and owner-occupied franchised campgrounds (typically Jellystone Park) • Grounds offer a mix of camping, RV, and cabin options with recreational amenities • Park locations within reasonable proximity of metropolitan areas and/or near national and state parks • Underwritten with recourse generally with 5 to 10-year terms and 20-year amortization • Use of SBA 7a and 504 or other government guaranteed loan programs as appropriate • 20+ years of history through CCF acquisition with no charge-off history Campground Loans (This industry classification was previously included in the slides on pages 7-12) 9/30/2026 6/30/2026 $153 $152 72 70 $2.1 $2.2 48% 48% 46 45 0.00% 0.00% $5.7 $5.7 3.70% 3.70%Criticized Loans as a Percent of Total Sub-Portfolio Characteristics - Campgrounds As of Weighted Average Seasoning in Months Criticized Loans in Millions Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Millions Approximate Weighted Average LTV Trailing 12 Month Net Charge-Offs 13
33% 31% 36% Full Service Limited Service Other Hotels As of 9/30/26 Portfolio Fundamentals 43% 26% 17% 10% 4% Wisconsin Minnesota Illinois Colorado New Mexico By Geography As of 9/30/26 • Mainly experienced multi-project hoteliers and guarantors with strong personal financial statements (net worth and liquidity) • Mainly flagged/franchised limited stay properties • Underwriting consistent with management's conservative approach to Investor CRE, emphasizing actual results stressed scenarios in underwriting Hotel Loans (This industry classification was previously included in the slides on pages 7-12) 9/30/2026 6/30/2026 $82 $100 22 24 $3.7 $4.1 57% 55% 0.00% 0.00% $3.0 $3.0 3.7% 3.1%Criticized Loans as a Percent of Total As of Number of Loans Trailing 12 Month Net Charge-Offs Sub-Portfolio Characteristics - Hotels Loan Balance Outstanding in Millions Average Loan Size in Millions Approximate Weighted Average LTV Criticized Loans in Millions 14
53% 26% 13% 3% 3% 2% Culver's - Limited Service Restaurants Bowling Centers Drinking Establishments Other National Limited Services Other Restaurants As of 9/30/26 Portfolio Fundamentals 64% 22% 14% Wisconsin Minnesota Other By Geography As of 9/30/26 • Experienced developers/operators of National Limited/Quick Service brands (Culver’s, Subway, Dairy Queen, McDonald’s, Jimmy John’s, A&W, etc.) • Underwritten to =<80% LTV with full recourse (depending on sponsor history); 20-year amortization with 5 to 10-year terms • Use of SBA Guaranty Program (Preferred Lender or General Processing) as appropriate • Drinking Establishments may have other collateral pledged and tend to be in smaller communities in our footprint Restaurant Loans (This industry classification was previously included in the slides on pages 7-12) 9/30/2026 6/30/2026 $63 $62 81 83 $774 $748 52% 52% 0.00% 0.00% $3.2 $3.2 5.0% 5.1%Criticized Loans as a Percent of Total Sub-Portfolio Characteristics - Restaurants As of Trailing 12 Month Net Charge-Offs Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Thousands Approximate Weighted Average LTV Criticized Loans in Millions 15
95% 5% Maturity or Next Repricing Date As of 9/30/26 2026 2027 & Beyond Portfolio Fundamentals 87% 7% 6% Wisconsin Minnesota Other By Geography As of 9/30/26 • Properties financed are generally in Wisconsin and Minnesota, and 98% of properties are located outside of large cities • Projects underwritten with 5 to 10-year term, up to 20-year amortization, and <80% LTV • Loans are with recourse to the sponsor/owner(s) • Buildings are mostly single level buildings and no more than three floors high • Tenants centered in medical, insurance, professional services, and government Office Loans (This industry classification was previously included in the slides on pages 7-12) 9/30/2026 6/30/2026 $40 $36 68 70 $595 $518 61% 55% 35.6 37.9 0.00% 0.00% $4.6 $0.3 11.3% 0.7%Criticized Loans as a Percent of Total Sub-Portfolio Characteristics - Office As of Weighted Average Seasoning in Months Criticized Loans in Millions Loan Balance Outstanding in Millions Number of Loans Average Loan Size in Thousands Approximate Weighted Average LTV Trailing 12 Month Net Charge-Offs 16
Credit Quality/Risk Ratings: Management utilizes a numeric risk rating system to identify and quantify the Bank’s risk of loss within its loan portfolio. Ratings are initially assigned prior to funding the loan and may be changed at any time as circumstances warrant. Ratings range from the highest to lowest quality based on factors that include measurements of ability to pay, collateral type and value, borrower stability and management experience. The Bank’s loan portfolio is presented below in accordance with the risk rating framework that has been commonly adopted by the federal banking agencies. The definitions of the various risk rating categories are as follows: 1 through 4 - Pass. A “Pass” loan means that the condition of the borrower and the performance of the loan is satisfactory or better. 5 - Watch. A “Watch” loan has clearly identifiable developing weaknesses that deserve additional attention from management. Weaknesses that are not corrected or mitigated may jeopardize the ability of the borrower to repay the loan in the future. 6 - Special Mention. A “Special Mention” loan has one or more potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position in the future. 7 - Substandard. A “Substandard” loan is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. 8 - Doubtful. A “Doubtful” loan has all the weaknesses inherent in a “Substandard” loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. 9 - Loss. Loans classified as “Loss” are considered uncollectible, and their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, and a partial recovery may occur in the future. As of September 30, 2026, June 30, 2026, December 31, 2025, and September 30, 2025, there were no loans classified as “Doubtful” with a risk rating of 8 and no loans classified as “Loss” with a risk rating of 9. Residential and consumer loans are typically not rated until they are past due 90 days at month-end which is why they are classified as “Pass” graded 1-5 and once past due or have a history of delinquencies, get assigned a grade 7. 17
Below is a breakdown of loans by risk rating as of September 30, 2026: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 709,213 $ 6,651 $ 27,793 $ 743,657 Agricultural real estate 70,383 290 2,230 72,903 Multi-family real estate 247,377 2,132 12,294 261,803 Construction and land development 57,877 — — 57,877 C&I/Agricultural operating: Commercial and industrial 98,339 3,445 2,986 104,770 Agricultural operating 25,540 1,136 — 26,676 Residential mortgage: Residential mortgage 112,086 — 2,104 114,190 Purchased HELOC loans 1,267 — 117 1,384 Consumer installment: Originated indirect paper 1,265 — 36 1,301 Other consumer 6,973 — 40 7,013 Gross loans $ 1,330,320 $ 13,654 $ 47,600 $ 1,391,574 Less: Unearned net deferred fees and costs and loans in process (2,614) Unamortized discount on acquired loans (82) Allowance for credit losses (26,139) Loans receivable, net $ 1,362,739 Below is a breakdown of loans by risk rating as of June 30, 2026: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 700,687 $ 10,207 $ 20,134 $ 731,028 Agricultural real estate 68,145 986 2,251 71,382 Multi-family real estate 242,111 2,142 8,991 253,244 Construction and land development 56,090 — — 56,090 C&I/Agricultural operating: Commercial and industrial 110,356 5,392 1,467 117,215 Agricultural operating 28,291 1,136 — 29,427 Residential mortgage: Residential mortgage 114,897 — 2,186 117,083 Purchased HELOC loans 1,288 — 117 1,405 Consumer installment: Originated indirect paper 1,535 — 24 1,559 Other consumer 7,221 — 46 7,267 Gross loans $ 1,330,621 $ 19,863 $ 35,216 $ 1,385,700 Less: Unearned net deferred fees and costs and loans in process (2,638) Unamortized discount on acquired loans (87) Allowance for credit losses (25,899) Loans receivable, net $ 1,357,076 18
