Citizens First Bancorp 10-Q/A 2001 Q3 Quarterly report (amended)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q/A

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2001

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from                               to                               

Commission File Number 0-32041

CITIZENS FIRST BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware	38-3573582
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
525 Water Street, Port Huron, Michigan	48060
(Address of principal executive offices)	(Zip Code)

(810) 987-8300

(Issuer’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changes since last report)

     Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

     The Issuer had 9,318,661 shares of common stock, par value $0.01 per share, outstanding as of November 12, 2001.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2001 AND MARCH 31, 2001
	CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
	CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CITIZENS FIRST BANCORP, INC.
FORM 10-Q/A

INDEX

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Consolidated Balance Sheets as of
	September 30, 2001 and March 31, 2001	2
	Consolidated Statements of Income for the Three and Six
	Months Ended September 30, 2001 and 2000	3
	Consolidated Statements of Cash Flows for the
	Six Months Ended September 30, 2001 and 2000	4
	Notes to Consolidated Financial Statements	5

        The Registrant hereby amends the balance sheet and income statement from its Quarterly Report on Form 10-Q for the period ended September 30, 2001, which was filed with the Commission on November 14, 2001. Specifically, the Registrant amends the following line items at September 30, 2001: securities available for sale, loans held for sale, accrued interest and other assets, interest-bearing deposits and federal home loan bank advances. Additionally, the amount of accrued interest and other liabilities was amended at March 31, 2001. The total amount of assets, liabilities and stockholders' equity at both September 30, 2001 and March 31, 2001 were unaffected by these revisions.

        Additionally, the amount of interest expense for federal home loan bank advances for the six months ended September 30, 2001 and interest income for federal funds sold and other cash equivalents and taxable securities for the six months ended September 30, 2000 were amended. These amendments did not affect total interest income, total interest expense or net income for either period.

        All of the amendments referenced above were due to typographical errors made by third party agents of the Registrant during the transcription process. As a result, no other parts of the Form 10-Q were affected by the changes. Accordingly, the remainder of the Form 10-Q has not been refiled.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

CITIZENS FIRST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

					Unaudited
					At September 30,			At March 31,
					2001			2001
					(In thousands)
Assets
Cash and cash equivalents:
	Cash and due from depository institutions				$	21,729		$	5,671
	Interest-bearing deposits in other depository institutions					14,675			47,947
			Total cash and cash equivalents			36,404			53,618
	Securities available for sale					148,600			96,053
	Loans held for sale					739			1,964
	Loans — Net					703,738			672,449
	Federal Home Loan Bank stock					7,126			6,150
	Accrued interest receivable and other assets					16,749			16,240
	Premises and equipment — Net					9,246			9,392
			Total assets		$	922,602		$	855,866
Liabilities
	Deposits:
		Noninterest-bearing			$	20,819		$	19,266
		Interest-bearing				608,991			562,015
			Total deposits			629,810			581,281
			Federal Home Loan Bank advances			127,508			114,931
	Accrued interest and other liabilities					10,625			9,933
			Total liabilities			767,943			706,145
Stockholders’ Equity
	Preferred stock — $.01 par value; Authorized — 1,000,000 shares No shares issued and outstanding					—			—
	Common stock — $.01 par value; Authorized — 20,000,000 shares Issued and outstanding — 9,526,761 shares at June 30, 2001 and March 31, 2001					95			95
	Additional paid-in capital					92,111			92,111
	Unearned compensation — ESOP					(10,479	)		(10,479	)
	Retained earnings					70,912			66,605
	Accumulated other comprehensive income (loss)					2,020			1,389
			Total stockholders’ equity			154,659			149,721
				Total liabilities and stockholders’ equity	$	922,602		$	855,866

See accompanying notes to unaudited consolidated financial statements.

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CITIZENS FIRST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME

				Unaudited					Unaudited
				Three Months Ended					Six Months Ended
				September 30,					September 30,
				2001			2000		2001		2000
							(In thousands)
Interest Income:
	Loans			$	14,414		$	12,996	$	29,066	$	25,142
	Federal funds sold and other cash equivalents				523			391		946		661
	Securities:
		Tax-exempt			123			174		245		275
		Taxable			2,043			1,413		3,871		2,963
			Total interest income		17,103			14,974		34,128		29,041
Interest Expense
	Deposits				6,302			7,429		12,641		13,989
	FHLB advances				2,264			1,232		4,324		2,400
			Total interest expense		8,566			8,661		16,965		16,389
Net Interest Income- Before provision for loan losses					8,537			6,313		17,163		12,652
Provision for Loan Losses					249			106		498		106
Net Interest Income					8,288			6,207		16,665		12,546
Non-interest Income:
	Service charges and other fees				603			468		1,066		808
	Mortgage banking activities				(120	)		228		156		468
	Other				120			189		236		391
			Total noninterest income		603			885		1,458		1,667
Non-interest Expense:
	Compensation, payroll taxes and employee benefits				2,178			1,924		4,556		3,929
	Office occupancy and equipment				1,041			857		1,870		1,619
	Deposit insurance premiums				77			65		154		65
	Advertising and business promotion				170			100		338		231
	Stationery, printing and supplies				460			277		751		566
	Data processing				98			99		209		206
	Deposit statement preparation and collections				187			144		351		277
	Legal and audit				84			51		181		133
	State of Michigan taxes				69			78		144		141
	Appraisal fee				170			101		417		212
	Other				855			391		1,506		725
			Total noninterest expense		5,389			4,087		10,477		8,104
Income- Before federal income tax expense					3,502			3,005		7,646		6,109
Federal Income Tax Expense					1,155			966		2,577		1,983
Net Income				$	2,347		$	2,039	$	5,069	$	4,126

See accompanying notes to unaudited consolidated financial statements.

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CITIZENS FIRST SAVINGS BANK AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS

				Unaudited
				Six Months Ended
				September 30,
				2001			2000
				(In thousands)
Cash flows from Operating Activities:
	Net income			$	5,069		$	4,126
	Adjustments to reconcile net income to net cash operating activities:
		Provision for loan losses			498			106
		Depreciation			610			554
		(Accretion) amortization			(224	)		47
		Proceeds from sale of mortgage loans held for sale			86,364			25,372
		Origination of mortgage loans held for sale			(84,552	)		(21,307	)
		(Gain) loss on sale of mortgage loans			(587	)		(103	)
		Gain on sale of investment securities			(11	)		(89	)
	Change in assets and liabilities:
		Increase (decrease) in accrued interest receivable and other assets			(829	)		(2,545	)
		Increase (decrease) in accrued interest payable and other liabilities			692			3,315
			Net cash provided by operating activities		7,030			9,476
Cash Flows From Investing Activities:
	Proceeds from maturities of securities available-for-sale				38,931			2,130
	Proceeds from sale of securities available-for-sale				8,058			12,127
	Purchase of FHLB stock				(976	)		—
	Purchase of available-for-sale securities				(98,350	)		(5,000	)
	Net (increase) in loans				(31,787	)		(71,520	)
	Purchases of premises and equipment				(464	)		(863	)
			Net cash used in investing activities		(84,588	)		(63,126	)
Cash Flows from Financing Activities:
	Net increase in deposits				48,529			31,918
	Dividends declared				(762	)		—
	Repayment of FHLB advances				(23,323	)		(7,845	)
	Proceeds from FHLB advances				35,900			13,600
			Net cash provided by financing activities		60,344			37,673
Net Increase (Decrease) in Cash and Cash Equivalents					(17,214	)		(15,977	)
Cash and Cash Equivalents — Beginning of year					53,618			45,182
Cash and Cash Equivalents — End of year				$	36,404		$	29,205
Supplemental Disclosure of Cash Flow Information- Cash paid for:
	Interest			$	17,560		$	16,157
	Federal income taxes				2,870			1,500

See accompanying notes to unaudited consolidated financial statements.

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CITIZENS FIRST BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(1) Summary of Significant Accounting Policies

     Stock Offering and Business

     Citizens First Bancorp, Inc. (the “Company”) was organized as a Delaware corporation at the direction of Citizens First Savings Bank (the “Bank”), in October 2000 to become the holding company for the Bank upon the completion of its conversion from the mutual to stock form of ownership. The conversion was completed on March 7, 2001. In connection with the conversion, the Company sold 8,821,075 shares of its common stock, par value $0.01 per share, at a purchase price of $10 per share to depositors of the Bank in a subscription offering raising approximately $85.1 million in net conversion proceeds.

     The Bank, a state-chartered savings bank headquartered in Port Huron, Michigan, operates predominately in the mid-eastern portion of Michigan’s lower peninsula. The Bank’s primary services include accepting deposits, making loans and engaging in mortgage banking activities. The Bank’s loan portfolio is concentrated in residential first-mortgage loans, commercial and commercial real estate loans, property improvement and automobile loans. The Bank is not dependent upon any single industry or customer.

     Basis of Financial Statement Presentation

     The accompanying unaudited consolidated interim financial statement have been prepared in conformity with accounting principles generally accepted in the United States of America and with instructions to Form 10-Q. Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements are not included herein. The interim statements should be read in conjunction with the financial statements of the Company and the notes thereto included in the Company’s annual report on Form 10-K for the year ended March 31, 2001.

     The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s subsidiary, Citizens Financial Services, Inc. Citizens Financial Services, Inc. includes the accounts of its wholly owned subsidiaries, CFS Insurance Agency, CFS Appraisal, and CFS Survey. Citizens Financial Services, Inc. receives revenue from its three subsidiaries, which provide appraisal, survey and insurance services to individual and small businesses in the Port Huron area. All significant intercompany transactions and balances have been eliminated in the consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

     All adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of financial position, results of operation and cash flows, have been made. The results of operations for the three and six months ended September 30, 2001 are not necessarily indicative of the results that may be expected for another quarterly period or for a full year.

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(2) Earnings Per Share

     Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential shares had been issued. At September 30, 2001, the Company had no outstanding dilutive securities such as stock options or restricted stock. Earnings per share data for the period prior the Bank’s conversion on March 7, 2001 is not presented as the Bank was a mutual savings bank with no stock outstanding. Allocated and committed to be released ESOP shares are considering outstanding for earnings per share calculation based on debt service payments. Other ESOP shares are excluded from earnings per share calculation.

     The weighted-average shares and earnings per share for the three and six months ended September 30, 2001 are detailed in the table below.

	For the		For the
	Three Months Ended		Six Months Ended
	September 30,		September 30,
	2001		2001
Average common shares outstanding		9,526,761		9,526,761
Less: Unallocated ESOP shares		762,120		762,120
Shares used in the earnings per share calculation		8,764,641		8,764,641
Net income	$	2,347	$	5,069
Basic Earnings Per Share	$	0.27	$	0.58

(3) Recent Accounting Pronouncements

     During June 2001, SFAS No. 142 “Goodwill and Other Intangible Assets” was issued. This Statement provides accounting and reporting standards for goodwill. SFAS No. 142 is effective for periods occurring after March 31, 2002. Management is currently evaluating the impact of adopting this Statement on the consolidated financial statements and does not anticipate any impact.

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SIGNATURES

     Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CITIZENS FIRST BANCORP, INC.
Dated: March 13, 2002	By: /s/ Timothy D. Regan
		Timothy D. Regan
		Secretary, Treasurer and Director
		(principal financial and accounting officer)

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