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): January 29, 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 January 29, 2024, Citizens Community Bancorp, Inc. (the “Company”) issued a press release announcing our financial results for the three and twelve months ended December 31, 2023 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 January 25, 2024, the Board of Directors declared an annual cash dividend of $0.32 per share to shareholders of record as of February 9, 2024, payable on February 23, 2024.

Item 9.01. Financial Statements and Exhibits.

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


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

99.3			Earnings Release Presentation dated January 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: January 29, 2024

By:

/s/ James S. Broucek

James S. Broucek

Chief Financial Officer

EXHIBIT 99.1

Citizens Community Bancorp, Inc. Reports 4Q2023 Earnings of $0.35 Per Share;

Common Equity Increases 5%; Deposits Grew $46 million;

Board of Directors Increase Annual Dividend 10% to $0.32 Per Share

EAU CLAIRE, WI, January 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 quarter ended December 31, 2023, compared to $2.5 million and $0.24 per diluted share for the quarter ended September 30, 2023, and $4.7 million and $0.45 per diluted share for the quarter ended December 31, 2022, respectively. For the fiscal year ended December 31, 2023, earnings were $13.1 million, or $1.25 per diluted share, compared to earnings of $17.8 million, or $1.69 per diluted share for fiscal year ended December 31, 2022.

The Company’s fourth quarter 2023 operating results reflected the following changes from the third quarter of 2023: (1) an increase in negative provision for credit losses largely due to net recoveries, and reductions in commitments to fund construction loans; (2) lower tax expense largely due to the tax rate impact of the recent Wisconsin budget change; (3) net interest income was flat after excluding the recognition of $0.4 million of interest income on the payoff of a nonaccrual loan in the third quarter; and (4) $0.2 million higher non-interest expense, largely due to the write-down of a closed branch in the fourth quarter. During the fourth quarter 2023, accumulated other comprehensive loss on securities available for sale improved 20% relative to the prior quarter largely due to lower interest rates.

Book value per share was $16.60 at December 31, 2023, compared to $15.80 at September 30, 2023, and $16.03 at December 31, 2022. Tangible book value per share (non-GAAP)1 was $13.42 at December 31, 2023, a 6% increase from $12.61 at September 30, 2023, and a 5% increase from $12.77 at December 31, 2022. For the fourth quarter, tangible book value was positively influenced by lower accumulated other comprehensive loss (“AOCI”), net income and intangible amortization. The AOCI loss improvement reflected the benefit of decreases in the ten-year U.S. Treasury rate to 3.88% at December 31, 2023, compared to 4.58% at September 30, 2023, and 3.88% at December 31, 2022.

“The quarter was favorably impacted by stabilization in the net interest margin after removing the nonaccrual interest pick up in the linked quarter, and favorable credit events which included net recoveries in the quarter and for the year and negative provision expense. Deposit growth continued in the quarter reflecting our business priorities while expenses were managed lower in 2023 despite inflationary pressures. Tangible book value per share increased 6% to $13.42 per share and our tangible common equity to tangible asset ratio increased to 7.71% ,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

December 31, 2023 Highlights: (as of or for the 3-month period ended December 31, 2023 compared to September 30, 2023 and December 31, 2022.)

•Quarterly earnings of $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023, increased from the quarter ended September 30, 2023, earnings of $2.5 million or $0.24 per diluted share, and decreased from the quarter ended December 31, 2022, earnings of $4.7 million or $0.45 per diluted share.

•Earnings for the twelve months ended December 31, 2023, were $13.1 million, or $1.25 per diluted share, which is a decrease from $17.8 million, or $1.69 per diluted share, for the same period in the prior year.

•Net interest income decreased $0.4 million to $11.7 million for the fourth quarter of 2023, from $12.1 million the previous quarter and decreased $2.7 million from the fourth quarter of 2022. The decrease in net interest income from the third quarter of 2023 was due to $0.4 million recognized in the third quarter from a nonaccrual loan payoff. Excluding the nonaccrual loan payoff, net interest income was flat in the fourth quarter relative to the third quarter.

•The net interest margin without loan purchase accretion was 2.67% for the quarter ended December 31, 2023, compared to 2.76% for the previous quarter and 3.33% for the comparable quarter one year earlier. The impact of the nonaccrual loan payoff of $0.4 million was approximately 10 basis points.

•In the fourth quarter, a negative provision for credit losses of $0.7 million was recorded due to: (1) net recoveries of $264 thousand; (2) the reduction in commitments to fund construction loans; and (3) improving forecasted future economic conditions, offsetting increases in specific reserves. The provision was negative $0.4 million for the preceding quarter, which also had net recoveries of $161 thousand. Provisions for credit losses totaled $0.7 million during the fourth quarter a year ago.

•Noninterest expenses increased $237 thousand to $10.2 million from $10.0 million for the third quarter and declined $130 thousand from $10.3 million one year earlier. The increase in the fourth quarter was primarily related to branch closure expenses of $0.4 million.

•Gross loans increased by $13.0 million during the fourth quarter ended December 31, 2023, to $1.46 billion from $1.45 billion at September 30, 2023.

•Total deposits increased by $45.9 million, or 3.1%, during the fourth quarter ended December 31, 2023, to $1.52 billion from $1.47 billion at September 30, 2023. The increase was spread across retail, commercial, municipal and brokered deposits.

•Federal Home Loan Bank advances were reduced $35.0 million to $79.5 million at December 31, 2023, from $114.5 million at September 30, 2023. The payoff of the advances was largely funded by deposit growth.

•Stockholders’ equity as a percent of total assets was 9.36% at December 31, 2023, compared to 9.03% at September 30, 2023. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 7.71% at December 31, 2023, compared to 7.34% at September 30, 2023. The positive impact of decreases in unrealized losses in the available for sale (AFS) investment portfolio, net income and amortization of intangibles was modestly offset by asset growth.

•The effective tax rate decreased to 20.9% for the fourth quarter from 50.5% in the third quarter and 25.6% one year earlier. The third quarter reflected a reduction in the carrying value of deferred tax assets of $1.8 million, due to the impact of the Wisconsin budget change, which decreased the incremental tax rate at which the deferred tax asset would be recognized in the future. This more than offset the overall benefit of a lower Wisconsin tax rate benefit of $0.6 million in the third quarter, which reflects three quarters of benefit. The fourth quarter reflects $0.2 million of benefit compared to the first and second quarters of 2023.

•Nonperforming assets were $15.4 million at December 31, 2023, compared to $15.5 million at September 30, 2023. Nonperforming loans declined $854 thousand during the fourth quarter while foreclosed and repossessed assets increased $749 thousand due to the addition of a closed branch office.

•Substandard loans increased by $3.4 million to $19.6 million at December 31, 2023, compared to $16.2 million at September 30, 2023. The increase was largely due to the addition of a $3.7 million loan relationship secured by single family rental homes in the Twin Cities.

•The efficiency ratio was 72% for the quarter ended December 31, 2023, compared to 67% for the quarter ended September 30, 2023, with the increase primarily due to the fourth quarter branch closure expenses and lower net interest income due to the $0.4 million nonaccrual interest income payoff interest income in the third quarter.

•On January 25, 2024, the Board of Directors declared a $0.32 per share annual dividend, an increase of 10%, to shareholders of record as of February 9, 2024 and payable February 23, 2024.

Balance Sheet and Asset Quality

Total assets increased modestly by $20.3 million during the quarter to $1.85 billion at December 31, 2023.

Cash and cash equivalents increased $4.6 million during the quarter to $37.1 million at December 31, 2023, largely due to an increase in clearing balances of $8.1 million partially offset by a decrease in interest-bearing deposits of $2.9 million.

Securities available for sale increased $2.3 million during the quarter ended December 31, 2023, to $155.7 million from $153.4 million at September 30, 2023. This increase was due to an increase in the market value of the portfolio, partially offset by principal repayments of $16.6 million.

Securities held to maturity decreased $1.1 million to $91.2 million during the quarter ended December 31, 2023, from $92.3 million at September 30, 2023, due to principal repayments.

On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was 244% of uninsured and uncollateralized deposits at December 31, 2023, and 221% at September 30, 2023.

On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $673.6 million at December 31, 2023, and $614.9 million at September 30, 2023.

Gross loans increased by $13.0 million during the fourth quarter of 2023. The Bank grew the multi-family and residential portfolios $8.9 million and $3.1 million, respectively. The addition of residential 10/1 ARM loan originations were added to the portfolio, although at a slower pace than the third quarter and this reduction is expected to continue.

Our office loan portfolio is $40.2 million and consists of 70 loans. There are no criticized loans in this portfolio and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased slightly by $0.1 million to $22.91 million at December 31, 2023, representing 1.57% of total loans receivable compared to 1.59% of total loans receivable at September 30, 2023. For the quarter ended December 31, 2023, the Bank had net recoveries of $264 thousand.

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

(in thousands, except ratios)


	December 31, 2023			September 30, 2023			June 30, 2023			December 31, 2022



Loans, end of period	$	1,460,792		$	1,447,529		$	1,424,988		$	1,411,784




Allowance for credit losses - Loans	$	22,908		$	22,973		$	23,164

Allowance for loan losses “ALL”										$	17,939
ACL - Loans as a percentage of loans, end of period	1.57		%	1.59		%	1.63		%
ALL as a percentage of loans, end of period										1.27		%

Allowance for Credit Losses - Unfunded Commitments:

(in thousands)

In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $1.250 million at December 31, 2023 and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.


	December 31, 2023 and Three Months Ended		December 31, 2022 and Three Months Ended		December 31, 2023 and Twelve Months Ended		December 31, 2022 and Twelve Months Ended
ACL - Unfunded commitments - beginning of period	$	1,571	$	—	$	—	$	—
Cumulative effect of ASU 2016-13 adoption	—		—		1,537		—
Additions (reductions) to ACL - Unfunded commitments via provision for credit losses charged to operations	(321)		—		(287)		—
ACL - Unfunded commitments - end of period	$	1,250	$	—	$	1,250	$	—

Nonperforming assets decreased $0.1 million to $15.4 million, or 0.83% of total assets at December 31, 2023, compared to $15.5 million or 0.85% at September 30, 2023. The transfer of a closed branch to REO was offset by the reduction in 90+ delinquent and accruing residential loans.


