Exhibit 99.1
Citizens First Bancorp, Inc.
| Unaudited | ||||||||
| December 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
ASSETS | ||||||||
| Cash and due from depository institutions | $ | 19,182 | $ | 20,826 | ||||
| Federal funds sold | — | — | ||||||
| Interest-bearing deposits in other depository institutions | 105,349 | 42,638 | ||||||
| Total cash and cash equivalents | 124,531 | 63,464 | ||||||
| Certificates of deposit | 320 | 1,571 | ||||||
| Securities available for sale, at fair value | 46,579 | 74,332 | ||||||
| Securities held to maturity, at book value | 191,321 | 250,008 | ||||||
| Federal Home Loan Bank stock, at cost | 31,087 | 31,087 | ||||||
| Loans held for sale | 3,218 | 4,310 | ||||||
| Loans, less allowance for loan losses of $58,424 and $26,473 | 1,205,647 | 1,403,320 | ||||||
| Premises and equipment, net | 40,489 | 42,777 | ||||||
| Other intangible assets, net of amortization of $2,869 and $2,486 | 1,531 | 1,914 | ||||||
| Accrued interest receivable and other assets | 71,609 | 87,745 | ||||||
Total assets | $ | 1,716,332 | $ | 1,960,528 | ||||
LIABILITIES | ||||||||
| Deposits: | ||||||||
| Noninterest-bearing | $ | 95,198 | $ | 85,828 | ||||
| Interest-bearing | 1,342,155 | 1,208,675 | ||||||
| Total deposits | 1,437,353 | 1,294,503 | ||||||
| Federal Home Loan Bank advances | 273,077 | 497,186 | ||||||
| Federal Reserve borrowings | — | 50,000 | ||||||
| Accrued interest payable and other liabilities | 26,008 | 11,131 | ||||||
Total liabilities | 1,736,438 | 1,852,820 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
| Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued and outstanding | — | — | ||||||
| Common stock, $.01 par value, 500,000,000 and 20,000,000 shares authorized, respectively, 9,526,761 shares issued | 95 | 95 | ||||||
| Additional paid-in capital | 94,384 | 95,041 | ||||||
| Retained earnings | (53,336 | ) | 49,235 | |||||
| Accumulated other comprehensive loss | (28,816 | ) | (3,653 | ) | ||||
| Treasury stock, at cost (1,806,989 and 1,689,423 shares) | (31,544 | ) | (31,541 | ) | ||||
| Deferred compensation obligation | 3,306 | 3,424 | ||||||
| Unearned compensation — ESOP | (4,195 | ) | (4,893 | ) | ||||
Total stockholders’ equity | (20,106 | ) | 107,708 | |||||
Total liabilities and stockholders’ equity | $ | 1,716,332 | $ | 1,960,528 | ||||
Citizens First Bancorp, Inc.
| Unaudited | ||||||||
| Twelve Months Ended | ||||||||
| December 30, | ||||||||
| 2009 | 2008 | |||||||
INTEREST INCOME | ||||||||
| Loans, including fees | $ | 74,077 | $ | 92,266 | ||||
| Federal funds sold and interest bearing deposits | 177 | 219 | ||||||
| Certificates of deposit | 16 | 16 | ||||||
| Securities: | ||||||||
| Tax-exempt | 243 | 735 | ||||||
| Taxable | 26,852 | 24,819 | ||||||
| Total interest income | 101,365 | 118,055 | ||||||
INTEREST EXPENSE | ||||||||
| Deposits | 36,602 | 39,457 | ||||||
| Federal Reserve and short-term borrowings | 218 | 77 | ||||||
| FHLB advances | 13,681 | 24,416 | ||||||
| Total interest expense | 50,501 | 63,950 | ||||||
NET INTEREST INCOME | 50,864 | 54,105 | ||||||
PROVISION FOR LOAN LOSSES | 93,531 | 36,201 | ||||||
NET INTEREST INCOME, after provision for loan losses | (42,667 | ) | 17,904 | |||||
NONINTEREST INCOME (LOSS) | ||||||||
| Service charges and other fees | 2,453 | 3,161 | ||||||
| Mortgage banking activities | 5,680 | 3,327 | ||||||
| Trust fee income | 1,272 | 1,452 | ||||||
| Other than temporary impairment on securities | (33,645 | ) | (44,798 | ) | ||||
| Gain (loss) on sale of securities available for sale | 704 | (152 | ) | |||||
| Gain on sale of securities held to maturity | — | 590 | ||||||
| Other | 1,559 | 935 | ||||||
| Total noninterest income (loss) | (21,977 | ) | (35,485 | ) | ||||
NONINTEREST EXPENSE | ||||||||
| Compensation, payroll taxes and employee benefits | 20,268 | 20,924 | ||||||
| Office occupancy and equipment | 8,650 | 9,148 | ||||||
| Advertising and business promotion | 613 | 727 | ||||||
| Stationery, printing and supplies | 1,236 | 1,265 | ||||||
| Data processing | 85 | 83 | ||||||
| Professional fees | 5,986 | 4,593 | ||||||
| Core deposit intangible amortization | 383 | 383 | ||||||
| Goodwill impairment | — | 9,814 | ||||||
| Nonperforming asset cost | 7,645 | 6,503 | ||||||
| Federal Deposit Insurance Corporation premiums | 7,921 | 1,290 | ||||||
| Other | 4,826 | 4,670 | ||||||
| Total noninterest expense | 57,613 | 59,400 | ||||||
LOSS, before federal income tax expense (benefit) | (122,257 | ) | (76,981 | ) | ||||
| Federal income tax expense (benefit) | 1,767 | (18,553 | ) | |||||
NET LOSS | $ | (124,024 | ) | $ | (58,428 | ) | ||
LOSS PER SHARE, BASIC AND DILUTED | $ | (15.26 | ) | $ | (7.29 | ) | ||
DIVIDENDS PER SHARE | $ | — | $ | — | ||||