Citizens Holding Company Reports Earnings
Citizens Holding Company (OTCQX:CIZN) reported Q3 2024 net income of $318,000 ($0.06 per share), showing a 67.78% decrease from Q2 2024's $987,000 and a 73.65% decrease from Q3 2023's $1.2 million. However, nine-month earnings reached $4.17 million ($0.74 per share), up 57.65% from 2023.
Key highlights include: total loans increased 4.76% to $711.5 million quarter-over-quarter; net interest margin rose to 252 basis points; and total revenues for nine months grew 37.65% to $58.9 million. The company executed a strategic securities portfolio sale, recognizing a pre-tax loss of $988,000 while reinvesting in floating rate securities yielding 6.40%.
The bank maintains strong capital ratios and a quarterly dividend of $0.16 per share, representing approximately 7% yield.
Citizens Holding Company (OTCQX:CIZN) ha riportato un utile netto di $318.000 ($0,06 per azione) per il terzo trimestre del 2024, mostrando una diminuzione del 67,78% rispetto ai $987.000 del secondo trimestre del 2024 e una diminuzione del 73,65% rispetto ai $1,2 milioni del terzo trimestre del 2023. Tuttavia, gli utili nei primi nove mesi hanno raggiunto $4,17 milioni ($0,74 per azione), con un incremento del 57,65% rispetto al 2023.
Tra i punti salienti: i prestiti totali sono aumentati del 4,76% a $711,5 milioni rispetto al trimestre precedente; il margine di interesse netto è salito a 252 punti base; e le entrate totali per i nove mesi sono cresciute del 37,65% a $58,9 milioni. L'azienda ha eseguito una vendita strategica del portafoglio titoli, registrando una perdita ante imposte di $988.000 mentre reinvestiva in titoli a tasso variabile con rendimento del 6,40%.
La banca mantiene solidi rapporti di capitale e un dividendo trimestrale di $0,16 per azione, che rappresenta un rendimento di circa il 7%.
Citizens Holding Company (OTCQX:CIZN) reportó una ganancia neta de $318,000 ($0.06 por acción) en el tercer trimestre de 2024, mostrando una disminución del 67.78% respecto a los $987,000 del segundo trimestre de 2024 y una disminución del 73.65% en comparación con los $1.2 millones del tercer trimestre de 2023. Sin embargo, las ganancias de los primeros nueve meses alcanzaron los $4.17 millones ($0.74 por acción), un aumento del 57.65% respecto a 2023.
Los puntos clave incluyen: los préstamos totales aumentaron un 4.76% a $711.5 millones en comparación con el trimestre anterior; el margen de interés neto subió a 252 puntos base; y los ingresos totales durante los nueve meses crecieron un 37.65% a $58.9 millones. La compañía ejecutó una venta estratégica de su cartera de valores, reconociendo una pérdida antes de impuestos de $988,000 mientras reinvertía en valores de tasa flotante que generan un 6.40% de rendimiento.
El banco mantiene sólidos ratios de capital y un dividendo trimestral de $0.16 por acción, que representa aproximadamente un 7% de rendimiento.
Citizens Holding Company (OTCQX:CIZN)는 2024년 3분기 순이익이 $318,000 ($0.06 per 주식)으로 보고되었으며, 이는 2024년 2분기의 $987,000에서 67.78% 감소하고 2023년 3분기의 $1.2 million에서 73.65% 감소한 수치입니다. 그러나 9개월 총 수익은 $4.17 million ($0.74 per 주식)로 2023년 대비 57.65% 증가했습니다.
주요 하이라이트로는: 총 대출이 분기 대비 4.76% 증가하여 $711.5 million; 순이자 마진이 252 베이시스 포인트로 상승; 9개월간 총 수익이 37.65% 증가하여 $58.9 million. 회사는 전략적 증권 포트폴리오 매각을 실행하였으며, $988,000의 세전 손실을 인지하면서 6.40%의 수익률을 제공하는 변동 금리 증권에 재투자했습니다.
은행은 강력한 자본 비율과 주당 $0.16의 분기배당금을 유지하고 있으며, 이는 약 7%의 수익률을 나타냅니다.
Citizens Holding Company (OTCQX:CIZN) a rapporté un revenu net de 318 000 $ (0,06 $ par action) pour le troisième trimestre de 2024, affichant une diminution de 67,78 % par rapport aux 987 000 $ du deuxième trimestre de 2024 et une diminution de 73,65 % par rapport aux 1,2 million de dollars du troisième trimestre de 2023. Cependant, les bénéfices sur neuf mois ont atteint 4,17 millions de dollars (0,74 $ par action), en hausse de 57,65 % par rapport à 2023.
Les points clés incluent : les prêts totaux ont augmenté de 4,76 % pour atteindre 711,5 millions de dollars d'un trimestre à l'autre ; la marge d'intérêt nette a augmenté à 252 points de base ; et les revenus totaux sur neuf mois ont crû de 37,65 % pour atteindre 58,9 millions de dollars. L'entreprise a réalisé une vente stratégique de son portefeuille de titres, enregistrant une perte avant impôts de 988 000 $ tout en réinvestissant dans des titres à taux flottant avec un rendement de 6,40 %.
La banque maintient des ratios de capital solides et un dividende trimestriel de 0,16 $ par action, représentant un rendement d'environ 7 %.
Citizens Holding Company (OTCQX:CIZN) berichtete für das 3. Quartal 2024 einen Nettogewinn von $318.000 ($0,06 pro Aktie), was einen Rückgang von 67,78% im Vergleich zu den $987.000 des 2. Quartals 2024 und einen Rückgang von 73,65% im Vergleich zu den $1,2 Millionen des 3. Quartals 2023 darstellt. Die Erträge in den ersten neun Monaten betrugen jedoch $4,17 Millionen ($0,74 pro Aktie) und stiegen um 57,65% im Vergleich zu 2023.
Wichtige Highlights: Die Gesamtdarlehen stiegen im Vergleich zum Vorquartal um 4,76% auf $711,5 Millionen; die Nettozinsspanne stieg auf 252 Basispunkte; und die Gesamterträge für die neun Monate wuchsen um 37,65% auf $58,9 Millionen. Das Unternehmen führte einen strategischen Verkauf des Wertpapierportfolios durch und erkannte einen Verlust vor Steuern von $988.000, während es in variabel verzinsliche Wertpapiere mit einer Rendite von 6,40% reinvestierte.
Die Bank hält starke Kapitalquoten und eine quartalsweise Dividende von $0,16 pro Aktie, was einer Rendite von etwa 7% entspricht.
- None.
- None.
(in thousands, except share and per share data)
Net income for the three months ended September 30, 2024 was
Net income for the nine months ended September 30, 2024 was
Third Quarter Highlights
-
Total loans held for investment (LHFI), as of September 30, 2024 totaled
, an increase of$711,544 , or$32,321 4.76% , compared to June 30, 2024, and an increase of 124,306 or21.17% , compared to September 30, 2023. - Net interest margin increased 12 basis points (“bps”) to 252 bps for the three months ended September 30, 2024 from 240 bps for the three months ended September 30, 2023.
-
Total revenues, or interest and non-interest income, for the nine months ended September 30, 2024 totaled
, an increase of$58,946 , or$16,122 37.65% , from the same period in 2023. The increase in total revenue is primarily attributed to an increase of , or$14,432 41.22% , in interest income attributed primarily to loan growth. -
Book value (“BV”) and tangible book value (“TBV”) at September 30, 2024 increased
, or$0.65 7.86% , and , or$0.66 11.06% , respectively from June 30, 2024, and increased , or$2.85 46.55% and , or$2.87 76.94% , respectively from September 30, 2023. -
The Company executed a sale of a portion of it’s available-for-sale securities portfolio during the third quarter of 2024, and as a result the Company recognized a pre-tax loss of (
) and generated approximately$988 in proceeds. Concurrently, with the loss trade, the Company purchased approximately$28,000 in floating rate securities at a weighted-average yield of$26,000 6.40% , or approximately 100 bps spread to overnight fed funds. The net impact of these 2 transactions was a pre-tax income increase of approximately annually, or a 1.16 year earn-back, at the time of the transactions.$850
Chief Executive Officer (“CEO”) Commentary
Stacy Brantley, President and Chief Executive Officer, stated, “The Company’s dedicated team of bankers further demonstrated its ability to execute our strategic plan. This can be evidenced by strong loan growth and repositioning of the securities portfolio during the quarter. Loan growth totaling
“Margin expansion stalled during the quarter, decreasing slightly to
“As we look to the future, we are excited to further leverage investments made in technology and continue seeking opportunities to improve efficiency. Key additions to our banking team have positioned the company for solid growth and improved profitability.”
