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Exhibit 99.1 Press Release dated October 3, 2003
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
October 3, 2003 Bill D. Wright
Chief Financial Officer
(270) 393-0700
CITIZENS FIRST CORPORATION ANNOUNCES THIRD QUARTER 2003 RESULTS
BOWLING GREEN, KY - Citizens First Corporation (OTC Bulletin Board: CZFC) today
reported its results of operations for the quarter and nine months ended
September 30, 2003. Mary D. Cohron, President and CEO, reported that the
company's net gain on a consolidated basis for the third quarter of 2003 was
$220,062, or $0.30 per common share, compared to net income of $217,739 or $0.34
per common share for the third quarter of 2002. "Citizens First experienced
extraordinary asset growth in the first nine months of 2003," Cohron said. "High
quality customer service continues to attract new customers in Warren County and
has been the hallmark of exceeding expected growth in our Simpson County
location."
For the nine months ended September 30, 2003, the company reported a net loss of
($410,275), or ($0.61) per common share, compared to net income of $556,625, or
$0.87 per common share for the same period in 2002.
Net interest income for the quarter ended September 30, 2003 was $1,277,239,
versus $935,800 for the same quarter of 2002, an increase of $341,439 or 36.5%.
Non-interest income was $389,030 during the third quarter of 2003, compared to
$223,426 in the same quarter of 2002, an increase of $165,604 or 74.1%. Included
in non-interest income for the third quarter of 2003 is income from the sale of
secondary market loans of $150,811, compared to $9,973 for the same period of
2002. This increase is attributable to the growth in secondary market loan sales
associated with the acquisition of Commonwealth Mortgage of Bowling Green, Inc.,
during the first quarter of 2003. Included in the non-interest income total for
the third quarter of 2002 are gains on the sale of investment securities of
$41,084. Non-interest expense was $1,251,207 for the third quarter of 2003,
versus $768,987 for the same period of 2002, an increase of $482,220 or 62.7%.
The majority of this increase came from the opening of new branches in Bowling
Green and Franklin in the first six months of 2003 and the acquisition of
Commonwealth Mortgage in January 2003.
For the nine months ended September 30, 2003, net interest income was
$3,503,974, compared to $2,682,588 for the same period in 2002, an increase of
$821,386 or 30.6%. Non-interest income for the first nine months of the year
totaled $1,236,962 in 2003, compared to $556,294 for the same period of 2002, an
increase of $680,668 or 122.4%. The increase is primarily attributable to the
growth in secondary market loan sales, which increased $410,747 for the period,
to $431,557 from $20,810. Other significant increases came from service charge
income, up $101,987 to $490,147 from $388,160, and gains from the sale of
investment securities, which totaled $144,024 during the first nine months of
2003, up $35,570 from the total of $108,454 for the same period in 2002.
Non-interest expense during the first nine months of 2003 was $3,647,461, an
increase of $1,414,714 or 63.4% over the total of $2,232,747 from the same
period of 2002, with the majority of the increase associated with the
Commonwealth Mortgage acquisition and the opening of two branches in the first
half of 2003.
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Total assets at September 30, 2003 were $162,278,124, up $51,956,369 or 47.1%,
from $110,321,755 at September 30, 2002. Loans increased $41,861,799, or 45.8%,
from $91,367,416 at September 30, 2002 to $133,229,215 at September 30, 2003.
Stockholders' equity of $8,487,364 included approximately $511,000 in net
proceeds from the sale of Citizens First Corporation common stock during the
third quarter and equaled 5.2% of total assets as of September 30, 2003.
CITIZENS FIRST CORPORATION
(Unaudited)
Financial Highlights
Quarter Quarter
Ended Ended
9/30/2003 9/30/2002
--------- ---------
Interest Income $2,038,869 $1,615,986
Interest Expense 761,630 680,186
-------- --------
Net Interest Income 1,277,239 935,800
Provision for Loan Losses 85,000 60,000
----------- ---------
Net Interest Income after Provision 1,192,239 875,800
Non-Interest Income 389,030 223,426
Non-Interest Expenses 1,251,207 768,987
--------- --------
Gain before Taxes 330,062 330,239
Income Tax Provision 110,000 112,500
---------- --------
NET INCOME $ 220,062 $ 217,739
========== =========
NET INCOME PER SHARE $ 0.30 $ 0.34
Nine Months Nine Months
Ended Ended
9/30/2003 9/30/2002
--------- ---------
Interest Income $5,652,013 $4,792,383
Interest Expense 2,148,039 2,109,795
---------- ----------
Net Interest Income 3,503,974 2,682,588
Provision for Loan Losses 1,728,000 160,000
---------- ----------
Net Interest Income after Provision 1,775,974 2,522,588
Non-Interest Income 1,236,962 556,294
Non-Interest Expenses 3,647,461 2,232,747
---------- ----------
Gain before Taxes (634,525) 846,135
Income Tax Provision (Benefit) (224,250) 289,510
----------- ----------
NET INCOME (LOSS) $ (410,275) $ 556,625
=========== ==========
NET INCOME (LOSS) PER SHARE $ (0.61) $ 0.87
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CITIZENS FIRST CORPORATION
(Unaudited)
As of As of
9/30/2003 9/30/2002
(in 000's) (in 000's)
ASSETS
Cash and cash equivalents $ 5,393 $ 3,365
Investment securities 19,333 13,238
FHLB stock 421 303
Mortgage loans held for sale 102 415
Loans 133,229 91,367
Allowance for loan losses (1,899) (1,279)
Other assets 5,699 2,913
--------- ---------
TOTAL ASSETS $ 162,278 $ 110,322
========= =========
LIABILITIES
Demand deposits, savings,
NOW and money market accounts $ 61,445 $ 33,225
Time deposits 71,075 54,955
--------- ---------
TOTAL DEPOSITS 132,520 88,180
FHLB borrowings 11,000 6,000
Federal Funds Purchased and Securities
sold under agreements to repurchase 6,468 6,532
Other borrowings 3,000 875
Other Liabilities 803 1,109
--------- ---------
TOTAL LIABILITIES 153,791 102,696
STOCKHOLDERS' EQUITY 8,487 7,626
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 162,278 $ 110,322
========= =========