Banking on success – Citizens marks anniversary with record performance | TheUnion.com
YOUR AD HERE »

Banking on success – Citizens marks anniversary with record performance

Citizens Bank of Nevada County celebrated its 10th anniversary Tuesday by announcing record earnings for the fourth quarter and year ended Dec. 31.

Judy Hess, president and CEO of the bank, attributed the performance to “continued strong demand for construction and commercial real estate loans – core lines of business.”

Citizens Bancorp, holding company of the bank, said it earned $1,746,000, or $1.14 per diluted share, for the year, a 74.5 percent increase over the $1,001,000, or 65 cents per diluted share, earned in 2003.



For the fourth quarter, the bank earned $404,000, or 26 cents per diluted share, a 13.6 percent increase from the $355,000, or 23 cents per diluted share, earned in the year-earlier period.

Total assets increased 22.4 percent to $174.6 million, and loans now total $149.3 million, a 38.1 percent increase from 2003.




Citizens, which was founded Feb. 8, 1995, has two branches in Grass Valley, and one each in Nevada City, Penn Valley and Lake of the Pines.


Support Local Journalism


Support Local Journalism

Readers around Grass Valley and Nevada County make The Union’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User