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Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations as of and for the three and six months ended June 30, 2010.

Net income for the three months ended June 30, 2010 decreased to $1.696 million, or $0.35 per share-basic and diluted, from $1.840 million, or $0.38 per share-basic and $0.37 per share-diluted for the same quarter in 2009. Net interest income for the second quarter of 2010, after the provision for loan losses for the quarter, was $6.516 million, approximately 0.8% lower than the same period in 2009, in part due to the decrease in yield on interest earning assets partially offset by a decrease in the provision for loan losses. The provision for loan losses for the three months ended June 30, 2010 was $695 thousand compared to $824 thousand for the same period in 2009. The net interest margin decreased to 3.97% in the second quarter of 2010 from 4.16% in the same period in 2009 primarily because 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 second quarter of 2010 by approximately $113 thousand, or 6.0%, while non-interest expenses increased $71 thousand, or 1.2%, compared to the same period in 2009. Non-interest expense increased mainly due to a $226 thousand increase in salaries and benefits partially offset by reductions in other operating expenses.

Net income for the six months ended June 30, 2010 decreased 0.7% to $3.672 million, or $0.76 per share-basic and $0.75 per share-diluted, from $3.699 million, $0.76 per share-basic and $0.75 per share-diluted, for the six months ended June 30, 2009. Net interest income for the six months ended June 30, 2010, after the provision for loan losses, increased 3.5% to $13.456 million from $13.002 million for the same period in 2009. Net interest margin decreased to 4.08% in 2010 from 4.14% in 2009. The provision for loan losses for the six months ended June 30, 2010 was $1.320 million compared to the provision of $1.140 million 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. Non-interest income decreased by $52 thousand, or 1.5%, and non-interest expense increased by $470 thousand, or 4.0%, for the six months ended June 30, 2010 when compared to June 30, 2009. The reduction in non-interest income was due to a reduction in the income from bank owned life insurance. Non-interest expense increased mainly due to an increase in salaries and benefits.

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