Citizens Holding Company (the “Company”), inclusive of its wholly-owned subsidiary, The Citizens Bank (the “Bank”), (OTCQX:CIZN) announced today results of operations for the three and nine months ended September 30, 2026.
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(in thousands, except share and per share data)
Net income for the three months ended September 30, 2026, was $4,322, or $0.76 per basic and diluted share, a linked-quarter increase of $1,127, or 35.3%, from net income of $3,195, or $0.56 per basic and diluted share, for the three months ended June 30, 2026. Net income increased $1,965, or 83.4%, from net income of $2,357, or $0.42 per basic and diluted share for the same quarter in 2025. Excluding the after-tax impact of non-core items, including the third-quarter sale-leaseback gain, core net income increased $65, or 3.1%, to $2,184 from $2,119 at June 30, 2026, and increased $127, or 6.2%, from $2,057 at September 30, 2025.
See the core net income reconciliation at the end of the release.
Net income for the nine months ended September 30, 2026, was $9,403, or $1.65 per basic and diluted share, an increase of $3,346, or 55.3%, from net income of $6,057, or $1.08 per basic and diluted share, for the same period in 2025. See supplemental information for additional disclosures.
Third Quarter Highlights
- Net interest margin (“NIM”) on a fully taxable-equivalent basis, decreased 2 basis points (“bps”) to 3.35% for the three months ended September 30, 2026, from 3.37% for the three months ended June 30, 2026, and increased 23 bps from 3.13% for the three months ended September 30, 2025.
- The Company sold three branches during the quarter in sale-leaseback transactions generating a pre-tax gain of $2,849. The transactions supported the Company’s continued capital-building efforts. The Bank’s Tier 1 leverage ratio increased 9 basis points to 9.20% from 9.11% in the prior quarter and 90 basis points from 8.30% for the same period a year ago.
- Credit quality remained stable with total non-performing assets (“NPA”) to loans unchanged at 0.64% at September 30, 2026 and June 30, 2026. Total non-performing assets increased $166, or 2.9%, to $5,909 at September 30, 2026, compared to $5,743 at June 30, 2026, and decreased $1,154, or 16.3%, compared to $7,063 at September 30, 2025.
- Allowance for credit losses (“ACL”) to loans was 1.00% at September 30, 2026 compared to 1.06% in the prior quarter and 1.04% the same period a year ago.
- Tangible book value (“TBV”) per common share was $9.92 at September 30, 2026, a decrease of $0.03 from $9.95 at June 30, 2026, and an increase of $1.96 from $7.96 at September 30, 2025. Earnings growth predominantly drove the year-over-year increase in TBV per common share.
Chief Executive Officer (“CEO”) Commentary
Stacy Brantley, President and Chief Executive Officer of Citizens Holding Company (the “Company”) and The Citizens Bank of Philadelphia (the “Bank”) stated, “Our banking teams drove net interest income expansion of $233 over the prior quarter and by $918 over the same period prior year representing increases of 2.00%, and 8.4%, respectively. These results have been achieved primarily through loan growth, disciplined pricing, and focus on generating new low-cost deposits. Lending teams have built strong loan pipelines entering the fourth quarter and we expect solid loan growth over the remainder of the year even in the face of several expected commercial loan prepayments.”
“Credit quality metrics remain sound. As referenced below, charges-offs related to two asset-based lines in our C&I portfolio have facilitated higher provision charges throughout the year. We consider asset quality issues to be contained to these two lines and not indicative of larger issues. Estimated losses have been realized and charged to our reserves appropriately.”
“As we enter the fourth quarter and begin to look forward into 2027, the Company will expand efforts and dedicate resources to grow our treasury and mortgage lending teams. We have been fortunate to add seasoned leadership tasked with building out these two key business lines since we last reported earnings. Our focus entering the fourth quarter is squarely placed on finishing strong, laying groundwork for a record 2027, and growing your investment.”
Financial Condition and Results of Operations
Loans and Deposits
Total loans outstanding, net of unearned income, at September 30, 2026, totaled $916,170, an increase of $23,381, or 2.6%, compared to $892,788 at June 30, 2026, and an increase of $85,954, or 10.4%, from $830,216 at September 30, 2025.
Total deposits as of September 30, 2026, were $1,411,954, an increase of $94,250, or 7.2%, compared to $1,317,704 at June 30, 2026, and an increase of $229,361, or 19.4%, compared to $1,182,593 at September 30, 2025. The Company continues to focus on core deposit growth to not only fund future loan growth but to also minimize cost of funds.
Noninterest-bearing deposits decreased $1,855, or 0.6%, to $299,967 at September 30, 2026, from $301,822 at June 30, 2026, and increased $15,266, or 5.4%, from $284,701 at September 30, 2025.
Net Interest Income
Net interest income for the three months ended September 30, 2026, was $11,870, an increase of $233, or 2.0%, compared to $11,637 for the three months ended June 30, 2026, and an increase of $918, or 8.4%, compared to $10,952 for the three months ended September 30, 2025. Net interest margin on a fully taxable-equivalent basis was 3.35% for the three months ended September 30, 2026, compared to 3.37% for the three months ended June 30, 2026, and 3.13% for the same period in 2025.
The linked‑quarter increase in net interest income was primarily attributable to a $444, or 2.5%, increase in interest income, partially offset by a $211, or 3.4%, increase in interest expense.
Net interest income for the nine months ended September 30, 2026 increased $2,832, or 8.9%, to $34,799 from $31,967 for the same period in 2025. The year-to-date net interest margin on a fully taxable-equivalent basis was 3.35% as of September 30, 2026, compared to 3.08% for the same period in 2025.
Net interest income for the nine months ended September 30, 2026, increased compared to the prior year due to total interest income increasing $467, or 0.9% and total interest expense decreasing $2,365, or 11.1%. During 2026, the Bank significantly reduced its reliance on wholesale funding, including repurchase agreements. Interest expense on other borrowed funds decreased $5,408, or 71.4%, to $2,168 for the nine months ended September 30, 2026, from $7,576 for the same period in 2025.
Credit Quality
The Company’s non‑performing assets to loans ratio was unchanged during the quarter at 64 bps at September 30, 2026, compared to 64 bps at June 30, 2026. Total non‑performing assets increased $166, or 2.9%, to $5,909 at September 30, 2026, compared to $5,743 at June 30, 2026, and decreased $1,154, or 16.3%, compared to $7,063 at September 30, 2025.
Net charge-offs during the year are primarily attributable to two commercial and industrial loan (“C&I”) relationships and were not indicative of broad-based deterioration in the loan portfolio. Net charge-offs totaled $1,088 and $2,321 for the three and nine months ended September 30, 2026, respectively. Year-to-date net charge-offs to average loans were 0.27% at September 30, 2026, compared with 0.02% at September 30, 2025.
The provision for credit losses (“PCL”) for the three months ended September 30, 2026, was $840, representing an increase of $189, or 29.0%, from the prior quarter and an increase of $289, or 52.4%, from the same period a year ago. PCL increased $1,115, or 66.4%, to $2,794 for the nine months ended September 30, 2026 as compared to the same period in 2025. The allowance for credit losses (“ACL”) to loans held for investment (“LHFI”) decreased 6 basis points to 1.00% at September 30, 2026, from 1.06% at June 30, 2026, and decreased 4 basis points from 1.04% at September 30, 2025.
The decrease in the ACL during the year was primarily attributable to charge-offs associated with the aforementioned C&I relationships. These charge-offs were concentrated in those relationships and were not indicative of broad-based deterioration in the loan portfolio.
Liquidity and Capital
The Company manages a variety of liquidity metrics with the most pertinent metric being on-balance sheet (“OBS”) liquidity. The Company maintained a strong liquidity position with OBS liquidity of 12.0% at September 30, 2026.
In addition to OBS liquidity, the Company has access to a range of off‑balance sheet funding sources to address potential liquidity needs. Total available capacity from wholesale funding sources was approximately $1,373,000 at September 30, 2026, consisting of the following:
- $266,000 from the Federal Home Loan Bank of Dallas (“FHLB”)
- Approximately $271,000 in brokered deposit availability
- $786,000 of off-balance sheet deposits held in the IntraFi Network’s ICS deposit program
- $50,000 in availability with our correspondent Fed Funds lines
In addition, the Company has the ability to pledge additional collateral to the FHLB to further increase borrowing capacity, if needed. The Company and the Bank continue to maintain a strong capital position and remain well‑capitalized. A comparison of key regulatory capital ratios for the Company and the Bank is provided below.
| As of | |||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||
(Dollars in thousands, except per share data) |
|||||||||||
| Citizens Holding Company | |||||||||||
| Tier 1 leverage ratio | 8.15% |
8.00% |
7.89% |
7.62% |
7.44% |
||||||
| Common Equity tier 1 capital ratio | 11.09% |
10.95% |
10.99% |
11.01% |
10.90% |
||||||
| Tier 1 risk-based capital ratio | 11.09% |
10.95% |
10.99% |
11.01% |
10.90% |
||||||
| Total risk-based capital ratio | 12.03% |
11.94% |
11.96% |
11.95% |
11.80% |
||||||
| The Citizens Bank | |||||||||||
| Tier 1 leverage ratio | 9.20% |
9.11% |
8.97% |
8.45% |
8.30% |
||||||
| Common Equity tier 1 capital ratio | 12.43% |
12.38% |
12.42% |
12.13% |
12.08% |
||||||
| Tier 1 risk-based capital ratio | 12.43% |
12.38% |
12.42% |
12.13% |
12.08% |
||||||
| Total risk-based capital ratio | 13.36% |
13.36% |
13.39% |
13.06% |
12.97% |
||||||
Noninterest Income
Noninterest income increased $1,543, or 35.0%, for the three months ended September 30, 2026, compared to the three months ended June 30, 2026, and increased $2,981, or 100.3%, compared to the same period in 2025.
The linked-quarter increase was primarily driven by a $2,849 pre-tax gain related to sale-leaseback transactions of three branches completed during the quarter. The branches were sold to further enhance regulatory capital ratios.
Noninterest income increased for the nine months ended September 30, 2026, by $4,892, or 57.3%, to $13,425 from $8,533 for the nine months ended September 30, 2025.
The year-over-year increase was primarily attributable to $4,357 of pre-tax gains from sale-leaseback transactions completed during the second and third quarters of 2026 and $507 of tax-exempt life insurance proceeds.
Noninterest Expense
Noninterest expense increased $151, or 1.3%, for the three months ended September 30, 2026, compared to the three months ended June 30, 2026, and increased $1,006, or 9.4%, compared to the same period in 2025. The linked-quarter increase was primarily attributable to an increase of $178, or 3.1% in salary and employee benefits.
For the nine months ended September 30, 2026, noninterest expense increased $2,525, or 8.0%, to $34,143, compared to $31,618 for the same period in 2025. The year-over-year increase was primarily driven by higher salaries and employee benefits expense, which increased $1,242, or 7.7%, as well as an increase in technology expense of $426, or 12.6%. Management remains focused on investing in talent in strategic markets/business lines, technology to increase efficiency and the necessary risk management areas to grow the Company.
Effective Tax Rate
The effective tax rate for the three months ended September 30, 2026, was 17.9%, compared to 16.5% for the three months ended June 30, 2026, and 11.3% for the same period in 2025. The effective tax rate for the nine months ended September 30, 2026, was 16.7%, compared to 15.9% for the nine months ended September 30, 2025.
The effective tax rate increased compared to the second quarter of 2026, primarily due to the tax effects of the sale-leaseback transaction completed during the quarter but this was partially offset by the purchase of a $1,620 transferable federal Investment Tax Credit in which the Bank participated with another bank. Despite the quarter-over-quarter increase, the Company’s effective tax rate remained generally comparable to the prior-year period, due to the Bank's investment in Mississippi New Market Tax Credits initiated during the third quarter of 2025, the aforementioned federal Investment Tax Credit, as well as the receipt of tax-exempt life insurance proceeds.
