New book by Larry Connors Click here Improve your trading - See how
Recently appointed President/CEO Gary D. Gall stated, "After assessing the effects of the stock market, real estate market and the overall economy that hit all of us last fall, especially during the September/October timeframe, it was necessary that we evaluate the underlying collateral value of our loans." He added, "After a comprehensive review of the Bank's loan portfolio that occurred during the first half of 2009, it was made clear that the new valuations of property in Nevada and Placer Counties serving as collateral for our loans were relevant to the 2008 period. Much of the restatement, therefore, acknowledges this devaluation in the 4th quarter of 2008, versus the first quarter of 2009. While we are disappointed to experience any loss, we must move forward from a baseline that acknowledges the reality of today's economy." YEAR TO DATE AND SECOND QUARTER 2009 FINANCIAL RESULTS Total assets for the Company as of June 30, 2009 were $381.2 million, an increase of $17.9 million, or 4.9%, from $363.3 million as of December 31, 2008, and an increase of $30.4 million, or 8.7%, from $350.7 million as of June 30, 2008. Total loans for the Company as of June 30, 2009 were $314.7 million, an increase of $2.3 million, or 0.7%, from $312.4 million as of December 31, 2008, and a decrease of $2.0 million, or 0.6%, from $316.7 million as of June 30, 2008. Over the same periods, deposits grew $9.0 million, or 3.0% to $308.7 million at June 30, 2009, compared to $299.8 million at December 31, 2008 and $18.7 million, or 6.4%, compared to $290.0 million at June 30, 2008. The net loss for the quarter ended June 30, 2009 was $448 thousand, compared to net income of $319 thousand for the same period in 2008. Earnings (loss) per diluted share for the three months ended June 30, 2009 and 2008, were ($0.23) and $0.17, respectively. The net loss for the six month period ended June 30, 2009 was $2.1 million or ($1.08) per share, compared to net income of $712 thousand or $0.37 per share for the same period in 2008. The decrease in net income in 2009 compared to 2008 was attributed primarily to an increase in the provision for loan losses along with maintenance and valuation expenses related to REO. Gall said, "The Bank is having some success in selling its REO properties, which should have a positive effect on the level of future REO expenses." At June 30, 2009, December 31, 2008, and June 30, 2008, the allowance for loan losses as a percent of non-accrual loans totaled 56.4%, 44.5%, and 153.6%, respectively. Net interest income was $3.7 million for the three month period ended June 30, 2009, a decrease of $151 thousand, or 3.9%, as compared to $3.9 million for the same period in 2008. The Company's net interest margin declined from 4.84% in the three month period ended June 30, 2008 to 4.58% in the three month period ended June 30, 2009. For the six month period ended June 30, 2009, net interest income was $7.3 million compared to $7.6 million in the same period in 2008. The Company's net interest margin narrowed from 4.75% in the six month period ended June 30, 2008 to 4.40% in the six month period ended June 30, 2009. The compressed net interest margin was primarily due to lower interest rates and forgone interest on non-accrual and restructured loans, and was partially mitigated by growth in earning assets and improved cost of funds during the period. Forgone interest on non-accrual and restructured loans negatively affected the net interest margin by 0.80% and 0.63% for the three and six month periods ended June 30, 2009. Forgone interest on non-accrual loans negatively affected the net interest margin by 0.11% and 0.18% for the three and six month period ended June 30, 2008. The cost of funds decreased 0.80% from 2.09% for the three month period ended June 30, 2008 to 1.29% for the same period in 2009 and 0.86% from 2.28% for the six month period ended June 30, 2008 to 1.42% for the same period in 2009. Average earning assets for the three months ended June 30, 2009 grew by $4.3 million to $327.8 million compared to $323.5 million for the same period in 2008. For the six month period, average earning assets grew by $9.9 million from $320.0 million in 2008 to $330.0 million in 2009. During the six month period ended June 30, 2009, the increase in non-interest expense of $2.0 million over the same period in 2008, was primarily the result of a $1.9 million write-down in the carrying value of REO, $75.0 thousand in other costs associated with the holding and disposition of REO, an increase in FDIC insurance premiums of $335.0 thousand, offset by a net decrease in other expenses of $284.0 thousand. The growth of those non-interest expense items was partially offset by lower personnel and occupancy costs of $567.0 thousand and $42.0 thousand, respectively. RESTATED FIRST QUARTER 2009 FINANCIAL RESULTS Total assets for the Company as of March 31, 2009 were $370.4 million, an increase of $7.2 million, or 2.0%, from $363.3 million as of December 31, 2008 and $26.9 million from $343.6 million as of March 31, 2008. Total loans for the Company as of March 31, 2009 were $315.3 million, an increase of $2.9 million, or 0.9%, from $312.4 million as of December 31, 2008, a decrease of $4.2 million compared to $319.4 million at March 31, 2008. Over the same periods deposits grew $3.7 million, or 1.2%, to $303.5 million at March 31, 2009 compared to $299.8 million at December 31, 2008 and $38.7 million compared to $264.9 million as of March 31, 2008. As a result of the adjustments to loan loss reserve associated with the restated 2008 financial statements, a lower provision for loan loss was required for the first quarter of 2009 thereby necessitating a restatement of the first quarter 2009 financial results. For the three month period ended March 31, 2009, the Company's net loss was $1.6 million, or ($0.84) per diluted share compared to net income of $393 thousand, or $0.20 per diluted share for the same period in 2008. First quarter 2009 financial results were originally reported with a loss of $5.4 million, or ($2.81) per diluted share and improved as a result of updated appraisals obtained during the loan portfolio examination validating that deterioration in loan collateral values was attributable to 2008 rather than 2009. (Earnings per share for 2008 have been adjusted to reflect the 5% stock dividend in June 2008.) The decrease in net income in the three month period ended March 31, 2009 compared to the same three month period in 2008 is primarily attributable to an increase in the provision for loan losses of $1.4 million, and maintenance and valuation expenses related to REO of $1.7 million. The percentage of loan loss reserve to total loans outstanding as of March 31, 2009 was 4.38%. RESTATED 2008 FINANCIAL RESULTS The Company's 2008 restated results of operations show a loss of $10.7 million for the 12 months ended December 31, 2008, or ($5.56) per diluted share, compared to earnings of $2.6 million, or $1.32 per diluted share for the same period in 2007. (Earnings per share for 2007 have been adjusted to reflect the 5% stock dividend in June 2008.) Gall said, "Most of the change in the net loss for 2008, originally reported as $1.1 million, was the result of an additional $16.0 million that was added to the Company's Loan Loss Reserve." Gall continued, "The recently concluded audit of the loan portfolio confirmed that a significant portion of the deterioration of borrowers' collateral values and financial condition as a result of economic pressures could be traced to events occurring in 2008. It was also confirmed that additional sums should be provided to augment the Loan Loss Reserve from potential losses that may arise from certain loans that have been identified to have been made that did not comply with Bank loan policies and procedures during 2008. As a result, the Company's reported 2008 financial results needed to be adjusted to reflect an appropriate reserve for or write-down for the value or increased risk of some of our loans." Total assets for the Company as of December 31, 2008 were $363.3 million, an increase of $34.8 million, or 10.6%, from $328.4 million as of December 31, 2007. Total loans for the Company as of December 31, 2008 were $312.4 million, an increase of $7.2 million, or 2.4% from $305.1 million as of December 31, 2007. Over the same period, deposits grew $25.5 million, or 9%, to $299.8 million at December 31, 2008 compared to $274.3 million at December 31, 2007. The net loss in 2008 compared to net income in 2007 is primarily attributable to an increase in the provision for loan losses. A total of $20.9 million has been added to augment the loan loss reserve in the quarter ended December 31, 2008, bringing the provision to the loan loss reserve for the 12 months ended December 31, 2008 to $23.9 million compared to $945 thousand for the comparable 2008 period. The percentage of loan loss reserve to total loans outstanding as of December 31, 2008 was 3.97%. Gall stated, "The Company's earnings from core operations, before the effect of real estate owned (REO) expenses and provision for loan losses, is improving. A review of the last two quarters shows that net interest income, non-interest income and non-interest expense are all heading in the right direction." HIGHLIGHTS (Dollars in thousands) 3 months ended 6/30/09 3 months ended 3/31/09 12 months ended 12/31/08 Net interest income $3,744 $3,524 $15,100 Non-interest income 599 522 2,140 Non-interest expense 2,822 2,938 11,093 Net income before Provision for loss, REO expense, & tax 1,521 1,108 6,147 Provision for loan loss 1,500 2,000 23,900 REO write-down & other REO expense, net 491 1,633 560 Net (loss) income before tax (470) (2,525) (18,313) Income tax expense (benefit) (190) (1,020) (7,662) Net (Loss) Income ($280) ($1,505) ($10,651) Dividends and discount accretion on preferred stock (168) (108) - Net (Loss) Income Available to Common Shareholders ($448) ($1,613) ($10,651) Net (Loss) Income per diluted common share ($0.23) ($0.84) ($5.56) This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe", "expect", "intend", "estimate" or words of similar meaning, or future or conditional verbs such as "will", "would", "should", "could" or "may". Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations, pricing, products and services. These and other important factors are detailed in various Federal Deposit Insurance Corporation filings made periodically by the Bank, copies of which are available from the Bank without charge. The Company or the Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. Citizens Bank of Northern California (the "Bank") was founded in February 1995, and is headquartered in Nevada City, California. The Bank became a wholly owned subsidiary of the Company in 2003. The Bank has six branches serving communities throughout Nevada County, including locations in Nevada City, Grass Valley, Penn Valley, Lake of the Pines, and Truckee. In addition to its Nevada County branches, the Bank services the needs of its Placer County customers with a branch located in Auburn. The Bank offers consumer loans and other traditional banking products and services, designed to meet the needs of small and middle market businesses and individuals. Citizens Bancorp
Selected Financial Highlights
For the three and six month periods ended June 30, 2009 and 2008
(In thousands, except share and per share data) 3 months ended 6/30/09 3 months ended 6/30/08 Change % 6 months ended 6/30/09 6 months ended 6/30/08 Change %
(Unaudited)
Net interest income $3,744 $3,895 - 3.88% $7,268 $7,557 - 3.82%
Provision for loan losses 1,500 950 57.89% 3,500 1,600 118.75%
Total non-interest income 599 544 10.11% 1,123 1,111 1.08%
Total non-interest expense 3,313 2,953 12.19% 7,885 5,874 34.24%
Income tax expense (benefit) (190) 217 -187.56% (1,209) 482 -350.83%
Net (loss) income (280) $319 -187.77% (1,785) $712 -350.70%
Dividends and discount accretion on preferred stock (168) (275)
Net (loss) income available to common shareholders ($448) ($2,060)
Weighted average shares outstanding: (1)
Basic 1,915,981 1,915,278 1,915,981 1,914,244
Diluted 1,915,981 1,929,292 1,915,981 1,927,977
(Loss) Earnings Per Share: (1)
Basic ($0.23) $0.17 ($1.08) $0.37
Diluted ($0.23) $0.17 ($1.08) $0.37
RATIOS & OTHER INFORMATION:
Annualized return on average assets -0.30% 0.37% -1.12% 0.42%
Annualized return on average equity -5.76% 5.81% -20.77% 6.52%
Net interest margin 4.58% 4.84% 4.40% 4.75%
Efficiency ratio 76.28% 66.52% 93.97% 67.77%
Net charge-offs as % of average total loans 0.33% 0.02% 0.52% 0.63%
Non-performing assets as % of total avg. assets 8.44% 2.43% 8.54% 2.43%
Avg. earning assets $327,768 $323,487 $329,996 $320,050
6/30/09 6/30/08 Change %
Shareholders' equity $19,291 $22,238 - 13.25%
Shares outstanding (end of period) (1) 1,915,981 1,915,981
Book and tangible book value per common share (1) $9.93 $11.61
Tangible equity/tangible assets 4.9% 6.3%
Tier 1 leverage capital ratio 4.6% 8.5%
Total risk based capital ratio 9.6% 11.7%
Number of full service banking offices 7 7
Number of full-time equivalent employees 82 83
(1) Share and per share information has been retroactively adjusted
for 5% stock dividend in June 2008.
