Citizens Community Bancorp : Earnings Release Presentation – First Quarter 2026
CZWI
Published on 04/27/2026 at 09:30 am EDT
Earnings Release Presentation
2026FirstQuarterResults
Markets
Modest growth markets with diverse industries support steady balance sheet growth
Returns
EPS expansion, quarterly dividend, and share buyback authorization in place
Balance Sheet
Strong capital ratios, solid liquidity and funding to support organic loan growth
Asset Quality
Historical charge offs less than 5 bps during the last five years, while maintaining strong ACL reserves
M & A
Fiduciary duty to enhance shareholder value
Insider Ownership
Board and Executive Management, including former chairperson, beneficially own 6% of outstanding shares
3
Financial Performance
Exceed 1% ROA and 12% ROATCE through modest organic loan and deposit growth and efficiency ratio in the low to mid 60% range
Capital Management
Maintain TCE>8% to support organic loan growth, quarterly dividend and share buybacks, and for M&A activity
Credit
Diversification
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
Culture
Leadership that engages and empowers colleagues to execute our business strategy with accountability for results
4
Source: S&P Global Market Intelligence 5
CZWI has transformed the Company from a consumer bank to a commercial bank to strengthen the earnings profile and franchise
2 Central Bank branches
February 2016
Deposits: $27mm Northwestern WI
October 2018
July 2019
Assets: $192mm Tomah, WI
Assets: $269mm
$1,816
$1,851
$1,740
$1,749
$1,782
$1,823
August 2017
Assets: $269mm
Osseo, WI
$1,649
$1,425
$1,519
$1,488
$1,524
$1,566
$1,531
May 2016
Assets: $154mm
Rice Lake, WI
Wells, MN
$1,196
$1,177
$1,295
$1,238
$1,388
$1,311
$1,412
$1,461
$1,369
$1,340
$1,358
$941
$975
$696
$743
$733
$759
$747
$558
$574
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mar-26
Loans Receivable Total Deposits Total Assets
Source: S&P Global Market Intelligence, company filings 6
Merger & Acquisition
Opportunity Landscape
Targets Banks
IA
MN
ND
NE
SD
WI
Total
# of Institutions
38
33
10
30
5
41
157
Total Population
3,253,819
5,814,567
802,867
2,018,899
932,872
5,974,383
18,797,407
Total Deposits ($M)
23,347
20,596
6,244
18,626
3,099
24,764
96,677
ND
10
2
1
MN
33
7
4
SD
5
13
10
7
WI
41
7
3
12
12
8
6
NE
30
6
IA
38
14
2
2
8
18
Attractive demographic trends
Low-cost deposit bases
Meaningful scale
Strategic deployment of liquidity
Superior asset quality metrics
Desirable operating markets
Rich profitability profiles
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 7
Mission
Provide the best products, service, and ideas to our customers every interaction every day.
Vision
Make more possible for our customers, colleagues, communities, and shareholders!
Values
Our six main values are: integrity, commitment, innovation, collaboration, focus, and sustainability.
2022
2023
2024
2025
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
87.4%
Colleague Satisfaction Score
87.1%
86.0%
86.0%
84.0%
84.2%
82.9%
82.6%
76.8%
84.9%
87.0%
84.8%
87.8%
87.4% 89.2%
81.4% 80.8%
82.1%
70.2%
74.1%
69.4%
66.5%
89.6%
90.9%
Overall Role Team Supervisor Compensation Organization
8
Pre-Provision Net Revenue (PPNR)
Quarter Ended
($000)
Mar-26
Dec-25
Sep-25
Jun-25
Mar-25
Pre-tax income
$ 4,632
$ 4,885
$ 4,535
$ 4,047
$ 3,974
Add back provision for credit losses
750
200
650
1,350
-
Subtract provision reversal for credit losses
-
-
-
-
(250)
Pre-Provision net revenue
$ 5,382
$ 5,085
$ 5,185
$ 5,397
$ 3,724
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.
