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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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Total non-interest expenses for the nine months ended September 30, 2016 and 2015 were $19,857,197 and $19,283,003, respectively, an increase of $574,194, or 3.0% from 2015 to 2016. Salaries and benefits were $10,341,493 for the nine months ended September 30, 2016, and $10,038,040 for the same period in 2015, an increase of $303,453, or 2.9%. Occupancy expense decreased by $85,871, or 2.2%, to $3,867,043 for the nine months ended September 30, 2016, when compared to $3,952,914 for the same period in 2015. Other operating expenses increased by $356,612 to $5,648,661 for the nine months ended September 30, 2016, when compared to $5,292,049 for the same period in 2015. A detail of the major expense classifications is set forth below.

The following is a detail of the major expense classifications that make up the other operating expense line item in the income statement:

 

    

Three months

ended September 30,

    

Nine months

ended September 30,

 

Other Operating Expense

   2016      2015      2016      2015  

Advertising

     161,329         213,644         597,711         603,051   

Office Supplies

     215,304         124,615         500,176         399,168   

Legal and Audit Fees

     143,828         97,274         371,005         311,334   

Telephone expense

     119,070         118,891         337,127         330,992   

Postage and Freight

     128,086         117,253         365,463         349,389   

Loan Collection Expense

     42,496         57,282         332,342         148,628   

Other Losses

     7,871         47,262         219,005         229,010   

Regulatory and related expense

     200,887         188,348         620,087         569,326   

Debit Card/ATM expense

     160,526         55,957         348,253         253,801   

Travel and Convention

     60,909         68,152         199,224         209,391   

Other expenses

     526,363         688,190         1,758,268         1,887,959   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Other Expense

   $ 1,766,669       $ 1,776,868       $ 5,648,661       $ 5,292,049   
  

 

 

    

 

 

    

 

 

    

 

 

 

The Corporation’s efficiency ratio for the three months ended September 30, 2016 was 65.70%, compared to 68.30% for the same period in 2015. For the nine months ended September 30, 2016 and 2015, the Corporation’s efficiency ratio was 71.26% and 70.19%, respectively. The efficiency ratio is the ratio of non-interest expenses divided by the sum of net interest income (on a fully tax equivalent basis) and non-interest income.

 

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