President / CEO
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.
President & Chief Executive Officer
Bill Humphreys Sr.
Chairman of the Board