GASTONIA, N.C., Jan. 24 /PRNewswire-FirstCall/ -- Citizens South Banking Corporation , the holding company for Citizens South Bank, announced earnings for the quarter ended December 31, 2004, of $277,000, or $0.04 per diluted share, compared to $966,000, or $0.11 per diluted share, for the quarter ended December 31, 2003. Net income for the year ended December 31, 2004, totaled $3.0 million, or $0.38 per diluted share, compared to $3.4 million, or $0.39 per diluted share for 2003.
Fourth quarter net cash operating earnings, which excludes amortization of intangible assets and other nonoperating items, amounted to $814,000, or $0.11 per diluted share, compared to $975,000, or $0.11 per diluted share for the fourth quarter 2003. Annual cash operating earnings totaled $3.6 million, or $0.47 per diluted share, compared to $4.3 million or $0.50 per diluted share. Fourth quarter 2004 nonoperating items included a non-cash charge of $598,000, after-tax, for "other-than-temporary" impairment on $4.0 million of Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") perpetual preferred stock. This impairment had no impact on the Company''s equity or operating earnings. The decision to reclassify the unrealized mark-to-market loss on these securities to an other- than-temporary impairment charge is based upon a conservative interpretation of accounting literature and does not necessarily reflect the expected long- term value of these government sponsored, investment grade securities. Other nonoperating items during the fourth quarter of 2004 included a $130,000 after-tax gain on sale of fixed assets and a $9,000 after-tax expense for vesting expense for RRP stock. During the fourth quarter of 2003, nonoperating items included a $580,000 after-tax gain on sale of securities and a $540,000 after-tax expense for vesting expense for RRP stock.
The Company''s net interest income increased by $226,000, or 6.9%, during the fourth quarter of 2004 compared to the fourth quarter of 2003 as a result of margin expansion, loan growth, and a change in the asset mix. The net interest margin continued to expand, increasing by 10 basis points to 2.78% during the fourth quarter of 2004 from 2.68% during the comparable period in 2003. Additionally, the net interest margin for the fourth quarter of 2004 improved by 20 basis points from the third quarter of 2004. This margin expansion was due in part to the two 25 basis point increases in the prime lending rate during the fourth quarter of 2004. Also, during the fourth quarter, total loans increased by $5.8 million to $317.2 million, or 7.4% annualized.
Deposits increased by $32.3 million, or 9.4%, from $342.4 million on December 31, 2003, to $374.7 million on December 31, 2004. The strongest area of growth came from money market deposit accounts which increased $29.7 million, or 61.7%, and demand deposit accounts, which increased by $9.0 million, or 20.6%, during the year.
The Company''s credit quality continues to compare favorably with industry peers. Nonperforming loans totaled $946,000, or 0.30% of total loans at the end of 2004, compared to $529,000, or 0.18% of total loans, at the end of 2003. Approximately 99% of the Company''s nonperforming loans are secured by real estate located in the Company''s normal lending area. Nonperforming assets totaled $1.8 million, or 0.34% of total assets, at the end of 2004 compared to $674,000, or 0.14%, of total assets at the end of 2003.
Excluding nonoperating items of $219,000 during the fourth quarter of 2004 and $953,000 during the fourth quarter of 2003, noninterest income remained flat at $1.0 million during the respective quarters. Fees generated from mortgage banking and other lending activities increased by $48,000, or 61.5%. This increase was partly offset by a $35,000 reduction in the fair value adjustment of deferred compensation assets, the effects of which are offset by a corresponding decrease in noninterest expense.
Excluding nonoperating items of $1.0 million during the fourth quarter of 2004 and $887,000 during the fourth quarter of 2003, noninterest expense increased by $226,000, or 9.9%, to $3.3 million during the period. These increases were primarily attributable to branch expansion, new and enhanced technological investments, and costs associated with the development of the Company''s loan production office in Cornelius, North Carolina, and the development of the Company''s Hispanic banking initiative.
Kim S. Price, President and CEO, commented, "We are pleased to report that market expansion and infrastructure investments made in 2004 are producing tangible growth in loans and deposits, and have positioned us well to benefit from the strengthening economy. Our franchise growth is also creating balance sheet leverage and margin expansion, two key initiatives for the Company."
Citizens South Bank, headquartered in Gastonia, North Carolina, was founded in 1904 and is celebrating its 100th anniversary. The Bank had approximately $509 million in assets at December 31, 2004, and operates eleven full-service offices located in three North Carolina counties -- Gaston, Rowan, and Iredell.
This news release contains certain forward-looking statements, which are subject to risks and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. 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, 2003, describe some of these factors. Forward-looking statements speak only as of the date they are made and the Company does not undertake to update 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.
Citizens South Banking Corporation Selected Financial Information (dollars in thousands, except per share data) Quarter Quarter Year Year ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2004 2003 2004 2003 Reconciliation of GAAP to non-GAAP Measures: Net income, as reported (GAAP) $277 $966 $2,955 $3,391 Non-operating items: Gain on sale of assets, net (214) (953) (674) (1,022) Vesting expense for RRP 14 887 369 887 Impairment of GSE preferred stock 983 0 983 0 Loss on early extinguishment of debt 0 0 0 1,289 Related income taxes (39.12%) (306) 26 (265) (451) Operating Earnings $754 $926 $3,368 $4,094 Add: Amortization of intangible assets 99 81 419 404 Related income taxes (39.12%) (39) (32) (164) (158) Net Cash Operating Income $814 $975 $3,623 $4,340 Per Share Data: Average common shares outstanding, basic 7,176,201 8,483,176 7,611,022 8,623,838 Basic net income - GAAP $0.04 $0.11 $0.39 $0.39 Basic net income - Operating 0.11 0.11 0.44 0.47 Basic net income - Cash 0.11 0.11 0.48 0.50 Average common shares outstanding, diluted 7,286,895 8,618,639 7,712,591 8,762,545 Diluted net income - GAAP $0.04 $0.11 $0.38 $0.39 Diluted net income - Operating 0.10 0.11 0.44 0.47 Diluted net income - Cash 0.11 0.11 0.47 0.50 Cash dividends declared $0.065 $0.06 $0.26 $0.24 Period-end book value 9.74 10.11 9.74 10.11 Financial Ratios: Return on average stockholders'' equity - GAAP 1.53% 4.31% 3.78% 3.61% Return on average stockholders'' equity - Operating 4.15 4.13 4.31 4.36 Return on average stockholders'' equity - Cash 4.48 4.35 4.63 4.62 Return on average assets - GAAP 0.22% 0.78% 0.59% 0.68% Return on average assets - Operating 0.60 0.75 0.67 0.83 Return on average assets - Cash 0.64 0.79 0.72 0.88 Efficiency ratio - GAAP 89.75% 73.49% 75.75% 73.81% Efficiency ratio - Operating 72.13 69.07 70.84 65.59 Efficiency ratio - Cash 69.96 67.20 68.41 63.29 Net interest margin 2.78% 2.68% 2.63% 2.67% Average equity to average assets 14.34 18.21 15.64 18.96 Asset Quality Data: Allowance for loan losses $3,029 $2,969 $3,029 $2,969 Nonperforming loans 946 529 946 529 Net charge-offs 97 39 270 86 Nonperforming assets 1,752 674 1,752 674 Allowance for loan losses to total loans 0.96% 0.97% 0.96% 0.97% Nonperforming loans to total loans 0.30 0.18 0.30 0.18 Nonperforming assets to total assets 0.34 0.14 0.34 0.14 Average Balances: Total assets $506,441 $492,567 $499,937 $495,198 Loans receivable, net of unearned income 308,592 292,925 294,953 297,517 Interest-earning assets 451,616 446,270 442,809 450,826 Deposits 371,428 343,662 361,893 328,722 Interest-bearing liabilities 407,194 383,796 398,778 379,960 Stockholders'' equity 72,612 89,690 78,192 93,873 At Period End: Total assets $508,961 $495,751 $508,961 $495,751 Loans receivable, net unearned income 317,156 297,995 317,156 297,995 Interest-earning assets 455,577 448,401 455,577 448,401 Deposits 374,744 342,446 374,744 342,446 Interest-bearing liabilities 410,782 388,434 410,782 388,434 Stockholders'' equity 72,394 87,669 72,394 87,669 Citizens South Banking Corporation Consolidated Statements of Financial Condition (dollars in thousands) December 31, December 31, 2004 2003 (unaudited) ASSETS Cash and due from banks $5,800 $5,374 Interest-earning bank balances 5,790 2,840 Cash and cash equivalents 11,590 8,214 Investment securities available-for-sale, at fair value 52,407 56,233 Mortgage-backed securities available-for-sale, at fair value 