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
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