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Citizens First Corporation Announces First Quarter 2014 Results


News provided by

Citizens First Corporation

Apr 17, 2014, 04:23 ET

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BOWLING GREEN, Ky., April 17, 2014 /PRNewswire/ -- Citizens First Corporation (NASDAQ: CZFC) today reported results for the first quarter ending March 31, 2014, which include the following:

  • For the quarter ended March 31, 2014, the Company reported net income of $691,000, which represents a decrease of $11,000 from the linked quarter ended December 31, 2013 and an increase of $576,000 from March 31, 2013. Earnings per diluted common share for the current quarter were $0.27, an increase of $0.02 from the linked quarter ended December 31, 2013 and an increase of $0.32 for the quarter ended March 31, 2013.

  • The Company's net interest margin was 3.81% for the quarter ended March 31, 2014 compared to 4.03% for the linked quarter ended December 31, 2013 and 3.96% for the quarter ended March 31, 2013, a decrease of 22 basis points for the linked quarter and a decrease of 15 basis points from the prior year. The Company's net interest margin decreased from prior periods due to a decline in the yield on loans.

  • Total loans increased 2.2% to $301.6 million at March 31, 2014 compared to $295.1 million at December 31, 2013. Total deposits increased 2.7% to $352.2 million at March 31, 2014 compared to $343.0 million at December 31, 2013. Todd Kanipe, President & CEO of Citizens First commented, "We are encouraged by the growth of loans on our balance sheet. Loan growth is vital to improve our net interest income while interest rates continue to remain at historically low levels. We have added to both our lending and credit administration staff to focus on loan growth while maintaining credit quality in our loan portfolio."

First Quarter 2014 Compared to Fourth Quarter 2013

Net interest income for the quarter ended March 31, 2014 declined $231,000 from the previous quarter as the yield on loans declined.

Non-interest income for the three months ended March 31, 2014 decreased $82,000, or 11.5%, compared to the previous quarter, primarily due to a decrease in service charges on deposits of $58,000.  Non-interest expense for the three months ended March 31, 2014 increased $1,000, or .03%, compared to the previous quarter.

A $125,000 provision for loan losses was recorded for the first quarter of 2014, compared to a $450,000 provision in the previous quarter, a decrease of $325,000.  The allowance for loan losses to total loans increased slightly from 1.58% to 1.60%.  Net charge-offs (recoveries) were $(49,000) for the first quarter of 2014 compared to $617,000 in the fourth quarter of 2013.  

First Quarter 2014 Compared to First Quarter 2013

Net interest income for the quarter ended March 31, 2014 decreased $168,000, or 4.6%, compared to the previous year.  The decrease in net interest income was impacted by a reduction in interest expense of $79,000 combined with a decrease in interest income of $247,000.  The decrease in interest income was created by a decline in the yield on loans from 5.50% in the first quarter of 2013 to 5.14% in the first quarter of 2014.  Loan yields have declined as maturing loans were repriced at a lower rate.

Non-interest income for the three months ended March 31, 2014 decreased $90,000, or 12.5%, compared to the three months ended March 31, 2013, primarily due to a decline in gains on sale of mortgage loans of $58,000 from the prior year.

Non-interest expense for the three months ended March 31, 2014 decreased $20,000, or 0.6%, compared to the three months ended March 31, 2013, due to a decrease in legal and collection expenses.

A $125,000 provision for loan losses was recorded for the first quarter of 2014, a decrease of $1.1 million, from $1.3 million in the first quarter of 2013.  The allowance for loan losses to total loans decreased from 2.21% of total loans at March 31, 2013 to 1.60% at March 31, 2014, primarily due to charge-offs of specific allocations which were included in the allowance at March 31, 2013.  Net charge-offs (recoveries) were $(49,000) for the first quarter of 2014 compared to net charge-offs of $321,000 in the first quarter of 2013.

Balance Sheet

Total assets at March 31, 2014 were $420.1 million, an increase of $9.9 million from $410.2 million at December 31, 2013.  Average assets during the first quarter were $414.1 million, a decrease of 0.9%, or $3.7 million, from $417.8 million in the first quarter of 2013.  Average interest earning assets decreased 0.8%, or $3.1 million, from $384.6 million in the first quarter of 2013 to $381.5 million in the first quarter of 2014.

