U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the quarterly period ended March 31, 2000
Transition report under Section 13 or 15(d) of the Exchange Act
- ----
For the transition period from ___________ to _____________
Commission file number 33-98090
--------
CITIZENS COMMUNITY BANCORP, INC.
--------------------------------
(Exact Name of Small Business Issuer as Specified in Its Charter)
Florida 65-0614044
- --------------------------------------- ------------
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
650 East Elkcam Circle
Marco Island, Florida 34145
(Address of Principal Executive Offices)
(941) 389-1800
(Issuer's Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days:
YES X NO
---
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
Common stock, par value $.01 per share 3,486,413
- -------------------------------------- -----------------------------
(class) Outstanding at March 31, 2000
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements Page
Condensed Consolidated Balance Sheets -
March 31, 2000 (unaudited) and December 31, 1999........................2
Condensed Consolidated Statements of Earnings -
Three Months ended March 31, 2000 and 1999 (unaudited)..................3
Condensed Consolidated Statement of Stockholders' Equity -
Three Months ended March 31, 2000 (unaudited)...........................4
Condensed Consolidated Statements of Cash Flows -
Three Months ended March 31, 2000 and 1999 (unaudited)................5-6
Notes to Condensed Consolidated Financial Statements (unaudited)........7-8
Review By Independent Certified Public Accountants........................9
Report on Review by Independent Certified Public Accountants.............10
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.............................................11-14
Item 3. Quantitative and Qualitative Disclosures about Market Risk.........14
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................................15
SIGNATURES....................................................................16
1
<PAGE>
<TABLE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
March 31, December 31,
Assets 2000 1999
---- ----
(unaudited)
<S> <C> <C>
Cash and due from banks..............................................................$ 6,147,057 6,035,589
Interest-bearing deposits............................................................ - 2,000,000
Federal funds sold and securities purchased under agreements to resell............... 7,274,244 8,892,655
----------- -----------
Cash and cash equivalents.............................................. 13,421,301 16,928,244
Securities available for sale........................................................ 5,842,250 6,022,103
Securities held to maturity.......................................................... 13,000,000 13,000,000
Loans, net of allowance for loan losses of $970,617 and $885,617..................... 90,263,082 79,987,726
Premises and equipment, net.......................................................... 5,217,406 5,039,789
Federal Home Loan Bank stock, at cost................................................ 319,100 214,800
Deferred tax asset................................................................... 16,870 32,775
Accrued interest receivable and other assets......................................... 1,242,666 967,253
----------- -----------
Total assets........................................................... $ 129,322,675 122,192,690
=========== ===========
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits.............................................. 14,011,307 12,208,961
Savings and NOW deposits......................................................... 39,604,875 34,292,059
Money-market deposits............................................................ 20,237,078 21,722,006
Time deposits.................................................................... 34,103,612 34,274,902
----------- -----------
Total deposits......................................................... 107,956,872 102,497,928
Official checks.................................................................. 2,712,992 1,060,366
Accrued interest payable and other liabilities................................... 601,167 650,769
----------- -----------
Total liabilities...................................................... 111,271,031 104,209,063
----------- -----------
Stockholders' Equity:
Preferred stock, $.01 value; 2,000,000 shares authorized,
none issued or outstanding.................................................. - -
Common stock, $.01 par value; 8,000,000 shares authorized, 3,486,413
and 3,486,767 shares issued and outstanding................................. 34,864 34,868
Additional paid-in capital....................................................... 19,307,439 19,310,313
Accumulated deficit.............................................................. (1,275,079) (1,353,625)
Accumulated other comprehensive income (loss).................................... (15,580) (7,929)
----------- -----------
Total stockholders' equity............................................. 18,051,644 17,983,627
----------- -----------
Total liabilities and stockholders' equity............................. $ 129,322,675 122,192,690
=========== ===========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
2
<PAGE>
<TABLE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
Three Months Ended
March 31,
2000 1999
---- ----
(unaudited)
Interest income:
<S> <C> <C>
Loans.......................................................................... $ 1,814,982 1,030,274
Securities..................................................................... 269,181 180,729
Other interest income.......................................................... 86,823 190,191
--------- ---------
Total interest income...................................................... 2,170,986 1,401,194
--------- ---------
Interest expense:
Deposits....................................................................... 875,293 547,392
Other.......................................................................... 9,699 -
--------- ---------
Total interest expense..................................................... 884,992 547,392
--------- ---------
Net interest income................................................................. 1,285,994 853,802
Provision for loan losses.................................................. 85,000 121,000
--------- ---------
Net interest income after provision for loan losses................................. 1,200,994 732,802
--------- ---------
Noninterest income:
Service charges and fees on deposit accounts................................... 81,424 65,699
Mortgage brokerage fees........................................................ 278,879 16,975
Other fees..................................................................... 50,081 50,985
--------- ---------
Total noninterest income................................................... 410,384 133,659
--------- ---------
Noninterest expense:
Salaries and employee benefits................................................. 714,655 338,210
Occupancy and equipment........................................................ 154,896 105,455
Advertising.................................................................... 49,327 33,086
Professional fees.............................................................. 30,846 39,784
Office supplies and expense.................................................... 45,486 9,840
Data processing................................................................ 38,529 36,704
Other.......................................................................... 172,081 179,443
--------- ---------
Total noninterest expense.................................................. 1,205,820 742,522
--------- ---------
Earnings before income taxes........................................................ 405,558 123,939
Income taxes............................................................... 152,665 37,100
--------- ---------
Net earnings ....................................................................... $ 252,893 86,839
========= =========
Earnings per share, basic and diluted............................................... $ .07 .03
========= =========
Dividends per share................................................................. $ .05 -
========= =========
Weighted-average number of shares for basic ........................................ 3,486,763 3,455,901
========= =========
Weighted-average number of shares for diluted....................................... 3,545,376 3,547,706
========= =========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
3
<PAGE>
<TABLE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Stockholders' Equity
Three Months Ended March 31, 2000
Common Stock Accumulated
---------------------------- Additional Other Total
Number of Paid-In Accumulated Comprehensive Stockholders'
Shares Amount Capital Deficit Income Equity
--------- ------ ---------- ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1999............ 3,486,767 $ 34,868 19,310,313 (1,353,625) (7,929) 17,983,627
----------
Comprehensive income:
Net earnings for the three months
ended March 31, 2000
(unaudited).................... - - - 252,893 - 252,893
Net change in unrealized loss on
securities available for sale
(unaudited).................... - - - - (7,651) (7,651)
----------
Comprehensive income
(unaudited).................... 245,242
----------
Repurchase of common stock
(unaudited).................... (384) (4) (2,874) - - (2,878)
----------
Dividends (unaudited)................... - - - (174,347) - (174,347)
--------- ------ ----------- --------- ------ ----------
Balance at March 31, 2000
(unaudited) ...................... 3,486,383 $ 34,864 19,307,439 (1,275,079) (15,580) 18,051,644
========= ====== ========== ========= ====== ==========
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
4
<PAGE>
<TABLE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
Three Months Ended
March 31,
2000 1999
---- ----
(unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net earnings................................................................ $ 252,893 86,839
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation............................................................. 64,674 46,895
Provision for loan losses................................................ 85,000 121,000
Provision for deferred income taxes...................................... 24,535 218
Net amortization of loan fees, premiums and discounts.................... (527) (32,008)
Increase in accrued interest receivable
and other assets..................................................... (275,413) (85,877)
Increase in accrued expenses and other liabilities....................... (49,602) 40,375
Net increase in official checks.......................................... 1,652,626 275,200
---------- ----------
Net cash provided by operating activities........................ 1,754,186 452,642
---------- ----------
Cash flows from investing activities:
Principal repayments of securities available for sale....................... 142,767 -
