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SEC Filings

10-Q
CITIZENS HOLDING CO /MS/ filed this Form 10-Q on 11/09/2016
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The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at December 31, 2015:

 

            Fair Value Measurements Using:  
December 31, 2015    Carrying
Value
     Quoted Prices
in Active
Markets for
Identical
Assets
     Significant
Other
Observable
Inputs
     Significant
Unobservable
Inputs
     Total
Fair
Value
 
            (Level 1)      (Level 2)      (Level 3)         

Financial assets

              

Cash and due from banks

   $ 14,947,690       $ 14,947,690       $ —         $ —         $ 14,947,690   

Interest bearing deposits with banks

     42,267,777         42,267,777         —           —           42,267,777   

Securities available-for-sale

     267,264,403         —           264,348,694         2,915,709         267,264,403   

Securities held-to-maturity

     161,043,404         —           169,045,835         —           169,045,835   

Net loans

     423,108,391         —           —           425,096,569         425,096,569   

Financial liabilities

              

Deposits

   $ 753,404,788       $ 542,640,313       $ —         $ 210,890,430       $ 753,530,743   

Federal Home Loan Bank advances

     20,000,000         —           —           20,534,935         20,534,935   

Securities Sold under Agreement to Repurchase

     104,298,182         104,298,182         —           —           104,298,182   

The fair value estimates, methods and assumptions used by the Corporation in estimating its fair value disclosures for financial statements were as follows:

Cash and Due from Banks and Interest Bearing Deposits with Banks

The carrying amounts reported in the balance sheet for these instruments approximate fair value because of their immediate and shorter-term maturities, which are considered to be three months or less when purchased.

Securities Held-to-Maturity

Securities held-to-maturity consist of debt securities such as obligations of states and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.

 

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