0000899243-01-501601.txt : 20011031 0000899243-01-501601.hdr.sgml : 20011031 ACCESSION NUMBER: 0000899243-01-501601 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011029 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20011029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS HOLDING CO /MS/ CENTRAL INDEX KEY: 0001075706 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 640666512 STATE OF INCORPORATION: MS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15375 FILM NUMBER: 1768524 BUSINESS ADDRESS: STREET 1: P O BOX 209 CITY: PHILADELPHIA STATE: MS ZIP: 39350 BUSINESS PHONE: 6016564692 MAIL ADDRESS: STREET 1: P O BOX 209 CITY: PHILADELPHIA STATE: MS ZIP: 39350 8-K 1 d8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 October 29, 2001 Date of Report (Date of earliest event reported) CITIZENS HOLDING COMPANY (Exact name of the registrant as specified in its charter) MISSISSIPPI 001-15375 64-0666512 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 521 Main Street, Philadelphia, Mississippi 39350 (Address of principal executive office) (Zip Code) (601) 656-4692 (Registrant's telephone number, including area code) Item 7. Financial Statement and Exhibits. (a) Exhibits Exhibit 99.1 Press Release dated October 29, 2001 Item 9. Regulation FD Disclosure Press release, on October 29, 2001, announcing the financial results of Citizens Holding Company for the quarter ended September 30, 2001 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CITIZENS HOLDING COMPANY /s/ Steve Webb /s/ Robert T. Smith BY:_________________________ BY:__________________________ Steve Webb Robert T. Smith Chairman, President & Treasurer (Chief Chief Executive Officer Financial Officer) DATE: October 29, 2001 DATE: October 29, 2001 EXHIBIT INDEX Exhibit Number Description ------ ----------- 99.1 Press Release dated October 29, 2001 EX-99.1 3 dex991.txt PRESS RELEASE EXHIBIT 99.1 CITIZENS HOLDING COMPANY THIRD QUARTER 2001 EARNINGS INCREASE 16% PHILADELPHIA, Miss.--(BUSINESS WIRE)--October 29, 2001--Citizens Holding Company (Amex:CIZ) announced today results of operations for the three and nine months ended September 30, 2001. Net income for the three months ended September 30, 2001 grew 16% to $1.560 million or $0.47 per share-basic and diluted compared to $1.348 million or $0.41 per share-basic and diluted for the same quarter last year. Net interest income, after the provision for loan losses for the quarter was approximately 11% higher compared to same quarter last year. The net interest margin increased to 4.16% in the third quarter of 2001 from 4.11% in the same period in 2000. Non-interest income grew 34% as a result of increased fee income on deposit accounts and fee income from mortgage loan refinancing. Net income for the nine months ended September 30, 2001 increased 7% to $4.4 million ($1.34 per share-basic and $1.33 per share-diluted) over the $4.1 million ($1.24 per share-basic and diluted) for the same period last year. Net interest income rose 4.5% to $11.5 million compared to $11.0 million for 2000. The net interest margin increased to 4.27% in 2001 from 4.20% in the same period in 2000. Non-interest income for the nine months of 2001 grew 28% when compared to the same period in 2000. Total assets as of September 30, 20001 increased $45.8 million, or 12%, compared to December 31, 2000. The July 2001 acquisition of Forest and Decatur, Mississippi branches from Union Planters Bank accounted for an approximately $30.3 million increase in deposits, an $11.7 million increase in loans and $15.4 million increase in cash and short-term investments. Deposits increased further as economic conditions have caused many customers to turn to bank deposits as a more attractive investment. This increase in cash permitted the Bank to reduce its short-term borrowings from the Federal Home Loan Bank by $32 million from the December 31, 2000 level. Steve Webb, Chairman, President and CEO stated, "Third quarter and year to date 2001 earnings increased primarily because of an increase in net interest income. The liquidity experienced by the Bank from the significant increase in deposits allowed us to pay down more expensive Federal Home Loan Bank advances. This, together with continued strong loan demand, caused net interest income to increase. Non-interest income also increased as a result of an increase in overdraft privilege fee income and strong mortgage department earnings as low interest rates create refinancing opportunities. While increases in non- interest expense are necessary as the Bank grows, we continue to be successful in controlling such cost as evidenced by our efficiency ratio of 48.6%." Steve Webb further stated, "We are happy to announce that the Forest and Decatur branch acquisitions have been completed and assimilated into our system. We expect these important acquisitions will make greater contributions to earnings growth in the future." The Company's dividend of $0.15 per share for the third quarter of 2001 brought the total dividends for the nine months ended September 30, 2001 to $0.425. This represents an increase of 42% over the dividends paid in the same period of 2000. 