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Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations for the three months ended March 31, 2010.

Net income for the three months ended March 31, 2010 increased to $1.976 million, or $0.41 per share-basic and diluted, from $1.859 million, or $0.38 per share-basic and diluted for the same quarter in 2009. Net interest income for the first quarter of 2010, after the provision for loan losses for the quarter, was $6.940 million, approximately 7.8% higher than the same period in 2009, due to a decrease in the amount of interest expense partially offset by an increase in the provision for loan losses. The provision for loan losses for the three months ended March 31, 2010 was $625 thousand compared to $316 thousand for the same period in 2009. 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. The net interest margin increased to 4.18% in the first quarter of 2010 from 4.09% in the same period in 2009 primarily because of the decrease in yields on earning assets was less than the decline in rates paid on interest bearing deposits.

Non-interest income increased in the first quarter of 2010 by approximately $61 thousand, or 3.9%, while non-interest expenses increased $399 thousand, or 7.1%, compared to the same period in 2009. The increase in non-interest income was due primarily to an increase in fees received on deposits and other service charges and fees. Non-interest expense increased mainly due to a $155 thousand increase in FDIC premiums paid in 2010, and an increase in salaries and benefits in the amount of $257 thousand.

Total assets as of March 31, 2010 increased by $9.140 million, or 1.1%, when compared to December 31, 2009. Deposits increased by $5.473 million, or 1.0%, over the same period in 2010. Loans, net of unearned income, during this period decreased by $702 thousand, or 0.2%, due to decreasing loan demand. Non-performing assets increased by $122 thousand to $14.436 million at March 31, 2010 compared to December 31, 2009 because of an increase in non-accrual loans and loans 90 days or more past due and still accruing interest offset by a decrease in other real estate.

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