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Citizens First Corporation Announces Third Quarter 2015 Results and Declares Common Dividend


News provided by

Citizens First Corporation

Oct 19, 2015, 11:19 ET

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BOWLING GREEN, Ky., Oct. 19, 2015 /PRNewswire/ -- Citizens First Corporation (NASDAQ: CZFC) today reported results for the quarter ending September 30, 2015, which include the following:

  • For the quarter ended September 30, 2015, the Company reported net income of $775,000, or $0.31 per diluted common share.  This represents a decrease of $124,000, or $0.04 per diluted common share from the linked quarter ended June 30, 2015 and a decrease of $155,000, or $0.07 per diluted common share, from the quarter ended September 30, 2014.  Included in the third quarter results was a $262,000 pre-tax loss on the disposal of a former branch facility. "Quarterly pre-tax income before the branch disposal was $1.33 million and represents the best quarter in our company's history.  Loan growth, improving non-interest income, and credit quality were all positive factors in our operating performance," said Todd Kanipe, President and CEO.  "Currently, we expect loan and deposit growth in our market area to continue as general economic conditions are stable to improving."
  • For the nine months ended September 30, 2015, net income totaled $2.46 million, or $0.95 per diluted common share.  This represents an increase of $102,000, or $0.01 per diluted common share, from the net income of $2.35 million in the first nine months of the previous year.
  • Non-performing assets totaled $1.0 million, or 0.24% of total assets, at September 30, 2015 compared to $2.2 million, or 0.52% of total assets at September 30, 2014, a decrease of $1.2 million. Non-performing assets decreased $236,000 from the linked quarter ended June 30, 2015.
  • The Company's net interest margin was 3.84% for the quarter ended September 30, 2015 compared to 3.85% for the linked quarter ended June 30, 2015, and 3.91% for the quarter ended September 30, 2014, a decrease of 1 basis point for the linked quarter and a decrease of 7 basis points from the prior year.  The Company's net interest margin decreased from the linked quarters due to a reduction in the yield on loans, which was 5.04% for the quarter ended September 30, 2015 compared to 5.15% for the quarter ended June 30, 2015 and 5.16% for the quarter ended September 30, 2014.
  • Total loans increased 2.7% to $327.1 million at September 30, 2015 compared to $318.5 million at December 31, 2014.  Total deposits increased 6.1% to $362.5 million at September 30, 2015 compared to $341.8 million at December 31, 2014.  
  • The Board of Directors declared a cash dividend of $.08 per common share payable November 16, 2015 to shareholders of record as of October 30, 2015, which marks the first common dividend paid by the Corporation since December, 2008.

Third Quarter 2015 Compared to Second Quarter 2015

  • Net interest income decreased $38,000, or 1.0%, due to a decline in average loan balances for the quarter.
  • Non-interest income increased $14,000, or 1.7%, primarily due to an increase in service charges on deposit accounts of $28,000.
  • Non-interest expense increased $284,000, or 8.7%, compared to the previous quarter, primarily due to the $262,000 loss on disposal of a former branch facility.

Third Quarter 2015 Compared to Third Quarter 2014

  • Net interest income increased $74,000, or 2.0%, as the volume of earning assets increased from the prior year. 
  • Non-interest income increased $76,000, or 9.9%, primarily due to an increase in service charges on deposit accounts of $86,000 due to the introduction of a new consumer deposit transaction account.
  • Non-interest expense increased $389,000, or 12.4%, primarily due to the $262,000 loss on disposal of a former branch facility, and an increase in personnel expenses of $131,000 as a result of normal salary adjustments.

Balance Sheet at September 30, 2015

  • Total assets increased $11.5 million, or 2.8%, from December 31, 2014 to September 30, 2015 due primarily to a growth in outstanding loans.  Average assets year-to-date increased 3.5%, or $14.7 million from September 30, 2014.  Average interest earning assets year-to-date increased 4.2%, or $16.1 million, from September 30, 2014.
  • Stockholders' equity increased $287,000, or 0.7%, from December 31, 2014 to September 30, 2015.  On April 15, 2015, the Company repurchased the 254,218 warrants issued in 2008 to the US Treasury as part of its participation in the US Treasury's Capital Purchase Program.  The repurchase price of the warrants was $1.7 million.  The tangible common equity ratio declined slightly to 6.36% as of September 30, 2015 compared to 6.45% at December 31, 2014 due to the warrants redemption.  Citizens First Bank is 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, and a loan production office in Williamson County, Tennessee.  Additional information concerning our products and services is available at www.citizensfirstbank.com.