81,169 89,168 Loans receivable, net unearned income 317,156 297,995 Allowance for loan losses (3,029) (2,969) Real estate acquired through foreclosure, net 806 145 Accrued interest receivable 1,662 1,943 Premises and equipment, net 17,363 14,939 Federal Home Loan Bank stock, at cost 3,461 2,915 Bank owned life insurance 12,885 12,317 Intangible assets 7,560 7,985 Other assets 5,931 6,866 Total assets $508,961 $495,751 LIABILITIES AND STOCKHOLDERS'' EQUITY Liabilities: Demand deposit accounts $52,684 $43,686 Money market deposit accounts 77,924 48,189 Savings accounts 29,174 36,754 Time deposits 214,962 213,817 Total deposits 374,744 342,446 Borrowed money 55,772 58,981 Deferred compensation 5,850 6,165 Other liabilities 201 490 Total liabilities 436,567 408,082 Stockholders'' Equity: Common stock issued and outstanding, $0.01 par value, 20,000,000 shares authorized, 9,062,727 issued and outstanding in 2004 and 2003 91 91 Additional paid-in-capital 68,381 68,280 Unallocated common stock held by Employee Stock Ownership Plan (1,796) (1,979) Unearned compensation related to Recognition and Retention Plan (1,699) (1,979) Retained earnings, substantially restricted 29,766 28,824 Accumulated unrealized gain on securities available-for-sale, net of tax (419) (40) Treasury stock of 1,630,683 shares at December 31, 2004, and 392,414 shares at December 31, 2003 (21,930) (5,528) Total stockholders'' equity 72,394 87,669 Total liabilities and stockholders'' equity $508,961 $495,751 Citizens South Banking Corporation Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Twelve Months Ended December 31, Ended December 31, 2004 2003 2004 2003 Interest income Loans $4,350 $3,887 $16,102 $16,798 Investment securities 459 495 1,906 1,495 Interest-bearing deposits 29 31 142 250 Mortgage-backed and related securities 790 802 2,946 3,426 Total interest income 5,628 5,215 21,096 21,969 Interest Expense Deposits 1,649 1,465 6,127 6,501 Borrowed funds 454 451 1,816 2,231 Total interest expense 2,103 1,916 7,943 8,732 Net interest income 3,525 3,299 13,153 13,237 Provision for loan losses 210 15 330 60 Net interest income after provision for loan losses 3,315 3,284 12,823 13,177 Noninterest Income Fee income on deposit accounts 599 597 2,399 2,286 Fee income on mortgage banking and lending activities 126 78 553 832 Dividends on FHLB stock 27 23 96 102 Increase in cash value of bank-owned life insurance 112 121 592 490 Fair value adjustment on deferred compensation assets 98 133 178 312 Gain on sale of assets 219 953 702 1,121 Other noninterest income 84 94 312 354 Total noninterest income 1,265 1,999 4,832 5,497 Noninterest Expense Compensation and benefits 1,520 1,585 6,028 6,083 Vesting expense for Recognition and Retention Plan 14 887 369 887 Fair value adjustment on deferred compensation obligation 98 133 178 312 Occupancy and equipment expense 487 353 1,773 1,345 Professional services 163 137 555 581 Amortization of intangible assets 99 81 419 404 Loss on sale of assets 5 0 28 99 Prepayment penalty on FHLB advances 0 0 0 1,289 Impairment of investment securities 983 0 983 0 Other noninterest expenses 930 712 3,290 2,827 Total noninterest expense 4,299 3,888 13,623 13,827 Income before income taxes 281 1,395 4,032 4,847 Provision for income taxes 4 429 1,077 1,456 Net income $277 $966 $2,955 $3,391 Basic earnings per share $0.04 $0.11 $0.39 $0.39 Diluted earnings per share $0.04 $0.11 $0.38 $0.39 Basic average common shares outstanding 7,176,201 8,483,176 7,611,022 8,623,838 Diluted average common shares outstanding 7,286,895 8,618,639 7,712,591 8,762,545
Citizens South Banking Corporation