Dividends
The Company did not pay cash dividends during the nine-month period ended September 30, 2026, compared to $226, or $0.04 per share, for the same period in 2025.
CITIZENS HOLDING COMPANY Consolidated Statements of Income (Unaudited) |
|||||||||||||||||
| For the Three Months Ended | |||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ |
15,397 |
$ |
14,919 |
|
$ |
14,444 |
$ |
14,820 |
|
$ |
14,315 |
|||||
| Interest on investment securities |
|
2,543 |
|
2,709 |
|
|
2,803 |
|
3,063 |
|
|
3,275 |
|||||
| Other interest income |
|
376 |
|
244 |
|
|
235 |
|
383 |
|
|
528 |
|||||
| Total interest income |
|
18,316 |
|
17,872 |
|
|
17,482 |
|
18,266 |
|
|
18,118 |
|||||
| Interest expense: | |||||||||||||||||
| Interest on deposits |
|
5,909 |
|
5,326 |
|
|
5,468 |
|
5,579 |
|
|
4,709 |
|||||
| Interest on other borrowed funds |
|
537 |
|
909 |
|
|
722 |
|
1,303 |
|
|
2,457 |
|||||
| Total interest expense |
|
6,446 |
|
6,235 |
|
|
6,190 |
|
6,882 |
|
|
7,166 |
|||||
| Net interest income |
|
11,870 |
|
11,637 |
|
|
11,292 |
|
11,384 |
|
|
10,952 |
|||||
| Provision for credit losses (PCL) |
|
840 |
|
651 |
|
|
1,303 |
|
582 |
|
|
551 |
|||||
| Net interest income after PCL |
|
11,030 |
|
10,986 |
|
|
9,989 |
|
10,802 |
|
|
10,401 |
|||||
| Noninterest income: | |||||||||||||||||
| Service charges on deposit accounts |
|
1,239 |
|
1,151 |
|
|
1,125 |
|
1,139 |
|
|
1,428 |
|||||
| Other service charges and fees |
|
1,456 |
|
1,211 |
|
|
1,113 |
|
1,149 |
|
|
1,087 |
|||||
| Loss on sales of securities |
|
- |
|
(38 |
) |
|
- |
|
(11 |
) |
|
- |
|||||
| Gain on disposition of asset |
|
2,849 |
|
1,508 |
|
|
- |
|
- |
|
|
- |
|||||
| Gain on proceeds from BOLI policy |
|
- |
|
207 |
|
|
300 |
|
- |
|
|
300 |
|||||
| Other noninterest income |
|
408 |
|
370 |
|
|
526 |
|
373 |
|
|
156 |
|||||
| Total noninterest income |
|
5,952 |
|
4,409 |
|
|
3,064 |
|
2,650 |
|
|
2,971 |
|||||
| Salaries and employee benefits |
|
5,956 |
|
5,778 |
|
|
5,671 |
|
5,725 |
|
|
5,541 |
|||||
| Occupancy expense |
|
1,263 |
|
1,160 |
|
|
1,134 |
|
1,115 |
|
|
1,143 |
|||||
| Technology expense |
|
1,312 |
|
1,271 |
|
|
1,219 |
|
1,124 |
|
|
1,838 |
|||||
| Other noninterest expense |
|
3,189 |
|
3,360 |
|
|
2,830 |
|
3,145 |
|
|
2,192 |
|||||
| Total noninterest expense |
|
11,720 |
|
11,569 |
|
|
10,854 |
|
11,109 |
|
|
10,714 |
|||||
| Income before income tax expense |
|
5,262 |
|
3,826 |
|
|
2,199 |
|
2,343 |
|
|
2,658 |
|||||
| Income tax expense |
|
940 |
|
631 |
|
|
313 |
|
264 |
|
|
301 |
|||||
| Net income | $ |
4,322 |
$ |
3,195 |
|
$ |
1,886 |
$ |
2,079 |
|
$ |
2,357 |
|||||
| Earnings per Common Share | |||||||||||||||||
| Basic | $ |
0.76 |
$ |
0.56 |
|
$ |
0.33 |
$ |
0.37 |
|
$ |
0.42 |
|||||
| Diluted | $ |
0.76 |
$ |
0.56 |
|
$ |
0.33 |
$ |
0.37 |
|
$ |
0.42 |
|||||
| Dividends paid |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|||||
| Average shares outstanding | |||||||||||||||||
| Basic |
|
5,693,611 |
|
5,691,136 |
|
|
5,674,990 |
|
5,624,880 |
|
|
5,627,244 |
|||||
| Diluted |
|
5,708,973 |
|
5,706,498 |
|
|
5,690,353 |
|
5,632,629 |
|
|
5,630,639 |
|||||
CITIZENS HOLDING COMPANY Consolidated Statements of Income (Unaudited) |
||||||||
For the Nine Months Ended |
||||||||
| September 30, 2026 | September 30, 2025 | |||||||
| (Dollars in thousands, except per share data) | ||||||||
| Interest income: | ||||||||
| Interest and fees on loans | $ |
44,760 |
|
$ |
41,576 |
|||
| Interest on investment securities |
|
8,055 |
|
|
10,206 |
|||
| Other interest income |
|
855 |
|
|
1,421 |
|||
| Total interest income |
|
53,670 |
|
|
53,203 |
|||
| Interest expense: | ||||||||
| Interest on deposits |
|
16,703 |
|
|
13,660 |
|||
| Interest on other borrowed funds |
|
2,168 |
|
|
7,576 |
|||
| Total interest expense |
|
18,871 |
|
|
21,236 |
|||
| Net interest income |
|
34,799 |
|
|
31,967 |
|||
| Provision for credit losses (PCL) |
|
2,794 |
|
|
1,679 |
|||
| Net interest income after PCL |
|
32,005 |
|
|
30,288 |
|||
| Noninterest income: | ||||||||
| Service charges on deposit accounts |
|
3,516 |
|
|
3,418 |
|||
| Other service charges and fees |
|
3,780 |
|
|
3,330 |
|||
| Loss on sales of securities |
|
(38 |
) |
|
- |
|||
| Gain on disposition of asset |
|
4,357 |
|
|
- |
|||
| Gain on proceeds from BOLI policy |
|
507 |
|
|
300 |
|||
| Other noninterest income |
|
1,304 |
|
|
1,485 |
|||
| Total noninterest income |
