Citizens Holding Company (CIZN, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $104.5 million; its shares were traded at around $21.5 with a P/E ratio of 14.2 and P/S ratio of 2.2. The dividend yield of Citizens Holding Company stocks is 3.7%.
Interest bearing deposits averaged $478,826,308 for the three months ended September 30, 2009. This represents an increase of $68,466,631, or 16.7%, over the average of interest bearing deposits of $410,359,677 for the three month period ended September 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $177,597,693 for the three months ended September 30, 2009. This represents an increase of $57,629,676, or 48.0%, over the other borrowed funds of $119,968,017 for the three month period ended September 30, 2008. This increase was due mainly to an increase in the Commercial Repo Liability. Interest bearing deposits averaged 477,150,317 for the nine months ended September 30, 2009. This represents an increase of $68,433,225, or 16.7%, over the average of interest bearing deposits of $408,717,092 for the nine month period ended September 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $158,214,440 for the nine months ended September 30, 2009. This represents an increase of $28,878,370, or 22.3%, over the other borrowed funds of $129,336,070 for the nine month period ended September 30, 2008. The increase in other borrowed funds was primarily due to a $54,743,459 increase in the Commercial Repo Liability offset by a $23,570,182 decrease in the Sweep Account Liability, a $577,436 decrease in Federal Funds Purchased, a decrease in the ABE loan liability of $212,932 and a decrease in the Federal Home Loan Bank advances of $1,504,539 for the nine month period ended September 30, 2009 when compared to the nine month period ended September 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 September 30, 2009 was $2,080,827, an increase of $297,401, or 16.7%, compared to $1,783,426 for the same period in 2008. Service charges on deposit accounts increased $18,273, or 1.7%, to $1,081,059 in the three months ended September 30, 2009 compared to $1,062,786 for the same period in 2008. Other service charges and fees increased $69,674, or 21.4%, in the three months ended September 30, 2009 compared to the same period in 2008. The difference in fee income was the result of increase in volume and not a direct result of fee changes.
Non-interest income for the nine months ended September 30, 2009 was $5,521,968, a decrease of $790,201, or 12.5%, compared to $6,312,169 for the same period in 2008. Service charges on deposit accounts decreased $7,752, or 0.3%, to $3,009,826 in the nine months ended September 30, 2009 compared to $3,017,578 for the same period in 2008. Other service charges and fees increased $175,321, or 19.7%, in the nine months ended September 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 September 30, 2009 and 2008 were $6,609,912 and $5,480,229, respectively, an increase of $1,129,683, or 20.6%, from 2008 to 2009. Salaries and benefits increased to $3,281,090 for the three months ended September 30, 2009 from $3,019,748 for the same period in 2008. This represents an increase of $261,342, or 8.7%. Occupancy expense increased $186,962, or 20.5%, to $1,099,080 in the three months ended September 30, 2009 when compared to the same period of 2008. Occupancy expense increased due to increases in depreciation, equipment rental, service contracts and utilities.
Total non-interest expenses for the nine month period ended September 30, 2009 and 2008 were $18,331,529 and $16,300,399, respectively, an increase of $2,031,130, or 12.5%, from 2008 to 2009. Salaries and benefits increased to $9,646,435 for the nine months ended September 30, 2009 from $8,974,575 for the same period in 2008. This represents an increase of $671,860, or 7.5%. Occupancy expense increased $356,787, or 13.2%, to $3,061,057 in the nine months ended September 30, 2009 when compared to the same period of 2008. Occupancy expense increased due to increases in depreciation, equipment rental, service contracts and utilities.
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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 $104.5 million; its shares were traded at around $21.5 with a P/E ratio of 14.2 and P/S ratio of 2.2. The dividend yield of Citizens Holding Company stocks is 3.7%.
Highlight of Business Operations:
The Corporations primary source of liquidity is customer deposits, which were $560,570,067 at September 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 $297,407,670 invested in investment securities at September 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 nine months of 2009. The Corporation had secured and unsecured federal funds lines with correspondent banks in the amount of $41,500,000 at September 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 September 30, 2009, the Corporation had unused and available $113,890,325 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 decrease in the amount available under the Corporations line of credit with the FHLB from the end of 2008 to September 30, 2009 resulted from the Corporations qualifying collateral decreasing.Interest bearing deposits averaged $478,826,308 for the three months ended September 30, 2009. This represents an increase of $68,466,631, or 16.7%, over the average of interest bearing deposits of $410,359,677 for the three month period ended September 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $177,597,693 for the three months ended September 30, 2009. This represents an increase of $57,629,676, or 48.0%, over the other borrowed funds of $119,968,017 for the three month period ended September 30, 2008. This increase was due mainly to an increase in the Commercial Repo Liability. Interest bearing deposits averaged 477,150,317 for the nine months ended September 30, 2009. This represents an increase of $68,433,225, or 16.7%, over the average of interest bearing deposits of $408,717,092 for the nine month period ended September 30, 2008. This was due to an increase in each category of deposits outstanding. Other borrowed funds averaged $158,214,440 for the nine months ended September 30, 2009. This represents an increase of $28,878,370, or 22.3%, over the other borrowed funds of $129,336,070 for the nine month period ended September 30, 2008. The increase in other borrowed funds was primarily due to a $54,743,459 increase in the Commercial Repo Liability offset by a $23,570,182 decrease in the Sweep Account Liability, a $577,436 decrease in Federal Funds Purchased, a decrease in the ABE loan liability of $212,932 and a decrease in the Federal Home Loan Bank advances of $1,504,539 for the nine month period ended September 30, 2009 when compared to the nine month period ended September 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 September 30, 2009 was $2,080,827, an increase of $297,401, or 16.7%, compared to $1,783,426 for the same period in 2008. Service charges on deposit accounts increased $18,273, or 1.7%, to $1,081,059 in the three months ended September 30, 2009 compared to $1,062,786 for the same period in 2008. Other service charges and fees increased $69,674, or 21.4%, in the three months ended September 30, 2009 compared to the same period in 2008. The difference in fee income was the result of increase in volume and not a direct result of fee changes.
Non-interest income for the nine months ended September 30, 2009 was $5,521,968, a decrease of $790,201, or 12.5%, compared to $6,312,169 for the same period in 2008. Service charges on deposit accounts decreased $7,752, or 0.3%, to $3,009,826 in the nine months ended September 30, 2009 compared to $3,017,578 for the same period in 2008. Other service charges and fees increased $175,321, or 19.7%, in the nine months ended September 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 September 30, 2009 and 2008 were $6,609,912 and $5,480,229, respectively, an increase of $1,129,683, or 20.6%, from 2008 to 2009. Salaries and benefits increased to $3,281,090 for the three months ended September 30, 2009 from $3,019,748 for the same period in 2008. This represents an increase of $261,342, or 8.7%. Occupancy expense increased $186,962, or 20.5%, to $1,099,080 in the three months ended September 30, 2009 when compared to the same period of 2008. Occupancy expense increased due to increases in depreciation, equipment rental, service contracts and utilities.
Total non-interest expenses for the nine month period ended September 30, 2009 and 2008 were $18,331,529 and $16,300,399, respectively, an increase of $2,031,130, or 12.5%, from 2008 to 2009. Salaries and benefits increased to $9,646,435 for the nine months ended September 30, 2009 from $8,974,575 for the same period in 2008. This represents an increase of $671,860, or 7.5%. Occupancy expense increased $356,787, or 13.2%, to $3,061,057 in the nine months ended September 30, 2009 when compared to the same period of 2008. Occupancy expense increased due to increases in depreciation, equipment rental, service contracts and utilities.
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