Exhibit 99.1 Press Release dated January 22, 2004
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
January 22, 2004 Bill D. Wright
Chief Financial Officer
(270) 393-0700
Citizens First Corporation Announces Fourth Quarter 2003 Results
BOWLING GREEN, KY - Citizens First Corporation (OTC Bulletin Board: CZFC) today
reported its results of operations for the quarter and twelve months ended
December 31, 2003. Mary D. Cohron, President and CEO, reported that the
company's net income on a consolidated basis for the fourth quarter of 2003 was
$120,246, or $0.15 per common share, compared to net income of $188,593 or $0.29
per common share for the fourth quarter of 2002. "Citizens First experienced
significant asset growth during 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 twelve months ended December 31, 2003, the company reported a net loss
of ($290,029), or ($0.41) per common share, compared to net income of $745,218,
or $1.16 per common share for the same period in 2002.
Net interest income for the quarter ended December 31, 2003 was $1,335,671,
versus $940,088 for the same quarter of 2002, an increase of $395,583 or 42.1%.
Non-interest income was $282,246 during the fourth quarter of 2003, compared to
$216,162 in the same quarter of 2002, an increase of $66,084 or 30.6%. Included
in non-interest income for the fourth quarter of 2003 is income from the sale of
secondary market loans of $60,089, compared to $12,728 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. Non-interest expense was $1,359,771 for the
fourth quarter of 2003, versus $831,157 for the same period of 2002, an increase
of $528,614 or 63.6%. 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 twelve months ended December 31, 2003, net interest income was
$4,839,645, compared to $3,622,676 for the same period in 2002, an increase of
$1,216,969 or 33.6%. Non-interest income for the twelve months totaled
$1,519,208 in 2003, compared to $772,456 for the same period of 2002, an
increase of $746,752 or 96.7%. The increase is primarily attributable to the
growth in secondary market loan sales, which increased $458,108 for the period,
to $491,646 from $33,538. Other significant increases came from service charge
income, up $91,183 to $667,103 from $575,920, and gains from the sale of
investment securities, which totaled $144,024 during the twelve months of 2003,
up $35,570 from the total of $108,454 for the same period in 2002. Non-interest
expense during the twelve months of 2003 was $5,007,232, an increase of
$1,942,677 or 63.4% over the total of $3,064,555 from the same period of 2002,
with the majority of the increase coming from Commonwealth Mortgage, which was
acquired in January 2003, and the two branches opened during 2003.
Total assets at December 31, 2003 were $163,419,680, up $34,976,551 or 27.2%,
from $128,443,129 at December 31, 2002. Loans increased $38,756,419, or 40.4%,
from $95,959,056 at December 31, 2002 to $134,715,475 at December 31, 2003.
Stockholders' equity of $9,610,377 included approximately $1,026,000 in net
proceeds from the sale of Citizens First Corporation common stock during the
fourth quarter and equaled 5.9% of total assets as of December 31, 2003.
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CITIZENS FIRST CORPORATION
(Unaudited)
Financial Highlights
Quarter Quarter
Ended Ended
12/31/2003 12/31/2002
---------- ----------
Interest Income ................... $2,075,943 $1,604,197
Interest Expense 740,272 664,109
---------- -----------
Net Interest Income ............... 1,335,671 940,088
Provision for Loan Losses 80,000 35,000
---------- -----------
Net Interest Income after Provision 1,255,671 905,088
Non-Interest Income ............... 282,246 216,162
Non-Interest Expenses ............. 1,359,771 831,157
---------- -----------
Gain before Taxes ................. 178,146 290,093
Income Tax Provision .............. 57,900 101,500
---------- -----------
NET INCOME ........................ $ 120,246 $ 188,593
========== ===========
NET INCOME PER SHARE .............. $ 0.15 $ 0.29
Twelve Months Twelve Months
Ended Ended
12/31/2003 12/31/2002
Interest Income $7,727,956 $6,396,580
Interest Expense 2,888,311 2,773,904
---------- ----------
Net Interest Income 4,839,645 3,622,676
Provision for Loan Losses 1,808,000 195,000
---------- ----------
Net Interest Income after Provision 3,031,645 3,427,676
Non-Interest Income 1,519,208 772,456
Non-Interest Expenses 5,007,232 3,064,555
--------- ----------
Gain before Taxes (456,379) 1,135,577
Income Tax Provision (Benefit) (166,350) 390,359
---------- ----------
NET INCOME (LOSS) $ (290,029) $ 745,218
=========== =========
NET INCOME (LOSS) PER SHARE $ (0.41) $ 1.16
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CITIZENS FIRST CORPORATION
(Unaudited)
As of As of
12/31/2003 12/31/2002
(in 000's) (in 000's)
---------- ----------
ASSETS
Cash and cash equivalents $ 5,233 $ 13,923
Investment securities 18,400 16,186
FHLB stock 425 354
Mortgage loans held for sale 530 305
Loans 134,715 95,959
Allowance for loan losses (1,904) (1,300)
Other assets 6,021 3,016
--------- --------
TOTAL ASSETS $ 163,420 $128,443
========= ========
LIABILITIES
Demand deposits, savings,
NOW and money market accounts $ 63,982 $ 45,978
Time deposits 69,747 59,915
--------- --------
TOTAL DEPOSITS 133,729 105,893
FHLB borrowings 11,000 7,000
Federal Funds Purchased and Securities
sold under agreements to repurchase 5,419 5,834
Other borrowings 3,000 900
Other Liabilities 662 978
--------- --------
TOTAL LIABILITIES 153,810 120,605
STOCKHOLDERS' EQUITY 9,610 7,838
--------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 163,420 $128,443
========= ========
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