Management appears to be prioritizing liquidity over consistent capital returns, evidenced by the $5.6 million in investment securities sold during 2026Q1 to offset variable operating cash flows.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 |
|---|
| Cash from Operations | 14.06M | 11.69M | 20.18M | 13.12M | 29.29M | 21.6M | 23.79M | 12.84M | 10.86M | 1.91M | 5.7M | 5.78M | 7.84M | 6.74M | 9.08M | 10.01M | 5.84M | 3.78M | 2.37M | -1.21M | 3.76M | 1.75M | 1.2M | 1.29M |
| Operating CF Growth % | 178.88% | -42.05% | 53.73% | -55.19% | 35.6% | -9.19% | 85.3% | 18.25% | 467.43% | -66.43% | -1.37% | -26.28% | 16.21% | -25.72% | -9.29% | 71.43% | 54.53% | 59.54% | 295.7% | -132.2% | 114.94% | 46.01% | -6.91% | - |
| Net Income | 14.98M | 14.42M | 13.75M | 13.06M | 17.76M | 21.27M | 12.72M | 9.46M | 4.28M | 2.5M | 2.57M | 2.81M | 1.78M | 1.05M | 206K | 193K | -7.09M | -3.18M | 1.47M | 743K | 446K | 1.05M | 836.54K | 597.5K |
| Depreciation & Amortization | 2.69M | 3.23M | 3.42M | 3.74M | 4.03M | 4.04M | 6.63M | 4.17M | 2.03M | 1.12M | 1.18M | 1.44M | 1.17M | 1.14M | 1.25M | 1.43M | 1.46M | 1.35M | 932K | 816K | 740K | 451.72K | 280.49K | 271.16K |
| Deferred Taxes | -922K | -1.06M | 380K | 202K | 1.16M | 930K | -2.53M | -752K | -194K | 1.95M | 449K | -141K | 943K | 182K | -1.83M | -317K | -1.05M | -631K | -184K | -230K | -338K | 0 | -124K | -49.13K |
| Other Non-Cash Items | 1.95M | -2.85M | 1.69M | -4.73M | 7.88M | -7.62M | -1.35M | 548K | 1.62M | 585K | 1.17M | 1.7M | 3.55M | 4.59M | 6.88M | 6.11M | 13.86M | 8.24M | 475K | 925K | 272K | 507.6K | 363.22K | 466.86K |
| Working Capital Changes | -4.71M | -2.05M | 936K | 848K | -1.54M | 2.97M | 8.3M | -609K | 3.1M | -4.27M | 296K | -84K | 322K | -235K | 2.55M | 2.59M | -1.33M | -2M | -329K | -3.46M | 2.64M | -262K | -159K | 0 |
| Cash from Investing | 9.95M | 45.71M | 113.74M | -34.2M | -119.19M | -163.2M | -61.81M | -63.33M | -49.46M | 13.79M | 49.27M | 285K | -25.03M | -38.38M | -9.52M | 10.45M | -977K | -86.82M | -61.23M | -102.16M | -41.04M | -26.9M | -22.19M | -18.38M |
| Purchase of Investments | -11.42M | -11.15M | -450K | -12.36M | -53.3M | -171.29M | -72.66M | -55.21M | -36.93M | -34.87M | -19.66M | -54.23M | -20.51M | -71.54M | -59.11M | -67.64M | 0 | -20.26M | -32.8M | -40.98M | -949K | 0 | 0 | -19.5M |
| Sale/Maturity of Investments | 26.21M | 29.39M | 22.22M | 27.12M | 36.02M | 82.67M | 70.56M | 60.62M | 10.81M | 47.65M | 37.9M | 37.46M | 30.38M | 54.4M | 37.21M | 69.72M | 14.42M | 12.58M | 5.78M | 583K | 1.32M | 0 | 0 | 0 |
| Net Investment Activity | 14.79M | 18.24M | 21.77M | 14.76M | -17.29M | -88.62M | -2.1M | 5.4M | -26.12M | 12.78M | 18.23M | -16.78M | 9.88M | -17.14M | -21.9M | 2.08M | 14.42M | -7.68M | -27.02M | -40.4M | 376K | 0 | 0 | -19.5M |
| Acquisitions | 0 | 0 | 13K | 0 | 0 | 0 | 1.13M | -8.14M | 0 | -18.97M | 20.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.51M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -3.38M | 28.78M | 92.84M | -47.6M | -98.3M | -70.8M | -58.27M | -53.83M | -20.46M | 20.59M | 11.35M | 17.39M | -34.43M | -20.69M | 12.86M | 8.94M | -15.09M | -76.07M | -49.16M | -61.49M | -40.24M | -26.66M | -22.1M | 1.12M |
| Cash from Financing | 25M | 11.28M | -120.88M | 22.86M | 77.57M | 69.85M | 101.63M | 60.56M | 31.43M | 15.93M | -68.8M | 6.38M | 11.03M | 25.98M | -8.06M | -61.13M | 24.39M | 102.57M | 76.18M | 103.55M | 34.19M | 29.65M | 22.69M | 14.23M |
| Dividends Paid | -11.8M | -3.6M | -3.35M | -3.04M | -2.74M | -2.51M | -2.37M | -2.2M | -1.18M | -842K | -629K | -418K | -207K | -103K | 0 | 0 | 0 | -1.15M | -1.34M | -1.11M | -190K | -193K | -49K | 0 |
| Share Repurchases | -6.15M | -6.25M | -6.22M | -550K | -1.91M | -7.98M | -2.85M | -53K | -34K | -38K | -50K | -36K | -22K | -4K | 0 | 0 | 0 | -5.26M | -7.86M | 0 | -1K | -895.13K | 0 | 0 |
| Stock Issued | 165K | 179K | 0 | 0 | 0 | 0 | 0 | 3.1M | 61.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.27M | 0 | 0 | 9.05M | 0 |
| Net Stock Activity | -5.99M | -6.07M | -6.22M | -550K | -1.91M | -7.98M | -2.85M | 3.05M | 61.23M | -38K | -50K | -36K | -22K | -4K | 0 | 0 | 0 | -5.26M | -7.86M | 51.27M | -1K | -895.13K | 9.05M | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 | 1000K | 750K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 52.79M | 35.95M | -30.71M | 94.61M | 37.66M | 92.46M | 99.67M | 39.76M | 4.08M | -33.22M | -76.52M | 6.83M | 2.37M | 25.34M | -26.91M | -27.33M | 66.99M | 112.41M | 71.58M | 21.56M | 9.38M | 7.92M | 3.89M | 0 |