Citizens Bancorp
Selected Financial Highlights
For the three month periods ended March 31, 2009 and 2008
(In thousands, except share and per share data) 3 months ended 3/31/09 3 months ended 3/31/08 Change %
(Unaudited)
Net interest income $3,524 $3,662 -3.77%
Provision for loan losses 2,000 650 207.69%
Total non-interest income 522 568 -8.10%
Total non-interest expense 4,571 2,921 56.49%
Income tax expense (benefit) (1,020) 266 483.46%
Net (loss) income (1,505) $393 -482.95%
Dividends and discount accretion on preferred stock (108)
Net (loss) income available to common shareholders ($1,613)
Weighted average shares outstanding: (1)
Basic 1,915,981 1,913,210
Diluted 1,915,981 1,926,662
(Loss) Earnings Per Share: (1)
Basic ($0.84) $0.21
Diluted ($0.84) $0.20
RATIOS & OTHER INFORMATION:
Annualized return on average assets -1.66% 0.47%
Annualized return on average equity -29.76% 7.27%
Net interest margin 4.30% 4.64%
Efficiency ratio 112.96% 69.06%
Net charge-offs as % of average total loans 0.19% 0.61%
Non-performing assets as % of total avg. assets 8.74% 2.40%
Avg. earning assets $332,224 $316,614
3/31/09 3/31/08 Change %
Shareholders' equity $19,709 $21,889 -9.96%
Shares outstanding (end of period) (1) 1,915,981 1,913,210
Book and tangible book value per common share (1) $10.15 $11.44
Tangible equity/tangible assets 5.2% 6.4%
Tier 1 leverage capital ratio 4.9% 8.7%
Total risk based capital ratio 9.6% 11.2%
Number of full service banking offices 7 7
Number of full-time equivalent employees 85 85
(1) Share and per share information has been retroactively adjusted
for 5% stock dividend in June 2008.
Citizens Bancorp
Selected Financial Highlights
For the three month and twelve month periods ended December 31,
2008 and 2007
(In thousands, except share and per share data) 3 months ended 12/31/08 3 months ended 12/31/07 Change % 12 months ended 12/31/08 12 months ended 12/31/07 Change %
(Unaudited)
Net interest income $3,573 $3,643 -1.92% $15,100 $14,294 5.64%
Provision for loan losses 20,900 675 2996.30% 23,900 945 2429.10%
Total non-interest income 522 571 -8.58% 2,140 2,206 -2.99%
Total non-interest expense 2,999 2,776 8.03% 11,653 11,242 3.66%
Income tax expense (benefit) (8,264) 255 -3340.78% (7,662) 1,728 -543.40%
Net (loss) income ($11,540) $508 -2371.65% ($10,651) $2,585 -512.03%
Weighted average shares outstanding: (1)
Basic 1,915,981 1,912,565 1,915,117 1,911,897
Diluted 1,916,011 1,941,398 1,915,117 1,956,595
(Loss) Earnings Per Share: (1)
Basic ($6.02) $0.27 ($5.56) $1.35
Diluted ($6.02) $0.26 ($5.56) $1.32
RATIOS & OTHER INFORMATION:
Annualized return on average assets -12.70% 0.63% -3.04% 0.85%
Annualized return on average equity -258.09% 9.02% -50.82% 12.55%
Net interest margin 4.19% 4.78% 4.61% 5.04%
Efficiency ratio 73.24% 65.87% 67.60% 68.14%
Net charge-offs as % of average total loans 4.06% 0.13% 4.87% 0.14%
Non-performing assets as % of total avg. assets 9.44% 2.92% 9.71% 3.10%
Avg. earning assets $339,029 $302,467 $327,468 $283,860
12/31/08 12/31/07 Change %
Shareholders' equity $21,296 $21,572 -1.28%
Shares outstanding (end of period) (1) 1,915,981 1,913,211
Book and tangible book value per common share (1) $5.57 $11.28
Tangible equity/tangible assets 5.9% 6.6%
Tier 1 leverage capital ratio 5.5% 9.0%
Total risk based capital ratio 10.2% 12.4%
Number of full service banking offices 7 7
Number of full-time equivalent employees 85 90
(1) Share and per share information has been retroactively adjusted
for 5% stock dividend in June 2008.
