Citizens Holding Company Announces Second 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)--July 31, 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 second quarter. "Net income for the six months ended June June: see month. 30, 2000 of $2,749,289 was slightly lower when compared to the $2,879,612 recorded in the first six months of 1999. Net interest income for the period is up $193,363 even though recent rises in interest rates have caused a reduction in our net interest margin percentage from 4.52% in 1999 to 4.25% in 2000. "Non-interest expense was $4,357,129 compared to $3,858,042 in the first six months of 1999. This increase was the result of normal expense increases and an increase in salaries due to annual raises and the hiring of additional personnel, including three loan officers. Earnings per share for the six months of 2000 was $.83 per share compared to $.87 in 1999. The Company's efficiency ratio remained very low at 47.29%. Compared to the same period in 1999, non-interest income increased $49,742 or 2.8%. "Net income for the three months ended June 30, 2000 was $1.377,103 or $.42 per share (basic) compared to $1,556,252 or $.47 per share for the same quarter last year. The slight decline in net income results from the tighter net interest margins and increased non-interest expenses discussed above. "Dividends for the six months were $.20 per share compared to $.15 per share for 1999, or an increase of 33.3%." 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 Six Months and Year
Ended June 30, to Date Ended June 30,
2000 1999 2000 1999
Interest
income $6,907 $6,121 $13,603 $12,128
Interest
expense (3,437) (2,648) (6,568) (5,287)
Net interest
income 3,470 3,473 7,035 6,841
Provision for
loan losses (197) (237) (282) (383)
Net interest
income after
provision for
loan losses 3,273 3,236 6,753 6,458
Non-interest
income 959 919 1,816 1,767
Non-interest
expense (2,131) (1,851) (4,357) (3,858)
Net income
before taxes 2,101 2,304 4,212 4,367
Income Taxes (724) (747) (1,463) (1,487)
Net income $1,377 $1,557 $2,749 $2,880
Earnings per
share - basic $0.42 $0.47 $0.83 $0.87
Earnings per
share -
diluted $0.41 $0.47 $0.83 $0.87
Average shares
outstanding -
basic 3,308,750 3,308,750 3,308,750 3,308,750
Average shares
outstanding -
diluted 3,321,492 3,308,750 3,331,114 3,308,750
As of As of
June 30, December 31,
2000 1999
---------------------------
Balance Sheet Data:
Total assets $377,140 $362,668
Total earning assets 343,804 332,970
Loans net of unearned 245,210 234,349
Allowance for loan losses (3,250) (3,100)
Total deposits 289,699 284,462
Long Term Borrowings 10,000 10,000
Shareholders' equity 39,582 37,546
Book value per share $11.96 $11.35
Dividends Paid $0.20 $0.32
Average Balance Sheet Data:
Total Assets 371,117 347,613
Total earning assets 339,795 315,251
Loans net of unearned 240,957 221,165
Total deposits 292,159 288,176
Total Borrowings 10,000 10,000
Shareholders' equity 39,334 37,603
Non-performing assets:
Non-accrual loans 507 390
Loans 90+ days past due 2,074 1,643
Other real estate owned 159 292
Net charge-off as a percentage
average loans 0.06% 0.30%
Performance Ratios:
Return on average assets 1.48% 1.62%
Return on average equity 13.97% 14.95%
Net interest margin (tax equivalent) 4.25% 4.52%
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