Citizens Holding Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Citizens Holding Co. has filed its 2023 annual report on Form 10-K, detailing its financial performance and corporate information.</b>

AI Summary

CITIZENS HOLDING CO /MS/ (CIZN) filed a Annual Report (10-K) with the SEC on March 29, 2024. Citizens Holding Co. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Mississippi and its fiscal year ends on December 31. Its principal executive office is located at 521 Main Street, Philadelphia, MS 39350. The filing indicates that Citizens Holding Co. is a non-accelerated filer and a smaller reporting company. No securities are registered pursuant to Section 12(b) of the Act, and none are registered pursuant to Section 12(g) of the Act.

Why It Matters

For investors and stakeholders tracking CITIZENS HOLDING CO /MS/, this filing contains several important signals. This filing provides a comprehensive overview of Citizens Holding Co.'s financial status and operations for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. As a non-accelerated filer and smaller reporting company, the disclosure requirements and available financial data may differ from larger, more actively traded entities, impacting investment analysis.

Risk Assessment

Risk Level: low — CITIZENS HOLDING CO /MS/ shows low risk based on this filing. The company is a smaller reporting company and a non-accelerated filer, suggesting a potentially less complex business structure or lower market capitalization compared to larger financial institutions, which generally implies lower systemic risk.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand the company's specific performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end)
• 2024-03-29 — Filing Date (Date the 10-K was filed)
• 001-15375 — Commission File Number (SEC commission file number)
• 64-0666512 — IRS Employer Identification Number (Company's IRS EIN)

Key Players & Entities

• CITIZENS HOLDING CO /MS/ (company) — Filer name
• 0001075706 (company) — Central Index Key
• 6016564692 (company) — Business phone number
• MS (company) — State of incorporation
• Philadelphia (company) — City of principal executive office
• 39350 (company) — ZIP code of principal executive office
• 20231231 (date) — Fiscal year end
• 20240329 (date) — Filing date

FAQ

Industry Context

Citizens Holding Co. operates within the commercial banking sector, as indicated by its SIC code 6022. This sector is subject to various regulatory frameworks and market dynamics.

Regulatory Implications

As a financial institution, Citizens Holding Co. is subject to regulations from bodies like the SEC and potentially banking regulators, impacting its reporting and operational requirements.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue, expenses, assets, and liabilities.
2. Review the 'Risk Factors' section (if available in the full document) for potential challenges and uncertainties facing the company.
3. Compare key financial metrics from this 10-K with previous filings to identify trends and changes in performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. No prior period data is available for direct comparison within this specific output.

Key Financial Figures

• $1,405,202 — unty, Mississippi, with total assets of $1,405,202 and total deposits of $1,170,311. For m
• $1,170,311 — ets of $1,405,202 and total deposits of $1,170,311. For more information regarding the ass
• $58,032 — w of the Bank, resulting in revenues of $58,032, operating profit of $1,780 and total a
• $1,780 — evenues of $58,032, operating profit of $1,780 and total assets of $1,404,597 for the
• $1,404,597 — ng profit of $1,780 and total assets of $1,404,597 for the Company as of December 31, 2022
• $104,804 — he form of a dividend was approximately $104,804, or 174.5% of the Bank's consolidated n
• $6,006 — from the Bank in the form of loans was $6,006, or 10% of the Bank's consolidated net

Filing Documents

• cizn20231231c_10k.htm (10-K) — 731KB
• ex_641168.htm (EX-4) — 10KB
• ex_640289.htm (EX-13) — 4946KB
• ex_641097.htm (EX-21) — 3KB
• ex_641096.htm (EX-31.1) — 15KB
• ex_641095.htm (EX-31.2) — 15KB
• ex_641094.htm (EX-32.1) — 6KB
• ex_641088.htm (EX-32.2) — 6KB
• cizn20231231c_10kimg001.jpg (GRAPHIC) — 18KB
• graph01.jpg (GRAPHIC) — 51KB
• logo01.jpg (GRAPHIC) — 4KB
• logo02.jpg (GRAPHIC) — 5KB
• phillipsignature.jpg (GRAPHIC) — 3KB
• sig.jpg (GRAPHIC) — 2KB
• 0001437749-24-009993.txt (&nbsp;) — 21897KB
• cizn-20231231.xsd (EX-101.SCH) — 101KB
• cizn-20231231_cal.xml (EX-101.CAL) — 88KB
• cizn-20231231_def.xml (EX-101.DEF) — 751KB
• cizn-20231231_lab.xml (EX-101.LAB) — 604KB
• cizn-20231231_pre.xml (EX-101.PRE) — 807KB
• cizn20231231c_10k_htm.xml (XML) — 5330KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 24 ITEM 1C. CYBERSECURITY 24 ITEM 2.

PROPERTIES

PROPERTIES 29 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 31 ITEM 4. MINE SAFETY DISCLOSURES 31 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 32 ITEM 6. [RESERVED] 32 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 32 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 32 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 33 ITEM 9B OTHER INFORMATION 33 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 33 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 34 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 40 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 52 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 54 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 56 PART IV ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 57 ITEM 16. FORM 10-K SUMMARY 59 Table of Contents CITIZENS HOLDING COMPANY FORM 10-K PART I Cautionary Note Regarding Forward Looking Statements In addition to historical information, this report contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs, plans, expectations, assumptions and on information currently available to management. The words "may," "should," "expect," "anticipate," "intend," "plan," "continue," "believe," "seek," "estimate" and similar expressions used in this report that do not relate to historical facts are intended to identify forward-looking statements. These statements appear in a number of places in this report, including, but not limited to, statements found in Item 1, "Business," and in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Citizens Holding Company (the "Company") notes that a variety of factors could cause its actual results or experience to differ materially from the anticipated results or other expectations described or implied by such forward-looking statements. The risks and uncertainties that may affect the operation, performance, development and results of the business of the Company and the Company's wholly-owned subsidiary, The Citizens Bank of Philadelphia, Mississippi (the "Bank"), include, but are not limited to, the following: expectations about the movement of interest rates, including actions that may be taken by the Federal Reserve Board in response to c

View Full Filing

View this 10-K filing on SEC EDGAR