Citizens Bancshares Corp. (CZBS)

[AskMuncher]

$CZBS Citizens Trust Bank Partners with Good Places and KNGDM Group to Host an Open House Homeownership Pre-Qualification Event
Press Release | 01/28/2022
Citizens Trust Bank Partners with Good Places and KNGDM Group to Host an Open House Homeownership Pre-Qualification Event
PR Newswire

ATLANTA, Jan. 28, 2022

ATLANTA, Jan. 28, 2022 /PRNewswire/ -- Citizens Trust Bank in partnership with Good Places Properties will host an open house on Saturday, February 5, from 10:00 a.m. to 1:00p.m., and Sunday, February 6, from 1:00 p.m. to 3:00 p.m. Citizens Trust Bank Mortgage Team and the Good Places representatives will be on hand to answer questions about the new Ion Arts mixed-use community in College Park, Georgia.



At the Open House, prospective buyers can learn about securing up to $10,000 in down payment assistance available to qualified first-time home buyers. In partnership with Good Places and KNGDM Group, the event aims to connect potential homebuyers with Citizens Trust Bank's certified mortgage professionals who can provide information on homeownership counseling and down payment assistance programs.

Promoting Ion, College Park, Georgia's newest mixed-use community, Citizens Trust Bank Mortgage professionals will be on hand to prequalify interested homebuyer prospects looking to secure potential residence in the community.

"Celebrating the Bank's legacy of building wealth through homeownership, this event is a living example of our ongoing commitment to having a shared value in the community by promoting the importance of healthy community ecosystems," says Yulanda Munford, Citizens Trust Bank Mortgage Operations Manager. "We are excited to partner with Good Places and the KNGDM Group to bring access to more resources and services to more of the communities' potential homebuyers," added Munford.

The open house will take place at Ion Arts, the 16-unit Condominium site at 1805 Harvard Avenue, College Park, Georgia, 30337. Parking will be available onsite for public use directly across from Ion Arts. Contact Us at https://ctbconnect.com/contact-us-/ for further information.

Looking to get prequalified at the Open House event? Be prepared to bring:

Valid Identification
30-days of employer pay stubs
Self-employed: Two [2] most recent years of tax returns
Last two [2] years Form W2
Two [2] months of bank statements
About Citizens Trust Bank

Celebrating 100 years in the community, Citizens Trust Bank remains committed to providing personalized service and financial solutions to meet the community's growing needs. Through a legacy built on economic equality and well-being, we go beyond meeting the needs of offering banking solutions; our mission is to empower our customers and future generations for financial success. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the public under the trading symbol CZBS and can be found at www.ctbconnect.com.

About Good Places

Drawing from over 25 years of combined local and international experience, Good Places focuses on neighborhood revitalization through its unique community-centered approach to development. Founded in 2017, Good Places is the first US affiliate of the Ethical Property Company, an international social real estate development business operating in five different countries worldwide. In collaboration with strong value-aligned community and capital partners, Good Places aims to develop equitable and sustainable communities through place-based real estate projects.

About KNGDM Group

KNGDM Group is a leader in aligning capital with values. KNGDM Group is a majority Black-Owned developer primarily focused on developing mixed-use, high-impact projects in the Southeast. They build real estate and invest in people to not just revitalize a community but to break cycles of poverty and drive wealth creation both locally and for their investors.

Citizens Trust Bank celebrates 100 years in the community. (PRNewsfoto/Citizens Trust Bank)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/citizens-trust-bank-partners-with-good-places-and-kngdm-group-to-host-an-open-house-homeownership-pre-qualification-event-301470454.html

[norweger1979]

Sold out in $14s today. Still looking for news causing spike other than CZBS now avail on stock charts . Com

[Lazarus]

I'm in.

[KOGT]

Great post. I agree, just sick of a few pumpers over there. This ticker looks great

[norweger1979]

Citizens Bancshares Corporation declares $0.20 dividend

Aug. 9, 2019 12:58 PM ET|About: Citizens Banc... (CZBS)

Citizens Bancshares Corporation (OTCPK:CZBS) declares $0.20/share special dividend.

Payable Aug. 22;

for shareholders of record Aug. 9; ex-div Aug. 8.


https://seekingalpha.com/news/3490302-citizens-bancshares-corporation-declares-0_20-dividend

[norweger1979]

6/30/2019 call report

net income 2,274,000

vs.

6/30/2018 call report

net income 2,093,000

[norweger1979]

12/31/2017 call report

net income $2,253,000

vs.

12/31/2016 call report

net income $2,406,000


This includes one time income tax adjustment for net deferred tax assets re-evaluation due to the new corporate tax rate of 21% vs. the old 35%.

Net INCOME BEFORE TAXES (compare apples to apples) $4,340,000 in 2017 vs. $3,305,000 in 2016.

[SaltyMutt]

I think the CZBS pps hits 20 bucks in 2018.

[norweger1979]

9/30/2017 call report

net income 2,194,000

vs.

9/30/2016 call report

net income 1,873,000

[norweger1979]

Citizens Trust Bank Acquires Customers of First Citizens Bank Southwest Atlanta Location

ATLANTA – August 7, 2017 – Citizens Trust Bank has announced the completion of the definitive agreement with First Citizens Bank, of North Carolina for the purchase of certain assets and the consumer and business deposit relationships of the First Citizens Bank location at 562 Lee Street, Atlanta. The acquisition did not include the purchase of the physical branch facility. On Friday, August 4, 2017, the Lee Street location, in southwest Atlanta, closed. Most deposit accounts maintained at that branch will be serviced at any of the Citizens Trust Bank financial center locations, including the nearest location at 965 Martin Luther King, Jr. Drive, as well as online.

Effective today, Citizens Trust Bank welcomes approximately 5,000 new customers. The accountholders have received communication outlining the details of the transition. This market expanding acquisition provides continued sustainability in the southwest Atlanta community.

“We are pleased to welcome our new customers to the Citizens Trust Bank family,” said Cynthia N. Day, President and Chief Executive Officer of Citizens Trust Bank and Citizens Bancshares Corporation. “This acquisition reinforces our commitment to the Southwest Atlanta community and strengthens our market platform. It gives us an opportunity to deepen relationships and provide financial solutions that will add value to the well-being of our new customers,” Day continued. “This strategic acquisition exemplifies how we continue to define the Bank’s future. We have a strong track record of execution and I am confident that my team will work diligently to ensure that our customers have a pleasant experience.”
Ray Robinson, Jr., Citizens Bancshares Corporation’s Chairman of the Board, echoed Ms. Day’s sentiments, saying “This well-executed branch acquisition affords meaningful growth. It’s complementary to our strategic initiatives, and a solid cultural fit. The ability to anticipate and adapt to opportunities is the sign of a good management team. Their foresight will reward both our community and its stakeholders.”



