This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations for the quarter and year ended December 31, 2012.

Net income for the quarter ended December 31, 2012 was $1.740 million or $0.36 per share-basic and diluted, down from $1.786 million, or $0.37 per share-basic and diluted for the same quarter in 2011. Net interest income for the fourth quarter of 2012, after the provision for loan losses for the quarter, was $6.648 million, approximately 1.5% lower than the same period in 2011, due to a decrease in net interest income offset partially by a decrease in the provision for loan losses. The provision for loan losses for the quarter ended December 31, 2012 was $218 thousand compared to $408 thousand for the same period in 2011. The decrease in the provision reflects management’s assessment of estimated 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 fourth quarter of 2012 from 3.98% in the same period in 2011 primarily because of the decrease in yields on earning assets which was partially offset by the decline in rates paid on interest bearing deposits.

Non-interest income increased in the fourth quarter of 2012 by $421 thousand, or 22.2%, while non-interest expenses decreased $153 thousand, or 2.2%, compared to the same period in 2011. The increase in non-interest income was due primarily to an increase in gains on sales of investment securities. Non-interest expenses decreased primarily due to a $39 thousand decrease in other operating expense, a $206 thousand decrease in salaries and benefits partially offset by $91 thousand increase in occupancy expense.

Net income for the year ended December 31, 2012 decreased 7.1% to $6.784 million, or $1.40 per share-basic and $1.39 per share-diluted, from $7.218 million, or $1.49 per share-basic and diluted, for the year ended December 31, 2011. Net interest income for the year ended December 31, 2012, after the provision for loan losses, decreased 0.7% to $27.133 million from $27.337 million for the same period in 2011. Net interest margin for the year ended December 31, 2012, decreased to 3.93% in 2012 from 4.20% in the same period in 2011. The provision for loan losses for the year ended December 31, 2012 was $1.546 million compared to the provision of $2.995 million in 2011. The decrease in the provision reflects management’s assessment of estimated losses in the loan portfolio including the impact caused by current local and national economic conditions.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs