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Citizens Bank reports net income down for quarter

MBJ staff

Citizens Holding Co. of Philadelphia on Thursday reported that net income for the three months that ended March 31 was $1.44 million, or 29 cents per share, down from $1.53 million, or 31 cents per share a year earlier.

Net interest income for the first quarter of 2017, after the provision for loan losses, was $6.81 million, approximately 0.9 percent higher than the corresponding period in 2016.

Non-interest income increased in the first quarter by $118,000, or 6.5 percent, while non-interest expenses increased $464,000, or 7 percent from a year earlier.

Total assets increased to $1.048 billion, up $22.8 million, or 2.2 percent, when compared to December 31, 2016. The bank has 24 locations in 14 counties in east-central and south Mississippi. In the fourth quarter of 2016, it added a loan production office in Oxford. Its shares dropped $1.30 Thursday on the NasdaqGM market to close at $23.25.

About Ross Reily

Ross Reily is editor of the Mississippi Business Journal. He is a husband to an amazing wife, dad to 3 crazy kids and 2 dogs. He is also a fan of the Delta State Fighting Okra and the Boston Red Sox.

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