Fourth quarter net cash operating earnings, which excludes amortization of intangible assets and other nonoperating items, amounted to $814,000, or $0.11 per diluted share, compared to $975,000, or $0.11 per diluted share for the fourth quarter 2003. Annual cash operating earnings totaled $3.6 million, or $0.47 per diluted share, compared to $4.3 million or $0.50 per diluted share. Fourth quarter 2004 nonoperating items included a non-cash charge of $598,000, after-tax, for "other-than-temporary" impairment on $4.0 million of Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") perpetual preferred stock. This impairment had no impact on the Company''s equity or operating earnings. The decision to reclassify the unrealized mark-to-market loss on these securities to an other- than-temporary impairment charge is based upon a conservative interpretation of accounting literature and does not necessarily reflect the expected long- term value of these government sponsored, investment grade securities. Other nonoperating items during the fourth quarter of 2004 included a $130,000 after-tax gain on sale of fixed assets and a $9,000 after-tax expense for vesting expense for RRP stock. During the fourth quarter of 2003, nonoperating items included a $580,000 after-tax gain on sale of securities and a $540,000 after-tax expense for vesting expense for RRP stock.
The Company''s net interest income increased by $226,000, or 6.9%, during the fourth quarter of 2004 compared to the fourth quarter of 2003 as a result of margin expansion, loan growth, and a change in the asset mix. The net interest margin continued to expand, increasing by 10 basis points to 2.78% during the fourth quarter of 2004 from 2.68% during the comparable period in 2003. Additionally, the net interest margin for the fourth quarter of 2004 improved by 20 basis points from the third quarter of 2004. This margin expansion was due in part to the two 25 basis point increases in the prime lending rate during the fourth quarter of 2004. Also, during the fourth quarter, total loans increased by $5.8 million to $317.2 million, or 7.4% annualized.
Deposits increased by $32.3 million, or 9.4%, from $342.4 million on December 31, 2003, to $374.7 million on December 31, 2004. The strongest area of growth came from money market deposit accounts which increased $29.7 million, or 61.7%, and demand deposit accounts, which increased by $9.0 million, or 20.6%, during the year.
The Company''s credit quality continues to compare favorably with industry peers. Nonperforming loans totaled $946,000, or 0.30% of total loans at the end of 2004, compared to $529,000, or 0.18% of total loans, at the end of 2003. Approximately 99% of the Company''s nonperforming loans are secured by real estate located in the Company''s normal lending area. Nonperforming assets totaled $1.8 million, or 0.34% of total assets, at the end of 2004 compared to $674,000, or 0.14%, of total assets at the end of 2003.
Excluding nonoperating items of $219,000 during the fourth quarter of 2004 and $953,000 during the fourth quarter of 2003, noninterest income remained flat at $1.0 million during the respective quarters. Fees generated from mortgage banking and other lending activities increased by $48,000, or 61.5%. This increase was partly offset by a $35,000 reduction in the fair value adjustment of deferred compensation assets, the effects of which are offset by a corresponding decrease in noninterest expense.
Excluding nonoperating items of $1.0 million during the fourth quarter of 2004 and $887,000 during the fourth quarter of 2003, noninterest expense increased by $226,000, or 9.9%, to $3.3 million during the period. These increases were primarily attributable to branch expansion, new and enhanced technological investments, and costs associated with the development of the Company''s loan production office in Cornelius, North Carolina, and the development of the Company''s Hispanic banking initiative.
Kim S. Price, President and CEO, commented, "We are pleased to report that market expansion and infrastructure investments made in 2004 are producing tangible growth in loans and deposits, and have positioned us well to benefit from the strengthening economy. Our franchise growth is also creating balance sheet leverage and margin expansion, two key initiatives for the Company."
Citizens South Bank, headquartered in Gastonia, North Carolina, was founded in 1904 and is celebrating its 100th anniversary. The Bank had approximately $509 million in assets at December 31, 2004, and operates eleven full-service offices located in three North Carolina counties -- Gaston, Rowan, and Iredell.
