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Exhibit 99.1 Press Release dated April 19, 2004
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
April 19, 2004 Bill D. Wright
Chief Financial Officer
(270) 393-0700
CITIZENS FIRST CORPORATION ANNOUNCES FIRST QUARTER 2004 RESULTS
BOWLING GREEN, KY - Citizens First Corporation (OTC Bulletin Board: CZFC) today
reported its results of operations for the quarter ended March 31, 2004. Mary D.
Cohron, President and CEO, reported that the company's net income on a
consolidated basis for the first quarter of 2004 was $145,608, or $0.17 per
common share, compared to net income of $120,246 or $0.15 per common share for
the fourth quarter of 2003, and to net income of $117,749, or $0.18 per common
share for the first quarter of 2003. "Citizens First's ability to attract and
retain experienced, talented bankers while adding convenient locations has
resulted in profitable growth," Cohron said. "Improvement in the net interest
margin and controlled loan growth are the basis for first quarter earnings
exceeding expectations."
The provision expense for loan losses totaled $75,000 during the first quarter
of 2004, compared to $153,000 in the first quarter of 2003, a decrease of
$78,000 or 51.0%. The larger provision expense in the first quarter of 2003
reflects the larger growth in net loans during the first quarter of 2003,
compared to the first quarter of 2004.
Net interest income for the quarter ended March 31, 2004 was $1,378,557, versus
$1,066,332 for the same quarter of 2003, an increase of $312,225 or 29.3%.
Non-interest income was $268,724 during the first quarter of 2004, compared to
$281,960 in the same quarter of 2003, a decrease of $13,236 or 4.7%. Included in
non-interest income for the first quarter of 2004 is a loss from the sale of
security investments of $34,368, compared to a gain on the sale of security
investments of $9,292 for the same period of 2003. Non-interest expense was
$1,360,873 for the first quarter of 2004, versus $1,022,693 for the same period
of 2003, an increase of $338,180 or 33.1%. The largest part of this increase
came from personnel expense, reflecting a full quarter of personnel expense in
2004 for the branches opened during the first quarter of 2003, in Bowling Green
and Franklin, Kentucky.
Total assets at March 31, 2004 were $164,315,029, up $33,491,834 or 25.6%, from
$130,823,195 at March 31, 2003. Loans increased $32,468,252, or 29.9%, from
$108,728,188 at March 31, 2003 to $141,196,440 at March 31, 2004. Stockholders'
equity of $9,964,616 equaled 6.1% of total assets as of March 31, 2004.
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CITIZENS FIRST CORPORATION
(Unaudited)
Financial Highlights
Quarter Quarter
Ended Ended
3/31/2004 3/31/2003
Interest Income ................... $2,062,331 $1,724,700
Interest Expense 683,774 658,368
--------- ----------
Net Interest Income ............... 1,378,557 1,066,332
Provision for Loan Losses 75,000 153,000
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Net Interest Income after Provision 1,303,557 913,332
Non-Interest Income ............... 268,724 281,960
Non-Interest Expenses ............. 1,360,873 1,022,693
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Gain before Taxes ................. 211,408 172,599
Income Tax Provision .............. 65,800 54,850
---------- ----------
NET INCOME ........................ $ 145,608 $ 117,749
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NET INCOME PER SHARE .............. $ 0.17 $ 0.18
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CITIZENS FIRST CORPORATION
(Unaudited)
As of As of
3/31/2004 3/31/2003
(in 000's) (in 000's)
ASSETS
Cash and cash equivalents ...................... $ 4,184 $ 4,467
Investment securities .......................... 13,692 12,660
FHLB stock ..................................... 518 357
Mortgage loans held for sale ................... 583 1,727
Loans .......................................... 141,196 108,728
Allowance for loan losses ...................... (1,972) (1,442)
Other assets ................................... 6,114 4,326
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TOTAL ASSETS .............................. $ 164,315 $ 130,823
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LIABILITIES
Demand deposits, savings,
NOW and money market accounts ................ $ 66,417 $ 49,011
Time deposits .................................. 63,889 57,987
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TOTAL DEPOSITS ............................. 130,306 106,998
FHLB borrowings ................................ 13,000 7,000
Federal Funds Purchased and Securities
sold under agreements to repurchase ........... 7,336 6,697
Other borrowings ............................... 3,000 1,300
Other Liabilities .............................. 708 905
--------- ---------
TOTAL LIABILITIES .......................... 154,350 122,900
STOCKHOLDERS' EQUITY ....................... 9,965 7,923
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ......................... $ 164,315 $ 130,823
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