	(in thousands)
	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Special mention loan balances	$	18,392	$	20,043	$	20,507	$	6,636	$	12,170
Substandard loan balances	19,596		16,171		19,203		15,439		17,319
Criticized loans, end of period	$	37,988	$	36,214	$	39,710	$	22,075	$	29,489

Special mention loans decreased $1.7 million from September 30, 2023, due to reductions of $2.2 million and new additions of $0.5 million.

Substandard loans increased by $3.4 million to $19.6 million at December 31, 2023, compared to $16.2 million at September 30, 2023. The increase was largely due to a $3.7 million loan relationship secured by single family rental homes in the Twin Cities.

Total deposits increased $45.9 million during the quarter ended December 31, 2023, to $1.52 billion. Consumer and commercial deposits grew $14.3 million while public deposits grew $18.4 million. Brokered deposits increased $13.1 million, with $40 million of brokered money market deposits replacing a maturing brokered CD of $25 million.

Deposit Portfolio Composition

(in thousands)


	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Consumer deposits	$	814,899	$	794,970	$	790,404	$	786,614	$	805,598
Commercial deposits	423,762		429,358		401,079		391,534		405,733
Public deposits	182,172		163,734		175,869		194,683		173,548
Brokered deposits	98,259		85,173		97,330		63,962		39,841
Total deposits	$	1,519,092	$	1,473,235	$	1,464,682	$	1,436,793	$	1,424,720

Deposit Composition

(in thousands)


	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Non-interest bearing demand deposits	$	265,704	$	275,790	$	261,876	$	247,735	$	284,722
Interest bearing demand deposits	343,276		336,962		358,226		390,730		371,210
Savings accounts	176,548		183,702		206,380		214,537		220,019
Money market accounts	374,055		312,689		288,934		309,005		323,435
Certificate accounts	359,509		364,092		349,266		274,786		225,334
Total deposits	$	1,519,092	$	1,473,235	$	1,464,682	$	1,436,793	$	1,424,720

At December 31, 2023, our deposit portfolio composition was 54% consumer, 28% commercial, 12% public and 6% brokered deposits compared to 54% consumer, 29% commercial, 11% public and 6% brokered deposits at September 30, 2023.

Uninsured and uncollateralized deposits were $275.8 million, or 18% of total deposits, at December 31, 2023, and $277.9 million, or 19% of total deposits, at September 30, 2023. Uninsured deposits alone at December 31, 2023, were $427.5 million, or 28% of total deposits, and $412.9 million, or 28% of total deposits at September 30, 2023.

Federal Home Loan Bank advances decreased $35.0 million to $79.5 million at December 31, 2023, from $114.5 million one quarter earlier, as deposit growth more than funded loan growth, allowing advances to be repaid.

The Company repurchased 27,500 shares of the Company’s common stock in the fourth quarter of 2023. As of December 31, 2023, approximately 202 thousand shares remain available for repurchase under the current share repurchase authorization.

Review of Operations

Net interest income decreased to $11.7 million for the fourth quarter ended December 31, 2023, from $12.1 million for the quarter ended September 30, 2023, and decreased from $14.5 million for the quarter ended December 31, 2022. The decrease in net interest income from the third quarter of 2023 was primarily due to $0.4 million recognized in the third quarter from a nonaccrual loan payoff. From the fourth quarter of 2022, the decrease in net interest income was primarily due to liability costs increasing more than asset yields.

Net interest income and net interest margin analysis:

(in thousands, except yields and rates)


	Three months ended
	December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022
	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	$	11,747	2.69	%	$	12,121	2.79	%	$	11,686	2.72	%	$	12,795	3.02	%	$	14,478	3.40	%
Less non-accretable difference realized as interest from payoff of purchased credit impaired (“PCI”) loans	—		—	%	—		—	%	—		—	%	—		—	%	(109)		(0.02)	%
Less accelerated accretion from payoff of certain PCI loans with transferred non-accretable differences	—		—	%	—		—	%	—		—	%	—		—	%	(32)		(0.01)	%
Less accretion for PCD loans	(37)		(0.01)	%	(39)		(0.01)	%	(39)		(0.01)	%	(37)		(0.01)	%	—		—	%
Less scheduled accretion interest	(33)		(0.01)	%	(77)		(0.02)	%	(85)		(0.02)	%	(84)		(0.02)	%	(169)		(0.04)	%
Without loan purchase accretion	$	11,677	2.67	%	$	12,005	2.76	%	$	11,562	2.69	%	$	12,674	2.99	%	$	14,168	3.33	%

The fourth quarter provision for credit losses was a negative $0.7 million primarily due to (1) net recoveries; (2) net reductions in ACL and ACL unfunded commitments due to reductions in outstanding construction commitments; and (3) improved forecasted general economic conditions, partially offset by increases in specific reserves. The provision was a negative $0.3 million for the preceding quarter and $0.7 million was recorded during the fourth quarter a year ago.

Non-interest income decreased to $2.5 million in the quarter ended December 31, 2023, compared to $2.6 million in the quarter ended September 30, 2023, and decreased from $2.9 million in the quarter ended December 31, 2022. The decrease from the third quarter of 2023 was largely due to lower gains on sale of loans and lower loan servicing income due to semiannual payments received in the first and third quarters, partially offset by higher net gains on investment securities due to increased valuations of equity securities.

Total non-interest expense increased $0.2 million in the fourth quarter of 2023 to $10.2 million, compared to $10.0 million for the quarter ended September 30, 2023, and decreased from $10.3 million for the quarter ended December 31, 2022. The increase in the fourth quarter of 2023 compared to the third quarter of 2023 was primarily due to branch closure expenses recorded in other expenses. Non-interest expense decreased $1.6 million for the twelve-months ended December 31, 2023, compared to the comparable prior year period, largely due to (1) lower incentive compensation resulting in $1.0 million lower compensation expense; (2) reduction in amortization of intangible assets of $0.7 million; and (3) new market tax credit depletion.

Provision for income taxes decreased to $1.0 million in the fourth quarter of 2023 from $2.5 million in the third quarter of 2023. In the third quarter, the Company recognized the year-to-date 2023 impact of the Wisconsin budget change, making income on commercial loans under $5 million non-taxable. The third and fourth quarters both reflect the impact of the resulting lower incremental tax rate. The lower incremental tax rate resulted in a one-time $1.8 million tax expense related to a reduction in the carrying value of the deferred tax asset, recorded in the third quarter of 2023. The related tax benefit recorded in the third quarter was $0.6 million. The effective tax rate was 20.9% for the quarter ended December 31, 2023, 50.5% for the quarter ended September 30, 2023, and 25.6% for the quarter ended December 31, 2022. Effective January 1, 2023, the Company early adopted ASU 2023-02. This guidance results in new market tax credit depletion being reclassified from non-interest expense to tax expense and changes the amortization method to be proportional to the tax credit realized. As a result, retained earnings increased $130

thousand, effective January 1, 2023, and non-interest expense decreased by $162 thousand from the prior year fourth quarter results.

These financial results are preliminary until Form 10-K is filed in March 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 23 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; adverse impacts to the Company or Bank arising from the COVID-19 pandemic; acts of terrorism and political or military actions by the United States or other governments; the possibility of a deterioration in the residential real estate markets; interest rate risk; lending risk; higher lending risks associated with our commercial and agricultural banking activities; the sufficiency of accumulated credit loss allowances; changes in the fair value or ratings downgrades of our securities; 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; cybersecurity risks; 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, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 7, 2023 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)


	December 31, 2023 (unaudited)		September 30, 2023 (unaudited)		June 30, 2023 (unaudited)		December 31, 2022 (audited)
Assets
Cash and cash equivalents	$	37,138	$	32,532	$	42,969	$	35,363
Other interest bearing deposits	—		—		—		249
Securities available for sale “AFS”	155,743		153,414		161,135		165,991
Securities held to maturity “HTM”	91,229		92,336		93,800		96,379
Equity investments	3,284		2,433		2,299		1,794
Other investments	15,725		15,109		16,347		15,834
Loans receivable	1,460,792		1,447,529		1,424,988		1,411,784
Allowance for credit losses	(22,908)		(22,973)		(23,164)		(17,939)
Loans receivable, net	1,437,884		1,424,556		1,401,824		1,393,845
Loans held for sale	5,773		2,737		2,394		—
Mortgage servicing rights, net	3,865		3,944		4,008		4,262
Office properties and equipment, net	18,373		19,465		19,827		20,493
Accrued interest receivable	5,409		5,936		5,702		5,285
Intangible assets	1,694		1,873		2,052		2,449
Goodwill	31,498		31,498		31,498		31,498
Foreclosed and repossessed assets, net	1,795		1,046		1,199		1,271
Bank owned life insurance (“BOLI”)	25,647		25,467		25,290		24,954

Other assets	16,334		18,741		19,493		16,719
TOTAL ASSETS	$	1,851,391	$	1,831,087	$	1,829,837	$	1,816,386
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,519,092	$	1,473,235	$	1,464,682	$	1,424,720
Federal Home Loan Bank (“FHLB”) advances	79,530		114,530		122,530		142,530
Other borrowings	67,465		67,407		67,357		72,409
Other liabilities	11,970		10,513		9,710		9,639
Total liabilities	1,678,057		1,665,685		1,664,279		1,649,298
Stockholders’ equity:

Common stock— $0.01 par value, authorized 30,000,000; 10,440,591, 10,468,091, 10,470,175 and 10,425,119 shares issued and outstanding, respectively	104		105		105		104
Additional paid-in capital	119,441		119,612		119,404		119,240
Retained earnings	71,117		67,424		64,926		65,400

Accumulated other comprehensive loss	(17,328)		(21,739)		(18,877)		(17,656)
Total stockholders’ equity	173,334		165,402		165,558		167,088
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,851,391	$	1,831,087	$	1,829,837	$	1,816,386

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				Twelve Months Ended
	December 31, 2023 (unaudited)		September 30, 2023 (unaudited)		December 31, 2022 (unaudited)		December 31, 2023 (unaudited)		December 31, 2022 (audited)
Interest and dividend income:
Interest and fees on loans	$	19,408	$	19,083	$	17,042	$	73,577	$	61,639
Interest on investments	2,618		2,689		2,317		10,671		7,758
Total interest and dividend income	22,026		21,772		19,359		84,248		69,397
Interest expense:
Interest on deposits	7,851		7,388		2,695		25,749		6,429
Interest on FHLB borrowed funds	1,371		1,210		1,127		5,966		2,303
Interest on other borrowed funds	1,057		1,053		1,059		4,184		4,296
Total interest expense	10,279		9,651		4,881		35,899		13,028
Net interest income before provision for credit losses	11,747		12,121		14,478		48,349		56,369
Provision for credit losses	(650)		(325)		700		(475)		1,475
Net interest income after provision for credit losses	12,397		12,446		13,778		48,824		54,894
Non-interest income:
Service charges on deposit accounts	485		491		513		1,949		2,018
Interchange income	581		601		583		2,324		2,343
Loan servicing income	539		611		527		2,218		2,439
Gain on sale of loans	191		299		144		1,692		1,474
Loan fees and service charges	124		140		179		432		679

Net gains on investment securities	277		116		708		459		541



Other	283		307		219		1,176		936
Total non-interest income	2,480		2,565		2,873		10,250		10,430
Non-interest expense:
Compensation and related benefits	5,139		5,293		5,241		21,106		22,128
Occupancy	1,314		1,335		1,353		5,431		5,490

Data processing	1,511		1,536		1,355		5,951		5,453
Amortization of intangible assets	179		179		252		755		1,449
Mortgage servicing rights expense, net	159		150		157		615		222
Advertising, marketing and public relations	262		185		255		734		1,017
FDIC premium assessment	204		204		118		812		470
Professional services	371		342		555		1,524		1,707
Losses (gains) on repossessed assets, net	—		100		(378)		62		(395)
New market tax credit depletion	—		—		162		—		650
Other	1,067		645		1,266		3,152		3,552
Total non-interest expense	10,206		9,969		10,336		40,142		41,743
Income before provision for income taxes	4,671		5,042		6,315		18,932		23,581
Provision for income taxes	978		2,544		1,619		5,873		5,820
Net income attributable to common stockholders	$	3,693	$	2,498	$	4,696	$	13,059	$	17,761
Per share information:
Basic earnings	$	0.35	$	0.24	$	0.45	$	1.25	$	1.69
Diluted earnings	$	0.35	$	0.24	$	0.45	$	1.25	$	1.69
Cash dividends paid	$	—	$	—	$	—	$	0.29	$	0.26
Book value per share at end of period	$	16.60	$	15.80	$	16.03	$	16.60	$	16.03
Tangible book value per share at end of period (non-GAAP)	$	13.42	$	12.61	$	12.77	$	13.42	$	12.77

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

(in thousands, except per share data)


	Three Months Ended						Twelve Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022

GAAP pretax income	$	4,671	$	5,042	$	6,315	$	18,932	$	23,581

Branch closure costs (1)	380		—		646		380		981





Pretax income as adjusted (2)	$	5,051	$	5,042	$	6,961	$	19,312	$	24,562
Provision for income tax on net income as adjusted (3)	1,058		2,544		1,785		5,991		6,062


Net income as adjusted (non-GAAP) (2)	$	3,993	$	2,498	$	5,176	$	13,321	$	18,500
GAAP diluted earnings per share, net of tax	$	0.35	$	0.24	$	0.45	$	1.25	$	1.69

Branch closure costs, net of tax	0.03		—		0.04		0.03		0.07






Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.38	$	0.24	$	0.49	$	1.28	$	1.76

Average diluted shares outstanding	10,457,184		10,470,098		10,460,025		10,470,298		10,513,773

(1) Branch closure costs include severance pay recorded in compensation and benefits and accelerated depreciation 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)


	December 31, 2023		September 30, 2023		June 30, 2023		December 31, 2022

































Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	750,531	$	750,282	$	732,435	$	725,971
Agricultural real estate	83,350		84,558		87,198		87,908
Multi-family real estate	228,095		219,193		208,211		208,908
Construction and land development	110,941		109,799		105,625		102,492
C&I/Agricultural operating:
Commercial and industrial	121,666		121,033		133,763		136,013
Agricultural operating	25,691		24,552		24,358		28,806
Residential mortgage:
Residential mortgage	129,021		125,939		119,724		105,389
Purchased HELOC loans	2,880		2,881		3,216		3,262
Consumer installment:
Originated indirect paper	6,535		7,175		8,189		10,236

Other consumer	6,187		6,440		6,487		7,150


Gross loans	$	1,464,897	$	1,451,852	$	1,429,206	$	1,416,135
Unearned net deferred fees and costs and loans in process	(2,900)		(3,048)		(2,827)		(2,585)
Unamortized discount on acquired loans	(1,205)		(1,275)		(1,391)		(1,766)
Total loans receivable	$	1,460,792	$	1,447,529	$	1,424,988	$	1,411,784

Nonperforming Assets

(in thousands, except ratios)


	December 31, 2023 (1)			September 30, 2023 (1)			June 30, 2023 (1)			December 31, 2022
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	10,359		$	10,570		$	11,359		$	5,736
Agricultural real estate	391			469			1,712			2,742
Construction and land development	54			94			94			—
Commercial and industrial (“C&I”)	—			—			4			552
Agricultural operating	1,180			1,373			1,436			890
Residential mortgage	1,167			923			1,029			1,253
Consumer installment	33			27			29			31
Total nonaccrual loans	$	13,184		$	13,456		$	15,663		$	11,204
Accruing loans past due 90 days or more	389			971			492			246
Total nonperforming loans (“NPLs”)	13,573			14,427			16,155			11,450
Foreclosed and repossessed assets, net	1,795			1,046			1,199			1,271
Total nonperforming assets (“NPAs”)	$	15,368		$	15,473		$	17,354		$	12,721


Loans, end of period	$	1,460,792		$	1,447,529		$	1,424,988		$	1,411,784
Total assets, end of period	$	1,851,391		$	1,831,087		$	1,829,837		$	1,816,386
Ratios:
NPLs to total loans	0.93		%	1.00		%	1.13		%	0.81		%
NPAs to total assets	0.83		%	0.85		%	0.95		%	0.70		%

(1) Loan balances are at amortized cost.

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)


	Three Months Ended December 31, 2023						Three Months Ended September 30, 2023						Three Months Ended December 31, 2022
	Average Balance		Interest Income/ Expense		Average Yield/ Rate (1)		Average Balance		Interest Income/ Expense		Average Yield/ Rate (1)		Average Balance		Interest Income/ Expense		Average Yield/ Rate (1)
Average interest earning assets:
Cash and cash equivalents	$	16,699	$	241	5.73	%	$	21,298	$	302	5.63	%	$	8,134	$	87	4.24	%
Loans receivable	1,458,558		19,408		5.28	%	1,435,284		19,083		5.27	%	1,399,244		17,042		4.83	%
Interest bearing deposits	—		—		—	%	—		—		—	%	337		2		2.35	%
Investment securities (1)	243,705		2,102		3.42	%	252,226		2,119		3.33	%	264,064		1,990		3.01	%
Other investments	15,760		275		6.92	%	15,511		268		6.85	%	15,783		238		5.98	%
Total interest earning assets (1)	$	1,734,722	$	22,026	5.04	%	$	1,724,319	$	21,772	5.01	%	$	1,687,562	$	19,359	4.55	%
Average interest bearing liabilities:
Savings accounts	$	175,281	$	323	0.73	%	$	199,279	$	328	0.65	%	$	226,082	$	312	0.55	%
Demand deposits	329,096		1,680		2.03	%	354,073		1,863		2.09	%	379,011		836		0.88	%
Money market accounts	326,981		2,217		2.69	%	298,098		1,889		2.51	%	316,791		710		0.89	%
CD’s	368,110		3,631		3.91	%	358,238		3,308		3.66	%	205,201		837		1.62	%

Total deposits	$	1,199,468	$	7,851	2.60	%	$	1,209,688	$	7,388	2.42	%	$	1,127,085	$	2,695	0.95	%
FHLB advances and other borrowings	191,575		2,428		5.03	%	182,967		2,263		4.91	%	212,051		2,186		4.09	%
Total interest bearing liabilities	$	1,391,043	$	10,279	2.93	%	$	1,392,655	$	9,651	2.75	%	$	1,339,136	$	4,881	1.45	%
Net interest income			$	11,747					$	12,121					$	14,478
Interest rate spread					2.11	%					2.26	%					3.10	%
Net interest margin (1)					2.69	%					2.79	%					3.40	%
Average interest earning assets to average interest bearing liabilities					1.25						1.24						1.26

(1) Fully taxable equivalent (FTE). The average yield on tax exempt securities is computed on a tax equivalent basis using a tax rate of 21% for the quarters ended December 31, 2023, September 30, 2023 and December 31, 2022. The FTE adjustment to net interest income included in the rate calculations totaled $0 thousand for each of the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.


	Twelve Months Ended December 31, 2023						Twelve Months Ended December 31, 2022
	Average Balance		Interest Income/ Expense		Average Yield/ Rate (1)		Average Balance		Interest Income/ Expense		Average Yield/ Rate (1)
Average interest earning assets:
Cash and cash equivalents	$	18,469	$	1,010	5.47	%	$	19,796	$	203	1.03	%
Loans receivable	1,430,035		73,577		5.15	%	1,351,052		61,639		4.56	%
Interest bearing deposits	63		1		1.59	%	1,106		24		2.17	%
Investment securities (1)	257,020		8,606		3.35	%	278,056		6,767		2.43	%
Other investments	16,274		1,054		6.48	%	15,230		764		5.02	%
Total interest earning assets (1)	$	1,721,861	$	84,248	4.89	%	$	1,665,240	$	69,397	4.17	%
Average interest bearing liabilities:
Savings accounts	$	200,087	$	1,427	0.71	%	$	234,755	$	753	0.32	%
Demand deposits	359,866		6,727		1.87	%	403,289		1,881		0.47	%
Money market accounts	306,020		6,976		2.28	%	317,879		1,721		0.54	%
CD’s	317,376		10,619		3.35	%	178,726		2,074		1.16	%

Total deposits	$	1,183,349	$	25,749	2.18	%	$	1,134,649	$	6,429	0.57	%
FHLB advances and other borrowings	208,373		10,150		4.87	%	189,274		6,599		3.49	%
Total interest bearing liabilities	$	1,391,722	$	35,899	2.58	%	$	1,323,923	$	13,028	0.98	%
Net interest income			$	48,349					$	56,369
Interest rate spread					2.31	%					3.19	%
Net interest margin (1)					2.81	%					3.39	%
Average interest earning assets to average interest bearing liabilities					1.24						1.26

(1) Fully taxable equivalent (FTE). The average yield on tax exempt securities is computed on a tax equivalent basis using a tax rate of 21% for the twelve months December 31, 2023 and December 31, 2022. The FTE adjustment to net interest income included in the rate calculations totaled $0 and $1 thousand for the twelve months ended December 31, 2023 and December 31, 2022, respectively.

