Citizens Bancshares Corporation Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012
November 14, 2012 at 02:23 pm EST
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Citizens Bancshares Corporation announced earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported net income before preferred dividends of $268,000 compared to net income before preferred dividends of $92,000 for the same period last year. Net income available to common shareholders for the third quarter of 2012 was $209,000, or $0.10 per diluted common share compared to a net income available to common shareholders of $33,000, or $0.02 per diluted common share, reported for the third quarter of 2011. The improvement noted in the third quarter of 2012 includes a 22% reduction in nonperforming loans and a 15% reduction in foreclosed real estate. Also, credit quality continues to improve as its provision for loan losses declined $225,000 from the prior quarter and $255,000 compared to the same quarter last year. Total Revenue was $5,289,000 compared with $5,446,000 for the same period a year ago.
Year-to-date, the company reported a net income before preferred dividends of $153,000 compared to a net loss of $64,000 before preferred dividends for the same period in 2011. Net loss available to common shareholders for the nine month period was $25,000, or $0.01 per diluted common share compared to a net loss available to common shareholders of $241,000, or $0.11 per diluted common share, reported for the same period in 2011. The loss realized for the nine months is mainly due to an additional $1.8 million in OREO related expenses compared to last year due to its nonperforming asset disposition strategy. This expense was partially offset by a $707,000 decrease in its loan loss provision due to improved credit quality.
Citizens Bancshares Corporation is a holding company. The Company provides a range of commercial banking to individual and corporate customers in its primary market areas, metropolitan Atlanta, Georgia, and Birmingham and Eutaw, Alabama through its wholly owned subsidiary, Citizens Trust Bank (the Bank). The Bank operates under a state charter and serves its customers through its full-service branches in metropolitan Atlanta, Birmingham, Alabama, and in Eutaw, Alabama. Its banking services include checking, savings, commercial baking and others. Its borrowing services include home loan solutions, home equity line of credit, personal loans, home loans and others. It also provides various online and mobile banking products. The Bank offers a range of commercial and consumer deposit accounts, including non-interest-bearing checking accounts, individual retirement accounts, time certificates of deposit and regular savings accounts.