Citizens Bancorp of Virginia Inc., the parent company of Citizens Bank and Trust Co., recently reported earnings of $892,000, or .41 cents per share, for the quarter ending March 31, compared to $887,000, or .40 cents per share, for the same period in 2016. The company’s return on assets was 1 percent in 2017 versus 1.02 percent in 2016, according to a bank press release.

Earnings Highlights

“The company reported an increase of $109,000 in net interest income for the first quarter of 2017 compared to same quarter in 2016,” officials said in the release. “The increase was primarily due to an increase in loan balances and a decrease in interest expense. The company’s net interest margin for the first quarter of 2017 remained unchanged at 3.66 percent from the same period in 2016.”

Balance Sheet

“At March 31 … total company assets were $369.4 million, an increase of $4 million, or 1.11 percent, from Dec. 31, 2016. The bank’s loan portfolio ended the period at $187.3 million, an increase of $2.2 million from the prior year end, and total deposits increased to $309.3 million from $304.6 million at year end 2016,” according to the release. “Non-interest-bearing demand deposits increased to $57 million, or by .31 percent, and interest-bearing deposits increased to $252.3 million, or by 1.85 percent, from the prior year end.”

Capital Strength

“The company’s total equity at March 31 … was $48 million,” according to the release. “Total risk-based capital and Tier 1 risk-based capital ratios were approximately 26.9 percent and 25.8 percent, respectively. Both ratios significantly exceed the current regulatory standards for well capitalized status.”

Credit Quality

According to the press release, the bank’s loan portfolio has continued to perform well and remains stable. “The company reported net recoveries of $1,000 for the quarter ended March 31 … compared to net recoveries of $6,000 for the same period in 2016. Non-accruing loans as a percentage of loans decreased to 0.43 percent as of March 31 … from .88 percent at Dec. 31, 2016. Other Real Estate Owned (OREO) decreased to $4.4 million at March 31 … from $4.5 million at Dec. 31, 2016.”