Citizens Bancshares Corp. of Atlanta announced that its earnings declined 30% in 2009.

The $388 million-asset company said Monday that its earnings dipped to $715,000, from $1 million in 2008. It said it earned $290,000 in the fourth quarter, compared with a $144,000 loss the year earlier. Citizens Bancshares boosted its provision for loan losses to $813,000 in the fourth quarter, a 5.4% increase from the third quarter but a 35% decrease from the year earlier.

The company's allowance for loan losses totaled 59% of nonperforming loans, which were $6.9 million at Dec. 31, compared with $16 million at the end of 2008.

Citizens remains well capitalized, with a total risk-based capital ratio of 16% and a Tier 1 capital ratio of 15%.

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