BOWLING GREEN, Ky.,
July 19, 2018 /PRNewswire/
-- Citizens First Corporation (NASDAQ: CZFC) today
reported results for the six months ended June 30, 2018 which
include the following:
For the quarter ended June 30,
2018 the Company reported net income of $1,374,000, or $0.54 per diluted common share (EPS). This
represents a 24.0% increase or $266,000 from the $1,108,000, or $0.43 per diluted common share, for the quarter
ended June 30, 2017. For the
six months ended June 30, 2018, net
income totaled $2.46 million, or
$0.97 per diluted common share.
This represents an increase of $443,000, a 22.0% increase, or $0.18 per diluted common share, from the net
income of $2.02 million in the first
six months of the previous year. "Loan growth and lower
income tax expense drove profitability for the first half of the
year," said Todd Kanipe, President
and CEO. "The challenge continues to be protecting our margin
as interest rates increase in the economy. We've successfully grown
our deposits this year, but increasing competition for deposits in
our region continues to push up our cost of funds," Kanipe
added.
Income Statement Second Quarter 2018 Compared to Second
Quarter 2017
Net interest income increased $231,000, or 6.0%, for the second quarter of the
current year compared to the second quarter of the prior
year. During the second quarter of 2018, a loan of
approximately $5.2 million was paid
off prematurely which resulted in the collection of a prepayment
penalty of approximately $105,000. The Company's net interest margin
was 3.67% for the quarter ended June 30,
2018, compared to 3.69% for the quarter ended June 30, 2017, a decrease of 2 basis
points. The Company's net interest margin decreased primarily
due to an increase in the cost of interest-bearing liabilities
which exceeded the increase in the yield on earning assets.
There was a $30,000 provision for
loan losses in the second quarter of the current year compared to
no provision for loan losses in the second quarter of the prior
year.
Non-interest income decreased $11,000, or 1.2%, from the prior year primarily
due to a decrease in service charges on deposit accounts of
$18,000 and a decrease in gains on
sale of mortgage loans of $19,000,
offset by an increase in other service charges and fees of
$18,000.
Non-interest expense increased $78,000, or 2.4%, from the prior year primarily
due to an increase in personnel expense of $118,000, offset by a decrease in data processing
services of $46,000.
Income tax expense decreased $154,000, or 32.2% due to a marginal rate of 21%
in 2018 compared to a rate of 34% in 2017.
Income Statement Current Year Compared to Prior Year
Net interest income increased $351,000, or 4.6%, from the prior year. The
Company's net interest margin was 3.61% for the six months ended
June 30, 2018, and 3.68% for the six
months ended June 30, 2017, a
decrease of 7 basis points. The Company's net interest margin
decreased due to an increase in the cost of average
interest-bearing liabilities.
There was a $60,000 provision for
loan losses in the current year compared to a $30,000 provision in the previous year.
Non-interest income decreased $3,000, or 0.2%, primarily due to a reduction in
gains on sale of mortgage loans of $37,000 and gains on the sale of securities of
$23,000, offset by an increase in
other service charges and fees of $35,000 and non-deposit brokerage fees of
$22,000.
Non-interest expense increased $146,000, or 2.2%, primarily due to an increase
of $230,000 in personnel expenses
offset by a decrease of $105,000 in
data processing services. "We have added four full time
equivalent employees over the past year as we strengthen the depth
of our retail branching network," Kanipe added.
Income tax expense decreased $271,000, or 32.1% due to a marginal rate of 21%
in 2018 compared to a rate of 34% in 2017.
Credit Quality
Non-performing assets totaled $2.1
million, or 0.43% of total assets, at June 30, 2018
compared to $1.3 million, or 0.29% of
total assets at December 31, 2017, an
increase of approximately $742,000. The increase is primarily
attributable to one credit secured by real estate which was moved
to non-accrual status during the first quarter of 2018.
