CITIZENS SOUTH BANKING CORP. 
By GASTONIA, N.C., Oct. 18 /PRNewswire-FirstCall/ -- Citizens South Banking Corporation (Nasdaq: CSBC), the parent company for Citizens South Bank, reported a net loss available to common stockholders of $528,000, or ($0.05) per diluted share, for the quarter ended September 30, 2010, compared to a loss of $759,000, or ($0.10) per diluted share, for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, the Company reported net income available to common stockholders of $9.6 million, or $1.04 per common share, compared to a loss of $501,000, or ($0.07) per common share, for the nine months ended September 30, 2009.
President Kim S. Price stated, "While we are experiencing some improving asset quality metrics, we continue to build our loan loss provision aggressively, given the continued uncertainty of the general economy and local real estate markets. However, with pre-tax, pre-provision earnings at near record levels the past two quarters, we are encouraged by the strength of our core operating earnings power going forward."
Third Quarter Financial Highlights:
Credit Quality
The Company's credit quality continued to compare favorably with southeastern peers and some credit-quality metrics continued to demonstrate signs of improvement. During the third quarter, the Company's total non-covered past due loans (loans not covered under FDIC loss-share agreements) decreased 34.9% from $10.1 million at June 30, 2010, or 1.68% of total non-covered loans, to $6.6 million, or 1.11% of total non-covered loans, at September 30, 2010. This represented the Company's lowest level of past due non-covered loans in over 18 months. As these loans move through the collection and disposition process, updated collateral values are obtained and loans are written down on the Company's books to their fair value. As a result, during the third quarter net loan charge-offs on non-covered loans totaled $2.0 million. This represented the third consecutive quarter that net charge-offs have decreased since a peak of $4.5 million during the fourth quarter of 2009. The current level of net loan charge-offs represented 1.36% of average non-covered loans during the third quarter. However, as past due loans move through the resolution process, this results in higher non-performing loans which increased to $19.8 million at September 30, 2010, from $13.0 million at June 30, 2010. These loans are in various stages of collection and resolution.
Despite the positive trends in net loan charge-offs and non-performing past due loans, the Company maintained its quarterly provision for loan losses at $3.0 million for the third quarter of 2010 compared to $3.0 million for the second quarter of 2010 in order to continue to build the level of loan loss reserves. As a result, the Company's allowance for loan losses increased to $10.8 million, or 1.81% of total non-covered loans at September 30, 2010, as compared to $9.8 million, or 1.62% of total non-covered loans, at June 30, 2010. The $3.0 million provision for loan losses was attributable to the Company's non-covered loan portfolio, which excludes loans that are subject to the FDIC loss-share agreements.
President Price commented, "Our primary focus has been and continues to be on asset quality. With some improving trends in unemployment levels and a stabilizing housing market, we remain cautiously optimistic about the future direction of the local economy. We also expect to continue to build our loan loss reserve level until such time as these indicators are more clearly sustainable."
Net Interest Margin
On a linked quarter basis, the Company's net interest margin decreased by six basis points to 3.42% for the third quarter of 2010, as compared to 3.48% for the second quarter. However, compared to the third quarter of 2009, the Company's net interest margin has improved by 37 basis points. The Company has focused on increasing core demand deposit accounts, which have contributed to a decrease in the cost of funds. However, limited loan demand and increased levels of liquidity have offset some of the positive effects of the lower cost of funds.
Balance Sheet Changes
Management's efforts to reduce exposures in the non-covered residential construction and acquisition and development loan portfolios resulted in a $14.6 million decrease in these loan portfolios during the nine months ended September 30, 2010, excluding covered loans acquired from the FDIC-assisted acquisition of Bank of Hiawassee. Speculative residential construction loans decreased by $5.0 million, or 46.0%, and residential acquisition and development loans decreased by $9.6 million, or 26.9%, during the nine month period ended September 30, 2010. Management expects that these efforts will continue and that new loan demand in general will remain soft through the first half of 2011.
The Company continues to experience steady core deposit growth. Excluding the deposits assumed in the Bank of Hiawassee acquisition, total core deposits increased by $10.0 million, or 3.5% during the first nine months of 2010. This growth was primarily driven by demand deposit accounts, which increased by $8.0 million, or 5.0%, and money market accounts, which increased by $2.0 million, or 1.7%, during the nine-month period. The steady growth in core deposits was attributable to a continued focus on deposit gathering, enhanced treasury management services, and increased market share due to mergers and a general "flight to quality" among community bank depositors.
Capital
The Company's capital position continues to be a source of strength during these uncertain economic times. The Bank's capital exceeds all regulatory capital measures and the Bank is considered "well-capitalized" for regulatory purposes. This is the highest capital designation established by the Bank's regulatory authorities. The Bank's total risk-based capital ratio improved to 17.0% at September 30, 2010, compared to 16.8% at June 30, 2010. The Company's tangible common equity ratio which decreased slightly from 6.9% at June 30, 2010, to 6.7% at September 30, 2010, remained strong.
Income Statement Changes
Noninterest income for the third quarter of 2010 compared to the third quarter of 2009 decreased by $175,000, or 7.1%, to $2.3 million. Excluding gains on sale of investments, which totaled $973,000 for the third quarter of 2009 and $305,000 for the third quarter of 2010, noninterest income increased by $493,000, or 33.0% for the comparable periods. Contributing to this increase was a $273,000 increase in service charges on deposits, a $246,000 increase in mortgage banking income and a $193,000 adjustment to the gain on acquisition.
Noninterest expense increased by $2.6 million during the comparable third quarter periods to $7.8 million for the quarter ended September 30, 2010. The increase was primarily due to expenses related to the Bank of Hiawassee acquisition. The Company has implemented cost reduction measures related to the acquisition, including staff consolidation, data processing and technology integration, and facilities evaluations. These cost reductions were fully implemented in the third quarter of 2010 and the full effect of these reductions should be experienced in the fourth quarter of 2010. Also, the Company has experienced increased expenses related to the collection and disposition of assets covered by the FDIC loss share agreements amounting to $293,000. The Company expects to recover 80% of these costs as claims are made from the FDIC for repayment in accordance with the terms of the loss share agreements.
About Citizens South Banking Corporation
Citizens South Bank was founded in 1904 and is headquartered in Gastonia, North Carolina. Deposits are FDIC insured up to applicable regulatory limits. At September 30, 2010, the Company had $1.1 billion in assets with 21 full-service offices in the Charlotte and North Georgia regions, including Gaston, Iredell, Rowan, Mecklenburg, and Union counties in North Carolina, York County in South Carolina, and Towns, Union, and Fannin counties in Georgia. Citizens South Bank is an Equal Housing Lender and Member, FDIC. The Bank is a wholly-owned subsidiary of Citizens South Banking Corporation, and shares of the common stock of the Company trade on the NASDAQ Global Market under the ticker symbol "CSBC". The Company maintains a website at www.citizenssouth.com that includes information on the Company, along with a list of products and services, branch locations, current financial information, and links to the Company's filings with the SEC.
Forward-looking Statements
This news release contains certain forward-looking statements which include, but are not limited to, statements of our earnings expectations, statements regarding our operating strategy, and estimates of our future costs and benefits. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Forward-looking statements speak only as of the date they are made and the Company is under no duty to update these forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements or to reflect the occurrence of unanticipated events. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, changes in general economic conditions - either locally or nationally, competition among depository and financial institutions, the continuation of current revenue and expense trends, significant changes in interest rates, unforeseen changes in the Company's markets, and legal, regulatory, or accounting changes. The Company's reports filed from time to time with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2009, describe some of these factors.
