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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August 12, 2008
Citizens Bancorp Announces Second Quarter 2008 Earnings
Nevada City, California, August 12, 2008. Today, Citizens Bancorp (the “Company”) (OTCBB: CZNB), the holding company of Citizens Bank of Northern California (the “Bank”), announced financial results for the three and six months ended June 30, 2008. Net income totaled $319,000, or $0.17 per diluted share for the quarter ended June 30, 2008, a decrease of 50% compared to $641,000, or $0.33 per diluted share for the same period in 2007. For the six month period ended June 30, 2008, net income was $712,000, or $0.37 per diluted share. This represents a 43% decrease over the same period in 2007 when net income was $1,249,000, or $0.64 per diluted share. Earnings per share for 2007 have been adjusted to reflect the 5% stock dividend in June 2008.
Total assets for the Company as of June 30, 2008 were $350.7 million, an increase of $43.3 million, or 14% from $307.4 million as of June 30, 2007. Total loans for the Company as of June 30, 2008 were $316.7 million, an increase of $36.9 million, or 13% compared to $279.8 million as of June 30, 2007. Over the same period, deposits grew $21.3 million, or 7.9%, to $290.0 million at June 30, 2008 compared to $268.7 million at June 30, 2007.
The decrease in net income in the second quarter of 2008 compared to the second quarter of 2007 was attributed primarily to an increase in the provision for loan losses. During the three months ended June 30, 2008 the Company recorded a provision for loan losses of $950,000 compared to $220,000 during the same period in the prior year. During the six months ended June 30, 2008, the Company recorded a provision for loan losses of $1.6 million compared to $270,000 during the same period in the prior year. President/Chief Executive Officer, Judy Hess said, “The Bank continues to see an increase in the level of non-performing loans driven by the current economic climate. We continue to proactively monitor our loan portfolio and believe that the allowance for loan losses as of June 30, 2008 is adequate to absorb known and inherent losses in the loan portfolio.” Net charge-offs during the three and six month periods ending June 30, 2008 were $79,000 and $2.0 million, respectively. There were no charge-offs in the same period in 2007.
Hess continued, “While the foreclosure of real estate loan collateral has become necessary in recent months, the Company is positioned favorably to allow the time necessary to transact these properties at prices which management believes are in the best interest of shareholders.” Non-performing loans as of June 30, 2008 and December 31, 2007 totaled $2.3 million and $9.5 million, respectively. Non-performing assets, which include non-performing loans and other real estate owned, totaled $8.5 million and $9.5 million as of June 30, 2008 and December 31, 2007, respectively.
Net interest income was $3.89 million for the three month period ended June 30, 2008, an increase of $352,000, or 10% as compared to $3.54 million for the same period in 2007. The Company's net interest margin dropped 33 basis points from 5.17% during the three month period ended June 30, 2007 to 4.84% during the three month period ended June 30, 2008. However, this represents an increase of 19 basis points from the 4.65% during the first quarter of 2008. The compressed net interest margin was caused primarily by lower interest rates during the first quarter of 2008, was partially mitigated by growth in earning assets during the period. Average earning assets for the three months ended June 30, 2008 grew by $48.4 million to $323.5 million compared to $275.1 million for the same period in 2007.
Non-interest income remained relatively static during the three and six month period ending June 30, 2008 when compared with the same periods in 2007. The slight changes in non-interest income were the result of lower mortgage broker fees, partially offset by increased earnings from service charges from increased customer deposit accounts and additional customer usage.
Non-interest expense of $3.02 million for the three months ended June 30, 2008 represented an increase of $143,000 when compared with the three months ended June 30, 2007. Non-interest expense for the six months ended June 30, 2008 of $5.94 million increased by $209,000 when compared to the $5.73 million incurred during the 2007 period. Legal and professional fees, as well as other costs associated with holding other real estate owned increased by $213,000 during the six months ended June 30, 2008 as compared to the same period in 2007. Partially offsetting these costs was a reduction in salaries and benefits expense of $246,000 between the six month periods ended June 30, 2008 and 2007 as a result of a decrease in the number of full-time equivalent employees. “We are committed to maximizing shareholder value by continuing to implement our cost saving strategic initiatives while navigating these complex economic times,” stated Hess.
Founded in February 1995, Citizens Bank, headquartered in Nevada City, became a wholly owned subsidiary of the Company in 2003. In addition to the new Auburn branch in Placer County, the Bank has six other branches in communities throughout Nevada County, including Nevada City, Grass Valley, Penn Valley, Lake of the Pines, and Truckee. The opening of the Auburn branch represents the Bank's first physical entry into neighboring Placer County. The Bank offers community banking services, including a wide variety of deposit products, commercial, residential and consumer loans, and other traditional banking products and services, designed to meet the needs of small and middle market businesses and individuals.
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.
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