Citizens Bancshares Corp. (CZBS)

[norweger1979]

CZBS $7.15

call report for 12/31/2015 vs. 12/31/2014 shows slight improvements YoY. 2015 Net Income of $2,024,000 vs $1,959,000 for 2014.

The call report showed a strong 4th qtr for 2015 with $580,000 in net income. Bank equity increased by about $570,000 YoY.

CZBS reported net income available to shareholders after preferred dividends of $1,572,000 (EPS $0.71) for the year 2014.

For the first three months of 2015 reported EPS is $0.46 and hopefully the above mentioned strong 4th qtr translates into comparable EPS figures for 2015 vs. 2014.

$100,000 provision for loan and lease losses was booked for 2015 so management feels good about the loan portfolio quality, IMO. In addition non-interest cost continue to decline by about $200,000 YoY.

CZBS should post another solid profitable year 2015 after 2014 (EPS $0.71) and 2013 (EPS $0.51). Book value 12/31/2014 was $17.49 and with the above mentioned bank equity increase my guess is a $0.20 increase.

TARP is still out there and maybe there is something in the works and caused the recent selling pressure? Eventhough TARP is not due until 2018 and only cost them 2% interest... so cheap!

Either way, profitable community bank selling around 40% of book value, paying a small dividend... I don't mind buying & holding :)

good luck!

Book Value:
2015 $17.69 (estimate)
2014 $17.49
2013 $16.06
2012 $17.60

EPS:
2015 $0.66 (estimate)
2014 $0.71
2013 $0.51
2012 $0.25