|
13,425 |
|
|
8,533 |
|||
| Salaries and employee benefits |
|
17,405 |
|
|
16,163 |
|||
| Occupancy expense |
|
3,557 |
|
|
3,308 |
|||
| Technology expense |
|
3,802 |
|
|
3,376 |
|||
| Other noninterest expense |
|
9,379 |
|
|
8,771 |
|||
| Total noninterest expense |
|
34,143 |
|
|
31,618 |
|||
| Income before income tax expense |
|
11,288 |
|
|
7,203 |
|||
| Income tax expense |
|
1,884 |
|
|
1,146 |
|||
| Net income | $ |
9,403 |
|
$ |
6,057 |
|||
| Earnings per Common Share | ||||||||
| Basic | $ |
1.65 |
|
$ |
1.08 |
|||
| Diluted | $ |
1.65 |
|
$ |
1.08 |
|||
| Dividends paid |
|
- |
|
|
0.04 |
|||
| Average shares outstanding | ||||||||
| Basic |
|
5,686,626 |
|
|
5,621,924 |
|||
| Diluted |
|
5,701,989 |
|
|
5,626,279 |
|||
CITIZENS HOLDING COMPANY Consolidated Balance Sheets (Unaudited) |
||||||||||||||||||||
| As of | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| Assets: | (Dollars in thousands) | |||||||||||||||||||
| Cash and due from banks | $ |
15,226 |
|
$ |
17,514 |
|
$ |
23,200 |
|
$ |
17,140 |
|
$ |
15,321 |
|
|||||
| Interest-bearing deposits in other banks |
|
56,652 |
|
|
78,579 |
|
|
66,513 |
|
|
47,379 |
|
|
113,727 |
|
|||||
| Total cash and cash equivalents |
|
71,878 |
|
|
96,093 |
|
|
89,713 |
|
|
64,519 |
|
|
129,048 |
|
|||||
| Investment securities: | ||||||||||||||||||||
| Held to maturity securities, at amortized cost |
|
339,060 |
|
|
343,741 |
|
|
348,191 |
|
|
352,325 |
|
|
357,028 |
|
|||||
| Available for sale securities, at fair value |
|
121,737 |
|
|
124,354 |
|
|
146,138 |
|
|
152,418 |
|
|
174,562 |
|
|||||
| Total investment securities |
|
460,797 |
|
|
468,095 |
|
|
494,329 |
|
|
504,743 |
|
|
531,590 |
|
|||||
| Loans: | ||||||||||||||||||||
| Loans held for investment (LHFI) |
|
916,170 |
|
|
892,788 |
|
|
844,491 |
|
|
841,136 |
|
|
830,216 |
|
|||||
| Less: allowance for credit losses (ACL), LHFI |
|
(9,187 |
) |
|
(9,435 |
) |
|
(8,875 |
) |
|
(8,945 |
) |
|
(8,611 |
) |
|||||
| Loans, net |
|
906,983 |
|
|
883,353 |
|
|
835,616 |
|
|
832,191 |
|
|
821,605 |
|
|||||
| Premises and equipment, net |
|
14,755 |
|
|
18,261 |
|
|
19,976 |
|
|
20,191 |
|
|
20,185 |
|
|||||
| Other real estate owned, net |
|
1,596 |
|
|
1,596 |
|
|
1,596 |
|
|
1,839 |
|
|
1,939 |
|
|||||
| Accrued interest receivable |
|
5,657 |
|
|
5,711 |
|
|
5,274 |
|
|
5,774 |
|
|
5,524 |
|
|||||
| Cash surrender value of life insurance |
|
25,459 |
|
|
25,324 |
|
|
25,764 |
|
|
26,337 |
|
|
26,058 |
|
|||||
| Deferred tax assets, net |
|
26,367 |
|
|
24,472 |
|
|
25,392 |
|
|
25,244 |
|
|
25,884 |
|
|||||
| Identifiable intangible assets, net |
|
13,030 |
|
|
13,058 |
|
|
13,085 |
|
|
13,113 |
|
|
13,140 |
|
|||||
| Other assets |
|
25,119 |
|
|
19,247 |
|
|
17,725 |
|
|
17,373 |
|
|
17,243 |
|
|||||
| Total assets |
|
1,551,641 |
|
|
1,555,210 |
|
|
1,528,470 |
|
|
1,511,324 |
|
|
1,592,216 |
|
|||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing |
|
299,967 |
|
|
301,822 |
|
|
290,793 |
|
|
285,291 |
|
|
284,701 |
|
|||||
| Interest-bearing |
|
1,111,987 |
|
|
1,015,882 |
|
|
1,053,751 |
|
|
1,051,991 |
|
|
897,892 |
|
|||||
| Total deposits |
|
1,411,954 |
|
|
1,317,704 |
|
|
1,344,544 |
|
|
1,337,282 |
|
|
1,182,593 |
|
|||||
| Short-term borrowings |
|
22,896 |
|
|
126,754 |
|
|
78,921 |
|
|
74,223 |
|
|
313,475 |
|
|||||
| Long-term liabilities |
|
17,048 |
|
|
17,596 |
|
|
18,050 |
|
|
13,475 |
|
|
13,900 |
|
|||||
| Accrued interest payable |
|
1,149 |
|
|
1,308 |
|
|
1,134 |
|
|
1,196 |
|
|
1,367 |
|
|||||
| Deferred compensation payable |
|
8,996 |
|
|
9,046 |
|
|
9,416 |
|
|
9,477 |
|
|
9,494 |
|
|||||
| Other liabilities |
|
20,102 |
|
|
13,108 |
|
|
12,772 |
|
|
13,540 |
|
|
13,246 |
|
|||||
| Total liabilities |
|
1,482,144 |
|
|
1,485,516 |
|
|
1,464,837 |
|
|
1,449,193 |
|
|
1,534,075 |
|
|||||
| Stockholders' Equity: | ||||||||||||||||||||
| Common stock, $0.20 par value, 22,500 shares authorized | ||||||||||||||||||||
| Issued and outstanding: 5,693,611 shares - September 30, and June 30, 2026; 5,685,361 shares - March 31, 2026; | ||||||||||||||||||||
| 5,653,753 shares - December 31, and September 30, 2025 |
|
1,136 |
|
|
1,136 |
|
|
1,129 |
|
|
1,129 |
|
|
1,129 |
|
|||||
| Additional paid-in capital |
|
18,917 |
|
|
18,879 |
|
|
18,853 |
|
|
18,819 |
|
|
18,785 |
|
|||||
| Accumulated other comprehensive loss, net of tax benefit of $21,325 at September 30, 2026; | ||||||||||||||||||||
| $21,415 at June 30, 2026; $22,361 at March 31, 2026; | ||||||||||||||||||||
| $22,203 at December 31, 2025; and |
|
(69,580 |
) |
|
(64,561 |
) |
|
(67,394 |
) |
|
(66,976 |
) |
|
(68,841 |
) |
|||||
| $22,847 at September 30, 2025 |
|
119,024 |
|
|
114,240 |
|
|
111,045 |
|
|
109,159 |
|
|
107,068 |
|
|||||
| Total stockholders' equity |
|
69,497 |
|
|
69,694 |
|
|
63,633 |
|
|
62,131 |
|
|
58,141 |
|
|||||
| Total liabilities and stockholders' equity |
|
1,551,641 |
|
|
1,555,210 |
|
|
1,528,470 |
|
|
1,511,324 |
|
|
1,592,216 |
|
|||||
SELECTED FINANCIAL INFORMATION (Unaudited) |
||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Basic Earnings per Common Share | $ |
0.76 |
|
$ |
0.56 |
|
$ |
0.33 |
|
$ |
0.37 |
|
$ |
0.42 |
|
|||||
| Diluted Earnings per Common Share |
|
0.76 |
|
|
0.56 |
|
|
0.33 |
|
|
0.37 |
|
|
0.42 |
|
|||||
| Dividends per Common Share |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Book Value per Common Share |
|
12.21 |
|
|
12.24 |
|
|
11.19 |
|
|
10.99 |
|
|
10.28 |
|
|||||
| Book Value per Common Share (ex-OCI) |
|
24.43 |
|
|
23.58 |
|
|
23.05 |
|
|
22.84 |
|
|
22.46 |
|
|||||
| TBV per Common Share |
|
9.92 |
|
|
9.95 |
|
|
8.89 |
|
|
8.67 |
|
|
7.96 |
|
|||||
| TBV per Common Share (ex-OCI) |
|
22.14 |
|
|
21.29 |
|
|
20.74 |
|
|
20.52 |
|
|
20.14 |
|
|||||
| Closing Market Price per Common Share |
|
9.71 |
|
|
9.63 |
|
|
9.00 |
|
|
7.91 |
|
|
6.60 |
|
|||||
| Closing Price to TBV |
|
97.88 |
% |
|
96.78 |
% |
|
101.24 |
% |
|
91.23 |
% |
|
82.88 |
% |
|||||
| End of Period Common Shares Outstanding |
|
5,693,611 |
|
|
5,693,611 |
|
|
5,685,361 |
|
|
5,653,753 |
|
|
5,653,753 |
|
|||||
| Annualized Performance Ratios | ||||||||||||||||||||
| Return on Average Assets |
|
1.12 |
% |
|
0.85 |
% |
|
0.51 |
% |
|
0.54 |
% |
|
0.54 |
% |
|||||
| Return on Average Equity |
|
24.56 |
% |
|
19.09 |
% |
|
11.91 |
% |
|
15.29 |
% |
|
15.97 |
% |
|||||
| Return on Average Assets (normalized) |
|
0.56 |
% |
|
0.56 |
% |
|
0.43 |
% |
|
0.60 |
% |
|
0.54 |
% |
|||||
| Return on Average Equity (normalized) |
|
12.41 |
% |
|
12.66 |
% |
|
10.15 |
% |
|
16.90 |
% |
|
16.48 |
% |
|||||
| Equity/Assets |
|
4.48 |
% |
|
4.48 |
% |
|
4.16 |
% |
|
4.11 |
% |
|
3.65 |
% |
|||||
| Equity/Assets (ex-OCI) |
|
8.96 |
% |
|
8.63 |
% |
|
8.57 |
% |
|
8.54 |
% |
|
7.98 |
% |
|||||
| Yield on Earning Assets |
|
5.05 |
% |
|
5.05 |
% |
|
5.13 |
% |
|
5.09 |
% |
|
5.07 |
% |
|||||
| Cost of Funds |
|
2.26 |
% |
|
2.24 |
% |
|
2.25 |
% |
|
2.36 |
% |
|
2.45 |
% |
|||||
| Net Interest Margin ("FTE") |
|
3.35 |
% |
|
3.37 |
% |
|
3.34 |
% |
|
3.25 |
% |
|
3.13 |
% |
|||||
| Credit Metrics | ||||||||||||||||||||
| Allowance for Loan Losses to Total Loans |
|
1.00 |
% |
|
1.06 |
% |
|
1.05 |
% |
|
1.06 |
% |
|
1.04 |
% |
|||||
| Non-performing assets to loans |
|
0.64 |
% |
|
0.64 |
% |
|
0.73 |
% |
|
0.66 |
% |
|
0.85 |
% |
|||||
| CITIZENS HOLDING COMPANY | |||||||||||||||
| Loan Composition | |||||||||||||||
| (Unaudited) | |||||||||||||||
| As of | |||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||
| (Dollars in thousands) | |||||||||||||||
| Loans: | |||||||||||||||
| Real estate: | |||||||||||||||
| Land Development and Construction | $ |
98,804 |
$ |
99,522 |
$ |
97,476 |
$ |
89,050 |
$ |
107,872 |
|||||
| Farmland |
|
18,410 |
|
17,292 |
|
17,100 |
|
17,079 |
|
17,302 |
|||||
| 1-4 single Family Mortgages |
|
191,161 |
|
176,431 |
|
154,924 |
|
151,262 |
|
144,072 |
|||||
| Commercial Real Estate |
|
484,359 |
|
473,111 |
|
455,675 |
|
471,377 |
|
453,946 |
|||||
| Business Loans: | |||||||||||||||
| Commercial and Industrial Loans |
|
103,307 |
|
107,394 |
|
97,835 |
|
90,361 |
|
86,746 |
|||||
| Farm Production and Other Farm Loans |
|
1,118 |
|
900 |
|
619 |
|
680 |
|
546 |
|||||
| Consumer Loans: | |||||||||||||||
| Credit Cards |
|
4,057 |
|
3,645 |
|
4,122 |
|
4,272 |
|
4,074 |
|||||
| Other Consumer Loans |
|
14,953 |
|
14,493 |
|
16,740 |
|
17,055 |
|
15,658 |
|||||
| Total loans held in portfolio | $ |
916,170 |
$ |
892,788 |
$ |
844,491 |
$ |
841,136 |
$ |
830,216 |
|||||
| CITIZENS HOLDING COMPANY | |||||||||||||||
| Deposit Composition | |||||||||||||||
| (Unaudited) | |||||||||||||||
| As of | |||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||
| (Dollars in thousands) | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand deposits | $ |
299,967 |
$ |
