Citizens Bancorp Announces Record 1st Quarter Earnings.NEVADA CITY, Calif. -- Citizens Bancorp (the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CZNB) (Pink Sheets:CZNB), the holding company of Citizens Bank of Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern (the "Bank"), announced earnings for the first quarter 2006. Net income totaled $876,000 for the quarter ended March 31, 2006, a 111% increase compared to $414,000 for the same period in 2005. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.54 for the three month period ending March 31, 2006. This compares to basic and diluted earnings per share of $0.27 and $0.26 respectively for the same period in 2005. Total assets for the Company increased 31% to $238.4 million at March 31, 2006 from $181.6 million at March 31, 2005. Total loans increased 38% to $220.1 million at March 31, 2006, compared to $159.0 million at March 31, 2005. Total deposits increased 35% to $210.2 million at March 31, 2006 from $155.8 million at March 31, 2005. Short term borrowings decreased $5.0 million to $0.0 million at March 31, 2006 from $5.0 million at March 31, 2005. "The Bank's earnings continue to be fueled by our niche as an experienced construction and commercial real estate lender," said President & Chief Executive Officer, Judy Hess. She added, "On the deposit side, our Bank appreciates the confidence our community has in us by choosing us to take care of their banking needs as it is their deposits that fund the many construction projects that we see throughout Nevada County Nevada County is the name of two counties in the United States:
Founded in February 1995, Citizens Bank, headquartered in Nevada City, became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Company in 2003. The Bank has five branches in Nevada County, one in Nevada City, two in Grass Valley, one in Penn Valley and its newest branch in Lake of the Pines. Two new branches have been scheduled for opening this summer, one in Truckee and one in Auburn Auburn (ô`bərn). 1 City (1990 pop. 33,830), Lee co., E Ala.; inc. 1839. The city's economy centers around Auburn Univ.; there is some manufacturing. 2 City (1990 pop. 24,309), seat of Androscoggin co. , which will be the Bank's first entry into neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. Placer County. Today, the Bank offers community banking services in the Nevada County market, 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 news release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about Citizens Bancorp's financial condition, results of operations, plans, objectives and future performance. A number of factors, many of which are beyond the control of Citizens Bancorp, could cause actual results to differ materially from those in the forward-looking statements. In addition, past results are not necessarily indicators of future performance. |
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