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Citizens Holding Company Reports Earnings

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Citizens Holding Company (OTCQX:CIZN) reported financial results for the three and six months ending June 30, 2024. Net income for Q2 2024 was $987K ($0.18 per share), a 65.59% decrease from Q1 2024. However, it marked a 228.93% increase over Q2 2023. Net income for the first half of 2024 totaled $3.86 million, up 167.73% from the same period in 2023.

Key Highlights:

  • Total Loans: Increased by 1.76% from Q1 2024 and 18.31% from Q2 2023, reaching $672.4 million.
  • Net Interest Margin: Rose to 2.56% in Q2 2024, up from 2.40% in Q1 2024.
  • Total Revenue: $40.4 million for the first half of 2024, a 50.63% increase from 2023.
  • Book Value: Increased by 2.30% from Q1 2024 and 16.23% from Q2 2023.

CEO Stacy Brantley highlighted strong loan growth and strategic balance sheet management as key drivers. The company also invested in securities and executed a $15M securities swap to hedge rising interest rates. Despite pressures on deposits, the company remains well-capitalized with a tier 1 leverage ratio of 7.16%.

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PHILADELPHIA, Miss.--(BUSINESS WIRE)-- Citizens Holding Company (the “Company”) (OTCQX:CIZN) announced today results of operations for the three and six months ended June 30, 2024.

(in thousands, except share and per share data)

Net income for the three months ended June 30, 2024 was $987, or $0.18 per share-basic and diluted, a linked-quarter decrease of ($1,881), or (65.59%), from net income of $2,868, or $0.51, per share-basic and diluted, for the three months ended March 31, 2024. Net income also increased $687, or 228.93%, from net income of $300, or $0.05, per share-basic and diluted for the same quarter in 2023.

Net income for the six months ended June 30, 2024 was $3,855, or $0.69 per share-basic and diluted, an increase of $2,415, or 167.73%, from net income of $1,440, or $0.26 , per share-basic and diluted, for the same period in 2023.

Second Quarter Highlights

  • Total net loans held for investment (LHFI), as of June 30, 2024 totaled $672,402, an increase of $11,655, or 1.76%, compared to March 31, 2024, and an increase of 104,065, or 18.31%, compared to June 30, 2023.
  • Net interest margin increased 16 basis points (“bps”) to 256 bps for the three months ended June 30, 2024 from 240 bps for the three months ended March 31, 2024.
  • Total revenues, or interest and non-interest income, for the six months ended June 30, 2023 totaled $40,395, an increase of $13,578, or 50.63%, from the same period in 2023. The increase in total revenue is primarily attributed to an increase of $9,845, or 44.36% in interest income attributed to loan growth and rising interest rates.
  • Book value (“BV”) and tangible book value (“TBV”) at June 30, 2024 increased $0.19, or 2.30%, and $0.20, or 3.46%, respectively from March 31, 2024, and increased $1.16, or 16.23% and $1.19, or 25.00%, respectively from June 30, 2023.

Chief Executive Officer (CEO) Commentary

Stacy Brantley, President and Chief Executive Officer of the Company, stated, “Our focus remains on the things we can control, and we are working diligently to achieve strategic goals. I’m happy to report the Bank achieved its second consecutive quarter of net interest margin (NIM) expansion. The Bank’s NIM expanded to 256 bps, up 16 bps over the trailing quarter end and 21 bps over the quarter ended December 31, 2023.

“Margin expansion continues to be driven by The Company’s solid loan growth and repositioning of the balance sheet. The Bank realized loan growth in the second quarter of 1.76% and 18.31% over the prior year quarter ended June 30, 2023. Our loan pipelines are strong as we close out the second quarter, and I expect continued loan growth in line with our strategic plan in the third quarter. Supporting strong production, our focus on strong underwriting has produced solid credit quality metrics well within our established targets.

“Additionally, we invested in AFS securities and executed a swap of $15 million of our securities book from fixed to floating with the primary goal of protecting capital and hedging rising interest rates. We will continue to seek opportunities to buffer our balance sheet, minimize interest rate sensitivity, and support organic growth.”

Financial Condition and Results of Operations

Loans and Deposits

Total LHFI as of June 30, 2024 totaled $679,223 compared to $667,416 at March 31, 2024 and $574,734 as of June 30, 2023.