301,822 |
$ |
290,793 |
$ |
285,291 |
$ |
284,701 |
|||||
| Interest-bearing demand deposits |
|
327,459 |
|
338,983 |
|
351,509 |
|
321,892 |
|
324,622 |
|||||
| Savings and money market accounts |
|
528,248 |
|
409,467 |
|
439,466 |
|
471,729 |
|
311,209 |
|||||
| Time deposits |
|
256,280 |
|
267,432 |
|
262,776 |
|
258,370 |
|
262,061 |
|||||
| Total deposits | $ |
1,411,954 |
$ |
1,317,704 |
$ |
1,344,544 |
$ |
1,337,282 |
$ |
1,182,593 |
|||||
| CITIZENS HOLDING COMPANY | ||||||||||||||||||
| Average Balances and Yields | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| September 30, 2026 | June 30, 2026 | |||||||||||||||||
| Average Balance (1) |
Interest/ Expense |
Annualized Yield/Rate |
Average Balance (1) |
Interest/ Expense |
Annualized Yield/Rate |
|||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Interest-earning deposits in other banks | $ |
44,277 |
$ |
376 |
3.37 |
% |
$ |
23,674 |
$ |
244 |
4.13 |
% |
||||||
| Loans(2) |
|
899,045 |
|
15,397 |
6.79 |
% |
|
879,566 |
|
14,919 |
6.80 |
% |
||||||
| Investment securities and other |
|
499,417 |
|
2,543 |
2.02 |
% |
|
517,229 |
|
2,709 |
2.10 |
% |
||||||
| Total interest-earning assets |
|
1,442,739 |
|
18,316 |
5.04 |
% |
|
1,420,469 |
|
17,872 |
5.05 |
% |
||||||
| Noninterest-earning assets |
|
90,958 |
|
87,012 |
||||||||||||||
| Total assets | $ |
1,533,697 |
$ |
1,507,481 |
||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing demand deposits | $ |
379,066 |
$ |
1,475 |
1.54 |
% |
$ |
365,901 |
$ |
1,511 |
1.66 |
% |
||||||
| Savings and money market accounts |
|
436,901 |
|
2,572 |
2.34 |
% |
|
383,477 |
|
1,908 |
2.00 |
% |
||||||
| Time deposits |
|
260,138 |
|
1,863 |
2.84 |
% |
|
262,345 |
|
1,907 |
2.92 |
% |
||||||
| FHLB advances and other borrowings |
|
56,329 |
|
537 |
3.78 |
% |
|
103,095 |
|
909 |
3.54 |
% |
||||||
| Total interest-bearing liabilities |
|
1,132,434 |
|
6,446 |
2.26 |
% |
|
1,114,818 |
|
6,235 |
2.24 |
% |
||||||
| Noninterest-bearing liabilities and shareholders' equity: | ||||||||||||||||||
| Noninterest-bearing demand deposits |
|
303,272 |
|
299,454 |
||||||||||||||
| Other liabilities |
|
28,164 |
|
26,083 |
||||||||||||||
| Stockholders' equity |
|
69,827 |
|
67,126 |
||||||||||||||
| Total liabilities and stockholders' equity | $ |
1,533,697 |
$ |
1,507,481 |
||||||||||||||
| Net interest rate spread | 2.78 |
% |
2.80 |
% |
||||||||||||||
| Net interest income and margin | $ |
11,870 |
3.26 |
% |
$ |
11,637 |
3.29 |
% |
||||||||||
| Net interest income and margin (tax equivalent)(3) | $ |
12,178 |
3.35 |
% |
$ |
11,923 |
3.37 |
% |
||||||||||
| (1) Average balances presented are derived from daily average balances. | ||||||||||||||||||
| (2) Includes loans on nonaccrual status. | ||||||||||||||||||
| (3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 24.95% for the three months ended September 30, 2026 and June 30, 2026, respectively. | ||||||||||||||||||
| CITIZENS HOLDING COMPANY | ||||||||||||||||||
| Average Balances and Yields | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Nine Months Ended | ||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||
| Average Balance (1) |
Interest/ Expense |
Annualized Yield/Rate |
Average Balance (1) |
Interest/ Expense |
Annualized Yield/Rate |
|||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Interest-earning deposits in other banks | $ |
31,543 |
$ |
855 |
3.63 |
% |
$ |
40,755 |
$ |
1,421 |
4.66 |
% |
||||||
| Loans(2) |
|
874,030 |
|
44,760 |
6.85 |
% |
|
805,027 |
|
41,576 |
6.90 |
% |
||||||
| Investment securities and other |
|
516,625 |
|
8,055 |
2.08 |
% |
|
580,424 |
|
10,206 |
2.35 |
% |
||||||
| Total interest-earning assets |
|
1,422,198 |
|
53,670 |
5.05 |
% |
|
1,426,206 |
|
53,203 |
4.99 |
% |
||||||
| Noninterest-earning assets |
|
89,120 |
|
83,883 |
||||||||||||||
| Total assets | $ |
1,511,318 |
$ |
1,510,089 |
||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing demand deposits | $ |
370,337 |
$ |
4,480 |
1.62 |
% |
$ |
387,899 |
$ |
4,871 |
1.68 |
% |
||||||
| Savings and money market accounts |
|
401,988 |
|
6,569 |
2.18 |
% |
|
221,562 |
|
2,663 |
1.61 |
% |
||||||
| Time deposits |
|
261,595 |
|
5,654 |
2.89 |
% |
|
256,074 |
|
6,126 |
3.20 |
% |
||||||
| FHLB advances and other borrowings |
|
89,372 |
|
2,168 |
3.24 |
% |
|
292,638 |
|
7,576 |
3.46 |
% |
||||||
| Total interest-bearing liabilities |
|
1,123,292 |
|
