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Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations for the three and nine months ended September 30, 2013.

Net income for the three months ended September 30, 2013 was $2.009 million, or $0.41 per share-basic and diluted, up from $1.629 million, or $0.34 per share-basic and $0.33 per share-diluted for the same quarter in 2012. Net interest income for the third quarter of 2013, after the provision for loan losses for the quarter, was $6.173 million, approximately 3.8% lower than the same period in 2012, due to an increase in the provision for loan losses. The provision for loan losses for the three months ended September 30, 2013 was $1.080 million compared to $462 thousand for the same period in 2012. 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 3.72% in the third quarter of 2013 from 3.74% in the same period in 2012 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 third quarter of 2013 by $343 thousand, or 18.6%, while non-interest expenses decreased $423 thousand, or 6.7%, compared to the same period in 2012. The increase in non-interest income was due primarily to an increase in service charges on deposit accounts, other income and other service charges and fees. Non-interest expenses decreased due to a $285 thousand decrease in other operating expense and a $134 thousand decrease in salaries and benefits and a $4 thousand decrease in occupancy expense. The decrease in other operating expense was due mainly as a result of lower regulatory and related costs.

Net income for the nine months ended September 30, 2013 decreased 0.3% to $5.028 million, or $1.03 per share-basic and diluted, from $5.044 million, or $1.04 per share-basic and diluted, for the nine months ended September 30, 2012. Net interest income for the nine months ended September 30, 2013, after the provision for loan losses, decreased 7.3% to $18.985 million from $20.485 million for the same period in 2012. Net interest margin for the nine months ended September 30, 2013, decreased to 3.57% in 2013 from 4.00% in the same period in 2012. The provision for loan losses for the nine months ended September 30, 2013 was $1.829 million compared to the provision of $1.328 million in 2012. The increase 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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