Key Financial Metric Ratios:


	Three Months Ended						Twelve Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022			December 31, 2023		December 31, 2022
Ratios based on net income:
Return on average assets (annualized)	0.79	%	0.54	%	1.03	%		0.71	%	1.00	%
Return on average equity (annualized)	8.72	%	5.97	%	11.32	%		7.87	%	10.70	%
Return on average tangible common equity4 (annualized)	11.29	%	7.74	%	14.85	%		10.26	%	14.36	%
Efficiency ratio	72	%	67	%	61	%		68	%	61	%
Net interest margin with loan purchase accretion	2.69	%	2.79	%	3.40	%		2.81	%	3.39	%
Net interest margin without loan purchase accretion	2.67	%	2.76	%	3.33	%		2.78	%	3.29	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted2 (annualized)	0.86	%	0.54	%	1.14	%		0.73	%	1.04	%
Return on average equity as adjusted3 (annualized)	9.43	%	5.97	%	12.47	%		8.03	%	11.15	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)


	Three Months Ended									Twelve Months Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022

GAAP earnings after income taxes	$	3,693		$	2,498		$	4,696		$	13,059		$	17,761
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,993		$	2,498		$	5,176		$	13,321		$	18,500
Average assets	$	1,843,789		$	1,836,775		$	1,803,155		$	1,836,337		$	1,775,049
Return on average assets (annualized)	0.79		%	0.54		%	1.03		%	0.71		%	1.00		%
Return on average assets as adjusted (non-GAAP) (annualized)	0.86		%	0.54		%	1.14		%	0.73		%	1.04		%

(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									Twelve Months Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
GAAP earnings after income taxes	$	3,693		$	2,498		$	4,696		$	13,059		$	17,761
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,993		$	2,498		$	5,176		$	13,321		$	18,500
Average equity	$	168,058		$	166,131		$	164,621		$	165,968		$	165,921
Return on average equity (annualized)	8.72		%	5.97		%	11.32		%	7.87		%	10.70		%
Return on average equity as adjusted (non-GAAP) (annualized)	9.43		%	5.97		%	12.47		%	8.03		%	11.15		%

(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						Twelve Months Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Non-interest expense (GAAP)	$	10,206		$	9,969		$	10,336		$	40,142		$	41,743
Less amortization of intangibles	(179)			(179)			(252)			(755)			(1,449)
Efficiency ratio numerator (GAAP)	$	10,027		$	9,790		$	10,084		$	39,387		$	40,294





Non-interest income	$	2,480		$	2,565		$	2,873		$	10,250		$	10,430
(Gain) loss on investment securities	(277)			(116)			(708)			(459)			(541)
Net interest margin	11,747			12,121			14,478			48,349			56,369
Efficiency ratio denominator (GAAP)	$	13,950		$	14,570		$	16,643		$	58,140		$	66,258




Efficiency ratio (GAAP)	72		%	67		%	61		%	68		%	61		%

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

(in thousands, except per share data)


Tangible book value per share at end of period	December 31, 2023		September 30, 2023		June 30, 2023		December 31, 2022
Total stockholders’ equity	$	173,334	$	165,402	$	165,558	$	167,088

Less: Goodwill	(31,498)		(31,498)		(31,498)		(31,498)
Less: Intangible assets	(1,694)		(1,873)		(2,052)		(2,449)
Tangible common equity (non-GAAP)	$	140,142	$	132,031	$	132,008	$	133,141
Ending common shares outstanding	10,440,591		10,468,091		10,470,175		10,425,119
Book value per share	$	16.60	$	15.80	$	15.81	$	16.03
Tangible book value per share (non-GAAP)	$	13.42	$	12.61	$	12.61	$	12.77

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	December 31, 2023			September 30, 2023			June 30, 2023			December 31, 2022
Total stockholders’ equity	$	173,334		$	165,402		$	165,558		$	167,088

Less: Goodwill	(31,498)			(31,498)			(31,498)			(31,498)
Less: Intangible assets	(1,694)			(1,873)			(2,052)			(2,449)
Tangible common equity (non-GAAP)	$	140,142		$	132,031		$	132,008		$	133,141
Total Assets	$	1,851,391		$	1,831,087		$	1,829,837		$	1,816,386
Less: Goodwill	(31,498)			(31,498)			(31,498)			(31,498)
Less: Intangible assets	(1,694)			(1,873)			(2,052)			(2,449)
Tangible Assets (non-GAAP)	$	1,818,199		$	1,797,716		$	1,796,287		$	1,782,439


Total stockholders’ equity to total assets ratio	9.36		%	9.03		%	9.05		%	9.20		%
Tangible common equity as a percent of tangible assets (non-GAAP)	7.71		%	7.34		%	7.35		%	7.47		%

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

(in thousands, except ratios)


	Three Months Ended									Twelve Months Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Total stockholders’ equity	$	173,334		$	165,402		$	167,088		$	173,334		$	167,088

Less: Goodwill	(31,498)			(31,498)			(31,498)			(31,498)			(31,498)
Less: Intangible assets	(1,694)			(1,873)			(2,449)			(1,694)			(2,449)
Tangible common equity (non-GAAP)	$	140,142		$	132,031		$	133,141		$	140,142		$	133,141
Average tangible common equity (non-GAAP)	$	134,776		$	132,671		$	130,577		$	132,409		$	131,305
GAAP earnings after income taxes	3,693			2,498			4,696			13,059			17,761
Amortization of intangible assets, net of tax	142			89			190			521			1,095

Tangible net income	$	3,835		$	2,587		$	4,886		$	13,580		$	18,856

Return on average tangible common equity (annualized)	11.29		%	7.74		%	14.85		%	10.26		%	14.36		%

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 Fourth Quarter 2023

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 December 31, 2023 Loans by Risk Rating as of September 30, 2023 Loans by Risk Rating as of December 31, 2022 Allowance for Credit Losses – Loans Allowance for Credit Losses – Unfunded Commitments Delinquency as of December 31, 2023 and September 30, 2023 Delinquency as of June 30, 2023 and December 31, 2022 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 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; adverse impacts to the Company or CCFBank arising from the COVID-19 pandemic; acts of terrorism and political or military actions by the United States or other governments; the possibility of a deterioration in the residential real estate markets; interest rate risk; lending risk; higher lending risks associated with our commercial and agricultural banking activities; the sufficiency of credit allowances; changes in the fair value or ratings downgrades of our securities; 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; cybersecurity risks; 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 CCFBank; 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, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 7, 2023, in the Company’s Forms 10-Q, for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 filed with the Securities and Exchange Commission (“SEC”) on May 4, 2023, August 3, 2023 and November 3, 2023, respectively, 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 December 31, 2023 Average Account Size (In Thousands) Type Amount Retail $15 Commercial $78 Public $395 $1.52 Billion 82% of deposits insured or collateralized Top 10 Depositors Rank % of Deposits Industry Coverage Beyond FDIC(1) 1 2.2% Public Administration ICS 2 1.8% Educational Services ICS 3 1.7% Health Care ICS 4 1.2% Public Administration Collateralized 5 1.1% Public Administration Collateralized 6 1.1% Public Administration Collateralized 7 0.9% Public Administration Collateralized 8 0.7% Construction None 9 0.6% Public Administration Collateralized 10 0.6% Public Administration Collateralized (1) Coverage by ICS and private insurance may not cover entire balance 3

Commercial Deposit Concentrations December 31, 2023 Source: Internal Company Documents Diverse commercial deposit base with no industry concentration over 12% 4

Top 100 Depositors December 31, 2023 $399 Million 5

Liquidity December 31, 2023 $674 Million 6

Portfolio Fundamentals 54% 26% 20% Wisconsin Minnesota Other By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $522 $523 786 786 $664 $665 Approximate Weighted Average LTV 55% 56% 36 34 Trailing 12 Month Net Charge-Offs 0.00% 0.00% $23.0 $20.0 4.5% 3.8% 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 20% 19% 18% 13% 11% 6% 5% 3% 2% 3% CRE - Campground Investor Residential Hotel CRE - Senior Living CRE - Retail CRE - Office CRE - Industrial/Manufacturing CRE - Warehouse/Mini Storage CRE - Mixed Use Other Non – Owner Occupied CRE As of 12/31/23 7

22% 20% 18% 12% 11% 4% 13% CRE Warehouse/Mini Storage CRE Restaurant CRE Industrial/Manufacturing CRE Retail CRE Mixed Use CRE Office Other Owner Occupied CRE As of 12/31/23 Portfolio Fundamentals 79% 16% 5% Wisconsin Minnesota Other By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $229 $227 373 385 $614 $524 Approximate Weighted Average LTV 54% 53% 35 33 Trailing 12 Month Net Charge-Offs 0.00% 0.00% $1.0 $1.0 0.6% 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 63% 35% 2% Wisconsin Minnesota Other By Geography As of 12/31/23 2% 22% 42% 20% 4% 7% 3% 2023 2022 2021 2020 2019 2018 Prior By Vintage As of 12/31/23 • 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 12/31/2023 9/30/2023 $228 $219 131 126 $1.74 $1.74 62% 63% Weighted Average Seasoning In Months 33 30 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 12/31/23 21% 16% 12%8% 7% 7% 5% 5% 3% 3% 3% 10% Finance and Insurance Manufacturing Transportation and Warehousing Wholesale Trade Construction Public Admin Administrative Support Real Estate, Rental and Leasing Agriculture Retail Trade Education Services Other Commercial & Industrial As of 12/31/23 • 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 12/31/2023 9/30/2023 $122 $121 637 653 $191 $185 28 27 0.02% 0.02% $62 $79 $2.0 $3.0 Criticized Loans as a Precent of Total 1.8% 2.5% Criticized Loans In Millions Weighted Average Seasoning In Months Trailing 12 Month Net Charge-Offs Committed Line, if collateral In Millions Portfolio Characteristics - Commercial & Industrial Loan Balance In Millions Number of Loans Average Loan Size In Thousands As of Portfolio Fundamentals 10