Loans increased $6.5 million, or 2.2%, from $295.1 million at December 31, 2013 to $301.6 million at March 31, 2014.  Total loans averaged $303.4 million the first quarter of 2014, compared to $303.9 million the first quarter of 2013, a decrease of $0.5 million, or 0.2%.

Deposits at March 31, 2014 were $352.2 million, an increase of $9.2 million, or 2.7%, compared to $343.0 million at December 31, 2013.  Total deposits averaged $346.1 million the first quarter of 2014, an increase of $3.6 million, or 1.1%, compared to $342.5 million during the first quarter of 2013.  Average deposits increased during the year, but the cost of funds declined as higher cost deposits matured and were renewed at lower rates.  

Non-performing assets totaled $2.6 million at March 31, 2014 compared to $2.0 million at December 31, 2013, an increase of $593,000. A summary of nonperforming assets is presented below:

(In thousands)


March

31,

2014

December

31,

2013

September

30,

2013

June

30,

2013

March

31,

2013

Nonaccrual loans


$1,104

$1,026

$3,784

$6,141

$7,097

Loans 90+ days past due/accruing


56

-

19

-

23

Restructured loans


815

154

2,041

3,340

3,528

Total non-performing loans


1,975

1,180

5,844

9,481

10,648








Other real estate owned


631

833

547

517

232

Total non-performing assets


$2,606

$2,013

$6,391

$9,998

$10,880








Non-performing assets to total assets


0.62%

0.49%

1.56%

2.43%

2.58%

The allowance for loan losses at March 31, 2014 was $4.8 million, or 1.60% of total loans, compared to $4.7 million, or 1.58% of total loans as of December 31, 2013.  The allowance increased due to an increase in nonperforming assets.  A summary of the allowance for loan losses is presented below:

(In thousands)


March

31,

 2014

December

31,

 2013

September

30,

 2013

June

30,

 2013

March

31,

 2013

Balance at beginning of period


$4,653

$4,820

$6,064

$6,650

$5,721

Provision for loan losses


125

450

900

50

1,250

Charged-off loans


22

788

2,198

678

358

Recoveries of previously charged-off loans


71

171

54

42

37

Balance at end of period


$4,827

$4,653

$4,820

$6,064

$6,650








Allowance for loan losses to total loans


1.60%

1.58%

1.60%

1.98%

2.21%

At March 31, 2014, total shareholders' equity was $35.9 million compared to $38.3 million at December 31, 2013, a decrease of $2.4 million.  During the first quarter of 2014, the Company paid $3.3 million to repurchase the remaining 93 shares of the Series A preferred stock that the Company had issued to the Treasury in 2008 under the TARP Capital Purchase Program.  

The Company's tangible equity ratio declined to 7.51% as of March 31, 2014 compared to 8.28% at December 31, 2013 due to the repayment of the TARP Capital Purchase Program funds.  The tangible book value per common share improved from $11.51 at December 31, 2013, to $11.97 at March 31, 2014.  The Company and Citizens First Bank are categorized as "well capitalized" under regulatory guidelines.

About Citizens First Corporation

Citizens First Corporation is a bank holding company headquartered in Bowling Green, Kentucky and established in 1999.  The Company has branch offices located in Barren, Hart, Simpson and Warren Counties in Kentucky.

Forward-Looking Statements

Statements in this press release relating to Citizens First Corporation's plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon the Company's current expectations, but are subject to certain risks and uncertainties that may cause actual results to differ materially.  Among the risks and uncertainties that could cause actual results to differ materially are economic conditions generally and in the market areas of the Company, a continuation or worsening of the current disruption in credit and other markets, goodwill impairment, overall loan demand, increased competition in the financial services industry which could negatively impact the Company's ability to increase total earning assets, and the retention of key personnel.  Actions by the Department of the Treasury and federal and state bank regulators in response to changing economic conditions, changes in interest rates, loan prepayments by and the financial health of the Company's borrowers, and other factors described in the reports filed by the Company with the Securities and Exchange Commission could also impact current expectations.

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios

Consolidated Statement of Income:


Three Months Ended

 


March 31

Dec 31

Sept 30

June 30

March 31


2014

2013

2013

2013

2013

Interest income          

$4,181

$4,411

$4,381

$4,325

$4,428

Interest expense

683

682

747

770

762

Net interest income

3,498

3,729

3,634

3,555

3,666







Provision for loan losses

125

450

900

50

1,250







Non-interest income:






   Service charges on deposits

261

319

341

321

291

   Other service charges and fees

153

133

156

158

138

   Gain on sale of mortgage loans

24

36

81

78

82

   Non-deposit brokerage fees

69

72

91

78

65

   Lease income

75

75

74

75

74

   BOLI income

47

49

53

56

61

   Securities gains

-

27

-

29

8

      Total

629

711

796

795

719







Non-interest expenses:






   Personnel expense

1,527

1,419

1,382

1,417

1,441

   Net occupancy expense

482

485

499

465

461

   Advertising and public relations

83

65

70

110

78

   Professional fees

153

141

201

174

164

   Data processing services

233

266

280

272

265

   Franchise shares and deposit tax

146

145

146

141

141

   FDIC insurance

77

119

150

26

85

   Core deposit intangible amortization

84

79

84

85

84

   Postage and office supplies

51

38

35

35

43

   Other real estate owned expenses

10

46

7

20

11

   Other

216

258

425

434

309

      Total

3,062

3,061

3,279

3,179

3,082







Income before income taxes

940

929

251

1,121

53

Provision for income taxes

249

227

18

333

(62)

Net income

691

702

233

788

115







Preferred dividends and discount accretion

132

184

178

176

217

Net income (loss) available for common shareholders

$559

$518

$55

$612

$(102)

Basic earnings (loss) per common share

$0.28

$0.26

$0.03

$0.31

$(0.05)

Diluted earnings (loss) per common share

$0.27

$0.25

$0.02

$0.30

$(0.05)

           

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios


Key Operating Statistics:



Three Months Ended

 


March

 31

December

 31

September

 30

June

 30

March

 31


2014

2013

2013

2013

2013







Average assets

$414,089

$408,792

$413,293

$419,240

$417,804

Average earning assets

381,485

375,658

380,154

387,663

384,614

Average loans

303,438

298,833

307,618

305,532

303,942

Average deposits

346,089

340,938

340,067

345,738

342,475

Average equity

36,213

38,469

37,937

38,353

40,164

Average common equity

28,046

27,548

27,023

27,445

27,695







Return on average assets

0.68%

0.68%

0.22%

0.75%

0.11%

Return on average equity

7.74%

7.24%

2.44%

8.24%

1.16%







Efficiency ratio

72.73%

68.07%

72.66%

72.17%

68.96%

Non-interest income to average assets

0.62%

0.69%

0.77%

0.76%

0.70%

Non-interest expenses to average assets

3.00%

2.97%

3.15%

3.04%

2.99%

Net overhead to average assets

2.38%

2.28%

2.38%

2.28%

2.29%

Yield on loans

5.14%

5.42%

5.26%

5.28%

5.50%

Yield on investment securities (TE)

3.02%

2.97%

2.87%

2.78%

2.97%

Yield on average earning assets (TE)

4.53%

4.75%

4.66%

4.56%

4.76%

Cost of average interest bearing liabilities

0.83%

0.83%

0.89%

0.92%

0.93%

Net interest margin (tax equivalent)

3.81%

4.03%

3.88%

3.77%

3.96%

Number of FTE employees

98

100

100

98

99







Asset Quality Ratios:






Non-performing loans to total loans

0.65%

0.40%

1.94%

3.09%

3.54%

Non-performing assets to total assets

0.62%

0.49%

1.56%

2.43%

2.58%

Allowance for loan losses to total loans

1.60%

1.58%

1.60%

1.98%

2.21%

YTD net charge-offs (recoveries) to average loans, annualized

(0.06)%

1.22%

1.36%

0.63%

0.43%

 

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios


Consolidated Statement of Condition:

As of

As of

As of


March 31,

December 31,

December 31,

2014

2013

2012

Cash and due from financial institutions

$ 8,166

$ 8,572

$9,549

Federal funds sold

30,095

28,490

25,250

Available for sale securities

54,675

51,633

46,639

Loans held for sale

85

-

61

Loans

301,598

295,068

298,754

Allowance for loan losses

(4,827)

(4,653)

(5,721)

Premises and equipment, net

10,970

11,054

11,568

Bank owned life insurance (BOLI)

7,853

7,806

7,587

Federal Home Loan Bank Stock, at cost

2,025

2,025

2,025

Accrued interest receivable

1,444

1,554

1,660

Deferred income taxes

1,759

2,279

2,180

Intangible assets

4,678

4,762

5,094

Other real estate owned

631

833

191

Other assets

976

752

1,719

  Total Assets

$420,128

$410,175

$406,556





Deposits:




    Noninterest bearing

$ 41,653

$ 39,967

$ 41,725

    Savings, NOW and money market

146,130

143,602

111,194

    Time

164,414

159,382

178,814

      Total deposits

$352,197

$342,951

$331,733

FHLB advances and other borrowings

25,300

22,000

26,000

Subordinated debentures

5,000

5,000

5,000

Accrued interest payable

241

243

238

Other liabilities

1,477

1,634

2,019

Total Liabilities

384,215

371,828

364,990

6.5% Cumulative preferred stock

7,659

7,659

7,659

Series A preferred stock

-

3,266

6,519

Common stock

27,072

27,072

27,072

Retained earnings (deficit)

1,212

653

(430)

Accumulated other comprehensive income (loss)

(30)

(303)

746

Total Stockholders' Equity

35,913

38,347

41,566

Total Liabilities and Stockholders' Equity

$420,128

$410,175

$406,556

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios




March 31,

2014

December 31,

2013

December 31,

2012

Capital Ratios:





Tier 1 leverage


8.86%

9.57%

10.20%

Tier 1 risk-based capital


11.48%

12.56%

13.16%

Total risk based capital


12.73%

13.81%

14.41%

Tangible equity ratio (1)


7.51%

8.28%

9.08%

Tangible common equity ratio (1)


5.67%

5.59%

5.55%

Book value per common share


$14.35

$13.93

$13.91

Tangible book value per common share (1)


$11.97

$11.51

$11.32

Shares outstanding (in thousands)


1,969

1,969

1,969

_____________





(1)

The tangible equity ratio, tangible common equity ratio and tangible book value per common share, while not required by accounting principles generally accepted in the United States of America (GAAP), are considered critical metrics with which to analyze banks.  The ratio and per share amount have been included to facilitate a greater understanding of the Company's capital structure and financial condition.  See the Regulation G Non-GAAP Reconciliation table for reconciliation of this ratio and per share amount to GAAP.

Regulation G Non-GAAP Reconciliation:


March 31,

2014

December 31,

2013

December 31,

2012






Total shareholders' equity (a)


$35,913

$38,348

$41,566

Less:





   Preferred stock


(7,659)

(10,925)

(14,178)

Common equity (b)


28,254

27,423

27,388

   Goodwill


(4,097)

(4,097)

(4,097)

   Intangible assets


(581)

(665)

(997)

Tangible common equity (c)


23,576

22,661

22,294

Add:





   Preferred stock


7,659

10,925

14,178

Tangible equity (d)


$31,235

$33,586

$36,472






Total assets (e)


$420,435

$410,175

$406,556

Less:





   Goodwill


(4,097)

(4,097)

(4,097)

   Intangible assets


(581)

(665)

(997)

Tangible assets (f)


$415,757

$405,413

$401,462

Shares outstanding (in thousands) (g)


1,969

1,969

1,969






Book value per common share (b/g)


$14.35

$13.93

$13.91

Tangible book value per common share (c/g)


$11.97

$11.51

$11.32






Total shareholders' equity to total assets ratio (a/e)


8.54%

9.35%

10.22%

Tangible equity ratio (d/f)


7.51%

8.28%

9.08%

Tangible common equity ratio (c/f)


5.67%

5.59%

5.55%

SOURCE Citizens First Corporation

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