18,871 |
2.25 |
% |
|
1,158,173 |
|
21,236 |
2.45 |
% |
||||||
| Noninterest-bearing liabilities and shareholders' equity: | ||||||||||||||||||
| Noninterest-bearing demand deposits |
|
293,839 |
|
271,082 |
||||||||||||||
| Other liabilities |
|
27,044 |
|
30,122 |
||||||||||||||
| Stockholders' equity |
|
67,143 |
|
50,712 |
||||||||||||||
| Total liabilities and stockholders' equity | $ |
1,511,318 |
$ |
1,510,089 |
||||||||||||||
| Net interest rate spread | 2.80 |
% |
2.54 |
% |
||||||||||||||
| Net interest income and margin | $ |
34,799 |
3.27 |
% |
$ |
31,967 |
3.00 |
% |
||||||||||
| Net interest income and margin (tax equivalent)(3) | $ |
35,653 |
3.35 |
% |
$ |
32,804 |
3.08 |
% |
||||||||||
| (1) Average balances presented are derived from daily average balances. | ||||||||||||||||||
| (2) Includes loans on nonaccrual status. | ||||||||||||||||||
| (3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 24.95% for the nine months ended September 30, 2026 and September 30, 2025 respectively. | ||||||||||||||||||
| CITIZENS HOLDING COMPANY | ||||||||
| Reconciliation of Non-GAAP Financial Measures - Net Interest Margin on a Fully Taxable Equivalent Basis | ||||||||
| (Unaudited) | ||||||||
| As of or for the Three Months Ended | ||||||||
| September 30, 2026 | June 30, 2026 | |||||||
| (Dollars in thousands, except per share data) | ||||||||
| Net interest margin - GAAP basis: | ||||||||
| Net interest income | $ |
11,870 |
|
$ |
11,637 |
|
||
| Average interest-earning assets |
|
1,442,739 |
|
|
1,420,469 |
|
||
| Net interest margin |
|
3.26 |
% |
|
3.29 |
% |
||
| Net interest margin - Non-GAAP basis: | ||||||||
| Net interest income | $ |
11,870 |
|
$ |
11,637 |
|
||
| Plus: | ||||||||
| Impact of fully taxable equivalent adjustment |
|
308 |
|
|
286 |
|
||
| Net interest income on a fully taxable equivalent basis | $ |
12,178 |
|
$ |
11,923 |
|
||
| Average interest-earning assets |
|
1,442,739 |
|
|
1,420,469 |
|
||
| Net interest margin on a fully taxable equivalent basis - Non-GAAP basis |
|
3.35 |
% |
|
3.37 |
% |
||
| CITIZENS HOLDING COMPANY | |||||||||
| Reconciliation of Non-GAAP Financial Measures - Net Interest Margin on a Fully Taxable Equivalent Basis | |||||||||
| (Unaudited) | |||||||||
| As of or for the Nine Months Ended | |||||||||
| September 30, 2026 | September 30, 2025 | ||||||||
| (Dollars in thousands, except per share data) | |||||||||
| Net interest margin - GAAP basis: | |||||||||
| Net interest income | $ |
34,799 |
|
$ |
31,967 |
|
|||
| Average interst-earning assets |
|
1,422,198 |
|
|
1,426,206 |
|
|||
| Net interest margin |
|
3.27 |
% |
|
3.00 |
% |
|||
| Net interest margin - Non-GAAP basis: | |||||||||
| Net interest income | $ |
34,799 |
|
$ |
31,967 |
|
|||
| Plus: | |||||||||
| Impact of fully taxable equivalent adjustment |
|
854 |
|
|
837 |
|
|||
| Net interest income on a fully taxable equivalent basis | $ |
35,653 |
|
$ |
32,804 |
|
|||
| Average interest-earning assets |
|
1,422,198 |
|
|
1,426,206 |
|
|||
| Net interest margin on a fully taxable equivalent basis - Non-GAAP basis |
|
3.35 |
% |
|
3.08 |
% |
|||
| CITIZENS HOLDING COMPANY | |||||||||||||||
| Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share | |||||||||||||||
| (Unaudited) | |||||||||||||||
| As of | |||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||
| Total stockholders' equity | $ |
69,497 |
$ |
69,694 |
$ |
63,633 |
$ |
62,131 |
$ |
58,141 |
|||||
| Less: | |||||||||||||||
| Goodwill and other intangible assets |
|
13,030 |
|
13,058 |
|
13,085 |
|
13,113 |
|
13,140 |
|||||
| Tangible stockholders' equity | $ |
56,467 |
$ |
56,636 |
$ |
50,548 |
$ |
49,018 |
$ |
45,001 |
|||||
| Shares outstanding |
|
5,693,611 |
|
5,693,611 |
|
5,685,361 |
|
5,653,753 |
|
5,653,753 |
|||||
| Book value per share | $ |
12.21 |
$ |
12.24 |
$ |
11.19 |
$ |
10.99 |
$ |
10.28 |
|||||
| Less: | |||||||||||||||
| Goodwill and other intangible assets per share | $ |
2.29 |
$ |
2.29 |
$ |
2.30 |
$ |
2.32 |
$ |
2.32 |
|||||
| Tangible book value per share | $ |
9.92 |
$ |
9.95 |
$ |
8.89 |
$ |
8.67 |
$ |
7.96 |
|||||
| CITIZENS HOLDING COMPANY | ||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures - Tangible Equity to Tangible Assets | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | March 31, 2026 | December 31, 2025 | ||||||||||||||||
| Total stockholders' equity to total assets - GAAP basis: | ||||||||||||||||||||
