Citizens Holding Company Earnings Up 4.0%.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. -- 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 and nine months ended September September: see month. 30, 2004. Net income for the three months ended September 30, 2004 increased to $1.938 million, or $.39 per share-basic and $.38 per share-diluted, from $1.913 million, or $.38 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 in 2003. Net interest income for the third quarter of 2004, after the provision for loan losses for the quarter, was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 14.8% higher than net interest income for the third quarter of 2003. As a result of the improvement of the loan portfolio, the provision for loan losses decreased to $122 thousand in the three months ended September 30, 2004 from $717 thousand in the same period in 2003. The net interest margin increased slightly to 4.53% in the third quarter of 2004 from 4.42% in the same period in 2003. Non-interest income decreased in the third quarter of 2004 by approximately $309 thousand while non-interest expenses increased $369 thousand, compared to the same period in 2003. Non-interest income declined partly as a result of a $272 thousand reduction in gains from the sale of investment securities. The increase in non-interest expenses was due in part to the $259 thousand increase in salaries and benefits. Net income for the nine months ended September 30, 2004 increased 4.0% to $5.413 million, or $1.08 per share-basic and $1.07 per share-diluted, from net income of $5.204 million, or $1.05 per share basic and $1.04 per share diluted, for the first nine months of 2003. Net interest income for the nine months ended September 30, 2004 increased 7.1% to $15.540 million from $14.512 million in the same period in 2003 while the net interest margin increased to 4.56% in 2004 from 4.44% in 2003. The provision for possible loan losses for the nine months ended September 30, 2004 was $1.022 million, compared to the $1.467 million for the same period in 2003. Improvements in the quality of the loan portfolio and an improving economy were the reasons for the decrease in the provision for possible loan losses. Total assets as of September 30, 2004 increased $23.797 million, or 4.3%, when compared to December December: see month. 31, 2003. Deposits increased $26.631 million, or 6.1%. Loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. during this period, grew $11.918 million, or 3.3% from December 31, 2003. The increase in deposits coupled with a smaller increase in loans, allowed the Company to increase its 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 Sold to $4.500 million and to reduce Federal Home Loan Bank borrowings by approximately $4.759 million from December 31, 2003. 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, "We have been pleased with the growth in loans and deposits for the first nine months of 2004. Along with this growth we have recorded profits that are ahead of last year even with the recent increases in the market interest rates. The quality of our loan portfolio has improved and this has required a smaller provision to the allowance for loan loss in the third quarter of 2004 when compared to the same period last year." Through three quarters of 2004, the Company paid dividends totaling $0.45 per share. This represents an increase of 7.1% over the same period in 2003. 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 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. Forward-looking statements speak only as of the date they are made. The Company does not undertake a duty to update forward-looking statements to reflect circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date the forward-looking statements are made. 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 operates; (b) changes in the legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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 share and per share data)
(Unaudited)
----------------------------------------------------------------------
Three Months Nine Months
Ended September 30 Ended September 30
2004 2003 2004 2003
---------- ---------- ---------- ----------
Interest income and fees $7,502 $7,511 $22,101 $22,257
Interest expense 1,908 2,028 5,539 6,278
---------- ---------- ---------- ----------
Net interest income 5,594 5,483 16,562 15,979
Provision for loan losses 122 717 1,022 1,467
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses 5,472 4,766 15,540 14,512
Non-interest income 1,365 1,674 4,157 4,132
Non-interest expense 4,190 3,821 12,312 11,207
---------- ---------- ---------- ----------
Net income before taxes 2,647 2,619 7,385 7,437
Income taxes 709 706 1,972 2,233
---------- ---------- ---------- ----------
Net income $1,938 $1,913 $5,413 $5,204
========== ========== ========== ==========
Earnings per share -
basic $0.39 $0.38 $1.08 $1.05
========== ========== ========== ==========
Earnings per share -
diluted $0.38 $0.38 $1.07 $1.04
========== ========== ========== ==========
Average shares
outstanding-basic 4,997,099 4,974,578 4,990,279 4,974,578
Average shares
outstanding-diluted 5,055,843 5,003,354 5,057,138 5,012,614
As of As of
September December
30, 2004 31, 2003
---------- ----------
Balance Sheet Data:
Total assets $574,558 $550,761
Total earning assets 513,293 493,209
Loans, net of
unearned income 368,981 357,063
Allowance for loan
losses 5,795 5,127
Total deposits 465,328 438,697
Long-term borrowings 42,878 47,637
Shareholders' equity 59,380 56,502
Book value per share $11.88 $11.35
Dividends paid per
share $0.45 $0.57
Average Balance Sheet
Data:
Total assets $562,441 $549,520
Total earning assets 504,058 499,726
Loans, net of
unearned income 363,640 337,763
Total deposits 455,431 447,188
Long-term borrowings 41,031 35,314
Shareholders' equity 58,187 56,121
Non-performing assets:
Non-accrual loans 4,035 1,503
Loans 90+ days past
due 1,983 4,396
Other real estate
owned 745 695
Net charge-off as a
percentage average net
loans 0.10% 0.33%
Performance Ratios:
Return on average
assets 1.28% 1.27%
Return on average
equity 12.40% 12.42%
Net interest margin (tax
equivalent) 4.56% 4.49%
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