CITIZENS BANCORP
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CONDITION
(In thousands)
6/30/09 6/30/08 3/31/09 3/31/08 12/31/08 12/31/07
Assets
Cash and due from banks $34,244 $9,471 $27,188 $6,716 $7,050 $9,035
Federal funds sold 13,720 4,775 7,285 3,350 25,260 2,350
Total cash and cash equivalents 47,964 14,246 34,473 10,066 32,310 11,385
Interest-bearing deposits in other banks 442 150 410 150 519 213
Investment securities 1,564 1,138 2,185 1,302 1,161 1,296
Loans 314,676 316,676 315,252 319,432 312,374 305,135
Allowance for loan losses (14,281) (3,525) (13,810) (2,654) (12,406) (3,919)
Net loans 300,395 313,151 301,442 316,778 299,968 301,216
Premises and equipment, net 1,810 2,345 1,938 2,509 2,073 2,577
Cash surrender value of bank-owned life insurance 6,011 5,803 5,959 5,752 5,907 5,700
Other real estate owned 6,358 6,235 7,929 280 6,195 0
Interest receivable and other assets 16,639 7,681 16,112 6,746 15,141 6,046
Total Assets $381,183 $350,749 $370,448 $343,583 $363,274 $328,433
Liabilities and Shareholders' Equity
Liabilities
Deposits
Non-interest bearing $72,126 $70,291 $66,131 $61,744 $65,218 $67,202
Interest bearing 236,591 219,752 237,338 203,129 234,540 207,053
Total deposits 308,717 290,043 303,469 264,873 299,758 274,255
Federal funds purchased and Federal Home Loan Bank borrowings 34,000 19,500 28,000 37,800 23,000 13,500
Junior subordinated debentures 15,465 15,465 15,465 15,465 15,465 15,465
Interest payable and other liabilities 3,710 3,503 3,805 3,556 3,755 3,641
Total Liabilities 361,892 328,511 350,739 321,694 341,978 306,861
Shareholders' Equity
Preferred stock 10,421 - 10,395 - 10,369 -
Common stock, no par value 14,383 14,335 14,378 12,975 14,374 12,956
(Accumulated deficit) Retained earnings (5,515) 7,909 (5,066) 8,913 (3,454) 8,619
Accumulated other comprehensive income (loss), net 2 (6) 2 1 7 (3)
Total Shareholders' Equity 19,291 22,238 19,709 21,889 21,296 21,572
Total Liabilities and Shareholders' Equity $381,183 $350,749 $370,448 $343,583 $323,274 $328,433
CITIZENS BANCORP
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three months ended 6/30/09 Three months ended 6/30/08 Six months ended 6/30/09 Six months ended 6/30/08
Interest Income
Interest and fees on loans $4,782 $5,525 $9,574 $11,101
Interest on investment securities 12 19 25 22
Interest on federal funds sold 4 27 8 60
Interest on deposits in banks - 1 - 2
Total Interest Income 4,798 5,572 9,607 11,185
Interest Expense
Interest on interest-bearing deposits 815 1,370 1,859 2,873
Interest on borrowings 109 111 215 294
Interest on junior subordinated debentures 130 196 265 461
Total Interest Expense 1,054 1,677 2,339 3,628
Net Interest Income 3,744 3,895 7,268 7,557
Provision for loan losses 1,500 950 3,500 1,600
Net Interest Income After Provision for Loan Losses 2,244 2,945 3,768 5,957
Non-Interest Income
Service charges on deposit accounts 264 353 549 581
Mortgage brokerage fees 202 147 326 344
Other income 133 44 248 186
Total Non-Interest Income 599 544 1,123 1,111
Non-Interest Expense
Salaries and employee benefits 998 1,417 2,331 2,898
Occupancy and equipment 432 456 875 917
Other expense 1,883 1,080 4,679 2,059
Total Non-Interest Expense 3,313 2,953 7,885 5,874
(Loss) Income Before Provision for (470) 536 (2,994) 1,194
Income Tax
(Benefit from) provision for income taxes (190) 217 (1,209) 482
Net (Loss) Income ($280) $319 ($1,785) $712
Dividends and discount accretion on preferred stock (168) - (275) -
Net (Loss) Income Available to Common Shareholders ($448) $319 ($2,060) $712
Net (loss) income per common share
Basic ($0.23) $0.17 ($1.08) $0.37
Diluted ($0.23) $0.17 ($1.08) $0.37
CITIZENS BANCORP
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three months ended 3/31/09 Three months ended 3/31/08
Interest Income
Interest and fees on loans $4,790 $5,576
Interest on investment securities 13 2
Interest on federal funds sold 5 33
Interest on deposits in banks - 1
Total Interest Income 4,808 5,612
Interest Expense
Interest on interest-bearing deposits 1,043 1,503
Interest on borrowings 106 183
Interest on junior subordinated debentures 135 264
Total Interest Expense 1,284 1,950
Net Interest Income 3,524 3,662
Provision for loan losses 2,000 650
Net Interest Income After Provision for Loan Losses 1,524 3,012
Non-Interest Income
Service charges on deposit accounts 285 284
Mortgage brokerage fees 123 197
Other income 114 87
Total Non-Interest Income 522 568
Non-Interest Expense
Salaries and employee benefits 1,332 1,481
Occupancy and equipment 443 461
Other expense 2,796 979
Total Non-Interest Expense 4,571 2,921
(Loss) Income Before Provision for Income Tax (2,525) 659
(Benefit from) provision for income taxes (1,020) 266
Net (Loss) Income ($1,505) $393
Dividends and discount accretion on preferred stock (108) -
Net (Loss) Income Available to Common Shareholders ($1,613) $393
Net (loss) income per common share (1)
Basic ($0.84) $0.21
Diluted ($0.84) $0.20
(1) Restated for the 5% stock dividend in June 2008.
CITIZENS BANCORP
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three months ended 12/31/08 Three months ended 12/31/07 Twelve months ended 12/31/08 Twelve months ended 12/31/07
Interest Income
Interest and fees on loans $5,204 $5,816 $21,801 $22,428
Interest on investment securities 9 12 40 55
Interest on federal funds sold 29 24 125 66
Interest on deposits in banks 1 2 5 8
Total Interest Income 5,243 5,854 21,971 22,557
Interest Expense
Interest on interest-bearing deposits 1,294 1,748 5,450 6,690
Interest on borrowings 107 177 493 398
Interest on junior subordinated debentures 269 286 928 1,175
Total Interest Expense 1,670 2,211 6,871 8,263
Net Interest Income 3,573 3,643 15,100 14,294
Provision for loan losses 20,900 675 23,900 945
Net Interest (Loss) Income After Provision for Loan Losses (17,327) 2,968 (8,800) 13,349
Non-Interest Income
Service charges on deposit accounts 283 278 1,251 1,031
Mortgage brokerage fees 86 204 491 798
Other income 153 89 398 377
Total Non-Interest Income 522 571 2,140 2,206
Non-Interest Expense
Salaries and employee benefits 1,202 1,447 5,271 6,051
Occupancy and equipment 482 452 1,863 1,793
Other expense 1,315 877 4,519 3,398
Total Non-Interest Expense 2,999 2,776 11,653 11,242
(Loss) Income Before Provision for (19,804) 763 (18,313) 4,313
Income Tax
(Benefit from) provision for income taxes (8,264) 255 (7,662) 1,728
Net (Loss) Income ($11,540) $508 ($10,651) $2,585
Net (loss) income per common share (1)
Basic ($6.02) $0.27 ($5.56) $1.35
Diluted ($6.02) $0.26 ($5.56) $1.32
(1) Restated for the 5% stock dividend in June 2008.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6046221&lang=en SOURCE: Citizens Bancorp Citizens Bancorp Gary D. Gall, 530-470-7985 President/CEO For full details for CZNB click here.
Email Print Archives Feedback Email Article Link
Close X
Most Popular News
UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
Thursday December 3 12:30 PM
* Attendance is strictly limited and are filled on a first-come, first-served basis.
The TradingMarkets Directory
Stocks
Options
Forex
E-mini/Futures
How to Trade
Tools
PowerRatings
Blogs
Premium Subscription Services
RELATED SITES
Please call 1-213-955-5858 ext. 1
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. The Connors Group, Inc. © Copyright 2009 The Connors Group, Inc. All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy. © 2009 The Connors Group, Inc.
|
