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CITIZENS BANKING REPORTS FULL-YEAR EARNINGS, DIVIDEND DECLARATION

 CITIZENS BANKING REPORTS FULL-YEAR EARNINGS, DIVIDEND DECLARATION
 FLINT, Mich., Jan. 17 /PRNewswire/ -- Citizens Banking Corporation (NASDAQ-NMS: CBCF) today reported 1991 full-year earnings.
 Citizens Banking Corporation earned a record net income of $21,075,000 for the year ended Dec. 31, 1991, compared with $20,104,000 in 1990, an increase of $971,000 or 4.8 percent.
 Net income per share was $3.23, an increase of 7.0 percent compared with $3.02 per share for the full-year 1991. The year-to-year percentage increase in earnings per share is greater than that of net income due to the effect of Citizens' stock repurchase program. This year was the fourth consecutive year of record earnings for Citizens and the ninth consecutive year of increases in net income from operations.
 Net income for the fourth quarter of 1991 was $5,630,000 or $0.86 per share compared with $5,333,000 or $0.81 per share for the same period a year ago.
 Charles R. Weeks, president and chief executive officer, stated that the increase in net income for the year reflects improvement in both net interest and non-interest income that was partially offset by increases in FDIC premiums and income taxes. The improvement in net interest income can be attributed to a higher volume of earning assets, principally an increase in residential mortgage loans. Non-interest income increased $2,880,000 or 12.2 percent with Trust fees growing by $888,000 or 12.4 percent during 1991. Non-interest expenses, net of a $1,898,000 increase in FDIC insurance premiums, were up 0.5 percent.
 For the year, the provision for loan losses was $6,086,000, an increase of 8.7 percent when compared with 1990. The ratio of net loans charged off to average loans was 0.37 percent, well below industry averages and reflecting the quality of Citizens' loan portfolio.
 At Dec. 31, 1991, total assets were $2,492,584,000, up 2.8 percent from $2,425,195,000 at Dec. 31, 1990. Total loans and leases decreased 1.5 percent to $1,532,159,000 from $1,555,705,000, while deposits increased 2.3 percent to $2,064,024,000 from $2,018,289,000. Shareholder's equity totaled $218,183,000 or $33.36 per share compared with $205,946,000 or $31.38 per share a year ago. Non-performing loans were 1.37 percent of total loans down from 1.45 percent a year ago.
 In other action, the board of directors of Citizens Banking Corporation today declared a regular quarterly cash dividend of $0.33 per share of common stock to shareholders of record on Jan. 27, 1992, with a payment date of Feb. 12, 1992.
 Citizens Banking Corporation is the eighth-largest bank holding company headquartered in Michigan and is the parent of Citizens Commercial & Savings Bank of Flint, Second National Bank of Saginaw, Second National Bank of Bay City, State Bank of Standish, Grayling State Bank, Century Life Insurance Company of Michigan, a credit life reinsurance company, and Commercial National Bank of Berwyn, Ill. The corporation's common stock is traded in the over-the-counter market (NASDAQ trading symbol: CBCF).
 Operating results for the quarter and year-to-date follow:
 CITIZENS BANKING CORPORATION AND SUBSIDIARIES
 FINANCIAL SUMMARY
 (Dollars in thousands except per-share data)
 12 Months Ended Three Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Summary of Operations
 Interest income $210,599 $221,008 $50,771 $56,094
 Net interest income 99,231 98,074 24,963 25,054
 Provision for loan losses 6,086 5,598 2,018 1,456
 Investment security
 gains (losses) 19 (63) 1 (5)
 Noninterest income 26,509 23,629 7,088 5,797
 Noninterest expenses 93,509 91,154 23,341 22,744
 Income taxes 5,089 4,784 1,063 1,313
 Net income 21,075 20,104 5,630 5,333
 Cash dividends 8,427 7,991 2,154 1,981
 Per Common Share Data
 Net income $3.23 $3.02 $.86 $.81
 Cash dividends 1.29 1.20 .33 .30
 Book value 33.36 31.38 --- ---
 Average shares
 outstanding (000) 6,530 6,650 6,529 6,591
 Performance Ratios
 Net interest margin 4.67 pct 4.73 pct 4.70 pct 4.76 pct
 Return on average assets .86 .84 .90 .88
 Return on average
 shareholders' equity 9.99 10.01 10.35 10.36
 Selected Balance Sheet Data Dec. 31, Percent
 1991 1990 Change
 At Period End
