Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - Investar Holding Corp | exhibit993unauditedproforma.htm |
| EX-23.1 - EXHIBIT 23.1 - Investar Holding Corp | exhibit231to8-kaconsent.htm |
| 8-K/A - 8-K/A - Investar Holding Corp | a8-kacompetionofcitizensac.htm |
Exhibit 99.2
CITIZENS BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
(Unaudited)
June 30, 2017 | ||||
ASSETS | ||||
Cash and due from banks | $ | 5,015 | ||
Interest-bearing balances due from other banks | 38,550 | |||
Federal funds sold | 1,000 | |||
Cash and cash equivalents | 44,565 | |||
Available for sale securities | 70,038 | |||
Loans | 131,894 | |||
Less: allowance for loan losses | (1,972 | ) | ||
Net loans | 129,922 | |||
Bank premises and equipment | 1,993 | |||
Other real estate owned, net | 429 | |||
Accrued interest receivable | 652 | |||
Deferred tax asset | 828 | |||
Bank owned life insurance | 801 | |||
Other assets | 594 | |||
Total assets | $ | 249,822 | ||
LIABILITIES | ||||
Deposits: | ||||
Noninterest-bearing | $ | 43,255 | ||
Interest-bearing | 168,723 | |||
Total deposits | 211,978 | |||
Accrued interest payable | 150 | |||
Accrued taxes and other liabilities | 1,850 | |||
Total liabilities | 213,978 | |||
STOCKHOLDERS’ EQUITY | ||||
Common stock | 546 | |||
Surplus | 784 | |||
Retained earnings | 34,412 | |||
Accumulated other comprehensive loss | 102 | |||
Total stockholders’ equity | 35,844 | |||
Total liabilities and stockholders’ equity | $ | 249,822 | ||
CITIZENS BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data)
(Unaudited)
Six months ended June 30, | ||||||||
2017 | 2016 | |||||||
INTEREST INCOME | ||||||||
Interest and fees on loans | $ | 3,449 | $ | 3,493 | ||||
Interest on investment securities | 556 | 581 | ||||||
Other interest income | 188 | 103 | ||||||
Total interest income | 4,193 | 4,177 | ||||||
INTEREST EXPENSE | ||||||||
Interest on deposits | 522 | 502 | ||||||
Total interest expense | 522 | 502 | ||||||
Net interest income | 3,671 | 3,675 | ||||||
NONINTEREST INCOME | ||||||||
Service charges on deposit accounts | 429 | 409 | ||||||
Other operating income | 68 | 39 | ||||||
Total noninterest income | 497 | 448 | ||||||
Income before noninterest expense | 4,168 | 4,123 | ||||||
NONINTEREST EXPENSE | ||||||||
Salaries and employee benefits | 2,563 | 1,518 | ||||||
Occupancy and equipment | 265 | 252 | ||||||
Data processing | 70 | 71 | ||||||
Director fees | 91 | 65 | ||||||
Other operating expenses | 680 | 510 | ||||||
Total noninterest expense | 3,669 | (1) | 2,416 | |||||
Income before income tax expense | 499 | 1,707 | ||||||
Income tax expense | 211 | 552 | ||||||
Net Income | $ | 288 | $ | 1,155 | ||||
Earnings per share: | ||||||||
Basic earnings per share | $ | 2.64 | $ | 10.57 | ||||
Diluted earnings per share | $ | 2.64 | $ | 10.57 | ||||
Average common shares outstanding | ||||||||
Basic | 109,255 | 109,255 | ||||||
Diluted | 109,255 | 109,255 | ||||||
(1) Includes approximately $942,000 of nonrecurring costs directly related to the acquisition by Investar Holding Corporation.