Citizens Holding Company Announces Year End Results of Operations for 2000.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)--Jan. 22, 2001 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 three months and twelve months ended December December: see month. 31, 2000. "Total assets of the Company increased $20.0 million or 5.5% for the year of 2000. During this same period 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. , increased $17.7 million or 7.5% and deposits remained relatively flat during this period, increasing $5.4 million or 1.9%. The growth in loan volume was funded primarily through the purchase of Federal Funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve and Federal Home Loan Bank borrowings. Book value per share of common stock rose to $13.11 at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. from $11.35 at the beginning of the year. "Net income for the year ended December 31, 2000 of $5.5 million was slightly lower when compared to the $5.6 million recorded in 1999. Net interest income for the period is up slightly even though rises in interest rates during 2000 have caused a reduction in our net interest margin percentage from 4.52% in 1999 to 4.16% in 2000. "Compared to the year of 1999, non-interest income increased $164 thousand or 5.3% due in part to the success of our Title Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control subsidiary, mortgage loan department and other non-interest income efforts. Non-interest expense was $8.7 million compared to $8.4 million for the year of 1999. This increase of 4.9% reflects a normal increase in expenses due to the growth of the Company and the costs of providing additional services. Earnings per share for the year of 2000 were $1.67 per share compared to $1.70 for the year of 1999. The Company's efficiency ratio remained very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. at 47.20%, among the best of our peer group. "Net income for the three months ended December 31, 2000 was $1.437 million or $.43 per share compared to $1.324 million or $.40 per share for the same quarter last year. Although profits continue to be affected by a smaller net interest margin, the combination of other income increases, other expense decreases and a lower effective tax rate caused fourth quarter profits to show an increase over 1999. "The small earnings decline being experienced by the Company during the year of 2000 results primarily from a combination of a tightening of net interest margin percentages and slightly increasing non-interest expenses. Net interest margin percentages declined throughout 2000 due to increased costs of deposits and other borrowings caused by increased discount rates. Increased interest costs cannot be passed on through increased loan interest rates as quickly as the cost increases are incurred. The increase in non-interest expenses relates primarily to increased costs associated with being a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. and modest increases in personnel costs related to loan growth. The Federal Reserve's move to lower interest rates occurred after year-end 2000 and therefore had no affect on the interest margin or earnings for 2000. "Dividends paid for the year of 2000 were $.425 per share. This dividend level indicates an increase of 33% over the dividends paid in 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 is in the process of establishing a new branch 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. , where previously we operated a loan production office. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through its subsidiary, Title Services, LLC, 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 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. 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. 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)
Twelve Months and
Three Months Ended Year to Date Ended
December 31, December 31,
2000 1999 2000 1999
-------------------------------------------------------
Interest income
and fees $7,484 $6,629 $28,638 $25,475
Interest expense (3,870) (2,958) (14,064) (10,974)
-------------------------------------------------------
Net interest
income 3,614 3,671 14,574 14,501
Provision for
loan losses (320) (310) (918) (849)
-------------------------------------------------------
Net interest
income after
provision for
loan losses 3,294 3,361 13,656 13,652
-------------------------------------------------------
Non-interest
income 872 801 3,285 3,121
Non-interest
expense (2,237) (2,255) (8,772) (8,360)
-------------------------------------------------------
Net income
before taxes 1,929 1,907 8,169 8,413
Income taxes (492) (583) (2,635) (2,792)
-------------------------------------------------------
Net income $1,437 $1,324 $5,534 $5,621
=======================================================
Earnings per
share - basic $0.43 $0.40 $1.67 $1.70
=======================================================
Earnings per
share - diluted $0.43 $0.40 $1.67 $1.70
=======================================================
Average shares
outstanding-
basic 3,308,750 3,308,750 3,308,750 3,308,750
=======================================================
Average shares
outstanding-
diluted 3,316,615 3,309,557 3,316,834 3,316,023
=======================================================
As of As of
December 31, December 31,
2000 1999
----------------------------
Balance Sheet Data:
Total assets $382,800 $362,790
Total earning assets 355,058 332,970
Loans net of unearned 252,022 234,349
Allowance for loan losses (3,325) (3,100)
Total deposits 289,908 284,462
Long term borrowings 10,000 10,000
Shareholders' equity 43,377 37,546
Book value per share $13.11 $11.35
Dividends paid $0.425 $0.32
Average Balance Sheet Data:
Total assets 374,439 347,613
Total earning assets 343,159 315,251
Loans net of unearned 244,307 221,165
Total deposits 290,704 288,176
Long term borrowings 10,000 10,000
Shareholders' equity 40,701 37,603
Non-performing assets:
Non-accrual loans 590 390
Loans 90+ days past due 1,746 1,643
Other real estate owned 133 292
Net charge-off as a percentage
average loans 0.29% 0.30%
Performance Ratios:
Return on average assets 1.48% 1.62%
Return on average equity 13.60% 14.95%
Net interest margin (tax equivalent) 4.16% 4.52%
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