Citizens Bank reports decline in net income

PHILADELPHIA — Citizens Holding Company reports net income for the three months ended March 31, 2011, of $1.955 million, or $0.40 per share-basic and diluted, down from $1.976 million, or $0.41 per share-basic and diluted for the same quarter in 2010.

The provision for loan losses for the three months was $244,000, compared to $625,000 for the same period in 2010.

Total assets as of March 31, 2011, increased to $832.143 million, up $13.910 million, or 1.7 percent, when compared to December 31, 2010.

During the first quarter of 2011, the company paid dividends totaling $0.22 per share. This represents an increase of 4.5 percent over the dividends paid in 2010.

Source: Citizens Bank

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