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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February 16, 2010
Citizens Bancorp Announces Fourth Quarter and 2009 Results
Nevada City, California, February 16, 2010. Today, Citizens Bancorp (the “Company”) (OTCBB: CZNB), the holding company of Citizens Bank of Northern California (the “Bank”), announced operating results for the three month period ended December 31, 2009 of $1.7 million, an increase of $334,000, or 24%, compared to $1.4 million for the three month period ended December 31, 2008, primarily due to the Company’s sound net interest margin. Operating results for the twelve month period ended December 31, 2009 were $5.5 million a decrease of $744,000, or 12%, compared to $6.3 million for the same period in 2008. These declines were due primarily to increased FDIC insurance and assessment costs. The operating results referred to above are a pre-tax (non-GAAP) measurement of net interest income, non-interest income exclusive of the provision for loan losses, gains from sales of loans and securities, and non-interest expense exclusive of costs associated with real estate owned.
The total pre-tax loss for the three month period ended December 31, 2009 of $4.2 million was a $15.6 million, or 79%, improvement compared to the pre-tax net loss of $19.8 million for the same period in 2008. The total pre-tax loss for the twelve month period ended December 31, 2009 of $6.6 million was an $11.7 million, or 64%, improvement compared to the pre-tax loss of $18.3 million for the same period in 2008. The primary contributor to improving the Company’s pre-tax loss for the year ended December 31, 2009 was a reduction in the provision for loan losses to $11.1 million, a change of $12.8 million from the $23.9 million recorded during the year ended December 31, 2008. The level of loan loss provisioning recorded during 2009 and 2008 is consistent with the continued deterioration in the region’s real estate markets and management’s proactive approach in addressing the related risks.
A non-cash tax adjustment for a valuation allowance on the deferred tax asset of $9.3 million also affected the Company’s results for the three and twelve month periods ended December 31, 2009. The net loss for the three month period ended December 31, 2009 was $11.8 million, compared to $11.5 million for the same period in 2008, an increase of $231 thousand, or 2.0%. The loss per share for the three months ended December 31, 2009 and 2008 was $6.09 and $6.02, respectively.
After recording the tax adjustment of $9.3 million and increased impairment charges related to real estate owned (REO) of $3.3 million, the net loss for the twelve month period ended December 31, 2009 was $13.5 million, or $7.01 per share, compared to $10.7 million, or $5.56 per share, for the same period in 2008. During the period, these factors were offset by a decrease in the provision for loan losses of $12.8 million and a gain on sale of loans of $2.8 million. President/CEO Gary D. Gall stated, “The Company’s level of earning assets remains stable and is improving, which has allowed the Bank to generate a strong net interest margin. That, combined with improvements in the level of non-performing assets, has brightened the prospect for future operating results.”
The following chart compares the fourth quarter and year-to-date results in 2009, to results for 2008:
Total assets for the Company as of December 31, 2009 were $371.1 million, an increase of $7.8 million, or 2%, from $363.3 million as of December 31, 2008. Total loans for the Company as of December 31, 2009 were $304.7 million, a decrease of $7.6 million, or 2%, from $312.4 million as of December 31, 2008. Over the same period, deposits grew $2.9 million, or 1%, to $302.6 million at December 31, 2009, compared to $299.8 million at December 31, 2008. The deposit growth reflects the growth of deposits in the Bank’s core markets of $32 million, offset by brokered deposit maturities of $29.1 million.
Non-performing assets decreased to $29.5 million at December 31, 2009 compared to $34.0 million at December 31, 2008. During the three and twelve month period ended December 31, 2009, the Company recorded a provision to the loan loss reserve of $7.2 million and $11.1 million, respectively, compared to $20.9 million and $23.9 million for the three and twelve month period ended December 31, 2008. The allowance for loan losses increased to 4.72% of total loans at December 31, 2009, compared to 3.97% at December 30, 2008. The allowance for loan losses as a percent of non-accrual loans totaled 57.8% and 44.5% at December 31, 2009 and 2008, respectively. Gall said, “Our Board of Directors and Management have maintained a diligent and aggressive stance in regards to asset quality. The Company provided $7.2 million in loan loss provisions during the quarter reflecting our continuing proactive stance in identifying and recognizing potentially impaired credits. We are continuing our efforts in resolving past due loans and disposing of foreclosed properties.”
Net interest income was $4.2 million for the three month period ended December 31, 2009, an increase of $607 thousand, or 17%, as compared to $3.6 million for the same period in 2008. The Company’s net interest margin increased from 4.19% in the three month period ended December 31, 2008 to 5.00% in the three month period ended December 31, 2009. Net interest income was $15.1 million for each of the twelve month periods ended December 31, 2009 and 2008. The Company’s net interest margin narrowed from 4.61% in the twelve month period ended December 31, 2008 to 4.51% in the twelve month period ended December 31, 2009. The compression of the net interest margin was primarily a result of increases in interest bearing deposit balances and decreases in average loan balances. As of December 31, 2009, the Company’s loan to deposit ratio was 100.7% compared with 104.2% at December 31, 2008. In addition, forgone interest on non-accrual and restructured loans, which was partially mitigated by improved cost of funds also contributed to a decline in net interest margin during the period. Forgone interest on non-accrual and restructured loans adversely impacted the net interest margin by 0.40% and 0.64% for the three and twelve month periods ended December 31, 2009, respectively, compared to 0.66% and 0.31% for the three and twelve month period ended December 31, 2008, respectively. The cost of funds decreased 94 basis points from 1.96% for the three month period ended December 31, 2008 to 1.02% for the same period in 2009 and decreased 86 basis points from 2.10% for the twelve month period ended December 31, 2008 to 1.24% for the same period in 2009. Average earning assets for the three months ended December 31, 2009 decreased by $7.5 million, or 2%, to $331.5 million compared to $339.0 million for the same period in 2008. For the twelve months ended December 31, 2009, average earning assets grew by $7.9 million, or 2%, to $335.4 million from $327.5 million for the same period in 2008. Gall stated, “Our excellent net interest margin has been fueled by our continued growth of Core deposits, which will be a catalyst for future earnings.”
During the twelve month period ended December 31, 2009, the increase in non-interest expense of $4.0 million over the same period in 2008, was primarily the result of an increased write-down in the carrying value of REO of $3.3 million, an increase in FDIC insurance premiums of $879 thousand and an increase in professional fees of $491 thousand, offset by a net decrease in other expenses of $219 thousand. The growth of those non-interest expense items was partially offset by lower personnel and occupancy costs of $346 thousand and $92 thousand, respectively.
In August 2009, in order to preserve capital, the Company began deferring TARP dividend payments. To further augment capital, the Company successfully completed a private placement during December 2009, selling $1.57 million in common stock. In order to strengthen the balance sheet of the Bank and prepare for the future repayment of TARP, preparations are now underway for a shareholder rights offering between April and June, 2010, to raise a minimum of $6 million in new capital.
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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