Total deposits as of June 30, 2024 were $1,169,570 compared to $1,210,600 at March 31, 2024 and $1,103,072 as of June 30, 2023. With the pressure throughout the banking system in regards to deposits, the Company has not experienced material outflows in deposits, but continues to see a shift from noninterest bearing deposits to interest bearing deposits.

Net Interest Income

Net interest income for the three months ended June 30, 2024 was $8,617, an increase of $827, or 10.62%, compared to $7,790 for the three months ended March 31, 2024, and an increase of $1,202, or 16.20%, compared to $7,415 for the three months ended June 30, 2023. The net interest margin (“NIM”) was 2.56% for the three months ended June 30, 2024 compared to 2.40% for the three months ended March 31, 2024 and 2.55% for the same period in 2023. Management expects continued pressure on cost of funds given the current interest rate environment, however, the Company has seen NIM expand for three consecutive quarters.

The linked-quarter increase in net interest income is primarily a result of the increase in interest income of $1,288, or 8.38%, partially offset by an increase in interest expense of $461, or 6.08%, compared to the three months ended March 31, 2024. The increase from the same period ended June 30, 2023 is due to an increase in interest income of $5,503, or 49.32%. This increase in interest income is partially offset by an increase in total interest expense of $4,301, or 114.87%, when compared to the same period in 2023. This increase is the direct result of increased loan production partially offset by increased deposit competition primarily caused by higher short-term rates.

Net interest income for the six months ended June 30, 2024 increased $1,314, or 8.71%, to $16,407 from $15,093 for the same period in 2023. The year-to-date NIM was 2.49% as of June 30, 2024 compared to 2.40% at March 31, 2024 and 2.54% for the same period in 2023.

Net interest income for the six months ended June 30, 2024 increased compared to the prior year due to interest income increasing $9,845, or 44.36%. This increase is primarily the result of the large increase in loans along with repricing of loans and investment securities. This was partially offset interest rate hikes in 2022 and 2023 causing increased and ongoing deposit competition. Management expects continued pressure on cost of funds given the current interest rate environment.

Credit Quality

The Company’s NPAs increased by $1,543, or 43.32%, to $5,105 at June 30, 2024 compared to $3,562 at March 31, 2024, and increased $940, or 22.56%, compared to $4,165 at June 30, 2023. The primary cause of the increase year-over-year was due the increase in non-accrual loans of $836, or 27.90%. The increase in non-accrual loans during the quarter is primarily related to one relationship in the amount of $1,328.

Net losses (recoveries) were $40 for the six months ended June 30, 2024. Year-to-date net losses to average loans were 0.00% at June 30, 2024 compared to (0.01%) at June 30, 2023.

The provision for credit losses (“PCL”) for the three months ended June 30, 2024 was $298 compared to $192 for the linked quarter and $459 for the same period a year ago. The PCL was primarily driven by loan growth partially offset by favorable qualitative factor adjustments due to better than expected GDP growth and better than expected unemployment. Additionally, the Company has not observed material deterioration in local CRE valuations that some of the larger central business districts have experienced. The ACL to LHFI was 1.00% and 1.11% at June 30, 2024 and 2023, respectively, and 1.00% at March 31, 2024, representing a level management considers commensurate with the risk in the loan portfolio.

Liquidity and Capital

Given the events within the banking industry during 2023, investment securities portfolios, interest rate risk, liquidity and capital have become much more of a focus for the Company’s management team and Board, regulators and investors. As a result of this, the Company is providing additional information on our liquidity and capital position as of June 30, 2024 to disclose the more traditional and stable nature of the Company’s banking model.

The Company currently has limited reliance on the wholesale funding market. The Company had $-0- in overnight Federal Funds borrowings at June 30, 2024, March 31, 2024, and $4,000 at June 30, 2023. The Company currently has capacity to borrow $309,311 from the Federal Home Loan Bank of Dallas (“FHLB”), approximately $150,000 in brokered deposit availability and $50,000 in availability with our correspondent Fed Funds lines. Additionally, the Company could provide additional collateral to the FHLB to increase the capacity there, should that avenue be needed.

