Record profits for Citizens Bank |

Record profits for Citizens Bank

Citizens Bank of Nevada County rode the local real estate and construction booms to record profits in the second quarter and first half ended June 30, the bank reported this week.

Citizens Bankcorp, the bank holding company, reported net earnings of $481,000, or 32 cents per diluted share, for the second quarter – a 200 percent increase over the $160,000, or 10 cents per diluted share, earned in the year-earlier period.

Earnings for the first half totaled $831,000, or 55 cents per diluted share, a 105.7 percent increase over the $404,000, or 21 cents per diluted share, earned a year earlier.

“We’ve focused on fulfilling the robust construction and real estate lending demand in our community,” said Judy Hess, president and CEO.

The bank said total loans stood at $132 million at the end of June, almost 51 percent higher than the year-earlier total. Deposits were $140.9 million, up 25.1 percent from a year-earlier.

Citizens said it issued $3 million in deferrable interest debentures to increase its working capital. Assets were $159.8 million on June 30, up almost 30 percent from a year-earlier.

The bank has a branch in Nevada City, two in Grass Valley, and one in Penn Valley. It plans to open a fifth branch near Lake of the Pines in the fall.

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