Citizens Holding Company (CIZN, Financial) filed Quarterly Report for the period ended 2010-03-31.
Citizens Holding Company has a market cap of $96.06 million; its shares were traded at around $19.9 with a P/E ratio of 13.45 and P/S ratio of 1.96. The dividend yield of Citizens Holding Company stocks is 4.22%.
The book value per share increased to $15.99 at March 31, 2010 compared to $15.42 at December 31, 2009. 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 in other comprehensive income due to the increase in market value of the Corporations investment securities. Average assets for the three months ended March 31, 2010 were $840,441,615 compared to $806,213,076 for the year ended December 31, 2009.
Interest bearing deposits averaged $472,734,185 for the three months ended March 31, 2010. This represents an increase of $9,094,369, or 2.0%, over the average of interest bearing deposits of $463,639,816 for the three month period ended March 31, 2009. This was due to an increase in interest bearing deposits and in certificates of deposit outstanding. Other borrowed funds averaged $196,154,557 for the three months ended March 31, 2010. This represents an increase of $56,439,915, or 40.4%, over the other borrowed funds of $139,714,642 for the three month period ended March 31, 2009. This increase in other borrowed funds was due to a $48,253,626 increase in the Commercial Repo Liability, a $239,267 decrease in the ABE Loan Liability, a $3,158,889 increase in Federal Funds Purchased and a increase in the Federal Home Loan Bank advances of $5,266,667 for the three month period ended March 31, 2010 when compared to the three month period ended March 31, 2009.
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, 2010 was $1,623,132, an increase of $61,416, or 3.9%, over the same period in 2009. Service charges on deposit accounts increased by $49,889, or 5.5%, to $964,778 in the three months ended March 31, 2010
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, 2010 and 2009 were $6,023,132 and $5,623,659, respectively, an increase of $399,473, or 7.1%, from 2009 to 2010. Salaries and benefits increased to $3,400,361 for the three months ended March 31, 2010 from $3,143,628 for the same period in 2009. This represents an increase of $256,733, or 8.2%. This increase was the result of an increase in staffing related to expansion and normal yearly increases to staff. Occupancy expense decreased by $8,023, or 0.8%, to $945,388 for the three months ended March 31, 2010 when compared to the same period of 2009. This also reflects the increase in expenses due to the addition of new branches.
Cash and cash equivalents are made up of cash, balances at correspondent banks and items in process of collection. The balance at March 31, 2010 was $47,646,341, an increase of $27,048,006 from the balance of $20,598,335 at December 31, 2009 due to an increase in the availability of cash letters sent for collection on the last day of the period and an increase in interest bearing accounts. The rate paid on deposit at the Federal Reserve Bank was greater than the Federal Funds Sold rate paid by correspondent banks.
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Citizens Holding Company has a market cap of $96.06 million; its shares were traded at around $19.9 with a P/E ratio of 13.45 and P/S ratio of 1.96. The dividend yield of Citizens Holding Company stocks is 4.22%.
Highlight of Business Operations:
The Corporations primary source of liquidity is customer deposits, which were $575,275,669 at March 31, 2010 and $569,802,585 at December 31, 2009. 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 $290,492,934 invested in investment securities at March 31, 2010 and $318,403,999 at December 31, 2009. The Corporation had secured and unsecured federal funds lines with correspondent banks in the amount of $40,500,000 at March 31, 2010 and at December 31, 2009. In addition, the Corporation has the ability to draw on its line of credit with the FHLB. At March 31, 2010, the Corporation had unused and available $100,420,079 of its line of credit with the FHLB and at December 31, 2009, the Corporation had unused and available $154,754,830 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 2009 to March 31, 2010 was the result of a decrease in collateral available as calculated quarterly by the FHLB and the issuance of $12 million advance.The book value per share increased to $15.99 at March 31, 2010 compared to $15.42 at December 31, 2009. 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 in other comprehensive income due to the increase in market value of the Corporations investment securities. Average assets for the three months ended March 31, 2010 were $840,441,615 compared to $806,213,076 for the year ended December 31, 2009.
Interest bearing deposits averaged $472,734,185 for the three months ended March 31, 2010. This represents an increase of $9,094,369, or 2.0%, over the average of interest bearing deposits of $463,639,816 for the three month period ended March 31, 2009. This was due to an increase in interest bearing deposits and in certificates of deposit outstanding. Other borrowed funds averaged $196,154,557 for the three months ended March 31, 2010. This represents an increase of $56,439,915, or 40.4%, over the other borrowed funds of $139,714,642 for the three month period ended March 31, 2009. This increase in other borrowed funds was due to a $48,253,626 increase in the Commercial Repo Liability, a $239,267 decrease in the ABE Loan Liability, a $3,158,889 increase in Federal Funds Purchased and a increase in the Federal Home Loan Bank advances of $5,266,667 for the three month period ended March 31, 2010 when compared to the three month period ended March 31, 2009.
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, 2010 was $1,623,132, an increase of $61,416, or 3.9%, over the same period in 2009. Service charges on deposit accounts increased by $49,889, or 5.5%, to $964,778 in the three months ended March 31, 2010
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, 2010 and 2009 were $6,023,132 and $5,623,659, respectively, an increase of $399,473, or 7.1%, from 2009 to 2010. Salaries and benefits increased to $3,400,361 for the three months ended March 31, 2010 from $3,143,628 for the same period in 2009. This represents an increase of $256,733, or 8.2%. This increase was the result of an increase in staffing related to expansion and normal yearly increases to staff. Occupancy expense decreased by $8,023, or 0.8%, to $945,388 for the three months ended March 31, 2010 when compared to the same period of 2009. This also reflects the increase in expenses due to the addition of new branches.
Cash and cash equivalents are made up of cash, balances at correspondent banks and items in process of collection. The balance at March 31, 2010 was $47,646,341, an increase of $27,048,006 from the balance of $20,598,335 at December 31, 2009 due to an increase in the availability of cash letters sent for collection on the last day of the period and an increase in interest bearing accounts. The rate paid on deposit at the Federal Reserve Bank was greater than the Federal Funds Sold rate paid by correspondent banks.
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