Form 8-K - Current report

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): July 25, 2024

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 July 29, 2024, Citizens Community Bancorp, Inc. (the “Company”) issued a press release announcing our financial results for the three and six months ended June 30, 2024, 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 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 8.01. Other Events.

On July 25, 2024, the Board of Directors of Citizens Community Bancorp, Inc. (the “Company”), approved a stock repurchase program through June 20, 2025. Under this program the Company may repurchase 512 thousand shares of its common stock, or approximately 5% of the current outstanding shares, after the existing repurchase program is completed. Under the Company's existing program, which was adopted on July 23, 2021, an additional 43 thousand shares remain available for repurchase as of July 25, 2024. Together with the newly adopted stock repurchase program, there are 555 thousand shares available for repurchase as of July 25, 2024. The repurchase program permits shares to be repurchased in open market or private transactions, from time to time, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Repurchases may be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the applicable trading price, future alternative advantageous uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b -18 of the Securities and Exchange Commission and other applicable legal requirements.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished herewith:


99.1			Press Release dated July 29, 2024
99.2			Earnings Release Supplement dated July 29, 2024

99.3			Earnings Release Presentation dated July 29, 2024
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: July 29, 2024

By:

/s/ James S. Broucek

James S. Broucek

Chief Financial Officer

EXHIBIT 99.1

Citizens Community Bancorp, Inc. Reports Second Quarter 2024 Earnings of $0.35 Per Share;

Board of Directors Approves Additional 5% Stock Buyback Authorization;

Criticized Assets Decreased 18%

EAU CLAIRE, WI, July 29, 2024 - Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.7 million and earnings per diluted share of $0.35 for the second quarter ended June 30, 2024, compared to $4.1 million and earnings per diluted share of $0.39 for the quarter ended March 31, 2024, and $3.2 million and $0.31 earnings per diluted share for the quarter ended June 30, 2023, respectively.

The Company’s second quarter 2024 operating results reflected the following changes from the first quarter of 2024: (1) lower nonaccrual interest income of $0.4 million recognized in net interest income in the second quarter relative to the first quarter; (2) a $0.73 million increase in negative provision for credit losses to $1.53 million in the second quarter; (3) lower non-interest income of $1.4 million due to lower gain on sale of loans and net losses on equity securities in the second quarter of 2024; and (4) lower non-interest expense of $0.5 million largely due to lower SBA recourse reserves and lower professional expenses, partially offset by higher compensation expenses largely due to annual merit increases and the write-down of a closed branch office in the second quarter.

Book value per share improved to $17.10 at June 30, 2024, compared to $16.61 at March 31, 2024, and $15.81 at June 30, 2023. Tangible book value per share (non-GAAP)1 was $13.91 at June 30, 2024, compared to $13.43 at March 31, 2024, and a 10.3% increase from $12.61 at June 30, 2023. For the second quarter of 2024, tangible book value was positively influenced by net income, lower unrealized loss on the available for sale (“AFS”) securities portfolio, reflected in accumulated other comprehensive income (“AOCI”) and intangible amortization. Stockholders’ equity as a percent of total assets was 9.77% at June 30, 2024, compared to 9.50% at March 31, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 8.09% at June 30, 2024, compared to 7.83% at March 31, 2024, with the changes above impacted favorably by asset shrinkage, partially offset by share repurchases.

“I was pleased with our execution of strategic objectives during the quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, improving credit quality, and net interest margin expansion. A planned decrease in loans and strong earnings pushed our TCE ratio to 8.09%, giving management the flexibility to repurchase shares under the new share repurchase authorization approved by our board this month. Asset quality improvements, a reduction in loan receivables by $22 million, and improving Moody’s economic outlook resulted in a negative provision of $1.53 million while maintaining a healthy reserve for credit losses to total loans at 1.48%. Our credit and pricing discipline is stabilizing our NIM, with newly originated loans offsetting modestly higher deposit costs,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

June 30, 2024, Highlights:

•Quarterly earnings were $3.7 million, or $0.35 per diluted share for the quarter ended June 30, 2024, a decrease from the quarter ended March 31, 2024, earnings of $4.1 million, or $0.39 per diluted share, and an increase from the quarter ended June 30, 2023, earnings of $3.2 million or $0.31 per diluted share.

•Net interest income decreased $0.3 million to $11.6 million for the second quarter of 2024, from $11.9 million the previous quarter and decreased $0.1 million from the second quarter of 2023. The decrease in net interest income from the first quarter of 2024 was primarily due to lower interest income recognized from nonaccrual loan payoffs of $0.4 million.

•The net interest margin was 2.72% for the quarter ended June 30, 2024, compared to 2.77% for the previous quarter, and 2.72% for the quarter ended June 30, 2023. First quarter 2024 was impacted by nonaccrual payoffs of $0.4 million which added approximately 9 basis points to the first quarter net interest margin. The net interest margin excluding interest income from nonaccrual loan payoff was an increase of 4 basis points.

•In the second quarter ended June 30, 2024, a negative provision for credit losses of $1.525 million was recorded compared to $0.8 million in the quarter ended March 31, 2024, and a provision for credit losses of $0.45 million for the quarter ended June 30, 2023. The second quarter of 2024 negative provision was due to decreases in ACL related to: (1) $0.6 million due to the impact of loan portfolio decreases and credit quality improvements; (2) $0.6 million due to improvements in the economic scenario per Moody’s, our third-party provider; and (3) reductions in off-balance sheet reserves to fund commitments of $0.3 million. The first quarter negative provision was due to: (1) a decrease in the allowance for credit losses on individually evaluated loans of $0.5 million; (2) a reduction in the ACL on unfunded construction loan commitments; and (3) net loan recoveries.

•Non-interest income decreased $1.4 million in the second quarter of 2024, due to lower gain on sale of loans and higher net losses on equity securities, and was $1.0 million lower compared to the second quarter of 2023.

•Non-interest expense decreased $478 thousand to $10.3 million from $10.8 million for the previous quarter and increased $453 thousand from $9.8 million one year earlier. The decrease in the current quarter relative to the first quarter was primarily related to $0.4 million in lower SBA recourse reserves and professional services partially offset by $0.2 million in branch closure costs.

•Gross loans decreased by $21.7 million during the second quarter ended June 30, 2024, to $1.43 billion from $1.45 billion at March 31, 2024. The decrease was largely due to criticized loan principal reductions and lower origination activity.

•Total deposits decreased by $7.9 million during the second quarter ended June 30, 2024, to $1.52 billion from $1.53 billion at March 31, 2024. The decrease in deposits reflects the seasonal decreases in public deposits partially offset by an increase in brokered deposits.

•Federal Home Loan Bank advances were reduced $8.0 million to $31.5 million at June 30, 2024, from $39.5 million at March 31, 2024.

•The effective tax rate increased to 22.1% for the current quarter from 21.3% in the previous quarter and decreased from 25.5% one year earlier. The effective tax rate for the six months ended June 30, 2024, of 21.6% is the current estimated effective tax rate for fiscal 2024. The decrease in the tax rate from the second quarter of 2023 is due to the impact of the Wisconsin tax change approved in the third quarter of 2023.

•Nonperforming assets were $10.3 million at June 30, 2024, compared to $10.6 million at March 31, 2024.

•Special mention loans decreased by $4.9 million to $8.8 million at June 30, 2024, compared to $13.7 million at March 31, 2024.

•Common stock totaling 109 thousand shares were repurchased in the second quarter of 2024 at an average price of $11.28 per share. For the six-month period ended June 30, 2024, 159 thousand shares of common stock were repurchased at an average price of $11.48 per share.

•On July 25, 2024, the Board of Directors authorized an additional stock repurchase program of 5% or 512 thousand shares.

•In March, the Company notified its customers that it would be closing the St. Peter, Minnesota branch in late June 2024, with account balances transferred to the nearest branch which is 13 miles away. The branch closure cost recognized in the second quarter was $0.2 million.

•The efficiency ratio was 72% for the quarter ended June 30, 2024, compared to 71% for the quarter ended March 31, 2024, with the increase largely due to lower non-interest income.

Balance Sheet and Asset Quality

Total assets decreased by $17.0 million during the quarter to $1.80 billion at June 30, 2024.

Cash and cash equivalents increased $8.2 million during the quarter to $36.9 million at June 30, 2024, largely due to an increase in clearing balances of $4.8 million and an increase in interest-bearing deposits of $2.9 million.

Securities available for sale decreased $5.2 million during the quarter ended June 30, 2024, to $146.4 million from $151.7 million at March 31, 2024. The decrease was due to: (1) the exchange of $2.25 million of a community development financial institution’s senior debt for a preferred equity interest in the company’s operating subsidiary, resulting in a decrease in AFS securities and an increase in equity securities; and (2) $3.8 million principal repayments, offset by an increase in the market value of the AFS portfolio of $0.8 million. The senior debt to preferred equity exchange resulted in recognition of a $0.4 million loss, reflected in net losses on investment securities on the consolidated statement of operations, and a $0.2 million reduction of unrealized losses in accumulated other comprehensive loss (AOCI) on the consolidated balance sheet from March 31, 2024, included in the $0.8 million AFS AOCI increase.

Securities held to maturity decreased $1.3 million to $88.6 million during the quarter ended June 30, 2024, from $89.9 million at March 31, 2024, due to principal repayments.

The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.48% of total assets at June 30, 2024, compared to 11.44% at March 31, 2024.

On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $714.1 million, or 289% of uninsured and uncollateralized deposits at June 30, 2024, and $697 million, or 263% at March 2024.

Gross loans decreased by $21.7 million during the second quarter ended June 30, 2024, due to loan payoffs exceeding origination activity. Commercial real estate loans decreased $16.5 million, and construction and land development loans decreased $5.7 million during the second quarter ended June 30, 2024, from the prior quarter. Meanwhile, residential mortgage loans increased $3.8 million to $133.5 million.

The office loan portfolio totaled $29.0 million at quarter end and consists of 69 loans. There was one criticized loan in this portfolio during the quarter ended June 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $1.26 million to $21.2 million at June 30, 2024, representing 1.48% of total loans receivable compared to 1.55% of total loans receivable at March 31, 2024. For the quarter ended June 30, 2024, the Bank recorded negative provision of $1.525 million which included a negative provision on ACL for loans of $1.26 million and a negative provision of $0.26 million on ACL for unfunded commitments.

Allowance for Credit Losses (“ACL”) - Loans Percentage

(in thousands, except ratios)


	June 30, 2024			March 31, 2024			December 31, 2023			June 30, 2023



Loans, end of period	$	1,428,588		$	1,450,159		$	1,460,792		$	1,424,988




Allowance for credit losses - Loans	$	21,178		$	22,436		$	22,908		$	23,164


ACL - Loans as a percentage of loans, end of period	1.48		%	1.55		%	1.57		%	1.63		%

In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.712 million at June 30, 2024, $0.975 million at March 31, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses - Unfunded Commitments:

(in thousands)


	June 30, 2024 and Three Months Ended		June 30, 2023 and Three Months Ended		June 30, 2024 and Six Months Ended		June 30, 2023 and Six Months Ended
ACL - Unfunded commitments - beginning of period	$	975	$	1,530	$	1,250	$	—
Cumulative effect of ASU 2016-13 adoption	—		—		—		1,537
(Reductions) additions to ACL - Unfunded commitments via provision for credit losses charged to operations	(263)		14		(538)		7
ACL - Unfunded commitments - end of period	$	712	$	1,544	$	712	$	1,544

Nonperforming assets decreased $0.3 million to $10.3 million, or 0.57% of total assets at June 30, 2024, compared to $10.6 million or 0.58% at March 31, 2024.

Special mention loans decreased $4.9 million to $8.8 million for the quarter ended June 30, 2024, from $13.7 million at March 31, 2024, primarily due to the payoff of a $4.3 million loan and other net reductions.

Substandard loans decreased by $0.3 million to $14.4 million at June 30, 2024, compared to $14.7 million at March 31, 2024.


	(in thousands)
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Special mention loan balances	$	8,848	$	13,737	$	18,392	$	20,043	$	20,507
Substandard loan balances	14,420		14,733		19,596		16,171		19,203
Criticized loans, end of period	$	23,268	$	28,470	$	37,988	$	36,214	$	39,710

Total deposits decreased $7.9 million during the quarter ended June 30, 2024, to $1.52 billion. Seasonal public deposits decreased $14.5 million with modest decreases in consumer and commercial deposits. Partially offsetting these decreases were increases in brokered deposits of $12.9 million largely due new brokered CDs of $40 million replacing $30 million of brokered CD maturities. Brokered MMDA’s also increased during the second quarter.

Deposit Portfolio Composition

(in thousands)


	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Consumer deposits	$	822,665	$	827,290	$	814,899	$	794,970	$	790,404
Commercial deposits	412,385		414,088		423,762		429,358		401,079
Public deposits	187,698		202,175		182,172		163,734		175,869
Brokered deposits	96,796		83,936		98,259		85,173		97,330
Total deposits	$	1,519,544	$	1,527,489	$	1,519,092	$	1,473,235	$	1,464,682

Deposit Composition

(in thousands)


	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Non-interest-bearing demand deposits	$	255,703	$	248,537	$	265,704	$	275,790	$	261,876
Interest-bearing demand deposits	353,477		361,278		343,276		336,962		358,226
Savings accounts	170,946		177,595		176,548		183,702		206,380
Money market accounts	370,164		387,879		374,055		312,689		288,934
Certificate accounts	369,254		352,200		359,509		364,092		349,266
Total deposits	$	1,519,544	1,527,489		$	1,519,092	$	1,473,235	$	1,464,682

At June 30, 2024, the deposit portfolio composition was 54% consumer, 27% commercial, 12% public, and 7% brokered deposits compared to 54% consumer, 27% commercial, 13% public, and 6% brokered deposits at March 31, 2024.

Uninsured and uncollateralized deposits were $246.7 million, or 16% of total deposits, at June 30, 2024, and $265.1 million, or 17% of total deposits, at March 31, 2024. Uninsured deposits alone at June 30, 2024, were $401.6 million, or 26% of total deposits, and $429.1 million, or 28% of total deposits at March 31, 2024.

Federal Home Loan Bank advances decreased $8.0 million to $31.5 million at June 30, 2024, from $39.5 million one quarter earlier due to asset shrinkage, as available funds from loan repayments and available liquidity were used to repay outstanding borrowings.

Other borrowings decreased $6.0 million as the Company paid down its senior debt by $6.0 million and refinanced the remaining $12 million, with an interest rate of prime minus 0.75%, interest only payments for 5 years, with 40 quarterly principal and interest payments maturing in 2039.

The Company repurchased 109 thousand shares of the Company’s common stock in the second quarter of 2024 at $11.28 per share. For the six-month period ended June 30, 2024, 159 thousand shares of common stock were repurchased at an average price of $11.48 per share. As of June 30, 2024, approximately 43 thousand shares remain available for repurchase under the July 2021 share repurchase authorization and an additional 512 thousand shares are available to repurchase under the new July 2024 share authorization.

Review of Operations

Net interest income decreased to $11.6 million for the current quarter ended June 30, 2024, from $11.9 million for the quarter ended March 31, 2024, and decreased from $11.7 million for the quarter ended June 30, 2023. The decrease in net interest income from the first quarter of 2024 was due to lower interest income recognized from nonaccrual loan payoffs of $0.04 million. Excluding this decrease in nonaccrual income, net interest income increased $0.05 million in the second quarter of 2024 compared to the first quarter of 2024, as the overall impact of increasing asset yields was partially offset by the impact of asset shrinkage and rising liability yields. Additionally, both the first and second quarters of 2024 reflected non-recurring interest income of $0.2 million recognized in curing technical defaults on

performing loans. The reported net interest margin decreased 5 basis points to 2.72% for the second quarter ended June 30, 2024, from 2.77% one quarter earlier. The impact of nonaccrual payoffs was 9 basis points. The net interest margin excluding interest income from nonaccrual loan payoffs was an increase of 4 basis points.

Net interest income and net interest margin analysis:

(in thousands, except yields and rates)


	Three months ended
	June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023
	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	$	11,576	2.72	%	$	11,905	2.77	%	$	11,747	2.69	%	$	12,121	2.79	%	$	11,686	2.72	%


Less accretion for PCD loans	(62)		(0.01)	%	(75)		(0.02)	%	(37)		(0.01)	%	(39)		(0.01)	%	(39)		(0.01)	%
Less scheduled accretion interest	(32)		(0.01)	%	(33)		(0.01)	%	(33)		(0.01)	%	(77)		(0.02)	%	(85)		(0.02)	%
Without loan purchase accretion	$	11,482	2.70	%	$	11,797	2.74	%	$	11,677	2.67	%	$	12,005	2.76	%	$	11,562	2.69	%

Non-interest income decreased to $1.9 million in the quarter ended June 30, 2024, compared to $3.3 million in the quarter ended March 31, 2024, and decreased from $2.9 million in the quarter ended June 30, 2023. The decrease from the first quarter of 2024, and second quarter of 2023, was largely due to lower gains on sale of SBA loans and higher losses on equity securities in the second quarter of 2024.

Total non-interest expense decreased $0.5 million in the second quarter of 2024 to $10.3 million, compared to $10.8 million for the quarter ended March 31, 2024, and increased from $9.8 million for the quarter ended June 30, 2023. The decrease from the first quarter of 2024 was primarily due to: (1) lower other expenses of $0.3 million, primarily due to a decrease in the SBA recourse reserves; and (2) lower professional costs of $0.2 million, partially offset by higher compensation costs of $0.2 million primarily due to annual merit increases effective in the last payroll in March 2024 and $0.2 million branch closure costs. The increase in non-interest expense in the second quarter of 2024 compared to the second quarter of 2023 was $0.5 million largely due to higher compensation expense.

Provision for income taxes decreased to $1.0 million in the second quarter of 2024 from $1.1 million in the first quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 22.1% for the quarter ended June 30, 2024, 21.3% for the quarter ended March 31, 2024, and 25.5% for the quarter ended June 30, 2023. The change in tax rate from 2023 is largely due to the third quarter 2023 Wisconsin state budget which largely eliminated the Company’s state income tax in Wisconsin.

These financial results are preliminary until Form 10-Q is filed in August 2024.

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 22 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. 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 (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; 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 inability 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, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect 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 net income as adjusted, net income as adjusted per share, 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.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percent 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)

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Balance Sheets

(in thousands, except shares and per share data)


	June 30, 2024 (unaudited)		March 31, 2024 (unaudited)		December 31, 2023 (audited)		June 30, 2023 (unaudited)
Assets
Cash and cash equivalents	$	36,886	$	28,638	$	37,138	$	42,969

Securities available for sale “AFS”	146,438		151,672		155,743		161,135
Securities held to maturity “HTM”	88,605		89,942		91,229		93,800
Equity investments	5,023		3,281		3,284		2,299
Other investments	13,878		13,022		15,725		16,347
Loans receivable	1,428,588		1,450,159		1,460,792		1,424,988
Allowance for credit losses	(21,178)		(22,436)		(22,908)		(23,164)
Loans receivable, net	1,407,410		1,427,723		1,437,884		1,401,824
Loans held for sale	275		—		5,773		2,394
Mortgage servicing rights, net	3,731		3,774		3,865		4,008
Office properties and equipment, net	17,774		18,026		18,373		19,827
Accrued interest receivable	6,289		6,324		5,409		5,702
Intangible assets	1,336		1,515		1,694		2,052
Goodwill	31,498		31,498		31,498		31,498
Foreclosed and repossessed assets, net	1,662		1,845		1,795		1,199
Bank owned life insurance (“BOLI”)	25,708		25,836		25,647		25,290

Other assets	15,794		16,219		16,334		19,493
TOTAL ASSETS	$	1,802,307	$	1,819,315	$	1,851,391	$	1,829,837
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,519,544	$	1,527,489	$	1,519,092	$	1,464,682
Federal Home Loan Bank (“FHLB”) advances	31,500		39,500		79,530		122,530
Other borrowings	61,498		67,523		67,465		67,357
Other liabilities	13,720		11,982		11,970		9,710
Total liabilities	1,626,262		1,646,494		1,678,057		1,664,279
Stockholders’ equity:

Common stock— $0.01 par value, authorized 30,000,000; 10,297,341, 10,406,880, 10,440,591, and 10,470,175 shares issued and outstanding, respectively	103		104		104		105
Additional paid-in capital	117,838		118,916		119,441		119,404
Retained earnings	75,501		71,831		71,117		64,926

Accumulated other comprehensive loss	(17,397)		(18,030)		(17,328)		(18,877)
Total stockholders’ equity	176,045		172,821		173,334		165,558
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,802,307	$	1,819,315	$	1,851,391	$	1,829,837

Note: Certain items previously reported were reclassified for consistency with the current presentation.

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statements of Operations

(in thousands, except per share data)


	Three Months Ended				Six Months Ended
	June 30, 2024 (unaudited)		March 31, 2024 (unaudited)		June 30, 2023 (unaudited)		June 30, 2024 (unaudited)		June 30, 2023 (unaudited)
Interest and dividend income:
Interest and fees on loans	$	19,921	$	20,168	$	17,960	$	40,089	$	35,086
Interest on investments	2,542		2,511		2,817		5,053		5,364
Total interest and dividend income	22,463		22,679		20,777		45,142		40,450
Interest expense:
Interest on deposits	9,338		9,209		6,162		18,547		10,510
Interest on FHLB borrowed funds	576		512		1,892		1,088		3,385
Interest on other borrowed funds	973		1,053		1,037		2,026		2,074
Total interest expense	10,887		10,774		9,091		21,661		15,969
Net interest income before provision for credit losses	11,576		11,905		11,686		23,481		24,481
Provision for credit losses	(1,525)		(800)		450		(2,325)		500
Net interest income after provision for credit losses	13,101		12,705		11,236		25,806		23,981
Non-interest income:
Service charges on deposit accounts	490		471		488		961		973
Interchange income	579		541		591		1,120		1,142
Loan servicing income	526		582		499		1,108		1,068
Gain on sale of loans	226		1,020		904		1,246		1,202
Loan fees and service charges	309		230		88		539		168

Net (losses) gains on investment securities	(658)		167		10		(491)		66


Bank Owned Life Insurance (BOLI) death benefit	184		—		—		184		—
Other	257		253		333		510		586
Total non-interest income	1,913		3,264		2,913		5,177		5,205
Non-interest expense:
Compensation and related benefits	5,675		5,483		5,336		11,158		10,674
Occupancy	1,333		1,367		1,359		2,700		2,782

