Citizens Bancshares Corp. of Atlanta announced Tuesday that its second-quarter net income fell 23% compared with a year earlier, to $471,000.
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Credit quality improved and checking deposits had a solid increase, but Citizens said they were offset by two nonrecurring charges: a $346,000 writedown of the value of its preferred stock in Fannie Mae and Freddie Mac and a $100,000 legal judgment.
The $330 million-asset company said net income for the first six months of the year was $931,000, 27% less than it reported for last year's first half.
Nonperforming loans fell by $370,000 and were 1.12% of assets on June 30. That drop allowed the Citizens to cut its loan-loss provision to $63,000. A year earlier the provision was $250,000.
