|
July 22, 2008
Citizens Bank of Northern California announced the hiring of Mary Anne Davis as Assistant Vice President, Marketing Officer for the Bank. read more |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
March 8, 2007
Citizens Bank of Northern California announced the hiring of Carmine DeCicco as Vice President, Commercial Banker for its Auburn Branch. read more |
|
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 |
|
January 10, 2007
Citizens Bank Enhances Its Online Banking Service With a Multi-Factor Authentication Security System. read more |
|
January 2, 2007
Citizens Bank to Open Downtown Auburn Branch on January 9, 2007. read more |
|
October 31, 2006
Citizens Bancorp Announces 3rd Quarter and YTD Earnings. read more |
|
August 24, 2006
Citizens Bank to Open Truckee Branch Soon. read more |
|
July 28, 2006
Citizens Bancorp Announces 2nd Quarter Earnings. read more |
|
July 7, 2006
Citizens Bancorp Announces New Capital for Citizens Bank. read more |
|
May 15, 2006
Citizens Bancorp Announces Stock Dividend . read more |
|
May 9, 2006
Citizens Bancorp Stock Now Listed on the OTCBB . read more |
|
April 21, 2006
Citizens Bancorp Announces Record 1st Quarter Earnings . read more |
|
April 20, 2006
Citizens Bank of Nevada County Announces Name Change . read more |
|
February 9, 2006
Citizens Bancorp Announces Record 4th Quarter Earnings . read more |
|
January 27, 2006
Citizens Bank Announces Plan for New Truckee Branch . read more |
|
December 2, 2005
Citizens Bank Announces Plan for New Downtown Auburn Branch . read more |
|
November 8, 2005
Citizens Bank Names New Directors . read more |
|
October 20, 2005
Citizens Bancorp Announces Record 3rd Quarter Earnings . read more |
|
August 31, 2005
Citizens Bancorp Announces Capital Plans . read more |
|
May 16, 2005
Citizens Bancorp Announces Stock Dividend . read more |
|
|
|
March 12, 2007
Citizens Bancorp Announces Record Earnings
Nevada City, California, March 12, 2007. Citizens Bancorp (the "Company") (OTCBB: CZNB), the holding company of Citizens Bank of Northern California (the "Bank"), announced record earnings for the twelve month period ended December 31, 2006, net income was $3,034,000, a 23% increase compared to $2,470,000 in the same period in 2005. The Company earned $1.73 and $1.44 per diluted share for the twelve months ended December 31, 2006 and 2005, respectively. Earnings per share for 2005 have been adjusted to reflect the 5% stock dividend declared in 2006.
For the three months ended December 31, 2006, net income totaled $858,000, a 5% increase compared to $814,000 for the same period in 2005. Diluted earnings per share were $0.49 and $0.47 respectively, for the quarter ended December 31, 2006 and 2005. President/Chief Executive Officer, Judy Hess said, "Loan growth remained strong throughout 2006, however, the cost of funding loans continued to rise. Accordingly, earnings for the fourth quarter, while higher than the previous period, were impacted by both narrowing interest margins and the personnel and occupancy costs associated with our new Truckee and Auburn branches. We anticipate that the addition of these two new branches will provide continued growth opportunities in 2007 and beyond."
Hess went on to explain, "The Company's net interest margin has declined over the past year primarily to increased funding costs." For the twelve months ended December 31, 2006 the Company's net interest margin of 5.62% had decreased by 0.65% from 6.27% for the same period in 2005. However, the Company's net interest margin of 5.62% remained above the average net interest margin of 5.04% for all commercial banks in California for the twelve months ended December 31, 2006.
Total assets for the Company, as of December 31, 2006, were $280.4 million, an increase of $53.4 million from December 31, 2005. This represents a year-over-year growth rate of 24%. Total loans for the Company, as of December 31, 2006, were $259.4 million, an increase of $52.7 million from December 31, 2005. This represents a year-over-year growth rate of 26%. Total deposits for the Company, as of December 31, 2006 were $243.2 million, an increase of $53.6 million from December 31, 2005. This represents a year-over-year growth rate of 28%.
President/Chief Executive Officer, Judy Hess said, "Based on the trend data as of June 30, 2006 published annually by the Federal Deposit Insurance Corporation (FDIC), we expect continued growth in the Nevada County market. We also expect our Truckee and Auburn branches to become significant contributors to our success. While the new branches grow, the impact of additional expenses related to the Truckee and Auburn offices are expected to pressure earnings in the short term."
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, two in Grass Valley, and one branch each in 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.
 |
