BOWLING GREEN, Ky.,
Oct. 18, 2018 /PRNewswire/
-- Citizens First Corporation (NASDAQ: CZFC) today
reported results for the third quarter ended September 30,
2018 which include the following:
For the quarter ended September 30,
2018 the Company reported net income of $1.20 million, or $0.47 per diluted common share (EPS). This
represents a 6.8% increase or $76,000
from the $1.12 million, or
$0.44 per diluted common share, for
the quarter ended September 30, 2017.
For the nine months ended September
30, 2018, net income totaled $3.66
million, or $1.44 per diluted
common share. This represents an increase of $519,000, a 16.5% increase, or $0.21 per diluted common share, from the net
income of $3.14 million in the first
nine months of the previous year. "While profitability
improved over 2017, margin pressure and softening loan demand
continue to present challenges for us," said Todd Kanipe, President and CEO. "Market
competition for deposits has intensified. As a result, cost
of funding has outpaced improvements in loan yields," Kanipe
added.
Income Statement Third Quarter 2018 Compared to Third Quarter
2017
Net interest income increased $49,000, or 1.3%, for the third quarter of the
current year compared to the third quarter of the prior year.
The Company's net interest margin was 3.43% for the quarter ended
September 30, 2018, compared to 3.68%
for the quarter ended September 30,
2017, a decrease of 25 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 third quarter of the current year compared to a
$30,000 credit for loan losses in the
third quarter of the prior year.
Non-interest income decreased $13,000, or 1.4%, from the prior year primarily
due to a decrease in service charges on deposit accounts of
$26,000 and a decrease in gains on
sale of securities of $25,000, offset
by an increase in non-deposit brokerage fees of $20,000 and gain on sale of mortgage loans of
$16,000.
Non-interest expenses increased $79,000, or 2.5%, from the prior year primarily
due to an increase in personnel expense of $57,000, and an increase in other expense of
$55,000.
Income tax expenses decreased $179,000, or 36.5% 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 $400,000, or 3.5%, from the prior year. The
Company's net interest margin was 3.55% for the nine months ended
September 30, 2018, and 3.68% for the
nine months ended September 30, 2017,
a decrease of 13 basis points. The Company's net interest
margin decreased due to an increase in the cost of average
interest-bearing liabilities.
There was a $90,000 provision for
loan losses in the current year compared to no provision in the
previous year.
Non-interest income decreased $16,000, or 0.6%, primarily due to a decrease in
service charges on deposit accounts of $24,000, a reduction in gains on sale of mortgage
loans of $21,000 and gains on the
sale of securities of $48,000, offset
by an increase in other service charges and fees of $37,000 and non-deposit brokerage fees of
$42,000.
Non-interest expense increased $225,000, or 2.3%, primarily due to an increase
of $287,000 in personnel expenses and
$82,000 increase in other expenses
offset by a decrease of $111,000 in
data processing services.
Income tax expenses decreased $450,000, or 33.7% due to a marginal rate of 21%
in 2018 compared to a rate of 34% in 2017.
Credit Quality
Non-performing assets totaled $2.0
million, or 0.43% of total assets, at September 30,
2018 compared to $1.3 million, or
0.29% of total assets at December 31,
2017, an increase of approximately $670,000. 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 September 30, 2018 was
$4.8 million, or 1.29% of total
loans, compared to $4.7 million, or
1.26% of total loans as of December
31, 2017. The Company considers 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
the Company's loan portfolio.
Balance Sheet
Total assets at September 30, 2018 were $473.7 million, compared to $465.4 million at December
31, 2017. Loans decreased $3.6
million, or 1%, from December 31,
2017 to September 30, 2018. Deposits increased
$10.3 million, or 2.8%, from
December 31, 2017 to
September 30, 2018. Borrowings from the Federal Home
Loan Bank decreased $5.0 million, or
12.5%, from December 31, 2017 to
September 30, 2018.
Stockholders' equity increased to $48.6
million at September 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 $19.14 and $17.50,
respectively, at September 30, 2018 compared to $18.14 and $16.47,
respectively, at December 31,
2017.
