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Citizens Holding Company Reports Earnings

Citizens Holding Company (NASDAQ: CIZN) announced today results of operations for the three and six months ended June 30, 2014.

Net income for the three months ended June 30, 2014 was $2.093 million, or $0.43 per share-basic and diluted, up from $1.604 million, or $0.33 per share-basic and diluted for the same quarter in 2013. Net interest income for the second quarter of 2014, after the provision for loan losses for the quarter, was $6.980 million, approximately 12.0% higher than the same period in 2013, due to a decrease in interest expense. The provision for loan losses for the three months ended June 30, 2014 was $212 thousand compared to $574 thousand for the same period in 2013. 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 increased to 3.68% in the second quarter of 2014 from 3.48% 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 second quarter of 2014 by $555 thousand, or 28.8%, while non-interest expenses increased $900 thousand, or 14.6%, compared to the same period in 2013. The increase in non-interest income was due primarily to death benefits from bank owned life insurance policies that were accrued as a result of the death of an insured bank officer. Non-interest expenses increased due to a $1.013 million increase in other operating expense partially offset by a $30 thousand decrease in occupancy expense and a $83 thousand decrease in salaries and benefits. The increase in other operating expense was due mainly as a result of write-downs on other real estate and an increase in automated teller machine costs.

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