The allowance for loan losses at June 30, 2018 was
$4.8 million, or 1.24% of total
loans, compared to $4.9 million, or
1.36% of total loans as of June 30,
2017. 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 June 30, 2018 were $488.6 million, compared to $465.4 million at December
31, 2017. Loans increased $9.1
million, or 2.4%, from December 31,
2017 to June 30, 2018. Loans declined
$5.7 million during the second
quarter of 2018, primarily due to the premature payoff of one
credit relationship of approximately $5.2
million. Deposits increased $16.3 million, or 4.4%, from December 31, 2017 to June 30, 2018.
Borrowings from the Federal Home Loan Bank increased $5.0 million, or 12.5%, from December 31, 2017 to June 30, 2018.
Stockholders' equity increased to $47.7
million at June 30, 2018 from $45.8 million at December
31, 2017. The book value per common share and tangible
book value per common share ratios were $18.79 and $17.14,
respectively, at June 30, 2018 compared to $18.14 and $16.47,
respectively, at December 31,
2017.
Quarterly Common Dividend Payable August 16
On July 19, 2018, the Board of
Directors declared a quarterly cash dividend of $0.07 per common share payable August 16, 2018 to shareholders of record on
August 3, 2018.
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)
|
|
|
|
June 30,
|
|
December 31,
|
|
December 31,
|
|
|
|
2018
|
|
2017
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
financial institutions
|
|
$
|
6,546
|
|
$
|
6,444
|
|
$
|
8,542
|
|
Interest-bearing
deposits in other financial institutions
|
|
|
30,166
|
|
|
13,532
|
|
|
11,018
|
|
Available-for-sale
securities
|
|
|
46,432
|
|
|
48,616
|
|
|
53,547
|
|
Loans held for
sale
|
|
|
147
|
|
|
427
|
|
|
264
|
|
Loans
|
|
|
383,289
|
|
|
374,239
|
|
|
359,391
|
|
Allowance for loan
losses
|
|
|
(4,750)
|
|
|
(4,724)
|
|
|
(4,854)
|
|
Premises and
equipment, net
|
|
|
8,988
|
|
|
9,140
|
|
|
9,390
|
|
Bank owned life
insurance (BOLI)
|
|
|
8,615
|
|
|
8,528
|
|
|
8,351
|
|
Federal Home Loan
Bank (FHLB) stock, at cost
|
|
|
2,065
|
|
|
2,053
|
|
|
2,025
|
|
Accrued interest
receivable
|
|
|
1,549
|
|
|
1,681
|
|
|
1,622
|
|
Deferred income
taxes
|
|
|
762
|
|
|
670
|
|
|
1,464
|
|
Goodwill and other
intangible assets
|
|
|
4,185
|
|
|
4,221
|
|
|
4,291
|
|
Other
assets
|
|
|
594
|
|
|
555
|
|
|
371
|
|
Total
Assets
|
|
$
|
488,588
|
|
$
|
465,382
|
|
$
|
455,422
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
|
$
|
53,119
|
|
$
|
53,259
|
|
$
|
52,322
|
|
Savings, NOW and money
market
|
|
|
188,213
|
|
|
175,087
|
|
|
173,620
|
|
Time
|
|
|
147,286
|
|
|
143,968
|
|
|
144,497
|
|
Total
deposits
|
|
|
388,618
|
|
|
372,314
|
|
|
370,439
|
|
FHLB advances and
other borrowings
|
|
|
45,000
|
|
|
40,000
|
|
|
35,000
|
|
Subordinated
debentures
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
Accrued interest
