Note 13 - Summarized Financial Information of Citizens Holding Company

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 13. Summarized Financial Information of Citizens Holding Company

Summarized financial information of Citizens Holding Company, excluding the Bank, at December 31, 2022 and December 31, 2021, and for the years ended December 31, 2022, 2021 and 2020, is as follows:

Balance Sheets

December 31, 2022 and 2021

	2022		2021
Assets
Cash (1)	$	526	$	427
Investment in bank subsidiary (1)		56,373		123,140
Other assets (1)		444		333
Total assets	$	57,343	$	123,900
Liabilities
Secured line of credit	$	18,000	$	18,000
Accrued interest payable		318		-
Total liabilities	$	18,318	$	18,000
Shareholders’ equity		39,025		105,900
Total liabilities and shareholders’ equity	$	57,343	$	123,900

⁽¹⁾ Fully or partially eliminates in consolidation.

Income Statements

Years Ended December 31, 2022, 2021 and 2020

	2022			2021			2020
Interest income(1)	$	-		$	1		$	2
Other income
Dividends from bank subsidiary(1)		6,128			4,104			6,099
Equity in undistributed earnings of bank subsidiary(1)		4,546			3,995			1,260
Other income		21			-			-
Total other income		10,695			8,099			7,359
Other expense		1,417			820			526
Income before income taxes		9,278			7,280			6,835
Income tax benefit		(342	)		(214	)		(96	)
Net income	$	9,620		$	7,494		$	6,931

⁽¹⁾ Eliminates in consolidation.

Statements of Cash Flows

Years Ended December 31, 2022, 2021 and 2020

	2022			2021			2020
Cash flows from operating activities
Net income	$	9,620		$	7,494		$	6,931
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of the Bank		(4,546	)		(3,995	)		(1,260	)
Stock compensation expense		157			161			167
Increase in other assets		(94	)		(60	)		(100	)
Increase in other liabilities		318			-			-
Net cash provided by operating activities		5,455			3,600			5,738
Cash flows from investing activities
Decrease (increase) in ownership in subsidiary	$	38		$	(18,000	)	$	-
Increase in other real estate owned		(38	)		-			-
Proceeds from sale of other real estate owned		21			-			-
Net cash provided by (used in) investing activities		21			(18,000	)		-
Cash flows from financing activities
Dividends paid to shareholders	$	(5,377	)	$	(5,370	)	$	(5,363	)
Proceeds from borrowings on secured line of credit		-			18,000			-
Proceeds from stock options		-			-			86
Net cash (used in) provided by financing activities		(5,377	)		12,630			(5,277	)
Net increase (decrease) in cash		99			(1,770	)		461
Cash, beginning of year		427			2,197			1,736
Cash, end of year	$	526		$	427		$	2,197

The Bank is required to obtain approval from state regulators before paying dividends.