Quarterly Financial
Highlights
(unaudited) 2010
----
At and For the Quarters Ended
-----------------------------
September
30 June 30 March 31
---------- ------- --------
(Dollars in
thousands, except
per share data)
Summary of
Operations:
Interest income -
taxable equivalent $11,675 $12,308 $9,210
Interest expense 3,790 4,083 3,393
----- ----- -----
Net interest income -
taxable equivalent 7,885 8,225 5,817
Less: Taxable-
equivalent
adjustment 79 114 98
--- --- ---
Net interest income 7,806 8,111 5,719
Provision for loan
losses 3,000 3,000 3,050
----- ----- -----
Net interest income
after loan loss
provision 4,806 5,111 2,669
Noninterest income 2,290 2,415 20,185
Noninterest expense 7,781 7,279 6,356
----- ----- -----
Net income (loss)
before income taxes (685) 247 16,498
Income tax expense
(benefit) (413) (108) 6,201
---- ---- -----
Net income (loss) (272) 355 10,297
Dividends on
preferred stock 256 257 257
--- --- ---
Net income (loss)
available to common
shareholders $(528) $98 $10,040
===== === =======
Per Common Share
Data:
Net income:
Basic $(0.05) $0.01 $1.29
Diluted (0.05) 0.01 1.29
Weighted average
shares outstanding:
Basic 10,844,386 9,077,042 7,786,819
Diluted 10,844,386 9,077,042 7,786,819
End of period shares
outstanding 10,965,941 10,965,941 9,125,942
Cash dividends
declared $0.01 $0.04 $0.04
Book value 6.86 6.91 7.39
Tangible book value 6.70 6.73 7.16
End of Period
Balances:
Total assets $1,087,558 $1,077,431 $1,132,652
Loans, net of
deferred fees 754,740 776,234 787,643
Investment securities 87,255 97,678 100,161
Interest-earning
assets 937,278 927,757 987,669
Deposits 865,786 853,526 884,127
Shareholders' equity 95,682 96,410 96,390
Quarterly Average
Balances:
Total assets $1,080,680 $1,105,788 $873,418
Loans, net of
deferred fees 767,381 780,209 599,826
Investment securities 91,425 100,501 89,020
Interest-earning
assets 915,882 949,130 732,124
Deposits 853,902 859,408 614,007
Shareholders' equity 96,258 96,282 78,292
Financial Performance
Ratios (annualized):
Return on average
assets -0.20% 0.04% 4.66%
Return on average
common equity -2.77% 0.56% 73.21%
Noninterest income to
average total assets
(1) 0.85% 0.87% 9.24%
Noninterest expense
to average total
assets (2) 2.88% 2.63% 2.91%
Efficiency ratio (1)
(2) 76.47% 68.41% 24.44%
Quarterly Financial Highlights
(unaudited) 2009
----
At and For the Quarters Ended
-----------------------------
December September
31 2009
--------- ----------
(Dollars in thousands, except per
share data)
Summary of Operations:
Interest income -taxable
equivalent $9,387 $9,656
Interest expense 3,531 3,947
----- -----
Net interest income -taxable
equivalent 5,856 5,709
Less: Taxable-equivalent
adjustment 106 139
--- ---
Net interest income 5,750 5,570
Provision for loan losses 4,155 3,975
----- -----
Net interest income after loan loss
provision 1,595 1,595
Noninterest income 2,381 2,465
Noninterest expense 34,867 5,229
------ -----
Net income (loss) before income
taxes (30,891) (1,169)
Income tax expense (benefit) (611) (672)
---- ----
Net income (loss) (30,280) (497)
Dividends on preferred stock 259 262
--- ---
Net income (loss) available to
common shareholders $(30,539) $(759)
======== =====
Per Common Share Data:
Net income:
Basic $(4.11) $(0.10)
Diluted (4.11) (0.10)
Weighted average shares
outstanding:
Basic 7,426,992 7,419,206
Diluted 7,426,992 7,419,206
End of period shares outstanding 7,526,854 7,526,854
Cash dividends declared $0.04 $0.04
Book value 6.87 11.08
Tangible book value 6.80 7.06
End of Period Balances:
Total assets $791,532 $820,608
Loans, net of deferred fees 610,201 616,793
Investment securities 83,370 90,174
Interest-earning assets 725,835 734,938
Deposits 609,345 606,614
Shareholders' equity 72,322 103,990
Quarterly Average Balances:
Total assets $823,608 $831,268
Loans, net of deferred fees 610,568 624,112
Investment securities 87,061 94,673
Interest-earning assets 736,134 741,974
Deposits 605,608 609,243
Shareholders' equity 103,313 103,913
Financial Performance Ratios
(annualized):
Return on average assets -14.71% -0.36%
Return on average common equity -146.44% -3.61%
Noninterest income to average total
assets (1) 1.16% 1.19%
Noninterest expense to average
total assets (2) 16.93% 2.52%
Efficiency ratio (1) (2) 423.30% 63.97%
Quarterly Financial
Highlights (unaudited) 2010
----
At and For the Quarters Ended
-----------------------------
September
30 June 30 March 31
---------- ------- --------
(Dollars in thousands,
except per share data)
Net Interest Margin
(annualized):
Yield on earning assets 4.91% 4.96% 5.02%
Cost of funds 1.66% 1.72% 2.01%
Net Interest spread 3.25% 3.24% 3.01%
Net interest margin
(taxable equivalent) 3.42% 3.48% 3.22%
Credit Quality
Information and Ratios:
Past due loans (30-89
days) accruing - non-
covered $6,602 $10,145 $7,003
Past due loans - non-
covered to total non-
covered loans 1.11% 1.68% 1.15%
Past due loans (30-89
days) accruing -
covered by FDIC loss-
share (3) $8,701 $5,257 $11,030
Past due loans -covered
to total covered loans 5.43% 3.07% 6.09%
Allowance for loan losses
-beginning of period $9,796 $9,230 $9,189
Add: Provision for loan
losses 3,000 3,000 3,050
Less: Net charge-offs
(NCOs) 2,044 2,434 3,009
Allowance for loan losses
-end of period 10,752 9,796 9,230
Allowance for loan losses
to total non-covered
loans 1.81% 1.62% 1.52%
Net charge-offs to
average non-covered
loans (annualized) 1.36% 1.61% 1.98%
Nonperforming non-
covered loans to non-
covered loans 3.33% 2.15% 2.26%
Nonperforming non-
covered assets to total
assets 2.61% 1.97% 1.69%
Nonperforming non-
covered assets to total
non-covered loans and
other real estate owned 4.71% 3.46% 3.12%
Nonperforming Assets
(NPAs):
Nonperforming loans:
Non-covered loans:
Residential $2,068 $1,646 $1,618
Construction 163 896 443
Acquisition and
development 340 691 2,890
Commercial land 5,034 3,252 6,148
Other commercial real
estate 9,566 4,127 1,422
Commercial business 720 742 131
Consumer 1,930 1,652 1,083
----- ----- -----
Total non-covered
nonperforming loans 19,821 13,006 13,735
Total nonperforming loans
covered by FDIC loss-
share (4) 22,416 24,924 15,846
Other real estate owned -
non-covered 8,557 8,239 5,386
Other real estate owned -
covered by FDIC loss
share 3,183 2,343 2,009
Total nonperforming
assets $53,977 $48,512 $36,976
Capital Ratios:
Tangible common equity 6.74% 6.86% 5.78%
Total Risk-Based Capital
(Bank only) 17.02% 16.78% 15.53%
Tier 1 Risk-Based
Capital (Bank only) 15.58% 15.52% 14.47%
Tier 1 Total Capital
(Bank only) 9.58% 9.74% 9.18%
Quarterly Financial Highlights
(unaudited) 2009
----
At and For the Quarters Ended
-----------------------------
December September
31 2009
--------- ----------
(Dollars in thousands, except per
share data)
Net Interest Margin (annualized):
Yield on earning assets 4.98% 5.13%
Cost of funds 2.09% 2.30%
Net Interest spread 2.89% 2.83%
Net interest margin (taxable
equivalent) 3.12% 3.05%
Credit Quality Information and
Ratios:
Past due loans (30-89 days)
accruing - non-covered $10,224 $10,860
Past due loans - non-covered to
total non-covered loans 1.68% 1.76%
Past due loans (30-89 days)
accruing - covered by FDIC loss-
share (3) - -
Past due loans -covered to total
covered loans - -
Allowance for loan losses -
beginning of period $9,499 $8,685
Add: Provision for loan losses 4,155 3,975
Less: Net charge-offs (NCOs) 4,465 3,161
Allowance for loan losses -end of
period 9,189 9,499
Allowance for loan losses to total
non-covered loans 1.51% 1.54%
Net charge-offs to average non-
covered loans (annualized) 2.93% 2.04%
Nonperforming non-covered loans
to non-covered loans 1.96% 1.73%
Nonperforming non-covered assets
to total assets 2.15% 1.72%
Nonperforming non-covered assets
to total non-covered loans and
other real estate owned 2.77% 2.28%
Nonperforming Assets (NPAs):
Nonperforming loans:
Non-covered loans:
Residential $898 $345
Construction 1,048 1,554
Acquisition and development 3,419 3,510
Commercial land 3,640 1,884
Other commercial real estate 1,841 2,197
Commercial business 140 -
Consumer 1,004 1,208
----- -----
Total non-covered nonperforming
loans 11,990 10,698
Total nonperforming loans covered
by FDIC loss-share (4) - -
Other real estate owned - non-
covered 5,067 3,444
Other real estate owned -covered
by FDIC loss share - -
Total nonperforming assets $17,057 $14,142
Capital Ratios:
Tangible common equity 6.47% 6.72%
Total Risk-Based Capital (Bank
only) 14.07% 14.68%
Tier 1 Risk-Based Capital (Bank
only) 12.98% 13.53%
Tier 1 Total Capital (Bank only) 10.44% 10.70%
(1) Includes the gain on acquisition of Bank of Hiawassee of $18.7
million for the quarter ended March 31, 2010. Subsequent
adjustments in the amounts of $605,000 and $193,000 were made for
the quarters ended June 30, 2010 and September 30, 2010,
respectively.
