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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, 2012.

Net income for the three months ended September 30, 2012 was $1.629 million or $0.34 per share-basic and $0.33 per share-diluted, up from $1.623 million, or $0.33 per share-basic and diluted for the same quarter in 2011. Net interest income for the third quarter of 2012, after the provision for loan losses for the quarter, was $6.416 million, approximately 3.9% higher than the same period in 2011, due to a decrease in the provision for loan losses offset partially by a decrease in net interest income. The provision for loan losses for the three months ended September 30, 2012 was $463 thousand compared to $1.660 million for the same period in 2011. The decrease 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 3.74% in the third quarter of 2012 from 4.31% in the same period in 2011 primarily because of the decrease in yields on earning assets was offset by the decline in rates paid on interest bearing deposits.

Non-interest income decreased in the third quarter of 2012 by $608 thousand, or 24.8%, while non-interest expenses decreased $427 thousand, or 6.4%, compared to the same period in 2011. The decrease in non-interest income was due primarily to a decrease in income from the gains on sales of investment securities. Non-interest expenses decreased primarily due to a $390 thousand decrease in other operating expense, a $104 thousand decrease in salaries and benefits and a $67 thousand increase in occupancy expense.

Net income for the nine months ended September 30, 2012 decreased 7.1% to $5.044 million, or $1.04 per share-basic and diluted, from $5.432 million, or $1.12 per share-basic and diluted, for the nine months ended September 30, 2011. Net interest income for the nine months ended September 30, 2012, after the provision for loan losses, decreased 0.5% to $20.484 million from $20.586 million for the same period in 2011. Net interest margin for the nine months ended September 30, 2012, decreased to 4.00% in 2012 from 4.28% in the same period in 2011. The provision for loan losses for the nine months ended September 30, 2012 was $1.328 million compared to the provision of $2.586 million in 2011. 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.

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