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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, 2013.

Net income for the three months ended December 31, 2013 was $2.122 million, or $0.44 per share-basic and diluted, up from $1.740 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 $6.846 million, approximately 3.0% higher than the same period in 2012, due to a decrease in interest expense. The provision for loan losses for the three months ended December 31, 2013 was $375 thousand compared to $218 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 3.65% in the fourth 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 decreased in the fourth quarter of 2013 by $292 thousand, or 12.6%, while non-interest expenses decreased $570 thousand, or 8.5%, compared to the same period in 2012. The decrease in non-interest income was due primarily to a decrease in other income offset partially by an increase in service charges on deposit accounts and other service charges and fees. Non-interest expenses decreased due to a $286 thousand decrease in other operating expense and a $101 thousand decrease in salaries and benefits and a $183 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 twelve months ended December 31, 2013 increased 5.4% to $7.150 million, or $1.47 per share-basic and diluted, from $6.784 million, or $1.40 per share-basic and $1.39 per-share diluted, for the twelve months ended December 31, 2012. Net interest income for the twelve months ended December 31, 2013, after the provision for loan losses, decreased 4.8% to $25.831 million from $27.133 million for the same period in 2012. Net interest margin for the twelve months ended December 31, 2013, decreased to 3.59% in 2013 from 3.93% in the same period in 2012. The provision for loan losses for the twelve months ended December 31, 2013 was $2.204 million compared to the provision of $1.546 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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