| Total stockholders' equity (numerator) | $ |
69,497 |
|
$ |
69,694 |
|
$ |
63,633 |
|
$ |
62,131 |
|
$ |
58,141 |
|
|||||
| Total assets (denominator) |
|
1,551,641 |
|
|
1,555,210 |
|
|
1,528,470 |
|
|
1,511,324 |
|
|
1,592,216 |
|
|||||
| Total stockholders' equity to total assets |
|
4.48 |
% |
|
4.48 |
% |
|
4.16 |
% |
|
4.11 |
% |
|
3.65 |
% |
|||||
| Tangible equity to tangible assets - Non-GAAP basis: | ||||||||||||||||||||
| Tangible equity: | ||||||||||||||||||||
| Total stockholders' equity | $ |
69,497 |
|
$ |
69,694 |
|
$ |
63,633 |
|
$ |
62,131 |
|
$ |
58,141 |
|
|||||
| Less: | ||||||||||||||||||||
| Goodwill and other intangible assets |
|
13,030 |
|
|
13,058 |
|
|
13,085 |
|
|
13,113 |
|
|
13,140 |
|
|||||
| Total tangible common equity (numerator) | $ |
56,467 |
|
$ |
56,636 |
|
$ |
50,548 |
|
$ |
49,018 |
|
$ |
45,001 |
|
|||||
| Tangible assets: | ||||||||||||||||||||
| Total assets |
|
1,551,641 |
|
|
1,555,210 |
|
|
1,528,470 |
|
|
1,511,324 |
|
|
1,592,216 |
|
|||||
| Less: | ||||||||||||||||||||
| Goodwill and other intangible assets |
|
13,030 |
|
|
13,058 |
|
|
13,085 |
|
|
13,113 |
|
|
13,140 |
|
|||||
| Total tangible assets (denominator) | $ |
1,538,610 |
|
$ |
1,542,152 |
|
$ |
1,515,385 |
|
$ |
1,498,211 |
|
$ |
1,579,076 |
|
|||||
| Tangible equity to tangible assets |
|
3.67 |
% |
|
3.67 |
% |
|
3.34 |
% |
|
3.27 |
% |
|
2.85 |
% |
|||||
CITIZENS HOLDING COMPANY Reconciliation of Net Income (GAAP) to Core Net Income (Non-GAAP) (Unaudited) |
||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| NET INCOME (GAAP) | $ |
4,322 |
|
$ |
3,195 |
|
$ |
1,886 |
|
$ |
2,079 |
|
$ |
2,357 |
|
|||||
| Gain on disposition of asset | $ |
(2,849 |
) |
|
(1,508 |
) |
|
- |
|
|
- |
|
|
- |
|
|||||
| Write-down of bank-owned property |
|
- |
|
|
- |
|
|
- |
|
|
253 |
|
|
- |
|
|||||
| Gain on proceeds from BOLI policy |
|
- |
|
|
(207 |
) |
|
(300 |
) |
|
- |
|
|
(300 |
) |
|||||
| Other loss (gain) |
|
- |
|
|
350 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Tax expense (benefit) |
|
711 |
|
|
289 |
|
|
- |
|
|
(63 |
) |
|
- |
|
|||||
| NET INCOME, CORE | $ |
2,184 |
|
$ |
2,119 |
|
$ |
1,586 |
|
$ |
2,269 |
|
$ |
2,057 |
|
|||||
About Citizens Holding Company
Citizens Holding Company is a one-bank holding company and the parent company of the Bank, both headquartered in Philadelphia, Mississippi. The Bank currently has locations in fourteen counties throughout the state of Mississippi. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through third party partnerships 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 OTCQX Best Market and is traded under the symbol CIZN. The Company's transfer agent is Equiniti Trust Company LLC. Investor relations information may be obtained at the corporate website, https://www.thecitizensbankphila.com/investor-relations.
Cautionary Note Regarding Forward-Looking Statements
This press 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. Forward-looking statements speak only as of the date they are made. The Company does not undertake a duty to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. 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 Company’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 Company operates; (b) our ability to mitigate our risk exposures; (c) changes in the legislative and regulatory environment that negatively impact the Company and Bank through increased operating expenses; (d) increased competition from other financial institutions; (e) the impact of technological advances; (f) expectations about the movement of interest rates, including actions that may be taken by the Federal Reserve Board in response to changing economic conditions; (g) changes in asset quality and loan demand; (h) expectations about overall economic strength and the performance of the economics in the Company’s market area; and (i) other risks detailed from time to time in the Company’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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261102840525/en/
Our focus entering the fourth quarter is squarely placed on finishing strong, laying groundwork for a record 2027, and growing your investment.
Contacts
Phillip R. Branch
Senior Vice President & Chief Financial Officer
601/519-4016
Phillip.branch@thecitizensbank.bank
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