Citizens Holding net income $1.837 million
Net interest income for the third quarter of 2015, after the provision for loan losses, was $6.882 million, approximately 0.2% higher than the same period in 2014, due to a decrease in the provision for loan losses offset partially by a slight decrease in net interest income.
The provision for loan losses for the three months ended September 30, 2015 was $142 thousand compared to $205 thousand for the same period in 2014.
The decrease in the provision reflects management’s estimate of inherent losses in the loan portfolio including the impact of current local and national economic conditions.
The net interest margin decreased to 3.34% in the third quarter of 2015 from 3.62% in the same period in 2014 primarily because of the decrease in yields on earning assets was greater than the decline in rates paid on interest bearing deposits.
Non-interest income decreased in the third quarter of 2015 by $39 thousand, or 1.9%, while non-interest expenses increased $36 thousand, or 0.6%, compared to the same period in 2014.
The decrease in non-interest income was due to decreases in service charge income, mortgage loan origination income and other income.
Non-interest expense increased primarily due to an increase in salary and benefit expense partially offset by decreases in occupancy expense and other operating expenses. ■