• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Citizens Community Bank Announces Solid Second Quarter 2014 Results


News provided by

Citizens Community Bank

Jul 29, 2014, 10:23 ET

Share this article

Share this article


SOUTH HILL, Va., July 29, 2014 /PRNewswire/ -- Citizens Community Bank (OTCQB: CZYB) today announced its unaudited results of operations for the second quarter of 2014.

Earnings

Citizens Community Bank is pleased to announce net income to common shareholders of $170,464 after preferred stock dividends of $10,000 for the second quarter of 2014.  Compared to the second quarter of 2013, this equates to a 15.6% increase in core earnings, exclusive of non-recurring items related to the disposition of other real estate.  Year-to-date net income available to shareholders at June 30, 2014 was $439,936, compared to a loss of $(853,947) at June 30, 2013.  On a basic and diluted basis, this was equivalent to $0.29 per share compared to $(0.57) per share year-to-date. 

President and CEO James R. Black stated, "This marks the fifth consecutive profitable quarter since the conclusion of our asset resolution strategy. Our momentum and financial strength continue to improve as we execute those strategies that are in the best interest of all stakeholders. I am proud of the CCB team's progress for the first half of 2014 and just as excited about our prospects for the rest of the year."

In comparing the second quarter of 2014 to the same quarter in 2013, net interest revenue increased by $14,295 or 1.0%.  Even though the net interest margin for the second quarter of 2014 was 3.71%, 11 basis points less than 3.82% reported for the second quarter of 2013, the increase in loan balances and reduction in non-performing loans augmented the margin.  The weighted cost of funds for the second quarter of 2014 was 1.04% compared to 1.28% for the second quarter of 2013.  The ability to reprice maturing deposits lower assisted in controlling margin erosion, as new and renewing loans are priced somewhat lower to meet market expectations.   

Noninterest income totaled $200,465 for the second quarter of 2014 compared to $229,364 for the same period in 2013.  A reduction in the demand for secondary market mortgage refinancing which resulted in accompanying reductions in fee income; drove the bulk of the quarter-over-quarter decrease of $28,899 or 12.6%.  Noninterest income for the first six months of 2014 was $405,389, a decrease of $26,562 from $431,951 for the first six months of 2013.  This difference also relates directly to the slower market for mortgage refinances.  Noninterest expense for the second quarter of 2014 was $1,345,200 compared to $1,260,070 for the second quarter of 2013.  Netting out gains and losses from the sale of other real estate resulted in a reduction of 2.9% in non-interest expense for the second quarter of 2014 compared to the second quarter of 2013.  Noninterest expense year-to-date is $2,629,340 compared to $3,625,018 at June 30, 2013, a decrease of $995,678 or 27.5%.  Write-downs and costs to dispose of non-earning assets in the first quarter of 2013 account for most of the difference year-over-year. 

Growth

At June 30, 2014, total assets were $162.7 million, up $2.9 million or 1.8% from December 31, 2013. Gross loans were $129.9 million, an increase of $3.3 million or 2.6% from December 31, 2013. The loan pipeline is healthy despite being selective with our credit underwriting. The securities portfolio balance decreased by $910 thousand or 4.6% from December 31, 2013.  Deposits totaled $139.7 million, an increase of $6.8 million or 5.1% from December 31, 2013.  Over the same comparable period, FHLB advance and borrowings decreased $4.4 million or 77.3% as the Bank has retired borrowings and funded loan growth through organic deposit growth. 

Asset Quality

At June 30, 2014 the allowance for loan losses was $2.0 million or 1.55% of loans.  Net charge-offs at June 30, 2014 were less than $1 thousand and the Bank has not needed to make a provision to the loan loss for 2014 compared to a provision of $917,000 at June 30, 2013.  Nonperforming loans at June 30, 2014 are $416 thousand, compared to $2.6 million at December 31, 2013 and $2.8 million at June 30, 2013. In the first quarter of 2014, a single $2.0 million loan that was placed on nonaccrual during the first quarter of 2013 paid off with a full recovery of principal and interest. 

At June 30, 2014, other real estate owned totaled $891 thousand compared with $989 thousand at year end 2013 and $1.0 million at June 30, 2013.  In aggregate, nonperforming assets equaled $1.3 million or 0.8% of total assets at June 30, 2014, compared to $3.8 million or 2.4% of total assets at June 30, 2013, a reduction of $2.5 million or 65.8%.

Capital

As of June 30, 2014, total risk-based capital was 17.8% compared to 16.7% one year ago, and significantly higher than the 10.0% minimum regulatory requirement for well capitalized institutions. Tier 1 leverage was 12.5%, up from 12.0% at June 30, 2013.

Citizens Community Bank is a Virginia state chartered bank headquartered in South Hill, Virginia.  Opened in December 1999, it operates five branches, three in south central Virginia and two in northern North Carolina.  For more information and additional financial data, please visit www.ccbsite.com.