9
$10,000
ANNUAL VS. QUARTERLY
NET INCOME AS ADJUSTED
NET INCOME
Mar-26
2025
2024
2023
2022
2021
2020
$0
$3,755
$3,755
$5,000
$13,883
$13,321
$13,059
$14,420
$14,420
$13,751
$12,725
$12,425
$15,000
$18,500
$17,761
$20,000
$21,339
$21,266
$25,000
NET INCOME
$0.50
ANNUAL VS. QUARTERLY
DILUTED EPS INCOME AS ADJUSTED
DILUTED EPS
Mar-26
2025
2024
2023
2022
2021
2020
$0.00
$0.39
$0.39
DILUTED EPS
$1.00
$1.11
$1.25 $1.28
$1.14
$1.46
$1.46
$1.35
$1.34
$1.50
$1.69
$1.76
$1.99
$2.00
$1.98
Net Income as Adjusted and Diluted EPS Income 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 and Diluted EPS Income as Adjusted to the comparable GAAP financial measure 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.
Source: S&P Global Market Intelligence, company filings 10
$20.00
BOOK VALUE AND TANGIBLE BOOK VALUE PER SHARE
$19.54
$17.94
$19.82
$16.27
$16.03
$16.60
$16.23
$16.52
$15.00
$14.52
$14.69
$12.90
$13.42
$12.77
$11.18
$10.00
$5.00
$0.00
2020
2021
2022
2023
2024
2025
Mar-26
TANGIBLE BOOK VALUE PER SHARE
ANNUAL VS. QUARTERLY
BOOK VALUE PER SHARE
2025 2026 YTD
2024
2023
2022
2021
2020
$10,000
$0
$16,109
$50,000
$40,000
$30,000
$20,000
$56,581
$58,599
$60,000
$62,327
$66,799
$69,491
$68,703
$70,000
CORE NET REVENUE DETAIL ($000)
NET INTEREST INCOME NON-INTEREST INCOME NON-INTEREST EXPENSE
$10,727
$42,936
$42,306
$40,142
$41,743
$40,532
$43,673
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.
Source: S&P Global Market Intelligence, company filings 11
0.78%
0.71%
0.73%
0.60%
0.40%
0.20%
0.00%
2020
2021
2022
2023
2024
2025
Mar-26
ROAA
ROAA INCOME AS ADJUSTED
ANNUAL VS. QUARTERLY
0.85%
0.82%
0.85%
0.82%
0.77%
0.76%
0.80%
0.80%
1.00%
1.00%
1.04%
1.20%
1.23%
1.24%
1.40%
ROAA
10.0%
9.9%
9.9%
5.0%
0.0%
2020
ROATCE
2021
2022
2023
2024
2025
Mar-26
ROATCE INCOME AS ADJUSTED
ANNUAL VS. QUARTERLY
10.0%
9.9%
10.3%
9.9%
10.1%
10.5%
11.8%
12.1%
14.4%
14.9%
15.0%
17.6% 17.6%
20.0%
ROATCE
Quarterly data is annualized for the quarterly 2026 information.
Return on average assets 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.
