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STOCK-BASED AND OTHER COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED AND OTHER COMPENSATION | STOCK-BASED AND OTHER COMPENSATION On March 27, 2018, the stockholders of Citizens Community Bancorp, Inc. approved the 2018 Equity Incentive Plan. The aggregate number of shares of common stock initially reserved and available for issuance under the 2018 Equity Incentive Plan was 350,000 shares. As of March 31, 2025, 331,968 restricted shares had been granted under this plan. This amount includes 16,021 shares of performance based restricted stock granted in 2022 and issued in January 2025 upon achievement of the performance criteria and completion of the three-year performance period beginning in January 2022 and ending December 31, 2024. The amount also includes 8,805 shares of performance based restricted stock granted in 2021 and issued in January 2024 upon achievement of the performance criteria and completion of the three year performance period beginning in January 2021 and ending December 31, 2023. As of March 31, 2025, no stock options had been granted under this plan. In February 2008, the Company’s stockholders approved the Company’s 2008 Equity Incentive Plan for a term of 10 years. Due to the plan’s expiration, no new awards can be granted under this plan. As of March 31, 2025, there are no awarded unvested restricted shares, and 49,000 awarded unexercised vested options remaining from the plan. Options granted under this plan vested pro rata over a five-year period from the grant date and were fully vested as of October 2022. Unexercised incentive stock options expire within 10 years of the grant date. Stock based compensation expense related to restricted stock awards from these plans was $68 for the three months ended March 31, 2025, compared to $158 for three months ended March 31, 2024. Restricted Common Stock Award
|  | March 31, 2025 |  | December 31, 2024
|  | Number of Shares |  | Weighted Average Grant Price |  | Number of Shares |  | Weighted Average Grant Price
Restricted Shares |  |  |  |  |  |  |  |
Unvested and outstanding at beginning of year |  | 39,171 |  |  | $ | 12.48 |  |  | 75,601 |  |  | $ | 12.41 |
Granted |  | — |  |  | — |  |  | 16,955 |  |  | 11.88 |
Vested |  | (31,562) |  |  | 12.43 |  |  | (53,139) |  |  | 12.19 |
Forfeited |  | — |  |  | — |  |  | (246) |  |  | 11.88 |
Unvested and outstanding at end of period |  | 7,609 |  |  | $ | 12.68 |  |  | 39,171 |  |  | $ | 12.48 |
|  | March 31, 2025 |  |
|  | Number of Shares |  | Weighted Average Grant Price |  |  |  |
Performance Based Restricted Shares |  |  |  |  |  |  |  |
Unvested at beginning of year |  | 33,188 |  |  | $ | 13.09 |  |  |  |  |
2022 performance shares awarded above target |  | 1,154 |  |  | 14.00 |  |  |  |  |
Vested and issued 2022 performance shares |  | (16,021) |  |  | 14.00 |  |  |  |  |
Unvested at end of period |  | 18,321 |  |  | $ | 12.36 |  |  |  |  |
|  | December 31, 2024 |  |
|  | Number of Shares |  | Weighted Average Grant Price |  |  |  |
Performance Based Restricted Shares |  |  |  |  |  |  |  |
Unvested at beginning of year |  | 41,993 |  |  | $ | 12.61 |  |  |  |  |
Granted |  | — |  |  | — |  |  |  |  |
Vested and issued |  | (8,805) |  |  | 10.78 |  |  |  |  |
Forfeited |  | — |  |  | — |  |  |  |  |
Unvested at end of period |  | 33,188 |  |  | $ | 13.09 |  |  |  |  |
Common Stock Option Awards
|  | Option Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value
March 31, 2025 |  |  |  |  |  |  |  |
Outstanding at beginning of year |  | 52,000 |  |  | $ | 11.62 |  |  |  |  |
Exercised |  | (3,000) |  |  | 9.20 |  |  |  |  |
Outstanding at end of period |  | 49,000 |  |  | $ | 11.77 |  |  | 1.71 |  | $ | 128 |
Exercisable at end of period |  | 49,000 |  |  | $ | 11.77 |  |  | 1.71 |  | $ | 128 |
December 31, 2024 |  |  |  |  |  |  |  |
Outstanding at beginning of year |  | 54,000 |  |  | $ | 11.59 |  |  |  |  |
Exercised |  | (2,000) |  |  | 11.00 |  |  |  |  |
Outstanding at end of year |  | 52,000 |  |  | $ | 11.62 |  |  | 1.85 |  | $ | 243 |
Exercisable at end of year |  | 52,000 |  |  | $ | 11.62 |  |  | 1.85 |  | $ | 243 |
Information related to the 2008 Equity Incentive Plan for the respective periods follows:
|  | Three months ended March 31, 2025 |  | Twelve months ended December 31, 2024 |  |
Intrinsic value of options exercised |  | $ | 19 |  |  | $ | 12 |  |  |
Cash received from options exercised |  | $ | 28 |  |  | $ | 22 |  |  |
Tax benefit realized from options exercised |  | $ | — |  |  | $ | — |  |  |
Other Compensation On January 23, 2025, the Company’s board of directors approved a phantom stock plan as part of the Company’s long-term incentive plan. The Plan allows certain employees to earn future cash awards linked to the company’s future common share price for time and performance based cash awards. The performance based cash awards vest based on a combination of a three-year time period from January 23, 2025 through December 31, 2027, and performance targets based on the Company’s return on equity. For performance based awards, the ultimate cash payout of these awards will be paid within 60 days of December 31, 2027, based on the closing share price of the Company’s common stock as of the performance achievement approval date from the Compensation Committee. The time based cash awards vest ratably over a three-year time period. For time based awards, the ultimate cash payout of these awards will be based on the closing share price of the Company’s common stock on the anniversary of the award date each year. On January 23, 2025, time based awards were based on 15,044 shares and performance based awards were based on 15,049 shares. On January 25, 2024, the Company’s board of directors approved a phantom stock plan as part of the Company’s long-term incentive plan. The Plan allows certain employees to earn future cash awards linked to the company’s future common share price for time and performance based cash awards. The performance based cash awards vest based on a combination of a three-year time period from January 25, 2024 through December 31, 2026, and performance targets based on the Company’s return on equity. For performance based awards, the ultimate cash payout of these awards will be paid within 60 days of December 31, 2026, based on the closing share price of the Company’s common stock as of the performance achievement approval date from the Compensation Committee. The time based cash awards vest ratably over a three-year time period. For time based awards, the ultimate cash payout of these awards will be based on the closing share price of the Company’s common stock on the anniversary of the award date each year. On January 25, 2024, time based awards were based on 18,509 shares and performance based awards were based on 18,505 shares. At the end of each reporting period, the Company estimates its potential liability related to the Plan and records any change to this liability as compensation expense in the consolidated statement of operations. At March 31, 2025 and December 31, 2024, the related liability was $150 and $190, respectively, which is included in other liabilities on the consolidated balance sheet. For the three months ended March 31, 2025 and March 31, 2024, the Company recorded related expense of $59 and $26, respectively, which is included in compensation and related benefits/non-interest expense on the Company’s consolidated statement of operations.

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