| Net Change in Cash | 49M | 68.68M | 13.03M | 1.77M | -12.33M | -71.75M | 63.6M | 10.06M | -7.18M | 31.63M | -13.83M | 12.44M | -6.17M | -5.66M | -8.5M | -40.67M | 29.25M | 19.52M | 17.31M | 184K | -3.1M | 4.5M | 1.69M | -2.86M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 118.85M | 50.17M | 37.14M | 35.36M | 47.69M | 119.44M | 55.84M | 45.78M | 41.68M | 10.05M | 23.87M | 11.43M | 17.6M | 23.26M | 31.76M | 72.44M | 43.19M | 23.67M | 6.35M | 6.17M | 9.27M | 4.77M | 3.07M | 5.94M |
| Cash at End | 149.2M | 118.85M | 50.17M | 37.14M | 35.36M | 47.69M | 119.44M | 55.84M | 34.49M | 41.68M | 10.05M | 23.87M | 11.43M | 17.6M | 23.26M | 31.76M | 72.44M | 43.19M | 23.67M | 6.35M | 6.17M | 9.27M | 4.77M | 3.07M |
| Interest Paid | 38.57M | 38.61M | 39.56M | 33.53M | 12.64M | 10.58M | 13.93M | 17.79M | 8.47M | 5.3M | 4.85M | 3.32M | 4.26M | 4.21M | 6.63M | 10.9M | 11.7M | 14.75M | 14.13M | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 2.06M | 2.06M | 2.32M | 3.98M | 4.87M | 6.83M | 7.87M | 3.85M | 1.16M | 1.62M | 1.48M | 1.21M | 86K | 790K | 281K | 15K | 851K | 925K | 1.31M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 12.6M | 10.38M | 19.29M | 11.76M | 25.69M | 17.82M | 21.21M | 6.07M | 7.9M | 1.3M | 4.74M | 5.45M | 7.35M | 6.19M | 8.61M | 9.43M | 5.53M | 708K | -187K | -1.48M | 2.59M | 1.51M | 1.11M | 1.29M |
| FCF Growth % | 6.19% | -46.17% | 64.05% | -54.23% | 44.13% | -15.99% | 249.74% | -23.23% | 505.83% | -72.47% | -13.02% | -25.91% | 18.68% | -28.02% | -8.76% | 70.48% | 681.36% | 478.61% | 87.38% | -157.29% | 70.96% | 36.37% | -13.74% | - |
Agricultural credit cycle exposure
Based on reported quarterly filings, CZWI has maintained consistent net income generation, with 2026Q1 net income of $3.8 million, providing a stable foundation for capital retention despite the bank's historical volatility in operating cash flows and the ongoing pressures within the regional agricultural lending environment.
The bank's ability to generate positive net income consistently suggests that internal capital formation remains intact, even as operating cash flow fluctuates. Investors should monitor whether this retained capital is effectively deployed into higher-yielding assets or if it remains trapped in low-earning cash equivalents.
As evidenced by the consistent sale of investment securities, including $5.6 million in 2026Q1, CZWI appears to be utilizing its investment portfolio as a primary source of liquidity to offset the variability in core operating cash flows and support the bank's broader balance sheet management objectives.
The recurring nature of these sales suggests a strategy of harvesting gains or rebalancing the portfolio to maintain liquidity levels. This activity warrants further investigation to determine if the bank is sacrificing long-term yield for short-term cash needs in a challenging interest rate environment.
According to recent financial statements, CZWI's capital return strategy has been inconsistent, with dividend payments totaling $1.0 million in 2026Q1 following periods of zero payouts, suggesting that management is prioritizing capital preservation over a fixed distribution policy in response to the current economic climate.
The erratic nature of dividend payments and buybacks indicates that capital returns are likely secondary to maintaining regulatory capital buffers. Investors should interpret this as a defensive posture, reflecting management's caution regarding the potential for future credit deterioration in the agricultural loan book.
Based on the provided data, the transition from negative provisioning in 2024 to a $750,000 expense in 2026Q1 indicates a shift toward a more conservative credit risk stance, likely reflecting management's anticipation of potential stress within the bank's specialized agricultural and commercial loan portfolios.
This increase in provisioning directly impacts the bank's operating cash flow and net income, signaling that the credit cycle may be turning. Analysts should monitor whether these provisions are sufficient to cover potential charge-offs or if further reserve builds will be required in subsequent quarters.
Quick answers to the most common questions about buying CZWI stock.
Citizens Community Bancorp, Inc. (CZWI) generated $11.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Citizens Community Bancorp, Inc. (CZWI) generated $10.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Citizens Community Bancorp, Inc. (CZWI) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Citizens Community Bancorp, Inc. (CZWI) returned $3.6M to shareholders via cash dividends and spent $6.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.