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Letter to our Shareholders

A message from our President / CEO and Chairman of the Board

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Gordon Zimmerman

Gordon Zimmerman,
President / CEO  

Bill Humphreys Sr.

Bill Humphreys Sr.,
Chairman of the Board




To our Shareholders, Customers and Friends:

2016 was a year of strong improvement for Citizens Bancorp, generating a respectable net after tax profit of $4.9 million. This constitutes a $1.2 million or 33% increase over the prior year. Total assets grew to $723 million, an increase of $98 million or nearly 16%. This escalation was driven by continued significant growth in our core deposit base, which increased to $605 million, up $94 million or 18% year-over-year. Net loan growth was strong throughout the year, increasing $26 million or 7% to $377 million. Excess deposits were invested in a conservative mix of short-term government backed securities, which expanded to $230 million and returned an additional $966 thousand in interest income by year end. These improvements supported consistent equity growth and the declaration of the Bank's 58th consecutive annual dividend, $0.33 cents per common share in 2016.

The Willamette Valley economic climate continues to improve, and your institution is well positioned to benefit from this steady growth. We have abundant liquidity to meet our customer's needs and our capital remains strong. Our solid, stable balance sheet provides us with flexibility while remaining true to our historical lending fundamentals.

We are most proud of our talented and dedicated employee base, many of whom have been with us for several decades. Team Citizens has been the key to our continued success, and we are fortunate to have their loyalty, commitment and expertise.

We have always been a conservative bank with a disciplined operating methodology that is grounded in one simple directive - doing the right thing for our customers, our employees and our shareholders. As we approach Citizens Bank's 60th anniversary in October of 2017, our mission remains straightforward. We strive to remain an independent, high-performing community bank that is owned, directed, and operated by those who live and work in the communities we serve.

Thank you for your continued support.

Gordon Zimmerman
President & Chief Executive Officer

Bill Humphreys Sr.
Chairman of the Board


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