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Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations for the three and twelve months ended December 31, 2011.

Net income for the three months ended December 31, 2011 was $1.786 million, or $0.37 per share-basic and diluted, up from $1.710 million, or $0.35 per share-basic and diluted for the same quarter in 2010. Net interest income for the fourth quarter of 2011, after the provision for loan losses for the quarter, was $6.751 million, approximately 2.0% higher than the same period in 2010, due mainly to a decrease in the provision for loan losses. The provision for loan losses for the three months ended December 31, 2011 was $408 thousand compared to $739 thousand for the same period in 2010. The net interest margin decreased to 3.98 % in the fourth quarter of 2011 from 4.06% in the same period in 2010 primarily because the decrease in yields on earning assets was more than the decline in rates paid on interest bearing deposits.

Non-interest income decreased in the fourth quarter of 2011 by $24 thousand, or 1.3%, while non-interest expenses increased $721 thousand, or 11.8%, compared to the same period in 2010. The increase in non-interest expense was due to normal increases in operating expenses.

Net income for the twelve months ended December 31, 2011 increased 0.8% to $7.218 million, or $1.49 per share-basic and diluted, from $7.163 million, or $1.48 per share-basic and diluted, for the twelve months ended December 31, 2010. Net interest income for the twelve months ended December 31, 2011, after the provision for loan losses, increased 1.4% to $27.337 million from $26.956 million for the same period in 2010. Net interest margin increased to 4.20% in 2011 from 4.04% in 2010. The provision for loan losses for the twelve months ended December 31, 2011 was $2.995 million compared to the provision of $2.456 million in 2010. The increase in the provision in the twelve-month period 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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