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Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ:CIZN) announced today results of operations for the three months ended March 31, 2014.

Net income for the three months ended March 31, 2014 was $1.797 million, or $0.37 per share-basic and diluted, up from $1.414 million, or $0.29 per share-basic and diluted for the same quarter in 2013. Net interest income for the first quarter of 2014, after the provision for loan losses for the quarter, was $6.856 million, approximately 4.2% higher than the same period in 2013, due to a decrease in interest expense. The provision for loan losses for the three months ended March 31, 2014 was $361 thousand compared to $175 thousand for the same period in 2013. 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 increased to 3.65% in the first quarter of 2014 from 3.52% in the same period in 2013 primarily because of the decrease in rates paid on interest bearing deposits and a shift from short term interest bearing cash assets into longer term investments at higher yields.

Non-interest income increased in the first quarter of 2014 by $102 thousand, or 6.1%, while non-interest expenses decreased $189 thousand, or 2.9%, compared to the same period in 2013. The increase in non-interest income was due primarily to an increase in other income, an increase in service charges on deposit accounts and other service charges and fees. Non-interest expenses decreased due to a $98 thousand decrease in other operating expense and a $139 thousand decrease in occupancy expense partially offset by a $50 thousand increase in salaries and benefits. The decrease in other operating expense was due mainly as a result of lower loan collection expenses.

Total assets as of March 31, 2014 increased to $881.620 million, up $8.551 million, or 1.0%, when compared to December 31, 2013. Deposits increased by $32.435 million, or 5.0%, and loans, net of unearned income, decreased by $2.349 million, or 0.6%, when compared to December 31, 2013. The decrease in loans, net of unearned income, was due to repayments in excess of new loans. Non-performing assets decreased by $864 thousand to $19.010 million at March 31, 2014 as compared to December 31, 2013, because of an increase in non-accrual loans offset by decreases in loans 90 days or more past due and still accruing interest and other real estate owned.

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