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Citizens Holding Co.

Citizens Holding Co.

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Published by arvin chiong
Annual Reports Services 2009
Annual Reports Services 2009

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Published by: arvin chiong on Nov 02, 2011
Copyright:Attribution Non-commercial


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Dear Stockholder:The year 2009 will be viewed as a challenging year or the fnancial services industry. I am verypleased that the bank was able to post positive results as reected in this annual report.While much o our industry has encountered many stresses and tests this year, we as a bank haveweathered this economic storm very well thus ar. Even though the markets we serve have remainedrelatively stable, there are still economic pressures to be dealt with. Until unemployment hasimproved and consumer confdence is restored, we cannot expect a thriving, robust economy. Due tothese actors, we have attempted to be as prudent, as always, in our strategies and decision makingprocesses. We are in a good fnancial position relative to our industry and to our peer banks withinthe region. We are well positioned to be able to continue to take advantage o business opportunitiesas they become available.The attached fnancials show that assets increased by 9.7% and deposits increased by 4.4% during2009. These fnancials show a decrease in net income or the year 2009. I am never pleased withdecreased earnings. However, with all the economic actors that were prevalent during the year, weposted very respectable numbers. Much o the decrease in earnings is attributable to a dramaticincrease in FDIC assessment charges. The charges are based on the size o the bank and do notgive us ull credit or the saety and soundness o our bank. Earnings were urther decreased bya larger than normal provision to allowance or loan losses. While this reserve still belongs to usand has not been used, I elt it prudent to provide adequate reserves against possible losses in thecurrent economic climate. Notwithstanding these two actors, our earnings rom basic operationswere very good. As always, we recognize and handle any fnancial issues and do not procrastinatewhen solving problems. This is not to say that 2009 was a year o negatives or the bank. Wehave not entered into a cautionary or lock-down mode. Our ordinarily cautious business model andthought processes work well in the stage o the economic cycle that we are currently in.During the year we have continued to execute our strategic plans. We continue to develop ourinrastructure with the sta and processes necessary or proper oversight. We continued with ourplans or expansion into south Mississippi with good penetration into the Hattiesburg market. Duringthe year we opened a Loan Production Ofce in Biloxi, Mississippi. This ofce has already shownadequate volumes o quality loans that enhance the earnings o the bank. Due to the dynamiceconomic conditions o this region along with a competent sta, we are already experiencing manypositives rom this ofce.As indicated, the past year brought orth many thought provoking issues that required decisive actionrom our entire sta. I strongly believe our current position proves that these issues were dealt within an appropriate manner. It is also evident to me that the year 2010 will not be without challengesand opportunities. Our region did not suer rom the economic downturn as early as some parts othe nation and, subsequently, will not recover as quickly either. However, with our reserve/capitalposition and sta capabilities, I am excited about the year ahead. We are positioned and poised toanalyze any opportunities. We are in this position today due to great stockholders, great customersand great employees. As senior management o this bank I am truly thankul or the eorts o allemployees, ofcers and directors during the past year. I would like to thank all these segments o ourcompany or allowing me to serve you and your needs as we go orward.As always, thank you or your interest and support in a great company!Greg McKeePresident & CEO

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