Data processing	1,525		1,597		1,444		3,122		2,904
Amortization of intangible assets	179		179		193		358		397
Mortgage servicing rights expense, net	116		148		148		264		306
Advertising, marketing and public relations	186		164		151		350		287
FDIC premium assessment	200		205		203		405		404
Professional services	347		566		306		913		811
Gains on repossessed assets, net	(18)		—		(9)		(18)		(38)

Other	756		1,068		715		1,824		1,440
Total non-interest expense	10,299		10,777		9,846		21,076		19,967
Income before provision for income taxes	4,715		5,192		4,303		9,907		9,219
Provision for income taxes	1,040		1,104		1,097		2,144		2,351
Net income attributable to common stockholders	$	3,675	$	4,088	$	3,206	$	7,763	$	6,868
Per share information:
Basic earnings	$	0.35	$	0.39	$	0.31	$	0.75	$	0.66
Diluted earnings	$	0.35	$	0.39	$	0.31	$	0.75	$	0.66
Cash dividends paid	$	—	$	0.32	$	—	$	0.32	$	0.29
Book value per share at end of period	$	17.10	$	16.61	$	15.81	$	17.10	$	15.81
Tangible book value per share at end of period (non-GAAP)	$	13.91	$	13.43	$	12.61	$	13.91	$	12.61

Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

(in thousands, except per share data)


	Three Months Ended						Six Months Ended
	June 30, 2024		March 31, 2024		June 30, 2023		June 30, 2024		June 30, 2023

GAAP pretax income	$	4,715	$	5,192	$	4,303	$	9,907	$	9,219

Branch closure costs (1)	168		—		—		168		—





Pretax income as adjusted (2)	$	4,883	$	5,192	$	4,303	$	10,075	$	9,219
Provision for income tax on net income as adjusted (3)	1,077		1,104		1,097		2,180		2,351


Net income as adjusted (non-GAAP) (2)	$	3,806	$	4,088	$	3,206	$	7,895	$	6,868
GAAP diluted earnings per share, net of tax	$	0.35	$	0.39	$	0.31	$	0.75	$	0.66

Branch closure costs, net of tax	0.01		—		—		0.01		—






Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.36	$	0.39	$	0.31	$	0.76	$	0.66

Average diluted shares outstanding	10,373,089		10,443,267		10,478,206		10,407,983		10,476,711

(1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.

(2) Pretax income as adjusted and net income as adjusted is a non-GAAP measure that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.

(3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

Loan Composition

(in thousands)


	June 30, 2024		March 31, 2024		December 31, 2023		June 30, 2023

































Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	729,236	$	745,720	$	750,531	$	732,435
Agricultural real estate	78,248		80,451		83,350		87,198
Multi-family real estate	234,758		235,450		228,095		208,211
Construction and land development	87,898		93,560		110,941		105,625
C&I/Agricultural operating:
Commercial and industrial	127,386		128,434		121,666		133,763
Agricultural operating	27,409		26,237		25,691		24,358
Residential mortgage:
Residential mortgage	133,503		129,665		129,021		119,724
Purchased HELOC loans	2,915		2,895		2,880		3,216
Consumer installment:
Originated indirect paper	5,110		5,851		6,535		8,189

Other consumer	5,860		5,750		6,187		6,487


Gross loans	$	1,432,323	$	1,454,013	$	1,464,897	$	1,429,206
Unearned net deferred fees and costs and loans in process	(2,733)		(2,757)		(2,900)		(2,827)
Unamortized discount on acquired loans	(1,002)		(1,097)		(1,205)		(1,391)
Total loans receivable	$	1,428,588	$	1,450,159	$	1,460,792	$	1,424,988

Nonperforming Assets

Loan Balances at Amortized Cost

(in thousands, except ratios)


	June 30, 2024			March 31, 2024			December 31, 2023			June 30, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	5,350		$	5,340		$	10,359		$	11,359
Agricultural real estate	382			382			391			1,712
Construction and land development	—			—			54			94
Commercial and industrial (“C&I”)	422			440			—			4
Agricultural operating	1,017			1,106			1,180			1,436
Residential mortgage	1,145			1,127			1,167			1,029
Consumer installment	36			18			33			29
Total nonaccrual loans	$	8,352		$	8,413		$	13,184		$	15,663
Accruing loans past due 90 days or more	256			326			389			492
Total nonperforming loans (“NPLs”) at amortized cost	8,608			8,739			13,573			16,155
Foreclosed and repossessed assets, net	1,662			1,845			1,795			1,199
Total nonperforming assets (“NPAs”)	$	10,270		$	10,584		$	15,368		$	17,354


Loans, end of period	$	1,428,588		$	1,450,159		$	1,460,792		$	1,424,988
Total assets, end of period	$	1,802,307		$	1,819,315		$	1,851,391		$	1,829,837
Ratios:
NPLs to total loans	0.60		%	0.60		%	0.93		%	1.13		%
NPAs to total assets	0.57		%	0.58		%	0.83		%	0.95		%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)


	Three Months Ended June 30, 2024						Three Months Ended March 31, 2024						Three Months Ended June 30, 2023
	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	$	18,894	$	272	5.79	%	$	13,071	$	191	5.88	%	$	24,779	$	327	5.29	%
Loans receivable	1,439,535		19,921		5.57	%	1,456,586		20,168		5.57	%	1,414,925		17,960		5.09	%
Interest bearing deposits	—		—		—	%	—		—		—	%	5		—		—	%
Investment securities	238,147		2,012		3.40	%	243,991		2,060		3.40	%	264,579		2,210		3.34	%
Other investments	13,051		258		7.95	%	13,350		260		7.83	%	17,491		280		6.42	%
Total interest earning assets	$	1,709,627	$	22,463	5.28	%	$	1,726,998	$	22,679	5.28	%	$	1,721,779	$	20,777	4.84	%
Average interest-bearing liabilities:
Savings accounts	$	174,259	$	429	0.99	%	$	176,838	$	421	0.96	%	$	209,277	$	393	0.75	%
Demand deposits	354,850		2,023		2.29	%	353,995		2,017		2.29	%	366,037		1,752		1.92	%
Money market accounts	377,346		2,958		3.15	%	377,475		2,920		3.11	%	299,201		1,774		2.38	%
CD’s	352,323		3,928		4.48	%	360,177		3,851		4.30	%	293,262		2,243		3.07	%

Total deposits	$	1,258,778	$	9,338	2.98	%	$	1,268,485	$	9,209	2.92	%	$	1,167,777	$	6,162	2.12	%
FHLB advances and other borrowings	121,967		1,549		5.11	%	124,701		1,565		5.05	%	238,776		2,929		4.92	%
Total interest-bearing liabilities	$	1,380,745	$	10,887	3.17	%	$	1,393,186	$	10,774	3.11	%	$	1,406,553	$	9,091	2.59	%
Net interest income			$	11,576					$	11,905					$	11,686
Interest rate spread					2.11	%					2.17	%					2.25	%
Net interest margin					2.72	%					2.77	%					2.72	%
Average interest earning assets to average interest-bearing liabilities					1.24						1.24						1.22


	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	15,982	$	463	5.83	%	$	17,931	$	467	5.25	%
Loans receivable	1,448,061		40,089		5.57	%	1,412,870		35,086		5.01	%
Interest bearing deposits	—		—		—	%	126		1		1.60	%
Investment securities	241,069		4,072		3.40	%	266,224		4,385		3.32	%
Other investments	13,200		518		7.89	%	16,923		511		6.09	%
Total interest earning assets	$	1,718,312	$	45,142	5.28	%	$	1,714,074	$	40,450	4.76	%
Average interest-bearing liabilities:
Savings accounts	$	175,548	$	850	0.97	%	$	213,106	$	776	0.73	%
Demand deposits	354,423		4,040		2.29	%	378,450		3,183		1.70	%
Money market accounts	377,410		5,878		3.13	%	299,393		2,870		1.93	%
CD’s	356,250		7,779		4.39	%	270,819		3,681		2.74	%

Total deposits	$	1,263,631	$	18,547	2.95	%	$	1,161,768	$	10,510	1.82	%
FHLB advances and other borrowings	123,334		3,114		5.08	%	229,825		5,459		4.79	%
Total interest-bearing liabilities	$	1,386,965	$	21,661	3.14	%	$	1,391,593	$	15,969	2.31	%
Net interest income			$	23,481					$	24,481
Interest rate spread					2.14	%					2.45	%
Net interest margin					2.75	%					2.88	%
Average interest earning assets to average interest bearing liabilities					1.24						1.23

Key Financial Metric Ratios:


	Three Months Ended						Six Months Ended
	June 30, 2024		March 31, 2024		June 30, 2023			June 30, 2024		June 30, 2023
Ratios based on net income:
Return on average assets (annualized)	0.81	%	0.90	%	0.70	%		0.86	%	0.76	%
Return on average equity (annualized)	8.52	%	9.57	%	7.81	%		9.04	%	8.42	%
Return on average tangible common equity4 (annualized)	10.92	%	12.26	%	10.26	%		11.59	%	11.05	%
Efficiency ratio	72	%	71	%	66	%		71	%	66	%
Net interest margin with loan purchase accretion	2.72	%	2.77	%	2.72	%		2.75	%	2.88	%
Net interest margin without loan purchase accretion	2.70	%	2.74	%	2.69	%		2.72	%	2.85	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted2 (annualized)	0.84	%	0.90	%	0.70	%		0.87	%	0.76	%
Return on average equity as adjusted3 (annualized)	8.82	%	9.57	%	7.81	%		9.20	%	8.42	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)


	Three Months Ended									Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023

GAAP earnings after income taxes	$	3,675		$	4,088		$	3,206		$	7,763		$	6,868
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,806		$	4,088		$	3,206		$	7,895		$	6,868
Average assets	$	1,815,693		$	1,834,152		$	1,844,196		$	1,825,723		$	1,830,150
Return on average assets (annualized)	0.81		%	0.90		%	0.70		%	0.86		%	0.76		%
Return on average assets as adjusted (non-GAAP) (annualized)	0.84		%	0.90		%	0.70		%	0.87		%	0.76		%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Return on Average Equity

(in thousands, except ratios)


	Three Months Ended									Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
GAAP earnings after income taxes	$	3,675		$	4,088		$	3,206		$	7,763		$	6,868
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,806		$	4,088		$	3,206		$	7,895		$	—
Average equity	$	173,462		$	171,794		$	164,661		$	172,601		$	164,541
Return on average equity (annualized)	8.52		%	9.57		%	7.81		%	9.04		%	8.42		%
Return on average equity as adjusted (non-GAAP) (annualized)	8.82		%	9.57		%	7.81		%	9.20		%	8.42		%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Efficiency Ratio

(in thousands, except ratios)


	Three Months Ended						Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Non-interest expense (GAAP)	$	10,299		$	10,777		$	9,846		$	21,076		$	19,967
Less amortization of intangibles	(179)			(179)			(193)			(358)			(397)
Efficiency ratio numerator (GAAP)	$	10,120		$	10,598		$	9,653		$	20,718		$	19,570





Non-interest income	$	1,913		$	3,264		$	2,913		$	5,177		$	5,205
(Gain) loss on investment securities	658			(167)			(10)			491			(66)
Net interest margin	11,576			11,905			11,686			23,481			24,481
Efficiency ratio denominator (GAAP)	$	14,147		$	15,002		$	14,589		$	29,149		$	29,620




Efficiency ratio (GAAP)	72		%	71		%	66		%	71		%	66		%

Reconciliation of tangible book value per share (non-GAAP)

(in thousands, except per share data)


