Citizens Holding Company (CIZN, Financial) filed Quarterly Report for the period ended 2009-03-31.
Citizens Holding Company is a one-bank holding company and the parent company of The Citizens Bank of Philadelphia both headquartered in Philadelphia Mississippi. The Bank has full service banking locations in eight counties in East Central Mississippi. In addition to full service commercial banking the Company offers mortgage loans title insurance services through its subsidiary Title Services LLC and a full range of Internet banking services including online banking bill pay and cash management services for businesses. Citizens Holding Company has a market cap of $111.76 million; its shares were traded at around $23 with a P/E ratio of 14.29 and P/S ratio of 2.36. The dividend yield of Citizens Holding Company stocks is 3.48%.
The book value per share increased to $15.01 at March 31, 2009 compared to $14.72 at December 31, 2008. The increase in book value per share reflects the increase in equity due to the amount of earnings in excess of dividends and the increase as a result of the FASB 115 adjustment. Average assets for the three months ended March 31, 2009 were $766,211,100 compared to $702,189,790 for the year ended December 31, 2008.
greater decrease in yields on earning assets compared to the decrease in rates paid on deposits and borrowed funds, as detailed below. Earning assets averaged $692,972,155 for the three months ended March 31, 2009. This represents an increase of $54,679,025, or 8.56%, over average earning assets of $638,293,130 for the three month period ended March 31, 2008. The increase in earning assets for the three months ended March 31, 2009 is the result of the normal growth pattern of the Corporation and not due to any special investments or acquisitions.
Interest bearing deposits averaged $463,639,816 for the three months ended March 31, 2009. This represents an increase of $51,477,792, or 12.48%, over the average of interest bearing deposits of $412,162,024 for the three month period ended March 31, 2008. This was due to an increase in interest bearing deposits and in certificates of deposit outstanding. Other borrowed funds averaged $139,714,642 for the three months ended March 31, 2009. This represents an increase of $3,801,669, or 2.79%, over the other borrowed funds of $135,912,973 for the three month period ended March 31, 2008. This increase in other borrowed funds was due to a $51,503,974 decrease in the Sweep Account Liability, a $58,066,891 increase in the Commercial Repo Liability, a $216,963 decrease in the ABE Loan Liability, a $532,637 increase in Federal Funds Purchased and a decrease in the Federal Home Loan Bank advances of $3,076,923 for the three month period ended March 31, 2009 when compared to the three month period ended March 31, 2008.
Non-interest income includes service charges on deposit accounts, wire transfer fees, safe deposit box rentals and other revenue not derived from interest on earning assets. Non-interest income for the three months ended March 31, 2009 was $1,561,716, a decrease of $442,628, or 22.08%, over the same period in 2008. Service charges on deposit accounts decreased by $18,132, or 1.94%, to $914,889 in the three months ended March 31, 2009 compared to $933,021 for the same period in 2008. Other service charges and fees increased by $53,537, or 19.83%, in the three months ended March 31, 2009 compared to the same period in 2008. The difference in fee income was the result of fluctuations in volume and not a direct result of fee changes. The program that generated the Shay Investments Income was discontinued during 2008.
Non-interest expenses include salaries and employee benefits, occupancy and equipment, and other operating expenses. Aggregate non-interest expenses for the three month period ended March 31, 2009 and 2008 were $5,623,659 and $5,359,194, respectively, an increase of $264,465, or 4.93%, from 2008 to 2009. Salaries and benefits increased to $3,143,628 for the three months ended March 31, 2009 from $3,008,381 for the same period in 2008. This represents an increase of $135,247, or 4.49%. This increase was the result of an increase in staffing related to the new branches added since the first half of 2008 and normal yearly increases to staff. Occupancy expense increased by $87,814, or 10.14%, to $953,411 for the three months ended March 31, 2009 when compared to the same period of 2008. This also reflects the increase in expenses due to the addition of new branches.
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Citizens Holding Company is a one-bank holding company and the parent company of The Citizens Bank of Philadelphia both headquartered in Philadelphia Mississippi. The Bank has full service banking locations in eight counties in East Central Mississippi. In addition to full service commercial banking the Company offers mortgage loans title insurance services through its subsidiary Title Services LLC and a full range of Internet banking services including online banking bill pay and cash management services for businesses. Citizens Holding Company has a market cap of $111.76 million; its shares were traded at around $23 with a P/E ratio of 14.29 and P/S ratio of 2.36. The dividend yield of Citizens Holding Company stocks is 3.48%.