(2) Includes $29.6 million impairment of goodwill for the quarter
ended December 31, 2009. Also includes acquisition and integration
expenses of $787,000, $94,000, and $141,000 for the quarters ended
March 31, 2010, June 30, 2010, and September 30, 2010, respectively.
(3) The contractual balance of past due loans covered by FDIC loss-
share agreements totaled $13.8 million, $6.4 million, and $14.8
million at March 31, 2010, June 30, 2010, and September 30, 2010,
respectively.
(4) The contractual balance of nonperforming loans covered by FDIC
loss-share agreements totaled $29.0 million, $35.4 million and
$29.1 million at March 31, 2010, June 30, 2010, and September 30,
2010, respectively.
CITIZENS SOUTH BANKING CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, December 31,
2010 2009
---- ----
(Dollars in thousands) (unaudited)
Assets
Cash and cash equivalents:
Cash and due from banks $16,792 $8,925
Interest-earning bank balances 137,352 44,255
Federal funds sold - -
--- ---
Cash and cash equivalents 154,144 53,180
Investment securities available for
sale, at fair value 71,293 50,990
Investment securities held to maturity,
at amortized cost 15,962 32,380
Federal Home Loan Bank stock, at cost 5,938 4,149
Presold loans in process of settlement 3,100 -
Loans:
Covered by FDIC loss-share agreements 160,327 -
Not covered by FDIC loss-share
agreements 594,413 610,201
Allowance for loan losses (10,752) (9,189)
Net loans 743,988 601,012
Other real estate owned 11,740 5,067
Premises and equipment, net 23,972 15,436
FDIC loss share receivable 30,608 -
Accrued interest receivable 3,028 2,430
Bank-owned life insurance 18,107 17,522
Intangible assets 1,834 570
Other assets 3,844 8,796
Total assets $1,087,558 $791,532
========== ========
Liabilities
Deposits:
Non-interest bearing demand $70,908 $45,830
Interest-bearing demand 162,249 113,564
Money market accounts 147,269 118,687
Savings 17,021 10,584
Time deposits 468,339 320,680
Total deposits 865,786 609,345
Short-term borrowings 9,785 18,970
Long-term debt 101,236 87,629
Other liabilities 15,069 3,266
Total liabilities 991,876 719,210
Commitments and contingencies
Shareholders' Equity
Preferred stock, $0.01 par value,
Authorized: 1,000,000 shares;
Issued and outstanding: 20,500 shares 20,651 20,589
Common stock, $0.01 par value,
Authorized: 20,000,000 shares;
Issued: 11,011,414 and 9,062,727 shares
respectively;
Outstanding: 10,965,941 and 7,526,854
shares respectively 124 91
Additional paid-in-capital 63,018 48,528
Retained earnings, substantially
restricted 11,791 3,411
Accumulated other comprehensive income
(loss) 98 (297)
Total shareholders' equity 95,682 72,322
------ ------
Total liabilities and shareholders'
equity $1,087,558 $791,532
========== ========
CITIZENS SOUTH BANKING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
------------------
30-Sep-10 30-Sep-09
--------- ---------
(Dollars in thousands, except per
share data)
Interest Income:
Interest and fees on loans $10,757 $8,413
Investment securities:
Taxable interest income 620 775
Tax-exempt interest income 131 301
Other interest income 88 28
--- ---
Total interest income 11,596 9,517
------ -----
Interest Expense:
Demand deposits and savings 684 636
Time deposits 2,018 2,155
Short-term borrowings 67 136
Long-term debt 1,021 1,020
----- -----
Total interest expense 3,790 3,947
----- -----
Net interest income 7,806 5,570
Provision for loan losses 3,000 3,975
----- -----
Net interest income after provision
