May 11, 2011
Citizens Bancorp announced operating results for the fourth quarter of 2010. ... read more |
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October 27, 2010
Citizens Bancorp announced operating results for the third quarter of 2010. ... read more |
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August 5, 2010
Citizens Bancorp announced operating results for the second quarter of 2010. ... read more |
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June 7, 2010
Citizens Bancorp announced today that Reynold “Rey” C. Johnson, III, of Pacific Land Enterprises, and Kenneth “Ken” J. Meyers, of R.W. Baird & Co. were appointed directors. ... read more |
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April 22, 2010
Citizens Bancorp announced operating results before provision for loss, real estate owned expenses, and taxes for the three month period ended March 31, 2010 of $1.0 million. ... read more |
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February 18, 2010
Citizens Bank has expanded its Central Operations Center, making room for it to lay the early groundwork for establishing a SBA Lending Division ... read more |
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February 17, 2010
24-year banking veteran Kevin Rappleye has joined the Bank as Senior Vice President and SBA Government Guaranteed Business Development Officer. ... read more |
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February 16, 2010
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced operating results for the three month period ended December 31, 2009, and for the twelve month period ended December 31, 2009. ... read more |
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October 21, 2009
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced net income for the quarter ended September 30, 2009 of $363 thousand, compared to net income of $176 thousand for the same period in 2008, an increase of $187 thousand, or 106%. ... read more |
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October 20, 2009
Michael Behn and Phillip Campbell have been promoted to Executive Vice Presidents. ... read more |
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September 10, 2009
Citizens Bank of Northern California announced financial results for the second quarter 2009, and restated financial results for the three months ended March 31, 2009 and twelve months ended December 31, 2008. ... read more |
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July 31, 2009
36-year banking veteran Gary Gall has been named President / Chief Executive Officer of Citizens Bancorp and subsidiary, Citizens Bank of Northern California. ... read more |
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July 14, 2009
Citizens Bank of Northern California announced today that the Bank will honor State of California Registered Warrants, or “IOU’s” for its customers. ... read more |
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June 17, 2009
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced it will restate its December 31, 2008 audited consolidated financial statements ... read more |
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May 18, 2009
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the three month period ended March 31, 2009. read more |
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March 6, 2009
Citizens Bancorp Reports Solid Loan and Deposit Growth with 4th Quarter and Year End Financial Results. read more |
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December 23, 2008
Citizens Bancorp Receives $10.4 Million Investment from the U.S. Treasury’s Capital Purchase Program. read more |
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December 12, 2008
Citizens Bank provides peace of mind to its customers by committing to the FDIC’s Transaction Account Guarantee Program. read more |
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November 19, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the three and nine months ended September 30, 2008. read more |
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October 6, 2008
Citizens Bank announced today that Josh McGovern has been promoted to Vice President and Branch Manager of the Olympia Park branch. read more |
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August 12, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the three and six months ended June 30, 2008. read more |
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May 19, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced that its Board of Directors approved the declaration of a 5% stock dividend. read more |
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April 30, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the quarter ended March 31, 2008. read more |
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March 6, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the twelve month period ended December 31, 2007. read more |
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November 1, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the quarter ended September 30, 2007. read more |
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August 1, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the quarter ended June 30, 2007. read more |
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May 8, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, today announced that its Board of Directors approved the declaration of a 5% stock dividend. read more |
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April 26, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the three month period ended March 31, 2007. read more |
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March 12, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced record earnings for the twelve month period ended December 31, 2006. read more |
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March 8, 2007
Citizens Bank of Northern California announced the hiring of Julie Frenzel as Vice President, Relationship Officer for its Penn Valley Branch. read more |
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January 10, 2007
Citizens Bank Enhances Its Online Banking Service With a Multi-Factor Authentication Security System. read more |
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January 2, 2007
Citizens Bank to Open Downtown Auburn Branch on January 9, 2007. read more |
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October 31, 2006
Citizens Bancorp Announces 3rd Quarter and YTD Earnings. read more |
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August 24, 2006
Citizens Bank to Open Truckee Branch Soon. read more |
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July 28, 2006
Citizens Bancorp Announces 2nd Quarter Earnings. read more |
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July 7, 2006
Citizens Bancorp Announces New Capital for Citizens Bank. read more |
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May 15, 2006
Citizens Bancorp Announces Stock Dividend . read more |
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May 9, 2006
Citizens Bancorp Stock Now Listed on the OTCBB . read more |
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April 21, 2006
Citizens Bancorp Announces Record 1st Quarter Earnings . read more |
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April 20, 2006
Citizens Bank of Nevada County Announces Name Change . read more |
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February 9, 2006
Citizens Bancorp Announces Record 4th Quarter Earnings . read more |
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January 27, 2006
Citizens Bank Announces Plan for New Truckee Branch . read more |
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December 2, 2005
Citizens Bank Announces Plan for New Downtown Auburn Branch . read more |
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November 8, 2005
Citizens Bank Names New Directors . read more |
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October 20, 2005
Citizens Bancorp Announces Record 3rd Quarter Earnings . read more |
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August 31, 2005
Citizens Bancorp Announces Capital Plans . read more |
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May 16, 2005
Citizens Bancorp Announces Stock Dividend . read more |
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May 11, 2011, Nevada City, California
Citizens Bancorp Announces Fourth Quarter 2010 Operating Results
Today, Citizens Bancorp (the “Company”) (OTCBB: CZNB), the holding company of Citizens Bank of Northern California (the “Bank”), announced operating results for the fourth quarter of 2010. The Company recorded a net loss available to common shareholders of $3.6 million for the three months ended December 31, 2010, compared to $11.8 million for the same period of 2009 and $8.2 million for the year ended December 31, 2010, compared to $13.5 million for the same period in 2009. The net loss per common share was $1.55 and $6.09 for the three months ended December 31, 2010 and 2009, respectively, and $3.50 and $7.01 for the years ended December 31, 2010 and 2009, respectively.
President & CEO Gary Gall said, “Throughout 2010 our country, state and the communities we serve continued to experience wide-spread economic difficulties including the continuing decline in real estate market values, local and regional unemployment, a deeper strain on small businesses and a surge in oil prices. The “Great Recession” has relentlessly persisted and as your local community bank, Citizens Bank continues to play a vital role in working along side many of our customers to help them work through the challenges their businesses and households are facing. Many economic analysts believe that we hit the bottom of the economic cycle in 2010 and should soon be seeing signs of improvement. Although we are not seeing these signs locally, this is certainly encouraging and we hope improvement will be a reality sooner rather than later.”
Gall continued, “Citizens Bank, as with most other community banks, continues to be affected by the weak economy. While we found 2010 to be one of our most challenging years since our founding, we are determined to stay focused on four key areas: recapitalization, the Bank’s “Core Operation,” meeting our strategic initiatives and reducing non-performing assets.”
The Company continues to experience a healthy net interest margin, which improved to 4.58% for the year ended December 31, 2010, from 4.53% for the same period in 2009, aided by the Company’s low cost of funds. Net interest income was $14.3 million for the year ended December 31, 2010, a decrease of $854 thousand, or 6%, as compared to $15.1 million for the same period of 2009. Forgone interest on non-accrual and restructured loans adversely impacted the net interest margin by 0.95% for the twelve months ended December 31, 2010, compared to 0.64% for the twelve months ended December 31, 2009. As of December 31, 2010, the Company’s loan to deposit ratio was 94.8% compared with 100.7% at December 31, 2009.
The provision for credit losses for the year ended December 31, 2010 was $12.4 million, an increase of $1.2 million compared to the $11.1 million recorded during the same period in 2009, primarily as a result of the continuing declines in underlying real estate collateral values over the last year. Costs and impairment charges associated with other real estate owned (“OREO”) were $1.7 million for the year ended December 31, 2010, compared to $3.8 million during the same period in 2009.
Consistent with the Company’s plan to reduce assets and improve its capital ratios, total assets decreased $44.1 million, or 12%, to $326.9 million as of December 31, 2010, from $371.1 million as of December 31, 2009. The Company continues to maintain strong liquidity with $28.2 million in cash and cash equivalents and $19.2 million in time deposits at other banks at December 31, 2010. Total loans for the Company as of December 31, 2010 were $260.6 million, a decrease of $44.1 million, or 14%, from $304.7 million as of December 31, 2009. The allowance for credit losses equaled 5.56% of total loans at December 31, 2010, compared to 4.72% at December 31, 2009.
During the year ended December 31, 2010, the decrease in non-interest expense of $3.2 million over the same period in 2009 was primarily the result of lower expenses related to OREO and the reversal of liabilities totaling $1.3 million associated with certain deferred compensation agreements that were cancelled in June 2010. During the year ended December 31, 2010, the Bank recorded a loss on the sale or write-down of OREO of $1.3 million compared to $3.4 million for the same period of 2009.
This release may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe”, “expect”, “intend”, “estimate” or words of similar meaning, or future or conditional verbs such as “will”, “would”, “should”, “could” or “may”. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank’s operations, pricing, products and services. These and other important factors are detailed in various Federal Deposit Insurance Corporation filings made periodically by the Bank, copies of which are available from the Bank without charge. The Company or the Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Citizens Bank of Northern California (the “Bank”) was founded in February 1995, and is headquartered in Nevada City, California. The Bank became a wholly owned subsidiary of the Company in 2003. The Bank has six branches serving communities throughout Nevada County, including locations in Nevada City, Grass Valley, Penn Valley, Lake of the Pines, and Truckee. In addition to its Nevada County branches, the Bank services the needs of its Placer County customers with a branch located in Auburn. The Bank offers consumer loans and other traditional banking products and services, designed to meet the needs of small and middle market businesses and individuals.
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