Tangible book value per share at end of period	June 30, 2024		March 31, 2024		December 31, 2023		June 30, 2023
Total stockholders’ equity	$	176,045	$	172,821	$	173,334	$	165,558

Less: Goodwill	(31,498)		(31,498)		(31,498)		(31,498)
Less: Intangible assets	(1,336)		(1,515)		(1,694)		(2,052)
Tangible common equity (non-GAAP)	$	143,211	$	139,808	$	140,142	$	132,008
Ending common shares outstanding	10,297,341		10,406,880		10,440,591		10,470,175
Book value per share	$	17.10	$	16.61	$	16.60	$	15.81
Tangible book value per share (non-GAAP)	$	13.91	$	13.43	$	13.42	$	12.61

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	June 30, 2024			March 31, 2024			December 31, 2023			June 30, 2023
Total stockholders’ equity	$	176,045		$	172,821		$	173,334		$	165,558

Less: Goodwill	(31,498)			(31,498)			(31,498)			(31,498)
Less: Intangible assets	(1,336)			(1,515)			(1,694)			(2,052)
Tangible common equity (non-GAAP)	$	143,211		$	139,808		$	140,142		$	132,008
Total Assets	$	1,802,307		$	1,819,315		$	1,851,391		$	1,829,837
Less: Goodwill	(31,498)			(31,498)			(31,498)			(31,498)
Less: Intangible assets	(1,336)			(1,515)			(1,694)			(2,052)
Tangible Assets (non-GAAP)	$	1,769,473		$	1,786,302		$	1,818,199		$	1,796,287


Total stockholders’ equity to total assets ratio	9.77		%	9.50		%	9.36		%	9.05		%
Tangible common equity as a percent of tangible assets (non-GAAP)	8.09		%	7.83		%	7.71		%	7.35		%

Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

(in thousands, except ratios)


	Three Months Ended									Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Total stockholders’ equity	$	176,045		$	172,821		$	165,558		$	176,045		$	165,558

Less: Goodwill	(31,498)			(31,498)			(31,498)			(31,498)			(31,498)
Less: Intangible assets	(1,336)			(1,515)			(2,052)			(1,336)			(2,052)
Tangible common equity (non-GAAP)	$	143,211		$	139,808		$	132,008		$	143,211		$	132,008
Average tangible common equity (non-GAAP)	$	140,539		$	138,692		$	131,016		$	139,588		$	130,796
GAAP earnings after income taxes	3,675			4,088			3,206			7,763			6,868
Amortization of intangible assets, net of tax	140			141			144			281			296

Tangible net income	$	3,815		$	4,229		$	3,350		$	8,044		$	7,164

Return on average tangible common equity (annualized)	10.92		%	12.26		%	10.26		%	11.59		%	11.05		%

1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

4Tangible 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 enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “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)”.

EXHIBIT 99.2 Earnings Release Supplement Second Quarter 2024

Citizens Community Bancorp, Inc. Table of Contents Cautionary Notes 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 Hotel Loans Restaurant Loans Campground Loans Office Loans Credit Quality/Risk Rating Descriptions Loans by Risk Rating as of June 30, 2024 Loans by Risk Rating as of March 31, 2024 Loans by Risk Rating as of December 31, 2023 Loans by Risk Rating as of June 30, 2023 Allowance for Credit Losses – Loans Allowance for Credit Losses – Unfunded Commitments Delinquency as of June 30, 2024 and March 31, 2024 Delinquency as of December 31, 2023 and June 30, 2023 Nonaccrual Loans Roll forward Other Real Estate Owned Roll forward 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 23 23 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) 24 24 25 26 26 27 28 1

Cautionary Notes and Additional Disclosures DATES AND PERIODS PRESENTED In this earnings release financial supplement, 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 NOTE 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, 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 it operates; 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 inability 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, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, 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. 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 in the appendix at the end of this presentation. 2

Deposit Composition June 30, 2024 Average Account Size (In Thousands) AmountType $14Retail $76Commercial $396Public $1.52 Billion 84% of deposits insured or collateralized Top 10 Depositors Coverage Beyond FDIC(1)Industry% of DepositsRank ICSHealth Care2.1%1 ICSPublic Administration2.0%2 ICSEducational Services2.0%3 CollateralizedPublic Administration1.4%4 CollateralizedPublic Administration1.2%5 CollateralizedPublic Administration1.0%6 NoneProfessional, Scientific, and Technical Services0.8%7 CollateralizedPublic Administration0.7%8 ICS & CollateralizedEducational Services0.7%9 ICSManufacturing0.6%10 (1) Coverage by ICS and private insurance may not cover entire balance 3

Commercial Deposit Concentrations June 30, 2024 Source: Internal Company Documents Diverse commercial deposit base with no industry concentration over 11% 4

Top 100 Depositors June 30, 2024 $398 Million 5

Liquidity June 30, 2024 $714 Million 6

Portfolio Fundamentals 52% 22% 26% Wisconsin Minnesota Other By Geography As of 6/30/24 • 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 5-10 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 6/30/2024 3/31/2024 $492 $515 759 775 $648 $664 Approximate Weighted Average LTV 53% 55% 40 38 Trailing 12 Month Net Charge-Offs 0.00% 0.00% $9.0 $13.0 1.9% 2.7% 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 Millions Criticized Loans as a Percent of Total 25% 19% 18% 11% 9% 5% 4% 3% 2% 4% CRE - Campground Investor Residential Hotel CRE - Senior Living CRE - Retail CRE - Industrial/Manufacturing CRE - Office CRE - Warehouse/Mini Storage CRE - Mixed Use Other Non – Owner Occupied CRE As of 6/30/24 7

21% 21% 18% 14% 10% 4% 12% CRE Restaurant CRE Warehouse/Mini Storage CRE Industrial/Manufacturing CRE Retail CRE Mixed Use CRE Office Other Owner Occupied CRE As of 6/30/24 Portfolio Fundamentals 77% 18% 5% Wisconsin Minnesota Other By Geography As of 6/30/24 • Underwritten to <80% LTV based on appraised value (<75% for Restaurant) • Term of 5-10 years with 20-year amortization • Recourse to owners with greater than 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, no income tax states Owner Occupied CRE 6/30/2024 3/31/2024 $238 $231 378 375 $628 $617 Approximate Weighted Average LTV 51% 51% 38 36 Trailing 12 Month Net Charge-Offs (Recoveries) (0.01%) (0.01%) $1.0 $1.0 0.5% 0.4%Criticized Loans as a Precent 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 62% 33% 5% Wisconsin Minnesota Other By Geography As of 6/30/24 2% 2% 24% 44% 19% 1% 7% 1% 2024 2023 2022 2021 2020 2019 2018 Prior By Vintage As of 6/30/24 • Robust housing markets in Eau Claire and Mankato markets supported by student populations at state universities, technical colleges, and growing population 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 6/30/2024 3/31/2024 $235 $235 129 130 $1.82 $1.81 61% 61% Weighted Average Seasoning In Months 36 34 0% 0% $0.0 $0.0 0.0% 0.0%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 Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Millions As of 9

93% 6% 1% Wisconsin Minnesota Other By Geography As of 6/30/24 20% 13% 12% 9% 8% 8% 5% 5% 4% 4% 2% 10% Finance and Insurance Transportation and Warehousing Manufacturing Wholesale Trade Construction Public Admin Retail Trade Administrative Support Agriculture Real Estate, Rental and Leasing Education Services Other Commercial & Industrial As of 6/30/24 • 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, Convenience Stores/Gas Stations Commercial & Industrial Loans 6/30/2024 3/31/2024 $127 $129 645 649 $197 $198 30 32 (0.01%) (0.01%) $54 $53 $3.0 $3.0 Criticized Loans as a Precent of Total 2.2% 2.7% Criticized Loans In Millions Weighted Average Seasoning In Months Trailing 12 Month Net Charge-Offs (Recoveries) Committed Line, if collateral In Millions Portfolio Characteristics - Commercial & Industrial Loan Balance In Millions Number of Loans Average Loan Size In Thousands As of Portfolio Fundamentals 10

Portfolio Fundamentals 29% 27% 14% 11% 6% 5% 5% 3% Campgrounds Multi-Family 1-4 Family Land Hospitality Retail Warehouse Other Construction & Development As of 6/30/24 51% 18% 11% 8% 7% 5% Wisconsin South Dakota Utah Minnesota Tennessee Colorado By Geography As of 6/30/24 • 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 • 1-4 residential construction centered in eastern Twin Cities and Northwest Wisconsin. Generally, 80% LTC /60%-80% of AV. Spec building capped. Progress reporting monthly by individual home Construction & Development Loans 6/30/2024 3/31/2024 Loan Balance Outstanding In Millions $88 $94 Number of Loans 109 111 Average Loan Size In Millions $1.0 $1.0 Approximate Weighted Average LTV 67% 68% Trailing 12 Month Net Charge-Offs 0.00% 0.00% Percent Utilized of Commitments 73% 71% $0.1 $0.3 Criticized Loans as a Percent of Total 0.1% 0.3% Portfolio Characteristics - Construction & Development As of Criticized Loans in Millions 11

35% 27% 20% 18% Crop Other Farming Dairy Other Agricultural As of 6/30/24 Portfolio Fundamentals 78% 21% 1% Wisconsin Minnesota Other By Geography As of 6/30/24 • 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 less than 65%; equipment LTV of less than 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 6/30/2024 3/31/2024 $106 $107 489 485 $216 $220 39 38 (0.47%) (0.43%) Criticized Loans in Millions $7.5 $7.7 7.1% 7.2%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

54% 30% 16% Limited Service Full Service Other Hotels As of 6/30/24 Portfolio Fundamentals 40% 39% 16% 5% Minnesota Wisconsin Illinois Colorado By Geography As of 6/30/24 • 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 in underwriting Hotel Loans 6/30/2024 3/31/2024 $92 $95 20 21 $4.6 $4.5 51% 54% (0.04%) (0.04%) Criticized Loans in Millions $4.5 $4.6 4.9% 4.8%Criticized Loans as a Precent of Total As of Number of Loans Trailing 12 Month Net Charge Offs (Recoveries) Portfolio Characteristics - Hotels Loan Balance Outstanding In Millions Average Loan Size In Millions Approximate Weighted Average LTV 13

63% 18% 10% 4% 3% 2% Culver's - Limited Service Restaurants Bowling Centers Other National Limited Services Drinking Establishments Other Restaurants As of 6/30/24 Portfolio Fundamentals 56% 27% 17% Wisconsin Minnesota Other By Geography As of 6/30/24 • Experienced developers/operators of national Limited /Quick Service brands (Culver’s, Subway, Dairy Queen, McDonalds, Jimmy John’s, A&W) • 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 • Lessors of RE include investor and owner-occupied structure Restaurant Loans 6/30/2024 3/31/2024 $58 $57 71 71 $816 $801 46% 44% 0.00% 0.00% Criticized Loans In Millions $0.05 $0.00 0.1% 0.0%Criticized Loans as a Percent of Total 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 14

1% 27% 18%24% 22% 2%2% 4% 2024 2023 2022 2021 2020 2017 2016 Prior By Vintage As 6/30/24 Portfolio Fundamentals 20% 13% 11% 9%8% 7% 5% 3% 3% 3% 5% 13% Wisconsin Utah Alabama Ohio Illinois Maryland Pennsylvania Kentucky New York North Carolina Tennessee Other By Geography As of 6/30/24 • 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 5-10 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 6/30/2024 3/31/2024 $135 $134 59 58 $2.3 $2.3 49% 49% 33 31 0.00% 0.00% $0.0 $0.0 Criticized Loans as a Percent of Total 0.0% 0.0% 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 15

4% 9% 46% 41% 2024 2025 2026 2027 & Beyond Maturity or Next Repricing Date As of 6/30/24 Portfolio Fundamentals 83% 9% 8% Wisconsin Minnesota Other By Geography As of 6/30/24 • Properties financed are generally in Wisconsin and Minnesota and 98% of properties are located outside of large cities • Projects underwritten with 5-10 year term, up to 20 year amortization, and less than 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 6/30/2024 3/31/2024 $29 $40 69 68 $421 $581 59% 64% 44.2 41 0.00% 0.00% $0.2 $0.0 0.6% 0.0%Criticized Loans as a Percent of Total 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 June 30, 2024, and December 31, 2023, 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 June 30, 2024: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 719,510 $ 214 $ 9,512 $ 729,236 Agricultural real estate 71,768 6,099 381 78,248 Multi-family real estate 234,758 — — 234,758 Construction and land development 87,790 108 — 87,898 C&I/Agricultural operating: Commercial and industrial 124,521 2,427 438 127,386 Agricultural operating 26,393 — 1,016 27,409 Residential mortgage: Residential mortgage 130,615 — 2,888 133,503 Purchased HELOC loans 2,798 — 117 2,915 Consumer installment: Originated indirect paper 5,049 — 61 5,110 Other consumer 5,853 — 7 5,860 Gross loans $ 1,409,055 $ 8,848 $ 14,420 $ 1,432,323 Less: Unearned net deferred fees and costs and loans in process (2,733) Unamortized discount on acquired loans (1,002) Allowance for credit losses (21,178) Loans receivable, net $ 1,407,410 Below is a breakdown of loans by risk rating as of March 31, 2024: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 731,757 $ 4,418 $ 9,545 $ 745,720 Agricultural real estate 73,898 6,172 381 80,451 Multi-family real estate 235,450 — — 235,450 Construction and land development 93,302 109 149 93,560 C&I/Agricultural operating: Commercial and industrial 124,939 3,038 457 128,434 Agricultural operating 25,133 — 1,104 26,237 Residential mortgage: Residential mortgage 126,624 — 3,041 129,665 Purchased HELOC loans 2,895 — — 2,895 Consumer installment: Originated indirect paper 5,805 — 46 5,851 Other consumer 5,740 — 10 5,750 Gross loans $ 1,425,543 $ 13,737 $ 14,733 $ 1,454,013 Less: Unearned net deferred fees and costs and loans in process (2,757) Unamortized discount on acquired loans (1,097) Allowance for credit losses (22,436) Loans receivable, net $ 1,427,723 18

Below is a breakdown of loans by risk rating as of December 31, 2023: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 726,075 $ 9,832 $ 14,624 $ 750,531 Agricultural real estate 76,715 6,245 390 83,350 Multi-family real estate 228,095 — — 228,095 Construction and land development 110,628 110 203 110,941 C&I/Agricultural operating: Commercial and industrial 119,442 2,205 19 121,666 Agricultural operating 24,512 — 1,179 25,691 Residential mortgage: Residential mortgage 125,913 — 3,108 129,021 Purchased HELOC loans 2,880 — — 2,880 Consumer installment: Originated indirect paper 6,491 — 44 6,535 Other consumer 6,158 — 29 6,187 Gross loans $ 1,426,909 $ 18,392 $ 19,596 $ 1,464,897 Less: Unearned net deferred fees and costs and loans in process (2,900) Unamortized discount on acquired loans (1,205) Allowance for loan losses (22,908) Loans receivable, net $ 1,437,884 Below is a breakdown of loans by risk rating as of June 30, 2023: (in thousands) 1 to 5 6 7 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 720,169 $ 398 $ 11,868 $ 732,435 Agricultural real estate 78,173 6,761 2,264 87,198 Multi-family real estate 208,211 — — 208,211 Construction and land development 105,418 113 94 105,625 C&I/Agricultural operating: Commercial and industrial 130,881 2,870 12 133,763 Agricultural operating 21,575 1,052 1,731 24,358 Residential mortgage: Residential mortgage 116,541 — 3,183 119,724 Purchased HELOC loans 3,216 — — 3,216 Consumer installment: Originated indirect paper 8,148 — 41 8,189 Other consumer 6,477 — 10 6,487 Gross loans $ 1,398,809 $ 11,194 $ 19,203 $ 1,429,206 Less: Unearned net deferred fees and costs and loans in process (2,827) Unamortized discount on acquired loans (1,391) Allowance for loan losses (23,164) Loans receivable, net $ 1,401,824 19

Allowance for Credit Losses - Loans (in thousand, except ratios) June 30, 2024 and Three Months Ended March 31, 2024 and Three Months Ended December 31, 2023 and Three Months Ended June 30, 2023 and Three Months Ended Allowance for Credit Losses (“ACL”) ACL - Loans, at beginning of period $ 22,436 $ 22,908 $ 22,973 $ 22,679 Loans charged off: Commercial/Agricultural real estate — — — (14) C&I/Agricultural operating — — — — Residential mortgage — — — (10) Consumer installment (12) (5) (6) (16) Total loans charged off (12) (5) (6) (40) Recoveries of loans previously charged off: Commercial/Agricultural real estate 2 39 253 27 C&I/Agricultural operating 10 15 6 16 Residential mortgage 2 1 2 36 Consumer installment 2 3 9 10 Total recoveries of loans previously charged off: 16 58 270 89 Net loan recoveries/(charge-offs) (“NCOs”) 4 53 264 49 (Reductions) additions to ACL - Loans via provision for credit losses charged to operations (1,262) (525) (329) 436 ACL - Loans, at end of period $ 21,178 $ 22,436 $ 22,908 $ 23,164 Average outstanding loan balance $ 1,439,535 $ 1,456,586 $ 1,458,558 $ 1,414,925 Ratios: NCOs (annualized) to average loans — % (0.01) % (0.07) % (0.01) % Allowance for Credit Losses - Unfunded Commitments: (in thousands) In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.712 million at June 30, 2024, $0.975 million at March 31, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets. June 30, 2024 and Three Months Ended March 31, 2024 and Three Months Ended December 31, 2023 and Three Months Ended June 30, 2023 and Three Months Ended ACL - Unfunded commitments - beginning of period $ 975 $ 1,250 $ 1,571 $ 1,530 Additions (reductions) to ACL - Unfunded commitments via provision for credit losses charged to operations (263) (275) (321) 14 ACL - Unfunded commitments - End of period $ 712 $ 975 $ 1,250 $ 1,544 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 June 30, 2024 Commercial/Agricultural real estate: Commercial real estate $ 103 $ 111 $ 533 $ 747 $ 726,423 $ 727,170 Agricultural real estate — — 354 354 77,428 77,782 Multi-family real estate — — — — 234,624 234,624 Construction and land development — — — — 87,379 87,379 C&I/Agricultural operating: Commercial and industrial 277 — 421 698 126,610 127,308 Agricultural operating — — 1,017 1,017 26,405 27,422 Residential mortgage: Residential mortgage 3,025 692 814 4,531 128,487 133,018 Purchased HELOC loans — 117 — 117 2,798 2,915 Consumer installment: Originated indirect paper 2 9 25 36 5,074 5,110 Other consumer 41 3 2 46 5,814 5,860 Total $ 3,448 $ 932 $ 3,166 $ 7,546 $ 1,421,042 $ 1,428,588 March 31, 2024 Commercial/Agricultural real estate: Commercial real estate $ — $ 50 $ 491 $ 541 $ 743,089 $ 743,630 Agricultural real estate 87 — 354 441 79,826 80,267 Multi-family real estate — — — — 235,318 235,318 Construction and land development — — — — 93,055 93,055 C&I/Agricultural operating: Commercial and industrial 373 — 437 810 127,201 128,011 Agricultural operating 71 15 1,106 1,192 25,052 26,244 Residential mortgage: Residential mortgage 1,741 365 757 2,863 126,276 129,139 Purchased HELOC loans — 117 — 117 2,778 2,895 Consumer installment: Originated indirect paper 35 — 12 47 5,804 5,851 Other consumer 19 — 3 22 5,727 5,749 Total $ 2,326 $ 547 $ 3,160 $ 6,033 $ 1,444,126 $ 1,450,159 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, 2023 Commercial/Agricultural real estate: Commercial real estate $ 50 $ 308 $ 5,579 $ 5,937 $ 742,510 $ 748,447 Agricultural real estate 30 — 361 391 82,766 83,157 Multi-family real estate — — — — 228,004 228,004 Construction and land development — — 54 54 110,164 110,218 C&I/Agricultural operating: Commercial and industrial 248 — — 248 120,942 121,190 Agricultural operating — — 1,179 1,179 24,516 25,695 Residential mortgage: Residential mortgage 856 583 1,023 2,462 126,017 128,479 Purchased HELOC loans 117 — — 117 2,763 2,880 Consumer installment: Originated indirect paper 66 — 12 78 6,457 6,535 Other consumer 38 — 20 58 6,129 6,187 Total $ 1,405 $ 891 $ 8,228 $ 10,524 $ 1,450,268 $ 1,460,792 June 30, 2023 Commercial/Agricultural real estate: Commercial real estate $ 127 $ 194 $ 5,483 $ 5,804 $ 724,587 $ 730,391 Agricultural real estate — 69 405 474 86,485 86,959 Multi-family real estate — — — — 208,109 208,109 Construction and land development — — 94 94 104,797 104,891 C&I/Agricultural operating: Commercial and industrial — — — — 133,248 133,248 Agricultural operating 316 — 1,002 1,318 23,062 24,380 Residential mortgage: Residential mortgage 993 853 1,093 2,939 116,180 119,119 Purchased HELOC loans 456 — — 456 2,760 3,216 Consumer installment: Originated indirect paper 17 — 12 29 8,160 8,189 Other consumer 20 6 2 28 6,458 6,486 Total $ 1,929 $ 1,122 $ 8,091 $ 11,142 $ 1,413,846 $ 1,424,988 22

Nonaccrual Loans Roll forward Loan balances at amortized cost (in thousands) Quarter Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Balance, beginning of period $ 8,413 $ 13,184 $ 13,456 $ 15,663 $ 10,410 Additions 352 961 538 33 7,826 Charge offs — — — (53) (23) Transfers to OREO — — (23) — (110) Return to accrual status — — — (190) — Payments received (411) (5,767) (781) (1,994) (2,429) Other, net (2) 35 (6) (3) (11) Balance, end of period $ 8,352 $ 8,413 $ 13,184 $ 13,456 $ 15,663 Other Real Estate Owned Roll forward (in thousands) Quarter Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Balance, beginning of period $ 1,845 $ 1,795 $ 1,046 $ 1,199 $ 1,113 Loans transferred in — 73 23 — 110 Real estate transferred in from fixed assets — — 724 — — Real estate transferred in from fixed assets value reduction — (27) — — — Branch properties sales — — — — — Sales (183) — — (25) (33) Write-downs — — — (128) — Other, net — 4 2 — 9 Balance, end of period $ 1,662 $ 1,845 $ 1,795 $ 1,046 $ 1,199 23