For more information contact Diedra. L. St.Julien at 404.575.8371 or by email [e-mail]



About Citizens Trust Bank
Citizens Trust Bank has been building relationships since 1921 – we remain committed to providing personalized service and financial solutions to meet the growing needs of our community. Through a legacy built on principle, we go beyond meeting the needs of offering banking solutions; our mission is to empower our customers and future generations for financial success. In turn, their success is our success. We take pride in partnering with our customers throughout metropolitan-Atlanta and Columbus, Georgia and Birmingham and Eutaw, Alabama. Through the Banks parent company, Citizens Bancshares Corporation, its common stock is offered over-the-counter to the general public under the trading symbol CZBS and can be found at www.ctbconnect.com.

https://ctbconnect.com/press-releases/

[norweger1979]

6/30/2017 call report

profit $1,344,000


vs.


6/30/2016 call report

profit $1,243,000


FYI, 2016 report included $100k gain from reversal of Provisions for LLL

[norweger1979]

CZBS $10.00

3 consecutive strong trading days of buying Volume with share lots of 2k block buyer.

Monday, July 17, 2017
Volume 6,576 shares

Tuesday, July 18, 2017
Volume 8,231 shares

Wednesday, July 19, 2017
Volume 4,652 shares

higher volume vs. the 100day avg. of 1,615 shares

[norweger1979]

3/31/2017 call report

net income $626,000

vs.

3/31/2016 call report

net income $435,000

[norweger1979]

12/31/2016 call report

net income 2,406,000

vs.

12/31/2015 call report

net income 2,024,000

[norweger1979]

Amended Statement of Ownership (sc 13g/a) filing 1/24/2017

Name of Person Filing:

This statement is being filed by Context BH Capital Management, LP (“Context BH Capital Management”) with respect to 144,660 shares of Common Stock directly owned by Context BH Partners LP (the “Fund”), of which the General Partner is CCP BH III, LP, and 10,901 shares of Common Stock directly owned by private investment funds to which Context BH Capital Management acts as sub-adviser to the adviser to such private investment funds (the “Sub-Advised Funds”).

Context BH Capital Management is the investment manager of the Fund and thereby exercises investment discretion over its accounts and accordingly may be deemed to have beneficial ownership over the shares of Common Stock directly owned by the Fund. Context BH Capital Management is the sub-adviser to the Sub-Advised Funds and thereby exercises investment discretion over its accounts and accordingly may be deemed to have beneficial ownership over the shares of Common Stock directly owned by the Sub-Advised Funds.


(a) Amount beneficially owned: 155,561 shares

(b) Percent of class: 7.5%

[norweger1979]

Citizens Bancshares Corporation Repurchase TARP Series C Preferred Shares

Step 1 is done. Expecting repurchase of TARP Series B Preferred Shares this year as well. Unfortunately no further information regarding the timing or intention of the company regarding TARP Series B.

FYI full year 2015 2014 2013
Net income 1,819,159 1,808,658 1,348,773
Preferred dividends 236,820 236,820 236,820

Preferred dividends reduce net income for shareholders by 13% of net income for 2015.

Series C redeemed (about 1/3 of TARP funds)should add around $80,000 in net income per year or 3 to 4 Cents EPS (back of napkin)


TARP details

Troubled Asset Relief Program—On August 13, 2010, as part of the U.S. Department of the Treasury (the “Treasury”) Troubled Asset Relief Program (“TARP”) Community Development Capital Initiative, the Company entered into a Letter Agreement, and an Exchange Agreement–Standard Terms (“Exchange Agreement”), with the Treasury, pursuant to which the Company agreed to exchange 7,462 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Shares”), issued on March 6, 2009, pursuant to the Company’s participation in the TARP Capital Purchase Program, for 7,462 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B (“Series B Preferred Shares”), both of which have a liquidation preference of $1,000 (the “Exchange Transaction”). No new monetary consideration was exchanged in connection with the Exchange Transaction. The Exchange Transaction closed on August 13, 2010 (the “Closing Date”).

On September 17, 2010, the Company issued 4,379 shares of its Series C Preferred Shares to the Treasury as part of its TARP Community Development Capital Initiative for a total of 11,841 shares of Series B and C Preferred Shares issued to the Treasury. The issuance of the Series B and Series C Preferred Shares was a private placement exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.

The Series B and Series C Preferred Shares qualify as Tier 1 capital and will pay cumulative dividends at a rate of 2% per annum for the first eight years after the Closing Date and 9% per annum thereafter. The Company may, subject to consultation with the Federal Reserve Bank of Atlanta, redeem the Series B and Series C Preferred Shares at any time for its aggregate liquidation amount plus any accrued and unpaid dividends.

[bobkubecka]

8k today

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) December 30, 2016


Citizens Bancshares Corporation
(Exact name of registrant as specified in its charter)


Georgia 333-38509 58-1631302
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)


230 Peachtree Street NW, Atlanta, Georgia, USA 30303
(Address of principal executive offices) (Zip Code)


Registrant’s telephone number, including area code [phone]



(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

? Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 8.01 Other Events

On January 4, 2017, Citizens Bancshares Corporation (the “Registrant”) issued a press release announcing it has repurchased its TARP Community Development Capital Initiative Series C Preferred Shares from the U.S. Department of the Treasury. A copy of the press release issued by the Registrant is filed herewith as Exhibit 99.1 and is incorporated herein by reference.


Item 9.01 Financial Statements, Pro Forma Information, and Exhibits

Exhibit 99.1

Press Release of Registrant, dated January 4, 2017, announcing repurchase of TARP Community Development Capital Initiative Series C Preferred Shares.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CITIZENS BANCSHARES CORPORATION


By: /s/ Cynthia N. Day
Cynthia N. Day
President and CEO

Dated: January 4, 2017



FOR IMMEDIATE RELEASE Exhibit 99.1

January 4, 2017


Citizens Bancshares Corporation Repurchase TARP Series C Preferred Shares

ATLANTA, January 4, 2017 /PRNewswire—FirstCall/ — Citizens Bancshares Corporation (OTCPink: CZBS) (the “Company”), the parent company of Citizens Trust Bank (CTB), announced today it has repurchased, at a discount, its TARP Community Development Capital Initiative (“CDCI”) Series C Preferred Shares from the U.S. Department of the Treasury (“Treasury”). The Company issued 4,379 shares of its Series C Preferred Shares to Treasury for $4,379,000 on September 17, 2010 under its TARP CDCI Program. The Company repurchased the Series C Preferred Shares for $4,227,049, representing a $151,951 discount, and paid all accrued and unpaid dividends totaling $10,948. The funds for the repurchase came from existing financial resources of the Company. The Company’s Series B Preferred Shares issued to Treasury totaling 7,462 shares remains outstanding.

Cynthia N. Day, President and Chief Executive Officer, stated “We are pleased that our capital position provides us with the capability to repurchase our Series C Preferred Securities from Treasury at a discount which reinforces our commitment to creating sustained long-term shareholder value. Our capital ratios after the repurchase continue to exceed the requirements for well-capitalized banks.”

