Citizens Holding Company Third Quarter 2001 Earnings Increase 16%.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)--Oct. 29, 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 nine months ended September September: see month. 30, 2001. Net income for the three months ended September 30, 2001 grew 16% to $1.560 million or $0.47 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 $1.348 million or $0.41 per share-basic and diluted for the same quarter last year. Net interest income, after the provision for loan losses for the quarter was approximately 11% higher compared to the same quarter last year. The net interest margin increased to 4.16% in the third quarter of 2001 from 4.11% in the same period in 2000. Non-interest income grew 34% as a result of increased fee income on deposit accounts and fee income from mortgage loan refinancing Refinancing An extension and/or increase in amount of existing debt. . Net income for the nine months ended September 30, 2001 increased 7% to $4.4 million ($1.34 per share-basic and $1.33 per share-diluted) over the $4.1 million ($1.24 per share-basic and diluted) for the same period last year. Net interest income rose 4.5% to $11.5 million compared to $11.0 million for 2000. The net interest margin increased to 4.27% in 2001 from 4.20% in the same period in 2000. Non-interest income for the nine months of 2001 grew 28% when compared to the same period in 2000. Total assets as of September 30, 2001 increased $45.8 million, or 12%, compared to December December: see month. 31, 2000. The July July: see month. 2001 acquisition of Forest and Decatur, Mississippi Decatur is a town in Newton County, Mississippi, United States. The population was 1,426 at the 2000 census. It is the county seat of Newton CountyGR6. This town is named after war hero Stephen Decatur, Jr. branches from Union Planters Planters is an American snack food company under Kraft Foods manufacturing, best known for its nuts and the Mr. Peanut icon that symbolizes them. Started by Italian immigrants Amedeo Obici and Mario Peruzzi in Wilkes-Barre, Pennsylvania, in 1906, it was incorporated in 1908 Bank accounted for an approximately $30.3 million increase in deposits, an $11.7 million increase in loans and $15.4 million increase in cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments. Deposits increased further as economic conditions have caused many customers to turn to bank deposits as a more attractive investment. This increase in cash permitted the Bank to reduce its short-term borrowings from the Federal Home Loan Bank by $32 million from the December 31, 2000 level. 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, "Third quarter and year to date 2001 earnings increased primarily because of an increase in net interest income. The liquidity experienced by the Bank from the significant increase in deposits allowed us to pay down more expensive Federal Home Loan Bank advances. This, together with continued strong loan demand, caused net interest income to increase. Non-interest income also increased as a result of an increase in overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers privilege fee income and strong mortgage department earnings as low interest rates create refinancing opportunities. While increases in non-interest expense are necessary as the Bank grows, we continue to be successful in controlling such cost as evidenced by our efficiency ratio of 48.6%." Steve Webb further stated, "We are happy to announce that the Forest and Decatur Decatur. 1 City (1990 pop. 48,761), seat of Morgan co., N Ala., on the Tennessee River; inc. 1826. It has shipyards, port traffic, and diverse industries, including steel manufacturing. branch acquisitions have been completed and assimilated into our system. We expect these important acquisitions will make greater contributions to earnings growth in the future." The Company's dividend of $0.15 per share for the third quarter of 2001 brought the total dividends for the nine months ended September 30, 2001 to $0.425. This represents an increase of 42% over the dividends paid in the same period of 2000. 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 sixteen 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. The risks and uncertainties that may affect the operation, performance, development and results of the Corporation'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 Corporation operate; (b) changes in the legislative and regulatory environment that negatively impact the Corporation 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 Corporation's market area and (h) other risks detailed from time to time in the Corporation'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 per share data)
(Unaudited)
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Three Months Nine Months
Ended September 30 Ended September 30
2001 2000 2001 2000
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Interest income and fees $7,399 $7,353 $21,842 $21,155
Interest expense -3,417 -3,627 -10,391 -10,195
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Net interest income 3,982 3,726 11,451 10,960
Provision for loan losses -174 -316 -743 -598
Net interest income after
provision for loan losses 3,808 3,410 10,708 10,362
Non-interest income 1,066 796 3,094 2,413
Non-interest expense -2,533 -2,177 -7,354 -6,535
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Net income before taxes 2,341 2,029 6,448 6,240
Income taxes -781 -681 -2,028 -2,143
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Net income $1,560 $1,348 $4,420 $4,097
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Earnings per share - basic $0.47 $0.41 $1.34 $1.24
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Earnings per share - diluted $0.47 $0.41 $1.33 $1.24
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Average shares outstanding
-basic 3,308,750 3,308,750 3,308,750 3,308,750
Average shares outstanding
-diluted 3,320,644 3,317,478 3,318,026 3,316,821
As of As of
September 30, December 31,
2001 2000
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Balance Sheet Data:
Total assets $428,602 $382,800
Total earning assets 391,222 355,058
Loans net of unearned 261,195 252,022
Allowance for loan losses -3,375 -3,325
Total deposits 358,749 289,908
Long term borrowings 14,705 10,000
Shareholders' equity 47,766 43,377
Book value per share $14.44 $13.11
Dividends paid $0.425 $0.425
Average Balance Sheet Data:
Total assets $393,874 $374,439
Total earning assets 362,040 343,159
Loans net of unearned 253,155 244,307
Total deposits 316,174 290,704
Long term borrowings 15,777 10,000
Shareholders' equity 46,193 40,701
Non-performing assets:
Non-accrual loans 509 590
Loans 90+ days past due 3,820 1,746
Other real estate owned 193 133
Net charge-off as a percentage
average loans 0.27% 0.28%
Performance Ratios:
Return on average assets 1.50% 1.48%
Return on average equity 12.76% 13.60%
Net interest margin (tax equivalent 4.27% 4.16%
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