Citizen Holding’s income decreases

by Wally Northway

Published: October 27,2009

Tags: banking and finance, publicly traded company, recession, stocks and bonds

PHILADELPHIA — Citizen Holding Company’s net income for the three months ended Sept. 30, 2009, decreased to $1.737 million, or $0.36 per share-basic and $0.35 per share-diluted, from $2.104 million, or $0.43 per share-basic and diluted, for the same quarter in 2008.

The provision for loan losses for the quarter was $1.124 million, compared to $372,000 for the same period in 2008. The increase in the provision reflects management’s assessment of the impact on the loan portfolio caused by current local and national economic conditions.

Net income for the nine months ended Sept. 30 decreased 12.6 percent to $5.436 million, or $1.12 per share-basic and $1.11 per share-diluted, from $6.219 million, $1.28 per share-basic and $1.27 per share-diluted, for the nine months ended Sept. 30, 2008. The provision for loan losses for the nine months was $2.264 million, compared to the provision of $1.029 million in 2008.

During the three quarters of 2009, Citizens paid dividends totaling $0.60 per share. This represents an increase of 5.3 percent over the dividends paid in the three quarters of 2008.

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