The Company and the Bank, remain in a strong capital position and well-capitalized. A comparison of the various regulatory ratios for the Company and the Bank are noted below:

 

 

June 30,

2024

 

March 31,

2024

 

June 30,

2023

Citizens Holding Company

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio

 

 

7.16

%

 

 

7.31

%

 

 

8.17

%

Common Equity tier 1 capital ratio

 

 

7.16

%

 

 

7.31

%

 

 

8.17

%

Tier 1 risk-based capital ratio

 

 

11.70

%

 

 

11.87

%

 

 

13.40

%

Total risk-based capital ratio

 

 

12.49

%

 

 

12.65

%

 

 

14.28

%

The Citizens Bank

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio

 

 

8.21

%

 

 

8.37

%

 

 

9.48

%

Common Equity tier 1 capital ratio

 

 

8.21

%

 

 

8.37

%

 

 

9.48

%

Tier 1 risk-based capital ratio

 

 

13.29

%

 

 

13.48

%

 

 

15.53

%

Total risk-based capital ratio

 

 

14.08

%

 

 

14.25

%

 

 

16.30

%

Noninterest Income

Noninterest income decreased for the three months ended June 30, 2024, by ($3,317), or (56.82%), compared to the three months ended March 31, 2024, and increased by $258, or 11.42%, compared to the same period in 2023.

The decrease quarter-over-quarter is primarily due to other noninterest income decreasing ($4,984), or (94.39%), driven by a one-time gain on the sale-leaseback transaction of three locations of $4,535 during the prior quarter.

Noninterest income increased for the six months ended June 30, 2024, by $3,734, or 80.71%, compared to the same period in 2023.

The increase year-over-year is primarily due to other noninterest income increasing $4,863, or 682.03%, driven by the aforementioned sale-leaseback transaction.

Noninterest Expense

Noninterest expense decreased for the three months ended June 30, 2024 by ($113), or (1.17%), compared to the three months ended March 31, 2024 and increased by $574, or 6.38%, compared to the same period in 2023.

Noninterest expense increased for the six months ended June 30, 2024 by $1,517, or 8.55%, compared to the same period in 2023.

The increase year-over-year is primarily due to 2 factors, (1) an increase in salaries and employee benefits as a result of several strategic production hires in key markets and (2) an increase in occupancy expense of $1,429, or 38.61%, driven by increasing technology costs and an increase in rent due to the aforementioned sale-leaseback transaction.

Dividends

The Company paid aggregate cash dividends in the amount of $1,803, or $0.32 per share six-month period ended June 30, 2024 compared to $2,244, or $0.40 per share, for the same period in 2023.

At $0.16 per share, the Company’s current quarterly dividend yield is approximately 8% which reflects the Company’s continued commitment to returning shareholder value.

 
 
 

Citizens Holding Company
Financial Highlights
(amounts in thousands, except share and per share data)

 

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2024

2024

2023

2024

2023

INTEREST INCOME    
Loans, including fees

 $

           11,160

 

 $

            10,264

 

 $

      7,529

 

 $

           21,424

 

 $

          14,852

 
Investment securities

 

                3,014

 

 

                 3,045

 

 

         3,334

 

 $

             6,059

 

 

               6,704

 
Other interest

 

                2,488

 

 

                 2,065

 

 

            296

 

 $

             4,553

 

 

                  635

 

 

              16,662

 

 

               15,374

 

 

       11,159

 

 

              32,036

 

 

             22,191

 
     
INTEREST EXPENSE    
Deposits

 

                5,239

 

 

                 5,261

 

 

         2,450

 

 

              10,500

 

 

               4,270

 
Other borrowed funds

 

                2,806

 

 

                 2,323

 

 

         1,294

 

 

                5,129

 

 

               2,828

 

 

                8,045

 

 

                 7,584

 

 

         3,744

 

 

              15,629

 

 

               7,098

 
     
NET INTEREST INCOME

 

                8,617

 

 

                 7,790

 

 

         7,415

 

 

              16,407

 

 

             15,093

 
     
PCL

 

                   298

 

 

                    192

 

 

            459

 

 

                   490

 

 

                  465

 
     
     
NET INTEREST INCOME AFTER PCL

 

                8,319

 

 

                 7,598

 

 

         6,956

 

 

              15,917

 

 

             14,628

 
     
NONINTEREST INCOME    
Service charges on deposit accounts

 

                   944

 

 

                    957

 

 

            890

 

 

                1,901

 

 

               1,804

 
Other service charges and fees

 

                1,281

 

 

                 1,176

 

 

         1,072

 

 

                2,457

 

 

               2,109

 
Net (losses) gains on sales of securities

 

                        -

 

 

               (1,574

)

 

                 -

 

 

               (1,574

)

 

                       -

 
Other noninterest income

 

                   296

 

 

                 5,280

 

 

            301

 

 

                5,576

 

 

                  713

 

 

                2,521

 

 

                 5,839

 

 

         2,263

 

 

                8,360

 

 

               4,626

 
     
NONINTEREST EXPENSE    
Salaries and employee benefits

 

                4,936

 

 

                 4,885

 

 

         4,710

 

 

                9,821

 

 

               9,405

 
Occupancy expense

 

                2,805

 

 

                 2,325

 

 

         1,856

 

 

                5,130

 

 

               3,701

 
Other noninterest expense

 

                1,830

 

 

                 2,474

 

 

         2,431

 

 

                4,304

 

 

               4,632

 

 

                9,571

 

 

                 9,684

 

 

         8,997

 

 

              19,255

 

 

             17,738

 
     
NET INCOME BEFORE TAXES

 

                1,269

 

 

                 3,753

 

 

            222

 

 

                5,022

 

 

               1,516

 
     
INCOME TAX EXPENSE (BENEFIT)

 

                   282

 

 

                    885

 

 

            (78

)

 

                1,167

 

 

                    76

 
     
NET INCOME

 $

                987

 

 $

              2,868

 

 $

         300

 

 $

             3,855

 

 $

            1,440

 
     
Earnings per share - basic

 $

               0.18

 

 $

                0.51

 

 $

        0.05

 

 $

               0.69

 

 $

              0.26

 
     
Earnings per share - diluted

 $

               0.18

 

 $

                0.51

 

 $

        0.05

 

 $

               0.69

 

 $

              0.26

 
     
Dividends paid

 $

               0.16

 

 $

                0.16

 

 $

        0.16

 

 $

               0.32

 

 $

              0.40

 
     
Average shares outstanding - basic

 

         5,609,999

 

 

          5,603,570

 

 

  5,601,213

 

 

         5,609,999

 

 

        5,598,299

 
     
Average shares outstanding - diluted

 

         5,609,999

 

 

          5,603,570

 

 

  5,601,213

 

 

         5,609,999

 

 

        5,598,501

 
 
 
 
 

June 30,

March 31,

 

 

June 30,

 

 

2024

2024

 

 

2023

 

 

Assets

(Unaudited)

(Unaudited)

Change

% Change

(Unaudited)

Change

% Change

Cash and due from banks

 $

          18,572

 

 $

          16,868

 

 $

      1,704

 

10.10

%

 $

            17,086

 

 $

          1,486

 

8.70

%

Interest bearing deposits with other banks

 

             97,469

 

 

           145,924

 

 

      (48,455

)

-33.21

%

 

                    862

 

 

           96,607

 

11207.29

%

Cash and cash equivalents

 

           116,041

 

 

           162,792

 

 

      (46,751

)

-28.72

%

 

               17,948

 

 

           98,093

 

546.54

%

Investment securities held-to-maturity, at amortized cost

 

           379,347

 

 

           384,015

 

 

        (4,668

)

-1.22

%

 

             396,931

 

 

         (17,584

)

-4.43

%

Investment securities available-for-sale, at fair value

 

           184,988

 

 

           152,553

 

 

       32,435

 

21.26

%

 

             196,866

 

 

         (11,878

)

-6.03

%

Loans held for investment (LHFI) (1)

 

           679,223

 

 

           667,416

 

 

       11,808

 

1.77

%

 

             574,734

 

 

         104,489

 

18.18

%

Less allowance for credit losses (ACL), LHFI (1)

 

               6,821

 

 

               6,668

 

 

            153

 

2.29

%

 

                 6,397

 

 

                424

 

6.63

%

Net LHFI 

 

           672,402

 

 

           660,748

 

 

       11,655

 

1.76

%

 

             568,337

 

 

         104,065

 

18.31

%

Premises and equipment, net

 

             20,370

 

 

             20,530

 

 

           (160

)

-0.78

%

 

               27,381

 

 

           (7,011

)

-25.61

%

Other real estate owned, net

 

               1,234

 

 

               1,234

 

 

               -

 

0.00

%

 