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


Sept 30

June 30

March 31

Dec 31

Sept 30


2015

2015

2015

2014

2014

Interest income          

$4,415

$4,469

$4,306

$4,370

$4,354

Interest expense

662

678

644

650

675

Net interest income

3,753

3,791

3,662

3,720

3,679







Provision for loan losses

-

120

80

-

-







Non-interest income:






   Service charges on deposits

386

358

317

339

300

   Other service charges and fees

187

176

135

138

198

   Gain on sale of mortgage loans

60

79

31

39

76

   Non-deposit brokerage fees

103

87

92

90

67

   Lease income

59

70

73

63

76

   BOLI income

45

46

45

47

47

   Securities gains

-

10

-

21

-

      Total

840

826

693

737

764







Non-interest expenses:






   Personnel expense

1,650

1,589

1,648

1,606

1,519

   Net occupancy expense

495

493

528

483

501

   Advertising and public relations

75

123

52

73

74

   Professional fees

183

187

164

142

137

   Data processing services

262

238

239

242

250

   Franchise shares and deposit tax

146

145

146

157

146

   FDIC insurance

61

63

59

63

73

   Core deposit intangible amortization

18

17

18

82

82

   Postage and office supplies

55

52

40

43

54

   Other real estate owned expenses

6

29

7

25

10

   Loss on branch disposal

262

-

-

-

-

   Other

317

310

302

306

295

      Total

3,530

3,246

3,203

3,222

3,141







Income before income taxes

1,063

1,251

1,072

1,235

1,302

Provision for income taxes

288

352

290

348

372

Net income

775

899

782

887

930







Dividends on preferred stock

131

130

128

131

131

Net income available for common shareholders

$644

$769

$654

$756

$799

Basic earnings per common share

$0.33

$0.39

$0.33

$0.38

$0.41

Diluted earnings per common share

$0.31

$0.35

$0.29

$0.35

$0.38

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios


Key Operating Statistics:




Three Months Ended








September  
30  

June   
30   

March   
31   

December   
31   

September   
30   


2015

2015

2015

2014

2014







Average assets

$428,331

$434,003

$428,210

$414,852

$412,761

Average earning assets

396,906

403,814

397,920

384,050

381,471

Average loans

319,053

319,758

321,028

313,888

308,087

Average interest-bearing deposits

321,643

327,010

316,558

298,101

301,378

Average deposits

366,627

370,820

360,240

341,128

343,287

Average borrowed funds

20,696

23,022

26,967

33,366

30,096

Average equity

38,516

38,180

39,029

38,249

37,328

Average common equity

30,857

30,521

31,370

30,590

29,669







Return on average assets

0.72%

0.83%

0.74%

0.85%

0.89%

Return on average equity

7.97%

9.44%

8.13%

9.20%

9.88%







Efficiency ratio

75.43%

69.14%

72.06%

71.19%

69.41%

Non-interest income to average assets

0.78%

0.76%

0.66%

0.70%

0.73%

Non-interest expenses to average assets

3.27%

3.00%

3.03%

3.08%

3.02%

Net overhead to average assets

2.49%

2.24%

2.38%

2.36%

2.28%

Yield on loans

5.04%

5.15%

4.99%

5.06%

5.16%

Yield on investment securities (TE)

2.79%

2.85%

2.88%

2.75%

2.80%

Yield on average earning assets (TE)

4.50%

4.53%

4.48%

4.61%

4.61%

Cost of average interest bearing liabilities

0.77%

0.78%

0.76%

0.78%

0.81%

Net interest margin (TE)

3.84%

3.85%

3.82%

3.94%

3.91%

Number of FTE employees

98

99

95

97

98







Asset Quality Indicators:






Non-performing loans to total loans

0.25%

0.33%

0.38%

0.37%

0.50%

Non-performing assets to total assets

0.24%

0.29%

0.34%

0.33%

0.52%

Allowance for loan losses to total loans

1.53%

1.59%

1.55%

1.53%

1.58%

YTD net charge-offs to average loans, annualized

0.03%

0.06%

0.02%

0.01%

0.01%

YTD net charge-offs

64

102

18

43

25








Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios






Nine Months Ended





September 30

September 30


2015

2014

Interest income          

$13,190

$12,765

Interest expense

1,984

2,059

Net interest income

11,206

10,706




Provision for loan losses

200

275




Non-interest income:



   Service charges on deposits

1,061

857

   Other service charges and fees

498

492

   Gain on sale of mortgage loans

170

151

   Non-deposit brokerage fees

282

211

   Lease income

202

225

   BOLI income

136

141

   Securities gains

10

74

      Total

2,359

2,151




Non-interest expenses:



   Personnel expense

4,887

4,532

   Occupancy expense

1,516

1,462

   Advertising and public relations

250

250

   Professional fees

534

439

   Data processing services

739

731

   Franchise shares and deposit tax

437

437

   FDIC insurance

183

224

   Core deposit intangible amortization

53

248

   Postage and office supplies

147

164

   Other real estate owned expenses

42

67

    Loss on branch disposal

262

-

   Other

929

782

      Total

9,979

9,336




Income before income taxes

3,386

3,246

Provision for income taxes

930

892

Net income

2,456

2,354




Dividends on preferred stock

389

390

Net income available for common shareholders

$2,067

$1,964

Basic earnings per common share

$1.05

$1.00

Diluted earnings per common share

$0.95

$0.94







Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios



Key Operating Statistics:




Nine Months Ended





September   

 30   

September   

 30   


2015

2014




Average assets

$430,182

$415,487

Average earning assets

399,544

383,470

Average loans

319,940

305,021

Average interest-bearing deposits

321,756

305,465

Average deposits

365,919

346,763

Average borrowings

23,538

30,062

Average equity

38,573

36,685

Average common equity

30,914

28,858




Return on average assets

0.76%

0.76%

Return on average equity

8.51%

8.58%




Efficiency ratio

72.20%

71.63%

Non-interest income to average assets

0.73%

0.69%

Non-interest expenses to average assets

3.10%

3.00%

Net overhead to average assets

2.37%

2.31%

Yield on loans

5.06%

5.14%

Yield on investment securities (TE)

2.85%

2.90%

Yield on average earning assets (TE)

4.50%

4.54%

Cost of average interest bearing liabilities

0.77%

0.82%

Net interest margin (TE)

3.84%

3.82%

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios





Consolidated Statement of Condition:

As of

As of

As of


September 30,

December 31,

December 31,

2015

2014

2013

Cash and due from financial institutions

$11,981

$ 7,962

$ 8,572

Federal funds sold

1,705

3,360

28,490

Available for sale securities

60,068

58,986

51,633

Loans held for sale

155

-

-

Loans

327,150

318,477

295,068

Allowance for loan losses

(5,021)

(4,885)

(4,653)

Premises and equipment, net

9,971

10,758

11,054

Bank owned life insurance (BOLI)

8,129

7,993

7,806

Federal Home Loan Bank Stock, at cost

2,025

2,025

2,025

Accrued interest receivable

1,597

1,527

1,554

Deferred income taxes

1,517

1,479

2,279

Intangible assets

4,380

4,433

4,762

Other real estate owned

207

198

833

Other assets

417

501

752

  Total Assets

$424,281

$412,814

$410,175





Deposits:




    Noninterest bearing

$ 46,081

$ 41,975

$ 39,967

    Savings, NOW and money market

154,761

148,935

143,602

    Time

161,649

150,874

159,382

      Total deposits

$362,491

$341,784

$342,951

FHLB advances and other borrowings

15,500

25,500

22,000

Subordinated debentures

5,000

5,000

5,000

Accrued interest payable

233

231

243

Other liabilities

2,322

1,851

1,634

Total Liabilities

385,546

374,366

371,828

6.5% Cumulative preferred stock

7,659

7,659

7,659

Series A preferred stock

-

-

3,266

Common stock

25,366

27,072

27,072

Retained earnings

5,440

3,373

653

Accumulated other comprehensive income (loss)

270

344

(303)

Total Stockholders' Equity

38,735

38,448

38,347

Total Liabilities and Stockholders' Equity

$424,281

$412,814

$410,175

Consolidated Financial Highlights (Unaudited)

In thousands, except per share data and ratios








September 30, 2015

December 31, 2014

December 31, 2013

Consolidated Capital Ratios:





Tangible equity ratio (1)


8.18%

8.33%

8.28%

Tangible common equity ratio (1)


6.36%

6.45%

5.59%

Book value per common share


$15.78

$15.64

$13.93

Tangible book value per common share (1)


$13.56

$13.39

$11.51

End of period common share closing price


$12.66

$11.90

$9.86

_____________





(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:


September 30, 2015

December 31, 2014

December 31, 2013






Total shareholders' equity (a)


$38,735

$38,448

$38,348

Less:





   Preferred stock


(7,659)

(7,659)

(10,925)

Common equity (b)


31,076

30,789

27,423

   Goodwill


(4,097)

(4,097)

(4,097)

   Intangible assets


(283)

(336)

(665)

Tangible common equity (c)


26,696

26,356

22,661

Add:





   Preferred stock


7,659

7,659

10,925

Tangible equity (d)


$34,355

$34,015

$33,586






Total assets (e)


$424,281

$412,814

$410,175

Less:





   Goodwill


(4,097)

(4,097)

(4,097)

   Intangible assets


(283)

(336)

(665)

Tangible assets (f)


$419,901

$408,381

$405,413

Shares outstanding (in thousands) (g)


1,969

1,969

1,969






Book value per common share (b/g)


$15.78

$15.64

$13.93

Tangible book value per common share (c/g)


$13.56

$13.39

$11.51






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


9.13%

9.31%

9.35%

Tangible equity ratio (d/f)


8.18%

8.33%

8.28%

Tangible common equity ratio (c/f)


6.36%

6.45%

5.59%

SOURCE Citizens First Corporation

Related Links

http://www.citizensfirstbank.com

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