Since its inception, the Citizens Trust Bank has remained dedicated to the growth and development of communities by providing quality financial solutions and extraordinary service. The Bank takes pride in offering its financial solutions throughout metropolitan Atlanta and Columbus, Georgia, and Birmingham and Eutaw, Alabama. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and can be found on the web at www.CTBconnect.com.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and the Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Neither the Company nor the Bank undertakes an obligation to update any forward-looking statements.
Contact:

Citizens Bancshares Corporation
Samuel J. Cox, Chief Financial Officer
[phone]

SOURCE: Citizens Bancshares Corporation

[norweger1979]

CZB 9/30/2016 10 q results

- 3rd qtr. 2016 EPS of $0.22 vs EPS of $0.16 3rd qtr. 2015

- first 9 months 2016 EPS of $0.66 vs. EPS of $0.46 first 9 months 2015

- At September 30, 2016, the Company had total assets of $406,754,000 compared to $388,620,000 at December 31, 2015.

- At September 30, 2016, OREO decreased by $1,610,000 to $2,853,000 compared to $4,463,000 reported at the year-end of 2015.

- During the nine months period ended September 30, 2016, nonperforming assets decreased by $2,359,000, or 31.5%, to $5,120,000 when compared to December 31, 2015.The year-to-date decrease is primarily attributed to declines in other real estate owned (OREO) and nonperforming loans of $1,610,000 and $749,000, respectively.

- At September 30, 2016, nonperforming assets represented 1.26% of total assets compared to 1.92% at December 31, 2015.

- For the three-month period ended September 30, 2016, net interest income decreased by $182,000 or 5.7% to $3,013,000 compared to $3,195,000 reported for the same period last year. Total interest income decreased by $181,000, or 5.4%, to $3,186,000 compared to $3,367,000 for the same three months period in 2015. Interest income on loans decreased by $199,000 due to a 71 bps decrease in yields earned on loans while the average loan balances increased by $10,241,000 compared to the same period last year. Interest income on investment securities decreased by $46,000 primarily due to a 10 bps decrease in investment yields and lower average balances compared to third quarter of 2015. This decline was offset by an increase in interest earned on federal funds sold and interest-bearing deposits of $64,000 compared to the same period last year. Total interest expense for the period increased by $1,000 compared to the same three months period in 2015 as the Company continues to manage the funding cost and deposit mix. At September 30, 2016, the Company’s cost of funds was approximately 0.18% compared to 0.20% for the same period last year.

- The allowance for loan losses was $1,883,000, $2,124,000, and $2,248,000 at September 30, 2016, December 31, 2015, and September 30, 2015, respectively. The allowance for loan losses was 83.06%, 70.42%, and 51.81% of nonperforming loans at September 30, 2016, December 31, 2015, and September 30, 2015, respectively.

- Stockholders’ equity increased by $2,464,000 during the nine months period ended September 30, 2016 due to multiple factors. Accumulated other comprehensive income, net of income taxes, increased by $1,088,000. This increase is attributed to the volatility in interest rates and swings in credit spreads, and their impact on the fair value of the Company’s available for sale securities portfolio. Retained earnings increased by $1,303,000 primarily due to a net income of $1,655,000; offset by $178,000 of preferred dividends paid to the U.S. Treasury and $174,000 in cash dividends paid to common stockholders. Additional paid-in-capital increased by $127,000 due to the increase in nonvested restricted stock; offset by the issuance of common stock associated with restricted stock.

link 10q filing
http://seekingalpha.com/filing/3291259?uprof=16

[norweger1979]

9/30/2016 call report

net income 1,873,000

vs.

9/30/2015 call report

net income 1,444,000

[norweger1979]

6/30/2016 10q

http://seekingalpha.com/filing/3194045?source=email_rt_filing_headline&uprof=16

Net Income / common share $0.31 for the June 2016 qtr. vs. $0.13 for the June 2015 qtr.


...reduced OREO
At June 30, 2016, OREO decreased by $1,614,000 to $2,849,000 compared to $4,463,000 reported at the year-end of 2015. This decrease is primarily related to the sale of OREO properties totaling $1,871,000 and $98,000 in write-downs, partially offset by $355,000 in additions to the OREO balance during the first half of 2016.

During the first half of 2016, nonperforming assets decreased by $1,486,000, or 19.9%, to $5,993,000 when compared to December 31, 2015. The year-to-date decrease is primarily attributed to a $1,614,000 decline in other real estate owned (OREO); offset by an increase in nonperforming loans of $128,000. The Company charged-off $407,000 in nonperforming loans during the first half of 2016 which is a increase of $43,000 compared to $364,000 charged-off for the same period last year. Charged-offs, net of recoveries, for the same period decreased by $137,000. At June 30, 2016, nonperforming assets represent 1.45% of total assets compared to 1.92% at December 31, 2015. There was one (1) loan greater than 90 days past due and still accruing interest at June 30, 2016 and none at December 31, 2015.

...little recovery help
For the three months ended June 30, 2016, the Company was able to recapture previous provision for loan losses of $175,000 due to the receipt of two large recoveries during the quarter. For the three months ended June 30, 2015, the Company charged against operating earnings a provision for loan losses of $50,000.

Noninterest income totaled $1,203,000 for the three months period ended June 30, 2016, an increase of $144,000, or 13.60% compared with the same period last year. This increase is primarily due to a $186,000 legal judgment that the Company collected and a $78,000 recovery; offset by gains on the sale of investment securities of $121,000 reported for the second quarter of 2015. There were no gains on sale of investment securities for the same period in 2016. The service charges on deposits income decreased by $6,000 and other operating income increased by $271,000 compared to the same period last year.

...deposit growth
Deposits are the Company’s primary source of funding loan growth. Total deposits at June 30, 2016 increased by 6.8% or $22,383,000 to $351,245,000 compared to December 31, 2015. The bank has a stable core deposit base with a high percentage of non-interest bearing deposits. Noninterest-bearing deposits increased by $3,376,000, or approximately 3.8% to $91,919,000 and interest-bearing deposits increased by $19,007,000, or 7.9%, to $259,326,000 for the six months period ending June 30, 2016. On an average basis, noninterest-bearing deposits increased by $3,487,000 to $91,457,000 during the first half of 2016 compared to $87,970,000 for the year ended December 31, 2015. Average interest-bearing deposits decreased by $732,000 to $250,762,000 at June 30, 2016 compared to $251,494,000 for the year ended December 31, 2015. At June 30, 2016, the Company’s cost of funds was approximately 0.18% compared to 0.20% for the same period last year.

...good NIM
For the six months ended June 30, 2016, the Company maintained an annualized net interest margin on a fully tax equivalent basis of 3.29% compared to 3.36% reported at June 30, 2015

....good expense controls
Non-interest expense in the second quarter of 2016 decreased by $245,000 to $3,335,000 compared to $3,580,000 for the same quarter last year primarily due to a decrease of $118,000 in the amortization of core deposit intangible which was fully amortized in the first quarter of 2016. Salaries and employee benefits expense decreased by $4,000. Net occupancy and equipment expense decreased by $18,000 compared to the same period of last year. OREO related expenses decreased by $95,000 compared to the same period last year primarily due to a gain on sale of OREO. FDIC insurance expenses decreased by $14,000 compared to the same period in the prior year. Other operating expenses increased by $4,000 compared to the same period in the prior year.