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
Per Share Data and ratios)
|
|
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
|
|
2018
|
|
2017
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
financial institutions
|
|
$
|
7,523
|
|
$
|
6,444
|
|
$
|
8,542
|
|
Interest-bearing
deposits in other financial institutions
|
|
|
28,113
|
|
|
13,532
|
|
|
11,018
|
|
Available-for-sale
securities
|
|
|
45,450
|
|
|
48,616
|
|
|
53,547
|
|
Loans held for
sale
|
|
|
—
|
|
|
427
|
|
|
264
|
|
Loans
|
|
|
370,689
|
|
|
374,239
|
|
|
359,391
|
|
Allowance for loan
losses
|
|
|
(4,776)
|
|
|
(4,724)
|
|
|
(4,854)
|
|
Premises and
equipment, net
|
|
|
8,930
|
|
|
9,140
|
|
|
9,390
|
|
Bank owned life
insurance (BOLI)
|
|
|
8,660
|
|
|
8,528
|
|
|
8,351
|
|
Federal Home Loan
Bank (FHLB) stock, at cost
|
|
|
2,065
|
|
|
2,053
|
|
|
2,025
|
|
Accrued interest
receivable
|
|
|
1,596
|
|
|
1,681
|
|
|
1,622
|
|
Deferred income
taxes
|
|
|
766
|
|
|
670
|
|
|
1,464
|
|
Goodwill and other
intangible assets
|
|
|
4,168
|
|
|
4,221
|
|
|
4,291
|
|
Other
assets
|
|
|
490
|
|
|
555
|
|
|
371
|
|
Total
Assets
|
|
$
|
473,674
|
|
$
|
465,382
|
|
$
|
455,422
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
|
$
|
51,679
|
|
$
|
53,259
|
|
$
|
52,322
|
|
Savings, NOW and money
market
|
|
|
188,200
|
|
|
175,087
|
|
|
173,620
|
|
Time
|
|
|
142,754
|
|
|
143,968
|
|
|
144,497
|
|
Total
deposits
|
|
|
382,633
|
|
|
372,314
|
|
|
370,439
|
|
FHLB advances and
other borrowings
|
|
|
35,000
|
|
|
40,000
|
|
|
35,000
|
|
Subordinated
debentures
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
Accrued interest
payable
|
|
|
360
|
|
|
285
|
|
|
220
|
|
Other
liabilities
|
|
|
2,092
|
|
|
1,949
|
|
|
2,399
|
|
Total
Liabilities
|
|
|
425,085
|
|
|
419,548
|
|
|
413,058
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
6.5% Cumulative
convertible preferred stock
|
|
|
—
|
|
|
—
|
|
|
7,261
|
|
Common
stock
|
|
|
33,232
|
|
|
33,138
|
|
|
25,920
|
|
Retained
earnings
|
|
|
16,380
|
|
|
13,142
|
|
|
9,706
|
|
Accumulated other
comprehensive (loss)
|
|
|
(1,023)
|
|
|
(446)
|
|
|
(523)
|
|
Total stockholders'
equity
|
|
|
48,589
|
|
|
45,834
|
|
|
42,364
|
|
Total liabilities
and stockholders' equity
|
|
$
|
473,674
|
|
$
|
465,382
|
|
$
|
455,422
|
|
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,
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
Interest and dividend
income
|
|
$
|
5,094
|
|
$
|
5,162
|
|
$
|
4,860
|
|
$
|
4,905
|
|
$
|
4,640
|
|
Interest
expense
|
|
|
1,182
|
|
|
1,064
|
|
|
960
|
|
|
858
|
|
|
777
|
|
Net
interest income
|
|
|
3,912
|
|
|
4,098
|
|
|
3,900
|
|
|
4,047
|
|
|
3,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit)
for loan losses
|
|
|
30
|
|
|
30
|
|
|
30
|
|
|
(150)
|
|
|
(30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
291
|
|
|
309
|
|
|
298
|
|
|
315
|
|
|
317
|
|
Other service charges
and fees
|
|
|
319
|
|
|
319
|
|
|
281
|
|
|
288
|
|
|
317
|
|
Gain on sale of
mortgage loans
|
|
|
95
|
|
|
69
|
|
|
50
|
|
|
82
|
|
|
79
|
|
Non-deposit brokerage
fees
|
|
|
110
|
|
|
101
|
|
|
99
|
|
|
97
|
|
|
90
|
|
Lease
income
|
|
|
52
|
|
|
79
|
|
|
52
|
|
|
52
|
|
|
53
|
|
BOLI
income
|
|
|
45
|
|
|
44
|
|
|
43
|
|
|
45
|
|
|
44
|
|
Gain on sale of
securities
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
Total
non-interest income
|
|
|
912
|
|
|
921
|
|
|
823
|
|
|
879
|
|
|
925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
|
1,730
|
|
|
1,773
|
|
|
1,846
|
|
|
1,740
|
|
|
1,673
|
|
Net occupancy
expense
|
|
|
457
|
|
|
432
|
|
|
453
|
|
|
448
|
|
|
449
|
|
Advertising and
public relations
|
|
|
102
|
|
|
85
|
|
|
81
|
|
|
78
|
|
|
111
|
|
Professional
fees
|
|
|
156
|
|
|
172
|
|
|
164
|
|
|
86
|
|
|
160
|
|
Data processing
services
|
|
|
208
|
|
|
205
|
|
|
194
|
|
|
192
|
|
|
214
|
|
Franchise shares and
deposit tax
|
|
|
120
|
|
|
120
|
|
|
120
|
|
|
88
|
|
|
132
|
|
FDIC
insurance
|
|
|
42
|
|
|
43
|
|
|
42
|
|
|
47
|
|
|
52
|
|
Other
|
|
|
470
|
|
|
461
|
|
|
459
|
|
|
433
|
|
|
415
|
|
Total
non-interest expenses
|
|
|
3,285
|
|
|
3,291
|
|
|
3,359
|
|
|
3,112
|
|
|
3,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
1,509
|
|
|
1,698
|
|
|
1,334
|
|
|
1,964
|
|
|
1,612
|
|
Income
taxes
|
|
|
311
|
|
|
324
|
|
|
250
|
|
|
1,012
|
|
|
490
|
|
Net
income
|
|
|
1,198
|
|
|
1,374
|
|
|
1,084
|
|
|
952
|
|
|
1,122
|
|
Dividends on
preferred stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income available
for common stockholders
|
|
$
|
1,198
|
|
$
|
1,374
|
|
$
|
1,084
|
|
$
|
952
|
|
$
|
1,122
|
|
Basic
earnings per common share
|
|
$
|
0.47
|
|
$
|
0.54
|
|
$
|
0.43
|
|
$
|
0.38
|
|
$
|
0.44
|
|
Diluted
earnings per common share
|
|
$
|
0.47
|
|
$
|
0.54
|
|
$
|
0.43
|
|
$
|
0.37
|
|
$
|
0.44
|
|
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,
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
Average:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
482,506
|
|
$
|
478,836
|
|
$
|
476,063
|
|
$
|
462,966
|
|
$
|
449,770
|
|
Earning
Assets
|
|
|
454,914
|
|
|
451,315
|
|
|
448,853
|
|
|
435,458
|
|
|
422,258
|
|
Loans
|
|
|
377,140
|
|
|
389,614
|
|
|
384,184
|
|
|
370,173
|
|
|
362,343
|
|
Interest-bearing
deposits
|
|
|
333,043
|
|
|
328,932
|
|
|
322,627
|
|
|
317,196
|
|
|
312,668
|
|
Deposits
|
|
|
388,124
|
|
|
383,144
|
|
|
375,617
|
|
|
369,643
|
|
|
364,798
|
|
Borrowed
funds
|
|
|
43,685
|
|
|
46,758
|
|
|
52,167
|
|
|
45,000
|
|
|
37,696
|
|
Equity
|
|
|
48,242
|
|
|
47,006
|
|
|
46,023
|
|
|
45,907
|
|
|
44,916
|
|
Common
equity
|
|
|
48,242
|
|
|
47,006
|
|
|
46,023
|
|
|
45,907
|
|
|
44,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.99
|
%
|
|
1.15
|
%
|
|
0.92
|
%
|
|
0.82
|
%
|
|
0.99
|
%
|
Return on average
equity
|
|
|
9.85
|
%
|
|
11.97
|
%
|
|
9.55
|
%
|
|
8.23
|
%
|
|
9.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
67.74
|
%
|
|
65.23
|
%
|
|
70.72
|
%
|
|
62.46
|
%
|
|
66.51
|
%
|
Non-interest income to
average assets
|
|
|
0.75
|
%
|
|
0.77
|
%
|
|
0.70
|
%
|
|
0.75
|
%
|
|
0.82
|
%
|
Non-interest expenses
to average assets
|
|
|
2.70
|
%
|
|
2.76
|
%
|
|
2.86
|
%
|
|
2.67
|
%
|
|
2.83
|
%
|
Net overhead to average
assets
|
|
|
1.95
|
%
|
|
1.99
|
%
|
|
2.16
|
%
|
|
1.91
|
%
|
|
2.01
|
%
|
Yield on
loans
|
|
|
4.89
|
%
|
|
4.94
|
%
|
|
4.75
|
%
|
|
4.88
|
%
|
|
4.73
|
%
|
Yield on investment
securities (TE)
|
|
|
2.51
|
%
|
|
2.61
|
%
|
|
2.56
|
%
|
|
2.77
|
%
|
|
2.68
|
%
|
Yield on average
earning assets (TE)
|
|
|
4.46
|
%
|
|
4.61
|
%
|
|
4.42
|
%
|
|
4.52