Highlight of Business Operations:
The Corporations primary source of liquidity is customer deposits, which were $564,598,068 at March 31, 2009 and $545,927,422 at December 31, 2008. Other sources of liquidity include investment securities, the Corporations line of credit with the Federal Home Loan Bank (FHLB) and federal funds lines with correspondent banks. The Corporation had $273,791,271 invested in investment securities at March 31, 2009 and $258,023,206 at December 31, 2008. The Corporation had secured and unsecured federal funds lines with correspondent banks in the amount of $40,500,000 at March 31, 2009 and $19,500,000 at December 31, 2008. In addition, the Corporation has the ability to draw on its line of credit with the FHLB. At March 31, 2009, the Corporation had unused and available $133,907,051 of its line of credit with the FHLB and at December 31, 2008, the Corporation had unused and available $127,285,491 of its line of credit with the FHLB. The increase in the amount available under the Corporations line of credit with the FHLB from the end of 2008 to March 31, 2009 was the result of increased collateral available as calculated quarterly by the FHLB.The book value per share increased to $15.01 at March 31, 2009 compared to $14.72 at December 31, 2008. The increase in book value per share reflects the increase in equity due to the amount of earnings in excess of dividends and the increase as a result of the FASB 115 adjustment. Average assets for the three months ended March 31, 2009 were $766,211,100 compared to $702,189,790 for the year ended December 31, 2008.
greater decrease in yields on earning assets compared to the decrease in rates paid on deposits and borrowed funds, as detailed below. Earning assets averaged $692,972,155 for the three months ended March 31, 2009. This represents an increase of $54,679,025, or 8.56%, over average earning assets of $638,293,130 for the three month period ended March 31, 2008. The increase in earning assets for the three months ended March 31, 2009 is the result of the normal growth pattern of the Corporation and not due to any special investments or acquisitions.
Interest bearing deposits averaged $463,639,816 for the three months ended March 31, 2009. This represents an increase of $51,477,792, or 12.48%, over the average of interest bearing deposits of $412,162,024 for the three month period ended March 31, 2008. This was due to an increase in interest bearing deposits and in certificates of deposit outstanding. Other borrowed funds averaged $139,714,642 for the three months ended March 31, 2009. This represents an increase of $3,801,669, or 2.79%, over the other borrowed funds of $135,912,973 for the three month period ended March 31, 2008. This increase in other borrowed funds was due to a $51,503,974 decrease in the Sweep Account Liability, a $58,066,891 increase in the Commercial Repo Liability, a $216,963 decrease in the ABE Loan Liability, a $532,637 increase in Federal Funds Purchased and a decrease in the Federal Home Loan Bank advances of $3,076,923 for the three month period ended March 31, 2009 when compared to the three month period ended March 31, 2008.
Non-interest income includes service charges on deposit accounts, wire transfer fees, safe deposit box rentals and other revenue not derived from interest on earning assets. Non-interest income for the three months ended March 31, 2009 was $1,561,716, a decrease of $442,628, or 22.08%, over the same period in 2008. Service charges on deposit accounts decreased by $18,132, or 1.94%, to $914,889 in the three months ended March 31, 2009 compared to $933,021 for the same period in 2008. Other service charges and fees increased by $53,537, or 19.83%, in the three months ended March 31, 2009 compared to the same period in 2008. The difference in fee income was the result of fluctuations in volume and not a direct result of fee changes. The program that generated the Shay Investments Income was discontinued during 2008.
Non-interest expenses include salaries and employee benefits, occupancy and equipment, and other operating expenses. Aggregate non-interest expenses for the three month period ended March 31, 2009 and 2008 were $5,623,659 and $5,359,194, respectively, an increase of $264,465, or 4.93%, from 2008 to 2009. Salaries and benefits increased to $3,143,628 for the three months ended March 31, 2009 from $3,008,381 for the same period in 2008. This represents an increase of $135,247, or 4.49%. This increase was the result of an increase in staffing related to the new branches added since the first half of 2008 and normal yearly increases to staff. Occupancy expense increased by $87,814, or 10.14%, to $953,411 for the three months ended March 31, 2009 when compared to the same period of 2008. This also reflects the increase in expenses due to the addition of new branches.
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