CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

CONDENSED FINANCIAL INFORMATION – PARENT COMPANY ONLY

The following condensed balance sheets as of December 31, 2023 and 2022, and condensed statements of operations and cash flows for the years ended December 31, 2023 and 2022, for Citizens Community Bancorp, Inc. should be read in conjunction with the accompanying consolidated financial statements and the notes thereto.

Condensed Balance Sheets

	December 31,		December 31,
	2023		2022
Assets
Cash and cash equivalents	$	18,175	$	19,221
Equity investments	1,691		946
Other assets	402		386
Investment in subsidiary	221,267		219,714
Total assets	$	241,535	$	240,267
Liabilities and Stockholders' Equity
Other borrowings	$	67,465	$	72,409
Other liabilities	736		770
Total liabilities	68,201		73,179
Total stockholders’ equity	173,334		167,088
Total liabilities and stockholders’ equity	$	241,535	$	240,267

Statements of Operations

	Year ended December 31,		Year ended December 31,
	2023		2022
Interest income	$	—	$	—
Interest expense	4,184		4,296
Net interest expense	(4,184)		(4,296)
Dividend income from bank subsidiary	12,000		6,000
Non-interest income	127		422
Non-interest expense	(762)		(918)
Net income before benefit for income taxes and equity in undistributed income of subsidiaries	7,181		1,208
Benefit for income taxes	1,073		1,310
Net earnings before equity in undistributed income of subsidiaries	8,254		2,518
Equity in undistributed income of subsidiaries	4,805		15,243
Net income	$	13,059	$	17,761

Statements of Cash Flows

	Year ended December 31,		Year ended December 31,
	2023		2022
Change in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	13,059	$	17,761
Depreciation expense	12		13
Net valuation gain on equity securities	(127)		(422)
Stock based compensation expense	—		3
Adjustments to reconcile net income to net cash provided by operating activities - Equity in undistributed income of subsidiary	(16,805)		(21,243)
Net change in:
Other assets	(28)		(14)
Other liabilities	(34)		424
Net cash used in operating activities	(3,923)		(3,478)
Cash flows from investing activities:
Purchase of equity investments	(750)		(300)
Equity investment capital distribution	132		136
Dividend from bank subsidiary	12,000		6,000
Capital contribution to bank subsidiary	—		(15,000)
Net cash provided by (used in) investing activities	11,382		(9,164)
Cash flows from financing activities:
Proceeds from other borrowings, net of origination costs	—		34,191
Amortization of debt issuance costs	223		398
Other borrowings principal reductions	(5,167)		(5,606)
Other borrowings called and repaid	—		(15,000)
Repurchase shares of common stock	(420)		(1,764)
Surrender of restricted shares of common stock	(129)		(150)
Common stock options exercised	28		71
Cash dividends paid	(3,040)		(2,742)
Net cash (used in) provided by financing activities	(8,505)		9,398
Net decrease in cash and cash equivalents	(1,046)		(3,244)
Cash and cash equivalents at beginning of year	19,221		22,465
Cash and cash equivalents at end of year	$	18,175	$	19,221