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Citizens Holding Company Reports Earnings

Stocks in this article: CIZN

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations for the three and nine months ended September 30, 2011.

Net income for the three months ended September 30, 2011 was $1.623 million, or $0.33 per share-basic and diluted, down from $1.781 million, or $0.38 per share-basic and diluted for the same quarter in 2010. Net interest income for the third quarter of 2011, after the provision for loan losses for the quarter, was $6.173 million, approximately 10.3% lower than the same period in 2010, due mainly to an increase in the provision for loan losses. The provision for loan losses for the three months ended September 30, 2011 was $1.660 million compared to $397 thousand for the same period in 2010. The provision in the third quarter includes an $811 thousand specific reserve due to the uncertain collectability of a loan. The net interest margin increased to 4.31% in the third quarter of 2011 from 3.96% in the same period in 2010 primarily because 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 third quarter of 2011 by $736 thousand, or 42.8%, while non-interest expenses increased $339 thousand, or 5.3%, compared to the same period in 2010. The increase in non-interest income was due primarily to a gain of $636 thousand from the sale of investment securities. The increase in non-interest expense was due to normal increases in operating expenses.

Net income for the nine months ended September 30, 2011 decreased 0.4% to $5.432 million, or $1.12 per share-basic and diluted, from $5.453 million, or $1.13 per share-basic and $1.12 per share-diluted, for the nine months ended September 30, 2010. Net interest income for the nine months ended September 30, 2011, after the provision for loan losses, increased 1.2% to $20.586 million from $20.340 million for the same period in 2010. Net interest margin increased to 4.28% in 2011 from 4.08% in 2010. The provision for loan losses for the nine months ended September 30, 2011 was $2.587 million compared to the provision of $1.717 million in 2010. The increase in the provision in both the three and nine-month periods reflects management’s assessment of inherent losses in the loan portfolio including the impact caused by current local and national economic conditions.

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