Citizens First Corporation Announces First Quarter 2001 Results

Apr 19, 2001, 01:00 ET from Citizens First Corporation

    BOWLING GREEN, Ky., April 19 /PRNewswire/ --
     Citizens First Corporation (OTC Bulletin Board:   CZFC) today reported its
 results of operations for the three months ended March 31, 2001.  Mary D.
 Cohron, President and CEO, reported the company's net loss on a consolidated
 basis for the first quarter of 2001 was $(64,676), or $(0.10) per share,
 compared to a net loss of $(216,333) or $(0.34) per share for the first
 quarter of 2000.  "Citizens First Bank continued to experience strong loan and
 deposit growth during the first quarter of 2001," said Cohron, "and we
 continue to increase our market share and presence in the Bowling Green/Warren
 County area." The company's wholly owned subsidiary, Citizens First Bank,
 Inc., opened for business on February 18, 1999.
     Net interest income for the quarter ended March 31, 2001 was $671,375,
 versus $460,232 for the same quarter of 2000, an increase of $211,143. Non-
 interest income was $76,716 during the first quarter of 2001, compared to
 $35,976 in the same quarter of 2000, and increase of $40,740 or 113.2%.  Non-
 interest expense was $641,332 for the first quarter of 2001, versus $624,041
 for the same period of 2000, an increase of $17,291 or 2.8%.
     Total assets at March 31, 2001 were $81,181,269, up $31,029,368 or 62%,
 from $50,151,901 at March 31, 2000. Stockholders' equity of $6,622,231 equaled
 8.2% of total assets as of March 31, 2001.
 
 
     CITIZENS FIRST CORPORATION
     (Unaudited)
 
                                                       Financial Highlights
                                                      Quarter        Quarter
                                                       Ended          Ended
                                                    3/31/2001      3/31/2000
 
     Interest Income                               $1,599,419      $ 925,918
     Interest Expense                                 928,044        465,686
     Net Interest Income                              671,375        460,232
     Provision for Loan Losses                        173,500         88,500
 
     Net Interest Income after Provision              497,875        371,732
     Non-Interest Income                               76,716         35,976
     Non-Interest Expenses                            641,332        624,041
     (Loss) before Taxes                              (66,741)      (216,333)
     Income Tax Provision (Credit)                     (2,065)             0
     NET LOSS                                         (64,676)      (216,333)
     LOSS PER SHARE                                     (0.10)         (0.34)
 
 
     CITIZENS FIRST CORPORATION
     (Unaudited)
 
 
 
                                                       As of          As of
                                                    3/31/2001      3/31/2000
                                                     (in 000s)      (in 000s)
     ASSETS
     Cash/Due from Banks/Fed Funds Sold              $  5,750      $   3,990
     Investment securities                              7,528          6,865
     Mortgage loans held for sale                         243            208
     Loans                                             65,949         37,453
     Allowance for loan losses                           (962)          (463)
 
     Other assets                                       2,673          2,099
       TOTAL ASSETS                                  $ 81,181      $  50,152
 
     LIABILITIES
     Demand deposits, savings,
       NOW and money market accounts                 $ 21,719      $  10,183
     Time deposits                                     47,952         31,711
       TOTAL DEPOSITS                                  69,671         41,894
     Short-term borrowings                              1,924              0
     Securities sold under
      agreements to repurchase                          2,333          1,143
     Other Liabilities                                    631            467
       TOTAL LIABILITIES                               74,559         43,504
     STOCKHOLDERS' EQUITY                               6,622          6,648
     TOTAL LIABILITIES AND
      STOCKHOLDERS' EQUITY                           $ 81,181       $ 50,152
 
 

SOURCE Citizens First Corporation
    BOWLING GREEN, Ky., April 19 /PRNewswire/ --
     Citizens First Corporation (OTC Bulletin Board:   CZFC) today reported its
 results of operations for the three months ended March 31, 2001.  Mary D.
 Cohron, President and CEO, reported the company's net loss on a consolidated
 basis for the first quarter of 2001 was $(64,676), or $(0.10) per share,
 compared to a net loss of $(216,333) or $(0.34) per share for the first
 quarter of 2000.  "Citizens First Bank continued to experience strong loan and
 deposit growth during the first quarter of 2001," said Cohron, "and we
 continue to increase our market share and presence in the Bowling Green/Warren
 County area." The company's wholly owned subsidiary, Citizens First Bank,
 Inc., opened for business on February 18, 1999.
     Net interest income for the quarter ended March 31, 2001 was $671,375,
 versus $460,232 for the same quarter of 2000, an increase of $211,143. Non-
 interest income was $76,716 during the first quarter of 2001, compared to
 $35,976 in the same quarter of 2000, and increase of $40,740 or 113.2%.  Non-
 interest expense was $641,332 for the first quarter of 2001, versus $624,041
 for the same period of 2000, an increase of $17,291 or 2.8%.
     Total assets at March 31, 2001 were $81,181,269, up $31,029,368 or 62%,
 from $50,151,901 at March 31, 2000. Stockholders' equity of $6,622,231 equaled
 8.2% of total assets as of March 31, 2001.
 
 
     CITIZENS FIRST CORPORATION
     (Unaudited)
 
                                                       Financial Highlights
                                                      Quarter        Quarter
                                                       Ended          Ended
                                                    3/31/2001      3/31/2000
 
     Interest Income                               $1,599,419      $ 925,918
     Interest Expense                                 928,044        465,686
     Net Interest Income                              671,375        460,232
     Provision for Loan Losses                        173,500         88,500
 
     Net Interest Income after Provision              497,875        371,732
     Non-Interest Income                               76,716         35,976
     Non-Interest Expenses                            641,332        624,041
     (Loss) before Taxes                              (66,741)      (216,333)
     Income Tax Provision (Credit)                     (2,065)             0
     NET LOSS                                         (64,676)      (216,333)
     LOSS PER SHARE                                     (0.10)         (0.34)
 
 
     CITIZENS FIRST CORPORATION
     (Unaudited)
 
 
 
                                                       As of          As of
                                                    3/31/2001      3/31/2000
                                                     (in 000s)      (in 000s)
     ASSETS
     Cash/Due from Banks/Fed Funds Sold              $  5,750      $   3,990
     Investment securities                              7,528          6,865
     Mortgage loans held for sale                         243            208
     Loans                                             65,949         37,453
     Allowance for loan losses                           (962)          (463)
 
     Other assets                                       2,673          2,099
       TOTAL ASSETS                                  $ 81,181      $  50,152
 
     LIABILITIES
     Demand deposits, savings,
       NOW and money market accounts                 $ 21,719      $  10,183
     Time deposits                                     47,952         31,711
       TOTAL DEPOSITS                                  69,671         41,894
     Short-term borrowings                              1,924              0
     Securities sold under
      agreements to repurchase                          2,333          1,143
     Other Liabilities                                    631            467
       TOTAL LIABILITIES                               74,559         43,504
     STOCKHOLDERS' EQUITY                               6,622          6,648
     TOTAL LIABILITIES AND
      STOCKHOLDERS' EQUITY                           $ 81,181       $ 50,152
 
 SOURCE  Citizens First Corporation