Below is a breakdown of loans by risk rating as of December 31, 2025: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 657,822 $ 17,233 $ 8,053 $ 683,108 Agricultural real estate 68,003 923 210 69,136 Multi-family real estate 236,697 — 8,991 245,688 Construction and land development 75,710 57 — 75,767 C&I/Agricultural operating: Commercial and industrial 97,906 6,121 1,880 105,907 Agricultural operating 33,236 139 — 33,375 Residential mortgage: Residential mortgage 119,918 — 2,107 122,025 Purchased HELOC loans 1,622 — 117 1,739 Consumer installment: Originated indirect paper 2,196 — 28 2,224 Other consumer 3,995 — 2 3,997 Gross loans $ 1,297,105 $ 24,473 $ 21,388 $ 1,342,966 Less: Unearned net deferred fees and costs and loans in process (2,528) Unamortized discount on acquired loans (113) Allowance for loan losses (22,401) Loans receivable, net $ 1,317,924 Below is a breakdown of loans by risk rating as of September 30, 2025: (in thousands) Below is a breakdown of loans by risk rating as of December 31, 2023: 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 668,722 $ 6,925 $ 8,284 $ 683,931 Agricultural real estate 63,736 143 217 64,096 Multi-family real estate 228,200 — 8,991 237,191 Construction and land development 74,789 — — 74,789 C&I/Agricultural operating: Commercial and industrial 95,032 5,374 1,294 101,700 Agricultural operating 29,607 478 — 30,085 Residential mortgage: Residential mortgage 122,824 — 2,374 125,198 Purchased HELOC loans 1,862 — 117 1,979 Consumer installment: Originated indirect paper 2,537 — 30 2,567 Other consumer 4,152 — 3 4,155 Gross loans $ 1,291,461 $ 12,920 $ 21,310 $ 1,325,691 Less: Unearned net deferred fees and costs and loans in process (2,563) Unamortized discount on acquired loans (118) Allowance for loan losses (22,182) Loans receivable, net $ 1,300,828 19
Allowance for Credit Losses - Loans (in thousand, except ratios) September 30, 2026 and Three Months Ended June 30, 2026 and Three Months Ended March 31, 2026 and Three Months Ended December 31, 2025 and Three Months Ended Allowance for Credit Losses (“ACL”) ACL - Loans, beginning of period $ 25,899 $ 22,966 $ 22,401 $ 22,182 Loans charged off: Commercial/Agricultural real estate — (574) (17) — C&I/Agricultural operating (47) (849) (183) — Residential mortgage — — — — Consumer installment (2) — (1) (4) Total loans charged off (49) (1,423) (201) (4) Recoveries of loans previously charged off: Commercial/Agricultural real estate 19 — — — C&I/Agricultural operating 25 2 — 2 Residential mortgage — — 5 — Consumer installment — 4 3 18 Total recoveries of loans previously charged off: 44 6 8 20 Net loan recoveries/(charge-offs) (“NCOs”) (5) (1,417) (193) 16 Additions (Reversals) to ACL - Loans via provision for credit losses charged to operations 245 4,350 758 203 ACL - Loans, end of period $ 26,139 $ 25,899 $ 22,966 $ 22,401 Average outstanding loan balance $ 1,385,049 $ 1,363,849 $ 1,328,448 $ 1,329,456 Ratios: NCOs (annualized) to average loans 0.00 % 0.42 % 0.06 % 0.00 % Allowance for Credit Losses - Unfunded Commitments: (in thousands) In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.337 at September 30, 2026, $0.457 million at June 30, 2026, $0.490 million at December 31, 2025, and $0.493 million at September 30, 2025, classified in other liabilities on the consolidated balance sheets. September 30, 2026 and Three Months Ended June 30, 2026 and Three Months Ended March 31, 2026 and Three Months Ended December 31, 2025 and Three Months Ended ACL - Unfunded commitments, beginning of period $ 457 $ 482 $ 490 $ 493 Additions (reversals) to ACL - Unfunded commitments via provision for credit losses charged to operations (120) (25) (8) (3) ACL - Unfunded commitments, end of period $ 337 $ 457 $ 482 $ 490 20
Delinquency Detail Loan balances at amortized cost (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans September 30, 2026 Commercial/Agricultural real estate: Commercial real estate $ 3,290 $ 4,214 $ 17,291 $ 24,795 $ 718,222 $ 743,017 Agricultural real estate 277 — — 277 72,540 72,817 Multi-family real estate — — 8,970 8,970 252,680 261,650 Construction and land development — — — — 56,589 56,589 C&I/Agricultural operating: Commercial and industrial 1,587 112 188 1,887 102,675 104,562 Agricultural operating — — — — 26,674 26,674 Residential mortgage: Residential mortgage 1,738 668 207 2,613 111,257 113,870 Purchased HELOC loans — — — 1,384 1,384 Consumer installment: Originated indirect paper — 13 — 13 1,288 1,301 Other consumer 17 3 3 23 6,991 7,014 Total $ 6,909 $ 5,010 $ 26,659 $ 38,578 $ 1,350,300 $ 1,388,878 June 30, 2026 Commercial/Agricultural real estate: Commercial real estate $ 245 $ 5,637 $ 8,946 $ 14,828 $ 714,502 $ 729,330 Agricultural real estate — — — — 71,293 71,293 Multi-family real estate — — 8,970 8,970 244,102 253,072 Construction and land development — — — — 55,850 55,850 C&I/Agricultural operating: Commercial and industrial — — 463 463 116,555 117,018 Agricultural operating — — — — 29,424 29,424 Residential mortgage: Residential mortgage 1,669 284 61 2,014 114,743 116,757 Purchased HELOC loans 117 — — 117 1,288 1,405 Consumer installment: Originated indirect paper — — — — 1,559 1,559 Other consumer 62 15 — 77 7,190 7,267 Total $ 2,093 $ 5,936 $ 18,440 $ 26,469 $ 1,356,506 $ 1,382,975 21
Delinquency Detail (Continued) Loan balances at amortized cost (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans December 31, 2025 Commercial/Agricultural real estate: Commercial real estate $ 471 $ 572 $ 467 $ 1,510 $ 680,136 $ 681,646 Agricultural real estate 192 — — 192 68,850 69,042 Multi-family real estate — — 8,970 8,970 236,521 245,491 Construction and land development 57 — — 57 75,342 75,399 C&I/Agricultural operating: Commercial and industrial 665 — 1,143 1,808 103,948 105,756 Agricultural operating — — — — 33,364 33,364 Residential mortgage: Residential mortgage 1,419 132 44 1,595 120,071 121,666 Purchased HELOC loans 117 — — 117 1,622 1,739 Consumer installment: Originated indirect paper — — — — 2,225 2,225 Other consumer 29 2 1 32 3,965 3,997 Total $ 2,950 $ 706 $ 10,625 $ 14,281 $ 1,326,044 $ 1,340,325 September 30, 2025 Commercial/Agricultural real estate: Commercial real estate $ 3,401 $ 1,063 $ 216 $ 4,680 $ 677,760 $ 682,440 Agricultural real estate 197 — — 197 63,804 64,001 Multi-family real estate — 8,970 — 8,970 228,098 237,068 Construction and land development — — — — 74,354 74,354 C&I/Agricultural operating: Commercial and industrial 277 — 436 713 100,822 101,535 Agricultural operating — — — — 30,078 30,078 Residential mortgage: Residential mortgage 1,114 208 181 1,503 123,331 124,834 Purchased HELOC loans — — — — 1,979 1,979 Consumer installment: Originated indirect paper 18 — — 18 2,548 2,566 Other consumer 6 9 2 17 4,138 4,155 Total $ 5,013 $ 10,250 $ 835 $ 16,098 $ 1,306,912 $ 1,323,010 22
