Citizens’ loan losses mount

by Wally Northway

Published: January 27,2010

Tags: banking and finance, loan losses, publicly traded company, recession

PHILADELPHIA — Citizens Holding Company saw net income for the three months ended Dec. 31, 2009, decreased to $1.703 million, or $0.35 per share-basic and diluted, from $2.055 million, or $0.42 per share-basic and diluted for the same quarter in 2008.

Net interest income for the fourth quarter of 2009, after the provision for loan losses for the quarter, was $6.838 million, approximately 2.2 percent higher than the same period in 2008, due to a decrease in the amount of interest expense partially offset by an increase in the provision for loan losses. The provision for loan losses for the three months ended Dec. 31, 2009, was $749,000, compared to $195,000 for the same period in 2008.

Total assets as of Dec. 31, 2009, increased by $73.957 million, or 9.7 percent, when compared to Dec. 31, 2008.

Non-performing assets increased by $8.631 million to $14.314 million at Dec. 31, 2009, compared to Dec. 31, 2008, because of an increase in non-accrual loans and loans 90 days or more past due and still accruing interest offset by a small decrease in other real estate.

During 2009, the company paid dividends totaling $0.81 per share. This represents an increase of 5.2 percent over the dividends paid in 2008.

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