Citizens Bancshares Corporation reported earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported total revenue of $5,701,000 compared to $5,311,000 a year ago. Net loss available to common shareholders was $306,000 or $0.14 diluted per share compared to $433,000 or $0.20 diluted per share a year ago. Net loss before preferred dividends was $247,000 compared to $374,000 for the same period last year. Revenue growth for the quarter improved by 5%, partially due to successes in loan workout strategies.

For the six months period, the company reported a net loss before preferred dividends of $114,000 compared to a net loss of $156,000 for the same period in 2011. Net loss available to common shareholders was $232,000, or $0.11 per diluted common share compared to a net loss available to common shareholders of $274,000, or $0.13 per diluted common share, reported for the same period in 2011. The loss realized for the six months is due to the increase of $1.8 million in additional OREO related expenses compared to last year due to nonperforming asset disposition strategy.

The company announced that write-downs increased $896,000 compared to the first quarter of 2012 and $1.4 million compared to the same period in 2011.