Source: SEC filings and Company documents
12
57%
59%
45%
30%
15%
0%
2020
2021
2022
2023
2024
2025
Mar-26
EFFICIENCY RATIO
ANNUAL VS. QUARTERLY
EFFICIENCY RATIO AS ADJUSTED
61%
57%
66%
61% 62%
60%
66%
68%
68%
68% 67%
72%
75%
72%
EFFICIENCY RATIO
NET INTEREST MARGIN
NET INTEREST INCOME
2020 2021 2022 2023 2024 2025 2026 YTD
2.50%
$0
2.73%
2.81%
3.00%
$10,000 3.12%
$13,010 3.50%
3.39%
3.34%
3.40%
5.00%
$40,000
4.50%
$30,000
4.00%
$20,000
5.50%
$51,184
6.00%
NII AND NIM ($000)
$56,369
$53,667
$48,349
$46,474
$60,000
$50,255
$50,000
3.18%
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
7.5%
2025 Mar-26
2024
2023
2022
2021
2020
6.0%
4.0%
2.0%
0.0%
7.7%
TANGIBLE COMMON EQUITY / TANGIBLE ASSETS
8.5%
7.9%
7.7%
8.0%
8.9%
8.9%
10.0%
2025 Mar-26
2024
2023
2022
2021
2020
6.0%
4.0%
2.0%
0.0%
7.9%
7.7%
8.0%
8.9%
8.5%
9.5%
10.0%
9.8%
9.9%
12.0%
LEVERAGE RATIO
12.0%
10.5%
COMMON EQUITY TIER 1 RATIO
11.4%
10.3%
11.6%
11.3%
9.7%
9.7%
8.0%
4.0%
0.0%
2020
2021
2022
2023
2024
2025 Mar-26
13.1%
2025 Mar-26
2024
2023
2022
2021
2020
12.0%
9.0%
6.0%
3.0%
0.0%
14.0%
TOTAL CAPITAL RATIO
14.9%
14.7%
14.3%
15.0%
15.3%
16.1%
18.0%
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.
14
100,000
400,000
5.0%
4.0%
300,000
253,431
3.0%
200,000
2.0%
128,923
1.0%
41,646
0.0%
0
2020 2021 2022 2023 2024 2025
NONE
2026 YTD
TCE RATIO
SHARES REPURCHASED
600,000
SHARES REPURCHASED AND TCE / TANGIBLE ASSETS
10.0%
700,000
9.0%
8.9%
8.9%
620,197
8.5%
6.0%
8.0%
7.7%
7.9%
7.5%
7.7%
7.0%
476,099
500,000
385,252
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
Mar-26
2025
2024
2023
2022
2021
2020
0.00%
0.50%
1.00%
1.27%
1.29%
1.38%
1.50%
1.50%
1.57%
ALLOWANCE FOR CREDIT LOSSES (ACL) - LOANS / LOANS
1.67% 1.69%
2.00%
1.00%
NONPERFORMING ASSETS (NPA) / ASSETS
0.94%
1.00%
0.83% 0.82%
0.70%
0.76%
0.70%
0.50%
0.00%
2020
2021
2022
2023
2024
2025
Mar-26
Mar-26
2025
2024
-0.03%
2020 2021 2022 2023
-0.02%
-0.04%
0.00%
0.00%
0.01%
0.02% 0.01%
0.03%
0.04%
0.06%
0.06%
0.08%
0.10%
0.08%
NET (RECOVERIES) CHARGE-OFFS / AVERAGE LOANS
200%
ACL-LOANS / NONPERFORMING LOANS (NPL)
169%
157%
150%
150%
154%
143% 141%
132%
100%
50%
0%
2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY Mar-26
Quarterly data is annualized for the quarterly 2026 information.
16
The table below shows the impact of loan, securities, and certificate contractual fixed rate maturing and repricing:
Portfolio Contractual Repricing
Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027
(in millions, except yields)
Maturing or Repricing Loans: Contractual balance Contractual interest rate
$ 46
4.98%
$ 110
3.74%
$ 97
3.97%
$ 56
4.15%
$ 65
4.47%
$ 43
4.96%
$ 68
5.36%
Maturing or Repricing Securities:
Contractual balance Contractual interest rate Maturing Certificate Accounts: Contractual balance
$ 7
3.57%
$ 99
$ 7
3.44%
$ 137
$ 3
3.27%
$ 52
$ 3
3.31%
$ 45
$ -
0.00%
$ 8
$ 4
5.93%
$ -
$ -
0.00%
$ -
Contractual interest rate
3.84%
3.77%
3.74%
3.56%
3.44%
2.39%
1.71%
17
HELOC
9%
Consumer
1%
CRE, C&I, Ag.
Related, C&D 90%
09/30/2016
Residential &
03/31/2026
Consumer
33%
CRE, C&I, Ag.
