Citizens Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Declares Cash Dividend; Announces Impairment Charges for the Fourth Quarter of 2011
February 03, 2012 at 03:58 am IST
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Citizens Bancorp of Virginia Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. The company reported net income of $842,000, or $0.36 per basic and diluted share, for the quarter ended December 31, 2011. This result is a 10.5% increase in net income as compared to the fourth quarter of the prior year. Net income for the fourth quarter of 2010 was $762,000, or $0.32 per basic and diluted share. The return on average assets for the quarter ended December 31, 2011 was 1.02% as compared to the same period in 2010 when the return on average assets was 0.91%. Book value per common share was $17.99 at December 31, 2011, up $1.15 from December 31, 2010. Net interest income was $3,056,000 against $2,852,000 a year ago. Income before income taxes was $1,118,000 against $995,000 a year ago.
Net income for 2011 was $3.192 million, or $1.37 per basic and diluted share which was an increase of 8.3% or $0.12 per basic and diluted share compared to the full year for 2010. Net interest income was $11,992,000 against $11,843,000 a year ago. Income before income taxes was $4,178,000 against $3,909,000 a year ago.
The company declared fourth quarter cash dividend of $0.17 per share, representing an annual dividend yield of 4.76%, based upon the average quoted stock price during the fourth quarter.
For the fourth quarter, the company reported net other-than-temporary impairments of $10,000.
Citizens Bancorp of Virginia, Inc. is a one-bank holding company, which operates through its subsidiary, Citizens Bank and Trust Company (the Bank). The Bank is a commercial bank. The Bankâs primary trade areas are in the Virginia counties of Nottoway, Amelia, Prince Edward, Brunswick, Buckingham, Charlotte, Chesterfield, Cumberland, Dinwiddie, Lunenburg, Mecklenburg, Powhatan, and the cities of Colonial Heights, Richmond and Petersburg. The Bank offers traditional lending and deposit products to businesses and individuals. It offers personal checking and savings, certificates of deposit, individual retirement accounts, credit cards, business checking and savings, merchant services, and business credit Cards. Its other banking services include Citizens Bank & Trust Company Visa Debit Card, Citizens Online Banking & Bill Pay, Coin Counting, eStatements, Mobile Banking, Mobile Debit Alerts, Notary Services, Safe Deposit Boxes, SecurLOCK Equip, and 24 Hour Automated Telephone Banking.
Citizens Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Declares Cash Dividend; Announces Impairment Charges for the Fourth Quarter of 2011