This press release contains "forward-looking statements" that concern future events which are subject to risks and uncertainties.  Any such statements are based on certain assumptions and analyses by the Bank and other factors it believes are appropriate in the circumstances and at the time at which such statements are made.  The Bank's actual results, events and developments may differ materially from those contemplated by any forward-looking statement.  The Bank has no responsibility to update such forward-looking statements.

Citizens Community Bank - Financial Highlights - June 30, 2014















(Unaudited)







(Actual dollars, except per share data)

Three Months Ended June 30

Six Months Ended June 30

Selected Operating Data:

2014


2013

2014


2013








Net interest income

$ 1,394,943


$ 1,380,648

$ 2,871,800


$ 2,803,477

Provision for loan losses

-


10,000

-


917,000

Noninterest income

200,465


229,364

405,389


431,951

Noninterest expense

1,345,200


1,260,070

2,629,340


3,625,018

Income (loss) before income tax 

250,208


339,941

647,849


(1,306,590)

Income tax expense (benefit)

69,744


102,886

187,913


(472,643)

Net income (loss)

$    180,464


$    237,055

$    459,936


$  (833,947)

Less: Preferred dividends

$      10,000


$      10,000

$      20,000


$      20,000

Net income (loss) available to common







shareholders

$    170,464


$    227,055

$    439,936


$  (853,947)








Income (loss) per share available to







common shareholders:(1)







Basic 

$0.11


$0.15

$0.29


($0.57)

Diluted

$0.11


$0.15

$0.29


($0.57)








Average shares outstanding, basic

1,508,046


1,500,948

1,507,816


1,500,948

Average shares outstanding, diluted

1,508,046


1,500,948

1,507,816


1,500,948








(1) share amounts revised to show restricted stock grants awarded in 2013 and 2014.

Citizens Community Bank


Financial Highlights


















(Actual dollars, except per share data)

June 30


December 31


June 30



Balance Sheet Data:

2014


2013


2013











Total assets

$162,659,727


$159,712,201


$161,223,561



Loans, gross

$129,862,341


$126,553,951


$123,710,107



Loans, net of ALLR

127,855,845


124,548,206


121,348,318



Deposits

139,663,348


132,882,671


138,456,414



Federal funds purchased

299,000


2,716,000


-



Borrowings

1,000,000


3,000,000


2,000,000



Preferred stock

4,000,000


4,000,000


4,000,000



Stockholders' equity

21,378,269


20,846,015


20,503,447



Book value per share (1) (2)

$           11.52


$           11.18


$           11.00



Total shares outstanding (2)

1,508,046


1,507,212


1,500,948












Three months ended June 30


Six months ended June 30

Performance Ratios:

2014


2013


2014


2013

Return on average assets

0.41%


0.57%


0.54%


(1.06%)

Return on average common equity

3.94%


5.49%


5.15%


(10.13%)

Net interest margin 

3.71%


3.82%


3.81%


3.83%

Overhead efficiency

84.22%


80.61%


80.16%


89.15%










June 30


December 31


June 30



Asset Quality Data:

2014


2013


2013



Allowance for loan loss

$    2,006,496


$    2,005,745


$    2,361,789



Nonperforming loans (3)

$       416,137


$    2,580,874


$    2,812,007



Other real estate owned

$       891,109


$       989,367


$    1,007,777



Nonperforming assets (3)

$    1,307,246


$    3,570,241


$    3,819,784



Performing troubled debt restructurings

$       782,063


$       576,095


$       614,772



Net charge offs (recoveries)

$            (751)


$       977,942


$       731,276



Classified loans

$    4,929,566


$    5,197,240


$    6,827,424



Total Classified Assets

$    5,820,675


$    6,186,607


$    7,835,201




















June 30


December 31


June 30



Asset Quality Ratios:

2014


2013


2013



Allowance for loan loss to total loans

1.55%


1.58%


1.91%



Nonperforming loans to total loans

0.32%


2.04%


2.27%



Nonperforming assets to total assets

0.80%


2.24%


2.37%



Net charge-offs (recoveries) to average loans 

0.00%


0.77%


0.58%











Capital Ratios:








Total risk-based capital

17.77%


17.07%


16.71%



Tier 1 risk-based capital

16.51%


15.81%


15.45%



Tier 1 leverage capital

12.51%


12.32%


11.96%











Note: (1) Book value excludes $4,000,0000 of preferred stock for all periods.

         (2) Shares outstanding reflect issuance of restricted stock awards in 2013 and 2014.

         (3) Excludes performing troubled debt restructurings.

SOURCE Citizens Community Bank

Modal title

    Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

    Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

    About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Italy
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United Kingdom

    My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Center
  • ProfNet℠
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 Cision US Inc.