Citizens Holding Company Reports Increases in Second Quarter 2001 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 26, 2001 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, 2001. Net income for the three months ended June 30, 2001 grew 8% to $1.486 million or $0.45 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. compared to $1.377 million or $0.42 per share-basic and $0.41 per share-diluted for the same quarter last year. Net interest income, 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. equal to same quarter last year. Non-interest income grew as a result of increased fee income and the receipt of tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. insurance proceeds. Income tax expense decreased due to an increase in non-taxable non-taxable adj → nicht steuerpflichtig non-taxable adj non-taxable income → reddito non imponibile income. Net income for the six months ended June 30, 2001 increased 4% to $2.9 million ($.86 per share-basic and diluted) over the $2.8 million ($.83 per share-basic and diluted) for the same period last year. Net interest income rose 2.8% to $7.4 million compared to $7.2 million for 2000. The net interest margin increased to 4.37% in 2001 from 4.25% in the same period in 2000. 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 , Chairman, 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, "The recent interest rate cuts by the Federal Reserve have begun to have a positive effect on the earnings of the Company. We continue to keep a tight control over non-interest expenses as evidenced by the Company's efficiency ratio of 48.73%, among the best of our peer group." Total assets as of June 30, 2001 increased $13.9 million or 3.6% compared to December December: see month. 31, 2000. Investments increased by $15.4 million or 14.4%, 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. , decreased $1.0 million or .4% and deposits increased $31.6 million or 10.9% during the first six months of 2001. Book value per share of common stock rose to $13.89 at June 30, 2001 from $13.11 at the beginning of the year. The Company's dividend of $0.15 per share for the second quarter of 2001 brought the total dividends for the six months ended June 30, 2001 to $0.275. This represents an increase of 25% over the dividends paid in the same period of 2000. Steve Webb further stated, "We continue to be pleased with the growth our Company is enjoying. We look forward to the completion of the previously announced branch acquisitions later this month and the contribution we expect them to make to our continued growth in earnings." 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 fourteen banking locations in seven 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. 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)
Three Months Six Months
Ended June 30 Ended June 30
2001 2000 2001 2000
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Interest income and fees $7,153 $7,010 $14,443 $13,802
Interest expense -3,354 -3,437 -6,974 -6,568
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Net interest income 3,799 3,573 7,469 7,234
Provision for loan losses -449 -197 -569 -282
Net interest income
after provision for
loan losses 3,350 3,376 6,900 6,952
Non-interest income 1,154 855 2,028 1,617
Non-interest expense -2,405 -2,131 -4,822 -4,357
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Net income before taxes 2,099 2,100 4,106 4,212
Income taxes -613 -723 -1,246 -1,463
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Net income $1,486 $1,377 $2,860 $2,749
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Earnings per share
- basic $0.45 $0.42 $0.86 $0.83
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Earnings per share
- diluted $0.45 $0.41 $0.86 $0.83
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Average shares
outstanding-basic 3,308,750 3,308,750 3,308,750 3,308,750
Average shares
outstanding-diluted 3,316,977 3,321,492 3,316,239 3,331,114
As of As of
June 30, December 31,
2001 2000
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Balance Sheet Data:
Total assets $396,745 $382,800
Total earning assets 367,503 355,058
Loans net of unearned 251,031 252,022
Allowance for loan losses -3,325 -3,325
Total deposits 321,511 289,908
Long term borrowings 15,000 10,000
Shareholders' equity 45,951 43,377
Book value per share $13.89 $13.11
Dividends paid $0.275 $0.425
Average Balance Sheet Data:
Total assets $382,562 $374,439
Total earning assets 353,643 343,159
Loans net of unearned 251,478 244,307
Total deposits 301,152 290,704
Long term borrowings 15,777 10,000
Shareholders' equity 45,184 40,701
Non-performing assets:
Non-accrual loans 468 590
Loans 90+ days past due 2,701 1,746
Other real estate owned 256 133
Net charge-off as a percentage
average loans 0.23% 0.29%
Performance Ratios:
Return on average assets 1.50% 1.48%
Return on average equity 12.66% 13.60%
Net interest margin (tax equivalent) 4.37% 4.16%
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