....growing stockholders' equity
Stockholders’ equity increased by $2,487,000 during the six months period ended June 30, 2016 due to multiple factors. Accumulated other comprehensive income, net of income taxes, increased by $1,644,000. This increase is attributed to the volatility in interest rates and swings in credit spreads, and their impact on the fair value of the Company’s available for sale securities portfolio. Retained earnings increased by $815,000 primarily due to a net income of $1,107,000; offset by $118,000 of preferred dividends paid to the U.S. Treasury and $174,000 in cash dividends paid to common stockholders. Additional paid-in-capital decreased by $22,000 due to issuance of common stock associated with restricted stock.

[norweger1979]

6/30/2016 call report

net income 1,243,000

vs.

6/30/2015 call report

net income 951,000

[SaltyMutt]

It appears that the BV keeps on growing for this bank, now at 18.47 according to Yahoo Finance, and if we see a good 2nd quarter report over the next few days I think the pps just might go up a buck or two.

http://finance.yahoo.com/q/ks?s=CZBS+Key+Statistics

[norweger1979]

CZBS 2015 10k filed 3/30/2016

In 2015, the Company reported net income available to common shareholders of $1,582,000 compared to $1,572,000 in 2014, and a 42 percent increase over net income available to common shareholders of $1,112,000 reported in 2013. The year over year increase in 2015 net income available to common shareholders is attributed primarily to the successful implementation of the Company’s asset disposition plan that started in 2012 which has reduced the amount of nonperforming assets on the Company’s books and its negative impact on earnings. The provision for loan losses was $100,000 compared to $75,000 in 2014 and declined by 77 percent or $325,000 compared to 2013 due to continued improvement in credit quality. Also, other real estate owned related expenses decreased 57 percent or $507,000 during 2015 compared to 2014.



The Company is a participant in the U.S. Department of the Treasury TARP CPP program and paid preferred dividends of $237,000 in 2015, 2014, and 2013. Basic and diluted earnings per common share were $0.72 and $0.71 for the year ended December 31, 2015, respectively. Basic and diluted earnings per common share were $0.73 and $0.72 for 2014, respectively. For fiscal year 2013, basic and diluted earnings per common share were $0.52 and $0.51, respectively.


The Company has maintained its strong capital position during the financial crisis that has affected the banking system and financial markets. The ratio of average stockholders’ equity to average assets is one measure used to determine capital strength. The Company’s average stockholders’ equity to average assets ratio for 2015, 2014, and 2013 was 12.67%, 11.89% and 12.00%, respectively. The Company’s net income available to common shareholders to average stockholders’ equity (return on equity), was 3.17%, 3.27% and 2.33% in 2015, 2014 and 2013, respectively.

Financial Condition



At December 31, 2015, the Company had total assets of $388,620,000 which represents a decrease of $7,019,000 from last year. Total assets primarily consisted of $123,258,000 in investment securities and $184,836,000 in net loans representing 32 percent and 48 percent, respectively, of total assets at December 31, 2015. For the same period last year, investment securities and net loans represented 32 percent and 48 percent, respectively, of total assets.



Interest-bearing deposits with banks decreased by $15,833,000 to $29,819,000 at December 31, 2015 compared to last year. The decrease in interest-bearing deposits is primarily due to a $16,500,000 increase in federal funds sold. Interest-bearing deposits with banks primarily represent funds maintained on deposit at the Federal Reserve Bank (FRB) and the Federal Home Loan Bank (FHLB). These funds fluctuate daily and are used to manage the Company’s liquidity position. Investment securities available for sale decreased $3,353,000 to $123,258,000 during the year. The Company monitors its short-term liquidity position daily and closely manages its overnight cash positions in light of the current economic environment.

Loans typically provide higher interest yields than other types of interest-earning assets and, therefore, continue to be the largest component of the Company’s assets. Average loans, net for the years ended December 31, 2015 and 2014 were $187,636,000 and $181,856,000, respectively. Loans, net outstanding at December 31, 2015 and 2014 were $184,837,000 and $188,739,000, respectively. The decrease was primarily driven by a decrease of commercial real estate loans of $12,344,000, single-family residential of $844,000 and construction & development of $705,000; offset by an increase in commercial, financial and agriculture of $9,440,000, and consumer loans of $376,000 during the year, coupled with a decline in the allowance for loan losses of $175,000. As with our industry, we are experiencing the impact of a challenging lending environment and competitive pricing pressures. However, we continue to cultivate new lending opportunities and invest in the resources needed to augment our lending operations to pursue quality and profitable loan growth.



Cash value of life insurance, a comprehensive compensation program for directors and certain senior managers of the Company, increased by $8,000 to $10,090,000 at December 31, 2015. The increase is attributed to the earnings on the premiums paid over the life of the insurance contract.



At December 31, 2015, other real estate owned decreased by $205,000 to $4,463,000 compared to the year-end of 2014. The decrease is due to sales of $964,000 and write-downs of $217,000 which exceeded the $976,000 in additions of foreclosed properties during 2015.



The Company’s liabilities at December 31, 2015 totaled $338,244,000 and consisted primarily of $328,862,000 in deposits. Average deposits for the years ended December 31, 2015 and 2014 were $339,464,000 and $351,489,000, respectively. Total deposits outstanding at December 31, 2015 and 2014 were $328,862,000 and $340,889,000, respectively. FHLB advances at December 31, 2015 totaled $5,235,000 compared to $254,000 at December 31, 2014.



At December 31, 2015, stockholders’ equity was $50,376,000, representing an increase of $810,000 over year-end 2014 primarily due to a net income of $1,819,000 earned in 2015 offset by $741,000 in accumulated other comprehensive income (loss) as a result of the increases in interest rates and their impact on the market value of the Company’s investments and other stockholders’ component of $409,000 primarily due to the payment of preferred and common stock dividends. As a result, book value per common share increased to $17.87 at December 31, 2015 compared to $17.49 at December 31, 2014.



The Company’s asset/liability management program, which monitors the Company’s interest rate sensitivity as well as volume and mix changes in earning assets and interest bearing liabilities, may impact the growth of the Company’s balance sheet as it seeks to maximize net interest income.

[norweger1979]

Press Release | Thu Apr 16, 2009 1:57pm EDT
Context Capital Partners Extends Family of Bank-Focused Private Equity Funds


Following the Success of the Initial Context BH Equity Fund, Context BH Equity Fund II, LP Will Continue Investments in Strong Community Banks

BALA CYNWYD, Pa.--(Business Wire)--

Context Capital Partners today announced that it has raised and is now deploying
additional capital for its Context BH Equity Fund family. The Context BH Equity
Fund invests in de novo and community banks throughout the United States and now
has a total of $44 million under management.

The Context BH Equity Fund focuses on investments in well-capitalized community
banks operating in underserved markets with proven management teams, few problem
loans, and high growth potential. These banks typically provide financially
attractive initial investment opportunities, but have become even more appealing
in the current banking environment. The ongoing banking sector crisis has
negatively impacted all bank stocks, even those of comparatively healthy young
banks.

"It`s no secret that the banking industry has been severely impacted by the
current economic downturn; yet there remains a substantial valuation gap between
relatively new community banks and their larger financial brethren," said Bob
Hendershott, Context BH Equity Fund manager. "Many of these community banks
remain strong and focused, and are carrying on with business as usual - making
loans, taking deposits, and helping individuals and businesses in their
communities. Moreover, their relationships with solid medium-sized businesses in
their communities are deepening as larger banks are distracted with other
issues."

"Market turmoil has created a number of scenarios that work in our favor.
Capital is at a premium and priced accordingly, and most bank stocks have been
knocked down to historically low levels. As a result, we`re seeing bank
valuations at substantial discounts to their relative book value," noted Context
Capital Partners Managing Director Ron Biscardi. "In fact, in our investments
over the past four months, we`ve realized an aggregate discount of more than 40
percent relative to tangible book value."

The Funds` managers, Yaron Brook, Ph.D., and Robert Hendershott, Ph.D., apply
their extensive experience with bank trading strategies to identify investment
candidates. Their proprietary evaluation criteria, deep commercial banking
expertise, and industry insights enable the early identification of ideal
community banks.

The Context BH Equity system tracks nearly 700 qualified community banks on an
ongoing basis. Over the past 18 months, the team has evaluated over 300 deals
and conducted significant due diligence on over 100 banks. With 27 banks
currently in its portfolio, the Context BH Equity Fund is recognized as one of
the few liquidity providers in the market.

The Context BH Equity Fund anticipates investing in up to an additional dozen
banks during 2009. Consistent with Context Capital Partners` unique Sponsored
Private Equity Funds strategy, the Fund is highly-focused and structured around
a distinct investment idea with strong potential for exceptional returns.

About Context Capital Partners

Context Capital Partners is engaged in the business of identifying and creating
unique, replicable investment ideas. Context establishes Sponsored Private
Equity Funds to support these ideas, their management teams, and ultimately,
deliver superior returns to its investors. The Context BH Equity Fund II is one
of seven Context sponsored investment vehicles, including the Titan Loan
Investment Fund, L.P., a $100 million private equity fund dedicated to the
acquisition of commercial real estate loan assets throughout the United States.
For more information on Context, visit www.contextcp.com.





Garfield Group Public Relations
Cindy Spiecker, 215-867-8600 x255
[e-mail]

Copyright Business Wire 2009

http://www.reuters.com/article/idUS180400+16-Apr-2009+BW20090416

[norweger1979]

New 13g filing for a substantial new shareholder (6.1%), filed 3/3/2016


Name of Person Filing:

This statement is being filed by Context BH Capital Management, LP (“Context BH Capital Management”) with respect to 116,768 shares of Common Stock directly owned by Context BH Partners LP (the “Fund”), of which the General Partner is CCP BH III, LP, and 9,571 shares of Common Stock directly owned by private investment funds to which Context BH Capital Management acts as sub-adviser to the adviser to such private investment funds (the “Sub-Advised Funds”).

Context BH Capital Management is the investment manager of the Fund and thereby exercises investment discretion over its accounts and accordingly may be deemed to have beneficial ownership over the shares of Common Stock directly owned by the Fund. Context BH Capital Management is the sub-adviser to the Sub-Advised Funds and thereby exercises investment discretion over its accounts and accordingly may be deemed to have beneficial ownership over the shares of Common Stock directly owned by the Sub-Advised Funds.



The principal business office address of Context BH Capital Management is:

401 City Avenue, Suite 815
Bala Cynwyd, Pennsylvania 19004


The new share postion of 126,338 shares (6.1%) represents VERY close the TOTAL trading volume from 2/23/2016 to 3/2/2016.

[norweger1979]

CZBS $6.72

Record volume of 107,650 shares traded hands today! Mostly in 5k blocks probably pre-arranged, IMO

Today was the day for buyers or sellers to square their positions, there was enough liquidity to either buy or sell substantial share blocks.

I added to my position ;)

[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

[SaltyMutt]

I was hoping that CZBS would have a pps of at least 12 bucks by now. Oh well, this is the time of year for Christmas magic. Maybe old Santa will sprinkle some elf dust on the 4th quarter report and some miraculous things will happen.

[norweger1979]

Citizens Bancshares Corporation Announces Third Quarter 2015 Results

PR Newswire

ATLANTA, Nov. 16, 2015

ATLANTA, Nov. 16, 2015 /PRNewswire/ -- Citizens Bancshares Corporation (OTC: CZBS) (the "Company"), the parent company of Citizens Trust Bank ("CTB"), today announced third quarter 2015 net income before preferred dividends of $420,000 compared to a net income before preferred dividends of $376,000 for the same period last year. Net income available to common shareholders for the third quarter of 2015 was $361,000, or $0.16 per diluted common share, compared to $317,000, or $0.14 per diluted common share, reported for the third quarter of 2014.

Year-to-date, the Company reported a net income before preferred dividends of $1,196,000 compared to $1,265,000 for the same period in 2014. Net income available to common shareholders for the nine month period was $1,018,000, or $0.46 per diluted common share compared to $1,087,000, or $0.50 per diluted common share, reported for the same period in 2014.

Ms. Cynthia N. Day, President and Chief Executive Officer said, "We continue to execute our strategic initiatives. Our investment in human capital is paying off. Though we had a decline in net loans over previous year end due to large expected liquidations, average net loans increased 4% over the same period last year and our net interest margin showed positive improvement on a fully tax equivalent basis and increased to 3.68% from 3.33% reported last quarter and from 3.57% reported for the same period last year. Further, our balance sheet is well positioned to experience an improved net interest margin with the anticipated increase in interest rates.

Our fundamentals are strong and, despite the prolonged low interest rate environment, we are confident in our ability to deliver value to our clients and shareholders. We will remain focused on enhancing our customers' experience as they partner with us. We will remain disciplined in our expense management while continuing to pursue partnerships that will allow us to diversify our revenue streams and generate other sources of non-interest income. We feel optimistic about the future."

Other financial highlights:

-- Net average loans increased by $1.4 million year-over-year, $7.2 million year-to-date, and decreased by $8.5 million compared to the previous quarter. During the quarter, we experienced significant yet expected pay downs of $8.7 million in multifamily and hotel loans.


-- Credit quality of the loan portfolio improved during the quarter as nonperforming loans decreased by $1.4 million to $4.3 million compared to the previous quarter, representing 2.32% of loans.


-- For the third quarter of 2015, a provision for loan losses of $75,000 was charged against operating earnings due to growth in the loan portfolio. For the same period in 2014, a provision for loans was deemed not necessary.


-- The bank continues to have a stable core deposit base with a high percentage of non-interest bearing deposits. On a quarterly average basis, noninterest-bearing deposits decreased by $5.2 million to $85.3 million in the third quarter of 2015 from the prior quarter due to customary fluctuations, and increased by $5.2 million on a year-to-date average basis in 2015.


-- Total average deposits decreased during the third quarter of 2015 by $10.8 million to $336 million compared to the previous quarter. On a year-over-year basis, total average deposits decreased by $18.8 million primarily attributable to matured certificates of deposits that were not renewed due to rates.



-- At September 30, 2015, the Company's cost of funds was 0.20% compared to 0.23% for the same period last year.


-- During the third quarter of 2015, the net interest margin on a fully tax equivalent basis increased to 3.68% compared to 3.57% for the same period last year.


-- Total non-interest income increased by $79,000 and $312,000 compared to the same three and nine months period last year, respectively, primarily due to gains realized on the sale of securities.


-- Non-interest expenses are closely managed and declined by $96,000 and $225,000 compared to the same three and nine months period last year, respectively.


-- Capital levels remain well above regulatory capitalization standards. At September 30, 2015, both the Company and the Bank's capital position exceed the well capitalized minimum levels required by regulation.



3rd 3rd

(In thousands, expect per share data) Quarter Quarter

2015 2014 Change

Income Statement

Net income available to common

shareholders $ 361 $ 317 13.9%

Net income per diluted common share 0.16 0.14 14.3%

Total revenues 4,436 4,323 2.6%

Provision for loan losses 75 - 100.0%

Noninterest income 1,069 990 8.0%

Noninterest expense 3,662 3,758 (2.6%)



Balance Sheet

Average loans, net 184,774 183,334 0.8%

Average deposits 336,268 355,086 (5.3%)



Companys' Capital

Total capital (to risk weighted assets) 26% 20%

Tier 1 capital (to risk weighted assets) 25% 19%

Tier 1 Common equity (to risk weighted

assets) N/A N/A

Tier 1 capital (to average assets) 12% 11%



Citizens Trust Bank prides itself on offering a full range of quality products and services throughout metropolitan Atlanta and Columbus, Georgia, and in Birmingham and Eutaw, Alabama. Since its inception, the Bank has remained dedicated to the growth and development of communities through superior products and extraordinary service. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and can be found on the web at www.CTBconnect.com.

Certain statements in this press release 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, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/citizens-bancshares-corporation-announces-third-quarter-2015-results-300179616.html

[SaltyMutt]

With another good quarter packed away and a BV that is now around 17.52 according to Yahoo, it seems to me that this is one of the better values one will find among regional banks. I look for the CZBS pps to do quite well over the next year.

[norweger1979]

Citizens Bancshares Corporation Announces First Quarter 2015 Results


ATLANTA, May 15, 2015

ATLANTA, May 15, 2015 /PRNewswire/ -- Citizens Bancshares Corporation (OTC: CZBS) (the "Company"), the parent company of Citizens Trust Bank ("CTB"), today announced first quarter 2015 net income before preferred dividends of $428,000 compared to net income before preferred dividends of $416,000 for the same period last year. Net income available to common shareholders for the first quarter of 2015 was $369,000, or $0.17 per diluted common share, representing a 6% increase compared to the first quarter of 2014. Net income available to common shareholders for the first quarter of 2014 was $357,000, or $0.16 per diluted common share.

Ms. Cynthia N. Day, President and Chief Executive Officer said, "I am pleased with the efforts from our team in driving our first quarter financial results. Our loan performance continued to improve as net loans outstanding increased by $3 million and average loans grew by $7 million during the first quarter, reflecting the additional resources we added to our lending area. Growth in our core non-interest deposit base continues to provide low cost deposits for us to deploy as the economy and lending opportunities improve. Non-interest expense was also a positive factor in the first quarter declining by 2% compared to the first quarter of 2014.

Though these efforts were negatively impacted by continued compression of our net interest margin and tepid loan demand in a highly competitive market, we are diligently pursuing opportunities that will improve our margin and drive growth in net interest revenues.

Also, in the second quarter of this year, we are proud to announce our rollout of mobile banking, which includes convenient options such as mobile check depositing, message alerts and online account approvals. Our clients are a priority to us. Thus our commitment to keep enhancing our product options to make their lives easier."

Other financial highlights:

-- Average earning assets increased by $6.6 million year over year and declined by $1.7 million compared to the previous quarter.


-- Average loans increased by $9.9 million year over year and by $7.3 million during the first three months of the year.


-- Nonperforming loans increased by $2.3 million during the quarter to $6.5 million, and represents 3.35% of loans.


-- For the first quarter of 2015, a provision for loan losses of $75,000 was charged against operating earnings. Compared to the same period in 2014, based on the Company's evaluation, a provision for loans was deemed not necessary.


-- The bank continues to have a stable core deposit base with a high percentage of non-interest bearing deposits. Average noninterest-bearing deposits increased by $5.8 million to $89 million for the first three months of the year and by $9.3 million year over year.



-- Total average deposits decreased slightly during the first quarter of 2015 by $7.3 million to $344 million. On a year over year basis, total average deposits decreased by $3.2 million. At March 31, 2015, the Company's cost of funds was 0.20% compared to 0.24% for the same period last year.


-- During the first quarter of 2015, the net interest margin on a fully tax equivalent basis declined to 3.40% compared to 3.69% for the same period last year primarily due to a lower average balance and rate and volume mix of the investment portfolio.


-- Total non-interest income increased by $185,000 compared to the same quarter last year due to gains realized on the sale of securities.


-- Non-interest expenses are closely managed. In the first quarter of 2015, total non-interest expenses declined by $369,000 compared to the previous quarter and by $86,000 year over year.



-- Capital levels remain well above regulatory capitalization standards. At March 31, 2015, both the Company and the Bank's capital position exceed the well capitalized minimum levels required by regulation.



1st 1st

(In thousands, expect per share

data) Quarter Quarter

2015 2014 Change

-------- -------------- ------

Income Statement

Net income available to common

shareholders $ 369 $ 357 3.4%

Net income per diluted common share 0.17 0.16 6.3%

Total revenues 4,338 4,355 (0.4%)

Provision for loan losses 75 - 100.0%

Noninterest income 1,164 979 18.9%

Noninterest expense 3,558 3,644 (2.4%)



Balance Sheet

Average loans, net 189,205 179,338 5.5%

Average deposits 344,217 347,410 (0.9%)



Capital

Total capital (to risk weighted

assets) 25% 20%

Tier 1 capital (to risk weighted

assets) 24% 18%

Tier 1 Common equity (to risk

weighted assets) 19% N/A

Tier 1 capital (to average assets) 12% 11%


Citizens Trust Bank prides itself on offering a full range of quality products and services throughout metropolitan Atlanta and Columbus, Georgia, and in Birmingham and Eutaw, Alabama. Since its inception, the Bank has remained dedicated to the growth and development of communities through superior products and extraordinary service. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and can be found on the web at www.CTBconnect.com.

Certain statements in this press release 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, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.

To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/citizens-bancshares-corporation-announces-first-quarter-2015-results-300084319.html

[norweger1979]

CZBS $9.90

Press Release: Citizens Bancshares Corporation Announces 2015 Dividend Payment
15 hours 50 minutes ago - DJNF

Citizens Bancshares Corporation Announces 2015 Dividend Payment
PR Newswire

ATLANTA, April 14, 2015

ATLANTA, April 14, 2015 /PRNewswire/ -- Citizens Bancshares Corporation (OTCQB: CZBS) (the "Company"), the parent company of Citizens Trust Bank (CTB), announced today its annual dividend on common stock of $0.08 per share, payable on April 30, 2015 to shareholders of record as of the close of business on April 15, 2015.

Cynthia N. Day, President and Chief Executive Officer, stated, "Through the focused and diligent efforts of our team, 2014 was another successful year in our continuing journey of delivering value to our shareholders. We are pleased to report that the Company's operations, competitive posture, and foundation for growth are all stronger today than a year ago. We saw meaningful growth in key components of our balance sheet and continued growth in earnings through improvement in asset quality and prudent expense management. As a result, we are pleased to be able to continue to provide our shareholders a return on their investment through this dividend declaration. We thank them for their continued support of Citizens Bancshares Corporation and appreciate the trust they have placed in us."

Since its inception, the Citizens Trust Bank has remained dedicated to the growth and development of communities by providing quality financial solutions and extraordinary service. The Bank takes pride in offering its financial solutions throughout metropolitan Atlanta and Columbus, Georgia, and Birmingham and Eutaw, Alabama. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and can be found on the web at www.CTBconnect.com.

Certain statements in this news release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, greater than expected noninterest expenses, volatile credit and financial markets, potential deterioration in real estate values, regulatory changes and excessive loan losses, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/citizens-bancshares-corporation-announces-2015-dividend-payment-300065927.html

SOURCE Citizens Bancshares Corporation

/Web site: http://www.CTBconnect.com



(END) Dow Jones Newswires

April 14, 2015 17:33 ET (21:33 GMT)

[norweger1979]

CZBS $8.95

$18.4 Million market cap

book value
2014 $17.49
2013 $16.06
2012 $17.60

EPS (diluted)
2014 $0.71
2013 $0.51
2012 $0.25

$0.08/year Dividend


TARP details

Troubled Asset Relief Program—On August 13, 2010, as part of the U.S. Department of the Treasury (the “Treasury”) Troubled Asset Relief Program (“TARP”) Community Development Capital Initiative, the Company entered into a Letter Agreement, and an Exchange Agreement–Standard Terms (“Exchange Agreement”), with the Treasury, pursuant to which the Company agreed to exchange 7,462 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Shares”), issued on March 6, 2009, pursuant to the Company’s participation in the TARP Capital Purchase Program, for 7,462 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B (“Series B Preferred Shares”), both of which have a liquidation preference of $1,000 (the “Exchange Transaction”). No new monetary consideration was exchanged in connection with the Exchange Transaction. The Exchange Transaction closed on August 13, 2010 (the “Closing Date”).

On September 17, 2010, the Company issued 4,379 shares of its Series C Preferred Shares to the Treasury as part of its TARP Community Development Capital Initiative for a total of 11,841 shares of Series B and C Preferred Shares issued to the Treasury. The issuance of the Series B and Series C Preferred Shares was a private placement exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.

The Series B and Series C Preferred Shares qualify as Tier 1 capital and will pay cumulative dividends at a rate of 2% per annum for the first eight years after the Closing Date and 9% per annum thereafter. The Company may, subject to consultation with the Federal Reserve Bank of Atlanta, redeem the Series B and Series C Preferred Shares at any time for its aggregate liquidation amount plus any accrued and unpaid dividends.

[norweger1979]

CZBS $8.95

2014 annual 10k report highlights...

In 2014, the Company reported net income available to common shareholders of $1,572,000, a 41 percent increase over net income available to common shareholders of $1,112,000 reported in 2013, which represented a 109 percent increase over 2012 net income available to common shareholders. The year over year increase in 2014 net income available to common shareholders is attributed primarily to the successful implementation of the Company’s asset disposition plan started in 2012 which reduced the amount of nonperforming assets on the Company’s books and its negative impact on earnings. The provision for loan losses declined by 82 percent or $350,000 in 2014 due to continued improvement in credit quality. Also, other real estate owned related expenses decreased 20 percent or $227,000. (page 35)


At December 31, 2014, stockholders’ equity was $49,567,000, representing an increase of $3,259,000 over year-end 2013 primarily due to an increase of $1,752,000 in accumulated other comprehensive income (loss) as a result of the decreases in interest rates and their impact on the market value of the Company’s investments and the net income of $1,809,000 earned in 2014. As a result, book value per common share increased to $17.49 at December 31, 2014 compared to $16.06 at December 31, 2013. (page 39)


The U.S. economy continues to show signs of improvement which has had a positive impact on the Company’s nonperforming assets as nonperforming balances declined in all categories for the second consecutive year. At December 31, 2014, total nonperforming assets decreased by $5,661,000, or 39 percent to $8,863,000 compared to December 31, 2013, which declined by $4,466,000 or 24 percent compared to December 31, 2012. Nonperforming loans at December 31, 2014 were $4,195,000, a decrease of $2,925,000, or 41 percent, and OREO declined by $2,736,000, or 37 percent, from December 31, 2013. (page 43)


Stockholders’ equity increased by $3,259,000 or 7 percent during 2014, primarily due to an increase of $1,752,000 in accumulated other comprehensive income (loss), net of taxes and the net income of $1,809,000 earned in 2014. This increase in accumulated other comprehensive income (loss), net of taxes is attributed to the markets’ treasury interest rates and swings in credit spreads, and their impact on the Company’s available for sale securities portfolio. Retained earnings increased by $1,400,000 due to a net income of $1,809,000 offset by a $237,000 preferred dividend paid to the Treasury and a $172,000 dividend paid to common stockholders. Net income increased by $460,000 to $1,809,000 compared to $1,349,000 in prior year. (page 51)


At December 31, 2014, the Company’s ratio of total capital to risk-weighted assets was 19 percent, our ratio of Tier 1 Capital to risk-weighted assets was 19 percent, and our leverage ratio was 11 percent. The Company met all capital adequacy requirements to which it is subject and is considered to be “well capitalized” under regulatory standards. (page 52)

http://ih.advfn.com/p.php?pid=nmona&article=66142532&symbol=CZBS

[norweger1979]

Citizens Bancshares Corporation Announces Second Quarter 2014 Results



ATLANTA, August 15, 2014/PRNewswire-FirstCall/ -- Citizens Bancshares Corporation (OTC Bulletin Board: CZBS) (the “Company”), the parent company of Citizens Trust Bank (“CTB”), today announced second quarter 2014 net income before preferred dividends of $473,000 compared to $271,000 for the same period last year. Net income available to common shareholders for the second quarter of 2014 was $414,000, or $0.19 per diluted common share compared to $212,000, or $0.10 per diluted common share, reported for the second quarter of 2013, representing a 95% increase year-over-year.



