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Exhibit 99.1 Press Release dated October 21, 2005
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
October 21, 2005 Mary D. Cohron
Chief Executive Officer
(270) 393-0700
Citizens First Corporation Announces Third Quarter 2005 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, 2005. Mary D. Cohron, President and CEO, reported that the
Company's net income on a consolidated basis for the third quarter of 2005 was
$531,940, or $0.45 and $0.37 per basic and diluted common share, respectively,
compared to net income of $300,588 or $0.23 per basic and diluted common share
for the third quarter of 2004. "Citizens First's net income of $531,940, for the
third quarter of 2005 is our fifth consecutive record quarter," said Cohron.
"Compared to the second quarter of 2005, net income in the third quarter
increased by $27,922, or 5.5%." Cohron attributes the strong financial
performance to the company's continued focus on growing profitably while
maintaining excellent asset quality. Citizens First's staff continues to
capitalize on its experience, competency and ability to build customer
relationships to position itself to be the preeminent bank in a thriving
southern Kentucky economy.
For the nine months ended September 30, 2005, the Company reported net income of
$1,487,174, or $1.23 and $1.03 per basic and diluted common share, respectively,
compared to net income of $628,945, or $0.62 per basic and diluted common share
for the same period in 2004. "The company's performance in the nine months of
2005 puts it on track to meet its goals for the year," said Cohron.
Net interest income for the quarter ended September 30, 2005 was $1,999,919,
versus $1,580,089 for the same quarter of 2004, an increase of $419,830 or
26.6%. Non-interest income was $408,569 during the third quarter of 2005,
compared to $386,615 in the same quarter of 2004, an increase of $21,954 or
5.7%. Included in non-interest income for the third quarter of 2005 is income
from service charges on deposit accounts of $210,470, compared to $213,918 in
the same quarter of 2004, a decrease of $3,448, or 1.6%. Non-interest expense
was $1,507,348 for the third quarter of 2005, versus $1,479,366 for the same
period of 2004, an increase of $27,982, or 1.9%.
For the nine months ended September 30, 2005, net interest income was
$5,644,102, compared to $4,384,189 for the same period in 2004, an increase of
$1,259,913 or 28.7%. Non-interest income for the first nine months of the year
totaled $1,101,798 in 2005, compared to $1,051,480 for the same period of 2004,
an increase of $50,318 or 4.8%. The increase is primarily attributable to the
sale of investment securities, with a loss of $34,368 during the first nine
months of 2004 compared to no activity during the same period of 2005.
Non-interest expense during the first nine months of 2005 was $4,276,726, a
decrease of $71,648 or 1.6% from the total of $4,348,374 from the same period of
2004.
Loans past due greater than 90 days at September 30, 2005, were equal to 0.52%
of total loans, compared to .67% of total loans at September 30, 2004, an
improvement of .15%. Non-performing assets at the end of the third quarter of
2005 totaled $799,336, compared to $797,007 at the end of the third quarter of
2004, an increase of $2,329, or .3%."At Citizens First a top priority is asset
quality," said Cohron.
Total assets at September 30, 2005 were $189,140,017, up $22,543,934 or 13.5%,
from $166,596,083 at September 30, 2004. Loans increased $18,177,893, or 12.9%,
from $140,511,267 at September 30, 2004 to $158,689,160 at September 30, 2005.
Stockholders' equity of $19,383,834 equaled 10.2% of total assets as of
September 30, 2005.
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This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are based upon the
Company's current expectations, but are subject to certain risks and
uncertainties that may cause actual results to differ materially. Among the
risks and uncertainties that could cause actual results to differ materially are
economic conditions generally and in the market areas of the Company, overall
loan demand, increased competition in the financial services industry which
could negatively impact the Company's ability to increase total earning assets,
and retention of key personnel. Actions by the Federal Reserve Board and changes
in interest rates, loan prepayments by, and the financial health of, the
Company's borrowers, and other factors described in the reports filed by the
Company with the Securities and Exchange Commission could also impact current
expectations.
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CITIZENS FIRST CORPORATION
Quarterly Consolidated Statements of Operation
(Unaudited)
Financial Highlights
Quarter Quarter
Ended Ended
9/30/2005 9/30/2004
-------- --------
Interest Income ............................ $ 2,895,470 $ 2,181,432
Interest Expense ........................... 895,551 601,343
----------- -----------
Net Interest Income ........................ 1,999,919 1,580,089
Provision for Loan Losses 95,000 40,000
----------- -----------
Net Interest Income after Provision ........ 1,904,919 1,540,089
Non-Interest Income ........................ 408,569 386,615
Non-Interest Expense ....................... 1,507,348 1,479,366
----------- -----------
Gain Before Taxes .......................... 806,140 447,338
Income Tax Provision ....................... 274,200 146,750
----------- -----------
Net Income ................................. $ 531,940 $ 300,588
Preferred Dividends ........................ (131,036) (109,671)
----------- -----------
Net Income Available for Common Shareholders $ 400,904 $ 190,917
=========== ===========
Basic Net Income Per Common Share .......... $ 0.45 $ 0.23
Diluted Net Income Per Common Share ........ $ 0.37 $ 0.23
Nine Months Nine Months
Ended Ended
9/30/2005 9/30/2004
Interest Income ............................ $ 7,965,487 $ 6,319,171
Interest Expense 2,321,385 1,934,982
----------- -----------
Net Interest Income ........................ 5,644,102 4,384,189
Provision for Loan Losses 215,000 160,000
----------- -----------
Net Interest Income after Provision ........ 5,429,102 4,224,189
Non-Interest Income ........................ 1,101,798 1,051,480
Non-Interest Expense ....................... 4,276,726 4,348,374
----------- -----------
Income before Taxes ........................ 2,254,174 927,295
Income Tax Provision ....................... 767,000 298,350
----------- -----------
Net Income ................................. $ 1,487,174 $ 628,945
=========== ===========
Preferred Dividends ........................ (388,835) (109,671)
----------- -----------
Net Income Available for Common Shareholders $ 1,098,339 $ 519,274
=========== ===========
Basic Net Income Per Common Share .......... $ 1.23 $ 0.62
Diluted Net Income Per Common Share ........ $ 1.03 $ 0.62
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Consolidated Balance Sheets
(Unaudited) As of As of
9/30/2005 9/30/2004
(in 000's) (in 000's)
ASSETS
Cash and cash equivalents $ 8,036 $ 7,554
Investment securities 12,308 13,111
FHLB stock 606 577
Mortgage loans held for sale 1,047 586
Loans 158,689 140,511
Allowance for loan losses (1,950) (1,697)
------- -------
Loans, net of allowance for loan losses 156,739 138,814
Other assets 10,404 5,954
-------- ----------
Total Assets $ 189,140 $166,596
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LIABILITIES
Demand deposits, savings,
NOW and money market accounts $ 64,400 $ 71,795
Time deposits 81,933 58,655
--------- ---------
TOTAL DEPOSITS 146,333 130,450
FHLB borrowings 17,000 13,000
Federal funds purchased and Securities
sold under agreements to repurchase 5,248 3,984
Other Liabilities 1,175 1,192
---------- ----------
Total Liabilities 169,756 148,626
Stockholders' Equity 19,384 17,970
-------- --------
Total Liabilities and Stockholders' Equity $ 189,140 $166,596
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