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Citizens Holding Company Reports Increased Earnings

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

Net income for the three months ended September 30, 2010 increased to $1.781 million, or $0.37 per share-basic and diluted, from $1.737 million, or $0.36 per share-basic and $0.35 per share-diluted for the same quarter in 2009. Net interest income for the third quarter of 2010, after the provision for loan losses for the quarter, was $6.884 million, approximately 2.7% higher than the same period in 2009. The Company experienced a decrease in yield on interest earning assets which partially offset the decrease in the provision for loan losses. The provision for loan losses for the three months ended September 30, 2010 was $397 thousand compared to $1.124 million for the same period in 2009. The net interest margin decreased to 3.96% in the third quarter of 2010 from 4.34% 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 third quarter of 2010 by approximately $361 thousand, or 17.3%, while non-interest expenses decreased $239 thousand, or 3.6%, compared to the same period in 2009. Non-interest expense decreased mainly due to reductions in occupancy and other operating expenses partially offset an increase in salaries and benefits.

Net income for the nine months ended September 30, 2010 increased 0.3% to $5.453 million, or $1.13 per share-basic and $1.12 per share-diluted, from $5.436 million, $1.12 per share-basic and $1.11 per share-diluted, for the nine months ended September 30, 2009. Net interest income for the nine months ended September 30, 2010, after the provision for loan losses, increased 3.2% to $20.340 million from $19.702 million for the same period in 2009. Net interest margin decreased to 4.04% in 2010 from 4.20% in 2009. The provision for loan losses for the nine months ended September 30, 2010 was $1.717 million compared to the provision of $2.264 million in 2009. The decrease 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 $413 thousand, or 7.5%, and non-interest expense increased by $231 thousand, or 1.3%, for the nine months ended September 30, 2010 when compared to September 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 partially offset by reductions in other operating expenses.

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