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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 months ended March 31, 2012.

Net income for the three months ended March 31, 2012 was $1.663 million, or $0.34 per share-basic and diluted, down from $1.955 million, or $0.40 per share-basic and diluted for the same quarter in 2011. Net interest income for the first quarter of 2012, after the provision for loan losses for the quarter, was $6.852 million, approximately 6.6% lower than the same period in 2011, due to a decrease in net interest income and an increase in the provision for loan losses. The provision for loan losses for the three months ended March 31, 2012 was $536 thousand compared to $244 thousand for the same period in 2011. The increase in the provision reflects management’s estimate of inherent losses in the loan portfolio including the impact of current local and national economic conditions. The net interest margin decreased to 4.10% in the first quarter of 2012 from 4.25% in the same period in 2011 primarily because of the decrease in yields on earning assets was greater than the decline in rates paid on interest bearing deposits.

Non-interest income increased in the first quarter of 2012 by $26 thousand, or 1.6%, while non-interest expenses increased $10 thousand, or 0.2%, compared to the same period in 2011. The increase in non-interest income was due primarily to an increase in other service charges and fees. Non-interest expenses increased due to a $27 thousand increase in other operating expenses and an increase in salaries and benefits of $40 thousand offset by a decrease in occupancy expense of $58 thousand.

Total assets as of March 31, 2012 decreased to $845.570 million, down $8.375 million, or 1.0%, when compared to December 31, 2011. Deposits increased by $11.337 million, or 2.0%, and loans, net of unearned income decreased by $4.839 million, or 1.2%, when compared to December 31, 2011. The decrease in loans, net of unearned, was due to declining loan demand. Non-performing assets decreased by $462 thousand to $15.975 million at March 31, 2012 compared to December 31, 2011, because of a decrease in non-accrual loans, loans 90 days or more past due and still accruing interest and by a decrease in other real estate.

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