Nonaccrual Loans Roll Forward Loan balances at amortized cost (in thousands) Quarter Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Balance, beginning of period $ 31,561 $ 17,303 $ 15,853 $ 15,614 $ 11,609 Additions 733 18,332 2,350 483 9,958 Charge offs (52) (1,423) (200) — (7) Transfers to OREO (240) — — — — Payments received (1,110) (2,629) (681) (244) (5,934) Other, net 65 (22) (19) — (12) Balance, end of period $ 30,957 $ 31,561 $ 17,303 $ 15,853 $ 15,614 Other Real Estate Owned Roll Forward (in thousands) Quarter Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Balance, beginning of period $ 850 $ 850 $ 850 $ 876 $ 876 Loans transferred in 298 — — — — Sales (99) — — — — Write-downs — — — (26) — Other, net 41 — — — — Balance, end of period $ 1,090 $ 850 $ 850 $ 850 $ 876 23
The amortized cost, estimated fair value and related unrealized gains and losses on securities available-for-sale and held- to-maturity as of September 30, 2026 and December 31, 2025, respectively, were as follows: (in thousands) Available-for-sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2026 U.S. treasury and government agencies $ 16,789 $ 22 $ 47 $ 16,764 Mortgage-backed securities 78,216 — 19,858 58,358 Corporate debt securities 42,337 79 1,298 41,118 Student loan asset-backed securities 14,505 13 165 14,353 Total available-for-sale securities $ 151,847 $ 114 $ 21,368 $ 130,593 December 31, 2025 U.S. treasury and government agencies $ 10,811 $ 15 $ 53 $ 10,773 Mortgage-backed securities 82,264 — 15,580 66,684 Corporate debt securities 42,394 152 1,864 40,682 Student loan asset-backed securities 16,149 10 195 15,964 Total available-for-sale securities $ 151,618 $ 177 $ 17,692 $ 134,103 (in thousands) Held-to-maturity securities Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value September 30, 2026 Obligations of states and political subdivisions $ 300 $ — $ 8 $ 292 Mortgage-backed securities 75,765 2 19,801 55,966 Total held-to-maturity securities $ 76,065 $ 2 $ 19,809 $ 56,258 December 31, 2025 Obligations of states and political subdivisions $ 400 $ — $ 12 $ 388 Mortgage-backed securities 79,810 6 16,087 63,729 Total held-to-maturity securities $ 80,210 $ 6 $ 16,099 $ 64,117 The composition of our available-for-sale portfolio by credit rating as of the dates indicated below was as follows: (in thousands) September 30, 2026 December 31, 2025 Available-for-sale securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. treasury and government agencies $ 95,005 $ 75,122 $ 93,075 $ 77,458 AAA 3,961 3,961 4,613 4,595 AA 10,544 10,392 11,536 11,369 A 2,250 2,113 2,250 2,097 BBB 40,087 39,005 40,144 38,584 Total available-for-sale securities $ 151,847 $ 130,593 $ 151,618 $ 134,103 24
The composition of our held-to-maturity portfolio by credit rating as of the dates indicated was as follows: (in thousands) September 30, 2026 December 31, 2025 Held-to-maturity securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 75,765 $ 55,966 $ 79,810 $ 63,729 A 300 292 400 388 Total $ 76,065 $ 56,258 $ 80,210 $ 64,117 On September 2, 2026, the Board of Directors authorized a stock repurchase program of 482,500 shares, in open market or private transactions. The timing and amount of any share repurchases under this authorization will be determined by management based on market conditions and other considerations. This share repurchase authorization does not obligate the Company to repurchase any shares of its common stock. During the quarter ended September 30, 2026, 70,000 shares were repurchased under this program. As of September 30, 2026, approximately 412 thousand shares remained available for repurchase. Earnings Per Share (Amounts in thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Basic Net income attributable to common shareholders $ 5,406 $ 1,102 $ 3,682 $ 10,263 $ 10,149 Weighted average common shares outstanding 9,632 9,642 9,911 9,634 9,963 Basic earnings per share $ 0.56 $ 0.11 $ 0.37 $ 1.07 $ 1.02 Diluted Net income attributable to common shareholders $ 5,406 $ 1,102 $ 3,682 $ 10,263 $ 10,149 Weighted average common shares outstanding 9,632 9,642 9,911 9,634 9,963 Add: Dilutive stock options outstanding 5 5 10 4 10 Average shares and dilutive potential common shares 9,637 9,647 9,921 9,638 9,973 Diluted earnings per share $ 0.56 $ 0.11 $ 0.37 $ 1.06 $ 1.02 Common stock issued and outstanding 9,579 9,650 9,857 9,579 9,857 25
Economic Value of Equity Percent Change in Economic Value of Equity (EVE) Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) At September 30, 2026 At December 31, 2025 +300 bp 3 % 6 % +200 bp 2 % 4 % +100 bp 1 % 2 % -100 bp (1) % (4) % -200 bp (3) % (8) % Net Interest Income Over One Year Horizon Percent Change in Net Interest Income Over One Year Horizon Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) At September 30, 2026 At December 31, 2025 +300 bp (5) % (4) % +200 bp (4) % (2) % +100 bp (2) % (1) % -100 bp (1) % (1) % -200 bp 1 % (1) % 26
CCFBank NATIONAL ASSOCIATION Selected Capital Composition Highlights September 30, 2026 (unaudited) June 30, 2026 (unaudited) December 31, 2025 (audited) September 30, 2025 (unaudited) To Be Well Capitalized Under Prompt Corrective Action Provisions Tier 1 leverage ratio (to adjusted total assets) 11.3% 11.2% 11.3% 12.2% 5.0% Tier 1 capital (to risk weighted assets) 13.3% 12.9% 13.4% 14.6% 8.0% Common equity tier 1 capital (to risk weighted assets) 13.3% 12.9% 13.4% 14.6% 6.5% Total capital (to risk weighted assets) 14.6% 14.2% 14.6% 15.9% 10.0% CITIZENS COMMUNITY BANCORP, INC. Selected Capital Composition Highlights September 30, 2026 (unaudited) June 30, 2026 (unaudited) December 31, 2025 (audited) September 30, 2025 (unaudited) For Capital Adequacy Purposes Tier 1 leverage ratio (to adjusted total assets) 9.7% 9.7% 9.9% 9.9% 4.0% Tier 1 capital (to risk weighted assets) 11.4% 11.2% 11.6% 11.8% 6.0% Common equity tier 1 capital (to risk weighted assets) 11.4% 11.2% 11.6% 11.8% 4.5% Total capital (to risk weighted assets) 14.9% 14.7% 15.3% 15.5% 8.0% 27
Fair Value Accounting ASC Topic 820-10, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value: Level 1- Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. Level 2- Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3- Significant unobservable inputs that reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the fair value measurement. The fair value of securities available for sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available (Level 1 inputs); or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value (Level 3 inputs). Fair Value Table The table below represents what we would receive to sell an asset or what we would have to pay to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount and estimated fair value of the Company’s financial instruments as of the dates indicated below were as follows: September 30, 2026 Valuation Method Used Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents (Level I) $ 95,444 $ 95,444 Securities available-for-sale “AFS” (Level II) 130,593 130,593 Securities held-to-maturity “HTM” (Level II) 76,065 56,258 Farmer Mac equity securities (Level I) 591 591 Preferred equity (Level III) 1,125 1,125 Equity investments valued at NAV (1) N/A 4,840 N/A Other investments (Level II) 12,476 12,476 Loans receivable, net (Level III) 1,362,739 1,346,713 Loans held for sale - Residential mortgage (Level I) 1,169 1,169 Loans held for sale - SBA /FSA (Level II) 390 390 Mortgage servicing rights (Level III) 3,506 5,585 Accrued interest receivable (Level I) 6,436 6,436 Financial liabilities: Deposits (excluding demand deposits) (Level III) $ 892,487 $ 891,724 Other borrowings (Level II) 51,925 50,906 Accrued interest payable (Level I) 2,369 2,369 (1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B. 28
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2026 Third Quarter Results Earnings Release Presentation Exhibit 99.3
Cautionary Statement and Additional Disclosures 2 DATES AND PERIODS PRESENTED Unless otherwise noted, “20YY” refers to either the corresponding fiscal year-end date or the corresponding 12-months (i.e., fiscal year) then ended. “MMM-YY” refers to either the corresponding quarter-end date, or the corresponding three-month period then ended. MONETARY AMOUNTS Unless otherwise stated, all monetary amounts in this Presentation other than share, per share and capital ratio amounts, are stated in thousands. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, descriptions of the financial condition, results of operations, asset and credit quality trends, profitability, projected earnings, future plans, strategies and expectations of Citizens Community Bancorp, Inc. (“CZWI” or the “Company”) and its subsidiary, CCFBank National Association (“CCFBank”) . The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions of the Company, are generally identifiable by use of the words “believe,” “expect,” “estimates,” “intend,” “anticipate,” “estimate,” “project,” “on pace,” “seek,” “target,” “potential,” “focus,” “may,” “preliminary,” “could,” “should” or similar expressions. Similarly, statements that describe the Company’s future plans, objectives or goals are also forward-looking statements. These forward-looking statements express management’s current expectations or forecasts of future events, and by their nature, are subject to risks and uncertainties. Therefore, there are a number of factors that might cause actual results to differ materially from those in such statements. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics; cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which the Company and the Bank operate; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures from others in the financial services industry, including non-depository institutions; disintermediation risk (including the use of emerging financing technologies such as cryptocurrencies); our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our ability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; volatility of our stock price (including possible removal from the Russell 3000® Index and related indexes); accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company's performance are discussed further in Part I, Item 1A, "Risk Factors," in the Company's Form 10-K, for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on March 5, 2026, and the Company's subsequent filings with the SEC. The forward-looking statements made herein are only made as of the date of this presentation and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date hereof. NON-GAAP FINANCIAL MEASURES These slides contain non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Non·GAAP financial measures referred to herein include net income as adjusted, diluted EPS as adjusted, ROAA as adjusted, return on average tangible common equity (ROATCE), ROATCE as adjusted, tangible book value, tangible book value per share, efficiency ratio as adjusted and tangible common equity / tangible assets. Reconciliations of all Non·GAAP financial measures used herein to the comparable GAAP financial measures appear in the appendix at the end of this presentation. SOURCE Unless otherwise noted, internal Company documents
Investment Summary Markets EPS expansion, quarterly dividend and stock buybacks 3 Returns Asset Quality Modest growth markets with diverse industries support steady balance sheet growth Historical charge offs less than 5 bps during the last five years, while maintaining strong ACL reserves Shareholder Alignment Board and Executive Management, including former chairperson, beneficially own 6% of outstanding shares Balance Sheet Strong capital ratios, solid liquidity and funding to support organic loan growth M & A Fiduciary duty to enhance shareholder value
Performance Objectives Capital Management Credit Financial Performance Culture Exceed 1.15% ROA and 13% ROATCE through modest organic loan and deposit growth and efficiency ratio in the low 60% range Consumer deposit to business deposit at approximately 50%-50%, broad industry loan exposure, and granularity of individual loan and deposit accounts Minimize net charge-offs to less than 5 bps Leadership that engages and empowers colleagues to execute our business strategy with accountability for results 4 Diversification Maintain TCE>8% to support organic loan growth, quarterly dividend, M&A activity and share buybacks
Operating Market Overview CZWI operates in diverse markets within the northwestern region of Wisconsin, metro Twin Cities, and the Mankato, Minnesota MSA Source: S&P Global Market Intelligence 0 0 0 0 0 5
$574 $733 $759 $1,177 $1,238 $1,311 $1,412 $1,461 $1,369 $1,340 $1,358 $1,383 $1,389 $558 $743 $747 $1,196 $1,295 $1,388 $1,425 $1,519 $1,488 $1,524 $1,566 $1,554 $1,537 $696 $941 $975 $1,531 $1,649 $1,740 $1,816 $1,851 $1,749 $1,782 $1,823 $1,814 $1,796 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 Franchise Expansion CZWI has transformed the Company from a consumer bank to a commercial bank to strengthen the earnings profile and franchise Total Assets Loans Receivable Total Deposits Source: S&P Global Market Intelligence, company filings 6 July 2019 Assets: $192mm Tomah, WI May 2016 Assets: $154mm Rice Lake, WI 2 Central Bank branches February 2016 Deposits: $27mm Northwestern WI August 2017 Assets: $269mm Wells, MN October 2018 Assets: $269mm Osseo, WI
2 82 12 14 18 6 6 SD 5 ND 10 7 4 812 10 1 2 13 7 7 3 NE 30 IA 38 MN 33 WI 41 7 Merger & Acquisition Opportunity Landscape Targets Banks IA MN ND NE SD WI Total # of Institutions 38 33 10 30 5 41 157 Total Population 3,253,819 5,814,567 802,867 2,018,899 932,872 5,974,383 18,797,407 Total Deposits ($M) 23,347 20,596 6,244 18,626 3,099 24,764 96,677 Significant Growth Opportunities: Attractive demographic trends Low-cost deposit bases Meaningful scale Strategic deployment of liquidity Superior asset quality metrics Desirable operating markets Rich profitability profiles Citizens Community Bancorp, Inc. (CZWI) headquarters Note: Includes commercial & savings banks and savings & loan associations with total assets between $500M and $1.25B as of MRQ; Excludes mutual banks; Regulatory financial data as of 12/31/2025 Source: S&P Capital IQ Pro
Values Our six main values are: integrity, commitment, innovation, collaboration, focus, and sustainability. Vision Make more possible for our customers, colleagues, communities, and shareholders! Mission Provide the best products, service, and ideas to our customers every interaction every day. Culture and Engagement 8 20262025 2024 2023 Participation Rate: 94.0%95.0%95.1%84.8% 87.4% 84.2% 76.8% 84.9% 70.2% 90.9% 86.0% 82.9% 82.6% 87.0% 69.4% 87.8% 86.0% 81.4% 82.1% 84.8% 66.5% 89.2% 77.9% 83.4% 84.7% 86.8% 74.2% 92.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Overall* Role Team Supervisor Compensation Organization Colleague Satisfaction Score 2023 2024 2025 2026 Excellent Target *Vendor method in scoring is the reason for the reduction in “Overall” for 2026
Pre-Provision Net Revenue (PPNR) 9 Pre-Provision Net Revenue (“PPNR”) is defined as net interest income plus total non-interest income minus total non-interest expense. This measure is a non-GAAP financial measure since it excludes the provision for (recovery of) credit losses included in net income. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. Pre-provision net revenue includes net interest income recognized on the payoff of nonaccrual loans and loans with purchase credit discounts of $0.3 million and $1.1 million for the three-month periods ended September 30, 2025, and June 30, 2025, respectively. Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Pre-tax income 6,612$ 1,237$ 4,632$ 4,885$ 4,535$ 4,047$ 3,974$ Add back provision for credit losses 125 4,325 750 200 650 1,350 - Subtract provision reversal for credit losses - - - - - - (250) Pre-Provision net revenue 6,737$ 5,562$ 5,382$ 5,085$ 5,185$ 5,397$ 3,724$ ($000) Pre-Provision Net Revenue (PPNR) Quarter Ended
Net Income and Diluted EPS Source: S&P Global Market Intelligence, company filings Net Income as Adjusted and Diluted EPS as Adjusted are non-GAAP financial measures, which management believes may be helpful in understanding the Company's results of operations or financial position and comparing results over different periods. Reconciliation of Net Income as Adjusted and Diluted EPS as Adjusted to the comparable GAAP financial measures can be found in the appendix of this presentation. These measures should not be viewed as a substitute for operating results determined in accordance with GAAP. 10 $12,725 $21,266 $17,761 $13,059 $13,751 $14,420 $3,755 $1,102 $5,406 $12,425 $21,339 $18,500 $13,321 $13,883 $14,420 $3,755 $1,102 $5,406 $0 $5,000 $10,000 $15,000 $20,000 $25,000 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 NET INCOME NET INCOME NET INCOME AS ADJUSTED ANNUAL VS. QUARTERLY $1.14 $1.98 $1.69 $1.25 $1.34 $1.46 $0.39 $0.11 $0.56 $1.11 $1.99 $1.76 $1.28 $1.35 $1.46 $0.39 $0.11 $0.56 $0.00 $0.50 $1.00 $1.50 $2.00 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 DILUTED EPS DILUTED EPS DILUTED EPS AS ADJUSTED ANNUAL VS. QUARTERLY
Book Value, Tangible Book Value, and Core Net Revenue Detail Source: S&P Global Market Intelligence, company filings Tangible book value per share is a non-GAAP measure, which management believes may be helpful in assessing capital adequacy. The reconciliation of tangible book value per share can be found in the appendix of this presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 11 $11.18 $12.90 $12.77 $13.42 $14.69 $16.23 $16.52 $16.55 $16.62 $14.52 $16.27 $16.03 $16.60 $17.94 $19.54 $19.82 $19.83 $19.91 $0.00 $5.00 $10.00 $15.00 $20.00 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 BOOK VALUE AND TANGIBLE BOOK VALUE PER SHARE TANGIBLE BOOK VALUE PER SHARE BOOK VALUE PER SHARE ANNUAL VS. QUARTERLY $43,673 $40,532 $41,743 $40,142 $42,306 $42,936 $10,727 $10,549 $10,636 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 CORE NET REVENUE DETAIL ($000) NET INTEREST INCOME NON-INTEREST INCOME NON-INTEREST EXPENSE ANNUAL VS. QUARTERLY $68,703 $69,491 $56,581$58,599 $62,327 $16,109 $17,373 $66,799 $16,111
Quarterly data is annualized for the quarterly 2026 information. Return on average assets (ROAA) as adjusted, return on average tangible common equity (ROATCE), and ROATCE as adjusted are non-GAAP measures, which management believes may be helpful in understanding the underlying business performance trends related to average assets and average tangible equity. Reconciliations of ROAA as adjusted, ROTCE, and ROTCE as adjusted can be found in the appendix of this presentation. These measures should not be viewed as substitutes for operating results determined in accordance with GAAP. Return on Average Assets (ROAA) and Return on Average Tangible Common Equity (ROATCE) Source: SEC filings and Company documents 12 0.80% 1.23% 1.00% 0.71% 0.76% 0.82% 0.85% 0.25% 1.18% 0.78% 1.24% 1.04% 0.73% 0.77% 0.82% 0.85% 0.25% 1.18% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 ROAA ROAA ROAA AS ADJUSTED ANNUAL VS. QUARTERLY 12.1% 17.6% 14.4% 10.3% 10.0% 9.9% 9.9% 3.0% 13.7% 11.8% 17.6% 14.9% 10.5% 10.1% 9.9% 9.9% 3.0% 13.7% 0.0% 5.0% 10.0% 15.0% 20.0% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 ROATCE ROATCE ROATCE AS ADJUSTED ANNUAL VS. QUARTERLY
Efficiency Ratio, Net Interest Income (NII), and Net Interest Margin (NIM) The efficiency ratio as adjusted is a non-GAAP measure, which management believes may be helpful in understanding the underlying business performance trends related to non-interest expense. A reconciliation of the efficiency ratio as adjusted to its comparable GAAP financial measure can be found in the appendix of this presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 13 61% 57% 61% 68% 72% 68% 66% 65% 61%62% 57% 59% 67% 72% 68% 66% 65% 61% 0% 15% 30% 45% 60% 75% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 EFFICIENCY RATIO EFFICIENCY RATIO EFFICIENCY RATIO AS ADJUSTED ANNUAL VS. QUARTERLY $50,255 $53,667 $56,369 $48,349 $46,474 $51,184 $13,010 $13,504 $14,491 3.40% 3.34% 3.39% 2.81% 2.73% 3.12% 3.18% 3.22% 3.37% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 NII AND NIM ($000) NET INTEREST INCOME NET INTEREST MARGIN ANNUAL VS. QUARTERLY
Citizens Community Bancorp, Inc. Capital Ratios 14 7.7% 7.9% 8.5% 8.9% 9.5% 9.9% 9.8% 9.7% 9.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 LEVERAGE RATIO 10.5% 9.7% 9.7% 10.3% 11.4% 11.6% 11.3% 11.2% 11.4% 0.0% 4.0% 8.0% 12.0% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 COMMON EQUITY TIER 1 RATIO 14.3% 13.1% 14.0% 14.7% 16.1% 15.3% 14.9% 14.7% 14.9% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 TOTAL CAPITAL RATIO Tangible common equity / tangible assets is a non-GAAP measure, which management believes may be helpful in understanding the underlying business performance trends related to tangible assets and tangible common equity. A reconciliation of tangible common equity / tangible assets to its comparable financial measure can be found in the appendix of the presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 7.7% 7.9% 7.5% 7.7% 8.5% 8.9% 8.9% 9.0% 9.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 TANGIBLE COMMON EQUITY / TANGIBLE ASSETS
CZWI Shares Repurchased and Tangible Common Equity (TCE) as a Percent of Tangible Assets (non-GAAP) Tangible common equity / tangible assets is a non-GAAP measure, which management believes may be helpful in understanding the underlying business performance trends related to tangible assets and tangible common equity. A reconciliation of tangible common equity and tangible assets to its comparable financial measure can be found in the appendix of the presentation. This measure should not be viewed as a substitute for operating results determined in accordance with GAAP. 15 7.7% 7.9% 7.5% 7.7% 8.5% 8.9% 9.0% 253,431 620,197 128,923 41,646 476,099 385,252 70,881 0 125,000 250,000 375,000 500,000 625,000 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 2020 2021 2022 2023 2024 2025 2026 YTD SHARES REPURCHASED AND TCE / TANGIBLE ASSETS TCE RATIO SHARES REPURCHASED
Asset Quality 1.38% 1.29% 1.27% 1.57% 1.50% 1.67% 1.69% 1.87% 1.88% 0.00% 0.50% 1.00% 1.50% 2.00% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 ALLOWANCE FOR CREDIT LOSSES (ACL) - LOANS / LOANS 0.70% 0.76% 0.70% 0.83% 0.82% 0.94% 1.00% 1.79% 1.79% 0.00% 0.50% 1.00% 1.50% 2.00% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 NONPERFORMING ASSETS (NPA) / ASSETS 16 150% 143% 157% 169% 154% 141% 132% 82% 84% 0% 50% 100% 150% 200% 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY Mar-26 Jun-26 Sep-26 ACL-LOANS / NONPERFORMING LOANS (NPL) 0.08% 0.01% 0.03% -0.03% 0.01% 0.00% 0.06% 0.42% 0.00% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 0.45% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 NET CHARGE-OFFS (RECOVERIES) / AVERAGE LOANS Quarterly data is annualized for the quarterly 2026 information.
Portfolio Contractual Fixed Rate Repricing 17 The table below shows the impact of loan, securities, and certificate contractual fixed rate maturing and repricing: Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Maturing or Repricing Loans: Contractual balance 87$ 63$ 66$ 47$ 70$ Contractual interest rate 4.21% 4.52% 4.64% 5.17% 5.39% Maturing or Repricing Securities: Contractual balance 3$ 3$ -$ 4$ -$ Contractual interest rate 3.27% 3.31% 0.00% 5.92% 0.00% Maturing Certificate Accounts: Contractual balance 97$ 120$ 39$ 65$ 14$ Contractual interest rate 3.70% 3.63% 3.62% 3.73% 3.77% (in millions, except yields) Portfolio Contractual Fixed Rate Repricing by Future Quarters
CRE, C&I, Ag. Related, C&D 91% Residential & HELOC 8% Consumer 1% Loan Portfolio 09/30/2016 09/30/2026 CRE, C&I, Ag. Related, C&D 34% Residential & HELOC 33% Consumer 33% 18 Notes: (1) Company has no credit card loans. (2) Average loan yield for Q3 2026 was 5.85% ($000) Sep-16 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Sep-26 Commercial Real Estate $54,600 $425,283 $610,214 $630,857 $653,437 $621,251 $596,063 $606,001 $643,368 $652,960 Housing related CRE $53,475 $204,544 $266,600 $304,022 $325,189 $308,572 $332,733 $333,005 $340,904 $352,500 Commercial & Industrial $31,001 $116,553 $122,167 $136,013 $121,666 $115,657 $105,907 $114,379 $117,215 $104,770 Ag. Real Estate / Ag. Operating $42,845 $101,580 $110,083 $116,714 $109,041 $104,130 $102,511 $98,738 $100,809 $99,579 Construction & Development $16,580 $98,517 $79,520 $102,492 $110,941 $78,489 $75,767 $83,213 $56,090 $57,877 Residential mortgage $187,738 $137,646 $94,861 $108,651 $131,901 $135,297 $123,764 $119,137 $118,488 $115,574 Indirect Consumer Instal lment $168,294 $25,851 $15,971 $10,236 $6,535 $3,970 $2,224 $1,902 $1,559 $1,301 Consumer Installment $19,715 $13,213 $8,874 $7,150 $6,187 $5,012 $3,997 $4,633 $7,267 $7,013 Gross Loans Ex SBA PPP Loans $574,248 $1,123,187 $1,308,290 $1,416,135 $1,464,897 $1,372,378 $1,342,966 $1,361,008 $1,385,700 $1,391,574 SBA PPP Loans $0 $123,702 $8,755 $0 $0 $0 $0 $0 $0 $0 Total Gross Loans $574,248 $1,246,889 $1,317,045 $1,416,135 $1,464,897 $1,372,378 $1,342,966 $1,361,008 $1,385,700 $1,391,574 Loan Portfolio - Quarter Lookback
Deposit Composition Source: S&P Global Market Intelligence, company filings Non-Interest- Bearing Demand 8% Interest- Bearing Demand 9% MMDA & Savings 34% CDs 49% 19 Non- Interest- Bearing Demand 17% Interest- Bearing Demand 25% MMDA & Savings 36% CDs 22% 09/30/2016 09/30/2026 ($000) Sep-16 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Sep-26 Non-interest-bearing demand deposits $45,408 $238,348 $276,631 $284,726 $265,704 $252,656 $264,394 $271,396 $274,822 $271,690 Interest-bearing demand deposits $48,934 $301,764 $396,231 $371,210 $343,276 $355,750 $367,958 $392,684 $384,101 $372,515 Q3 2026 Savings accounts $52,153 $196,348 $222,674 $220,019 $176,548 $159,821 $151,525 $152,487 $145,390 $138,208 Cost of Deposits Money market accounts $137,234 $245,549 $288,985 $323,435 $374,055 $369,534 $392,900 $404,991 $408,305 $415,895 2.04% Certificate accounts $273,948 $313,247 $203,014 $225,334 $359,509 $350,387 $347,322 $344,064 $341,799 $338,384 Total Deposits $557,677 $1,295,256 $1,387,535 $1,424,724 $1,519,092 $1,488,148 $1,524,099 $1,565,622 $1,554,417 $1,536,692 Deposit Composition - Quarter Lookback
$27,565 $30,653 $35,266 $40,904 $51,710 $55,501 $60,212 $61,425 $66,132 $71,404 $73,301 $72,780 $71,915 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 TOTAL DEPOSITS, WHOLESALE, AND BRANCH DEPOSITS ($000) WHOLESALE DEPOSITS BRANCH DEPOSITS AVERAGE BRANCH DEPOSITS ANNUAL VS. QUARTERLY 23 27 $557,677 $742,504 $1,007,512 $1,195,702 $1,295,256 $1,519,092 21 $1,488,148 $1,524,099 2520 28 25 2325 23 22 21 $1,565,622 21 $1,554,417 $1,536,692 21 Branch Deposit Growth Includes branch acquisitions and consolidations 20 20 White Numbers Indicate Branch Count $1,387,535 $1,424,724 Source: S&P Global Market Intelligence, company filings The number of branches has increased by one since 2016 17 branches purchased 2 branches opened 18 branches closed, consolidated, or sold
Appendix 21
Net Interest Margin Analysis Source: S&P Global Market Intelligence, company filings 22 Quarter ended September 30, 2026 Quarter ended June 30, 2026 Quarter ended March 31, 2026 Quarter ended December 31, 2025 Interest Average Interest Average Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ ($000, except yields and rates) Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate Average interest earning assets: Cash and cash equivalents 104,272$ 978$ 3.72% 98,575$ 908$ 3.69% 105,651$ 961$ 3.69% 84,678$ 842$ 3.94% Loans receivable 1,385,049 20,407 5.85% 1,363,849 19,322 5.68% 1,328,448 18,769 5.73% 1,329,456 19,034 5.68% Investment securities 205,178 1,660 3.21% 209,228 1,650 3.16% 214,412 1,630 3.08% 218,205 1,739 3.16% Non-marketable equity securities, at cost 12,481 155 4.93% 12,491 154 4.95% 12,503 156 5.06% 12,390 156 5.00% Total interest earning assets 1,706,980$ 23,200$ 5.39% 1,684,143$ 22,034$ 5.25% 1,661,014$ 21,516$ 5.25% 1,644,729$ 21,771$ 5.25% Average interest-bearing liabilities: Total deposits 1,288,496$ 7,990$ 2.46% 1,281,098$ 7,819$ 2.45% 1,267,753$ 7,791$ 2.49% 1,233,678$ 7,998$ 2.57% FHLB Advances & Other Borrowings 51,905 719 5.50% 51,920 711 5.49% 51,824 715 5.60% 50,941 708 5.51% Total interest bearing liabilities 1,340,401$ 8,709$ 2.58% 1,333,018$ 8,530$ 2.57% 1,319,577$ 8,506$ 2.61% 1,284,619$ 8,706$ 2.69% Net interest income 14,491$ 13,504$ 13,010$ 13,065$ Interest Rate Spread 2.81% 2.68% 2.64% 2.56% Net interest margin 3.37% 3.22% 3.18% 3.15%
Interest Rate Risk 23 (1) Assumes an immediate and parallel shift in the yield curve at all maturities. Note: The tables above may not be indicative of future results. Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change +300 bp 3% +300 bp 6% +200 bp 2% +200 bp 4% +100 bp 1% +100 bp 2% -100 bp (1)% -100 bp (4)% -200 bp (3)% -200 bp (8)% Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change Change in Interest Rates In Basis Points ("bp") Rate Shock in Rates (1) Percent Change +300 bp (5)% +300 bp (4)% +200 bp (4)% +200 bp (2)% +100 bp (2)% +100 bp (1)% -100 bp (1)% -100 bp (1)% -200 bp 1% -200 bp (1)% December 31, 2025September 30, 2026 December 31, 2025September 30, 2026 Economic Value of Equity (EVE) Net Interest Income Over One Year Horizon