Financial Condition and Results of Operations
Loans and Deposits
Total gross LHFI as of September 30, 2024 was
Total deposits as of September 30, 2024 were
Net Interest Income
Net interest income for the three months ended September 30, 2024 was
The linked-quarter increase in net interest income is primarily a result of the increase in interest income of
Net interest income for the nine months ended September 30, 2024 increased
Net interest income for the nine months ended September 30, 2024 increased compared to the prior year due to interest income increasing
Credit Quality
The Company’s non-performing assets (“NPAs”) increased by
Net losses (recoveries) were
The provision for credit losses (“PCL”) for the three months ended September 30, 2024 was
Liquidity and Capital
Given the events within the banking industry during 2023, investment securities portfolios, interest rate risk, liquidity and capital continue to be 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 September 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
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:
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
|||
Citizens Holding Company |
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
7.21 |
% |
|
|
7.16 |
% |
|
|
7.83 |
% |
Common Equity tier 1 capital ratio |
|
|
7.21 |
% |
|
|
7.16 |
% |
|
|
7.83 |
% |
Tier 1 risk-based capital ratio |
|
|
11.39 |
% |
|
|
11.70 |
% |
|
|
13.17 |
% |
Total risk-based capital ratio |
|
|
12.18 |
% |
|
|
12.49 |
% |
|
|
13.97 |
% |
The Citizens Bank |
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
8.24 |
% |
|
|
8.21 |
% |
|
|
9.08 |
% |
Common Equity tier 1 capital ratio |
|
|
8.24 |
% |
|
|
8.21 |
% |
|
|
9.08 |
% |
Tier 1 risk-based capital ratio |
|
|
12.91 |
% |
|
|
13.29 |
% |
|
|
15.16 |
% |
Total risk-based capital ratio |
|
|
13.69 |
% |
|
|
14.08 |
% |
|
|
15.95 |
% |
Noninterest Income
Noninterest income decreased for the three months ended September 30, 2024, by (
The decrease quarter-over-quarter is primarily due to net losses on sales of securities of (
Noninterest income increased for the nine months ended September 30, 2024, by
The increase year-over-year is primarily driven by a sale-leaseback transaction in the first quarter of 2024 resulting in a gain of
Noninterest Expense
Noninterest expense increased for the three months ended September 30, 2024 by
Noninterest expense increased for the nine months ended September 30, 2024 by
The increase year-over-year is primarily due to 2 factors, (1) an increase in salaries and employee benefits as a result of strategic production hires in key markets and (2) an increase in occupancy expense of
Dividends
The Company paid aggregate cash dividends in the amount of
At
Citizens Holding Company |
||||||||||||
Financial Highlights |
||||||||||||
(amounts in thousands, except share and per share data) |
||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||
September 30, |
June 30 |
September 30 |
