Citizens Bank reports record quarter |

Citizens Bank reports record quarter

Citizens Bank of Nevada County reported record earnings for the first quarter ended March 31, the fourth consecutive quarter the bank has set new records.

The bank said net income was $414,000 in the first period, an 18-percent increase from the $351,000 earned in the year-earlier period.

Citizens earned 28 cents a share, or 27 cents fully diluted, compared to 24 cents, or 23 cents fully diluted, in the first quarter of 2004.

Total assets increased 25 percent to $181.6 million, and loans increased 35 percent to $159 million. Citizens has two branches in Grass Valley, and one each in Nevada City, Penn Valley and Lake of the Pines.

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