Citizens Holding Company Announces Earnings for First Quarter 2003.Business Editors PHILADELPHIA Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. , Miss.--(BUSINESS WIRE)--April 22, 2003 Citizens Holding Company (AMEX AMEX See: American Stock Exchange :CIZ CIZ Christliche Internet-Zeitung (German) CIZ Controlled Injury Zone CIZ Coari, Amazonas, Brazil (Airport Code) ) announced today results of operations for the three months ended March 31, 2003. Net income for the three months ended March 31, 2003 decreased slightly to $1.520 million, or $0.31 per share-basic and $0.30 per share-diluted, from $1.545 million, or $0.31 per share-basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. for the same quarter last year. Net interest income, after the provision for loan losses for the quarter, was approximately 10.6% higher compared to same quarter last year. The significant increases in net interest income for the three month period is attributable to the ongoing repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of interest bearing deposits and the growth in loans from the acquisitions of the Forest and Decatur Decatur. 1 City (1990 pop. 48,761), seat of Morgan co., N Ala., on the Tennessee River; inc. 1826. It has shipyards, port traffic, and diverse industries, including steel manufacturing. branches and Citizens Bank & Trust in Louisville Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. . The net interest margin decreased to 4.48% in the
first quarter of 2003 from 4.61% in the same period in 2002.
Non-interest expenses in the three month period increased as a result of
personnel and occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal and amortization expense associated with
the acquisitions, and normal costs increases related to growth of the
bank.Net loan chargeoffs for the first quarter of 2003 were $195,626 compared to $234,496 for the same quarter in 2002. The provision for loan losses for the first quarter of 2003 was $375,000 compared to $234,496 in the first quarter of 2002. Increases in loan volume and current economic conditions were the main reasons for the increase in loan loss provision in the first quarter of 2003. Total assets as of March 31, 2003 increased $31.0 million, or 6.0%, when compared to December December: see month. 31, 2002. Deposits increased $31.0 million, or 7.2%. Loans net of unearned interest Unearned interest Interest that has been received on a loan, but that cannot be treated as a part of earnings yet, because the principal of the loan has not been outstanding long enough. during this period grew $20.3 million, or 6.6%. Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) L. McKee McKee is a common surname of Irish origin. It comes from the Irish language Mac Aoidh. Many people have the last name McKee, and many things have been named after these people. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "The growth of our company in the first quarter certainly gives us something to be proud of. Assets, loans and deposits all showed substantial growth. Net income decreased only slightly even with an increase of 60% in our provision for loan losses over the same period last year. Non-interest income increased 9.8% in the first quarter of 2003 compared to the same quarter last year." During the first quarter of 2003, the Company paid a dividend of $0.14 per share. This represents an increase of 16.7% over the first quarter of 2002. Citizens Holding Company (the "Company") is a one-bank holding company and the parent company of The Citizens Bank of Philadelphia, both headquartered in Philadelphia, Mississippi Philadelphia is the county seat of Neshoba CountyGR6, Mississippi, United States. The population was 7,303 at the 2000 census. Philadelphia is the hometown of Olivia Williams Manning, the mother of current NFL quarterbacks Peyton and Eli Manning. . The Bank currently has nineteen banking locations in eight counties in East Central Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by . In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through its subsidiary, Title Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and a full range of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking services including online banking, bill pay and cash management services for businesses. Internet services are available at the Bank web site, www.thecitizensbankphila.com. Citizens Holding Company stock is listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and is traded under the symbol CIZ. The Company's transfer agent is American Stock Transfer & Trust Company. This release includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding the Company's financial position, results of operations, business strategies, plans, objectives and expectations for future operations, are forward looking statements. The Company can give no assurances that the assumptions upon which such forward-looking statements are based will prove to have been correct. Such forward-looking statements are subject to certain risks, uncertainties and assumptions. The risks and uncertainties that may affect the operation, performance, development and results of the Company's and the bank's business include, but are not limited to, the following: (a) the risk of adverse changes in business conditions in the banking industry generally and in the specific markets in which the Company operate; (b) changes in the legislative and regulatory environment that negatively impact the Company and bank through increased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; (c) increased competition from other financial institutions; (d) the impact of technological advances; (e) expectations about the movement of interest rates, including actions that may be taken by the federal Reserve Board in response to changing economic conditions; (f) changes in asset quality and loan demand; (g) expectations about overall economic strength and the performance of the economics in the Company's market area and (h) other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.
Citizens Holding Company
Financial Highlights
(amounts in thousands, except per share data)
(Unaudited)
---------------------------------------------
Three Months and
Year-to-Date
Ended March 31
2003 2002
---------- ----------
Interest income and fees $7,339 $7,030
Interest expense 2,174 2,465
---------- ----------
Net interest income 5,165 4,565
Provision for loan losses 375 234
Net interest income after
provision for loan losses 4,790 4,331
Non-interest income 1,105 1,006
Non-interest expense 3,703 3,043
---------- ----------
Net income before taxes 2,192 2,294
Income taxes 672 749
---------- ----------
Net income $1,520 $1,545
========== ==========
Earnings per share - basic $0.31 $0.31
========== ==========
Earnings per share - diluted $0.30 $0.31
========== ==========
Average shares outstanding-basic 4,974,578 4,963,028
Average shares outstanding-diluted 5,003,375 4,995,035
As of As of
December
March 31, 31,
2003 2002
---------- ----------
Balance Sheet Data:
Total assets $549,417 $518,451
Total earning assets 499,781 468,592
Loans net of unearned 328,471 308,175
Allowance for loan losses -4,402 -4,222
Total deposits 463,771 432,768
Long term borrowings 24,368 24,606
Shareholders' equity 54,434 53,783
Book value per share $10.94 $10.81
Dividends paid $0.14 $0.52
Average Balance Sheet Data:
Total assets $530,179 $491,833
Total earning assets 477,462 450,174
Loans net of unearned 322,225 289,407
Total deposits 441,152 406,560
Long term borrowings 25,748 19,301
Shareholders' equity 55,107 51,304
Non-performing assets:
Non-accrual loans 414 358
Loans 90+ days past due 3,520 5,117
Other real estate owned 882 1,286
Net charge-off as a percentage
average net loans 0.06% 0.61%
Performance Ratios:
Return on average assets 1.15% 1.28%
Return on average equity 11.03% 12.28%
Net interest margin (tax equivalent) 4.48% 4.67%
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