The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of June 30, 2024 and December 31, 2023, respectively, were as follows: (in thousands) Available for sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2024 U.S. government agency obligations $ 15,180 $ 72 $ 154 $ 15,098 Mortgage-backed securities 88,199 — 19,115 69,084 Corporate debt securities 44,919 1 4,788 40,132 Asset-backed securities 22,196 45 117 22,124 Total available for sale securities $ 170,494 $ 118 $ 24,174 $ 146,438 December 31, 2023 U.S. government agency obligations $ 16,655 $ 77 $ 156 $ 16,576 Mortgage-backed securities 91,091 — 17,611 73,480 Corporate debt securities 47,158 6 5,990 41,174 Asset-backed securities 24,840 12 339 24,513 Total available for sale securities $ 179,744 $ 95 $ 24,096 $ 155,743 (in thousands) Held to maturity securities Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value June 30, 2024 Obligations of states and political subdivisions $ 500 $ — $ 31 $ 469 Mortgage-backed securities 88,105 4 19,551 68,558 Total held to maturity securities $ 88,605 $ 4 $ 19,582 $ 69,027 December 31, 2023 Obligations of states and political subdivisions $ 600 $ — $ 35 $ 565 Mortgage-backed securities 90,629 6 17,938 72,697 Total held to maturity securities $ 91,229 $ 6 $ 17,973 $ 73,262 The composition of our available for sale portfolios by credit rating as of the dates indicated below was as follows: (in thousands) June 30, 2024 December 31, 2023 Available for sale securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 95,379 $ 76,252 $ 98,977 $ 81,351 AAA 11,570 11,486 9,695 9,508 AA 18,626 18,568 23,913 23,709 A 5,950 5,453 8,200 7,292 BBB 38,969 34,679 38,959 33,883 Non-rated — — — — Total available for sale securities $ 170,494 $ 146,438 $ 179,744 $ 155,743 24

The composition of our held to maturity portfolio by credit rating as of the dates indicated was as follows: (in thousands) June 30, 2024 December 31, 2023 Held to maturity securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 88,105 $ 68,558 $ 90,629 $ 72,697 AAA — — — — AA — — — — A 500 469 600 565 Total $ 88,605 $ 69,027 $ 91,229 $ 73,262 On July 23, 2021, the Board of Directors adopted a share repurchase program, pursuant to which Citizens Community Bancorp, Inc. is authorized to repurchase 532,962 shares of its common stock, or approximately 5% of the outstanding shares on that date. As of the beginning of the quarter ended June 30, 2024, 152 thousand shares were available for purchase under the share repurchase program. During the quarter ended June 30, 2024, 109 thousand shares were repurchased under the program. As of June 30, 2024, an additional 43 thousand shares remain available for repurchase under the program. Earnings Per Share (Amounts in thousands, except per share data) Three Months Ended Six Months Ended June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Basic Net income attributable to common shareholders $ 3,675 $ 4,088 $ 3,206 $ 7,763 $ 6,868 Weighted average common shares outstanding 10,370 10,439 10,478 10,405 10,475 Basic earnings per share $ 0.35 $ 0.39 $ 0.31 $ 0.75 $ 0.66 Diluted Net income attributable to common shareholders $ 3,675 $ 4,088 $ 3,206 $ 7,763 $ 6,868 Weighted average common shares outstanding 10,370 10,439 10,478 10,405 10,475 Add: Dilutive stock options outstanding 3 4 — 3 2 Average shares and dilutive potential common shares 10,373 10,443 10,478 10,408 10,477 Diluted earnings per share $ 0.35 $ 0.39 $ 0.31 $ 0.75 $ 0.66 Common stock issued and outstanding 10,297 10,407 10,470 10,297 10,470 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 June 30, 2024 At December 31, 2023 +300 bp 1 % 0 % +200 bp 0 % 0 % +100 bp 0 % 0 % -100 bp 0 % 0 % -200 bp (1) % (2) % 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 June 30, 2024 At December 31, 2023 +300 bp (10) % (13) % +200 bp (7) % (8) % +100 bp (4) % (4) % -100 bp 4 % 4 % -200 bp 7 % 7 % 26

CITIZENS COMMUNITY FEDERAL N.A. Selected Capital Composition Highlights June 30, 2024 (unaudited) March 31, 2024 (unaudited) December 31, 2023 (audited) June 30, 2023 (unaudited) To Be Well Capitalized Under Prompt Corrective Action Provisions Tier 1 leverage ratio (to adjusted total assets) 11.7% 11.7% 11.5% 11.7% 5.0% Tier 1 capital (to risk weighted assets) 13.7% 13.7% 13.4% 13.5% 8.0% Common equity tier 1 capital (to risk weighted assets) 13.7% 13.7% 13.4% 13.5% 6.5% Total capital (to risk weighted assets) 15.0% 14.9% 14.6% 14.7% 10.0% CITIZENS COMMUNITY BANCORP, INC. Selected Capital Composition Highlights June 30, 2024 (unaudited) March 31, 2024 (unaudited) December 31, 2023 (audited) June 30, 2023 (unaudited) For Capital Adequacy Purposes Tier 1 leverage ratio (to adjusted total assets) 9.1% 8.9% 8.9% 8.6% 4.0% Tier 1 capital (to risk weighted assets) 10.7% 10.4% 10.3% 9.9% 6.0% Common equity tier 1 capital (to risk weighted assets) 10.7% 10.4% 10.3% 9.9% 4.5% Total capital (to risk weighted assets) 15.2% 14.9% 14.7% 14.3% 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: June 30, 2024 Valuation Method Used Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents (Level I) $ 36,886 $ 36,886 Securities available for sale “AFS” (Level II) 146,438 146,438 Securities held to maturity “HTM” (Level II) 88,605 69,027 Farmer Mac equity securities (1) (Level I) 515 N/A Preferred equity (Level III) 1,812 1,812 Equity investments valued at NAV(2) N/A 2,696 N/A Other investments (Level II) 13,878 13,878 Loans receivable, net (Level III) 1,407,410 1,344,304 Loans held for sale - Residential mortgage (Level I) 275 275 Mortgage servicing rights (Level III) 3,731 5,425 Accrued interest receivable (Level I) 6,289 6,289 Financial liabilities: Deposits (Level III) $ 1,519,544 $ 1,518,379 FHLB advances (Level II) 31,500 31,269 Other borrowings (Level II) 61,498 57,198 Accrued interest payable (Level I) 5,984 5,984 (1) The fair value is not applicable due to restrictions placed on transferability. (2) 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

2024 Second Quarter Results Earnings Release Presentation Exhibit 99.3

Cautionary Notes 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. CAUTIONARY NOTE 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, 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 it operates; 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 inability 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, 2023, filed with the Securities and Exchange Commission ("SEC") on March 5, 2024, 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. 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, 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 in the appendix at the end of this presentation. SOURCE Unless otherwise noted, internal Company documents

Investment Summary Markets Strong earnings and ROATCE profile with capacity and infrastructure to grow organically 3 Returns Asset Quality Growing markets with diverse industries and unemployment rates lower than national averages mitigate volatility and support steady growth Sound underwriting practices and portfolio administration have produced strong credit performance Capital Ratios Solid bank capital ratios and improving holding company regulatory capital ratios Shareholder Friendly Board and Executive Management commitment to the company’s stock through individual share repurchases and open authorization to reduce share count

Performance Objectives Capital Management Strong Asset Quality Metrics Operating Leverage Sustainable Business Practices Decrease balance sheet size and maximize earnings to enhance capital in case of an economic downturn, and to support share repurchases under buyback authorizations Maintain a strong credit culture which emphasizes prudent underwriting, disciplined loan administration, and timely intervention with borrowers experiencing difficulties Continuously update workflows and use of software applications to improve productivity, efficiency, and customer service Foster a culture of accountability for executing business strategy in a manner that engages customers, colleagues, and our communities that will generate strong results and increase stakeholder value 4 Diversification Maintain balanced deposit and loan portfolios to minimize concentrations by industry, customer, product types, loan exposures and geography

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 $1,450 $1,429 $558 $743 $747 $1,196 $1,295 $1,388 $1,425 $1,519 $1,527 $1,520 $696 $941 $975 $1,531 $1,649 $1,740 $1,816 $1,851 $1,819 $1,802 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY Mar-24 Jun-24 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

89.2% 82.3% 76.1% 87.1% 73.7% 86.5% 87.1% 84.0% 80.8% 89.6% 74.1% 87.4% 87.4% 84.2% 76.8% 84.9% 70.2% 90.9% 86.0% 82.9% 82.6% 87.0% 69.4% 87.8% 75% 0.0% 25.0% 50.0% 75.0% 100.0% Overall Role Team Supervisor Compensation Organization Colleague Engagement 2021 Favorable 2022 Favorable 2023 Favorable 2024 Favorable Excellent Target 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 & Engagement 7 20242023 20222021 Participation Rate: 95.1%84.8%91.4%71.8%

Net Income and Diluted EPS Source: S&P Global Market Intelligence, company filings 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. 8 $2,499 $4,283 $9,463 $12,725 $21,266 $17,761 $13,059 $4,088 $3,675$4,221 $4,962 $10,675 $12,425 $21,339 $18,500 $13,321 $4,088 $3,806 $0 $5,000 $10,000 $15,000 $20,000 $25,000 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Net Income Net Income Net Income as Adjusted $0.46 $0.58 $0.85 $1.14 $1.98 $1.69 $1.25 $0.39 $0.35 $0.78 $0.68 $0.96 $1.11 $1.99 $1.76 $1.28 $0.39 $0.36 $0.00 $0.50 $1.00 $1.50 $2.00 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Diluted EPS Diluted EPS Diluted EPS Income as Adjusted

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 better assessing capital adequacy. The reconciliation of Tangible book value per share 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. 9 $9.78 $11.05 $9.89 $11.18 $12.90 $12.77 $13.42 $13.43 $13.91 $12.48 $12.46 $13.36 $14.52 $16.27 $16.03 $16.60 $16.61 $17.10 $0.00 $5.00 $10.00 $15.00 $20.00 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY Mar-24 Jun-24 BOOK VALUE AND TANGIBLE BOOK VALUE PER SHARE TANGIBLE BOOK VALUE PER SHARE BOOK VALUE PER SHARE $22,878 $29,764 $42,686 $43,673 $40,532 $41,743 $40,142 $21,076 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2017 2018 2019 2020 2021 2022 2023 2024 YTD CORE NET REVENUE DETAIL NET INTEREST INCOME NON-INTEREST INCOME NON-INTEREST EXPENSE $58,488 $68,703 $69,491 $28,658 $27,019 $37,673 $66,799 $58,599

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 better 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 and Return on Average Tangible Common Equity Source: SEC filings and Company documents 10 0.34% 0.45% 0.68% 0.80% 1.23% 1.00% 0.71% 0.90% 0.81% 0.58% 0.52% 0.76% 0.78% 1.24% 1.04% 0.73% 0.90% 0.84% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 ROAA ROAA ROAA INCOME AS ADJUSTED 4.5% 5.3% 10.1% 12.1% 17.6% 14.4% 10.3% 12.3% 10.9% 7.5% 6.0% 11.2% 11.8% 17.6% 14.9% 10.5% 12.3% 11.3% 0.0% 5.0% 10.0% 15.0% 20.0% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 ROATCE ROATCE ROATCE INCOME AS ADJUSTED

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 better 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. 11 84% 77% 71% 61% 57% 61% 68% 71% 72%74% 76% 66% 62% 57% 59% 67% 71% 70% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 EFFICIENCY RATIO EFFICIENCY RATIO EFFICIENCY RATIO AS ADJUSTED $20,077 $22,268 $30,303 $43,513 $50,255 $53,667 $56,369 $48,349 $23,481 3.27% 3.31% 3.42% 3.37% 3.40% 3.34% 3.39% 2.81% 2.75% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD NII AND NIM NET INTEREST INCOME NET INTEREST MARGIN

Citizens Community Bancorp, Inc. Capital Ratios 12 6.6% 8.3% 7.7% 7.7% 7.9% 8.5% 8.9% 8.9% 9.1% 0.0% 4.0% 8.0% 12.0% LEVERAGE RATIO 8.9% 10.2% 9.1% 10.5% 9.7% 9.7% 10.3% 10.4% 10.7% 0.0% 5.0% 10.0% 15.0% COMMON EQUITY TIER 1 RATIO 12.0% 12.4% 11.2% 14.3% 13.1% 14.0% 14.7% 14.9% 15.2% 0.0% 5.0% 10.0% 15.0% 20.0% TOTAL CAPITAL RATIO Tangible common equity/tangible assets is a non-GAAP measure, which management believes may be helpful in better 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. 6.3% 10.7% 9.9% 7.7% 7.9% 7.5% 7.7% 7.8% 8.1% 0.0% 4.0% 8.0% 12.0% Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 TANGIBLE COMMON EQUITY / TANGIBLE ASSETS

Asset Quality 0.82% 0.89% 0.88% 1.38% 1.29% 1.27% 1.57% 1.55% 1.48% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% ALLOWANCE FOR CREDIT LOSSES (ACL) - LOANS 1.49% 1.14% 1.41% 0.70% 0.76% 0.70% 0.83% 0.58% 0.57% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% NON-PERFORMING ASSETS (NPA) / ASSETS 13 73.90% 81.04% 51.19% 150.38% 143.03% 156.67% 168.78% 256.73% 246.03% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% ACL-LOANS / NON-PERFORMING LOANS (NPL) 0.07% 0.07% 0.08% 0.08% 0.01% 0.03% -0.03% -0.01% 0.00% -0.04% -0.02% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% NET (RECOVERIES) CHARGE-OFFS/AVERAGE LOANS

CRE, C&I, Ag. Related, C&D 90% Residential & HELOC 9% Consumer 1% Loan Portfolio 09/30/2016 06/30/2024 CRE, C&I, Ag. Related, C&D 34% Residential & HELOC 33% Consumer 33% 14 (1) Yield excludes SBA PPP accretion, PCI loan accretion, loan purchase accretion, and interest income recognized on nonaccrual loan payoffs ($000s) Sep-16 Sep-17 Sep-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Commercial Real Estate $54,600 $109,024 $156,735 $420,383 $425,283 $610,214 $630,857 $653,437 $650,856 $637,848 Housing related CRE $53,475 $77,166 $108,029 $181,084 $204,544 $266,600 $304,022 $325,189 $330,314 $326,145 Commercial & Industrial $31,001 $55,251 $76,254 $133,734 $116,553 $122,167 $136,013 $121,666 $128,434 $127,386 Ag. Real Estate / Ag. Operating $42,845 $91,875 $97,066 $123,143 $101,580 $110,083 $116,714 $109,041 $106,688 $105,657 Q2 2024 Construction & Development $16,580 $19,708 $17,739 $86,410 $98,517 $79,520 $102,492 $110,941 $93,560 $87,898 5.57% Residential mortgage and Purchased HELOC loans $187,738 $247,634 $209,781 $184,739 $137,646 $94,861 $108,651 $131,901 $132,560 $136,419 Yield (1) Indirect Consumer Installment $168,294 $115,287 $78,245 $39,585 $25,851 $15,971 $10,236 $6,535 $5,851 $5,110 Consumer Installment $19,715 $20,668 $18,844 $18,186 $13,213 $8,874 $7,150 $6,187 $5,750 $5,860 Gross Loans Ex SBA PPP Loans $574,248 $736,613 $762,693 $1,187,264 $1,123,187 $1,308,290 $1,416,135 $1,464,897 $1,454,013 $1,432,323 SBA PPP Loans $0 $0 $0 $0 $123,702 $8,755 $0 $0 $0 $0 Total Gross Loans $574,248 $736,613 $762,693 $1,187,264 $1,246,889 $1,317,045 $1,416,135 $1,464,897 $1,454,013 $1,432,323

Commercial & Ag Loan Portfolio  CZWI has transformed its loan portfolio through organic growth and acquisitions  Change has occurred from a primarily consumer focused portfolio to a diversified mix consisting of commercial real estate, agricultural and commercial business loans  Credit quality remains a focus in conjunction with loan growth 15 ($000s) Sep-16 Sep-17 Sep-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Gross Commercial & Ag Loans: Commercial real estate $88,940 $159,962 $216,703 $514,459 $507,675 $698,465 $725,971 $750,531 $745,720 $729,236 Agricultural real estate $28,198 $68,002 $70,517 $85,363 $68,795 $78,495 $87,908 $83,350 $80,451 $78,248 Multi-family real estate $19,135 $26,228 $48,061 $87,008 $122,152 $178,349 $208,908 $228,095 $235,450 $234,758 Construction and development $16,580 $19,708 $17,739 $86,410 $98,517 $79,520 $102,492 $110,941 $93,560 $87,898 Commercial and industrial $31,001 $55,251 $76,254 $133,734 $116,553 $122,167 $136,013 $121,666 $128,434 $127,386 Agricultural operating $14,647 $23,873 $26,549 $37,780 $32,785 $31,588 $28,806 $25,691 $26,237 $27,409 Total Gross Commercial & Ag Loans $198,501 $353,024 $455,823 $944,754 $946,477 $1,188,584 $1,290,098 $1,320,274 $1,309,852 $1,284,935

Deposit Composition  Focus has been on transforming the deposit composition to core deposits  Deposit transformation and growth has been achieved through both acquisitions and organic initiatives 9/30/2016 06/30/2024 Source: S&P Global Market Intelligence, company filings Non Interest Bearing Demand 8% Interest Bearing Demand 9% MMDA & Savings 34% CDs 49% 16 Non Interest Bearing Demand 17% Interest Bearing Demand 23% MMDA & Savings 36% CDs 24% ($000) Sep-16 Sep-17 Sep-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Non-interest-bearing demand deposits $45,408 $75,318 $87,495 $168,157 $238,348 $276,631 $284,726 $265,704 $248,537 $255,703 Interest bearing demand deposits $48,934 $147,912 $139,276 $223,102 $301,764 $396,231 $371,210 $343,276 $361,278 $353,477 Q2 2024 Savings accounts $52,153 $102,756 $97,329 $156,599 $196,348 $222,674 $220,019 $176,548 $177,595 $170,946 Cost of Deposits Money market accounts $137,234 $125,749 $109,314 $246,430 $245,549 $288,985 $323,435 $374,055 $387,879 $370,164 2.49% Certificate accounts $273,948 $290,769 $313,115 $401,414 $313,247 $203,014 $225,334 $359,509 $352,200 $369,254 Total Deposits $557,677 $742,504 $746,529 $1,195,702 $1,295,256 $1,387,535 $1,424,724 $1,519,092 $1,527,489 $1,519,544 Deposit Composition - Quarter Lookback

$557,677 $742,504 $1,007,512 $1,195,702 $1,295,256 $1,387,535 $1,424,724 $1,519,092 $1,527,489 $1,519,544 $27,884 $32,283 $37,315 $42,704 $51,810 $55,501 $61,945 $66,047 $66,413 $69,070 $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 $1,800,000 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Mar-24 Jun-24 TOTAL DEPOSITS AND DEPOSITS PER BRANCH ($000) Total Deposits Average Deposits Per Branch 23 27 28 25 25 23 23 23 22 Branch Deposit Growth & Efficiency  $69 million average branch size as of June 30, 2024, up 148% in size over the past 8 years  3 branch locations were consolidated in 2022  1 branch location opened in 2022 in an identified market of opportunity  1 branch closed in 2Q 2024  Since FY 2016  19 branches opened or purchased  17 branches closed, consolidated, or sold Includes branch acquisitions and consolidations Source: S&P Global Market Intelligence, company filings 17 20 White Numbers Indicate Branch Count

Appendix 18

Net Interest Margin Analysis Source: S&P Global Market Intelligence, company filings 19 Quarter ended June 30, 2024 Quarter ended March 31, 2024 Quarter ended December 31, 2023 Quarter ended September 30, 2023 Interest Average Interest Average Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ ($ Dollars in Thousands) Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate Average interest earning assets: Cash and cash equivalents 18,894$ 272$ 5.79% 13,071$ 191$ 5.88% 16,699$ 241$ 5.75% 21,298$ 302$ 5.63% Loans receivable 1,439,535 19,921 5.57% 1,456,586 20,168 5.57% 1,458,558 19,408 5.28% 1,435,284 19,083 5.27% Investment securities 238,147 2,012 3.40% 243,991 2,060 3.40% 243,705 2,102 3.42% 252,226 2,119 3.33% Non-marketable equity securities, at cost 13,051 258 7.95% 13,350 260 7.83% 15,760 275 6.92% 15,511 268 6.85% Total interest earning assets 1,709,627$ 22,463$ 5.28% 1,726,998$ 22,679$ 5.28% 1,734,722$ 22,026$ 5.04% 1,724,319$ 21,772$ 5.01% Average interest-bearing liabilities: Total deposits 1,258,778$ 9,338$ 2.98% 1,268,485$ 9,209$ 2.92% 1,199,468$ 7,851$ 2.60% 1,209,688$ 7,388$ 2.42% FHLB Advances & Other Borrowings 121,967 1,549 5.11% 124,701 1,565 5.05% 191,575 2,428 5.03% 182,967 2,263 4.91% Total interest bearing liabilities 1,380,745$ 10,887$ 3.17% 1,393,186$ 10,774$ 3.11% 1,391,043$ 10,279$ 2.93% 1,392,655$ 9,651$ 2.75% Net interest income 11,576$ 11,905$ 11,747$ 12,121$ Interest Rate Spread 2.11% 2.17% 2.11% 2.26% Net interest margin 2.72% 2.77% 2.69% 2.79%

Interest Rate Risk 20 (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 1% +300 bp 0% +200 bp 0% +200 bp 0% +100 bp 0% +100 bp 0% -100 bp 0% -100 bp 0% -200 bp -1% -200 bp -2% 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 -10% +300 bp -13% +200 bp -7% +200 bp -8% +100 bp -4% +100 bp -4% -100 bp 4% -100 bp 4% -200 bp 7% -200 bp 7% December 31, 2023June 30, 2024 December 31, 2023June 30, 2024 Economic Value of Equity (EVE) Net Interest Income Over One Year Horizon

