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Citizens Holdings shares steady for quarter, down for year

Citizens Holding Co. announced on Tuesday results of operations for the three and twelve months ending Dec. 31.

Net income for the quarter was $1.971 million, or 35 cents per share   an increase of $256,000 from net income of $1.715 million, or 35 cents per share for the same quarter in 2018. The majority of the increase relates to an increase in the net interest income partially offset by an increase in income tax expense.

Net income for the year decreased 11.5 percent to $5.902 million, or $1.17 per share, from $6.672 million, or $1.36 per share-basic and diluted, for the 12 months ending a year earlier.

Net interest income for the fourth quarter of 2019, after the provision for loan losses, was $7.204 million, approximately 15.6 percent higher than the same period in 2018. 

The provision for loan losses for the three months ending 2019 was $101,000 compared with $193,000 for the same period in 2018. The decrease in the provision reflects management’s estimate of inherent losses in the loan portfolio including the impact of current local and national economic conditions and minimal loan losses in recent years. The net interest margin was 2.79 percent for the fourth quarter of 2019 compared to 2.93 percent for the same period in 2018. 

Non-interest income increased in the fourth quarter of 2019 by $922,000, or 41.9 percent, while non-interest expenses increased $952,000, or 14.1 percent, compared to the same period in 2018. 

Net interest income for the 12 months ending Dec. 31, 2019, after the provision for loan losses, decreased 5.6 percent to $25.066 million from $26.566 million for the year ended in 2018.  

Non-interest income increased by $1.149 million, or 13.3 percent, and non-interest expense decreased by $107,000, or 0.4 percent, for the twelve months ending Dec. 31, compared with the same period in 2018.  

Total assets as of December 31, 2019 increased to $1.195 billion, up $236.8 million, or 24.7 percent, compared with $958.630 million at December 31, 2018.

 Deposits increased by $142.774 million, or 18.9 percent, and loans, net of unearned income, increased by $147.790 million, or 34.4 percent, compared with Dec. 31, 2018. 

The increase in loans, net of unearned income, was due to the Charter Bank acquisition coupled with new loan demand in excess of loan pay downs.  

During the twelve months, the company paid dividends totaling 96 cents per share.

Citizens and its wholly-owned subsidiary, Citizens Bank, are both headquartered in Philadelphia, Mississippi. The bank currently has 28 banking locations in 14 counties in east-central and south Mississippi and a loan production office in Oxford.

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About Jack Weatherly