This news release contains certain forward-looking statements, which are subject to risks and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. 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, 2003, describe some of these factors. Forward-looking statements speak only as of the date they are made and the Company does not undertake to update 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.
Citizens South Banking Corporation Selected Financial Information (dollars in thousands, except per share data) Quarter Quarter Year Year ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2004 2003 2004 2003 Reconciliation of GAAP to non-GAAP Measures: Net income, as reported (GAAP) $277 $966 $2,955 $3,391 Non-operating items: Gain on sale of assets, net (214) (953) (674) (1,022) Vesting expense for RRP 14 887 369 887 Impairment of GSE preferred stock 983 0 983 0 Loss on early extinguishment of debt 0 0 0 1,289 Related income taxes (39.12%) (306) 26 (265) (451) Operating Earnings $754 $926 $3,368 $4,094 Add: Amortization of intangible assets 99 81 419 404 Related income taxes (39.12%) (39) (32) (164) (158) Net Cash Operating Income $814 $975 $3,623 $4,340 Per Share Data: Average common shares outstanding, basic 7,176,201 8,483,176 7,611,022 8,623,838 Basic net income - GAAP $0.04 $0.11 $0.39 $0.39 Basic net income - Operating 0.11 0.11 0.44 0.47 Basic net income - Cash 0.11 0.11 0.48 0.50 Average common shares outstanding, diluted 7,286,895 8,618,639 7,712,591 8,762,545 Diluted net income - GAAP $0.04 $0.11 $0.38 $0.39 Diluted net income - Operating 0.10 0.11 0.44 0.47 Diluted net income - Cash 0.11 0.11 0.47 0.50 Cash dividends declared $0.065 $0.06 $0.26 $0.24 Period-end book value 9.74 10.11 9.74 10.11 Financial Ratios: Return on average stockholders'' equity - GAAP 1.53% 4.31% 3.78% 3.61% Return on average stockholders'' equity - Operating 4.15 4.13 4.31 4.36 Return on average stockholders'' equity - Cash 4.48 4.35 4.63 4.62 Return on average assets - GAAP 0.22% 0.78% 0.59% 0.68% Return on average assets - Operating 0.60 0.75 0.67 0.83 Return on average assets - Cash 0.64 0.79 0.72 0.88 Efficiency ratio - GAAP 89.75% 73.49% 75.75% 73.81% Efficiency ratio - Operating 72.13 69.07 70.84 65.59 Efficiency ratio - Cash 69.96 67.20 68.41 63.29 Net interest margin 2.78% 2.68% 2.63% 2.67% Average equity to average assets 14.34 18.21 15.64 18.96 Asset Quality Data: Allowance for loan losses $3,029 $2,969 $3,029 $2,969 Nonperforming loans 946 529 946 529 Net charge-offs 97 39 270 86 Nonperforming assets 1,752 674 1,752 674 Allowance for loan losses to total loans 0.96% 0.97% 0.96% 0.97% Nonperforming loans to total loans 0.30 0.18 0.30 0.18 Nonperforming assets to total assets 0.34 0.14 0.34 0.14 Average Balances: Total assets $506,441 $492,567 $499,937 $495,198 Loans receivable, net of unearned income 308,592 292,925 294,953 297,517 Interest-earning assets 451,616 446,270 442,809 450,826 Deposits 371,428 343,662 361,893 328,722 Interest-bearing liabilities 407,194 383,796 398,778 379,960 Stockholders'' equity 72,612 89,690 78,192 93,873 At Period End: Total assets $508,961 $495,751 $508,961 $495,751 Loans receivable, net unearned income 317,156 297,995 317,156 297,995 Interest-earning assets 455,577 448,401 455,577 448,401 Deposits 374,744 342,446 374,744 342,446 Interest-bearing liabilities 410,782 388,434 410,782 388,434 Stockholders'' equity 72,394 87,669 72,394 87,669 Citizens South Banking Corporation Consolidated Statements of Financial Condition (dollars in thousands) December 31, December 31, 2004 2003 (unaudited) ASSETS Cash and due from banks $5,800 $5,374 Interest-earning bank balances 5,790 2,840 Cash and cash equivalents 11,590 8,214 Investment securities