24 Reconciliation of Non-GAAP Financial Measures Reconciliation of GAAP Earnings and Core Earnings (non-GAAP): GAAP pre-tax earnings 17,280$ 28,959$ 23,581$ 18,932$ 17,450$ 17,441$ 4,632$ 1,237$ 6,612$ Merger related costs (1) -$ -$ -$ -$ -$ -$ -$ -$ -$ Branch closure costs (2) 165$ -$ 981$ 380$ 168$ -$ -$ -$ -$ Settlement proceeds (3) (131)$ -$ -$ -$ -$ -$ -$ -$ -$ FHLB borrowings prepayment fee (4) -$ 102$ -$ -$ -$ -$ -$ -$ -$ Net gain on sale of acquired business lines (5) (432)$ -$ -$ -$ -$ -$ -$ -$ -$ Income before provision for income taxes as adjusted (6) 16,882$ 29,061$ 24,562$ 19,312$ 17,618$ 17,441$ 4,632$ 1,237$ 6,612$ Provision for income tax on pre-tax earnings as adjusted (7) 4,457$ 7,722$ 6,062$ 5,991$ 3,735$ 3,021$ 877$ 135$ 1,206$ Total provision for income tax as adjusted 4,457$ 7,722$ 6,062$ 5,991$ 3,735$ 3,021$ 877$ 135$ 1,206$ Net income as adjusted (non-GAAP) (6) 12,425$ 21,339$ 18,500$ 13,321$ 13,883$ 14,420$ 3,755$ 1,102$ 5,406$ GAAP diluted earnings per share, net of tax 1.14$ 1.98$ 1.69$ 1.25$ 1.34$ 1.46$ 0.39$ 0.11$ 0.56$ Merger related costs, net of tax -$ -$ -$ -$ -$ -$ -$ -$ -$ Branch related costs, net of tax 0.01$ -$ 0.07$ 0.03$ 0.01$ -$ -$ -$ -$ Settlement proceeds (0.01)$ -$ -$ -$ -$ -$ -$ -$ -$ FHLB borrowings prepayment fee -$ 0.01$ -$ -$ -$ -$ -$ -$ -$ Net gain on sale of acquired business lines (0.03)$ -$ -$ -$ -$ -$ -$ -$ -$ Diluted earnings per share, as adjusted, net of tax (non-GAAP) 1.11$ 1.99$ 1.76$ 1.28$ 1.35$ 1.46$ 0.39$ 0.11$ 0.56$ Average diluted shares outstanding 11,161,811 10,726,539 10,513,773 10,470,298 10,262,710 9,906,893 9,636,118 9,647,111 9,637,390 20232022 Sep-262020 2021 20252024 Mar-26 Jun-26
(1) All costs incurred are presented as professional fees and other non-interest expense in the consolidated statement of operations and include costs $0, $0, $0, $0, $0, $0, $0, $0, and $0 for the three months ended September 30, 2026, June 30, 2026, and March 31, 2026, and years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021, and December 31, 2020, respectively, which are nondeductible expenses for federal income tax purposes. (2) Branch closure costs include severance pay recorded in compensation and benefits, accelerated depreciation expense and lease termination fees included in occupancy, and other costs included in other non-interest expense in the consolidated statement of operations. In addition, other non-interest expense includes costs associated with three branch closures during the quarter ended December 31, 2020, one branch closure in the quarter ended September 30, 2022, two branch closures in the quarter ended December 31, 2022, and one branch office closure in the quarter ended December 31, 2023. (3) Settlement proceeds includes litigation income from a JP Morgan Residential Mortgage-Backed Security (RMBS) claim. This JP Morgan RMBS was previously owned by the Bank and sold in 2011. (4) The prepayment fee to restructure our FHLB borrowings is included in other non-interest expense in the consolidated statement of operations. (5) Net gain on sale of acquired business lines resulted from (a) the sale of Wells Insurance Agency and (b) the termination and sale of the wealth management business line sales contract acquired in a former acquisition. (6) Pre-tax net income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities. (7) Provision for income tax on pre-tax income as adjusted is calculated at our effective tax rate for each respective period presented. 25 Reconciliation of Non-GAAP Financial Measures
Note: All quarterly period ratios are annualized for net income / net income as adjusted. 26 Reconciliation of Non-GAAP Financial Measures 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 Net income 12,725$ 21,266$ 17,761$ 13,059$ 13,751$ 14,420$ 3,755$ 1,102$ 5,406$ Net income as adjusted 12,425$ 21,339$ 18,500$ 13,321$ 13,883$ 14,420$ 3,755$ 1,102$ 5,406$ Average assets 1,594,053$ 1,722,483$ 1,775,049$ 1,836,337$ 1,808,256$ 1,749,437$ 1,786,218$ 1,803,346$ 1,813,413$ Return on average assets 0.80% 1.23% 1.00% 0.71% 0.76% 0.82% 0.85% 0.25% 1.18% Return on average assets as adjusted 0.78% 1.24% 1.04% 0.73% 0.77% 0.82% 0.85% 0.25% 1.18% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 Common Equity 160,564$ 170,866$ 167,088$ 173,334$ 179,084$ 187,939$ 190,874$ 191,348$ 190,741$ Less: Goodwill (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and other intangibles (5,494) (3,898) (2,449) (1,694) (979) (395) (282) (169) (56) Tangible common equity (TCE) 123,572$ 135,470$ 133,141$ 140,142$ 146,607$ 156,046$ 159,094$ 159,681$ 159,187$ Average tangible common equity 115,313$ 127,793$ 131,305$ 132,409$ 142,641$ 150,722$ 157,546$ 159,174$ 159,678$ Net income 12,725$ 21,266$ 17,761$ 13,059$ 13,751$ 14,420$ 3,755$ 1,102$ 5,406$ Intangible amortization, net of tax 1,194 1,171 1,095 521 563 483 92 101 92 Tangible net income 13,919$ 22,437$ 18,856$ 13,580$ 14,314$ 14,903$ 3,847$ 1,203$ 5,498$ Net income as adjusted 12,425$ 21,339$ 18,500$ 13,321$ 13,883$ 14,420$ 3,755$ 1,102$ 5,406$ Intangible amortization, net of tax 1,194 1,171 1,095 521 563 483 92 101 92 Tangible net income as adjusted 13,619$ 22,510$ 19,595$ 13,842$ 14,446$ 14,903$ 3,847$ 1,203$ 5,498$ ROATCE 12.1% 17.6% 14.4% 10.3% 10.0% 9.9% 9.9% 3.0% 13.7% ROATCE as adjusted 11.8% 17.6% 14.9% 10.5% 10.1% 9.9% 9.9% 3.0% 13.7% (In thousands except ROAA and ROAA as adjusted) (In thousands except ROATCE and ROATCE as adjusted) Return on Average Assets (ROAA) as Adjusted Return on Average Tangible Common Equity (ROATCE) as Adjusted
