10-Q Filing

CITIZENS HOLDING CO /MS/ CIK: 1075706 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-014421`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	cizn20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 46 Cash Flow Statement 38 Comprehensive Income 18

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.20	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.20	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	22.50M	shares	Point-in-time
Cash and due from banks	`CashAndDueFromBanks`	$26.95M	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	22.50M	shares	Point-in-time
Cash and due from banks	`CashAndDueFromBanks`	$15.60M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	5.61M	shares	Point-in-time
Interest bearing deposits with other banks	`InterestBearingDepositsInBanks`	$1.65M	USD	Point-in-time
Interest bearing deposits with other banks	`InterestBearingDepositsInBanks`	$606.00K	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	5.60M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.21M	USD	Point-in-time
Common Stock, Shares, Outstanding, Ending Balance (in shares)	`CommonStockSharesOutstanding`	5.60M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.59M	USD	Point-in-time
Common Stock, Shares, Outstanding, Ending Balance (in shares)	`CommonStockSharesOutstanding`	5.61M	shares	Point-in-time
AOCI Tax, Attributable to Parent	`AociTaxAttributableToParent`	$20.73M	USD	Point-in-time
Investment securities held-to-maturity, at amortized cost	`DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss`	$406.59M	USD	Point-in-time
Investment securities held-to-maturity, at amortized cost	`DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss`	$402.24M	USD	Point-in-time
AOCI Tax, Attributable to Parent	`AociTaxAttributableToParent`	$19.92M	USD	Point-in-time
Investment securities available-for-sale, at fair value	`AvailableForSaleSecuritiesDebtSecurities`	$201.74M	USD	Point-in-time
Investment securities available-for-sale, at fair value	`AvailableForSaleSecuritiesDebtSecurities`	$201.32M	USD	Point-in-time
Loans held for investment (LHFI) (1)	`NotesReceivableGross`	$585.59M	USD	Point-in-time
Loans held for investment (LHFI) (1)	`NotesReceivableGross`	$567.24M	USD	Point-in-time
Less allowance for credit losses (ACL), LHFI (1)	`FinancingReceivableAllowanceForCreditLosses`	$4.51M	USD	Point-in-time
Less allowance for credit losses (ACL), LHFI (1)	`FinancingReceivableAllowanceForCreditLosses`	$6.02M	USD	Point-in-time
Less allowance for credit losses (ACL), LHFI (1)	`FinancingReceivableAllowanceForCreditLosses`	$4.78M	USD	Point-in-time
Less allowance for credit losses (ACL), LHFI (1)	`FinancingReceivableAllowanceForCreditLosses`	$5.26M	USD	Point-in-time
Net LHFI	`NotesReceivableNet`	$580.33M	USD	Point-in-time
Net LHFI	`NotesReceivableNet`	$561.22M	USD	Point-in-time
Premises and equipment, net	`PropertyPlantAndEquipmentNet`	$27.56M	USD	Point-in-time
Premises and equipment, net	`PropertyPlantAndEquipmentNet`	$27.70M	USD	Point-in-time
Other real estate owned, net	`OtherRealEstateAndForeclosedAssets`	$1.18M	USD	Point-in-time
Other real estate owned, net	`OtherRealEstateAndForeclosedAssets`	$1.18M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$4.56M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$4.86M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$25.72M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$25.91M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$29.09M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$29.57M	USD	Point-in-time
Identifiable intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$13.44M	USD	Point-in-time
Identifiable intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$13.41M	USD	Point-in-time
Other assets	`OtherAssets`	$4.68M	USD	Point-in-time
Other assets	`OtherAssets`	$6.35M	USD	Point-in-time
Total Assets	`Assets`	$1.32B	USD	Point-in-time
Total Assets	`Assets`	$1.29B	USD	Point-in-time
Non-interest bearing deposits	`NoninterestBearingDepositLiabilities`	$299.11M	USD	Point-in-time
Non-interest bearing deposits	`NoninterestBearingDepositLiabilities`	$288.47M	USD	Point-in-time
Interest bearing deposits	`InterestBearingDepositLiabilities`	$827.29M	USD	Point-in-time
Interest bearing deposits	`InterestBearingDepositLiabilities`	$827.36M	USD	Point-in-time
Total deposits	`Deposits`	$1.13B	USD	Point-in-time
Total deposits	`Deposits`	$1.12B	USD	Point-in-time
Securities sold under agreement to repurchase	`SecuritiesSoldUnderAgreementsToRepurchase`	$98.53M	USD	Point-in-time
Securities sold under agreement to repurchase	`SecuritiesSoldUnderAgreementsToRepurchase`	$127.57M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$1.73M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	-	USD	Point-in-time
Borrowings on secured line of credit	`LineOfCredit`	$18.00M	USD	Point-in-time
Borrowings on secured line of credit	`LineOfCredit`	$18.00M	USD	Point-in-time
Deferred compensation payable	`DeferredCompensationLiabilityCurrentAndNoncurrent`	$9.87M	USD	Point-in-time
