Citizens Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014
February 04, 2015
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Citizens Bancorp of Virginia Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net interest income was $2,851,000 against $2,934,000 a year ago. Net interest income after provision for loan losses was $2,814,000 against $2,864,000 a year ago. Income before income taxes was $1,044,000 against $1,190,000 a year ago. Net income was $808,000 against $905,000 a year ago. Earnings per share, basic & diluted were $0.36 against $0.40 a year ago. Book value per share as at December 31, 2014 was $20.45 against $19.33 a year ago.
For the nine months, the company reported net interest income was $11,630,000 against $11,723,000 a year ago. Net interest income after provision for loan losses was $11,480,000 against $11,533,000 a year ago. Income before income taxes was $4,815,000 against $4,711,000 a year ago. Net income was $3,653,000 against $3,571,000 a year ago. Earnings per share, basic & diluted were $1.63 against $1.58 a year ago.
For the fourth quarter, the company reported impairment - other real estate owned was $10,000 against nil a year ago.
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, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014