Related, C&D 34%
Residential
& HELOC 33%
Loan Portfolio - Quarter Lookback
($000)
Sep-16
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Mar-26
Commercial Real Estate
$54,600
$425,283
$610,214
$630,857
$653,437
$621,251
$596,063
$606,001
Housing related CRE
$53,475
$204,544
$266,600
$304,022
$325,189
$308,572
$332,733
$333,005
Commercial & Industrial
$31,001
$116,553
$122,167
$136,013
$121,666
$115,657
$105,907
$114,379
Ag. Real Estate / Ag. Operating
$42,845
$101,580
$110,083
$116,714
$109,041
$104,130
$102,511
$98,738
Construction & Development
$16,580
$98,517
$79,520
$102,492
$110,941
$78,489
$75,767
$83,213
Residential mortgage
$187,738
$137,646
$94,861
$108,651
$131,901
$135,297
$123,764
$119,137
Indirect Consumer Installment
$168,294
$25,851
$15,971
$10,236
$6,535
$3,970
$2,224
$1,902
Consumer Installment
$19,715
$13,213
$8,874
$7,150
$6,187
$5,012
$3,997
$4,633
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
SBA PPP Loans
$0
$123,702
$8,755
$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
Notes:
Company has no credit card loans.
Company has one $5.5 million NDFI loan, which is the senior loan for the Bank Holding Company of an FDIC insured Bank.
Average loan yield for Q1 2026 was 5.73%
18
09/30/2016
Non-Interest-Bearing Demand 8%
Interest-Bearing Demand 9%
03/31/2026
CDs 49%
CDs
22%
Non-
Interest-Bearing Demand 17%
MMDA &
Savings 36%
Interest-
Bearing Demand 25%
MMDA &
Deposit Composition - Quarter Lookback
Savings 34%
($000)
Sep-16
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Mar-26
Non-interest-bearing demand deposits
$45,408
$238,348
$276,631
$284,726
$265,704
$252,656
$264,394
$271,396
Interest-bearing demand deposits
$48,934
$301,764
$396,231
$371,210
$343,276
$355,750
$367,958
$392,684
Q1 2026
Savings accounts
$52,153
$196,348
$222,674
$220,019
$176,548
$159,821
$151,525
$152,487
Cost of Deposits
Money market accounts
$137,234
$245,549
$288,985
$323,435
$374,055
$369,534
$392,900
$404,991
2.09%
Certificate accounts
$273,948
$313,247
$203,014
$225,334
$359,509
$350,387
$347,322
$344,064
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
Source: S&P Global Market Intelligence, company filings 19
25
$40,904
28
27
23
20
$200,000
$30,000
$20,000
$30,653
$27,565
$400,000
$35,266
$40,000
$557,677
25
23
23
22
21
21
$10,000
$0
$0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mar-26
WHOLESALE DEPOSITS
BRANCH DEPOSITS
AVERAGE BRANCH DEPOSITS
ANNUAL VS. QUARTERLY
$71,404
TOTAL DEPOSITS, WHOLESALE, AND BRANCH DEPOSITS ($000)
$1,600,000
$1,519,092
$1,488,148 $1,524,099
$1,565,622 $100,000
$1,424,724
$1,400,000
$1,387,535
$90,000
$1,295,256
$80,000
$1,200,000
$1,195,702
$600,000
$73,301
$70,000
$1,000,000
$1,007,512
$66,132
$60,212
$61,425
$60,000
$800,000
$55,501
$742,504
$51,710
$50,000
Includes branch acquisitions and consolidations
The number of branches has increased by one since 2016
17 branches purchased
2 branches opened
18 branches closed, consolidated, or sold
White Numbers
Indicate Branch Count
Source: S&P Global Market Intelligence, company filings 20