September 30, |
September 30, |
||||||||
|
2024 |
|
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|
INTEREST INCOME | ||||||||||||
Loans, including fees | $ |
12,090 |
|
$ |
11,160 |
$ |
8,503 |
$ |
33,697 |
|
$ |
23,356 |
Investment securities |
|
3,439 |
|
|
3,014 |
|
3,275 |
|
9,498 |
|
|
9,978 |
Other interest |
|
1,694 |
|
|
2,488 |
|
1,041 |
|
6,247 |
|
|
1,676 |
|
17,223 |
|
|
16,662 |
|
12,819 |
|
49,442 |
|
|
35,010 |
|
INTEREST EXPENSE | ||||||||||||
Deposits |
|
5,214 |
|
|
5,239 |
|
3,481 |
|
15,714 |
|
|
7,751 |
Other borrowed funds |
|
3,252 |
|
|
2,806 |
|
1,906 |
|
8,381 |
|
|
4,735 |
|
8,466 |
|
|
8,045 |
|
5,387 |
|
24,095 |
|
|
12,486 |
|
NET INTEREST INCOME |
|
8,757 |
|
|
8,617 |
|
7,432 |
|
25,347 |
|
|
22,524 |
PCL |
|
- |
|
|
298 |
|
97 |
|
490 |
|
|
562 |
NET INTEREST INCOME AFTER PCL |
|
8,757 |
|
|
8,319 |
|
7,335 |
|
24,857 |
|
|
21,962 |
NONINTEREST INCOME | ||||||||||||
Service charges on deposit accounts |
|
1,040 |
|
|
944 |
|
994 |
|
2,941 |
|
|
2,798 |
Other service charges and fees |
|
978 |
|
|
1,281 |
|
1,106 |
|
3,252 |
|
|
3,214 |
Net losses on sales of securities |
|
(988 |
) |
|
- |
|
- |
|
(2,562 |
) |
|
- |
Gain on disposition of asset |
|
- |
|
|
- |
|
- |
|
4,535 |
|
|
- |
Other noninterest income |
|
297 |
|
|
296 |
|
1,089 |
|
1,338 |
|
|
1,802 |
|
1,327 |
|
|
2,521 |
|
3,189 |
|
9,504 |
|
|
7,814 |
|
NONINTEREST EXPENSE | ||||||||||||
Salaries and employee benefits |
|
5,042 |
|
|
4,936 |
|
4,656 |
|
14,863 |
|
|
14,060 |
Occupancy expense |
|
1,857 |
|
|
2,805 |
|
1,935 |
|
6,987 |
|
|
5,636 |
Other noninterest expense |
|
2,937 |
|
|
1,830 |
|
2,479 |
|
7,241 |
|
|
7,110 |
|
9,836 |
|
|
9,571 |
|
9,070 |
|
29,091 |
|
|
26,806 |
|
NET INCOME BEFORE TAXES |
|
248 |
|
|
1,269 |
|
1,454 |
|
5,270 |
|
|
2,970 |
INCOME TAX EXPENSE (BENEFIT) |
|
(70 |
) |
|
282 |
|
247 |
|
1,097 |
|
|
323 |
NET INCOME | $ |
318 |
|
$ |
987 |
$ |
1,207 |
$ |
4,173 |
|
$ |
2,647 |
Earnings per share - basic | $ |
0.06 |
|
$ |
0.18 |
$ |
0.22 |
$ |
0.74 |
|
$ |
0.47 |
Earnings per share - diluted | $ |
0.06 |
|
$ |
0.18 |
$ |
0.22 |
$ |
0.74 |
|
$ |
0.47 |
Dividends paid | $ |
0.16 |
|
$ |
0.16 |
$ |
0.16 |
$ |
0.48 |
|
$ |
0.56 |
Average shares outstanding - basic |
|
5,612,570 |
|
|
5,609,999 |
|
5,603,570 |
|
5,608,746 |
|
|
5,600,082 |
Average shares outstanding - diluted |
|
5,612,570 |
|
|
5,609,999 |
|
5,603,570 |
|
5,609,099 |
|
|
5,600,090 |
September 30, |
June 30, |
|
|
September 30, |
|
|
|||||||||||||||
2024 |
2024 |
|
|
2023 |
|
|
|||||||||||||||
Assets | (Unaudited) |
(Unaudited) |
Change |
% Change |
(Unaudited) |
Change |
% Change |
||||||||||||||
Cash and due from banks | $ |
18,336 |
|
$ |
18,572 |
|
$ |
(236 |
) |
-1.27 |
% |
$ |
14,061 |
|
$ |
4,275 |
|
30.40 |
% |
||
Interest bearing deposits with other banks |
|
86,722 |
|
|
97,469 |
|
|
(10,747 |
) |
-11.03 |
% |
|
130,320 |
|
|
(43,598 |
) |
-33.45 |
% |
||
Cash and cash equivalents |
|
105,058 |
|
|
116,041 |
|
|
(10,983 |
