Press Release

Citizens Holding Company Reports Earnings
Net income for the three months ended
Net interest income for the fourth quarter of 2019, after the provision for loan losses, was
Non-interest income increased in the fourth quarter of 2019 by
Net income for the twelve months ended
Net interest income for the twelve months ended
Non-interest income increased by
Total assets as of
During the twelve months ended
Citizens and its wholly-owned subsidiary,
This press release includes “forward-looking statements” 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 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 environment that negatively impact the Company and Bank through increased operating expenses; (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 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) |
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For the Three Months Ending |
For the Twelve Months Ending |
||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
|
2019 |
2019 |
2018 |
2019 |
2018 |
|
INTEREST INCOME |
|||||
Loans, including fees |
$7,433 |
$5,940 |
$5,375 |
$24,653 |
$20,242 |
Investment securities |
2,073 |
2,291 |
2,670 |
9,801 |
10,924 |
Other interest |
377 |
213 |
48 |
907 |
193 |
9,883 |
8,444 |
8,093 |
35,361 |
31,359 |
|
INTEREST EXPENSE |
|||||
Deposits |
2,151 |
1,923 |
1,084 |
7,719 |
2,811 |
Other borrowed funds |
427 |
603 |
585 |
2,003 |
1,648 |
2,578 |
2,526 |
1,669 |
9,722 |
4,459 |
|
NET INTEREST INCOME |
7,305 |
5,918 |
6,424 |
25,639 |
26,900 |
PROVISION FOR LOAN LOSSES |
101 |
12 |
193 |
573 |
334 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
7,204 |
5,906 |
6,231 |
25,066 |
26,566 |
NON-INTEREST INCOME |
|||||
Service charges on deposit accounts |
1,144 |
1,126 |
1,180 |
4,413 |
4,562 |
Other service charges and fees |
812 |
864 |
732 |
3,129 |
2,879 |
Other non-interest income |
1,166 |
517 |
288 |
2,206 |
1,158 |
3,122 |
2,507 |
2,200 |
9,748 |
8,599 |
|
NON-INTEREST EXPENSE |
|||||
Salaries and employee benefits |
4,358 |
3,509 |
3,519 |
14,883 |
14,530 |
Occupancy expense |
1,125 |
1,288 |
1,357 |
5,245 |
5,730 |
Other non-interest expense |
2,245 |
2,071 |
1,900 |
7,430 |
7,405 |
7,728 |
6,868 |
6,776 |
27,558 |
27,665 |
|
NET INCOME BEFORE TAXES |
2,598 |
1,545 |
1,655 |
7,256 |
7,500 |
INCOME TAX EXPENSE |
627 |
212 |
(60) |
1,354 |
828 |
NET INCOME |
$1,971 |
$1,333 |
$1,715 |
$5,902 |
$6,672 |
Earnings per share - basic |
$0.35 |
$0.27 |
$0.35 |
$1.17 |
$1.36 |
Earnings per share - diluted |
$0.35 |
$0.27 |
$0.35 |
$1.17 |
$1.36 |
Dividends paid |
$0.24 |
$0.24 |
$0.24 |
$0.96 |
$0.96 |
Weighted average shares outstanding - basic |
5,558,891 |
4,900,030 |
4,892,530 |
5,063,736 |
4,889,420 |
Weighted average shares outstanding - diluted |
5,561,351 |
4,901,495 |
4,896,201 |
5,066,103 |
4,899,218 |
For the Period Ended, |
|||||
December 31, |
September 30, |
December 31, |
|||
2019 |
2019 |
2018 |
|||
Period End Balance Sheet Data: |
|||||
Total assets |
$1,195,434 |
$1,049,603 |
$958,630 |
||
Total earning assets |
1,105,103 |
971,289 |
885,416 |
||
Loans, net of unearned income |
577,067 |
473,498 |
429,277 |
||
Allowance for loan losses |
3,755 |
3,806 |
3,372 |
||
Total deposits |
898,996 |
794,314 |
756,222 |
||
Short-term borrowings |
- |
- |
- |
||
Long-term borrowings |
6 |
8 |
15 |
||
Shareholders' equity |
112,800 |
98,999 |
83,866 |
||
Book value per share |
$20.22 |
$20.15 |
$17.09 |
||
Period End Average Balance Sheet Data: |
|||||
Total assets |
$1,164,570 |
$1,026,700 |
$971,893 |
||
Total earning assets |
1,068,683 |
951,520 |
894,099 |
||
Loans, net of unearned income |
561,483 |
453,503 |
418,136 |
||
Total deposits |
929,598 |
807,230 |
760,992 |
||
Short-term borrowings |
2,096 |
1,983 |
20,986 |
||
Long-term borrowings |
10 |
11 |
512 |
||
Shareholders' equity |
96,295 |
90,885 |
83,907 |
||
Period End Non-performing Assets: |
|||||
Non-accrual loans |
$11,993 |
$12,359 |
$9,839 |
||
Loans 90+ days past due and accruing |
257 |
220 |
73 |
||
Other real estate owned |
3,552 |
3,383 |
3,440 |
||
As of |
|||||
December 31, |
September 30, |
December 31, |
|||
2019 |
2019 |
2018 |
|||
Year to Date Net charge-offs as a percentage of average net loans |
0.03% |
0.01% |
0.00% |
||
Year to Date Performance Ratios: |
|||||
Return on average assets(1) |
0.51% |
0.51% |
0.69% |
||
Return on average equity(1) |
6.13% |
5.77% |
7.95% |
||
Year to Date Net Interest Margin (tax equivalent)(1) |
2.77% |
2.62% |
3.05% |
||
(1) Annualized |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200128005679/en/
Source:
Citizens Holding Company, Philadelphia
Robert T. Smith, 601/656-4692
rsmith@tcbphila.com