SOUTH HILL, Va.,
The Bank ended 2007 with total assets of
Full year 2007 net income totaled
"Solid loan and deposit growth during 2007 continue to pave our way for
success in the new year," stated
During 2007, the Bank began construction on its fifth branch. Located in
Roanoke Rapids, North Carolina, this new addition will be the second full
service branch facility in North Carolina, following the Gaston branch which
opened in
Net interest income was up 10.5% to
Noninterest income increased
Noninterest expenses grew 25.1% to
Loan loss provisions totaled
Citizens Community Bank is a Virginia state chartered bank headquartered
in South Hill, Va. Opened in
Certain statements in this document are "forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citizens Community Bank's filings with the Board of Governors of the Federal Reserve.
CITIZENS COMMUNITY BANK Selected Annual Financial Information (Unaudited) (Actual dollars, except per share data) 2007 2006 2005 2004 Results of Operations: Net interest income $4,941,470 $4,470,966 $3,512,819 $3,004,412 Noninterest income 587,267 404,950 402,074 334,706 Noninterest expense 4,542,684 3,630,493 2,781,587 2,208,677 Provision for loan losses 340,591 105,030 250,901 460,113 Income tax expense (benefit) 156,241 298,686 169,348 213,408 Net income $489,221 $841,707 $713,057 $456,920 Per Share Data: Basic net income $0.36 $0.62 $0.79 $0.57 Fully diluted net income $0.36 $0.62 $0.79 $0.56 Book value at period end $13.21 $12.68 $11.96 $10.77 Shares outstanding, period end 1,351,341 1,351,341 1,344,091 794,941 Average shares outstanding, basic 1,351,341 1,347,709 896,971 794,941 Average shares outstanding, diluted 1,355,247 1,353,540 902,279 819,397 Balance Sheet Data:(1) Total assets $148,807,381 $133,892,390 $120,702,707 $103,703,060 Total loans, net 114,897,460 95,705,199 85,260,841 67,846,076 Total investment securities 17,238,349 21,362,746 22,861,747 23,368,390 Total deposits 129,274,940 116,636,929 104,222,471 94,905,601 Total borrowed funds 1,500,000 - - - Total shareholders equity 17,854,773 17,128,695 16,071,684 8,560,853 Balance Sheet Data:(2) Average total assets $143,036,922 $128,208,735 $109,278,626 $94,285,275 Average total loans, net 107,827,058 91,841,610 74,655,342 62,953,702 Average total deposits 124,770,260 111,377,560 98,984,053 85,709,547 Average total stockholders equity 17,363,219 16,495,048 9,233,608 8,438,304 Performance Ratios:(3) Return on average assets 0.34% 0.66% 0.65% 0.48% Return on average equity 2.82% 5.10% 7.72% 5.41% Net interest margin 3.68% 3.70% 3.47% 3.28% Overhead efficiency 82.16% 74.46% 71.05% 66.15% Asset Quality Ratios:(4) Allowance for loan loss to total loans 1.13% 1.13% 1.23% 1.31% Nonperforming loans to total loans 0.50% 0.02% 0.36% 1.01% Net loan (charge-offs) to average loans (.11%) (.08%) (.11%) (.44%) Capital Ratios: Tier 1 risk-based capital 14.86% 17.28% 18.76% 12.18% Total risk-based capital 15.96% 18.38% 19.99% 13.43% Tier 1 leverage capital 11.55% 12.86% 13.55% 8.37% (1) Period end data; investment securities are at fair market value. (2) Average for the period. (3) Net interest margin is net interest income expressed as a percentage of average earning assets; overhead efficiency ratio is expressed as non-interest expense divided by net interest income before provisions, plus non-interest income. (4) Nonperforming assets consist of nonaccrual loans, restructured loans and foreclosed properties; net loan charge-offs to average loans is annualized.
SOURCE Citizens Community Bank