Citizens Holding Company Earnings up 13.6%.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: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 six months ended June June: see month. 30, 2004. Net income for the three months ended June 30, 2005 increased to $2.026 million, or $.40 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. , from $1.802 million, or $.36 per share-basic and $.36 per share-diluted for the same quarter in 2004. Net interest income for the second quarter of 2005, 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. 2.8% lower due mostly to the recent rise in rates paid on time deposit accounts. Even though the net interest income was lower in the second quarter of 2005, the net interest margin increased slightly to 4.64% in the second quarter of 2005 from 4.63% in the same period in 2004 primarily because of interest bearing assets 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 faster than interest bearing liabilities. Non-interest income increased in the second quarter of 2005 by approximately $529 thousand while non-interest expenses increased $255 thousand compared to the same period in 2004. Net income for the six months ended June 30, 2005 increased 13.6% to $3.946 million, or $.79 per share-basic and $.78 per share-diluted, from the $3.475 million, $.70 per share basic and $.69 per share diluted for the first six months of 2004. Net interest income for the six month period ended June 30, 2005, increased 6.5% to $10.723 million from $10.068 million in the same period in 2004 while the net interest margin increased to 4.73% in 2005 from 4.49% in 2004 primarily because of interest bearing assets repricing faster than interest bearing liabilities. The provision for possible loan losses for the six months ended June 30, 2005 was $506 thousand compared to the $900 thousand for the same period in 2004. Non-interest income increased $589 thousand and non-interest expense increased $834 thousand in the six month period ended June 30, 2005 when compared to the same period in 2004. Total assets as of June 30, 2005 increased $5.436 million, or .9%, when compared to December December: see month. 31, 2004. Deposits decreased $24.234 million, or 5.1%. 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 $3.847 million, or 1.0%. Non performing assets Non Performing Asset Any asset that is not effectively producing income. Notes: For example, an overdue loan would be considered non-performing. See also: Asset, Charge Off, Non-Performing Loan increased $5.775 million at June 30, 2005 compared to June 30, 2004 because of two large loans that were 90 days or more past due. Prior to this press release, one of these loans in the amount of $2.853 million was paid current. The company was able to utilize borrowings from the Federal Home Loan Bank to offset the decline in deposits and fund the increase in loans. 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 are pleased to see net income rise 13.6% for the first six months of 2005. We were able to accomplish this at a time when the Federal Reserve Bank has been raising short term interest rates." During the first two quarters of 2005, the Company paid dividends totaling $0.32 per share. This represents an increase of 6.7% over the same period in 2004. 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 operate; (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 Six Months
Ended June 30 Ended June 30
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Interest income and fees $7,589 $7,366 $15,605 $14,599
Interest expense 2,278 1,807 4,376 3,631
---------- ---------- ---------- ----------
Net interest income 5,311 5,559 11,229 10,968
Provision for loan losses 343 450 506 900
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses 4,968 5,109 10,723 10,068
Non-interest income 2,060 1,531 3,381 2,792
Non-interest expense 4,400 4,145 8,956 8,122
---------- ---------- ---------- ----------
Net income before taxes 2,628 2,495 5,148 4,738
Income taxes 602 693 1,202 1,263
---------- ---------- ---------- ----------
Net income $2,026 $1,802 $3,946 $3,475
========== ========== ========== ==========
Earnings per share -
basic $0.40 $0.36 $0.79 $0.70
========== ========== ========== ==========
Earnings per share -
diluted $0.40 $0.36 $0.78 $0.69
========== ========== ========== ==========
Average shares
outstanding-basic 5,006,981 4,988,586 5,003,784 4,986,831
Average shares
outstanding-diluted 5,064,874 5,057,089 5,060,484 5,058,246
As of As of
June 30, December 31,
2005 2004
------------- -------------
Balance Sheet Data:
Total assets $592,675 $587,239
Total earning assets 527,632 525,155
Loans, net of unearned income 373,436 369,589
Allowance for loan losses 4,627 4,721
Total deposits 450,230 474,464
Long-term borrowings 60,590 46,119
Shareholders' equity 62,604 60,191
Book value per share $12.50 $12.04
Dividends paid per share (a) $0.32 $0.60
Average Balance Sheet Data:
Total assets $583,162 $565,892
Total earning assets 521,112 506,898
Loans, net of unearned income 368,906 364,922
Total deposits 462,771 457,510
Long-term borrowings 49,203 41,607
Shareholders' equity 61,881 58,750
Non-performing assets:
Non-accrual loans 2,684 3,163
Loans 90+ days past due 6,679 904
Other real estate owned 2,916 2,787
Net charge-offs as a percentage
average net loans (a) 0.16% 0.40%
Performance Ratios:
Return on average assets (a) 1.35% 1.33%
Return on average equity (a) 12.75% 12.84%
Net interest margin (tax equivalent)(a) 4.73% 4.61%
(a) For the six months ended June 30, 2005 and for the year ended
December 31, 2004, as applicable.
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