|
%
|
|
4.41
|
%
|
Cost of average
interest bearing liabilities
|
|
|
1.24
|
%
|
|
1.14
|
%
|
|
1.04
|
%
|
|
0.94
|
%
|
|
0.88
|
%
|
Net interest margin
(TE)
|
|
|
3.43
|
%
|
|
3.67
|
%
|
|
3.55
|
%
|
|
3.74
|
%
|
|
3.68
|
%
|
Number of FTE
employees
|
|
|
98
|
|
|
99
|
|
|
96
|
|
|
98
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Indicators:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to
total loans
|
|
|
0.54
|
%
|
|
0.54
|
%
|
|
0.54
|
%
|
|
0.36
|
%
|
|
0.73
|
%
|
Non-performing assets
to total assets
|
|
|
0.43
|
%
|
|
0.43
|
%
|
|
0.43
|
%
|
|
0.29
|
%
|
|
0.58
|
%
|
Allowance for loan
losses to total loans
|
|
|
1.29
|
%
|
|
1.24
|
%
|
|
1.21
|
%
|
|
1.26
|
%
|
|
1.34
|
%
|
YTD net charge-offs
(recoveries) to average loans, annualized
|
|
|
0.01
|
%
|
|
0.02
|
%
|
|
0.06
|
%
|
|
(0.01)
|
%
|
|
—
|
%
|
YTD net charge-offs
(recoveries)
|
|
|
38
|
|
|
34
|
|
|
61
|
|
|
(20)
|
|
|
2
|
|
Consolidated Financial Highlights
(Unaudited)
Consolidated Statement of Income
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
(In Thousands, Except Per Share Data and ratios)
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2018
|
|
2017
|
|
Interest and dividend
income
|
|
$
|
15,116
|
|
$
|
13,690
|
|
Interest
expense
|
|
|
3,206
|
|
|
2,180
|
|
Net
interest income
|
|
|
11,910
|
|
|
11,510
|
|
|
|
|
|
|
|
|
|
Provision for
loan losses
|
|
|
90
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
898
|
|
|
922
|
|
Other service charges
and fees
|
|
|
919
|
|
|
882
|
|
Gain on sale of
mortgage loans
|
|
|
214
|
|
|
235
|
|
Non-deposit brokerage
fees
|
|
|
310
|
|
|
268
|
|
Lease
income
|
|
|
183
|
|
|
185
|
|
BOLI income
|
|
|
132
|
|
|
132
|
|
Gain on sale of
securities
|
|
|
—
|
|
|
48
|
|
Total non-interest
income
|
|
|
2,656
|
|
|
2,672
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
Personnel
expense
|
|
|
5,349
|
|
|
5,062
|
|
Net occupancy
expense
|
|
|
1,342
|
|
|
1,356
|
|
Advertising and public
relations
|
|
|
268
|
|
|
259
|
|
Professional
fees
|
|
|
492
|
|
|
461
|
|
Data processing
services
|
|
|
607
|
|
|
718
|
|
Franchise shares and
deposit tax
|
|
|
360
|
|
|
396
|
|
FDIC
insurance
|
|
|
127
|
|
|
150
|
|
Other
|
|
|
1,390
|
|
|
1,308
|
|
Total non-interest
expenses
|
|
|
9,935
|
|
|
9,710
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
4,541
|
|
|
4,472
|
|
Income
taxes
|
|
|
885
|
|
|
1,335
|
|
Net
income
|
|
|
3,656
|
|
|
3,137
|
|
Dividends on preferred
stock
|
|
|
—
|
|
|
238
|
|
Net income available
for common stockholders
|
|
$
|
3,656
|
|
$
|
2,899
|
|
Basic earnings per
common share
|
|
$
|
1.44
|
|
$
|
1.30
|
|
Diluted earnings per
common share
|
|
$
|
1.44
|
|
$
|
1.23
|
|
Consolidated Financial Highlights
(Unaudited)
Key Operating Statistics
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
(In Thousands, Except Per
|
|
|
|
Share Data and ratios)
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2018
|
|
2017
|
|
Average:
|
|
|
|
|
|
|
|
Assets
|
|
$
|
479,158
|
|
$
|
452,177
|
|
Earning
Assets
|
|
|
451,715
|
|
|
424,753
|
|
Loans
|
|
|
383,620
|
|
|
363,294
|
|
Interest-bearing
deposits
|
|
|
328,239
|
|
|
315,821
|
|
Deposits
|
|
|
382,341
|
|
|
365,925
|
|
Borrowed
funds
|
|
|
47,505
|
|
|
40,161
|
|
Equity
|
|
|
47,098
|
|
|
43,938
