Citizens Community Bancorp, Inc. announced unaudited earnings results for the first quarter ended December 31, 2012. For the quarter, the company's net income was $260,000 or $0.05 per diluted share, compared with a net loss of $414,000 or $0.08 per diluted share during the fiscal first quarter of 2012. The company believes the increase in net income during the quarter ended December 31, 2012 over the same period in the prior year reflects significant asset quality improvement for the bank.

The company reported total interest and dividend income of $6.37 million during the quarter, compared with $7.14 million during the quarter ended December 31, 2011. This decrease was largely due to the decrease in the average balance of outstanding higher rate loans between the periods. Net interest income before provision for loan losses was $4.96 million during the quarter, compared with $5.32 million during the fiscal first quarter of 2012, reflecting the decline in interest income noted above, which was partially offset by its interest expense reduction during the current year.

Tangible book value per share was $10.36 per common share as of December 31, 2012.