Citizens Holding Company (CIZN, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $127.87 million; its shares were traded at around $26.37 with a P/E ratio of 16.48 and P/S ratio of 2.7. The dividend yield of Citizens Holding Company stocks is 3.03%.
Interest bearing deposits averaged $488,817,944 for the three months ended June 30, 2009. This represents an increase of $85,206,417, or 21.11%, over the average of interest bearing deposits of $403,611,527 for the three month period ended June 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $79,395,254 for the three months ended June 30, 2009. This represents a decrease of $52,834,911, or 39.96%, over the other borrowed funds of $132,230,165 for the three month period ended June 30, 2008. Interest bearing deposits averaged $476,298,433 for the six months ended June 30, 2009. This represents an increase of $68,411,658, or 16.77%, over the average of interest bearing deposits of $407,886,775 for the six month period ended June 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $148,362,180 for the six months ended June 30, 2009. This represents an increase of $14,290,612, or 10.66%, over the other borrowed funds of $134,071,568 for the six month period ended June 30, 2008. The increase in other borrowed funds was primarily due to a $35,484,780 decrease in the Sweep Account Liability, a $55,257,293 increase in the Commercial Repo Liability, a $904,134 decrease in Federal Funds Purchased and a decrease in the Federal Home Loan Bank advances of $4,361,924 for the six month period ended June 30, 2009 when compared to the six month period ended June 30, 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 June 30, 2009 was $1,879,425, a decrease of $644,974, or 25.55%, compared to $2,524,399 for the same period in 2008. Service charges on deposit accounts decreased $7,893, or 0.77%, to $1,013,878 in the three months ended June 30, 2009 compared to $1,021,771 for the same period in 2008. Other service charges and fees increased $52,110, or 17.75%, in the three months ended June 30, 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.
Non-interest income for the six months ended June 30, 2009 was $3,441,141, a decrease of $1,087,602, or 24.02%, compared to $4,528,743 for the same period in 2008. Service charges on deposit accounts decreased $26,025, or 1.33%, to $1,928,767 in the six months ended June 30, 2009 compared to $1,954,792 for the same period in 2008. Other service charges and fees increased $105,647, or 18.75%, in the six months ended June 30, 2009 compared to the same period in 2008. The difference in fee income was the result of an increase in volume and not a direct result of fee changes.
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 June 30, 2009 and 2008 were $6,097,958 and $5,460,976, respectively, an increase of $636,982, or 11.66%, from 2008 to 2009. Salaries and benefits increased to $3,221,717 for the three months ended June 30, 2009 from $2,946,446 for the same period in 2008. This represents an increase of $275,271, or 9.34%. Occupancy expense increased $82,011, or 8.85%, to $1,008,566 in the three months ended June 30, 2009 when compared to the same period of 2008.
Total non-interest expenses for the six month period ended June 30, 2009 and 2008 were $11,721,617 and $10,820,170, respectively, an increase of $901,447, or 8.33%, from 2008 to 2009. Salaries and benefits increased to $6,365,345 for the six months ended June 30, 2009 from $5,954,827 for the same period in 2008. This represents an increase of $410,518, or 6.89%. Occupancy expense increased $169,825, or 9.48%, to $1,961,977 in the six months ended June 30, 2009 when compared to the same period of 2008.
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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 $127.87 million; its shares were traded at around $26.37 with a P/E ratio of 16.48 and P/S ratio of 2.7. The dividend yield of Citizens Holding Company stocks is 3.03%.
Highlight of Business Operations:
The Corporations primary source of liquidity is customer deposits, which were $571,126,828 at June 30, 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 $302,672,823 invested in investment securities at June 30, 2009 and $258,023,206 at December 31, 2008. This increase is mainly due to the increase in the amount of securities sold under agreement to repurchase during the first six months of 2009. The Corporation had secured and unsecured federal funds lines with correspondent banks in the amount of $41,500,000 at June 30, 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 June 30, 2009, the Corporation had unused and available $133,068,808 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 June 30, 2009 resulted from the Corporations qualifying collateral increasing.Interest bearing deposits averaged $488,817,944 for the three months ended June 30, 2009. This represents an increase of $85,206,417, or 21.11%, over the average of interest bearing deposits of $403,611,527 for the three month period ended June 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $79,395,254 for the three months ended June 30, 2009. This represents a decrease of $52,834,911, or 39.96%, over the other borrowed funds of $132,230,165 for the three month period ended June 30, 2008. Interest bearing deposits averaged $476,298,433 for the six months ended June 30, 2009. This represents an increase of $68,411,658, or 16.77%, over the average of interest bearing deposits of $407,886,775 for the six month period ended June 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $148,362,180 for the six months ended June 30, 2009. This represents an increase of $14,290,612, or 10.66%, over the other borrowed funds of $134,071,568 for the six month period ended June 30, 2008. The increase in other borrowed funds was primarily due to a $35,484,780 decrease in the Sweep Account Liability, a $55,257,293 increase in the Commercial Repo Liability, a $904,134 decrease in Federal Funds Purchased and a decrease in the Federal Home Loan Bank advances of $4,361,924 for the six month period ended June 30, 2009 when compared to the six month period ended June 30, 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 June 30, 2009 was $1,879,425, a decrease of $644,974, or 25.55%, compared to $2,524,399 for the same period in 2008. Service charges on deposit accounts decreased $7,893, or 0.77%, to $1,013,878 in the three months ended June 30, 2009 compared to $1,021,771 for the same period in 2008. Other service charges and fees increased $52,110, or 17.75%, in the three months ended June 30, 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.
Non-interest income for the six months ended June 30, 2009 was $3,441,141, a decrease of $1,087,602, or 24.02%, compared to $4,528,743 for the same period in 2008. Service charges on deposit accounts decreased $26,025, or 1.33%, to $1,928,767 in the six months ended June 30, 2009 compared to $1,954,792 for the same period in 2008. Other service charges and fees increased $105,647, or 18.75%, in the six months ended June 30, 2009 compared to the same period in 2008. The difference in fee income was the result of an increase in volume and not a direct result of fee changes.
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 June 30, 2009 and 2008 were $6,097,958 and $5,460,976, respectively, an increase of $636,982, or 11.66%, from 2008 to 2009. Salaries and benefits increased to $3,221,717 for the three months ended June 30, 2009 from $2,946,446 for the same period in 2008. This represents an increase of $275,271, or 9.34%. Occupancy expense increased $82,011, or 8.85%, to $1,008,566 in the three months ended June 30, 2009 when compared to the same period of 2008.
Total non-interest expenses for the six month period ended June 30, 2009 and 2008 were $11,721,617 and $10,820,170, respectively, an increase of $901,447, or 8.33%, from 2008 to 2009. Salaries and benefits increased to $6,365,345 for the six months ended June 30, 2009 from $5,954,827 for the same period in 2008. This represents an increase of $410,518, or 6.89%. Occupancy expense increased $169,825, or 9.48%, to $1,961,977 in the six months ended June 30, 2009 when compared to the same period of 2008.
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