Cynthia Day, President and Chief Executive Officer, stated “We are delighted to report another quarter of sound earnings. Favorable trends, particularly in earning assets and low cost deposit growth, coupled with continued expense discipline and improvement in asset quality led to another quarter of solid core earnings growth. The Company has also had some success in minimizing the impact of net interest margin compression on its revenues, an industry wide challenge. For the first six months of the year, net interest income increased by $105,000 compared to the same period last year. As we seek further margin improvement, quality loan growth is our focus though still a challenge in some of our markets. However, we continue to deploy the needed resources to compete for new lending opportunities in a broader market within our footprint.”



Year-to-date, the Company reported a net income before preferred dividends of $889,000 compared to $543,000 for the same period in 2013. Net income available to common shareholders for the six month period was $771,000, or $0.35 per diluted common share compared to $425,000, or $0.20 per diluted common share, reported for the same period in 2013.



Other financial highlights:


•Average earning assets increased by $13.9 million compared to the previous quarter and by $8.3 million year over year.
•Average loans in the second quarter of 2014 were flat compared to the previous quarter at $182.3 million, and increased by $2.0 million compared to the same quarter last year.
•Nonperforming loans decreased by $720,000 to $5.8 million compared to the previous quarter, and represent 3.08% of loans.
•A provision for loans loss was deemed not necessary for the quarter due to the continued improvement in the loan portfolio credit quality. The allowance for loan losses was 51% of nonperforming loans compared to 44% at December 31, 2013.
•Average deposits increased by $10.4 million to $358.1 million in the second quarter of 2014 from the prior quarter, and increased by $6.7 million compared to the same quarter last year. At June 30, 2014, the Company’s cost of funds was 0.23% compared to 0.26% for the same period last year.
•During the second quarter of 2014, the net interest margin on a fully tax equivalent basis decreased slightly to 3.63% compared to 3.69% reported last quarter and for the second quarter of 2013.
•
Total revenues declined by $224,000 compared to the same quarter last year due to a decrease of $182,000 in noninterest income caused by lower gains on securities sales and service charge income.

•Noninterest expenses continue to be closely managed and for the quarter decreased by $478,000 compared to the same period last year.
•Capital levels remain well above regulatory capitalization standards. At June 30, 2014, both the Company and the Bank’s capital position exceed the well capitalized minimum levels required by regulation.

[SaltyMutt]

TY for the alert. I think the CZBS pps will be around fifteen bucks in a year or so.

[norweger1979]

10q out

$0.19 EPS for 2nd qtr. 2014 vs $0.16 EPS for the 1st qtr and about $0.10 EPS for the 2nd qtr. of last year 2013 if memory serves correctly...

nice qtr.

[SaltyMutt]

If CZBS can keep repots like that coming in I the pps will eventually rise to the level of their BV.

[norweger1979]

6/31/2014 call report

net income

$964,000

https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=8033&date=06302014

[56Chevy]

Annual Report (10-k)

Date : 03/31/2014 @ 5:05PM
Source : Edgar (US Regulatory)
Stock : Citizens Bancshares Corp. (QB) (CZBS)
Quote : $7.75 0.0 (0.00%) @ 9:30AM

[....]

Stockholders’ equity: $46,308,000

O/S is: 2,292,728

Book value is: $16.06

<page 40>

http://ih.advfn.com/p.php?pid=nmona&article=61663422

Market value today is: $7.75

CZBS is selling at 48% of book value.

Marker:
Citizens Bancshares (CZBS)
$7.75 0.0 (0.00%)
Volume: 0

[SaltyMutt]

TY 56Chevy. I think I'm going to add a bit more to my little stash.

[56Chevy]

This bank has an interesting situation going on regarding their $7.462 Million dollar TARP loan they received in 2009.

You can read about in this in the 8-K the bank put out 5 years ago back in August of 2010.

http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7422187-916-14271&type=sect&TabIndex=2&companyid=10372&ppu=%252fdefault.aspx%253fcik%253d813640

But in a nutshell CZBS is certified as a Community Development Financial Institution [CDFI] which is relatively rare in that there are only 84 banking institutions across the country that are classified as CDFI's.

CDFI banks qualified for TARP just like all the other banks we follow but they could exchange their original TARP loan for another version of the TARP program that was designed specifically for CDFI's.

So what's the big deal? Under standard TARP terms, which most banks are under, they could borrow the funds for 5 years at 5% interest rate and if they hadn't paid it back in those 5 years the interest rate would jump to a chunky 9%. But CDFI banks could borrow the funds for 8 years at 2%!

Its a big deal to any banks' bottom line when they can borrow Million of dollars for 2% interest!

The goal for any bank that still owes TARP is to get it paid off asap...and rightfully so...but when your interest rate is only 2% that changes things. The best thing to do from an earnings standpoint is use that money for as long as possible. The D & O of a CDFI may not like having the loan any longer than is absolutely necessary because it may prohibit or put restrictions on their Pay & bonuses until its paid off...lol.. I can appreciate that... but its hard to argue when you've got 2% money to work with!

The good news is CZBS doesn't have to pay back its TARP until 2018. This gives them a good long while to use that $7MM and earn more money with it than it's costing them in interest payments. Banks with standard TARP terms don't have this luxury.

In CZBS's case I view their TARP debt as an advantage... at least in the short term for a couple years more.

I like everything about this bank! Good choice Salty!

[SaltyMutt]

CZBS has around 390 million in assets.

[SaltyMutt]

CZBS has a cap level of 12.71%. I think most would call that excellent.

[SaltyMutt]

I believe CZBS will grow well beyond the six dollar level during the coming year.


etc.)


Company Background

Citizens Bancshares Corporation is a bank holding company for Citizens Trust Bank (the Bank). The Bank conducts a general commercial banking business that serves Fulton, DeKalb and Muscogee Counties, Georgia, as well as Jefferson and Greene Counties, Alabama, acts as an issuing agent for Unite States savings bonds, travelers checks and cashiers checks, and offers collection teller services. The Bank's primary service area consists of Fulton and DeKalb Counties, along with certain portions of Rockdale County; through its branch in Columbus, the Bank also serves Muscogee County, Georgia, and through its branches in Birmingham and Eutaw, it serves Jefferson and Greene Counties, Alabama. The primary focus of the Bank is the small business and commercial/service firms in the area plus individuals and households who reside in or commute to the area.

http://www.ctbconnect.com