Click here to close now.

SYS-CON MEDIA Authors: AppDynamics Blog, Ian Goldsmith, Ed Featherston, Elizabeth White, Pat Romanski

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
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
What are the benefits of using an enterprise-grade orchestration platform? In their session at 15th Cloud Expo, Nate Gordon, Director of Technology at Appcore, and Kedar Poduri, Senior Director of Product Management at Citrix Systems, took a closer look at the architectural design factors needed to support diverse workloads and how to run these workloads efficiently as a service provider. They also discussed how to deploy private cloud environments in 15 minutes or less.
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
The DevOps Institute (DOI) launched on Monday with the mission of serving as the premier source for aligning industry standard quality DevOps training and examination services for enterprise IT. The Institute is led by a Board of Regents who will oversee DOI’s offerings in an effort to codify and promote DevOps’ best practices and standards that enable enterprise IT to deliver more value faster to their customers. The initial Board of Regents includes Gene Kim, Lori MacVittie, Sanjeev Sharma, ...
In his session at DevOps Summit, Andrei Yurkevich, CTO at Altoros, provided an overview of all the benefits and opportunities, as well as drawbacks of deploying Cloud Foundry PaaS with Juju and compared it to BOSH. Discover the features that overlap, and understand what Juju Charm is, what it is not, where you use one or the other or where you use both BOSH and Juju Charms together. Andrei Yurkevich is Cloud Foundry protagonist and CTO at Altoros. Under his supervision, the Altoros engineering ...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
MeriTalk, a public-private partnership focused on improving the outcomes of government IT, today announced the results of its new report, "The Agile Advantage: Can DevOps Move Cloud to the Fast Lane?" The study, underwritten by Accenture Federal Services, reveals that approximately two-thirds of Feds say DevOps will help agencies shift into the cloud fast lane - improving IT collaboration and migration speed. But help is needed, with 66 percent saying that their agency needs to move IT services ...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...