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 sixteen banking locations in seven 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. Internet services are available at the Bank web site, www.thecitizensbankphila.com. Citizens Holding Company stock is listed on the American Stock Exchange and is traded under the symbol CIZ. The Company's transfer agent is American Stock Transfer & Trust Company. This 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. 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 Corporation'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 Corporation operate; (b) changes in the legislative and regulatory environment that negatively impact the Corporation and Bank through increased operating expenses; (c) increased competition from other financial institutions; (d) the impact of technological advances; (e) expectations about the movement of interest rates, including actions that may be taken by the federal Reserve Board in response to changing economic conditions; (f) changes in asset quality and loan demand; (g) expectations about overall economic strength and the performance of the economics in the Corporation's market area and (h) other risks detailed from time to time in the Corporation'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. Citizens Holding Company Financial Highlights (amounts in thousands, except per share data) (Unaudited) ____________________________________
Three Months Nine Months Ended September 30 Ended September 30 2001 2000 2001 2000 ------------------------------------------------------------------------------ Interest income and fees $ 7,399 $ 7,353 $ 21,842 $ 21,155 Interest expense -3,417 -3,627 -10,391 -10,195 ------------------------------------------------------------------------------ Net interest income 3,982 3,726 11,451 10,960 Provision for loan losses -174 -316 -743 -598 Net interest income after provision for loan losses 3,808 3,410 10,708 10,362 Non-interest income 1,066 796 3,094 2,413 Non-interest expense -2,533 -2,177 -7,354 -6,535 ------------------------------------------------------------------------------ Net income before taxes 2,341 2,029 6,448 6,240 Income taxes -781 -681 -2,028 -2,143 ------------------------------------------------------------------------------ Net income $ 1,560 $ 1,348 $ 4,420 $ 4,097 ============================================================================== Earnings per share - basic $0.47 $0.41 $ 1.34 $ 1.24 ============================================================================== Earnings per share - diluted $0.47 $0.41 $ 1.33 $ 1.24 ============================================================================== Average shares outstanding-basic 3,308,750 3,308,750 3,308,750 3,308,750 Average shares outstanding-diluted 3,320,644 3,317,478 3,318,026 3,316,821 As of As of September 30, December 31, 2001 2000 -------------------------------------- Balance Sheet Data: Total assets $ 428,602 $ 382,800 Total earning assets 391,222 355,058 Loans net of unearned 261,195 252,022 Allowance for loan losses -3,375 -3,325 Total deposits 358,749 289,908 Long term borrowings 14,705 10,000 Shareholders' equity 47,766 43,377 Book value per share $ 14.44 $ 13.11 Dividends paid $ 0.425 $ 0.425
Average Balance Sheet Data: Total assets $ 393,874 $ 374,439 Total earning assets 362,040 343,159 Loans net of unearned 253,155 244,307 Total deposits 316,174 290,704 Long term borrowings 15,777 10,000 Shareholders' equity 46,193 40,701 Non-performing assets: Non-accrual loans 509 590 Loans 90+ days past due 3,820 1,746 Other real estate owned 193 133 Net charge-off as a percentage average loans 0.27% 0.28% Performance Ratios: Return on average assets 1.50% 1.48% Return on average equity 12.76% 13.60% Net interest margin (tax equivalent) 4.27% 4.16%
-------------------------- Contact: Citizens Holding Company, Philadelphia Robert T. Smith, 601/656-4692 Rsmith@netdoor.com