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.

If you liked this article you might like

This May Be 2016's Top Stock-Selection Model

Buy These 11 Small-Cap Stocks for Their Solid Dividends

3 Stocks Pushing The Banking Industry Lower

3 Stocks Pushing The Financial Sector Lower

3 Stocks Pushing The Banking Industry Lower