News Column

Citizens Holding Company Posts Quarterly and Yearly Financial Results

February 2, 2014

Citizens Holding Company announced results of operations for the three and twelve months ended Dec. 31, 2013 . In a release on Jan. 24 , the Company said net income for the three months ended Dec. 31, 2013 , was $2.122 million , or $0.44 per share-basic and diluted, up from $1.740 million , or $0.34 per share- basic and $0.33 per share-diluted for the same quarter in 2012. Net interest income for the third quarter of 2013, after the provision for loan losses for the quarter, was $6.846 million , approximately 3.0 percent higher than the same period in 2012, due to a decrease in interest expense. The provision for loan losses for the three months ended Dec. 31, 2013 was $375 thousand compared to $218 thousand for the same period in 2012. The increase in the provision reflects management's estimate of inherent losses in the loan portfolio including the impact of current local and national economic conditions. The net interest margin decreased to 3.65 percent in the fourth quarter of 2013 from 3.74 percent in the same period in 2012 primarily because of the decrease in yields on earning assets was greater than the decline in rates paid on interest bearing deposits. Non-interest income decreased in the fourth quarter of 2013 by $292 thousand , or 12.6 percent, while non-interest expenses decreased $570 thousand , or 8.5 percent, compared to the same period in 2012. The decrease in non-interest income was due primarily to a decrease in other income offset partially by an increase in service charges on deposit accounts and other service charges and fees. Non- interest expenses decreased due to a $286 thousand decrease in other operating expense and a $101 thousand decrease in salaries and benefits and a $183 thousand decrease in occupancy expense. The decrease in other operating expense was due mainly as a result of lower regulatory and related costs. Net income for the twelve months ended Dec. 31, 2013 increased 5.4 percent to $7.150 million , or $1.47 per share-basic and diluted, from $6.784 million , or $1.40 per share-basic and $1.39 per-share diluted, for the twelve months ended December 31, 2012 . Net interest income for the twelve months ended December 31, 2013 , after the provision for loan losses, decreased 4.8 percent to $25.831 million from $27.133 million for the same period in 2012. Net interest margin for the twelve months ended December 31, 2013 , decreased to 3.59 percent in 2013 from 3.93 percent in the same period in 2012. The provision for loan losses for the twelve months ended December 31, 2013 was $2.204 million compared to the provision of $1.546 million in 2012. The increase in the provision reflects management's assessment of inherent losses in the loan portfolio including the impact caused by current local and national economic conditions. Non-interest income increased by $414 thousand , or 5.6 percent, and non-interest expense decreased by $1.373 , or 5.3 percent, for the twelve months ended December 31, 2013 when compared to the same period in 2012. The increase in non-interest income was primarily due to an increase in service charges from deposit accounts and other service charges and fees. Non-interest expense decreased primarily due to a decrease in other operating expenses of $654 thousand , salaries and benefits in the amount of $626 thousand and occupancy expenses in the amount of $92 thousand . The decrease in other operating expense was due mainly as a result of lower regulatory and related costs. Total assets as of December 31, 2013 decreased to $873.069 million , down $7.771 million , or 0.9 percent, when compared to December 31, 2012 . Deposits increased by $12.081 million , or 1.9 percent, and loans, net of unearned income increased by $23.292 million , or 6.3 percent, when compared to December 31, 2012 . The increase in loans, net of unearned, was due to improving loan demand in excess of repayments of existing loans. Non-performing assets increased by $472 thousand to $19.874 million at December 31, 2013 as compared to December 31, 2012 , because of an increase in loans 90 days or more past due and still accruing interest partially offset by decreases in non-accrual loans and other real estate owned. During 2013, the Company paid dividends totaling $0.88 per share. Citizens Holding Company is a one-bank holding company and the parent company of The Citizens Bank of Philadelphia , both headquartered in Philadelphia, Miss. The Bank currently has twenty- two banking locations in ten counties in East Central and South Mississippi and has a loan production office in Biloxi, Miss. In addition to full service commercial banking, the Bank offers mortgage loans, title insurance services through its subsidiary, Title Services, and internet banking services including online banking, bill pay and cash management services for businesses. Internet services are available at the More information: www.thecitizensbankphila.com www.citizensholdingcompany.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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