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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV