Citizens Community Bank (South Hill, VA) reported earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income available to common shareholders was $60,081, an increase of 7.0% or $3,919 over third quarter 2008. Return on average assets decreased 1 basis point to 0.14%, while return on average equity decreased 14 basis points to 1.10% over the comparable period. For the third quarter of 2009, net interest income totaled $1,521,151, an increase of $271,495 or 21.7% over the same quarter for 2008. For the nine months ended September 30, 2009, the company reported net income available to common shareholders totaled $126,563, down $90,628 or 41.7% compared to $217,191 for the first nine months of 2008. This compares to $0.16 per share for the first nine months of 2008, with 1,351,341 basic and 1,352,216 of diluted shares outstanding. Year to date, return on average assets equaled 0.10% compared to 0.20% for 2008, while return on average equity declined to 0.79% from 1.60% over the same period. For the first nine months of the year, net interest income increased $563,048 or 15.5% over the first three quarters of 2008.

Citizens Community Bank (South Hill, VA) reported earnings results for the second quarter and six months ended June 30, 2009. For the quarter, net income to common shareholders was $15,902, an increase of 88.5% or $7,468 over second quarter 2008. Basic and diluted earnings per share equaled $0.01 for three months ended June 30, 2009 and 2008. Return on average assets increased 2 basis points to 0.04%, while return on average equity increased to 0.30% from 0.19% over the comparable period. Net interest income totaled $1,376,914, an increase of $196,876 or 16.7% from the same period in 2008. The strong increase reflected the growth experienced in the loan portfolio as well as the investment strategy deployed early in 2009. The Bank also benefited from a reduction in funding cost. For the first six months of 2009, net income totaled $66,483 compared to $161,030 for the first half of 2008. Both basic and diluted earnings per share equaled $0.05 per share for 2009, down from $0.12 per share for the first six months of 2008. Return on average assets was 0.08% versus 0.22% for 2008, while return on average equity declined to 0.62% from 1.78% over the same period.

Citizens Community Bank (South Hill, VA) reported earnings Results for the First Quarter ended March 31, 2009. For the period, the company net income to common shareholders was equaled $50,581, a decrease of 66.9% or $102,015 from the first quarter of 2008. Earnings per basic and diluted share were $0.04 a decline of $0.07, or 63.6% over 2008. Return on average assets was equaled 0.12%, down 29 basis points, while return on average equity of 0.96% was down from 3.39% for 2008. Net interest income was increased $94,678 or 7.9% over first quarter 2008, as a higher volume of earning assets and lower funding costs mitigated much of the net interest margin compression experienced over the comparable periods.