payable
|
|
|
347
|
|
|
285
|
|
|
220
|
|
Other
liabilities
|
|
|
1,946
|
|
|
1,949
|
|
|
2,399
|
|
Total
Liabilities
|
|
|
440,911
|
|
|
419,548
|
|
|
413,058
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
6.5% Cumulative
convertible preferred stock
|
|
|
—
|
|
|
—
|
|
|
7,261
|
|
Common
stock
|
|
|
33,201
|
|
|
33,138
|
|
|
25,920
|
|
Retained
earnings
|
|
|
15,359
|
|
|
13,142
|
|
|
9,706
|
|
Accumulated other
comprehensive (loss)
|
|
|
(883)
|
|
|
(446)
|
|
|
(523)
|
|
Total stockholders'
equity
|
|
|
47,677
|
|
|
45,834
|
|
|
42,364
|
|
Total liabilities
and stockholders' equity
|
|
$
|
488,588
|
|
$
|
465,382
|
|
$
|
455,422
|
|
Consolidated
Financial Highlights (Unaudited)
Consolidated
Statement of Income
|
|
|
|
|
Three months ended
|
|
|
|
(In Thousands, Except Per Share Data and ratios)
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
Interest and dividend
income
|
|
$
|
5,162
|
|
$
|
4,860
|
|
$
|
4,905
|
|
$
|
4,640
|
|
$
|
4,593
|
|
Interest
expense
|
|
|
1,064
|
|
|
960
|
|
|
858
|
|
|
777
|
|
|
726
|
|
Net
interest income
|
|
|
4,098
|
|
|
3,900
|
|
|
4,047
|
|
|
3,863
|
|
|
3,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit)
for loan losses
|
|
|
30
|
|
|
30
|
|
|
(150)
|
|
|
(30)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
309
|
|
|
298
|
|
|
315
|
|
|
317
|
|
|
327
|
|
Other service charges
and fees
|
|
|
319
|
|
|
281
|
|
|
288
|
|
|
317
|
|
|
301
|
|
Gain on sale of
mortgage loans
|
|
|
69
|
|
|
50
|
|
|
82
|
|
|
79
|
|
|
88
|
|
Non-deposit brokerage
fees
|
|
|
101
|
|
|
99
|
|
|
97
|
|
|
90
|
|
|
91
|
|
Lease
income
|
|
|
79
|
|
|
52
|
|
|
52
|
|
|
53
|
|
|
80
|
|
BOLI
income
|
|
|
44
|
|
|
43
|
|
|
45
|
|
|
44
|
|
|
45
|
|
Gain on sale of
securities
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
Total non-interest
income
|
|
|
921
|
|
|
823
|
|
|
879
|
|
|
925
|
|
|
932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
|
1,773
|
|
|
1,846
|
|
|
1,740
|
|
|
1,673
|
|
|
1,655
|
|
Net occupancy
expense
|
|
|
432
|
|
|
453
|
|
|
448
|
|
|
449
|
|
|
446
|
|
Advertising and
public relations
|
|
|
85
|
|
|
81
|
|
|
78
|
|
|
111
|
|
|
77
|
|
Professional
fees
|
|
|
172
|
|
|
164
|
|
|
86
|
|
|
160
|
|
|
171
|
|
Data processing
services
|
|
|
205
|
|
|
194
|
|
|
192
|
|
|
214
|
|
|
251
|
|
Franchise shares and
deposit tax
|
|
|
120
|
|
|
120
|
|
|
88
|
|
|
132
|
|
|
132
|
|
FDIC
insurance
|
|
|
43
|
|
|
42
|
|
|
47
|
|
|
52
|
|
|
49
|
|
Other
|
|
|
461
|
|
|
459
|
|
|
433
|
|
|
415
|
|
|
432
|
|
Total non-interest
expenses
|
|
|
3,291
|
|
|
3,359
|
|
|
3,112
|
|
|
3,206
|
|
|
3,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
1,698
|
|
|
1,334
|
|
|
1,964
|
|
|
1,612
|
|
|
1,586
|
|
Income
taxes
|
|
|
324
|
|
|
250
|
|
|
1,012
|
|
|
490
|
|
|
478
|
|
Net
income
|
|
|
1,374
|
|
|
1,084
|
|
|
952
|
|
|
1,122
|
|
|
1,108
|
|
Dividends on
preferred stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
Net income available
for common stockholders
|
|
$
|
1,374
|
|
$
|
1,084
|
|
$
|
952
|
|
$
|
1,122
|
|
$
|
989
|
|
Basic earnings per
common share
|
|
$
|
0.54
|
|
$
|
0.43
|
|
$
|
0.38
|
|
$
|
0.44
|
|
$
|
0.47
|
|
Diluted earnings per
common share
|
|
$
|
0.54
|
|
$
|
0.43
|
|
$
|
0.37
|
|
$
|
0.44
|
|
$
|
0.43
|
|
Consolidated
Financial Highlights (Unaudited)
Key Operating
Statistics
|
|
|
|
|
Three months
ended
|
|
|
|
(In Thousands, Except Per Share Data and ratios)
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
Average:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
478,836
|
|
$
|
476,063
|
|
$
|
462,966
|
|
$
|
449,770
|
|
$
|
454,524
|
|
Earning
Assets
|
|
|
451,315
|
|
|
448,853
|
|
|
435,458
|
|
|
422,258
|
|
|
427,674
|
|
Loans
|
|
|
389,614
|
|
|
384,184
|
|
|
370,173
|
|
|
362,343
|
|
|
363,733
|
|
Interest-bearing
deposits
|
|
|
328,932
|
|
|
322,627
|
|
|
317,196
|
|
|
312,668
|
|
|
319,883
|
|
Deposits
|
|
|
383,144
|
|
|
375,617
|
|
|
369,643
|
|
|
364,798
|
|
|
368,743
|
|
Borrowed
funds
|
|
|
46,758
|
|
|
52,167
|
|
|
45,000
|
|
|
37,696
|
|
|
39,769
|
|
Equity
|
|
|
47,006
|
|
|
46,023
|
|
|
45,907
|
|
|
44,916
|
|
|
44,047
|
|
Common
equity
|
|
|
47,006
|
|
|
46,023
|
|
|
45,907
|
|
|
44,916
|
|
|
38,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.15
|
%
|
|
0.92
|
%
|
|
0.82
|
%
|
|
0.99
|
%
|
|
0.98
|
%
|
Return on average
equity
|
|
|
11.97
|
%
|
|
9.55
|
%
|
|
8.23
|
%
|
|
9.91
|
%
|
|
10.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
65.23
|
%
|
|
70.72
|
%
|
|
62.46
|
%
|
|
66.51
|
%
|
|
66.10
|
%
|
Non-interest income to
average assets
|
|
|
0.77
|
%
|
|
0.70
|
%
|
|
0.75
|
%
|
|
0.82
|
%
|
|
0.82
|
%
|
Non-interest expenses
to average assets
|
|
|
2.76
|
%
|
|
2.86
|
%
|
|
2.67
|
%
|
|
2.83
|
%
|
|
2.84
|
%
|
Net overhead to average
assets
|
|
|
1.99
|
%
|
|
2.16
|
%
|
|
1.91
|
%
|
|
2.01
|
%
|
|
2.01
|
%
|
Yield on
loans
|
|
|
4.94
|
%
|
|
4.75
|
%
|
|
4.88
|
%
|
|
4.73
|
%
|
|
4.69
|
%
|
Yield on investment
securities (TE)
|
|
|
2.61
|
%
|
|
2.56
|
%
|
|
2.77
|
%
|
|
2.68
|
%
|
|
2.85
|
%
|
Yield on average
earning assets (TE)
|
|
|
4.61
|
%
|
|
4.42
|
%
|
|
4.52
|
%
|
|
4.41
|
%
|
|
4.37
|
%
|
Cost of average
interest bearing liabilities
|
|
|
1.14
|
%
|
|
1.04
|
%
|
|
0.94
|
%
|
|
0.88
|
%
|
|
0.81
|
%
|
Net interest margin
(TE)
|
|
|
3.67
|
%
|
|
3.55
|
%
|
|
3.74
|
%
|
|
3.68
|
%
|
|
3.69
|
%
|
Number of FTE
employees
|
|
|
99
|
|
|
96
|
|
|
98
|
|
|
97
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Indicators:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to
total loans
|
|
|
0.54
|
%
|
|
0.54
|
%
|
|
0.36
|
%
|
|
0.73
|
%
|
|
0.80
|
%
|
Non-performing assets
to total assets
|
|
|
0.43
|
%
|
|
0.43
|
%
|
|
0.29
|
%
|
|
0.58
|
%
|
|
0.63
|
%
|
Allowance for loan
losses to total loans
|
|
|
1.24
|
%
|
|
1.21
|
%
|
|
1.26
|
%
|
|
1.34
|
%
|
|
1.36
|
%
|
YTD net charge-offs
(recoveries) to average
loans, annualized
|
|
|
0.02
|
%
|
|
0.06
|
%
|
|
(0.01)
|
%
|
|
—
|
%
|
|
(0.01)
|
%
|
YTD net charge-offs
(recoveries)
|
|
|
34
|
|
|
61
|
|
|
(20)
|
|
|
2
|
|
|
(13)
|
|
Consolidated
Financial Highlights (Unaudited)
Consolidated
Statement of Income
|
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2018
|
|
2017
|
|
Interest and dividend
income
|
|
$
|
10,022
|
|
$
|
9,050
|
|
Interest
expense
|
|
|
2,024
|
|
|
1,403
|
|
Net
interest income
|
|
|
7,998
|
|
|
7,647
|
|
|
|
|
|
|
|
|
|
Provision for
loan losses
|
|
|
60
|
|
|
30
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
607
|
|
|
605
|
|
Other service charges
and fees
|
|
|
600
|
|
|
565
|
|
Gain on sale of
mortgage loans
|
|
|
119
|
|
|
156
|
|
Non-deposit brokerage
fees
|
|
|
200
|
|
|
178
|
|
Lease
income
|
|
|
131
|
|
|
132
|
|
BOLI income
|
|
|
87
|
|
|
88
|
|
Gain on sale of
securities
|
|
|
—
|
|
|
23
|
|
Total non-interest
income
|
|
|
1,744
|
|
|
1,747
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
Personnel
expense
|
|
|
3,619
|
|
|
3,389
|
|
Net occupancy
expense
|
|
|
885
|
|
|
907
|
|
Advertising and public
relations
|
|
|
166
|
|
|
148
|
|
Professional
fees
|
|
|
336
|
|
|
301
|
|
Data processing
services
|
|
|
399
|
|
|
504
|
|
Franchise shares and
deposit tax
|
|
|
240
|
|
|
264
|
|
FDIC
insurance
|
|
|
85
|
|
|
98
|
|
Other
|
|
|
920
|
|
|
893
|
|
Total non-interest
expenses
|
|
|
6,650
|
|
|
6,504
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
3,032
|
|
|
2,860
|
|
Income
taxes
|
|
|
574
|
|
|
845
|
|
Net
income
|
|
|
2,458
|
|
|
2,015
|
|
Dividends on preferred
stock
|
|
|
—
|
|
|
238
|
|
Net income available
for common stockholders
|
|
$
|
2,458
|
|
$
|
1,777
|
|
Basic earnings per
common share
|
|
$
|
0.97
|
|
$
|
0.86
|
|
Diluted earnings per
common share
|
|
$
|
0.97
|
|
$
|
0.79
|
|
Consolidated
Financial Highlights (Unaudited)
Key Operating
Statistics
|
|
|
|
|
Six Months
Ended
|
|
|
|
(In Thousands, Except Per
|
|
|
|
Share Data and ratios)
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2018
|
|
2017
|
|
Average:
|
|
|
|
|
|
|
|
Assets
|
|
$
|
477,457
|
|
$
|
453,401
|
|
Earning
Assets
|
|
|
450,090
|
|
|
426,021
|
|
Loans
|
|
|
386,914
|
|
|
363,778
|
|
Interest-bearing
deposits
|
|
|
325,797
|
|
|
317,425
|
|
Deposits
|
|
|
379,401
|
|
|
366,498
|
|
Borrowed
funds
|
|
|
49,448
|
|
|
41,415
|
|
Equity
|
|
|
46,517
|
|
|
43,441
|
|
Common
equity
|
|
|
46,517
|
|
|
36,987
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.04
|
%
|
|
0.90
|
%
|
Return on average
equity
|
|
|
10.66
|
%
|
|
9.35
|
%
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
67.90
|
%
|
|
68.47
|
%
|
Non-interest income to
average assets
|
|
|
0.74
|
%
|
|
0.78
|
%
|
Non-interest expenses
to average assets
|
|
|
2.81
|
%
|
|
