Citizens Holding Company (NASDAQ:CIZN) reported a decline in EPS for the second quarter. The company’s earnings slipped to $0.26 per share in the latest quarter, down from $0.28 per share in the year-ago quarter.
The company, out of Philadelphia, Miss., revealed net income for the three months ended June 30, 2020 was $1,462, or $0.26 per share-basic and diluted, an increase of $91 from net income of $1,371, or $0.28 per share-basic and diluted for the same quarter in 2019. The majority of the increase relates to an increase in net interest income and non-interest income partially offset by additional provision for loan losses and non-interest expense.
In light of the ongoing events surrounding the COVID-19 pandemic, the Company is continually assessing the effects of the pandemic to its employees, customers and communities. In March, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted.
The CARES Act contains many provisions related to banking, lending, mortgage forbearance and taxation, and the Company has been working diligently to help support its customers through the SBA Paycheck Protection Program, loan modifications, deferrals and fee waivers for early withdrawal of certificates of deposit due to hardship.
While the ultimate impact of the crisis can’t be accurately predicted at this point, the Company is well-capitalized and has the financial stability to continue to serve its customers and communities during this unprecedented time.
Q2 net interest income, after the provision for loan losses, was $7,728, approximately 30.1% higher than the same period in 2019. The provision for loan losses for the three months ended June 30, 2020 was $622 compared to a provision for loan losses of $265 for the same period in 2019.
Shares in CIZN opened Monday were unchanged at $22.17.