for loan losses 4,806 1,595
----- -----
Noninterest Income:
Service charges on deposit accounts 1,132 859
Mortgage banking income 461 215
Commissions on sales of financial
products 53 43
Income from bank-owned life
insurance 196 202
Gain from acquisition 193 -
Gain on sale of investments,
available for sale 305 973
Loss on sale of other assets (185) (21)
Other income 135 194
--- ---
Total noninterest income 2,290 2,465
----- -----
Noninterest Expense:
Compensation and benefits 3,774 2,570
Occupancy and equipment expense 732 632
Advertising and business
development 80 115
Professional services 262 233
Data processing fees 179 130
FDIC deposit insurance 355 232
Amortization of intangible assets 154 81
Valuation adjustment on other real
estate owned 393 -
Impairment on investment securities - 333
Acquisition and integration
expenses 141 -
Other expenses 1,711 903
----- ---
Total noninterest expense 7,781 5,229
Income before income tax expense
(benefit) (685) (1,169)
Income tax expense (benefit) (413) (672)
---- ----
Net income (loss) (272) (497)
Dividends on preferred stock 256 262
--- ---
Net income (loss) available to
common shareholders $(528) $(759)
===== =====
Net income (loss) per common share:
Basic $(0.05) $(0.10)
Diluted (0.05) (0.10)
Weighted average common shares
outstanding:
Basic 10,844,386 7,419,206
Diluted 10,844,386 7,419,206
Nine Months Ended
-----------------
30-Sep-10 30-Sep-09
--------- ---------
(Dollars in thousands, except per
share data)
Interest Income:
Interest and fees on loans $30,243 $25,350
Investment securities:
Taxable interest income 1,914 2,703
Tax-exempt interest income 509 920
Other interest income 236 46
--- ---
Total interest income 32,902 29,019
------ ------
Interest Expense:
Demand deposits and savings 2,053 2,034
Time deposits 5,818 7,481
Short-term borrowings 202 416
Long-term debt 3,194 3,064
----- -----
Total interest expense 11,267 12,995
------ ------
Net interest income 21,635 16,024
Provision for loan losses 9,050 6,825
----- -----
Net interest income after provision
for loan losses 12,585 9,199
------ -----
Noninterest Income:
Service charges on deposit accounts 2,893 2,428
Mortgage banking income 1,028 975
Commissions on sales of financial
products 359 137
Income from bank-owned life
insurance 627 570
Gain from acquisition 19,531 -
Gain on sale of investments,
available for sale 349 1,281
Loss on sale of other assets (451) (265)
Other income 554 466
--- ---
Total noninterest income 24,890 5,592
------ -----
Noninterest Expense:
Compensation and benefits 10,069 7,588
Occupancy and equipment expense 2,454 1,958
Advertising and business
development 233 303
Professional services 729 707
Data processing fees 513 389
FDIC deposit insurance 969 825
Amortization of intangible assets 372 243
Valuation adjustment on other real
estate owned 1,088 175
Impairment on investment securities - 547
Acquisition and integration
expenses 1,022 -
Other expenses 3,968 2,670
----- -----
Total noninterest expense 21,417 15,405
Income before income tax expense
(benefit) 16,058 (614)
Income tax expense (benefit) 5,680 (887)
----- ----
Net income (loss) 10,378 273
Dividends on preferred stock 769 774
--- ---
Net income (loss) available to
common shareholders $9,609 $(501)
====== =====
Net income (loss) per common share:
Basic $1.04 $(0.07)
Diluted 1.04 (0.07)
Weighted average common shares
outstanding:
Basic 9,260,762 7,405,199
Diluted 9,260,762 7,405,199
SOURCE Citizens South Banking Corporation
