Citizens Bank tabs record earnings |

Citizens Bank tabs record earnings

Citizens Bank of Nevada County rode the county’s booming construction industry and real estate market to record third quarter profits.

Citizens Bancorp, the bank’s holding company, has announced it earned $512,000 in the quarter ending Sept. 30. That’s a 112 percent increase over the $241,000 earned in the year-earlier period. That worked out to 34 cents a share, 33 cents fully diluted.

Earnings for the nine months ending Sept. 30 were $1,343,000, a 108 percent increase over the $645,000 earned a year earlier. Earnings were 90 cents a share, 88 cents fully diluted.

“The bank’s earnings continue to come largely from strong construction and commercial real estate demands, our core lines of business,” said Judy Hess, president and chief executive officer of the bank.

Loans totaled $140.1 million on Sept. 30, up 48.1 percent from a year ago, and total assets grew to $169.5 million, up 29.3 percent from a year earlier. Deposits totaled $149 million.

Citizens Bank has two branches in Grass Valley, and one each in Nevada City, Penn Valley and Lake of the Pines. The bank’s stock is traded on the Pink Sheets (CZNB).

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