Citizens Community Bancorp, Inc. Reports Record Earnings for 1999 &Declares a Cash Dividend.Business Editors NAPLES Naples, city, Italy Naples, Ital. Napoli, city (1991 pop. 1,067,365), capital of Campania and of Naples prov., S central Italy, on the Bay of Naples, an arm of the Tyrrhenian Sea. , Fla.--(BUSINESS WIRE)--January 24, 2000 Citizens Community Bancorp, Inc. (&uot;CCB&uot;), reported consolidated net earnings for the year ended December December: see month. 31, 1999 of $615,259. &uot;Our strong community presence and continuing momentum to building our local customer base, has resulted in an earnings performance for 1999 which was triple our 1998 performance,&uot; said Gregory Smith
Gregory Edward Smith (born July 6, 1983) is a Canadian/American actor. , President of CCB CCB Calcium channel blocker, see there . Total assets for CCB at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. were $122.2 million, compared to $82.2 million at December 31, 1998, representing a 49% year-over-year increase. Total deposits reached $102.5 million at the end of 1999, up 60% from $64.0 million at the end of 1998. Total loans grew 78% in 1999 reaching $80.0 million at December 31, 1999, compared to $44.9 million at December 31, 1998. The strong loan growth during the year, coupled with high standards of quality credit were instrumental in driving the earnings growth for the year. At a meeting of the Board of Directors of CCB held January 20, 2000, a cash dividend of five cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. was declared. The dividend will be paid to shareholders of record as of January 31, 2000 and will be paid on February 14, 2000. Richard Storm, Chairman of the Board and Chief Executive Office of CCB said, &uot;with the strong earnings growth, our directors wanted to show their appreciation in the form of a cash dividend to our shareholders for their continued support.&uot; In November 1999, the company completed the merger and integration of the Marco Island Mortgage Company into the CCB team in a new subsidiary called CCB Mortgage Corp. &uot;We are pleased with the results of the transition to CCB, and will continue to offer the same high level of service to our customers,&uot; said Tony Iannotta, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CCB Mortgage Corp. The successful mortgage loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. during the first two months of operations exceeded the company's expectations. CCB Mortgage Corp offers a broad array of residential mortgage products and is recruiting additional loan origination officers for each of the bank's branch locations. In addition, the CCB Mortgage Corp. web site, www.ccbmtgcorp.com offers potential mortgage customers useful information to assist them with their mortgage selection. In the newly completed expansion of the Marco Island branch office, CCB is hosting a display from November 1999 through March 2000, of the original &uot;Marco Cat&uot; along with numerous other Calusa Indian artifacts artifacts see specimen artifacts. and original paintings from the 1895 excavation excavation In archaeology, the exposure, recording, and recovery of buried material remains. The techniques employed vary by the type of site, but all forms of archaeological excavation require great skill and careful preparation. . The residents of Collier County as well as international visitors are enjoying the opportunity to view the &uot;Marco Cat&uot;. The display is hosted in conjunction with the Marco Island Historical Society and the Marco Island Eagle and the benefits of the display will help the Historical Society to fund a permanent facility for the display of the artifacts found on Marco Island. CCB is pleased to sponsor such local organizations and events to help serve our community better. Citizens Community Bancorp, Inc. operates as a one-bank holding company and its current business is the ownership and operation of Citizens Community Bank of Florida, Citizens Financial Corp., a mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real broker specializing in commercial loans of all sizes and CCB Mortgage Corp., as mentioned above. Citizens Community Bank operates three full-service branches in Collier County with a fourth branch planned in the &uot;Emerald Lakes&uot; area of Naples on Airport Road near Vanderbilt Road and the new Ritz Ritz elegant and luxurious hotel opened in Paris in 1898 by César Ritz; hence, ‘ritzy, putting on the ritz.’ [Fr. Hist.: Wentworth, 429] See : Luxury Carlton Hotel Carlton Hotel can refer to:
The common stock of Citizens Community Bancorp, Inc. is listed on the National Quotation Bureau National Quotation Bureau A service that publishes bid and offer quotes from market makers in OTC transactions. National Quotation Bureau , Inc. Pink Sheets with the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors &uot;CCBI&uot;.
Citizens Community Bancorp and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share data)
At December 31,
1999 1998
Assets $ 122,193 $ 82,226
Loans, net 79,988 44,933
Federal Funds and securities purchased
under agreements to resell 8,893 19,181
Investments Securities 19,022 8,500
Deposit 102,498 63,990
Stockholders' equity 17,984 17,225
Book value per share $ 5.16 $ 4.99
Shares Outstanding 3,486,799 3,455,039
Equity-to-Assets ratio 14.72% 20.95%
Period Ended December 31, 1999
Three Months Twelve Months
____
1999 1998 1999 1998
Net Interest Income $ 1,141 $ 498 $4,042 $ 2,120
Net earnings 169 9 615 206
Basic earnings per
share (1) .05 - .18 .08
Diluted earnings
per share (1) .05 - .17 .08
Return on average assets .60% .04% .61% .32%
Return on average equity 3.70% .18% 3.50% 1.71%
Non-interest expenses
to average assets 3.49% 2.30% 3.22% 3.04%
Yields and Rates:
Loan portfolio 8.20% 8.27% 8.31% 8.33%
Securities 6.08% 5.12% 5.88% 6.21%
Other interest-earning
assets 6.13% 4.86% 4.89% 5.40%
Total interest earning
assets 7.68% 7.06% 7.43% 7.36%
Total interest-bearing
liabilities 3.93% 3.89% 3.81% 4.36%
Interest rate spread 3.75% 3.17% 3.62% 3.00%
Net interest margin 4.51% 4.15% 4.42% 3.78%
(1) All per share amounts reflect the 8% stock dividend to
stockholders of record on December 31, 1998.
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