Portfolio Fundamentals 35% 22% 21% 8% 7% 4%1%2% Campgrounds Multi-Family 1-4 Family Retail Land Hospitality Warehouse/Mini Storage Other Commercial & Development As of 12/31/23 34% 15%11% 10% 8% 8% 6% 4% 4% Wisconsin Minnesota South Dakota Illinois Utah Florida Ohio Colorado Tennessee By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 Loan Balance Outstanding In Millions $111 $110 Number of Loans 117 113 Average Loan Size In Millions $1.0 $1.0 Approximate Weighted Average LTV 64% 63% Trailing 12 Month Net Charge-Offs 0.00% 0.00% Percent Utilized of Commitments 66% 60% $0.3 $0.2 Criticized Loans as a Percent of Total 0.3% 0.2% Portfolio Characteristics - Construction & Development As of Criticized Loans in Millions 11

34% 25% 19% 22% Crop Other Farming Dairy Other Agricultural As of 12/31/23 Portfolio Fundamentals 79% 19% 2% Wisconsin Minnesota Other By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $109 $109 482 483 $226 $226 35 33 -0.43% -0.20% Criticized Loans in Millions $7.8 $9.5 7.2% 8.7%Criticized Loans as a Percent of Total Weighted Average Seasoning In Months Trailing 12 Month Net Charge-Offs Portfolio Characteristics - Agricultural Loan Balance Outstanding In Millions Number of Loans Average Loan Size In Thousands As of 12

59%25% 16% Limited Service Full Service Other Hotels As of 12/31/23 Portfolio Fundamentals 46% 39% 15% Minnesota Wisconsin Illinois By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $97 $94 25 24 $3.9 $3.9 55% 60% 0.00% 0.00% Criticized Loans in Millions $5.2 $5.4 5.4% 5.8%Criticized Loans as a Precent of Total As of Number of Loans Trailing 12 Month Net Charge Offs Portfolio Characteristics - Hotels Loan Balance Outstanding In Millions Average Loan Size In Millions Approximate Weighted Average LTV 13

69% 18% 5% 4% 4% Culver's - Limited Service Restaurants Other National Limited Services Drinking Establishments Other Restaurants As of 12/31/23 Portfolio Fundamentals 51% 30% 19% Wisconsin Minnesota Other By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $52 $52 74 72 $709 $721 48% 49% 0.00% 0.00% Criticized Loans In Millions $0.6 $0.7 1.2% 1.3%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

25% 18% 25% 23% 3%2% 4% 2023 2022 2021 2020 2017 2016 Prior By Vintage As 12/31/23 Portfolio Fundamentals 20% 12% 12% 10%8% 7% 6% 3% 3% 3% 4% 12% Wisconsin Utah Alabama Ohio Illinois Maryland Pennsylvania Kentucky New York North Carolina Tennessee Other By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $132 $123 56 53 $2.4 $2.3 49% 48% 28 26 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

1% 33% 4%34% 28% 2023 2024 2025 2026 2027 & Beyond Maturity or Next Repricing Date As of 12/31/23 Portfolio Fundamentals 59%35% 6% Wisconsin Minnesota Other By Geography As of 12/31/23 • 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 12/31/2023 9/30/2023 $40 $41 70 74 $574 $552 64% 64% 38 35 0.00% 0.00% $0.0 $0.0 0.0% 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. 17

Below is a breakdown of loans by risk rating as of December 31, 2023: (in thousands) 1 to 5 6 7 8 9 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 credit losses (22,908) Loans receivable, net $ 1,437,884 Below is a breakdown of loans by risk rating as of September 30, 2023: (in thousands) 1 to 5 6 7 8 9 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 729,891 $ 9,313 $ 11,078 $ — $ — $ 750,282 Agricultural real estate 77,462 6,611 485 — — 84,558 Multi-family real estate 219,193 — — — — 219,193 Construction and land development 109,594 111 94 — — 109,799 C&I/Agricultural operating: Commercial and industrial 118,062 2,950 21 — — 121,033 Agricultural operating 22,124 1,058 1,370 — — 24,552 Residential mortgage: Residential mortgage 122,883 — 3,056 — — 125,939 Purchased HELOC loans 2,881 — — — — 2,881 Consumer installment: Originated indirect paper 7,135 — 40 — — 7,175 Other consumer 6,413 — 27 — — 6,440 Gross loans $ 1,415,638 $ 20,043 $ 16,171 $ — $ — $ 1,451,852 Less: Unearned net deferred fees and costs and loans in process (3,048) Unamortized discount on acquired loans (1,275) Allowance for credit losses (22,973) Loans receivable, net $ 1,424,556 18

Below is a breakdown of loans by risk rating as of December 31, 2022: (in thousands) 1 to 5 6 7 8 9 TOTAL Total Loans: Commercial/Agricultural real estate: Commercial real estate $ 712,658 $ 5,771 $ 7,542 $ — $ — $ 725,971 Agricultural real estate 84,215 549 3,144 — — 87,908 Multi-family real estate 208,908 — — — — 208,908 Construction and land development 102,385 — 107 — — 102,492 C&I/Agricultural operating: Commercial and industrial 129,748 5,526 739 — — 136,013 Agricultural operating 26,418 324 2,064 — — 28,806 Residential mortgage: Residential mortgage 101,730 — 3,659 — — 105,389 Purchased HELOC loans 3,262 — — — — 3,262 Consumer installment: Originated indirect paper 10,190 — 46 — — 10,236 Other consumer 7,132 — 18 — — 7,150 Gross loans $ 1,386,646 $ 12,170 $ 17,319 $ — $ — $ 1,416,135 Less: Unearned net deferred fees and costs and loans in process (2,585) Unamortized discount on acquired loans (1,766) Allowance for loan losses (17,939) Loans receivable, net $ 1,393,845 19

Allowance for Credit Losses - Loans (in thousand, except ratios) December 31, 2023 and Three Months Ended September 30, 2023 and Three Months Ended June 30, 2023 and Three Months Ended December 31, 2022 and Three Months Ended Allowance for Credit Losses (“ACL”) ACL - Loans, at beginning of period $ 22,973 $ 23,164 $ 22,679 $ 17,217 Cumulative effect of ASU 2016-13 adoption — — — — Loans charged off: Commercial/Agricultural real estate — — (14) — C&I/Agricultural operating — — — (36) Residential mortgage — (54) (10) — Consumer installment (6) (3) (16) (14) Total loans charged off (6) (57) (40) (50) Recoveries of loans previously charged off: Commercial/Agricultural real estate 253 206 27 62 C&I/Agricultural operating 6 10 16 8 Residential mortgage 2 — 36 — Consumer installment 9 2 10 2 Total recoveries of loans previously charged off: 270 218 89 72 Net loan recoveries/(charge-offs) (“NCOs”) 264 161 49 22 (Reductions) additions to ACL - Loans via provision for credit losses charged to operations (329) (352) 436 700 ACL - Loans, at end of period $ 22,908 $ 22,973 $ 23,164 $ 17,939 Average outstanding loan balance $ 1,458,558 $ 1,435,284 $ 1,414,925 $ 1,399,244 Ratios: NCOs (annualized) to average loans (0.07) % (0.04) % (0.01) % (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 $1.250 million at December 31, 2023 and $0 at December 31, 2022, classified in other liabilities on the consolidated balance sheets. December 31, 2023 and Three Months Ended September 30, 2023 and Three Months Ended June 30, 2023 and Three Months Ended December 31, 2022 and Three Months Ended ACL - Unfunded commitments - beginning of period $ 1,571 $ 1,544 $ 1,530 $ — Cumulative effect of ASU 2016-13 adoption — — — — Additions (reductions) to ACL - Unfunded commitments via provision for credit losses charged to operations (321) 27 14 — ACL - Unfunded commitments - End of period $ 1,250 $ 1,571 $ 1,544 $ — 20

Delinquency Detail (in thousands) 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Greater Than 89 Days Past Due and Accruing Total Past Due and Accruing Nonaccrual Loans Total Past Due Accruing and Nonaccrual Loans Current Total Loans December 31, 2023 (1) Commercial/Agricultural real estate: Commercial real estate $ 50 $ 308 $ — $ 358 $ 10,359 $ 10,717 $ 737,730 $ 748,447 Agricultural real estate — — — — 391 391 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 — 248 120,942 121,190 Agricultural operating — — — — 1,180 1,180 24,515 25,695 Residential mortgage: Residential mortgage 826 350 387 1,563 1,167 2,730 125,749 128,479 Purchased HELOC loans 117 — — 117 — 117 2,763 2,880 Consumer installment: Originated indirect paper 66 — — 66 15 81 6,454 6,535 Other consumer 38 — 2 40 18 58 6,129 6,187 Total $ 1,345 $ 658 $ 389 $ 2,392 $ 13,184 $ 15,576 $ 1,445,216 $ 1,460,792 September 30, 2023 (1) Commercial/Agricultural real estate: Commercial real estate $ 523 $ — $ — $ 523 $ 10,570 $ 11,093 $ 737,025 $ 748,118 Agricultural real estate 36 — — 36 469 505 83,823 84,328 Multi-family real estate — — — — — — 219,095 219,095 Construction and land development — — — — 94 94 108,947 109,041 C&I/Agricultural operating: Commercial and industrial — 150 — 150 — 150 120,382 120,532 Agricultural operating — — — — 1,373 1,373 23,198 24,571 Residential mortgage: Residential mortgage 1,049 221 952 2,222 923 3,145 122,203 125,348 Purchased HELOC loans 117 — — 117 — 117 2,764 2,881 Consumer installment: Originated indirect paper 70 — — 70 26 96 7,079 7,175 Other consumer 36 4 19 59 1 60 6,380 6,440 Total $ 1,831 $ 375 $ 971 $ 3,177 $ 13,456 $ 16,633 $ 1,430,896 $ 1,447,529 (1) Current year balances are at amortized cost. 21

Delinquency Detail (Continued) (in thousands) 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Greater Than 89 Days Past Due and Accruing Total Past Due and Accruing Nonaccrual Loans Total Past Due Accruing and Nonaccrual Loans Current Total Loans June 30, 2023 (1) Commercial/Agricultural real estate: Commercial real estate $ 127 $ — $ — $ 127 $ 11,359 $ 11,486 $ 718,905 $ 730,391 Agricultural real estate — — — — 1,712 1,712 85,247 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 — — — — 4 4 133,244 133,248 Agricultural operating 15 — — 15 1,436 1,451 22,930 24,381 Residential mortgage: Residential mortgage 973 757 492 2,222 1,029 3,251 115,867 119,118 Purchased HELOC loans 456 — — 456 — 456 2,760 3,216 Consumer installment: Originated indirect paper 17 — — 17 27 44 8,145 8,189 Other consumer 20 6 — 26 2 28 6,458 6,486 Total $ 1,608 $ 763 $ 492 $ 2,863 $ 15,663 $ 18,526 $ 1,406,462 $ 1,424,988 December 31, 2022 Commercial/Agricultural real estate: Commercial real estate $ 202 $ 88 $ — $ 290 $ 5,736 $ 6,026 $ 719,945 $ 725,971 Agricultural real estate 4,992 — — 4,992 2,742 7,734 80,174 87,908 Multi-family real estate — — — — — — 208,908 208,908 Construction and land development 3,975 — — 3,975 — 3,975 98,517 102,492 C&I/Agricultural operating: Commercial and industrial — 26 — 26 552 578 135,435 136,013 Agricultural operating 826 — — 826 890 1,716 27,090 28,806 Residential mortgage: Residential mortgage 767 479 236 1,482 1,253 2,735 102,654 105,389 Purchased HELOC loans — — — — — — 3,262 3,262 Consumer installment: Originated indirect paper 15 — — 15 27 42 10,194 10,236 Other consumer 39 2 10 51 4 55 7,095 7,150 Total $ 10,816 $ 595 $ 246 $ 11,657 $ 11,204 $ 22,861 $ 1,393,274 $ 1,416,135 (1) Current year balances are at amortized cost. 22

Nonaccrual Loans Roll forward (in thousands) Quarter Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Balance, beginning of period $ 13,456 $ 15,663 $ 10,410 $ 11,204 $ 10,772 Additions 538 33 7,826 154 1,039 Charge offs — (53) (23) (49) (37) Transfers to OREO (23) — (110) (25) — Return to accrual status — (190) — (252) — Payments received (781) (1,994) (2,429) (527) (561) Other, net (6) (3) (11) (95) (9) Balance, end of period $ 13,184 $ 13,456 $ 15,663 $ 10,410 $ 11,204 Other Real Estate Owned Roll forward (in thousands) Quarter Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Balance, beginning of period $ 1,046 $ 1,199 $ 1,113 $ 1,265 $ 1,584 Loans transferred in 23 — 110 25 — Branch properties transferred in 724 — — — 1,041 Branch properties sales — — — (130) (1,360) Sales — (25) (33) (48) — Write-downs — (128) — — — Other, net 2 — 9 1 — Balance, end of period $ 1,795 $ 1,046 $ 1,199 $ 1,113 $ 1,265 23

The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of December 31, 2023 and December 31, 2022, respectively, were as follows: (in thousands) Available for sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 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 December 31, 2022 U.S. government agency obligations $ 18,373 $ 173 $ 233 $ 18,313 Mortgage-backed securities 97,458 — 18,848 78,610 Corporate debt securities 44,636 — 4,385 40,251 Asset-backed securities 29,877 — 1,060 28,817 Total available for sale securities $ 190,344 $ 173 $ 24,526 $ 165,991 (in thousands) Held to maturity securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 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 December 31, 2022 Obligations of states and political subdivisions $ 600 $ — $ 54 $ 546 Mortgage-backed securities 95,779 7 19,553 76,233 Total held to maturity securities $ 96,379 $ 7 $ 19,607 $ 76,779 The composition of our available for sale portfolios by credit rating as of the dates indicated below was as follows: (in thousands) December 31, 2023 December 31, 2022 Available for sale securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 98,977 $ 81,351 $ 112,477 $ 93,669 AAA 9,695 9,508 8,640 8,334 AA 23,913 23,709 24,591 23,737 A 8,200 7,292 5,700 5,133 BBB 38,959 33,883 38,936 35,118 Non-rated — — — — Total available for sale securities $ 179,744 $ 155,743 $ 190,344 $ 165,991 24

The composition of our held to maturity portfolio by credit rating as of the dates indicated was as follows: (in thousands) December 31, 2023 December 31, 2022 Held to maturity securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. government agency $ 90,629 $ 72,697 $ 95,779 $ 76,233 AAA — — — — AA — — — — A 600 565 600 546 Total $ 91,229 $ 73,262 $ 96,379 $ 76,779 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 December 31, 2023, 229 thousand shares were available for purchase under the share repurchase program. During the quarter ended December 31, 2023, 27 thousand shares were repurchased under the program. As of December 31, 2023, an additional 202 thousand shares remain available for repurchase under the program. Earnings Per Share (Amounts in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Basic Net income attributable to common shareholders $ 3,693 $ 2,498 $ 4,696 $ 13,059 $ 17,761 Weighted average common shares outstanding 10,456 10,470 10,453 10,469 10,505 Basic earnings per share $ 0.35 $ 0.24 $ 0.45 $ 1.25 $ 1.69 Diluted Net income attributable to common shareholders $ 3,693 $ 2,498 $ 4,696 $ 13,059 $ 17,761 Weighted average common shares outstanding 10,456 10,470 10,453 10,469 10,505 Add: Dilutive stock options outstanding 1 — 7 1 9 Average shares and dilutive potential common shares 10,457 10,470 10,460 10,470 10,514 Diluted earnings per share $ 0.35 $ 0.24 $ 0.45 $ 1.25 $ 1.69 Common stock issued and outstanding 10,441 10,468 10,425 10,441 10,425 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 December 31, 2023 At December 31, 2022 +300 bp 0 % 0 % +200 bp 0 % 0 % +100 bp 0 % 0 % -100 bp 0 % (1) % -200 bp (2) % (4) % 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 December 31, 2023 At December 31, 2022 +300 bp (13) % (3) % +200 bp (8) % (2) % +100 bp (4) % (1) % -100 bp 4 % 1 % -200 bp 7 % 2 % 26

CITIZENS COMMUNITY FEDERAL N.A. Selected Capital Composition Highlights December 31, 2023 (unaudited) September 30, 2023 (unaudited) June 30, 2023 (unaudited) December 31, 2022 (audited) To Be Well Capitalized Under Prompt Corrective Action Provisions Tier 1 leverage ratio (to adjusted total assets) 11.5% 11.6% 11.7% 11.5% 5.0% Tier 1 capital (to risk weighted assets) 13.4% 13.3% 13.5% 13.0% 8.0% Common equity tier 1 capital (to risk weighted assets) 13.4% 13.3% 13.5% 13.0% 6.5% Total capital (to risk weighted assets) 14.6% 14.6% 14.7% 14.2% 10.0% CITIZENS COMMUNITY BANCORP, INC. Selected Capital Composition Highlights December 31, 2023 (unaudited) September 30, 2023 (unaudited) June 30, 2023 (unaudited) December 31, 2022 (audited) For Capital Adequacy Purposes Tier 1 leverage ratio (to adjusted total assets) 8.9% 8.7% 8.6% 8.5% 4.0% Tier 1 capital (to risk weighted assets) 10.3% 10.0% 9.9% 9.7% 6.0% Common equity tier 1 capital (to risk weighted assets) 10.3% 10.0% 9.9% 9.7% 4.5% Total capital (to risk weighted assets) 14.7% 14.4% 14.3% 14.0% 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: December 31, 2023 Valuation Method Used Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents (Level I) $ 37,138 $ 37,138 Other interest-bearing deposits (Level II) — — Securities available for sale “AFS” (Level II) 155,743 155,743 Securities held to maturity “HTM” (Level II) 91,229 73,262 Equity investments (Level I) 557 557 Equity investments valued at NAV(1) N/A 2,727 2,727 Other investments (Level II) 15,725 15,725 Loans receivable, net (Level III) 1,437,884 1,374,387 Loans held for sale - Residential mortgage (Level I) 1,134 1,134 Loans held for sale - SBA /FSA (Level II) 4,639 4,639 Mortgage servicing rights (Level III) 3,865 5,589 Accrued interest receivable (Level I) 5,409 5,409 Financial liabilities: Deposits (Level III) $ 1,519,092 $ 1,517,361 FHLB advances (Level II) 79,530 79,087 Other borrowings (Level II) 67,465 59,125 Accrued interest payable (Level I) 3,175 3,175 (1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B. 28

2023 Fourth 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; adverse impacts to the Company or CCFBank arising from the COVID-19 pandemic; acts of terrorism and political or military actions by the United States or other governments; the possibility of a deterioration in the residential real estate markets; interest rate risk; lending risk; higher lending risks associated with our commercial and agricultural banking activities; the sufficiency of loan allowances; changes in the fair value or ratings downgrades of our securities; 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; cybersecurity risks; 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 loan losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or CCFBank; 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, 2022, filed with the Securities and Exchange Commission ("SEC") on March 7, 2023, the Company’s Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023, filed with the SEC on May 4, 2023, August 3, 2023 and November 3, 2023, respectively, 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 Increase Tangible Book and Shareholder Value Maintain Strong Asset Quality Metrics Increase Operating Leverage Sustainable Business Practices Maximize earnings in a lower NIM environment to offset AOCI impact on Tangible Book Value and Tangible Common Equity Monitor credit portfolio and maintain NPAs, classifieds and NCOs at or better than peer group median Maintain efficiency ratio in mid 60% range by controlling expenses while NIM pressure persists Implement business priorities that enhance customer, colleague, and community engagement to generate results that increase franchise value 4 Diversified Portfolios Maintain diversified loan and deposit portfolios by geography, industry, loan type and size, and customer relationship, predominantly in Northwest Wisconsin and Southern Minnesota

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 $1,421 $1,425 $1,448 $1,460 $558 $743 $747 $1,196 $1,295 $1,388 $1,425 $1,437 $1,465 $1,473 $1,519 $696 $941 $975 $1,531 $1,649 $1,740 $1,816 $1,861 $1,830 $1,831 $1,851 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY Mar-23 Jun-23 Sep-23 23-Dec 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% 0.0% 25.0% 50.0% 75.0% 100.0% Overall Role Team Supervisor Compensation Organization Colleague Engagement 2021 Favorable 2022 Favorable 2023 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 75% Participation Rate 2021 2022 2023 71.8% 91.4% 84.8%

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 $3,662 $3,206 $2,498 $3,693 $4,221 $4,962 $10,675 $12,425 $21,339 $18,500 $3,662 $3,206 $2,498 $3,993 $0 $5,000 $10,000 $15,000 $20,000 $25,000 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 Net Income Net Income Net Income as Adjusted $0.46 $0.58 $0.85 $1.14 $1.98 $1.69 $0.35 $0.31 $0.24 $0.35 $0.78 $0.68 $0.96 $1.11 $1.99 $1.76 $0.35 $0.31 $0.24 $0.38 $0.00 $0.50 $1.00 $1.50 $2.00 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 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 $12.48 $12.61 $12.61 $13.42 $12.48 $12.46 $13.36 $14.52 $16.27 $16.03 $15.70 $15.81 $15.80 $16.60 $0.00 $5.00 $10.00 $15.00 $20.00 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY Mar-23 Jun-23 Sep-23 23-Dec 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 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2017 2018 2019 2020 2021 2022 2023 YTD CORE NET REVENUE DETAIL NET INTEREST INCOME NON-INTEREST INCOME NON-INTEREST EXPENSE $58,488 $68,703 $69,491 $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% 0.81% 0.70% 0.54% 0.79% 0.58% 0.52% 0.76% 0.78% 1.24% 1.04% 0.81% 0.70% 0.54% 0.86% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 23-Dec ROAA ROAA ROAA INCOME AS ADJUSTED 4.5% 5.3% 10.1% 12.1% 17.6% 14.4% 11.9% 10.3% 7.7% 11.3% 7.5% 6.0% 11.2% 11.8% 17.6% 14.9% 11.9% 10.3% 7.7% 12.2% 0.0% 5.0% 10.0% 15.0% 20.0% 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 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% 66% 66% 67% 72% 74% 76% 66% 62% 57% 59% 66% 66% 67% 69% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 EFFICIENCY RATIO EFFICIENCY RATIO EFFICIENCY RATIO AS ADJUSTED $20,077 $22,268 $30,303 $43,513 $50,255 $53,667 $56,369 $48,349 3.27% 3.31% 3.42% 3.37% 3.40% 3.34% 3.39% 2.81% 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 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% 8.5% 8.6% 8.7% 8.9% 0.0% 4.0% 8.0% 12.0% LEVERAGE RATIO 8.9% 10.2% 9.1% 10.5% 9.7% 9.7% 9.7% 9.9% 10.0% 10.3% 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% 14.1% 14.3% 14.4% 14.7% 0.0% 5.0% 10.0% 15.0% 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% 7.2% 7.3% 7.3% 7.7% 0.0% 4.0% 8.0% 12.0% TANGIBLE COMMON EQUITY / TANGIBLE ASSETS

Asset Quality 0.82% 0.89% 0.88% 1.38% 1.29% 1.27% 1.60% 1.63% 1.59% 1.57% 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% 0.63% 0.95% 0.85% 0.83% 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% 217.86% 143.39% 159.24% 168.78% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% ACL-LOANS / NON-PERFORMING LOANS (NPL) 0.07% 0.07% 0.08% 0.08% 0.01% 0.03% 0.01% -0.01% -0.04% -0.07% -0.20% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% NET CHARGE OFFS (NCOS)/ AVERAGE LOANS

CRE, C&I, Ag. Related, C&D 90% Residential & HELOC 9% Consumer 1% Loan Portfolio 09/30/2016 12/31/23 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 Mar-23 Jun-23 Sep-23 Dec-23 Commercial Real Estate $54,600 $109,024 $156,735 $420,383 $425,283 $610,214 $630,857 $633,618 $638,558 $657,735 $653,437 Housing related CRE $53,475 $77,166 $108,029 $181,084 $204,544 $266,600 $304,022 $300,916 $302,089 $311,740 $325,189 Commercial & Industrial $31,001 $55,251 $76,254 $133,734 $116,553 $122,167 $136,013 $130,943 $133,763 $121,033 $121,666 Ag. Real Estate / Ag. Operating $42,845 $91,875 $97,066 $123,143 $101,580 $110,083 $116,714 $115,104 $111,556 $109,110 $109,041 Q4 2023 Construction & Development $16,580 $19,708 $17,739 $86,410 $98,517 $79,520 $102,492 $114,951 $105,624 $109,799 $110,941 5.26% Residential mortgage and Purchased HELOC loans $187,738 $247,634 $209,781 $184,739 $137,646 $94,861 $108,651 $113,585 $122,940 $128,820 $131,901 Yield (1) Indirect Consumer Installment $168,294 $115,287 $78,245 $39,585 $25,851 $15,971 $10,236 $9,314 $8,189 $7,175 $6,535 Consumer Installment $19,715 $20,668 $18,844 $18,186 $13,213 $8,874 $7,150 $6,728 $6,487 $6,440 $6,187 Gross Loans Ex SBA PPP Loans $574,248 $736,613 $762,693 $1,187,264 $1,123,187 $1,308,290 $1,416,135 $1,425,159 $1,429,206 $1,451,852 $1,464,897 SBA PPP Loans $0 $0 $0 $0 $123,702 $8,755 $0 $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 $1,425,159 $1,429,206 $1,451,852 $1,464,897

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 Mar-23 Jun-23 Sep-23 Dec-23 Gross Commercial & Ag Loans: Commercial real estate $88,940 $159,962 $216,703 $514,459 $507,675 $698,465 $725,971 $726,748 $732,435 $750,282 $750,531 Agricultural real estate $28,198 $68,002 $70,517 $85,363 $68,795 $78,495 $87,908 $90,958 $87,198 $84,558 $83,350 Multi-family real estate $19,135 $26,228 $48,061 $87,008 $122,152 $178,349 $208,908 $207,786 $208,211 $219,193 $228,095 Construction and development $16,580 $19,708 $17,739 $86,410 $98,517 $79,520 $102,492 $114,951 $105,625 $109,799 $110,941 Commercial and industrial $31,001 $55,251 $76,254 $133,734 $116,553 $122,167 $136,013 $130,943 $133,763 $121,033 $121,666 Agricultural operating $14,647 $23,873 $26,549 $37,780 $32,785 $31,588 $28,806 $24,146 $24,358 $24,552 $25,691 Total Gross Commercial & Ag Loans $198,501 $353,024 $455,823 $944,754 $946,477 $1,188,584 $1,290,098 $1,295,532 $1,291,590 $1,309,417 $1,320,274

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 12/31/2023 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 19% Interest Bearing Demand 23% MMDA & Savings 33% CDs 25% ($000) Sep-16 Sep-17 Sep-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Non-interest-bearing demand deposits $45,408 $75,318 $87,495 $168,157 $238,348 $276,631 $284,726 $247,735 $261,876 $275,790 $265,704 Interest bearing demand deposits $48,934 $147,912 $139,276 $223,102 $301,764 $396,231 $371,210 $390,730 $358,226 $336,962 $343,276 Q4 2023 Savings accounts $52,153 $102,756 $97,329 $156,599 $196,348 $222,674 $220,019 $214,537 $206,380 $183,702 $176,548 Cost of Deposits Money market accounts $137,234 $125,749 $109,314 $246,430 $245,549 $288,985 $323,435 $309,005 $288,934 $312,689 $374,055 2.12% Certificate accounts $273,948 $290,769 $313,115 $401,414 $313,247 $203,014 $225,334 $274,786 $349,266 $364,092 $359,509 Total Deposits $557,677 $742,504 $746,529 $1,195,702 $1,295,256 $1,387,535 $1,424,724 $1,436,793 $1,464,682 $1,473,235 $1,519,092 Deposit Composition - Quarter Lookback

$557,677 $742,504 $1,007,512 $1,195,702 $1,295,256 $1,387,535 $1,424,724 $1,436,793 $1,464,682 $1,473,235 $1,519,092 $27,884 $32,283 $37,315 $42,704 $51,810 $55,501 $61,945 $62,469 $63,682 $64,054 $66,047 $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 TOTAL DEPOSITS AND DEPOSITS PER BRANCH ($000) Total Deposits Average Deposits Per Branch 23 27 28 25 25 2323 23 Branch Deposit Growth & Efficiency  $66 million average branch size as of December, 31, 2023, doubling in size over the past 7 years  3 branch locations were consolidated in 2022  1 branch location opened in 2022 in an identified market of opportunity  Since FY 2016  19 branches opened or purchased  16 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 23

Appendix 18

Net Interest Margin Analysis Source: S&P Global Market Intelligence, company filings 19 (1) Fully taxable equivalent. The average yield on tax exempt securities is computed on a tax equivalent basis using a tax rate of 21% for the quarters ended December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023. Quarter ended December 31, 2023 Quarter ended September 30, 2023 Quarter ended June 30, 2023 Quarter ended March 31, 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 16,699$ 241$ 5.75% 21,298$ 302$ 5.63% 24,779$ 327$ 5.29% 18,270$ 140$ 3.11% Loans receivable 1,458,558 19,408 5.28% 1,435,284 19,083 5.27% 1,414,925 17,960 5.09% 1,412,409 17,126 4.92% Interest-bearing deposits - - 0.00% - - 0.00% 5 - 0.00% 249 1 1.63% Investment securities (1) 243,705 2,102 3.42% 252,226 2,119 3.33% 264,579 2,210 3.34% 270,174 2,175 3.22% Non-marketable equity securities, at cost 15,760 275 6.92% 15,511 268 6.85% 17,491 280 6.42% 16,663 231 5.62% Total interest earning assets 1,734,722$ 22,026$ 5.04% 1,724,319$ 21,772$ 5.01% 1,721,779$ 20,777$ 4.84% 1,717,765$ 19,673$ 4.64% Average interest-bearing liabilities: Total deposits 1,199,468$ 7,851$ 2.60% 1,209,688$ 7,388$ 2.42% 1,167,777$ 6,162$ 2.12% 1,165,081$ 4,348$ 1.51% FHLB Advances & Other Borrowings 191,575 2,428 5.03% 182,967 2,263 4.91% 238,776 2,929 4.92% 232,166 2,530 4.42% Total interest bearing liabilities 1,391,043$ 10,279$ 2.93% 1,392,655$ 9,651$ 2.75% 1,406,553$ 9,091$ 2.59% 1,397,247$ 6,878$ 2.00% Net interest income 11,747$ 12,121$ 11,686$ 12,795$ Interest Rate Spread 2.11% 2.26% 2.25% 2.64% Net interest margin 2.69% 2.79% 2.72% 3.02%

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 0% +300 bp 0% +200 bp 0% +200 bp 0% +100 bp 0% +100 bp 0% -100 bp 0% -100 bp -1% -200 bp -2% -200 bp -4% 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 -13% +300 bp -3% +200 bp -8% +200 bp -2% +100 bp -4% +100 bp -1% -100 bp 4% -100 bp 1% -200 bp 7% -200 bp 2% December 31, 2022December 31, 2023 December 31, 2022December 31, 2023 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$ 4,916$ 4,303$ 5,042$ 4,671$ Merger related costs (1) 1,860$ 463$ 3,880$ -$ -$ -$ -$ -$ -$ -$ Branch closure costs (2) 951$ 26$ 15$ 165$ -$ 981$ -$ -$ -$ 380$ 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$ 4,916$ 4,303$ 5,042$ 5,051$ Provision for income tax on pre-tax earnings as adjusted (8) 2,233$ 1,798$ 3,260$ 4,457$ 7,722$ 6,062$ 1,254$ 1,097$ 2,544$ 1,058$ 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$ 1,254$ 1,097$ 2,544$ 1,058$ Net income as adjusted (non-GAAP) (7) 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 3,662$ 3,206$ 2,498$ 3,993$ GAAP diluted earnings per share, net of tax 0.46$ 0.58$ 0.85$ 1.14$ 1.98$ 1.69$ 0.35$ 0.31$ 0.24$ 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$ 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$ 0.35$ 0.31$ 0.24$ 0.38$ Average diluted shares outstanding 5,378,548 7,335,247 11,121,435 11,161,811 10,726,539 10,513,773 10,477,610 10,478,206 10,470,098 10,457,184 FY 2022 Jun-23Mar-23FY 2020 FY 2021 Sep-23 Dec-23FY 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, $0, $341,000, $350,000, and $565,000 for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023 and years ended 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, and one branch office closure in the quarter ended December 31, 2023. 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 Mar-23 Jun-23 Sep-23 Dec-23 Net Income 2,499$ 4,283$ 9,463$ 12,725$ 21,266$ 17,761$ 3,662$ 3,206$ 2,498$ 3,693$ Net Income as adjusted 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 3,662$ 3,206$ 2,498$ 3,993$ Average assets 731,407$ 954,912$ 1,398,482$ 1,594,053$ 1,722,483$ 1,775,049$ 1,823,748$ 1,844,196$ 1,836,775$ 1,843,789$ Return on average assets 0.34% 0.45% 0.68% 0.80% 1.23% 1.00% 0.81% 0.70% 0.54% 0.79% Return on average assets as adjusted 0.58% 0.52% 0.76% 0.78% 1.24% 1.04% 0.81% 0.70% 0.54% 0.86% 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 Common Equity 73,483$ 135,847$ 150,553$ 160,564$ 170,866$ 167,088$ 164,561$ 165,558$ 165,402$ 173,334$ Less: Goodwill (10,444) (10,444) (31,498) (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) (2,245) (2,052) (1,873) (1,694) Tangible Common Equity (TCE) 57,590$ 120,598$ 111,468$ 123,572$ 135,470$ 133,141$ 130,818$ 132,008$ (132,031)$ 140,142$ Average Tangible Common Equity 58,300$ 89,094$ 105,340$ 115,313$ 127,793$ 131,305$ 130,582$ 131,016$ 132,671$ 134,776$ Net Income 2,499$ 4,283$ 9,463$ 12,725$ 21,266$ 17,761$ 3,662$ 3,206$ 2,498$ 3,693$ Intangible amortization, net of tax 143 417 1,153 1,194 1,171 1,095 152 144 89 142 Tangible Net Income 2,642$ 4,700$ 10,616$ 13,919$ 22,437$ 18,856$ 3,814$ 3,350$ 2,587$ 3,835$ Net Income as adjusted 4,221$ 4,962$ 10,675$ 12,425$ 21,339$ 18,500$ 3,662$ 3,206$ 2,498$ 3,993$ Intangible amortization, net of tax 143 417 1,153 1,194 1,171 1,095 152 144 89 142 Tangible Net Income as adjusted 4,364$ 5,379$ 11,828$ 13,619$ 22,510$ 19,595$ 3,814$ 3,350$ 2,587$ 4,135$ ROATCE 4.5% 5.3% 10.1% 12.1% 17.6% 14.4% 11.8% 10.3% 7.7% 11.3% ROATCE as adjusted 7.5% 6.0% 11.2% 11.8% 17.6% 14.9% 11.8% 10.3% 7.7% 12.2% 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 Mar-23 Jun-23 Sep-23 Dec-23 Non-interest Expense (GAAP) 22,878$ 29,764$ 42,686$ 43,673$ 40,532$ 41,743$ 10,121$ 9,846$ 9,969$ 10,206$ Less amortization of intangibles (219) (644) (1,496) (1,622) (1,596) (1,449) (204) (193) (179) (179) Efficiency ratio numerator 22,659 29,120 41,190 42,051 38,936 40,294 9,917 9,653 9,790 10,027 Merger related costs (1,860) (463) (3,880) - - - - - - - Branch Closure costs (951) (26) (15) (165) - (981) - - - (380) 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$ 9,917$ 9,653$ 9,790$ 9,647$ Non-interest income 4,751$ 7,370$ 14,975$ 18,448$ 15,824$ 10,430$ 2,292$ 2,913$ 2,565$ 2,480$ Net interest margin 22,268 30,303 43,513 50,255 53,667 56,369 12,795 11,686 12,121 11,747 Loss (Gain) on investment securities (111) 17 (271) (110) (1,224) (541) (56) (10) (116) (277) Efficiency ratio denominator (GAAP) 26,908 37,690 58,217 68,593 68,267 66,258 15,031 14,589 14,570 13,950 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$ 15,031$ 14,589$ 14,570$ 13,950$ Efficiency ratio 84% 77% 71% 61% 57% 61% 66% 66% 67% 72% Efficiency ratio as adjusted 74% 76% 66% 62% 57% 59% 66% 66% 67% 69% 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 Total Stockholders' equity 73,483$ 135,847$ 150,553$ 160,564$ 170,866$ 167,088$ 164,561$ 165,558$ 165,402$ 173,334$ Less: Goodwill (10,444) (10,444) (31,498) (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) (2,245) (2,052) (1,873) (1,694) Tangible book value (non-GAAP) 57,590$ 120,598$ 111,468$ 123,572$ 135,470$ 133,141$ 130,818$ 132,008$ 132,031$ 140,142$ Shares outstanding 5,888,816 10,913,853 11,266,954 11,056,349 10,502,442 10,425,119 10,482,821 10,470,175 10,468,091 10,440,591 Book Value 12.48$ 12.45$ 13.36$ 14.52$ 16.27$ 16.03$ 15.70$ 15.81$ 15.80$ 16.60$ TBVPS 9.78$ 11.05$ 9.89$ 11.18$ 12.90$ 12.77$ 12.48$ 12.61$ 12.61$ 13.42$ 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Sep-23 Dec-23 Total Assets 940,664$ 975,409$ 1,167,060$ 1,649,095$ 1,739,628$ 1,816,367$ 1,860,720$ 1,829,837$ 1,831,087$ 1,851,391$ Less: Goodwill (10,444) (10,444) (31,498) (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) (2,245) (2,052) (1,873) (1,694) Tangible Assets (non-GAAP) 924,771$ 960,160$ 1,127,975$ 1,612,103$ 1,704,232$ 1,782,420$ 1,826,977$ 1,796,287$ 1,797,716$ 1,818,199$ Tangible Common Equity / Tangible Assets 6.2% 12.6% 9.9% 7.7% 7.9% 7.5% 7.2% 7.3% 7.3% 7.7% 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 2.3% 2.5% 4.0% 2.2% 2.3% 2.5% 1.9% 2.0% 3.4% 2.0% 1.9% 1.4% 0.0% 2.5% 5.0% Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 MSA Unemployment Rates Eau Claire MSA Mankato MSA

Leadership Team Stephen M. Bianchi Chairman of the Board President & CEO Mr. Stephen M. Bianchi, also known as Steve, has been the Chief Executive Officer and President of Citizens Community Bancorp, Inc. and Citizens Community Federal since June 24, 2016. He has been Chairman of Citizens Community Bancorp, Inc. since October 2018 and Citizens Community Federal National Association. As a banking veteran with 38 years of experience, Mr. Bianchi served in several senior management positions at Wells Fargo Bank and with Associated Bank. He served as the Chief Executive Officer at HF Financial Corp. from October 2011 and its President from April 2010 to May 2015. Mr. Bianchi served as the Chief Executive Officer and President of Home Federal Bank, a subsidiary of HF Financial Corp. from August 2012 to May 2015. He served as the Interim Chief Executive Officer and Interim President of HF Financial Corp. from October 2011 until July 2012. Mr. Bianchi served as Senior Vice President at Associated Bank, where he served as Minnesota Regional President and Minnesota Regional Commercial Banking Manager from July 2006 to April 2010. Before that, he served as Twin Cities Business Banking Manager for Wells Fargo Bank, where he held several other management positions over 14 years. He has been a Director of Citizens Community Bancorp, Inc. since May 25, 2017. He has been a Director of Citizens Community Federal since June 24, 2016. Mr. Bianchi received his B.S. degree in Finance and M.B.A. from Providence College. James S. Broucek Executive VP, CFO Principal Accounting Officer, Treasurer & Secretary Mr. James S. Broucek, also known as Jim, has been Chief Financial Officer and Principal Accounting Officer at Citizens Community Bancorp, Inc and Citizens Community Federal since October 31, 2017. He serves as Executive Vice President, CFO, Treasurer, and Secretary of Citizens Community Bancorp, Inc. and of Citizens Community Federal National Association. He served as a Senior Manager of Wipfli LLP (“Wipfli”) from December 2013 to October 2017. Before joining Wipfli, Mr. Broucek held several positions with TCF Financial Corporation (“TCF Financial”) and its subsidiaries from 1995 to 2013, with his last position being Treasurer of TCF Financial. Prior to joining TCF Financial, Mr. Broucek served as the Controller of Great Lakes Bancorp. Mr. Broucek is a banking veteran with 38 years of experience. Mr. Broucek holds a B.A. in mathematics and business administration with a concentration in accounting from Hope College. 26

Cover Page	Jan. 29, 2024
Cover [Abstract]
Entity Central Index Key	0001367859
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jan. 29, 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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