21 Reconciliation of Non-GAAP Financial Measures Reconciliation of GAAP Earnings and Core Earnings (non-GAAP): GAAP pre-tax earnings 3,822$ 6,609$ 12,277$ 17,280$ 28,959$ 23,581$ 18,932$ 5,192$ 4,715$ Merger related costs (1) 1,860$ 463$ 3,880$ -$ -$ -$ -$ -$ -$ Branch closure costs (2) 951$ 26$ 15$ 165$ -$ 981$ 380$ -$ 168$ Settlement proceeds (3) (283)$ -$ -$ (131)$ -$ -$ -$ -$ -$ FHLB borrowings prepayment fee (4) 104$ -$ -$ -$ 102$ -$ -$ -$ -$ Audit and Financial Reporting (5) -$ -$ 358$ -$ -$ -$ -$ -$ -$ Net gain on sale of branch -$ -$ (2,295)$ -$ -$ -$ -$ -$ -$ Net gain on sale of acquired business lines (6) -$ -$ -$ (432)$ -$ -$ -$ -$ -$ Income before provision for income taxes as adjusted (7) 6,454$ 7,098$ 14,235$ 16,882$ 29,061$ 24,562$ 19,312$ 5,192$ 4,883$ Provision for income tax on pre-tax earnings as adjusted (8) 2,233$ 1,798$ 3,260$ 4,457$ 7,722$ 6,062$ 5,991$ 1,104$ 1,077$ Tax impact of certain acquired BOLI policies (9) -$ -$ 300$ -$ -$ -$ -$ -$ Tax cuts and Jobs Act of 2017 (10) -$ 338$ -$ -$ -$ -$ -$ -$ -$ Total provision for income tax as adjusted 2,233$ 2,136$ 3,560$ 4,457$ 7,722$ 6,062$ 5,991$ 1,104$ 1,077$ Net income as adjusted (non-GAAP) (7) 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 13,321$ 4,088$ 3,806$ GAAP diluted earnings per share, net of tax 0.46$ 0.58$ 0.85$ 1.14$ 1.98$ 1.69$ 1.25$ 0.39$ 0.35$ Merger related costs, net of tax 0.22$ 0.06$ 0.27$ -$ -$ -$ -$ -$ -$ Branch related costs, net of tax 0.12$ -$ -$ 0.01$ -$ 0.07$ 0.03$ -$ 0.01$ Settlement proceeds (0.03)$ -$ -$ (0.01)$ -$ -$ -$ -$ -$ FHLB borrowings prepayment fee 0.01$ -$ -$ -$ 0.01$ -$ -$ -$ -$ Tax impact of certain acquired BOLI policies (9) -$ -$ (0.03)$ -$ -$ -$ -$ -$ -$ Tax Cuts and Jobs Act of 2017 tax provision (10) -$ 0.04$ -$ -$ -$ -$ -$ -$ -$ Audit and Financial Reporting, net of tax -$ -$ 0.02$ -$ -$ -$ -$ -$ -$ Net gain on sale of branch -$ -$ (0.15)$ -$ -$ -$ -$ -$ -$ Net gain on sale of acquired business lines -$ -$ -$ (0.03)$ -$ -$ -$ -$ -$ Diluted earnings per share, as adjusted, net of tax (non-GAAP) 0.78$ 0.68$ 0.96$ 1.11$ 1.99$ 1.76$ 1.28$ 0.39$ 0.36$ Average diluted shares outstanding 5,378,548 7,335,247 11,121,435 11,161,811 10,726,539 10,513,773 10,470,298 10,443,267 10,373,089 FY 2022 Jun-24FY 2020 FY 2021 FY 2023 Mar-24FY 2017 FY 2018 FY 2019

(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, $341,000, $350,000, and $565,000 for the three months ended June 30, 2024 and March 31, 2024, and years ended December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019, September 30, 2018, and September 30, 2017, 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 related to the reduction in valuation of a closed branch office in the fourth quarter of fiscal 2017 and 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, one branch office closure in the quarter ended December 31, 2023, and one branch office closure in the quarter ended June 30, 2024. Professional services includes legal costs related to the sale of the Michigan branch included in these Branch closure costs during the quarter ended March 31, 2019. (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) Audit and financial reporting costs include additional audit and professional fees related to the change in our year end from September 30 to December 31, effective December 31, 2018. (6) Net gain on sale of acquired business lines resulted from (1) the sale of Wells Insurance Agency and (2) the termination and sale of the wealth management business line sales contract acquired in a former acquisition. (7) Pretax 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. (8) Provision for income tax on pre-tax income as adjusted is calculated at our effective tax rate for each respective period presented. (9) Tax impact of certain acquired BOLI policies from United Bank. (10) As a result of the Tax Cuts and Jobs Act of 2017, we recorded a one-time net tax provision of $338,000 in 2018, which is included in provision for income taxes expense in the consolidated statement of operations. 22 Reconciliation of Non-GAAP Financial Measures

Note: All quarterly periods are annualized for net income / net income as adjusted. 23 Reconciliation of Non-GAAP Financial Measures 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Net Income 2,499$ 4,283$ 9,463$ 12,725$ 21,266$ 17,761$ 13,059$ 4,088$ 3,675$ Net Income as adjusted 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 13,321$ 4,088$ 3,806$ Average assets 731,407$ 954,912$ 1,398,482$ 1,594,053$ 1,722,483$ 1,775,049$ 1,836,337$ 1,834,152$ 1,815,693$ Return on average assets 0.34% 0.45% 0.68% 0.80% 1.23% 1.00% 0.71% 0.90% 0.81% Return on average assets as adjusted 0.58% 0.52% 0.76% 0.78% 1.24% 1.04% 0.73% 0.90% 0.84% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Common Equity 73,483$ 135,847$ 150,553$ 160,564$ 170,866$ 167,088$ 173,334$ 172,821$ 176,045$ Less: Goodwill (10,444) (10,444) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core Deposit and other intangibles (5,449) (4,805) (7,587) (5,494) (3,898) (2,449) (1,694) (1,515) (1,336) Tangible Common Equity (TCE) 57,590$ 120,598$ 111,468$ 123,572$ 135,470$ 133,141$ 140,142$ 139,808$ 143,211$ Average Tangible Common Equity 58,300$ 89,094$ 105,340$ 115,313$ 127,793$ 131,305$ 132,409$ 138,692$ 140,539$ Net Income 2,499$ 4,283$ 9,463$ 12,725$ 21,266$ 17,761$ 13,059$ 4,088$ 3,675$ Intangible amortization, net of tax 143 417 1,153 1,194 1,171 1,095 521 141 140 Tangible Net Income 2,642$ 4,700$ 10,616$ 13,919$ 22,437$ 18,856$ 13,580$ 4,229$ 3,815$ Net Income as adjusted 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 13,321$ 4,088$ 3,806$ Intangible amortization, net of tax 143 417 1,153 1,194 1,171 1,095 521 141 140 Tangible Net Income as adjusted 4,364$ 5,379$ 11,828$ 13,619$ 22,510$ 19,595$ 13,842$ 4,229$ 3,946$ ROATCE 4.5% 5.3% 10.1% 12.1% 17.6% 14.4% 10.3% 12.3% 10.9% ROATCE as adjusted 7.5% 6.0% 11.2% 11.8% 17.6% 14.9% 10.5% 12.3% 11.3% Return on Average Assets (ROAA) as Adjusted Return on Average Tangible Common Equity (ROATCE) as Adjusted (In thousands except ROATCE and ROATCE as adjusted) (In thousands except ROAA and ROAA as adjusted)

Reconciliation of Non-GAAP Financial Measures Note: All quarterly periods are annualized for net income / net income as adjusted 24 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Non-interest Expense (GAAP) 22,878$ 29,764$ 42,686$ 43,673$ 40,532$ 41,743$ 40,142$ 10,777$ 10,299$ Less amortization of intangibles (219) (644) (1,496) (1,622) (1,596) (1,449) (755) (179) (179) Efficiency ratio numerator 22,659 29,120 41,190 42,051 38,936 40,294 39,387 10,598 10,120 Merger related costs (1,860) (463) (3,880) - - - - - - Branch Closure costs (951) (26) (15) (165) - (981) (380) - (168) Audit and financial reporting - - (358) - - - - - - Prepayment fee (104) - - - (102) - - - - Efficiency ratio numerator as adjusted 19,744$ 28,631$ 36,937$ 41,886$ 38,834$ 39,313$ 39,007$ 10,598$ 9,952$ Non-interest income 4,751$ 7,370$ 14,975$ 18,448$ 15,824$ 10,430$ 10,250$ 3,264$ 1,913$ Net interest margin 22,268 30,303 43,513 50,255 53,667 56,369 48,349 11,905 11,576 Loss (Gain) on investment securities (111) 17 (271) (110) (1,224) (541) (459) (167) 658 Efficiency ratio denominator (GAAP) 26,908 37,690 58,217 68,593 68,267 66,258 58,140 15,002 14,147 Net gain on sale of branch - - (2,295) - - - - - - Net gain on sale of acquired business l ines - - - (432) - - - - - Settlement proceeds (283) - - (131) - - - - - Efficiency ratio denominator as adjusted 26,625$ 37,690$ 55,922$ 68,030$ 68,267$ 66,258$ 58,140$ 15,002$ 14,147$ Efficiency ratio 84% 77% 71% 61% 57% 61% 68% 71% 72% Efficiency ratio as adjusted 74% 76% 66% 62% 57% 59% 67% 71% 70% 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Total Stockholders' equity 73,483$ 135,847$ 150,553$ 160,564$ 170,866$ 167,088$ 173,334$ 172,821$ 176,045$ Less: Goodwill (10,444) (10,444) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and intangibles (5,449) (4,805) (7,587) (5,494) (3,898) (2,449) (1,694) (1,515) (1,336) Tangible book value (non-GAAP) 57,590$ 120,598$ 111,468$ 123,572$ 135,470$ 133,141$ 140,142$ 139,808$ 143,211$ Shares outstanding 5,888,816 10,913,853 11,266,954 11,056,349 10,502,442 10,425,119 10,440,591 10,406,880 10,297,341 Book Value 12.48$ 12.45$ 13.36$ 14.52$ 16.27$ 16.03$ 16.60$ 16.61$ 17.10$ TBVPS 9.78$ 11.05$ 9.89$ 11.18$ 12.90$ 12.77$ 13.42$ 13.43$ 13.91$ 2017 2018 2019 2020 2021 2022 2023 Mar-24 Jun-24 Total Assets 940,664$ 975,409$ 1,167,060$ 1,649,095$ 1,739,628$ 1,816,367$ 1,851,391$ 1,819,315$ 1,802,307$ Less: Goodwill (10,444) (10,444) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) (31,498) Less: Core deposit and intangibles (5,449) (4,805) (7,587) (5,494) (3,898) (2,449) (1,694) (1,515) (1,336) Tangible Assets (non-GAAP) 924,771$ 960,160$ 1,127,975$ 1,612,103$ 1,704,232$ 1,782,420$ 1,818,199$ 1,786,302$ 1,769,473$ Tangible Common Equity / Tangible Assets 6.2% 12.6% 9.9% 7.7% 7.9% 7.5% 7.7% 7.8% 8.1% Efficiency Ratio as Adjusted Tangible Book Value Per Share (TBVPS) as Adjusted Tangible Common Equity / Tangible Assets (In thousands except Tangible Common Equity / Tangible Asets) (In thousands except Shares Outstanding, Book Value and TBVPS) (In thousands except Efficiency Ratio and Efficiency Ratio 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 25 2.5% 2.9% 9.5% 3.3% 2.3% 2.5% 2.8% 2.1% 2.6% 9.7% 3.3% 1.7% 2.1% 2.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% May-18 May-19 May-20 May-21 May-22 May-23 May-24 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 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 39 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. 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 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 39 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 26

Cover Page	Jul. 25, 2024
Cover [Abstract]
Entity Central Index Key	0001367859
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jul. 25, 2024
Entity Registrant Name	CITIZENS COMMUNITY BANCORP, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-33003
Entity Tax Identification Number	20-5120010
Entity Address, Address Line One	2174 EastRidge Center
Entity Address, City or Town	Eau Claire
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54701
City Area Code	715
Local Phone Number	836-9994
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	CZWI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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