Purchase of securities held to maturity..................................... - (15,582,229)
Maturities of securities held to maturity................................... - 6,050,627
Net increase in loans....................................................... (10,339,024) (10,452,866)
Purchase of premises and equipment.......................................... (242,291) (15,216)
Purchase of restricted securities, Federal Home
Loan Bank stock.......................................................... (104,300) (87,800)
---------- ----------
Net cash used in investing activities............................ (10,542,848) (20,087,484)
---------- ----------
Cash flows from financing activities:
Net increase in deposits.................................................... 5,458,944 12,104,963
Repurchase of common stock.................................................. (2,878) -
Sale of common stock........................................................ - 33,289
Dividends paid.............................................................. (174,347) -
---------- ----------
Net cash provided by financing activities........................ 5,281,719 12,138,252
---------- ----------
Net (decrease) increase in cash and cash equivalents............................ (3,506,943) (7,496,590)
Cash and cash equivalents at beginning of period................................ 16,928,244 24,663,087
---------- ----------
Cash and cash equivalents at end of period...................................... $ 13,421,301 17,166,497
========== ==========
(continued)
</TABLE>
5
<PAGE>
<TABLE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows, Continued
Three Months Ended
March 31,
2000 1999
---- ----
(unaudited)
Supplemental disclosure of cash flow information:
Cash paid during the period for:
<S> <C> <C>
Interest................................................................. $ 502,795 546,287
======= =======
Income taxes............................................................. $ 185,000 -
======= =======
Noncash transactions -
Change in unrealized loss on securities available for sale.................. $ (7,651) -
========= =======
See Accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
6
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (unaudited)
(1) General. In the opinion of the management, the accompanying condensed
consolidated financial statements of Citizens Community Bancorp, Inc.
and Subsidiaries (the "Company") contain all adjustments (consisting
principally of normal recurring accruals) necessary to present fairly
the financial position at March 31, 2000, and the results of
operations and cash flows for the three-month periods ended March 31,
2000 and 1999. The results of operations for the three months ended
March 31, 2000 are not necessarily indicative of the results to be
expected for the full year.
(2) Loan Impairment and Credit Losses. No loans were identified as
impaired at March 31, 2000 or March 31, 1999. The activity in
the allowance for loan losses was as follows:
For the Three
Months Ended
March 31,
2000 1999
---- ----
Balance at beginning of period........... $ 885,617 453,211
Provision charged to earnings............ 85,000 121,000
------- -------
Balance at end of period................. $ 970,617 574,211
======= =======
(3) Earnings Per Share. The following is a reconciliation of the
numerators and denominators of the basic and diluted earnings per
share computations. Options to purchase 202,400 shares of common
stock between $8.90 and $9.50 a share issued in 2000, 1999 and 1998
were not included in the 2000 computation of diluted EPS because the
options exercise price was not less than the average market price of
the common shares. These options expire between August 2008 and
February 2010. (Dollars are in thousands, except per share amounts).
<TABLE>
For the Three Months Ended March 31,
2000 1999
--------------------------------------- -------------------------------------
Earnings Shares Per Share Earnings Shares Per Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
<S> <C> <C> <C> <C> <C> <C>
Basic EPS:
Net earnings available to
common
stockholders.......... $ 253 3,486,763 $ .07 $ 87 3,455,901 $ .03
=== ===
Effect of dilutive securities-
Incremental shares from
assumed conversion
of options............ 58,613 91,805
--------- --------
Diluted EPS:
Net earnings available to
common stockholders
and assumed
conversions........... $ 253 3,545,376 $ .07 $ 87 3,547,706 $ .03
=== ========= === == ========= ===
(continued)
</TABLE>
7
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (unaudited)
(4) Regulatory Capital. The Citizens Community Bank of Florida (the
Company's Banking Subsidiary) ("Citizens") is required to maintain
certain minimum regulatory capital requirements. The following is a
summary at March 31, 2000 of the regulatory capital requirements and
the Bank's capital on a percentage basis:
<TABLE>
Ratios of Regulatory
the Bank Requirement
--------- -----------
<S> <C> <C>
Total capital to risk-weighted assets................. 11.80% 8.00%
Tier I capital to risk-weighted assets................ 10.75% 4.00%
Tier I capital to total assets - leverage ratio....... 8.11% 4.00%
</TABLE>
8
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Review by Independent Certified Public Accountants
Hacker, Johnson, Cohen & Grieb PA, the Company's independent certified public
accountants, have made a limited review of the financial data as of March 31,
2000, and for the three-month periods ended March 31, 2000 and 1999 presented in
this document, in accordance with standards established by the American
Institute of Certified Public Accountants.
Their report furnished pursuant to Article 10 of Regulation S-X is included
herein.
9
<PAGE>
Report on Review by Independent Certified Public Accountants
The Board of Directors
Citizens Community Bancorp, Inc.
Marco Island, Florida:
We have reviewed the accompanying condensed consolidated balance sheet of
Citizens Community Bancorp, Inc. and Subsidiaries (the "Company") as of March
31, 2000, and the related condensed consolidated statements of earnings and cash
flows for the three-month periods ended March 31, 2000 and 1999, and the
condensed consolidated statement of stockholders' equity for the three-month
period ended March 31, 2000. These financial statements are the responsibility
of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the condensed consolidated financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1999, and the
related consolidated statements of operations, stockholders' equity and cash
flows for the year then ended (not presented herein); and in our report dated
January 14, 2000 we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the
accompanying condensed consolidated balance sheet as of December 31, 1999, is
fairly stated, in all material respects, in relation to the consolidated balance
sheet from which it has been derived.
HACKER, JOHNSON, COHEN & GRIEB PA
Tampa, Florida
April 13, 2000
10
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations
Comparison of March 31, 2000 and December 31, 1999
Liquidity and Capital Resources
The Company's primary source of cash during the three months ended March 31,
2000 was from net deposit inflows. Cash was used primarily for loan
originations. At March 31, 2000, the Company had outstanding commitments to
fund existing and new loans of $21.6 million. It is expected that these
requirements will be funded from the sources described above. At March 31,
2000, the Bank exceeded its regulatory liquidity requirements.
The following table shows selected ratios for the periods ended or at the
dates indicated:
<TABLE>
Three Months
Ended Year Ended
March 31, December 31,
2000 1999
-------------- ---------
Average equity as a percentage
of average assets............................................... 14.78% 17.51%
<S> <C> <C>
Equity to total assets at end of period............................ 13.96% 14.72%
Return on average assets (1)....................................... .84% .61%
Return on average equity (1)....................................... 5.66% 3.50%
Noninterest expense to average assets (1).......................... 3.99% 3.22%
Nonperforming loans and foreclosed real estate to
total assets at end of period................................... NIL NIL
<FN>
(1) Annualized for the three months ended March 31, 2000.
</FN>
</TABLE>
11
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
The following table sets forth, for the periods indicated, information regarding
(i) the total dollar amount of interest and dividend income of the Company from
interest-earning assets and the resultant average yields; (ii) the total dollar
amount of interest expense on interest-bearing liabilities and the resultant
average cost; (iii) net interest income; (iv) interest-rate spread; and (v) net
interest margin.