Deferred compensation payable	`DeferredCompensationLiabilityCurrentAndNoncurrent`	$9.98M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$4.28M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$3.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.28B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.25B	USD	Point-in-time
Common stock, $0.20 par value, 22,500,000 shares authorized, Issued and outstanding: 5,607,438 shares - March 31, 2023; 5,603,750 shares - December 31, 2022	`CommonStockValue`	$1.12M	USD	Point-in-time
Common stock, $0.20 par value, 22,500,000 shares authorized, Issued and outstanding: 5,607,438 shares - March 31, 2023; 5,603,750 shares - December 31, 2022	`CommonStockValue`	$1.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$18.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$18.45M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax benefit of $19,916 at March 31, 2023 and $20,726 at December 31, 2022	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-83.07M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax benefit of $19,916 at March 31, 2023 and $20,726 at December 31, 2022	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-79.82M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$102.53M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$101.33M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$41.12M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$105.90M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$62.95M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$39.02M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.32B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.29B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Interest and fees on loans	`InterestAndFeeIncomeLoansAndLeases`	$7.32M	USD	1 Quarter
Interest and fees on loans	`InterestAndFeeIncomeLoansAndLeases`	$6.40M	USD	1 Quarter
Taxable	`InterestIncomeSecuritiesTaxable`	$2.31M	USD	1 Quarter
Taxable	`InterestIncomeSecuritiesTaxable`	$1.70M	USD	1 Quarter
Nontaxable	`InterestIncomeSecuritiesTaxExempt`	$947.00K	USD	1 Quarter
Nontaxable	`InterestIncomeSecuritiesTaxExempt`	$1.06M	USD	1 Quarter
Other interest	`OtherInterestAndDividendIncome`	$13.00K	USD	1 Quarter
Other interest	`OtherInterestAndDividendIncome`	$339.00K	USD	1 Quarter
Total interest income	`InterestAndDividendIncomeOperating`	$9.05M	USD	1 Quarter
Total interest income	`InterestAndDividendIncomeOperating`	$11.03M	USD	1 Quarter
Deposits	`InterestExpenseDeposits`	$1.82M	USD	1 Quarter
Deposits	`InterestExpenseDeposits`	$556.00K	USD	1 Quarter
Other borrowed funds	`InterestExpenseBorrowings`	$1.53M	USD	1 Quarter
Other borrowed funds	`InterestExpenseBorrowings`	$211.00K	USD	1 Quarter
Total interest expense	`InterestExpense`	$767.00K	USD	1 Quarter
Total interest expense	`InterestExpense`	$3.35M	USD	1 Quarter
Net Interest Income	`InterestIncomeExpenseNet`	$7.68M	USD	1 Quarter
Net Interest Income	`InterestIncomeExpenseNet`	$8.29M	USD	1 Quarter
Provision for credit losses (PCL)	`ProvisionForLoanLossesExpensed`	$47.00K	USD	1 Quarter
Provision for credit losses (PCL)	`ProvisionForLoanLossesExpensed`	$93.00K	USD	1 Quarter
Net Interest Income After PCL	`InterestIncomeExpenseAfterProvisionForLoanLoss`	$7.63M	USD	1 Quarter
Net Interest Income After PCL	`InterestIncomeExpenseAfterProvisionForLoanLoss`	$8.19M	USD	1 Quarter
Other operating income, net	`NoninterestIncomeOther`	$563.00K	USD	1 Quarter
Other operating income, net	`NoninterestIncomeOther`	$412.00K	USD	1 Quarter
Total other income	`NoninterestIncome`	$2.36M	USD	1 Quarter
Total other income	`NoninterestIncome`	$2.53M	USD	1 Quarter
Salaries and employee benefits	`LaborAndRelatedExpense`	$4.70M	USD	1 Quarter
Salaries and employee benefits	`LaborAndRelatedExpense`	$4.44M	USD	1 Quarter
Occupancy expense	`OccupancyNet`	$1.84M	USD	1 Quarter
Occupancy expense	`OccupancyNet`	$1.77M	USD	1 Quarter
Other expense	`OtherNoninterestExpense`	$2.09M	USD	1 Quarter
Other expense	`OtherNoninterestExpense`	$2.16M	USD	1 Quarter
Total other expense	`NoninterestExpense`	$8.70M	USD	1 Quarter
Total other expense	`NoninterestExpense`	$8.30M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.43M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.29M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$390.00K	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$154.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$1.14M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.04M	USD	1 Quarter
-Basic (in dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
-Basic (in dollars per share)	`EarningsPerShareBasic`	$0.36	USD	1 Quarter
-Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
-Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.36	USD	1 Quarter
Dividends Paid Per Share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.24	USD	1 Quarter
Dividends Paid Per Share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.24	USD	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.98M	USD	1 Quarter
