Summarized Financial Information of Citizens Holding Company |
Note 11. Summarized
Financial Information of Citizens Holding Company
Summarized
financial information of Citizens Holding Company, parent company
only, at December 31, 2012 and 2011, and for the years ended
December 31, 2012, 2011 and 2010, is as follows:
Balance
Sheets
December 31, 2012 and 2011
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2012 |
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2011 |
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Assets
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Cash (1)
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$ |
1,657,268 |
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$ |
1,416,801 |
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Investment in bank
subsidiary (1)
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|
86,885,774 |
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|
84,377,402 |
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Other assets (1)
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|
326,188 |
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285,414 |
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Total assets
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$ |
88,869,230 |
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$ |
86,079,617 |
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Liabilities
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Other
liabilities
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$ |
400 |
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$ |
400 |
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Stockholders’
equity
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88,868,830 |
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|
86,079,217 |
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Total liabilities and
stockholders’ equity
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$ |
88,869,230 |
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$ |
86,079,617 |
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(1) |
Fully or partially eliminates in consolidation.
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Income
Statements
Years Ended
December 31, 2012, 2011 and 2010
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2012 |
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2011 |
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2010 |
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Interest income
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$ |
3,348 |
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$ |
3,264 |
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$ |
3,559 |
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Other income
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Dividends from bank
subsidiary (1)
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4,332,000 |
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4,332,000 |
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4,654,050 |
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Equity in undistributed
earnings of bank subsidiary (1)
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2,603,735 |
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3,016,877 |
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2,677,680 |
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Other income
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— |
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51 |
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|
115 |
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Total other
income
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6,939,083 |
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7,348,928 |
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7,331,845 |
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Other expense
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252,278 |
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236,904 |
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265,594 |
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Income before income
taxes
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6,686,805 |
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7,115,288 |
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7,069,810 |
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Income tax
benefit
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|
(97,194 |
) |
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|
(102,559 |
) |
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(92,721 |
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Net income
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$ |
6,783,999 |
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$ |
7,217,847 |
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$ |
7,162,531 |
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(1) |
Eliminates in consolidation.
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Statements
of Cash Flows
Years Ended
December 31, 2012, 2011 and 2010
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2012 |
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2011 |
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2010 |
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Cash flows from operating
activities
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Net income
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|
$ |
6,783,999 |
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$ |
7,217,847 |
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$ |
7,162,531 |
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Adjustments to reconcile
net income to net cash provided by operating activities
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Equity in undistributed
earnings of Bank
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|
(2,603,735 |
) |
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|
(3,016,877 |
) |
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|
(2,677,680 |
) |
Stock compensation
expense
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|
119,834 |
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|
123,702 |
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|
150,748 |
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Decrease (Increase) in
other assets
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(40,774 |
) |
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|
(61,093 |
) |
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|
(62,129 |
) |
Increase in other
liabilities
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|
— |
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|
— |
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|
400 |
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Net cash provided by
operating activities
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4,259,324 |
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4,263,579 |
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4,573,870 |
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2012 |
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2011 |
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2010 |
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Cash flows from financing
activities
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Dividends paid to
stockholders
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$ |
(4,276,282 |
) |
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$ |
(4,261,652 |
) |
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$ |
(4,110,791 |
) |
Proceeds from exercise of
stock options
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|
257,425 |
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|
63,385 |
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|
189,161 |
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Repurchase of company
stock
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|
— |
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|
— |
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(366,381 |
) |
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Net cash used by financing
activities
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(4,018,857 |
) |
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(4,198,267 |
) |
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(4,288,011 |
) |
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Net increase in
cash
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|
240,467 |
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|
|
65,312 |
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|
285,859 |
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Cash, beginning of
year
|
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|
1,416,801 |
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|
1,351,489 |
|
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|
1,065,630 |
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Cash, end of
year
|
|
$ |
1,657,268 |
|
|
$ |
1,416,801 |
|
|
$ |
1,351,489 |
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The Bank is
required to obtain approval from state regulators before paying
dividends. The Bank paid dividends of $4,332,000, $4,332,000 and
$4,654,050 to the Citizens Holding Company during the years ended
December 31, 2012, 2011 and 2010, respectively.
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