Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☑ Emerging growth company ☐ Smaller Reporting Company ☑ The interim consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, The Citizens Bank of Philadelphia. All significant intercompany transactions have been eliminated in consolidation. The Company is a party to lawsuits and other claims that arise in the ordinary course of business, all of which are being vigorously contested. In the regular ...

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Mississippi 64-0666512 (State or other jurisdiction of Company or organization) (IRS Employer Identification No.) | --- | --- | --- | |---------------------------------------|---------------------|-----------------------------------------------------| | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | | Common Stock, $0.20 par value | CIZN | NASDAQ Global Market | Large a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-15375 MISSISSIPPI 64-0666512 (State or Other Jurisdiction of (IRS Employer Identification Number) Incorporation or Organization) Registrant's Telephone Number, Including Area Code: (601) 656 ...

Financial Position - Total assets of The Citizens Bank of Philadelphia reached $1,328,121 thousand as of September 30, 2022, with total deposits at $1,135,468 thousand[111] - Total shareholders' equity decreased to $32,637 thousand at September 30, 2022, from $105,900 thousand at December 31, 2021, primarily due to accumulated other comprehensive income adjustments[119] - The Company had $245,381 thousand in available-for-sale investment securities at September 30, 2022, down from $647,557 thousand at December 31, 2021[115] - The total assets as of September 30, 2022, were $1,348,574, down from $1,433,229 at the end of 2021[145] - Total assets decreased by $32,831, or (2.41%), to $1,328,478 as of September 30, 2022 compared to $1,361,309 at December 31, 2021[168] Deposits and Loans - Customer deposits increased to $1,134,936 thousand at September 30, 2022, compared to $1,111,892 thousand at December 31, 2021[115] - Total deposits increased by $23,044, or 2.07%, to $1,134,936 as of September 30, 2022 compared to $1,111,892 at December 31, 2021[172] - Interest-bearing deposits increased by $46,033, or 10.19%, to $497,842 as of September 30, 2022 compared to $451,809 at December 31, 2021[172] - The Company's gross loan balance increased by $6,818, or 1.19%, during the nine months ended September 30, 2022, to $578,665 from $571,847 at December 31, 2021[171] - Nonaccrual loans decreased to $3,087 as of September 30, 2022, from $3,826 at the end of 2021, representing a 19.32% decrease[156] Income and Expenses - Net interest income for the three months ended September 30, 2022, was $9,049 million, an increase from $8,602 million in the same period of 2021, representing a year-over-year growth of 5.2%[129] - Net income for the three months ended September 30, 2022, was $2,580 million, up from $1,880 million in the same period of 2021, reflecting an increase of 37.1%[129] - Other income for the three months ended September 30, 2022 was $2,877, a decrease of $417, or (12.66%), from $3,294 in the same period in 2021[160] - Service charges on deposit accounts increased by $75, or 11.17%, to $1,019 for the three months ended September 30, 2022 compared to $952 for the same period in 2021[160] - Aggregate non-interest expenses for the three months ended September 30, 2022 were $8,936, an increase of $195, or 2.23%, from $8,741 in the same period in 2021[164] Capital Ratios - The Tier 1 leverage ratio for Citizens Holding Company was 7.84% as of September 30, 2022, exceeding the minimum requirement of 5.00%[123] - The Common Equity Tier 1 capital ratio was 13.10% for Citizens Holding Company as of September 30, 2022, well above the required 6.50%[123] - The Company believes it meets all capital adequacy requirements and is considered well capitalized as of September 30, 2022[121] Interest Rate Risk - The company faces significant market risk primarily due to interest rate volatility, impacting both income and expenses on assets and liabilities[176] - Interest rate risk is assessed using a simulation model that evaluates net interest income sensitivity and establishes exposure limits for acceptable changes in projected net interest margin[177] - A +400 basis points shift in interest rates could lead to a -10.2% change in net interest income over the following 12 months as of September 30, 2022[178] - The economic value of equity could decrease by -31.7% with a +400 basis points shift in interest rates as of September 30, 2022[179] - The company emphasizes the origination of shorter duration and variable rate loans to mitigate negative exposure to interest rate increases[180] Loan Losses and Provisions - The provision for loan losses showed a reversal of $53 million for the three months ended September 30, 2022, compared to a provision of $968 million in the same period of 2021[129] - The company experienced a net recovery of $75 in loan losses for the three months ended September 30, 2022, compared to $1,088 charged off in the same period of 2021[157] - The allowance for loan losses to gross loans was 0.88% as of September 30, 2022, compared to 0.79% at the end of 2021[156] Future Outlook - Management expects the cost of funds to increase due to anticipated further interest rate hikes, but this will be partially offset by higher interest income from new loan origination and security purchases[136] - The company plans to continue expanding its net interest margin through disciplined deposit pricing and reallocating excess funds into higher yielding securities[145] - The company aims to acquire noninterest or low interest-bearing non-maturity deposit accounts to reduce sensitivity to interest rate changes[180]

Table of Contents Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered Common Stock, $0.20 par value CIZN NASDAQ Global Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File ...

2Q22 Financial Results July 19, 2022 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia's invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, any state ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-15375 | --- | --- | |-------------------------------------------------------------------------------------------------|- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ________________ Commission file number: 001-15375 MISSISSIPPI 64-0666512 (State or Other Jurisdiction of Incorporation or Organization)( ...

Table of Contents Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered Common Stock, $0.20 par value CIZN NASDAQ Global Market Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Table of Contents Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered Common Stock, $0.20 par value CIZN NASDAQ Global Market Emerging growth company ☐ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...