Citizens Holding Company Announces First Quarter Earnings.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 20, 2000 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) ) Chairman, President and Chief Executive Officer, Steve Webb
Steven John Webb, better known as Steve Webb, is a British politician, the Member of Parliament for Northavon and the Chair of the Liberal , announced today the results from operations for the first quarter. "I am happy to announce today increased earnings for the first quarter of 2000 over the same period in 1999. Earnings of $1,372,186 or $.41 per share for the quarter increased 3.69% compared to the net earnings of $1,323,360, or $.40 per share for the same period in 1999. Net interest income increased $197,350 or 5.86%. The Company's efficiency ratio remained very low at 47.94%. Compared to the same period in 1999, non-interest income increased $9,896 or 1.2%. "Asset growth in 2000 continues strong at an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. rate of 13.9% and 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. grew at an annualized rate of 10.44%. This quarter we paid a dividend of $.10 per share which on an annualized basis is an increase of 25% over the $.32 paid for the year 1999." Citizens Holding 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 has thirteen full service banking locations in six 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 and a loan production office located in Meridian, Mississippi Meridian is a city located in, and the county seat of, Lauderdale County in Mississippi, a state of the United States of America. Meridian is the fifth largest city in Mississippi and the principal city of the Meridian, Mississippi Micropolitan Statistical Area. . The Company offers a variety of mortgage products, including long term mortgages and provides title insurance services through its subsidiary, Title Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The Company offers a full range of banking services via the 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 including online banking, bill pay and cash management services for businesses. 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 American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Stock Transfer & Trust Company. For more information about the Company, you can visit our web site at www.thecitizensbankphila.com.
Citizens Holding Company
Financial Highlights
(amounts in thousands, except per share data)
(unaudited)
Three Months and Year-to-Date Ended,
March 31, 2000 March 31, 1999
-------------- --------------
Interest income $ 6,696 $ 6,007
Interest expense (3,131) (2,639)
-------------- --------------
Net interest income 3,565 3,368
Provision for loan losses (85) (146)
Net interest income after
provision for loan losses 3,480 3,222
-------------- --------------
Non-interest income 857 848
Non-interest expense (2,226) (2,007)
-------------- --------------
Net income before taxes 2,111 2,063
Income Taxes (739) (740)
-------------- --------------
Net income $ 1,372 $ 1,323
-------------- --------------
Earnings per share - basic $ 0.41 $ 0.40
Earnings per share - diluted $ 0.41 $ 0.40
Average shares outstanding-basic 3,308,750 3,308,750
Average shares outstanding-diluted 3,316,783 3,308,750
As of As of
March 31, 2000 Dec. 31, 1999
-------------- --------------
Balance Sheet Data:
Total assets $375,279 $362,668
Total earning assets 339,506 332,970
Loans, net of unearned 240,467 234,349
Allowance for loan losses (3,175) (3,100)
Total deposits 306,563 284,462
Long Term Borrowings 10,000 10,000
Shareholders' equity 38,687 37,546
Book value per share $11.69 $11.35
Dividends Paid $0.10 $0.32
Average Balance Sheet Data:
Total Assets 367,844 347,613
Total earning assets 337,016 315,251
Loans, net of unearned 238,621 221,165
Total deposits 289,228 288,176
Total Borrowings 10,000 10,000
Shareholders' equity 38,707 37,603
Non-performing assets:
Non-accrual loans 374 390
Loans 90+ days past due 1,022 1,643
Other real estate owned 95 292
Net charge-off as a percentage
average loans 0.10% 0.30%
Performance Ratios:
Return on average assets 1.44% 1.62%
Return on average equity 13.68% 14.95%
Net interest margin (tax equivalent) 4.33% 4.52%
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion