Press Release

Citizens Holding Company Reports Earnings
(in thousands, except share and per share data)
Net income for the three months ended
In light of the ongoing events surrounding the COVID-19 pandemic, the Company is continually assessing the effects of the pandemic to its employees, customers and communities. In
Net interest income for the second quarter of 2020, after the provision for loan losses, was
Non-interest income increased in the second quarter of 2020 by
Net income for the six months ended
Net interest income for the six months ended
Non-interest income increased by
Total assets as of
During the six months ended
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) the impact of COVID-19 on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on
Financial Highlights (amounts in thousands, except share and per share data) |
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For the Three Months Ending |
For the Six Months Ending |
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|
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2020 |
2020 |
2019 |
2020 |
2019 |
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INTEREST INCOME |
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Loans, including fees |
|
|
|
|
|
|||||
Investment securities |
2,464 |
1,997 |
2,739 |
4,461 |
5,437 |
|||||
Other interest |
31 |
232 |
82 |
263 |
317 |
|||||
10,127 |
9,709 |
8,651 |
19,836 |
17,034 |
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INTEREST EXPENSE |
||||||||||
Deposits |
1,612 |
1,969 |
1,917 |
3,581 |
3,645 |
|||||
Other borrowed funds |
165 |
355 |
528 |
520 |
973 |
|||||
1,777 |
2,324 |
2,445 |
4,101 |
4,618 |
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NET INTEREST INCOME |
8,350 |
7,385 |
6,206 |
15,735 |
12,416 |
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PROVISION FOR LOAN LOSSES |
622 |
314 |
265 |
936 |
460 |
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NET INTEREST INCOME AFTER |
||||||||||
PROVISION FOR LOAN LOSSES |
7,728 |
7,071 |
5,941 |
14,799 |
11,956 |
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NON-INTEREST INCOME |
||||||||||
Service charges on deposit accounts |
668 |
1,049 |
1,046 |
1,717 |
2,143 |
|||||
Other service charges and fees |
871 |
773 |
770 |
1,644 |
1,453 |
|||||
Other non-interest income |
931 |
559 |
257 |
1,490 |
523 |
|||||
2,470 |
2,381 |
2,073 |
4,851 |
4,119 |
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NON-INTEREST EXPENSE |
||||||||||
Salaries and employee benefits |
4,307 |
4,435 |
3,470 |
8,742 |
7,016 |
|||||
Occupancy expense |
2,036 |
1,659 |
1,410 |
3,695 |
2,832 |
|||||
Other non-interest expense |
2,001 |
1,973 |
1,443 |
3,974 |
3,114 |
|||||
8,344 |
8,067 |
6,323 |
16,411 |
12,962 |
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NET INCOME BEFORE TAXES |
1,854 |
1,385 |
1,691 |
3,239 |
3,113 |
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INCOME TAX EXPENSE |
392 |
225 |
320 |
617 |
515 |
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NET INCOME |
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|
|
|
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Earnings per share - basic |
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|
|
|
|
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Earnings per share - diluted |
|
|
|
|
|
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Dividends Paid |
|
|
|
|
|
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Average shares outstanding - basic |
5,580,340 |
5,579,381 |
4,897,970 |
5,573,515 |
4,895,265 |
|||||
Average shares outstanding - diluted |
5,583,789 |
5,581,411 |
4,900,891 |
5,576,339 |
4,897,962 |
For the Period Ended, |
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|
|
|
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2020 |
2020 |
2019 |
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Period End Balance Sheet Data: |
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Total assets |
|
|
|
|||
Total earning assets |
1,308,683 |
1,124,671 |
1,105,103 |
|||
Loans, net of unearned income |
636,196 |
576,979 |
577,067 |
|||
Allowance for loan losses |
4,257 |
3,816 |
3,755 |
|||
Total deposits |
1,075,348 |
925,888 |
898,996 |
|||
Short-term borrowings |
- |
- |
- |
|||
Long-term borrowings |
- |
5 |
6 |
|||
Shareholders' equity |
119,369 |
118,744 |
112,800 |
|||
Book value per share |
|
|
|
|||
Period End Average Balance Sheet Data: |
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Total assets |
|
|
|
|||
Total earning assets |
1,173,734 |
1,109,562 |
1,068,683 |
|||
Loans, net of unearned income |
596,555 |
574,749 |
561,483 |
|||
Total deposits |
964,224 |
918,571 |
929,598 |
|||
Short-term borrowings |
28 |
56 |
2,096 |
|||
Long-term borrowings |
4 |
5 |
10 |
|||
Shareholders' equity |
116,096 |
112,945 |
96,295 |
|||
Period End Non-performing Assets: |
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Non-accrual loans |
|
|
|
|||
Loans 90+ days past due and accruing |
657 |
14 |
257 |
|||
Other real estate owned |
4,358 |
3,643 |
3,552 |
|||
As of |
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2020 |
|
2020 |
|
2019 |
||
Year to Date Net charge-offs as a percentage of average net loans |
||||||
0.07% |
0.04% |
0.03% |
||||
Year to Date Performance Ratios: |
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Return on average assets(1) |
0.41% |
0.39% |
0.51% |
|||
Return on average equity(1) |
4.52% |
4.11% |
6.13% |
|||
Year to Date Net Interest |
||||||
Margin (tax equivalent)(1) |
2.74% |
2.72% |
2.77% |
|||
(1) Annualized |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200724005014/en/
rsmith@tcbphila.com
Source: