BOWLING GREEN, Ky.,
Oct. 19, 2017 /PRNewswire/
-- Citizens First Corporation (NASDAQ: CZFC) today
reported results for the nine months ended September 30, 2017
which include the following:
For the quarter ended September 30, 2017 the Company
reported net income of $1.12 million,
or $0.44 per diluted common
share. This represents a decrease of $13,000 from $1.14
million, or $0.45 per diluted
common share, for the quarter ended September 30, 2016.
For the nine months ended September 30, 2017, net income
totaled $3.14 million, or
$1.23 per diluted common share.
This represents an increase of $23,000 from the net income of $3.11 million in the first nine months of the
previous year. "While profitability improved over the
previous year, it was due primarily to lower operating expenses and
credit costs," said Todd Kanipe,
President and CEO.
Income Statement Third Quarter 2017 Compared to Third Quarter
2016
Net interest income decreased $55,000, or 1.4%, as the yield on loans decreased
and the cost of funds increased from the third quarter of the prior
year. The Company's net interest margin was 3.68% for the
quarter ended September 30, 2017, compared to 3.83% for the
quarter ended September 30, 2016, a decrease of 15 basis
points. The Company's net interest margin decreased primarily
due to a decline in the yield on loans and an increase in the cost
of interest-bearing liabilities.
There was a ($30,000) (credit)
provision for loan losses in the third quarter of the current year
compared to no provision in the third quarter of the prior
year.
Non-interest income decreased $17,000, or 1.8%, from the prior year primarily
due to a decrease in service charges on deposit accounts of
$44,000 and gain on sale of mortgage
loans of $31,000, partially offset by
an increase in other service charges and fees of $55,000.
Non-interest expense decreased $29,000, or 0.9%, from the prior year primarily
due to a decrease in data processing services of $48,000 and other expenses of $37,000, partially offset by an increase in
professional fees of $62,000.
Income Statement Current Year Compared to Prior Year
Net interest income decreased $183,000, or 1.6%, as the yield on loans
decreased and the cost of funds increased from the prior
year. The Company's net interest margin was 3.68% for the
nine months ended September 30, 2017, and 3.89% for the nine
months ended September 30, 2016, a decrease of 21 basis
points. The Company's net interest margin decreased due to a
decrease in the yield on average earning assets coupled with an
increase in the cost of average interest-bearing liabilities.
Non-interest income decreased $57,000, or 2.1%, primarily due to a reduction in
gains on the sale of securities of $78,000 and a decrease in service charges on
deposit accounts of $103,000, offset
by an increase in other service charges and fees of $100,000 and non-deposit brokerage fees of
$38,000.
Non-interest expense decreased $369,000, or 3.7%, primarily due to reductions in
most categories of expenses, including $152,000 in other expenses, $72,000 in personnel expenses and $100,000 in occupancy expenses.
Credit Quality
Non-performing assets totaled $2.6
million, or 0.58% of total assets, at September 30,
2017 compared to $23,000, or 0.01% of
total assets at December 31, 2016, an
increase of $2.6 million.
Two agricultural-related credits were moved to non-accrual status
during the first quarter of 2017. Collateral underlying one
agricultural credit was sold at auction during the third quarter,
and full payment of the loan principal in the amount of
$1.2 million is anticipated to be
received during the fourth quarter.
The allowance for loan losses at September 30, 2017 was
$4.9 million, or 1.34% of total
loans, compared to $4.9 million, or
1.35% of total loans as of December
31, 2016. We consider the size, volume and credit
quality of the loan portfolio as well as recent economic and other
external influences to record the allowance for loan losses and
provision for loan losses that is directionally consistent with our
loan portfolio.
Balance Sheet
Total assets at September 30, 2017 were $455.4 million, the same level as December 31, 2016. Loans increased
$2.8 million, or 0.8%, from
December 31, 2016 to
September 30, 2017. "Loan growth in the third quarter
was lower than anticipated; however, we remain encouraged by our
pipeline for the remainder of the year and improving loan demand in
our markets," Kanipe noted. Deposits, primarily time
deposits, decreased $7.8 million, or
2.1%, from December 31, 2016 to
September 30, 2017. Borrowings from the Federal Home
Loan Bank increased $5.0 million, or
14.3%, from December 31, 2016 to
September 30, 2017.
Stockholders' equity increased to $45.4
million at September 30, 2017 from $42.4 million at December
31, 2016. The book value per common share and tangible
book value per common share ratios were $17.99 and $16.31,
respectively, at September 30, 2017 compared to $17.54 and $15.40,
respectively, at December 31,
2016.
Increase in Common Dividend
On October 19, 2017, the Board of
Directors declared a cash dividend of $0.10 per common share payable November 16, 2017 to shareholders of record as of
October 27, 2017, which represents a
25% increase in the semiannual dividend. Dividends were most
recently paid in May, 2017 at $0.08
per common share. "Completing the conversion of preferred
shares and eliminating the related costs in the second quarter of
this year now gives us the ability to return more capital to our
common shareholders. We believe this increased common
dividend is consistent with our goal of maximizing total
shareholder return," Kanipe added.
Appointment of Corporate Directors
On October 19, 2017, the Board of
Directors appointed Mark Iverson as
a Class II director of the Company and of the Bank, effective
immediately, and Jeff Perkins as a
Class II director of the Company and of the Bank, effective
immediately. "These gentlemen bring significant executive and
financial experience to our board room as well as an understanding
of the needs of consumer and business customers in our core
markets," Kanipe commented.
Mark Iverson, age 55, is a
Certified Public Accountant, and the General Manager of Bowling
Green Municipal Utilities in Bowling
Green, Kentucky. Mr. Iverson graduated from
Western Kentucky University and
currently resides in Bowling
Green, Kentucky. He serves on the Board of Directors
of the Tennessee Valley Public Power Association and previously
served as Chairman of the Board of the Bowling Green Area Chamber
of Commerce. It is expected that Mr. Iverson will serve on
the Audit and Governance Committees of the Board.
Jeff Perkins, age 55, is a
Certified Public Accountant and the President of Mid-South Lumber
and Supply Company in Bowling
Green, Kentucky. Mr. Perkins graduated from
Western Kentucky University and
currently resides in Franklin,
Kentucky. He has served as President of the Kentucky
Building Material Association and served on the board and finance
committees of the Independent Builders Supply Association. It
is expected that Mr. Perkins will serve on the Audit and
Compensation Committees of the Board.
About Citizens First Corporation
Citizens First Corporation is a bank holding company
headquartered in Bowling Green,
Kentucky and established in 1999. The Company has
branch offices located in Barren,
Hart, Simpson and Warren Counties in Kentucky, and a loan production office in
Williamson County, Tennessee. Additional information
concerning our products and services is available at
www.citizensfirstbank.com.
Forward-Looking Statements
Statements in this press release relating to Citizens First
Corporation's plans, objectives, expectations or future performance
are 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 current and future
economic and business conditions; possible changes in trade,
monetary, and fiscal policies, as well as legislative and
regulatory changes; changes in the interest rate environment and
our ability to effectively manage interest rate risk and other
market risk, credit risk and operational risk; changes in the
quality or composition of our loan or investment portfolios;
increases in our nonperforming assets, or our inability to recover
or absorb losses created by such nonperforming assets; and other
factors described in the reports filed by the Company with the
Securities and Exchange Commission could also impact current
expectations.
Consolidated
Financial Highlights (Unaudited)
Consolidated
Statement of Condition
|
|
|
|
|
(In Thousands, Except Share Data and ratios)
|
|
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
financial institutions
|
|
$
|
7,452
|
|
$
|
8,542
|
|
$
|
8,865
|
|
Federal funds
sold
|
|
|
—
|
|
|
—
|
|
|
6,390
|
|
Interest-bearing
deposits in other financial institutions
|
|
|
18,086
|
|
|
11,018
|
|
|
2,728
|
|
Available-for-sale
securities
|
|
|
45,044
|
|
|
53,547
|
|
|
60,200
|
|
Loans held for
sale
|
|
|
341
|
|
|
264
|
|
|
—
|
|
Loans
|
|
|
362,208
|
|
|
359,391
|
|
|
330,782
|
|
Allowance for loan
losses
|
|
|
(4,852)
|
|
|
(4,854)
|
|
|
(4,916)
|
|
Premises and
equipment, net
|
|
|
9,115
|
|
|
9,390
|
|
|
9,998
|
|
Bank owned life
insurance (BOLI)
|
|
|
8,483
|
|
|
8,351
|
|
|
8,174
|
|
Federal Home Loan
Bank (FHLB) stock, at cost
|
|
|
2,053
|
|
|
2,025
|
|
|
2,025
|
|
Accrued interest
receivable
|
|
|
1,505
|
|
|
1,622
|
|
|
1,680
|
|
Deferred income
taxes
|
|
|
1,105
|
|
|
1,464
|
|
|
1,328
|
|
Goodwill and other
intangible assets
|
|
|
4,238
|
|
|
4,291
|
|
|
4,362
|
|
Other real estate
owned
|
|
|
—
|
|
|
—
|
|
|
100
|
|
Other
assets
|
|
|
597
|
|
|
371
|
|
|
465
|
|
Total
Assets
|
|
$
|
455,375
|
|
$
|
455,422
|
|
$
|
432,181
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
|
$
|
51,306
|
|
$
|
52,322
|
|
$
|
48,522
|
|
Savings, NOW and money
market
|
|
|
172,178
|
|
|
173,620
|
|
|
168,335
|
|
Time
|
|
|
139,113
|
|
|
144,497
|
|
|
153,531
|
|
Total
deposits
|
|
|
362,597
|
|
|
370,439
|
|
|
370,388
|
|
FHLB advances and
other borrowings
|
|
|
40,000
|
|
|
35,000
|
|
|
15,000
|
|
Subordinated
debentures
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
Accrued interest
payable
|
|
|
254
|
|
|
220
|
|
|
213
|
|
Other
liabilities
|
|
|
2,083
|
|
|
2,399
|
|
|
2,056
|
|
Total
Liabilities
|
|
|
409,934
|
|
|
413,058
|
|
|
392,657
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
6.5% Cumulative
convertible preferred stock
|
|
|
—
|
|
|
7,261
|
|
|
7,659
|
|
Common
stock
|
|
|
33,081
|
|
|
25,920
|
|
|
25,406
|
|
Retained
earnings
|
|
|
12,443
|
|
|
9,706
|
|
|
6,304
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(83)
|
|
|
(523)
|
|
|
155
|
|
Total stockholders'
equity
|
|
|
45,441
|
|
|
42,364
|
|
|
39,524
|
|
Total liabilities
and stockholders' equity
|
|
$
|
455,375
|
|
$
|
455,422
|
|
$
|
432,181
|
|
Consolidated
Financial Highlights (Unaudited)
Consolidated
Statement of Income
|
|
|
|
|
Three months ended
|
|
|
|
(In Thousands, Except Per Share Data and ratios)
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
Interest and dividend
income
|
|
$
|
4,640
|
|
$
|
4,593
|
|
$
|
4,457
|
|
$
|
4,572
|
|
$
|
4,557
|
|
Interest
expense
|
|
|
777
|
|
|
726
|
|
|
677
|
|
|
652
|
|
|
639
|
|
Net
interest income
|
|
|
3,863
|
|
|
3,867
|
|
|
3,780
|
|
|
3,920
|
|
|
3,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit)
for loan losses
|
|
|
(30)
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
317
|
|
|
327
|
|
|
278
|
|
|
371
|
|
|
361
|
|
Other service charges
and fees
|
|
|
317
|
|
|
301
|
|
|
264
|
|
|
245
|
|
|
262
|
|
Gain on sale of
mortgage loans
|
|
|
79
|
|
|
88
|
|
|
68
|
|
|
97
|
|
|
110
|
|
Non-deposit brokerage
fees
|
|
|
90
|
|
|
91
|
|
|
87
|
|
|
85
|
|
|
83
|
|
Lease
income
|
|
|
53
|
|
|
80
|
|
|
52
|
|
|
52
|
|
|
61
|
|
BOLI
income
|
|
|
44
|
|
|
45
|
|
|
43
|
|
|
44
|
|
|
45
|
|
Gain on sale of
securities
|
|
|
25
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
20
|
|
Total non-interest
income
|
|
|
925
|
|
|
932
|
|
|
815
|
|
|
894
|
|
|
942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
|
1,673
|
|
|
1,655
|
|
|
1,734
|
|
|
1,741
|
|
|
1,674
|
|
Net occupancy
expense
|
|
|
449
|
|
|
446
|
|
|
461
|
|
|
471
|
|
|
481
|
|
Advertising and
public relations
|
|
|
111
|
|
|
77
|
|
|
71
|
|
|
75
|
|
|
86
|
|
Professional
fees
|
|
|
160
|
|
|
171
|
|
|
130
|
|
|
50
|
|
|
98
|
|
Data processing
services
|
|
|
214
|
|
|
251
|
|
|
253
|
|
|
256
|
|
|
262
|
|
Franchise shares and
deposit tax
|
|
|
132
|
|
|
132
|
|
|
132
|
|
|
132
|
|
|
132
|
|
FDIC
insurance
|
|
|
52
|
|
|
49
|
|
|
49
|
|
|
47
|
|
|
58
|
|
Other real estate
owned expenses
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(8)
|
|
Other
|
|
|
415
|
|
|
432
|
|
|
461
|
|
|
457
|
|
|
452
|
|
Total non-interest
expenses
|
|
|
3,206
|
|
|
3,213
|
|
|
3,291
|
|
|
3,230
|
|
|
3,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
1,612
|
|
|
1,586
|
|
|
1,274
|
|
|
1,584
|
|
|
1,625
|
|
Income
taxes
|
|
|
490
|
|
|
478
|
|
|
367
|
|
|
481
|
|
|
490
|
|
Net
income
|
|
|
1,122
|
|
|
1,108
|
|
|
907
|
|
|
1,103
|
|
|
1,135
|
|
Dividends on
preferred stock
|
|
|
—
|
|
|
119
|
|
|
119
|
|
|
124
|
|
|
124
|
|
Net income available
for common stockholders
|
|
$
|
1,122
|
|
$
|
989
|
|
$
|
788
|
|
$
|
979
|
|
$
|
1,011
|
|
Basic earnings per
common share
|
|
$
|
0.44
|
|
$
|
0.47
|
|
$
|
0.39
|
|
$
|
0.49
|
|
$
|
0.50
|
|
Diluted earnings per
common share
|
|
$
|
0.44
|
|
$
|
0.43
|
|
$
|
0.36
|
|
$
|
0.43
|
|
$
|
0.45
|
|
Consolidated
Financial Highlights (Unaudited)
Key Operating
Statistics
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
(In Thousands, Except Per Share Data and ratios)
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
Average:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
449,770
|
|
$
|
454,524
|
|
$
|
452,265
|
|
$
|
444,168
|
|
$
|
442,042
|
|
Earning
Assets
|
|
|
422,258
|
|
|
427,674
|
|
|
424,349
|
|
|
417,161
|
|
|
414,569
|
|
Loans
|
|
|
362,343
|
|
|
363,733
|
|
|
363,824
|
|
|
347,046
|
|
|
344,733
|
|
Interest-bearing
deposits
|
|
|
312,668
|
|
|
319,883
|
|
|
314,939
|
|
|
310,336
|
|
|
304,473
|
|
Deposits
|
|
|
364,798
|
|
|
368,743
|
|
|
364,227
|
|
|
360,816
|
|
|
354,953
|
|
Borrowed
funds
|
|
|
37,696
|
|
|
39,769
|
|
|
43,078
|
|
|
38,429
|
|
|
42,490
|
|
Equity
|
|
|
44,916
|
|
|
44,047
|
|
|
42,827
|
|
|
42,652
|
|
|
42,002
|
|
Common
equity
|
|
|
44,916
|
|
|
38,240
|
|
|
35,718
|
|
|
35,391
|
|
|
34,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.99
|
%
|
|
0.98
|
%
|
|
0.81
|
%
|
|
0.99
|
%
|
|
1.02
|
%
|
Return on average
equity
|
|
|
9.91
|
%
|
|
10.09
|
%
|
|
8.59
|
%
|
|
10.29
|
%
|
|
10.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
66.51
|
%
|
|
66.10
|
%
|
|
70.96
|
%
|
|
66.20
|
%
|
|
65.86
|
%
|
Non-interest income to
average assets
|
|
|
0.82
|
%
|
|
0.82
|
%
|
|
0.73
|
%
|
|
0.80
|
%
|
|
0.85
|
%
|
Non-interest expenses
to average assets
|
|
|
2.83
|
%
|
|
2.84
|
%
|
|
2.95
|
%
|
|
2.89
|
%
|
|
2.91
|
%
|
Net overhead to average
assets
|
|
|
2.01
|
%
|
|
2.01
|
%
|
|
2.22
|
%
|
|
2.09
|
%
|
|
2.06
|
%
|
Yield on
loans
|
|
|
4.73
|
%
|
|
4.69
|
%
|
|
4.60
|
%
|
|
4.86
|
%
|
|
4.86
|
%
|
Yield on investment
securities (TE)
|
|
|
2.68
|
%
|
|
2.85
|
%
|
|
2.87
|
%
|
|
2.58
|
%
|
|
2.66
|
%
|
Yield on average
earning assets (TE)
|
|
|
4.41
|
%
|
|
4.37
|
%
|
|
4.32
|
%
|
|
4.42
|
%
|
|
4.44
|
%
|
Cost of average
interest bearing liabilities
|
|
|
0.88
|
%
|
|
0.81
|
%
|
|
0.77
|
%
|
|
0.74
|
%
|
|
0.73
|
%
|
Net interest margin
(TE)
|
|
|
3.68
|
%
|
|
3.69
|
%
|
|
3.68
|
%
|
|
3.80
|
%
|
|
3.83
|
%
|
Number of FTE
employees
|
|
|
97
|
|
|
95
|
|
|
94
|
|
|
95
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Indicators:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to
total loans
|
|
|
0.73
|
%
|
|
0.80
|
%
|
|
0.83
|
%
|
|
0.01
|
%
|
|
0.05
|
%
|
Non-performing assets
to total assets
|
|
|
0.58
|
%
|
|
0.63
|
%
|
|
0.65
|
%
|
|
0.01
|
%
|
|
0.04
|
%
|
Allowance for loan
losses to total loans
|
|
|
1.34
|
%
|
|
1.36
|
%
|
|
1.34
|
%
|
|
1.35
|
%
|
|
1.45
|
%
|
YTD net charge-offs
(recoveries) to
average loans, annualized
|
|
|
—
|
%
|
|
(0.01)
|
%
|
|
(0.02)
|
%
|
|
(0.01)
|
%
|
|
(0.05)
|
%
|
YTD net charge-offs
(recoveries)
|
|
|
2
|
|
|
(13)
|
|
|
(22)
|
|
|
(23)
|
|
|
(130)
|
|
Consolidated
Financial Highlights (Unaudited)
Consolidated
Statement of Income
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2017
|
|
2016
|
|
Interest and dividend
income
|
|
$
|
13,690
|
|
$
|
13,569
|
|
Interest
expense
|
|
|
2,180
|
|
|
1,876
|
|
Net
interest income
|
|
|
11,510
|
|
|
11,693
|
|
|
|
|
|
|
|
|
|
Provision (credit)
for loan losses
|
|
|
—
|
|
|
(85)
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
922
|
|
|
1,025
|
|
Other service charges
and fees
|
|
|
882
|
|
|
782
|
|
Gain on sale of
mortgage loans
|
|
|
235
|
|
|
278
|
|
Non-deposit brokerage
fees
|
|
|
268
|
|
|
230
|
|
Lease
income
|
|
|
185
|
|
|
155
|
|
BOLI income
|
|
|
132
|
|
|
133
|
|
Gain on sale of
securities
|
|
|
48
|
|
|
126
|
|
Total non-interest
income
|
|
|
2,672
|
|
|
2,729
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
Personnel
expense
|
|
|
5,062
|
|
|
5,134
|
|
Net occupancy
expense
|
|
|
1,356
|
|
|
1,456
|
|
Advertising and public
relations
|
|
|
259
|
|
|
245
|
|
Professional
fees
|
|
|
461
|
|
|
415
|
|
Data processing
services
|
|
|
718
|
|
|
781
|
|
Franchise shares and
deposit tax
|
|
|
396
|
|
|
396
|
|
FDIC
insurance
|
|
|
150
|
|
|
176
|
|
Other real estate owned
expenses
|
|
|
—
|
|
|
16
|
|
Other
|
|
|
1,308
|
|
|
1,460
|
|
Total non-interest
expenses
|
|
|
9,710
|
|
|
10,079
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
4,472
|
|
|
4,428
|
|
Income
taxes
|
|
|
1,335
|
|
|
1,314
|
|
Net
income
|
|
|
3,137
|
|
|
3,114
|
|
Dividends on preferred
stock
|
|
|
238
|
|
|
371
|
|
Net income available
for common stockholders
|
|
$
|
2,899
|
|
$
|
2,743
|
|
Basic earnings per
common share
|
|
$
|
1.30
|
|
$
|
1.37
|
|
Diluted earnings per
common share
|
|
$
|
1.23
|
|
$
|
1.23
|
|
Consolidated
Financial Highlights (Unaudited)
Key Operating
Statistics
|
|
|
|
|
Nine Months
Ended
|
|
|
|
(In Thousands, Except Per
|
|
|
|
Share Data and ratios)
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2017
|
|
2016
|
|
Average:
|
|
|
|
|
|
|
|
Assets
|
|
$
|
452,177
|
|
$
|
438,103
|
|
Earning
Assets
|
|
|
424,753
|
|
|
408,997
|
|
Loans
|
|
|
363,294
|
|
|
338,751
|
|
Interest-bearing
deposits
|
|
|
315,822
|
|
|
311,945
|
|
Deposits
|
|
|
365,925
|
|
|
360,831
|
|
Borrowed
funds
|
|
|
40,161
|
|
|
33,949
|
|
Equity
|
|
|
43,938
|
|
|
41,027
|
|
Common
equity
|
|
|
39,659
|
|
|
33,745
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.93
|
%
|
|
0.95
|
%
|
Return on average
equity
|
|
|
9.55
|
%
|
|
10.14
|
%
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
67.81
|
%
|
|
68.79
|
%
|
Non-interest income to
average assets
|
|
|
0.79
|
%
|
|
0.75
|
%
|
Non-interest expenses
to average assets
|
|
|
2.87
|
%
|
|
2.99
|
%
|
Net overhead to average
assets
|
|
|
2.08
|
%
|
|
2.24
|
%
|
Yield on
loans
|
|
|
4.67
|
%
|
|
4.92
|
%
|
Yield on investment
securities (TE)
|
|
|
2.80
|
%
|
|
2.73
|
%
|
Yield on average
earning assets (TE)
|
|
|
4.37
|
%
|
|
4.51
|
%
|
Cost of average
interest bearing liabilities
|
|
|
0.82
|
%
|
|
0.72
|
%
|
Net interest margin
(TE)
|
|
|
3.68
|
%
|
|
3.89
|
%
|
Number of FTE
employees
|
|
|
97
|
|
|
96
|
|
Consolidated
Financial Highlights (Unaudited)
|
|
|
|
|
(In Thousands, Except Share Data and ratios)
|
|
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
Consolidated
Capital Ratios
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets ratio
|
|
|
9.98
|
%
|
|
9.30
|
%
|
|
9.15
|
%