2.89
|
%
|
Net overhead to average
assets
|
|
|
2.07
|
%
|
|
2.12
|
%
|
Yield on
loans
|
|
|
4.84
|
%
|
|
4.65
|
%
|
Yield on investment
securities (TE)
|
|
|
2.58
|
%
|
|
2.86
|
%
|
Yield on average
earning assets (TE)
|
|
|
4.51
|
%
|
|
4.34
|
%
|
Cost of average
interest bearing liabilities
|
|
|
1.09
|
%
|
|
0.79
|
%
|
Net interest margin
(TE)
|
|
|
3.61
|
%
|
|
3.68
|
%
|
Number of FTE
employees
|
|
|
99
|
|
|
95
|
|
Consolidated
Financial Highlights (Unaudited)
|
|
|
|
|
(In Thousands, Except Share Data and ratios)
|
|
|
|
June 30,
|
|
December 31,
|
|
December 31,
|
|
Consolidated
Capital Ratios
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets ratio
|
|
|
9.76
|
%
|
|
9.85
|
%
|
|
9.30
|
%
|
Tangible equity ratio
(1)
|
|
|
8.98
|
%
|
|
9.02
|
%
|
|
8.44
|
%
|
Tangible common
equity ratio (1)
|
|
|
8.98
|
%
|
|
9.02
|
%
|
|
6.83
|
%
|
Book value per common
share
|
|
$
|
18.79
|
|
$
|
18.14
|
|
$
|
17.54
|
|
Tangible book value
per common share (1)
|
|
$
|
17.14
|
|
$
|
16.47
|
|
$
|
15.40
|
|
End of period common
share closing price
|
|
$
|
26.08
|
|
$
|
24.00
|
|
$
|
18.00
|
|
_____________________
|
(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)
|
|
|
|
June 30,
|
|
December 31,
|
|
December 31,
|
|
Regulation G
Non-GAAP Reconciliation:
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity (a)
|
|
$
|
47,677
|
|
$
|
45,834
|
|
$
|
42,364
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
(7,261)
|
|
Common equity
(b)
|
|
|
47,677
|
|
|
45,834
|
|
|
35,103
|
|
Goodwill
|
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(4,097)
|
|
Intangible
assets
|
|
|
(88)
|
|
|
(124)
|
|
|
(194)
|
|
Tangible common
equity (c)
|
|
|
43,492
|
|
|
41,613
|
|
|
30,812
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
7,261
|
|
Tangible equity
(d)
|
|
|
43,492
|
|
|
41,613
|
|
|
38,073
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(e)
|
|
|
488,588
|
|
|
465,382
|
|
|
455,422
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(4,097)
|
|
Intangible
assets
|
|
|
(88)
|
|
|
(124)
|
|
|
(194)
|
|
Tangible assets
(f)
|
|
$
|
484,403
|
|
$
|
461,161
|
|
$
|
451,131
|
|
Shares outstanding
(in thousands) (g)
|
|
|
2,538
|
|
|
2,526
|
|
|
2,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share (b/g)
|
|
$
|
18.79
|
|
$
|
18.14
|
|
$
|
17.54
|
|
Tangible book
value per common share (c/g)
|
|
$
|
17.14
|
|
$
|
16.47
|
|
$
|
15.40
|
|
Equity to assets
ratio (a/e)
|
|
|
9.76
|
%
|
|
9.85
|
%
|
|
9.30
|
%
|
Tangible equity
ratio (d/f)
|
|
|
8.98
|
%
|
|
9.02
|
%
|
|
8.44
|
%
|
Common equity
ratio (b/e)
|
|
|
9.76
|
%
|
|
9.85
|
%
|
|
7.71
|
%
|
Tangible common
equity ratio (c/f)
|
|
|
8.98
|
%
|
|
9.02
|
%
|
|
6.83
|
%
|
View original
content:http://www.prnewswire.com/news-releases/citizens-first-corporation-announces-second-quarter-2018-results-300683805.html
SOURCE Citizens First Corporation