) |
-9.46 |
% |
|
144,381 |
|
|
(39,323 |
) |
-27.24 |
% |
||
Investment securities held-to-maturity, at amortized cost |
|
374,633 |
|
|
379,347 |
|
|
(4,714 |
) |
-1.24 |
% |
|
392,133 |
|
|
(17,500 |
) |
-4.46 |
% |
||
Investment securities available-for-sale, at fair value |
|
180,750 |
|
|
184,988 |
|
|
(4,238 |
) |
-2.29 |
% |
|
183,535 |
|
|
(2,785 |
) |
-1.52 |
% |
||
Loans held for investment (LHFI) (1) |
|
711,544 |
|
|
679,223 |
|
|
32,321 |
|
4.76 |
% |
|
587,238 |
|
|
124,306 |
|
21.17 |
% |
||
Less allowance for credit losses (ACL), LHFI (1) |
|
6,853 |
|
|
6,821 |
|
|
32 |
|
0.47 |
% |
|
6,390 |
|
|
463 |
|
7.24 |
% |
||
Net LHFI |
|
704,691 |
|
|
672,402 |
|
|
32,289 |
|
4.80 |
% |
|
580,848 |
|
|
123,843 |
|
21.32 |
% |
||
Premises and equipment, net |
|
20,217 |
|
|
20,370 |
|
|
(153 |
) |
-0.75 |
% |
|
27,353 |
|
|
(7,136 |
) |
-26.09 |
% |
||
Other real estate owned, net |
|
967 |
|
|
1,234 |
|
|
(267 |
) |
-21.64 |
% |
|
974 |
|
|
(7 |
) |
-0.75 |
% |
||
Accrued interest receivable |
|
4,902 |
|
|
5,487 |
|
|
(585 |
) |
-10.66 |
% |
|
4,712 |
|
|
190 |
|
4.03 |
% |
||
Cash surrender value of life insurance |
|
26,753 |
|
|
26,610 |
|
|
142 |
|
0.53 |
% |
|
26,191 |
|
|
562 |
|
2.14 |
% |
||
Deferred tax assets, net |
|
25,832 |
|
|
27,171 |
|
|
(1,339 |
) |
-4.93 |
% |
|
31,417 |
|
|
(5,585 |
) |
-17.78 |
% |
||
Identifiable intangible assets, net |
|
13,249 |
|
|
13,277 |
|
|
(27 |
) |
-0.21 |
% |
|
13,359 |
|
|
(110 |
) |
-0.82 |
% |
||
Other assets |
|
18,746 |
|
|
18,032 |
|
|
714 |
|
3.96 |
% |
|
9,107 |
|
|
9,639 |
|
105.84 |
% |
||
Total Assets | $ |
1,475,798 |
|
$ |
1,464,959 |
|
$ |
10,840 |
|
0.74 |
% |
$ |
1,414,010 |
|
$ |
61,788 |
|
4.37 |
% |
||
Liabilities and Shareholders' Equity | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing deposits | $ |
252,309 |
|
$ |
259,848 |
|
$ |
(7,539 |
) |
-2.90 |
% |
$ |
277,949 |
|
$ |
(25,640 |
) |
-9.22 |
% |
||
Interest bearing deposits |
|
840,429 |
|
|
909,722 |
|
|
(69,293 |
) |
-7.62 |
% |
|
916,748 |
|
|
(76,319 |
) |
-8.32 |
% |
||
Total deposits |
|
1,092,738 |
|
|
1,169,570 |
|
|
(76,832 |
) |
-6.57 |
% |
|
1,194,697 |
|
|
(101,959 |
) |
-8.53 |
% |
||
Securities sold under agreement to repurchase |
|
290,841 |
|
|
205,604 |
|
|
85,237 |
|
41.46 |
% |
|
151,089 |
|
|
139,752 |
|
92.50 |
% |
||
Short-term borrowings |
|
- |
|
|
- |
|
|
- |
|
0.00 |
% |
|
- |
|
|
- |
|
0.00 |
% |
||
Borrowings on secured line of credit |
|
15,500 |
|
|
18,000 |
|
|
(2,500 |
) |
-13.89 |
% |
|
18,000 |
|
|
(2,500 |
) |
-13.89 |
% |
||
Deferred compensation payable |
|
9,655 |
|
|
9,746 |
|
|
(91 |
) |
-0.93 |
% |
|
10,120 |
|
|
(465 |
) |
-4.60 |
% |
||
Other liabilities |
|
16,547 |
|
|
15,205 |
|
|
1,342 |
|
8.83 |
% |
|
5,759 |
|
|
10,788 |
|
187.32 |
% |
||
Total liabilities |
|
1,425,281 |
|
|
1,418,125 |
|
|
7,156 |
|
0.50 |
% |
|
1,379,665 |
|
|
45,616 |
|
3.31 |
% |
||
Shareholders' Equity | |||||||||||||||||||||
Common stock, |
|||||||||||||||||||||
Issued and outstanding: 5,637,061 shares - September 30, 2024; | |||||||||||||||||||||
5,616,438 shares - December 31, 2023 |
|
1,125 |
|
|
1,125 |
|
|
- |
|
0.00 |
% |
|
1,123 |
|
|
2 |
|
0.17 |
% |
||
Additional paid-in capital |
|
18,672 |
|
|
18,646 |
|
|
26 |
|
0.14 |
% |
|
18,554 |
|
|
118 |
|
0.64 |
% |
||
Accumulated other comprehensive loss, net of tax | |||||||||||||||||||||
benefit of |
|||||||||||||||||||||
|
(70,102 |
) |
|
(74,343 |
) |
|
4,241 |
|
-5.70 |
% |
|
(86,377 |
) |
|
16,275 |
|
-18.84 |
% |
|||
Retained earnings |
|
100,822 |
|
|
101,406 |
|
|
(584 |
) |
-0.58 |
% |
|
101,045 |
|
|
(223 |
) |
-0.22 |
% |
||
Total shareholders' equity |
|
50,517 |
|
|
46,834 |
|
|
3,683 |
|
7.86 |
% |
|
34,345 |
|
|
16,172 |
|
47.09 |
% |
||
|
- |
|
|||||||||||||||||||
Total liabilities and shareholders' equity | $ |
1,475,798 |
|
$ |
1,464,959 |
|
$ |
10,840 |
|
0.74 |
% |
$ |
1,414,010 |
|
$ |
61,788 |
|
4.37 |
% |
||
SELECTED FINANCIAL INFORMATION
September 30, |
June 30, |
September 30, |
||||||||
2024 |
2024 |
2023 |
||||||||
Dollars in thousands, except per share data | (Unaudited) |
(Unaudited) |
(Unaudited) |
|||||||
Per Share Data | ||||||||||
Basic Earnings per Common Share | $ |
0.06 |
|
$ |
0.18 |
|
$ |
0.22 |
|
|
Diluted Earnings per Common Share |
|
0.06 |
|
|
0.18 |
|
|
0.22 |
|
|
Dividends per Common Share |
|
0.16 |
|
|
0.16 |
|
|
0.16 |
|
|
BV per Common Share |
|
8.96 |
|
|
8.31 |
|
|
6.12 |
|
|
BV per Common Share (ex OCI) |
|
21.40 |
|
|
21.50 |
|
|
21.49 |
|
|
TBV per Common Share |
|
6.61 |
|
|
5.95 |
|
|
3.74 |
|
|
TBV per Common Share (ex OCI) |
|
19.05 |
|
|
19.14 |
|
|
19.12 |
|
|
Average Diluted Shares Outstanding |
|
5,612,570 |
|
|
5,609,999 |
|
|
5,603,570 |
|
|
End of Period Common Shares Outstanding |
|
5,637,061 |
|
|
5,637,061 |
|
|
5,616,438 |
|
|
Annualized Performance Ratios | ||||||||||
Return on Average Assets |
|
0.09 |
% |
|
0.26 |
% |
|
0.26 |
% |
|
Return on Average Equity |
|
2.66 |
% |
|
8.78 |
% |
|
8.91 |
% |
|
Equity/Assets |
|
3.42 |
% |
|
3.20 |
% |
|
3.20 |
% |
|
Yield on Earning Assets |
|
4.95 |
% |
|
4.84 |
% |
|
4.08 |
% |
|
Cost of Funds |
|
2.94 |
% |
|
2.75 |
% |
|
2.10 |
% |
|
Net Interest Margin |
|
2.52 |
% |
|
2.56 |
% |
|
2.40 |
% |
|
Credit Metrics | ||||||||||
Allowance for Loan Losses to Total Loans |
|
0.96 |
% |
|
1.00 |
% |
|
1.09 |
% |
|
Non-performing assets to loans |
|
0.73 |
% |
|
0.76 |
% |
|
0.59 |
% |
Citizens Holding Company is a one-bank holding company and the parent company of the Bank, both headquartered in
Cautionary Note Regarding Forward-Looking Statements
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) 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 Company’s market area; and (i) 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241025354338/en/
Citizens Holding Company,
Phillip R. Branch, 601/519-4016
Phillip.branch@thecitizensbank.bank
Source: -Citizens Holding Company
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