Quarter ended March 31, 2026 Quarter ended December 31, 2025 Quarter ended September 30, 2025 Quarter ended June 30, 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
$ 105,651
$ 961
3.69%
$ 84,678
$ 842
3.94%
$ 62,395
$ 693
4.41%
$ 44,377
$ 493
4.46%
Loans receivable
1,328,448
18,769
5.73%
1,329,456
19,034
5.68%
1,342,635
19,759
5.84%
1,353,332
20,105
5.96%
Investment securities
214,412
1,630
3.08%
218,205
1,739
3.16%
220,213
1,738
3.13%
223,318
1,735
3.12%
Non-marketable equity securities, at cost
12,503
156
5.06%
12,390
156
5.00%
12,373
64
2.05%
12,400
169
5.47%
Total interest earning assets
$ 1,661,014
$ 21,516
5.25%
$ 1,644,729
$ 21,771
5.25%
$ 1,637,616
$ 22,254
5.39%
$ 1,633,427
$ 22,502
5.53%
Average interest-bearing liabilities:
Total deposits
$ 1,267,753
$ 7,791
2.49%
$ 1,233,678
$ 7,998
2.57%
$ 1,233,572
$ 8,220
2.64%
$ 1,237,951
$ 8,287
2.69%
FHLB Advances & Other Borrowings
51,824
715
5.60%
50,941
708
5.51%
54,389
820
5.98%
61,781
904
5.87%
Total interest bearing liabilities
$ 1,319,577
$ 8,506
2.61%
$ 1,284,619
$ 8,706
2.69%
$ 1,287,961
$ 9,040
2.78%
$ 1,299,732
$ 9,191
2.84%
Net interest income
$ 13,010
$ 13,065
$ 13,214
$ 13,311
Interest Rate Spread
2.64%
2.56%
2.61%
2.69%
Net interest margin
3.18%
3.15%
3.20%
3.27%
Source: S&P Global Market Intelligence, company filings
22
Economic Value of Equity (EVE)
March 31, 2026 December 31, 2025
Change in Interest Rates In Change in Interest Rates In
Basis Points ("bp") Percent Change Basis Points ("bp") Percent Change Rate Shock in Rates (1) Rate Shock in Rates (1)
+300 bp
8%
+300 bp
6%
+200 bp
5%
+200 bp
4%
+100 bp
3%
+100 bp
2%
-100 bp
-3%
-100 bp
-4%
-200 bp
-6%
-200 bp
-8%
Net Interest Income Over One Year Horizon
March 31, 2026 December 31, 2025
Change in Interest Rates In Change in Interest Rates In
Basis Points ("bp") Percent Change Basis Points ("bp") Percent Change Rate Shock in Rates (1) Rate Shock in Rates (1)
+300 bp
1%
+300 bp
-4%
+200 bp
0%
+200 bp
-2%
+100 bp
0%
+100 bp
-1%
-100 bp
0%
-100 bp
-1%
-200 bp
-1%
-200 bp
-1%
(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.
23
Reconciliation of GAAP Earnings and Core Earnings (non-GAAP):
2020
2021
2022
2023
2024
2025
Mar-26
GAAP pre-tax earnings
$ 17,280
$ 28,959
$ 23,581
$ 18,932
$ 17,450
$ 17,441
$ 4,632
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
Provision for income tax on pre-tax earnings as adjusted (7)
$ 4,457
$ 7,722
$ 6,062
$ 5,991
$ 3,735
$ 3,021
$ 877
Total provision for income tax as adjusted
$ 4,457
$ 7,722
$ 6,062
$ 5,991
$ 3,735
$ 3,021
$ 877
Net income as adjusted (non-GAAP) (6)
$ 12,425
$ 21,339
$ 18,500
$ 13,321
$ 13,883
$ 14,420
$ 3,755
GAAP diluted earnings per share, net of tax
$ 1.14
$ 1.98
$ 1.69
$ 1.25
$ 1.34
$ 1.46
$ 0.39
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
Net gain on sale of acquired business lines
$ -
$ (0.03)
$ 0.01
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
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
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
24
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, and $0 for the three months ended 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.