available-for-sale, at fair value 52,407 56,233 Mortgage-backed securities available-for-sale, at fair value 81,169 89,168 Loans receivable, net unearned income 317,156 297,995 Allowance for loan losses (3,029) (2,969) Real estate acquired through foreclosure, net 806 145 Accrued interest receivable 1,662 1,943 Premises and equipment, net 17,363 14,939 Federal Home Loan Bank stock, at cost 3,461 2,915 Bank owned life insurance 12,885 12,317 Intangible assets 7,560 7,985 Other assets 5,931 6,866 Total assets $508,961 $495,751 LIABILITIES AND STOCKHOLDERS'' EQUITY Liabilities: Demand deposit accounts $52,684 $43,686 Money market deposit accounts 77,924 48,189 Savings accounts 29,174 36,754 Time deposits 214,962 213,817 Total deposits 374,744 342,446 Borrowed money 55,772 58,981 Deferred compensation 5,850 6,165 Other liabilities 201 490 Total liabilities 436,567 408,082 Stockholders'' Equity: Common stock issued and outstanding, $0.01 par value, 20,000,000 shares authorized, 9,062,727 issued and outstanding in 2004 and 2003 91 91 Additional paid-in-capital 68,381 68,280 Unallocated common stock held by Employee Stock Ownership Plan (1,796) (1,979) Unearned compensation related to Recognition and Retention Plan (1,699) (1,979) Retained earnings, substantially restricted 29,766 28,824 Accumulated unrealized gain on securities available-for-sale, net of tax (419) (40) Treasury stock of 1,630,683 shares at December 31, 2004, and 392,414 shares at December 31, 2003 (21,930) (5,528) Total stockholders'' equity 72,394 87,669 Total liabilities and stockholders'' equity $508,961 $495,751 Citizens South Banking Corporation Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Twelve Months Ended December 31, Ended December 31, 2004 2003 2004 2003 Interest income Loans $4,350 $3,887 $16,102 $16,798 Investment securities 459 495 1,906 1,495 Interest-bearing deposits 29 31 142 250 Mortgage-backed and related securities 790 802 2,946 3,426 Total interest income 5,628 5,215 21,096 21,969 Interest Expense Deposits 1,649 1,465 6,127 6,501 Borrowed funds 454 451 1,816 2,231 Total interest expense 2,103 1,916 7,943 8,732 Net interest income 3,525 3,299 13,153 13,237 Provision for loan losses 210 15 330 60 Net interest income after provision for loan losses 3,315 3,284 12,823 13,177 Noninterest Income Fee income on deposit accounts 599 597 2,399 2,286 Fee income on mortgage banking and lending activities 126 78 553 832 Dividends on FHLB stock 27 23 96 102 Increase in cash value of bank-owned life insurance 112 121 592 490 Fair value adjustment on deferred compensation assets 98 133 178 312 Gain on sale of assets 219 953 702 1,121 Other noninterest income 84 94 312 354 Total noninterest income 1,265 1,999 4,832 5,497 Noninterest Expense Compensation and benefits 1,520 1,585 6,028 6,083 Vesting expense for Recognition and Retention Plan 14 887 369 887 Fair value adjustment on deferred compensation obligation 98 133 178 312 Occupancy and equipment expense 487 353 1,773 1,345 Professional services 163 137 555 581 Amortization of intangible assets 99 81 419 404 Loss on sale of assets 5 0 28 99 Prepayment penalty on FHLB advances 0 0 0 1,289 Impairment of investment securities 983 0 983 0 Other noninterest expenses 930 712 3,290 2,827 Total noninterest expense 4,299 3,888 13,623 13,827 Income before income taxes 281 1,395 4,032 4,847 Provision for income taxes 4 429 1,077 1,456 Net income $277 $966 $2,955 $3,391 Basic earnings per share $0.04 $0.11 $0.39 $0.39 Diluted earnings per share $0.04 $0.11 $0.38 $0.39 Basic average common shares outstanding 7,176,201 8,483,176 7,611,022 8,623,838 Diluted average common shares outstanding 7,286,895 8,618,639 7,712,591 8,762,545
Citizens South Banking Corporation