 Total assets $2,492,584 $2,425,195 3
 Total loans and leases 1,532,159 1,555,705 (2)
 Total deposits 2,064,024 2,018,289 2
 Total shareholders' equity 218,183 205,946 6
 Average Balances
 Total assets $2,449,897 $2,388,247 3
 Total loans and leases 1,544,554 1,510,002 2
 Total deposits 2,035,156 1,956,206 4
 Total shareholders' equity 210,931 200,894 5
 Statistics
 Allowance for loan losses/loans 1.29 pct 1.25 pct
 Nonperforming loans/loans 1.37 1.45
 Net loans charged off/average loans .37 .36
 Shareholders' equity/assets 8.75 8.49
 CITIZENS BANKING CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Dec. 31, Dec. 31,
 1991 1990
 Assets
 Cash and due from banks $122,932 $121,263
 Money market investments:
 Interest-bearing deposits with banks 40,102 8,000
 Federal funds sold 35,600 26,000
 Term federal funds 50,000 80,000
 Other 202 187
 Total money market investments 125,904 114,187
 Investment securities:
 U.S. Treasury and federal agency
 securities 285,744 290,735
 State and municipal securities 270,960 162,575
 Other securities 73,321 100,658
 Total investment securities 630,025 553,968
 Loans:
 Commercial loans 440,020 475,831
 Consumer installment 462,948 479,906
 Real estate - mortgage 567,953 543,493
 Real estate - construction 13,735 19,136
 Lease financing 47,503 37,339
 Total loans 1,532,159 1,555,705
 Less: allowance for loan losses (19,759) (19,448)
 Net loans 1,512,400 1,536,257
 Premises and equipment 51,075 51,873
 Other assets 50,248 47,647
 Total assets $2,492,584 $2,425,195
 Liabilities and shareholders' equity
 Deposits:
 Non-interest-bearing $284,671 $310,463
 Interest-bearing 1,779,353 1,707,826
 Total deposits 2,064,024 2,018,289
 Federal funds purchased and
 securities sold under agreements
 to repurchase 117,602 117,869
 Other short-term borrowings 43,588 12,943
 Other liabilities 28,782 26,830
 Long-term debt 20,405 43,318
 Total liabilities 2,274,401 2,219,249
 Shareholders' equity:
 Preferred stock - no par value --- ---
 Common stock - $10 par value 68,945 68,763
 Surplus 9,941 9,728
 Retained earnings 146,166 133,518
 Cost of common stock in treasury (6,869) (6,063)
 Total shareholders' equity 218,183 205,946
 Total liabilities and shareholders'
 equity $2,492,584 $2,425,195
 CITIZENS BANKING CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands)
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Interest income:
 Interest and fees
 on loans $37,870 $41,981 $157,847 $164,443
 Interest and dividends
 on investment securities:
 Taxable 7,228 8,439 30,507 33,957
 Non-taxable 3,616 2,683 11,926 11,269
 Money market investments 2,057 2,991 10,319 11,339
 Total interest income 50,771 56,094 210,599 221,008
 Interest expense:
 Deposits 23,462 27,198 100,833 106,779
 Short-term borrowings 1,810 2,817 7,960 12,664
 Long-term debt 536 1,025 2,575 3,491
 Total interest expense 25,808 31,040 111,368 122,934
 Net interest income 24,963 25,054 99,231 98,074
 Provision for loan losses 2,018 1,456 6,086 5,598
 Net interest income
 after provision for
 loan losses 22,945 23,598 93,145 92,476
 Non-interest income:
 Trust fees 2,046 1,759 8,061 7,173
 Service charges on
 deposit accounts 1,827 1,685 7,085 6,620
 Investment securities
 gains (losses) 1 (5) 19 (63)
 Bankcard fee income 951 923 3,671 3,745
 Other 2,264 1,430 7,692 6,091
 Total non-interest income 7,089 5,792 26,528 23,566
 Non-interest expenses:
 Salaries and employee
 benefits 12,522 12,406 50,866 49,117
 Occupancy 1,704 1,730 6,906 6,850
 Equipment 1,947 2,160 8,119 8,801
 FDIC insurance premiums 1,134 573 4,176 2,278
 Professional services 763 562 2,602 2,470
 Stationery and supplies 546 717 2,393 2,646
 Other 4,725 4,596 18,447 18,992
 Total non-interest
 expenses 23,341 22,744 93,509 91,154
 Income before income
 taxes 6,693 6,646 26,164 24,888
 Income taxes 1,063 1,313 5,089 4,784
 Net income $5,630 $5,333 $21,075 $20,104
 Average shares
 outstanding 6,529,285 6,591,409 6,530,455 6,650,210
 Net income per share $0.86 $0.81 $3.23 $3.02
 -0- 1/17/92
 /CONTACT: Wayne G. Schaeffer, senior vice president, treasurer and chief financial officer of Citizens Banking Corporation, 313-766-7978/
 (CBCF) CO: Citizens Banking Corporation ST: Michigan IN: FIN SU: ERN DIV


SB-JS -- DE008 -- 1065 01/17/92 15:02 EST
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