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.
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.
The prepayment fee to restructure our FHLB borrowings is included in other non-interest expense in the consolidated statement of operations.
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.
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.
Provision for income tax on pre-tax income as adjusted is calculated at our effective tax rate for each respective period presented.
25
Return on Average Assets (ROAA) as Adjusted
(In thousands except ROAA and ROAA as adjusted)
2020
2021
2022
2023
2024
2025
Mar-26
Net income
$ 12,725
$ 21,266
$ 17,761
$ 13,059
$ 13,751
$ 14,420
$ 3,755
Net income as adjusted
$ 12,425
$ 21,339
$ 18,500
$ 13,321
$ 13,883
$ 14,420
$ 3,755
Average assets
$ 1,594,053
$ 1,722,483
$ 1,775,049
$ 1,836,337
$ 1,808,256
$ 1,749,437
$ 1,786,218
Return on average assets
0.80%
1.23%
1.00%
0.71%
0.76%
0.82%
0.85%
Return on average assets as adjusted
0.78%
1.24%
1.04%
0.73%
0.77%
0.82%
0.85%
Return on Average Tangible Common Equity (ROATCE) as Adjusted
2020
2021
2022
2023
2024
2025
Mar-26
$ 160,564
$ 170,866
$ 167,088
$ 173,334
$ 179,084
$ 187,939
$ 190,874
(31,498)
(31,498)
(31,498)
(31,498)
(31,498)
(31,498)
(31,498)
(5,494)
(3,898)
(2,449)
(1,694)
(979)
(395)
(282)
$ 123,572 $ 135,470 $ 133,141 $ 140,142 $ 146,607 $ 156,046
$ 159,094
$ 115,313
$ 127,793
$ 131,305
$ 132,409
$ 142,641
$ 150,722
$ 157,546
$ 12,725
$ 21,266
$ 17,761
$ 13,059
$ 13,751
$ 14,420
$ 3,755
1,194
1,171
1,095
521
563
483
92
$ 13,919
$ 22,437
$ 18,856
$ 13,580
$ 14,314
$ 14,903
$ 3,847
$ 12,425
$ 21,339
$ 18,500
$ 13,321
$ 13,883
$ 14,420
$ 3,755
1,194
1,171
1,095
521
563
483
92
$ 13,619
$ 22,510
$ 19,595
$ 13,842
$ 14,446
$ 14,903
$ 3,847
12.1%
17.6%
14.4%
10.3%
10.0%
9.9%
9.9%
11.8%
17.6%
14.9%
10.5%
10.1%
9.9%
9.9%
(In thousands except ROATCE and ROATCE as adjusted)
Common Equity Less: Goodwill
Less: Core deposit and other intangibles Tangible common equity (TCE)
Average tangible common equity
Net income
Intangible amortization, net of tax Tangible net income
Net income as adjusted Intangible amortization, net of tax Tangible net income as adjusted
ROATCE
ROATCE as adjusted
Note: All quarterly period ratios are annualized for net income / net income as adjusted.