Proceeds from maturities, paydowns and calls of securities available-for-sale	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$15.80M	USD	1 Quarter
Proceeds from maturities, paydowns and calls of securities available-for-sale	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$2.60M	USD	1 Quarter
Proceeds from maturities, paydowns and calls of securities held-to-maturity	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$4.97M	USD	1 Quarter
Proceeds from maturities, paydowns and calls of securities held-to-maturity	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	-	USD	1 Quarter
Purchases of investment securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	-	USD	1 Quarter
Purchases of investment securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$43.89M	USD	1 Quarter
Purchases of bank premises and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$179.00K	USD	1 Quarter
Purchases of bank premises and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$250.00K	USD	1 Quarter
Net change in FHLB stock	`PaymentsForProceedsFromFederalHomeLoanBankStock`	$317.00K	USD	1 Quarter
Net change in FHLB stock	`PaymentsForProceedsFromFederalHomeLoanBankStock`	$717.00K	USD	1 Quarter
Proceeds from sale of other real estate owned	`ProceedsFromSaleOfForeclosedAssets`	-	USD	1 Quarter
Proceeds from sale of other real estate owned	`ProceedsFromSaleOfForeclosedAssets`	$1.08M	USD	1 Quarter
Net change in loans	`PaymentsForProceedsFromLoansAndLeases`	$-18.46M	USD	1 Quarter
Net change in loans	`PaymentsForProceedsFromLoansAndLeases`	$11.18M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$25.54M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.15M	USD	1 Quarter
Net change in deposits	`IncreaseDecreaseInDeposits`	$-10.58M	USD	1 Quarter
Net change in deposits	`IncreaseDecreaseInDeposits`	$37.69M	USD	1 Quarter
Net change in securities sold under agreement to repurchase	`ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase`	$-6.96M	USD	1 Quarter
Net change in securities sold under agreement to repurchase	`ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase`	$-29.04M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$1.73M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$1.34M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$1.35M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.24M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$29.38M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-12.39M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.79M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$79.24M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$72.44M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.59M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$79.24M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$72.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.21M	USD	Point-in-time

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.14M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.04M	USD	1 Quarter
Unrealized holding gains (losses) during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-58.20M	USD	1 Quarter
Unrealized holding gains (losses) during the period	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$3.23M	USD	1 Quarter
Income tax effect	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$805.00K	USD	1 Quarter
Income tax effect	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-14.52M	USD	1 Quarter
Net unrealized gains (losses)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-43.68M	USD	1 Quarter
Net unrealized gains (losses)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.42M	USD	1 Quarter
Amortization of net unrealized losses on securities transferred from AFS to HTM	`OciDebtSecuritiesAvailableForSaleTransferToHeldToMaturityAdjustmentFromAociForAmortizationOfGainLossBeforeTax`	$1.10M	USD	1 Quarter
Amortization of net unrealized losses on securities transferred from AFS to HTM	`OciDebtSecuritiesAvailableForSaleTransferToHeldToMaturityAdjustmentFromAociForAmortizationOfGainLossBeforeTax`	-	USD	1 Quarter
Income tax effect	`OciDebtSecuritiesAvailableForSaleTransferToHeldToMaturityAdjustmentFromAociForAmortizationOfGainLossTax`	$275.00K	USD	1 Quarter
Income tax effect	`OciDebtSecuritiesAvailableForSaleTransferToHeldToMaturityAdjustmentFromAociForAmortizationOfGainLossTax`	-	USD	1 Quarter
Net unrealized gains	`OciDebtSecuritiesAvailableForSaleTransferToHeldToMaturityAdjustmentFromAociForAmortizationOfGainLossAfterTax`	-	USD	1 Quarter
Net unrealized gains	`OciDebtSecuritiesAvailableForSaleTransferToHeldToMaturityAdjustmentFromAociForAmortizationOfGainLossAfterTax`	$-826.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-43.68M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.25M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$4.39M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-41.65M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.