Reconciliation of Non-GAAP Financial Measures Note: All quarterly period ratios are annualized for net income / net income as adjusted 27 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 Non-interest expense (GAAP) 43,673$ 40,532$ 41,743$ 40,142$ 42,306$ 42,936$ 10,727$ 10,549$ 10,636$ Less amortization of intangibles (1,622) (1,596) (1,449) (755) (715) (584) (113) (113) (113) Efficiency ratio numerator 42,051 38,936 40,294 39,387 41,591 42,352 10,614 10,436 10,523 Merger related costs - - - - - - - - - Branch closure costs (165) - (981) (380) (168) - - - - Audit and financial reporting - - - - - - - - - Prepayment fee - (102) - - - - - - - Efficiency ratio numerator as adjusted 41,886$ 38,834$ 39,313$ 39,007$ 41,423$ 42,352$ 10,614$ 10,436$ 10,523$ Non-interest income 18,448$ 15,824$ 10,430$ 10,250$ 10,107$ 11,143$ 3,099$ 2,607$ 2,882$ Net interest income 50,255 53,667 56,369 48,349 46,474 51,184 13,010 13,504 14,491 Add back net losses on debt and equity securities - - - - (856) - (59) - - Subtract net gains on debt and equity securities 110 1,224 541 459 - 234 - 160 256 Efficiency ratio denominator (GAAP) 68,593 68,267 66,258 58,140 57,437 62,093 16,168 15,951 17,117 Net gain on sale of branch - - - - - - - - - Net gain on sale of acquired business lines (432) - - - - - - - - Settlement proceeds (131) - - - - - - - - Efficiency ratio denominator as adjusted 68,030$ 68,267$ 66,258$ 58,140$ 57,437$ 62,093$ 16,168$ 15,951$ 17,117$ Efficiency ratio 61% 57% 61% 68% 72% 68% 66% 65% 61% Efficiency ratio as adjusted 62% 57% 59% 67% 72% 68% 66% 65% 61% 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 Total Stockholders' equity 160,564$ 170,866$ 167,088$ 173,334$ 179,084$ 187,939$ 190,874$ 191,348$ 190,741$ Less: Goodwil l (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and intangibles (5,494) (3,898) (2,449) (1,694) (979) (395) (282) (169) (56) Tangible book value (non-GAAP) 123,572$ 135,470$ 133,141$ 140,142$ 146,607$ 156,046$ 159,094$ 159,681$ 159,187$ Shares outstanding 11,056,349 10,502,442 10,425,119 10,440,591 9,981,996 9,617,245 9,628,612 9,650,231 9,579,231 Book Value 14.52$ 16.27$ 16.03$ 16.60$ 17.94$ 19.54$ 19.82$ 19.83$ 19.91$ TBVPS 11.18$ 12.90$ 12.77$ 13.42$ 14.69$ 16.23$ 16.52$ 16.55$ 16.62$ 2020 2021 2022 2023 2024 2025 Mar-26 Jun-26 Sep-26 Total Assets 1,649,095$ 1,739,628$ 1,816,367$ 1,851,391$ 1,748,519$ 1,781,755$ 1,822,974$ 1,814,309$ 1,795,657$ Less: Goodwil l (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and intangibles (5,494) (3,898) (2,449) (1,694) (979) (395) (282) (169) (56) Tangible assets (non-GAAP) 1,612,103$ 1,704,232$ 1,782,420$ 1,818,199$ 1,716,042$ 1,749,862$ 1,791,194$ 1,782,642$ 1,764,103$ Total Stockhoders' Equity/Total Assets 9.7% 9.8% 9.2% 9.4% 10.2% 10.5% 10.5% 10.6% 10.6% Tangible Common Equity / Tangible Assets 7.7% 7.9% 7.5% 7.7% 8.5% 8.9% 8.9% 9.0% 9.0% Efficiency Ratio as Adjusted (In thousands except Tangible Common Equity / Tangible Asets) (In thousands except Efficiency Ratio and Efficiency Ratio as adjusted) (In thousands except Shares Outstanding, Book Value and TBVPS) Tangible Common Equity / Tangible Assets Tangible Book Value Per Share (TBVPS) as Adjusted
Source: S&P Global Market Intelligence, eauclairedevelopment.com, greatermankato.com, Google Images, US Bureau of Labor Statistics Eau Claire MSA: Features a broad-based, diverse economy, which is driven by commercial, housing, retail and medical industries. Mankato MSA: The Mankato market also possesses a broad-based, diverse economy, which is driven by manufacturing, agribusiness, health care and education. Mankato Area EmployersEau Claire Area Employers Market Demographics 28 5.6% 3.2% 2.7% 3.1% 2.8% 3.0% 3.1% 5.7% 3.3% 2.1% 2.5% 3.0% 3.5% 4.0% 0.0% 2.0% 4.0% 6.0% Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-26 MSA Unemployment Rates Eau Claire MSA Mankato MSA
Leadership Team Mr. Stephen M. Bianchi, also known as Steve, has been the Chief Executive Officer and President of Citizens Community Bancorp, Inc. and CCFBank since June 24, 2016. He has been Chairman of Citizens Community Bancorp, Inc. since October 2018 and CCFBank National Association. As a banking veteran with over 40 years of experience, Mr. Bianchi served in several senior management positions at Wells Fargo Bank and with Associated Bank. He served as the Chief Executive Officer at HF Financial Corp. from October 2011 and its President from April 2010 to May 2015. Mr. Bianchi served as the Chief Executive Officer and President of Home Federal Bank, a subsidiary of HF Financial Corp. from August 2012 to May 2015. He served as the Interim Chief Executive Officer and Interim President of HF Financial Corp. from October 2011 until July 2012. Mr. Bianchi served as Senior Vice President at Associated Bank, where he served as Minnesota Regional President and Minnesota Regional Commercial Banking Manager from July 2006 to April 2010. Before that, he served as Twin Cities Business Banking Manager for Wells Fargo Bank, where he held several other management positions over 14 years. He has been a Director of Citizens Community Bancorp, Inc. since May 25, 2017. He has been a Director of CCFBank National Association since June 24, 2016. Mr. Bianchi received his B.S. degree in Finance and M.B.A. from Providence College. Stephen M. Bianchi Chairman of the Board President & CEO Mr. James S. Broucek, also known as Jim, has been Chief Financial Officer and Principal Accounting Officer at Citizens Community Bancorp, Inc and CCFBank since October 31, 2017. He serves as Executive Vice President, CFO, Treasurer, and Secretary of Citizens Community Bancorp, Inc. and of CCFBank National Association. He served as a Senior Manager of Wipfli LLP (“Wipfli”) from December 2013 to October 2017. Before joining Wipfli, Mr. Broucek held several positions with TCF Financial Corporation (“TCF Financial”) and its subsidiaries from 1995 to 2013, with his last position being Treasurer of TCF Financial. Prior to joining TCF Financial, Mr. Broucek served as the Controller of Great Lakes Bancorp. Mr. Broucek is a banking veteran with over 40 years of experience. Mr. Broucek holds a B.A. in mathematics and business administration with a concentration in accounting from Hope College. James S. Broucek Executive VP, CFO Principal Accounting Officer, Treasurer & Secretary 29
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