Citizens Holding Company reported earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, interest income was $7,673,000 against $7,403,000 a year ago. Net interest income was $6,792,000 against $6,583,000 a year ago. Net income before taxes was $1,849,000 against $1,998,000 a year ago. Net loss was $1,125,000 against income of $1,679,000 a year ago. Basic and diluted loss per share was $0.23 against earnings of $0.34 a year ago. Had the accounting rules not required this revaluation of deferred taxes, net income for the quarter would have been $1.434 million or $0.29 per share-basic and diluted for the three months ended December 31, 2017.

For the year, interest income was $30,528,000 against $30,182,000 a year ago. Net interest income was $27,185,000 against $27,084,000 a year ago. Net income before taxes was $7,774,000 against $8,349,000 a year ago. Net income was $3,703,000 against $6,737,000 a year ago. Basic and diluted earnings per share were $0.76 against $1.38 a year ago. Book value per share as at December 31, 2017 was $18.14 against $17.42 a year ago. Return on average assets was 0.62% against 0.68% a year ago. Return on average equity was 7.01% against 7.34% a year ago.

As a result of the revised federal corporate income tax rates effective for 2018, and changes or limits for certain tax deductions, the company expects its effective combined federal and state income tax rate for 2018 will range between 14% and 15%.