                 1,009

 

 

                225

 

22.26

%

Accrued interest receivable

 

               5,487

 

 

               4,784

 

 

            703

 

14.70

%

 

                 4,766

 

 

                721

 

15.12

%

Cash surrender value of life insurance

 

             26,610

 

 

             26,438

 

 

            172

 

0.65

%

 

               26,062

 

 

                548

 

2.10

%

Deferred tax assets, net

 

             27,171

 

 

             27,533

 

 

           (363

)

-1.32

%

 

               29,346

 

 

           (2,175

)

-7.41

%

Identifiable intangible assets, net

 

             13,277

 

 

             13,304

 

 

             (27

)

-0.21

%

 

               13,386

 

 

              (109

)

-0.82

%

Other assets

 

             18,032

 

 

             19,592

 

 

        (1,560

)

-7.96

%

 

                 7,307

 

 

           10,725

 

146.78

%

 
Total Assets

 $

     1,464,959

 

 $

     1,473,523

 

 $

     (8,564

)

-0.58

%

 $

       1,289,339

 

 $

      175,620

 

13.62

%

 
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Non-interest bearing deposits

 $

        259,848

 

 $

        263,006

 

 $

     (3,159

)

-1.20

%

 $

          281,812

 

 $

      (21,964

)

-7.79

%

Interest bearing deposits

 

           909,722

 

 

           947,594

 

 

      (37,871

)

-4.00

%

 

             821,260

 

 

           88,462

 

10.77

%

Total deposits

 

        1,169,570

 

 

        1,210,600

 

 

      (41,030

)

-3.39

%

 

          1,103,072

 

 

           66,498

 

6.03

%

 
Securities sold under agreement to repurchase

 

           205,604

 

 

           173,254

 

 

       32,349

 

18.67

%

 

             109,526

 

 

           96,078

 

87.72

%

Short-term borrowings

 

                    -

 

 

                     -

 

 

               -

 

0.00

%

 

                 4,000

 

 

           (4,000

)

0.00

%

Borrowings on secured line of credit 

 

             18,000

 

 

             18,000

 

 

               -

 

0.00

%

 

               18,000

 

 

                   -

 

0.00

%

Deferred compensation payable

 

               9,746

 

 

               9,841

 

 

             (95

)

-0.97

%

 

               10,104

 

 

              (358

)

-3.55

%

Other liabilities

 

             15,205

 

 

             16,135

 

 

           (930

)

-5.76

%

 

                 4,496

 

 

           10,709

 

238.19

%

Total liabilities

 

        1,418,125

 

 

        1,427,830

 

 

        (9,706

)

-0.68

%

 

          1,249,198

 

 

         168,927

 

13.52

%

 
Shareholders' Equity
Common stock, $0.20 par value, 22,500,000 shares authorized, Issued and outstanding: 5,637,061 shares - June 30, 2024; 5,616,438 shares - December 31, 2023

 

1,125

 

 

1,123

 

 

-

 

0.00

%

 

1,123

 

 

2

 

0.17

%

Additional paid-in capital

 

             18,646

 

 

             18,618

 

 

              28

 

0.15

%

 

               18,519

 

 

                127

 

0.69

%

Accumulated other comprehensive loss, net of tax benefit of $24,715 at June 30, 2024 and $25,362 at December 31, 2023

 

(74,343

)

 

(75,369

)

 

1,026

 

-1.36

%

 

(80,238

)

 

5,895

 

-7.35

%

Retained earnings

 

           101,406

 

 

           101,321

 

 

              85

 

0.08

%

 

             100,737

 

 

                669

 

0.66

%

 
Total shareholders' equity

 

             46,834

 

 

             45,693

 

 

         1,141

 

2.50

%

 

               40,141

 

 

             6,693

 

16.67

%

 

               -

 

Total liabilities and shareholders' equity

 $

     1,464,959

 

 $

     1,473,523

 

 $

     (8,564

)

-0.58

%

 $

       1,289,339

 

 $

      175,620

 

13.62

%

 
 
 
 
June 30, March 31, June 30,

 

2024

 

 

2024

 

 

2023

 

Dollars in thousands, except per share data (Unaudited) (Unaudited) (Unaudited)
 
Per Share Data
Basic Earnings per Common Share

 $

             0.18

 

 $

                  0.51

 

 $

                 0.05

 

