Here are 1-2 brief analogies for Citizens Community Bancorp (CZWI):

• Think of it as a community-level Bank of America or Wells Fargo, specifically serving towns and businesses in Wisconsin and Minnesota.
• Imagine a smaller, more localized version of a regional bank like U.S. Bancorp, focused purely on Wisconsin and Minnesota.

• Deposit Accounts: The bank accepts various types of deposits from businesses, agricultural operators, and consumers.
  • Demand Deposits: Accounts allowing instant access to funds.
  • Savings Accounts: Interest-bearing accounts for saving money.
  • Money Market Accounts: Interest-bearing accounts with limited transaction capabilities.
  • Certificates of Deposit (CDs): Time deposits with fixed interest rates for a specified period.
• Loan Products: The bank provides a range of financing options to its customers.
  • Commercial Real Estate Loans: Financing for the purchase or refinance of commercial properties.
  • Commercial and Industrial Loans: Loans to businesses for operations, equipment, and other needs.
  • Agricultural Real Estate Loans: Financing for agricultural land and properties.
  • Agricultural Operating Loans: Loans to support daily agricultural operations and short-term needs.
  • Consumer Loans: Loans for personal use by individuals.
  • One-to-Four Family Residential Mortgages: Loans for purchasing or refinancing residential homes.
  • Home Equity Lines-of-Credit (HELOCs): Revolving credit lines secured by a borrower's home equity.

Citizens Community Bancorp (CZWI) is a bank holding company that provides traditional community banking services. It sells primarily to individuals and various categories of businesses.

The major customer categories it serves are:

• Businesses (including commercial real estate and commercial and industrial clients)
• Agricultural Operators (for both real estate and operating needs)
• Consumers (for residential mortgages, home equity lines-of-credit, and other consumer loans, as well as deposit products)

Stephen M. Bianchi, Chairman of the Board, Chief Executive Officer, and President

Stephen M. Bianchi has served as President and Chief Executive Officer of Citizens Community Bancorp, Inc. since June 2016, and was appointed Chairman of the Board in October 2018. Prior to joining Citizens Community Bancorp, he was President and Chief Executive Officer of HF Financial Corp. and Home Federal Bank in Sioux Falls, South Dakota, from 2011 to 2016, where he was noted for improving bank performance. Mr. Bianchi brings over 30 years of banking experience, including senior management roles at Wells Fargo Bank and Associated Bank. He holds an MBA and a B.S. in Finance from Providence College.

James S. Broucek, Executive Vice President, Chief Financial Officer, Treasurer, and Principal Accounting Officer

James S. Broucek has served as Executive Vice President, Chief Financial Officer, Treasurer, and Principal Accounting Officer of Citizens Community Bancorp, Inc. and its subsidiary bank since October 31, 2017. Before his tenure at Citizens Community Bancorp, he was a Senior Manager at Wipfli LLP from December 2013 to October 2017.

Rebecca Johnson, Vice President/Controller

Rebecca Johnson serves as the Vice President and Controller for Citizens Community Bancorp, Inc.

The key risks to Citizens Community Bancorp (CZWI) are primarily concentrated in areas common to traditional community banking, with specific emphasis on its loan portfolio and the broader economic and regulatory environment.

1. Credit Risk: Citizens Community Bancorp faces significant credit risk due to its lending activities, particularly within its commercial and agricultural loan portfolios. There is a notable presence of "Special Mention" and "Substandard" loans, specifically in commercial and agricultural real estate, which could lead to increased credit risk and potential future loan losses. The company also has exposure to loans past due across various segments, including commercial real estate, residential mortgages, and consumer loans, which could negatively impact future earnings and capital levels. Management frequently monitors and reports on criticized assets, nonperforming assets, and delinquency trends, highlighting the ongoing importance of credit quality management.

2. Interest Rate Risk: As a financial institution, Citizens Community Bancorp is exposed to interest rate fluctuations. Changes in interest rates can affect the value of its securities portfolio and impact its net interest margin. For instance, an increase in the ten-year U.S. Treasury rate has directly contributed to accumulated other comprehensive income (AOCI) losses, demonstrating the tangible effect of interest rate movements on the company's financial position. This risk is a sector-specific concern for banks.

3. Regulatory Changes: Citizens Community Bancorp operates in a highly regulated industry, making it susceptible to legislative or regulatory changes. Evolving banking regulations, compliance requirements, and potential actions by regulatory bodies can adversely affect the company's operations, financial condition, and performance.

The clear emerging threats for Citizens Community Bancorp (CZWI), as a traditional community bank operating with physical branches, are:

1. Digital-first financial technology (Fintech) companies and Neobanks: These entities operate with significantly lower overhead than traditional banks due to their lack of physical branches. They leverage advanced technology to offer more competitive interest rates on deposits, lower fees, superior digital user experiences (mobile apps, online platforms), and faster loan application and approval processes. This directly threatens CZWI's ability to attract and retain customers for deposits and various loan products, particularly among younger, tech-savvy demographics and small businesses who prioritize convenience and digital access over physical proximity.

2. Big Tech companies expanding into financial services: Major technology companies like Apple, Google, and Amazon are increasingly offering financial products such as high-yield savings accounts, payment processing services, and lending solutions. These companies possess immense brand recognition, vast customer bases, and sophisticated data analytics capabilities, allowing them to integrate financial services seamlessly into their existing ecosystems. This represents a significant competitive threat to traditional banks like CZWI, particularly in consumer banking, by offering highly convenient and integrated digital financial solutions that can attract and retain customers.

Citizens Community Bancorp (NASDAQ: CZWI) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:

1. Expansion of Commercial Lending and Diversified Loan Growth: The company is strategically transforming from a consumer-focused lender to a more diversified community bank, emphasizing expanded commercial lending capabilities. This shift, coupled with a diversified loan portfolio across commercial real estate, agricultural real estate, multifamily, construction, residential mortgages, and consumer installment loans, is anticipated to increase interest income.
2. Deposit Growth and Customer Base Expansion: Citizens Community Bancorp is committed to expanding its customer base, specifically focusing on deposit growth. This strategy is evidenced by a year-over-year increase in deposits and an increase in deposits per branch, reflecting both organic growth and strategic initiatives to attract and retain customers. Growing deposits provide a stable funding source for loan origination, directly contributing to revenue.
3. Strategic Acquisitions: A key component of Citizens Community Bancorp's growth strategy involves the acquisition of smaller community banks within its existing markets. These acquisitions are expected to expand the company's market share, customer base, and overall revenue generation.
4. Net Interest Margin Improvement: The company anticipates improvements in its net interest margin (NIM), which directly impacts net interest income, a primary component of revenue. This improvement is expected to be driven by a combination of loan growth and efficient management of deposit costs.

Share Repurchases

• On July 28, 2025, Citizens Community Bancorp's Board of Directors authorized a 5% stock buyback, allowing for the repurchase of up to 499,000 shares.
• Between October 1, 2025, and December 31, 2025, the company repurchased 250,000 shares for $4 million.
• As of January 26, 2026, the company had completed the repurchase of 385,252 shares, representing 3.89% of outstanding shares, for $6.01 million under the buyback announced on July 28, 2025.

Share Issuance

• The number of shares outstanding remained relatively stable over the last 3-5 years, with approximately 11 million shares outstanding at the end of 2021 and around 10 million at the end of 2025, indicating no significant share issuance.