Mount Morris Bank Building

Morris State Bancshares Announces Quarterly Earnings and Declares Fourth Quarter Dividend

Retrieved on: 
Wednesday, October 25, 2023
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The Company also announced diluted earnings per share of $2.12 for quarter, representing a 0.15% decrease from diluted earnings per share of $2.27 for the prior quarter.

Key Points: 
  • The Company also announced diluted earnings per share of $2.12 for quarter, representing a 0.15% decrease from diluted earnings per share of $2.27 for the prior quarter.
  • “In the third quarter, we generated net interest income of $12.9 million, just below the second quarter level of $13.2 million,” said Spence Mullis, Chairman and CEO.
  • “As projected, our margin compressed slightly in the third quarter, but we had solid loan growth of $25.4 million, or 10.0% annualized.
  • This loan growth bolstered our net interest income as it remained in line of that of the second quarter.

Morris State Bancshares Announces Quarterly Earnings and Declares Third Quarter Dividend

Retrieved on: 
Tuesday, July 25, 2023
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Higher quarter-over-quarter net earnings were a result of three primary factors:

Key Points: 
  • Higher quarter-over-quarter net earnings were a result of three primary factors:
    “We’re pleased with our execution of operational resiliency during the second quarter, which produced higher quarterly net income,” said Spence Mullis, Chairman and CEO.
  • The Federal Reserve’s ongoing attempt to tame inflation by increasing rates continued to affect both our deposit and loan levels.
  • We saw net loans decrease $15.9 million, or 1.55%, during the quarter, while overall deposits were down $24.1 million, or 2.01%.
  • However, our bankers worked hard generating $112 million in gross new loans during the quarter pushing our average earning asset yield up by 32 basis points.

Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend

Retrieved on: 
Thursday, April 27, 2023
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Lower quarter over quarter net earnings were a result of higher deposit costs, higher noninterest expense, and higher tax provisioning.

Key Points: 
  • Lower quarter over quarter net earnings were a result of higher deposit costs, higher noninterest expense, and higher tax provisioning.
  • The cost of these deposits, however, were up $1.2 million, or 51.86% over the fourth quarter of 2022.
  • Noninterest expense increased $573,228, or 6.90%, over December 31, 2022, and provision for income taxes increased $1,695,418, or 240.81%, during the quarter.
  • On April 19, 2023, the board of directors approved a second quarter dividend of $0.44 per share payable on or about June 15, 2023, to all shareholders of record as of May 15, 2023.

The Citizens Bank announces Stacy M. Brantley as next CEO

Retrieved on: 
Monday, January 23, 2023
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The Citizens Bank, wholly owned subsidiary of Citizens Holding Company (NASDAQ: CIZN), has hired Stacy M. Brantley as its next Chief Executive Officer.

Key Points: 
  • The Citizens Bank, wholly owned subsidiary of Citizens Holding Company (NASDAQ: CIZN), has hired Stacy M. Brantley as its next Chief Executive Officer.
  • “We conducted a national search for our next CEO, and Stacy quickly rose to the top of a very competitive candidate slate,” said Hub King, board chairman at The Citizens Bank.
  • Prior to joining The Citizens Bank, Brantley served as Executive Vice President and Chief Banking Officer for Morris Bank of Georgia where he oversaw all lending and branch sales.
  • Current CEO Greg McKee will remain as CEO of The Citizens Bank through January, with Mr. Brantley to assume the role beginning on February 13th.

Morris State Bancshares Announces Solid Earnings in 2022 and Declares Dividend

Retrieved on: 
Thursday, February 2, 2023
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DUBLIN, Ga., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2022.

Key Points: 
  • DUBLIN, Ga., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2022.
  • Diluted earnings per share for the fourth quarter of 2022 was $3.14, compared to $0.99 for the third quarter of 2022 and $3.38 for the fourth quarter of 2021.
  • Earnings before taxes for the fourth quarter of 2022 was $5.9 million, compared to $2.7 million for the third quarter of 2022 and $7.1 million for the fourth quarter of 2021.
  • Loans net of PPP grew $20.5 million, or 7.8% annualized, during the fourth quarter of 2022 as compared to September 30, 2022.