Summarized Financial Information of Citizens Holding Company (Tables) - Citizens Holding Company

12 Months Ended

Dec. 31, 2015

Summarized Balance Sheets Financial Information of Citizens Holding Company

Balance Sheets

December 31, 2015 and 2014

	2015		2014
Assets
Cash (1)	$	2,196,895	$	1,688,497
Investment in bank subsidiary (1)		83,753,973		79,797,988
Other assets (1)		474,468		371,301
Total assets	$	86,425,336	$	81,857,786
Liabilities
Other liabilities	$	—	$	—
Stockholders’ equity		86,425,336		81,857,786
Total liabilities and stockholders’ equity	$	86,425,336	$	81,857,786

(1) Fully or partially eliminates in consolidation.

Summarized Income Statement Financial Information of Citizens Holding Company

Income Statements

Years Ended December 31, 2015, 2014 and 2013

	2015			2014			2013
Interest income (1)	$	1,896		$	2,140		$	2,140
Other income
Dividends from bank subsidiary (1)		5,568,900			4,371,900			4,332,000
Equity in undistributed earnings of bank subsidiary (1)		2,191,684			3,241,870			2,898,509
Other income		—			1,676			—
Total other income		7,762,480			7,615,446			7,230,509
Other expense		275,744			263,598			136,317
Income before income taxes		7,486,736			7,351,848			7,096,332
Income tax benefit		(102,165	)		(97,610	)		(53,528	)
Net income	$	7,588,901		$	7,449,759		$	7,149,860

(1) Eliminates in consolidation.

Summarized Statements of Cash Flows Financial Information of Citizens Holding Company

Statements of Cash Flows

Years Ended December 31, 2015, 2014 and 2013

	2015			2014			2013
Cash flows from operating activities
Net income	$	7,588,901		$	7,449,759		$	7,149,860
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of Bank		(2,191,684	)		(3,241,870	)		(2,898,509	)
Stock compensation expense		117,300			115,000			—
Increase in other assets		(103,168	)		(44,082	)		(1,032	)
Decrease in other liabilities		—			—			(400	)
Net cash provided by operating activities		5,411,349			4,278,807			4,249,919
Cash flows from financing activities
Dividends paid to stockholders	$	(4,540,748	)	$	(4,341,076	)	$	(4,285,371	)
Repurchase of company stock		(390,205	)		—			—
Excess tax benefit from equity grants		1,001			—			—
Proceeds from stock option exercises		27,000			—			128,950
Net cash used by financing activities		(4,902,951	)		(4,341,076	)		(4,156,421	)
Net increase in cash		508,398			(62,269	)		93,498
Cash, beginning of year		1,688,497			1,750,766			1,657,268
Cash, end of year	$	2,196,895		$	1,688,497		$	1,750,766