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
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
When NSA's digital armory was leaked, it was only a matter of time before the code was morphed into a ransom seeking worm. This talk, designed for C-level attendees, demonstrates a Live Hack of a virtual environment to show the ease in which any average user can leverage these tools and infiltrate their network environment. This session will include an overview of the Shadbrokers NSA leak situation.
SYS-CON Events announced today that A&I Solutions named "Bronze Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded over 15 years ago in 1999, A&I Solutions continues to provide companies with premier integrated enterprise solutions. By partnering with the trusted and proven solutions of leading technology companies, our customers are assured high performance levels across all IT environments including:...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
While presenting own advanced Robo-Advisory Platform, Michał Różański, Managing Partner at EARP and CEO at Empirica, will illustrate the most important issues of building tailored FinTech software in his session at 20th Cloud Expo. He will share experiences we have gained for over 6 years of developing solutions for financial institutions and FinTech companies, including robo-advisors. We welcome all FinTech innovators interested in how properly implemented technology can move their businesses f...
Apache OpenWhisk on IBM Bluemix provides a powerful and flexible environment for deploying cloud-native applications driven by data, message, and API call events. In his session at 20th Cloud Expo, Daniel Krook, Software Architect, IBM Watson and Cloud Platform, and Distinguished IT Specialist, will discuss why serverless architectures are attractive for many emerging cloud workloads and when you should consider OpenWhisk for your next project. Then get started on Bluemix with three sample appl...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...