Citizens Bancshares Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Provides Write-Downs for the Second Quarter of 2012
August 14, 2012 at 05:22 pm
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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.
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.
Citizens Bancshares Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Provides Write-Downs for the Second Quarter of 2012