Citizens Community Bancorp Inc. Files Q3 2024 10-Q

TL;DR

CZWI 10-Q filed for Q3 2024. Financials out.

AI Summary

Citizens Community Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial insights into the financial health and operational performance of Citizens Community Bancorp Inc. during the third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial information is provided.)
• 2023-12-31 — Prior Year End (Provides a comparison point for financial performance.)

Key Players & Entities

• Citizens Community Bancorp Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-05 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. CITIZENS COMM

Filing Documents

• czwi-20240930.htm (10-Q) — 4201KB
• ex101.htm (EX-10.1) — 26KB
• czwi-20240930xex311.htm (EX-31.1) — 10KB
• czwi-20240930xex312.htm (EX-31.2) — 10KB
• czwi-20240930xex321.htm (EX-32.1) — 7KB
• ex101001.jpg (GRAPHIC) — 284KB
• ex101002.jpg (GRAPHIC) — 343KB
• ex101003.jpg (GRAPHIC) — 212KB
• ex101004.jpg (GRAPHIC) — 71KB
• ex101005.jpg (GRAPHIC) — 42KB
• 0001367859-24-000112.txt ( ) — 21676KB
• czwi-20240930.xsd (EX-101.SCH) — 74KB
• czwi-20240930_cal.xml (EX-101.CAL) — 149KB
• czwi-20240930_def.xml (EX-101.DEF) — 506KB
• czwi-20240930_lab.xml (EX-101.LAB) — 1063KB
• czwi-20240930_pre.xml (EX-101.PRE) — 826KB
• czwi-20240930_htm.xml (XML) — 5073KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 5 Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2024 and 2023 7 Consolidated Statement of Changes in Stockholders' Equity (Unaudited) for the nine months ended September 30, 2024 and the year ended December 31, 2023 8 Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 10 Condensed Notes to Consolidated Financial Statements (Unaudited) 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 85 Item 4.

Controls and Procedures

Controls and Procedures 86

– OTHER INFORMATION

Part II – OTHER INFORMATION 87 Item 1.

Legal Proceedings

Legal Proceedings 87 Item 1A.

Risk Factors

Risk Factors 88 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 88 Item 3. Defaults Upon Senior Securities 88 Item 4. Mine Safety Disclosures 88 Item 5. Other Information 88 Item 6. Exhibits 89

SIGNATURES

SIGNATURES 90 3 PART 1 – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 CITIZENS COMMUNITY BANCORP, INC. Consolidated Balance Sheets September 30, 2024 (unaudited) and December 31, 2023 (derived from audited financial statements) (in thousands, except share and per share data) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 36,632 $ 37,138 Available for sale ("AFS") securities, at fair value (amortized cost of $ 168,882 , net of allowance for credit losses of $ 0 at September 30, 2024 and amortized cost of $ 179,744 , net of allowance for credit losses of $ 0 at December 31, 2023) 149,432 155,743 Held to maturity ("HTM") securities, at amortized cost (fair value of $ 71,046 , net of allowance for credit losses of $ 0 at September 30, 2024 and fair value of $ 73,262 , net of allowance for credit losses of $ 0 at December 31, 2023) 87,033 91,229 Equity investments 5,096 3,284 Other investments 12,311 15,725 Loans receivable 1,424,828 1,460,792 Allowance for credit losses ( 21,000 ) ( 22,908 ) Loans receivable, net 1,403,828 1,437,884 Loans held for sale 697 5,773 Mortgage servicing rights, net 3,696 3,865 Office properties and equipment, net 17,365 18,373 Accrued interest receivable 6,235 5,409 Intangible assets 1,158 1,694 Goodwill 31,498 31,498 Foreclosed and repossessed assets, net 1,572 1,795 Bank owned life insurance ("BOLI") 25,901 25,647 Other assets 16,683 16,334 TOTAL ASSETS $ 1,799,137 $ 1,851,391 Liabilities and Stockholders' Equity Liabilities: Deposits $ 1,520,667 $ 1,519,092 Federal Home Loan Bank ("FHLB") advances 21,000 79,530 Other borrowings 61,548 67,465 Other liabilities 15,773 11,970 Total liabilities 1,618,988 1,678,057 Stockholders' Equity: Common stock—$ 0.01 par value, authorized 30,000,000 ; 10,074,136 and 10,440,591 shares issued and outstanding, respectively 101 104 Additional paid-in capital 115,455 119,441 Retained earnings 78,438 71,117 Accumulated other comprehensive loss ( 13,845 ) ( 17,328 ) Total stoc

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