|
Tangible equity ratio
(1)
|
|
|
9.13
|
%
|
|
8.44
|
%
|
|
8.22
|
%
|
Tangible common
equity ratio (1)
|
|
|
9.13
|
%
|
|
6.83
|
%
|
|
6.43
|
%
|
Book value per common
share
|
|
$
|
17.99
|
|
$
|
17.54
|
|
$
|
16.18
|
|
Tangible book value
per common share (1)
|
|
$
|
16.31
|
|
$
|
15.40
|
|
$
|
13.97
|
|
End of period common
share closing price
|
|
$
|
23.84
|
|
$
|
18.00
|
|
$
|
13.74
|
|
______________________
|
(1)
|
The tangible equity
ratio, tangible common equity ratio and tangible book value per
common share, while not required by accounting principles generally
accepted in the United States of America (GAAP), are considered
critical metrics with which to analyze banks. The ratio and
per share amount have been included to facilitate a greater
understanding of the Company's capital structure and financial
condition. See the Regulation G Non-GAAP Reconciliation table
for reconciliation of this ratio and per share amount to
GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except Share Data and ratios)
|
|
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
Regulation G
Non-GAAP Reconciliation:
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity (a)
|
|
$
|
45,441
|
|
$
|
42,364
|
|
$
|
39,524
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
(7,261)
|
|
|
(7,659)
|
|
Common equity
(b)
|
|
|
45,441
|
|
|
35,103
|
|
|
31,865
|
|
Goodwill
|
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(4,097)
|
|
Intangible
assets
|
|
|
(141)
|
|
|
(194)
|
|
|
(265)
|
|
Tangible common
equity (c)
|
|
|
41,203
|
|
|
30,812
|
|
|
27,503
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
7,261
|
|
|
7,659
|
|
Tangible equity
(d)
|
|
|
41,203
|
|
|
38,073
|
|
|
35,162
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(e)
|
|
|
455,375
|
|
|
455,422
|
|
|
432,181
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(4,097)
|
|
Intangible
assets
|
|
|
(141)
|
|
|
(194)
|
|
|
(265)
|
|
Tangible assets
(f)
|
|
$
|
451,137
|
|
$
|
451,131
|
|
$
|
427,819
|
|
Shares outstanding
(in thousands) (g)
|
|
|
2,526
|
|
|
2,001
|
|
|
1,969
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share (b/g)
|
|
$
|
17.99
|
|
$
|
17.54
|
|
$
|
16.18
|
|
Tangible book
value per common share (c/g)
|
|
$
|
16.31
|
|
$
|
15.40
|
|
$
|
13.97
|
|
Equity to assets
ratio (a/e)
|
|
|
9.98
|
%
|
|
9.30
|
%
|
|
9.15
|
%
|
Tangible equity
ratio (d/f)
|
|
|
9.13
|
%
|
|
8.44
|
%
|
|
8.22
|
%
|
Common equity
ratio (b/e)
|
|
|
9.98
|
%
|
|
7.71
|
%
|
|
7.37
|
%
|
Tangible common
equity ratio (c/f)
|
|
|
9.13
|
%
|
|
6.83
|
%
|
|
6.43
|
%
|
View original
content:http://www.prnewswire.com/news-releases/citizens-first-corporation-announces-third-quarter-2017-results-increase-in-common-dividend-and-election-of-two-corporate-directors-300540150.html
SOURCE Citizens First Corporation