Citizens Bancshares Corp. reported first quarter of 2010 net income of $0.5 million, or $0.25 per share, compared to net income of $0.25 million, or $0.12 per share, in the same quarter of 2009
Citizens Bancshares Corporation reported an increase in total assets in the first quarter of 2010 to $414 million, a $26 million increase year over year. Total deposits increased as well, to $352 million at the end of the first quarter of 2010, a $26 million, or 8% increase.
Citizens Bancshares Corporation reported a decline in loan growth of $1.8 million to $202.5 million at the end of the first quarter of 2010. Management blamed the continuing recession. James E. Young, the CEO of Citizens Bancshares Corporation, said, “We find new loan demand to be relatively weak due to the continuing recessionary economic conditions. We remain well positioned to assist our customers in achieving their financial goals.”
Citizens Bancshares Corporation reported a strong capital position in the first quarter, with a Tier 1 capital ratio of 16%, and a total capital ratio of 17%.
Citizens Bancshares Corporation is a bank holding company that owns Citizens Trust Bank, a community bank with branches in Atlanta and Columbus, Georgia, and in Alabama, in Birmingham and Eutaw.