|
|
Common
equity
|
|
|
47,098
|
|
|
39,659
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.02
|
%
|
|
0.93
|
%
|
Return on average
equity
|
|
|
10.38
|
%
|
|
9.55
|
%
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
67.84
|
%
|
|
67.81
|
%
|
Non-interest income to
average assets
|
|
|
0.74
|
%
|
|
0.79
|
%
|
Non-interest expenses
to average assets
|
|
|
2.77
|
%
|
|
2.87
|
%
|
Net overhead to average
assets
|
|
|
2.03
|
%
|
|
2.08
|
%
|
Yield on
loans
|
|
|
4.86
|
%
|
|
4.67
|
%
|
Yield on investment
securities (TE)
|
|
|
2.56
|
%
|
|
2.80
|
%
|
Yield on average
earning assets (TE)
|
|
|
4.50
|
%
|
|
4.37
|
%
|
Cost of average
interest bearing liabilities
|
|
|
1.14
|
%
|
|
0.82
|
%
|
Net interest margin
(TE)
|
|
|
3.55
|
%
|
|
3.68
|
%
|
Number of FTE
employees
|
|
|
98
|
|
|
97
|
|
Consolidated Financial Highlights
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except
Per Share Data and ratios)
|
|
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
Consolidated
Capital Ratios
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets ratio
|
|
|
10.26
|
%
|
|
9.85
|
%
|
|
9.30
|
%
|
Tangible equity ratio
(1)
|
|
|
9.46
|
%
|
|
9.02
|
%
|
|
8.44
|
%
|
Tangible common
equity ratio (1)
|
|
|
9.46
|
%
|
|
9.02
|
%
|
|
6.83
|
%
|
Book value per common
share
|
|
$
|
19.14
|
|
$
|
18.14
|
|
$
|
17.54
|
|
Tangible book value
per common share (1)
|
|
$
|
17.50
|
|
$
|
16.47
|
|
$
|
15.40
|
|
End of period common
share closing price
|
|
$
|
26.25
|
|
$
|
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
Per Share Data and ratios)
|
|
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
Regulation G
Non-GAAP Reconciliation:
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity (a)
|
|
$
|
48,589
|
|
$
|
45,834
|
|
$
|
42,364
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
(7,261)
|
|
Common equity
(b)
|
|
|
48,589
|
|
|
45,834
|
|
|
35,103
|
|
Goodwill
|
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(4,097)
|
|
Intangible
assets
|
|
|
(71)
|
|
|
(124)
|
|
|
(194)
|
|
Tangible common
equity (c)
|
|
|
44,421
|
|
|
41,613
|
|
|
30,812
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
7,261
|
|
Tangible equity
(d)
|
|
|
44,421
|
|
|
41,613
|
|
|
38,073
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(e)
|
|
|
473,674
|
|
|
465,382
|
|
|
455,422
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(4,097)
|
|
Intangible
assets
|
|
|
(71)
|
|
|
(124)
|
|
|
(194)
|
|
Tangible assets
(f)
|
|
$
|
469,506
|
|
$
|
461,161
|
|
$
|
451,131
|
|
Shares outstanding
(in thousands) (g)
|
|
|
2,538
|
|
|
2,526
|
|
|
2,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share (b/g)
|
|
$
|
19.14
|
|
$
|
18.14
|
|
$
|
17.54
|
|
Tangible book
value per common share (c/g)
|
|
$
|
17.50
|
|
$
|
16.47
|
|
$
|
15.40
|
|
Equity to assets
ratio (a/e)
|
|
|
10.26
|
%
|
|
9.85
|
%
|
|
9.30
|
%
|
Tangible equity
ratio (d/f)
|
|
|
9.46
|
%
|
|
9.02
|
%
|
|
8.44
|
%
|
Common equity
ratio (b/e)
|
|
|
10.26
|
%
|
|
9.85
|
%
|
|
7.71
|
%
|
Tangible common
equity ratio (c/f)
|
|
|
9.46
|
%
|
|
9.02
|
%
|
|
6.83
|
%
|
View original
content:http://www.prnewswire.com/news-releases/citizens-first-corporation-announces-third-quarter-2018-results-300733770.html
SOURCE Citizens First Corporation