<TABLE>
Three Months Ended March 31,
2000 1999
-------------------------------------- ---------------------------------
Interest Average Interest Average
Average and Yield/ Average and Yield/
Balance Dividends Rate Balance Dividends Rate
----------- --------- -------- -------- ---------- --------
(Dollars in thousands)
Interest-earning assets:
<S> <C> <C> <C> <C> <C> <C>
Loans ............................... $ 85,696,026 1,814,982 8.52 $ 48,771,880 1,030,274 8.45%
Securities............................. 18,788,482 269,181 5.73 13,057,776 180,729 5.54
Other interest-earning assets (1)...... 6,104,073 86,823 5.72 16,431,504 190,191 4.63
---------- ----------- ---------- ---------
Total interest-earning assets...... 110,588,581 2,170,986 7.90 78,261,160 1,401,194 7.16
----------- ---------
Noninterest-earning assets................ 10,955,291 8,846,255
----------- ----------
Total assets....................... $ 121,543,872 $ 87,107,415
=========== ==========
Interest-bearing liabilities:
Savings, NOW and money-market deposit
accounts........................... 56,222,662 451,500 3.23 38,786,667 262,754 2.71
Time deposits......................... 31,269,837 423,793 5.45 21,213,028 284,638 5.37
Other ............................... 637,363 9,699 6.12 - - -
----------- ----------- ---------- ---------
Total interest-bearing liabilities. 88,129,862 884,992 4.04 59,999,695 547,392 3.65
----------- ---------
Noninterest-bearing liabilities........... 15,453,508 9,777,768
Stockholders' equity...................... 17,960,502 17,329,952
----------- ----------
Total liabilities and stockholders' $ 121,543,872 $ 87,107,415
=========== ==========
equity
Net interest income....................... $ 1,285,994 $ 853,802
=========== =========
Interest-rate spread (2).................. 3.86% 3.51%
==== ====
Net interest margin (3)................... 4.68% 4.36%
==== ====
Ratio of average interest-earning assets to
average interest-bearing liabilities... 1.25 1.30
======== ====
<FN>
(1) Includes federal funds sold, Federal Home Loan Bank stock and
securities purchased under agreements to resell.
(2) Interest-rate spread represents the difference between the average
yield on interest-earning assets and the average rate of
interest-bearing liabilities.
(3) Net interest margin is net interest income divided by average
interest-earning assets.
</FN>
</TABLE>
12
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Comparison of the Three-Month Periods Ended March 31, 2000 and 1999
Results of Operations:
General. Net earnings for the three months ended March 31, 2000 were
$252,893, or $.07 per basic and diluted share, compared to net earnings
for the three months ended March 31, 1999 of $86,839, or $.03 per basic
and diluted share. Earnings increased primarily because of asset growth of
the Company between March 31, 1999 and March 31, 2000.
Interest Income and Expense. Interest income was $2.2 million for the three
months ended March 31, 2000 compared to $1.4 million for the comparable
1999 period. Interest income earned on loans for the 2000 period was $1.8
million compared to $1.0 million for the 1999 period. The average loan
balance outstanding for the three months ended March 31, 2000 was $85.7
million with a weighted-average yield of 8.52% compared to $48.8 million
with a weighted-average yield of 8.45% for the 1999 period. Interest
earned on securities for 2000 was $269,000 compared to $181,000 for the
1999 period. For the 2000 period, the average securities portfolio was
$18.8 million with a weighted-average yield of 5.73% compared to a $13.1
million with a weighted-average yield of 5.54% for the 1999 period. Other
interest income for the 2000 period totaled $.1 million compared to $.2
million for the 1999 period. The average balance of other interest-earning
assets was $6.1 million during the 2000 period, with a weighted-average
yield of 5.72%.
Interest expense on deposits amounted to $875,000 for the three months
ended March 31, 2000 compared to $547,000 for the 1999 period. The average
balance for the three months ended March 31, 2000 was $87.5 million and
the weighted-average rate was 4.02% compared to $60.0 million with a
weighted-average cost of 3.65% for the 1999 period.
Provision for Loan Losses. The provision for loan losses is charged to
earnings to bring the total allowance to a level deemed appropriate by
management and is based upon the volume and type of lending conducted by
the Company, industry standards, the amount of nonperforming loans and
general economic conditions, particularly as they relate to the Company's
market areas, and other factors related to the collectibility of the
Company's loan portfolio. The provision for the three months ended March
31, 2000 was $85,000 and the allowance was $970,617 at March 31, 2000.
Management believes the allowance at March 31, 1999 is adequate.
Noninterest Expense. Noninterest expense totaled $1,205,820 for the three
months ended March 31, 2000 compared to $742,522 for the 1999 period.
Compensation and benefits was the largest noninterest expense amounting to
$714,655 for 2000 compared to $338,210 for 1999. All expenses increased
primarily because of the asset growth of the Company including the opening
of a third banking office.
Provision for Income Taxes. The income tax provision for the three months
ended March 31, 2000 was $152,665 compared to $37,100 for 1999.
13
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
Year 2000 Issues
The Company's operating and financial systems have been found to be compliant;
the "Y2K Problem" has not adversely affected the Company's operations nor does
management expect that it will.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of loss from adverse changes in market prices and rates.
The Company's market risk arises primarily from interest rate risk inherent in
its lending and deposit taking activities. The Company has little or no risk
related to trading accounts, commodities or foreign exchange.
Management actively monitors and manages its interest rate risk exposure. The
primary objective in managing interest-rate risk is to limit, within established
guidelines, the adverse impact of changes in interest rates on the Company's net
interest income and capital, while adjusting the Company's asset-liability
structure to obtain the maximum yield-cost spread on that structure. Management
relies primarily on its asset-liability structure to control interest rate risk.
However, a sudden and substantial increase in interest rates could adversely
impact the Company's earnings, to the extent that the interest rates borne by
assets and liabilities do not change at the same speed, to the same extent, or
on the same basis. There have been no significant changes in the Company's
market risk exposure since December 31, 1999.
14
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The following exhibits are filed with or incorporated by
reference into this report. The exhibits which are marked by a single
asterisk (*) were previously filed as a part, and are hereby incorporated
by reference from the Company's Registration Statement on Form SB-2, as
effective with the Securities and Exchange Commission on December 7, 1995,
Registration No. 33-98090. The exhibits which are marked by a double
asterisk (**) were previously filed as part of, and are hereby
incorporated by reference from the Company's Registration Statement on
Form SB-2 as filed with the Securities and Exchange Commission on March
12, 1998, Registration No. 333-47813. The exhibit marked by a triple
asterisk (***) was filed as an exhibit to the Company's for 10-KSB for
1998. The exhibit numbers correspond to the exhibit numbers in the
referenced documents.
Exhibit No. Description of Exhibit
*3.1 Amended and Restated Articles of Incorporation of the Company
(Registration Statement)
*3.2 By-laws of the Company (Registration Statement)
*4.1 Specimen Common Stock Certificate (Registration Statement)
*4.2 Specimen Warrant Certificate (Registration Statement)
*4.4 Company's Warrant Plan (Registration Statement)
**10.1 1996 Incentive Stock Option Plan
**10.2 Company's 1998 Directors Stock Option Plan
**10.3 Employment Contract with Michael A. Micallef, Jr.
***22.1 Citizens' 1998 Annual Report
27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K. There were no Form 8-K's filed during the three months
ended March 31, 2000.
15
<PAGE>
CITIZENS COMMUNITY BANCORP, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CITIZENS COMMUNITY BANCORP, INC.
(Registrant)
Date: , 2000 By: /s/ Richard Storm, Jr.
----------------------- -----------------------
Richard Storm, Jr., Chairman of
the Board and Chief Executive
Officer
Date: , 2000 By: /s/ Gregory E. Smith
----------------------- ---------------------
Gregory E. Smith, Senior Vice
President and Chief Financial
Officer
16
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information
extracted from Form 10-QSB for the period ended
March 31, 2000 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 001002214
<NAME> Citizens Community Bancorp, Inc.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-2000
<PERIOD-START> Jan-01-2000
<PERIOD-END> Mar-31-2000
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0
0
<COMMON> 35
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</TABLE>
