Welcome!

News Feed Item

Citizens Bancshares Corporation Announces Second Quarter 2014 Results

ATLANTA, Aug. 15, 2014 /PRNewswire/ -- Citizens Bancshares Corporation (OTC Bulletin Board: CZBS) (the "Company"), the parent company of Citizens Trust Bank ("CTB"), today announced second quarter 2014 net income before preferred dividends of $473,000 compared to $271,000 for the same period last year. Net income available to common shareholders for the second quarter of 2014 was $414,000, or $0.19 per diluted common share compared to $212,000, or $0.10 per diluted common share, reported for the second quarter of 2013, representing a 95% increase year-over-year. 

Cynthia Day, President and Chief Executive Officer, stated, "We are delighted to report another quarter of sound earnings.  Favorable trends, particularly in earning assets and low cost deposit growth, coupled with continued expense discipline and improvement in asset quality led to another quarter of solid core earnings growth. The Company has also had some success in minimizing the impact of net interest margin compression on its revenues, an industry wide challenge.  For the first six months of the year, net interest income increased by $105,000 compared to the same period last year.  As we seek further margin improvement, quality loan growth is our focus though still a challenge in some of our markets. However, we continue to deploy the needed resources to compete for new lending opportunities in a broader market within our footprint."    

Year-to-date, the Company reported net income before preferred dividends of $889,000 compared to $543,000 for the same period in 2013.  Net income available to common shareholders for the six month period was $771,000, or $0.35 per diluted common share compared to $425,000, or $0.20 per diluted common share, reported for the same period in 2013.

Other financial highlights:

  • Average earning assets increased by $13.9 million compared to the previous quarter and by $8.3 million year over year.
  • Average loans in the second quarter of 2014 were flat compared to the previous quarter at $182.3 million, and increased by $2.0 million compared to the same quarter last year. 
  • Nonperforming loans decreased by $720,000 to $5.8 million compared to the previous quarter, and represent 3.08% of loans.  
  • A provision for loans loss was deemed not necessary for the quarter due to the continued improvement in the loan portfolio credit quality. The allowance for loan losses was 51% of nonperforming loans compared to 44% at December 31, 2013.
  • Average deposits increased by $10.4 million to $358.1 million in the second quarter of 2014 from the prior quarter, and increased by $6.7 million compared to the same quarter last year.  At June 30, 2014, the Company's cost of funds was 0.23% compared to 0.26% for the same period last year.
  • During the second quarter of 2014, the net interest margin on a fully tax equivalent basis decreased slightly to 3.63% compared to 3.69% reported last quarter and for the second quarter of 2013.
  • Total revenues declined by $224,000 compared to the same quarter last year due to a decrease of $182,000 in noninterest income caused by lower gains on securities sales and service charge income.  
  • Noninterest expenses continue to be closely managed and for the quarter decreased by $478,000 compared to the same period last year.  
  • Capital levels remain well above regulatory capitalization standards.  At June 30, 2014, both the Company and the Bank's capital position exceed the well capitalized minimum levels required by regulation.

 



2nd


2nd




(In thousands, expect per share data)

Quarter


Quarter






2014


2013


Change


Income Statement







Net income available to common shareholders

$          414


$         212


95.3%


Net income per diluted common share

0.19


0.10


90.0%


Total revenues

4,404


4,628


(4.8%)


Provision for loan losses

-


50


(100.0%)


Noninterest income

1,017


1,199


(15.2%)


Noninterest expense

3,623


4,101


(11.7%)










Balance Sheet







Average loans, gross

182,309


180,318


1.1%


Average deposits

357,671


350,996


1.9%










Capital








Total capital (to risk weighted assets)

19%


19%




Tier 1 capital (to risk weighted assets)

18%


17%




Tier 1 capital (to average assets)

11%


10%




Citizens Trust Bank prides itself on offering a full range of quality products and services throughout metropolitan Atlanta and Columbus, Georgia, and in Birmingham and Eutaw, Alabama.  Since its inception, the Bank has remained dedicated to the growth and development of communities through superior products and extraordinary service.  Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and can be found on the web at www.CTBconnect.com.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties. More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.

SOURCE Citizens Bancshares Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...