26
Efficiency Ratio as Adjusted
(In thousands except Efficiency Ratio and Efficiency Ratio as adjusted)
Non-interest expense (GAAP)
Less amortization of intangibles
2020 2021 2022 2023 2024 2025
$ 43,673 $ 40,532 $ 41,743 $ 40,142 $ 42,306 $ 42,936
(1,622) (1,596) (1,449) (755) (715) (584)
Mar-26
$ 10,727
(113)
Efficiency ratio numerator
42,051 38,936 40,294 39,387 41,591 42,352
10,614
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
Non-interest income
$ 18,448 $ 15,824 $ 10,430 $ 10,250 $ 10,107 $ 11,143
$ 3,099
Net interest income
50,255 53,667 56,369 48,349 46,474 51,184
13,010
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
-
Efficiency ratio denominator (GAAP)
68,593 68,267 66,258 58,140 57,437 62,093
16,168
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
Efficiency ratio
61% 57% 61% 68% 72% 68%
66%
Efficiency ratio as adjusted
62% 57% 59% 67% 72% 68%
66%
Tangible Book Value Per Share (TBVPS) as Adjusted
(In thousands except Shares Outstanding, Book Value and TBVPS)
2020
2021
2022
2023
2024
2025
Mar-26
Total Stockholders' equity
$ 160,564 $
170,866 $
167,088 $
173,334 $
179,084 $
187,939 $
190,874
Less: Goodwill
(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)
Tangible book value (non-GAAP)
$ 123,572 $
135,470 $
133,141 $
140,142 $
146,607 $
156,046 $
159,094
Shares outstanding
11,056,349
10,502,442
10,425,119
10,440,591
9,981,996
9,617,245
9,628,612
Book Value
$ 14.52 $
16.27 $
16.03 $
16.60 $
17.94 $
19.54
$ 19.82
TBVPS
$ 11.18 $
12.90 $
12.77 $
13.42 $
14.69 $
16.23
$ 16.52
Tangible Common Equity / Tangible Assets
2020 2021 2022 2023 2024 2025
Mar-26
$ 1,649,095 $ 1,739,628 $ 1,816,367 $ 1,851,391 $ 1,748,519 $ 1,781,755
$ 1,822,974
(31,498) (31,498) (31,498) (31,498) (31,498) (31,498)
(31,498)
(5,494) (3,898) (2,449) (1,694) (979) (395)
(282)
$ 1,612,103 $ 1,704,232 $ 1,782,420 $ 1,818,199 $ 1,716,042 $ 1,749,862
$ 1,791,194
9.7% 9.8% 9.2% 9.4% 10.2% 10.5%
10.5%
7.7% 7.9% 7.5% 7.7% 8.5% 8.9%
8.9%
(In thousands except Tangible Common Equity / Tangible Asets)
Total Assets Less: Goodwill
Less: Core deposit and intangibles Tangible assets (non-GAAP)
Total Stockhoders' Equity/Total Assets Tangible Common Equity / Tangible Assets
Note: All quarterly period ratios are annualized for net income / net income as adjusted 27
MSA Unemployment Rates
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
5.0%
4.6%
3.9%
3.1%
3.6%
2.8%
4.5%
4.2%
3.2%
3.3%
2.7% 2.8%
3.8%
3.0%
Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26
Eau Claire MSA
Mankato MSA
Features a broad-based, diverse economy, which is driven by commercial, housing, retail and medical industries.
The Mankato market also possesses a broad-based, diverse economy, which is driven by manufacturing, agribusiness, health care and education.
Eau Claire Area Employers
Mankato Area Employers
Source: S&P Global Market Intelligence, eauclairedevelopment.com, greatermankato.com, Google Images, US Bureau of Labor Statistics 28
Stephen M. Bianchi Chairman of the Board President & CEO
Mr. Stephen M. Bianchi, also known as Steve, has been the Chief Executive Officer and President of Citizens Community Bancorp, Inc. and Citizens Community Federal since June 24, 2016. He has been Chairman of Citizens Community Bancorp, Inc. since October 2018 and Citizens Community Federal National Association. As a banking veteran with 41 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 Citizens Community Federal since June 24, 2016. Mr. Bianchi received his B.S. degree in Finance and M.B.A. from Providence College.
James S. Broucek Executive VP, CFO Principal Accounting Officer, Treasurer
& Secretary
Mr. James S. Broucek, also known as Jim, has been Chief Financial Officer and Principal Accounting Officer at Citizens Community Bancorp, Inc and Citizens Community Federal since October 31, 2017. He serves as Executive Vice President, CFO, Treasurer, and Secretary of Citizens Community Bancorp, Inc. and of Citizens Community Federal 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 41 years of experience. Mr. Broucek holds a B.A. in mathematics and business administration with a concentration in accounting from Hope College.
29
Disclaimer
Citizens Community Bancorp Inc. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 13:29 UTC.