Diluted Earnings per Common Share

 

                0.18

 

 

                     0.51

 

 

                    0.05

 

Dividends per Common Share

 

                0.16

 

 

                     0.16

 

 

                    0.16

 

BV per Common Share

 

                8.31

 

 

                     8.12

 

 

                    7.15

 

BV per Common Share (ex OCI)

 

              21.50

 

 

                   21.51

 

 

                  21.43

 

TBV per Common Share

 

                5.95

 

 

                     5.75

 

 

                    4.76

 

TBV per Common Share (ex OCI)

 

              19.14

 

 

                   19.14

 

 

                  19.05

 

Average Diluted Shares Outstanding

 

       5,609,999

 

 

            5,603,570

 

 

           5,601,213

 

End of Period Common Shares Outstanding

 

       5,637,061

 

 

            5,628,811

 

 

           5,616,438

 

 
Annualized Performance Ratios
Return on Average Assets

 

0.26

%

 

0.78

%

 

0.22

%

Return on Average Equity

 

8.78

%

 

18.79

%

 

7.26

%

Equity/Assets

 

3.20

%

 

3.10

%

 

3.10

%

Yield on Earning Assets

 

4.84

%

 

4.61

%

 

3.71

%

Cost of Funds

 

2.75

%

 

2.66

%

 

1.47

%

Net Interest Margin

 

2.56

%

 

2.40

%

 

2.55

%

 
Credit Metrics
Allowance for Loan Losses to Total Loans

 

1.00

%

 

1.00

%

 

1.11

%

Non-performing assets to loans

 

0.76

%

 

0.54

%

 

0.62

%

 
 
 

SELECTED FINANCIAL INFORMATION

Citizens Holding Company is a one-bank holding company and the parent company of the Bank, both headquartered in Philadelphia, Mississippi. The Bank currently has locations in fourteen counties throughout the state of Mississippi. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through third party partnerships and a full range of Internet 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 OTCQX Best Market and is traded under the symbol CIZN. The Company's transfer agent is American Stock Transfer & Trust Company. Investor relations information may be obtained at the corporate website, https://www.thecitizensbankphila.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This press release includesforward-looking statementswithin 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 Companys 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 Companys and the Banks 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) our ability to mitigate our risk exposures; (c) changes in the legislative and regulatory environment that negatively impact the Company and Bank through increased operating expenses; (d) increased competition from other financial institutions; (e) the impact of technological advances; (f) expectations about the movement of interest rates, including actions that may be taken by the Federal Reserve Board in response to changing economic conditions; (g) changes in asset quality and loan demand; (h) expectations about overall economic strength and the performance of the economics in the Companys market area; and (i) other risks detailed from time to time in the Companys 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, Philadelphia

Phillip R. Branch, 601/519-4016

Phillip.branch@thecitizensbank.bank

Source: Citizens Holding Company

FAQ

What were Citizens Holding Company's net income and earnings per share for Q2 2024?

Net income for Q2 2024 was $987K, or $0.18 per share.

How did Citizens Holding Company's net income performance in Q2 2024 compare to Q2 2023?

Net income for Q2 2024 increased by 228.93% compared to Q2 2023.

What was Citizens Holding Company's net interest margin for Q2 2024?

The net interest margin for Q2 2024 was 2.56%, up from 2.40% in Q1 2024.

How much did Citizens Holding Company's total loans increase in Q2 2024?

Total loans increased by 1.76% from Q1 2024 and 18.31% from Q2 2023, reaching $672.4 million.

What was the total revenue for Citizens Holding Company for the first half of 2024?

Total revenue for the first half of 2024 was $40.4 million, a 50.63% increase from the same period in 2023.

What is Citizens Holding Company's book value as of June 30, 2024?

The book value as of June 30, 2024, increased by 2.30% from Q1 2024 and 16.23% from Q2 2023.

What strategic actions did Citizens Holding Company take in Q2 2024?

The company invested in securities and executed a $15M securities swap to hedge rising interest rates.

What is Citizens Holding Company's tier 1 leverage ratio as of June 30, 2024?

The tier 1 leverage ratio as of June 30, 2024, is 7.16%.

CITZNS HOLDINGS CO MISS

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51.02M
4.69M
17.51%
0.89%
Banks - Regional
Financial Services
Link
United States of America
Philadelphia