Citizens First Corp (CZFC) filed Quarterly Report for the period ended 2009-09-30.
CITIZENS FIRST CORPORATION operates as a holding company for Citizens First Inc. which provides various banking and financial services primarily to individual and corporate customers in Barren Hart Simpson and Warren counties Kentucky. The company's deposit portfolio primarily includes checking accounts regular savings accounts NOW accounts money market accounts sweep accounts fixed and variable-rate IRA accounts certificate of deposit accounts and safety deposit boxes. It makes commercial loans principally to small and medium-sized businesses; originates and maintains commercial real estate loans; and offers residential mortgage loans to borrowers for purchasing and refinancing one to four family properties. Citizens First Corp has a market cap of $15.7 million; its shares were traded at around $7.99 with and P/S ratio of 0.7.
Highlight of Business Operations:
The Company reported net income before dividends to preferred shareholders for the three months ended September 30, 2009 of $327,000 compared to net income of $197,000 in the third quarter of 2008. Net income available to common shareholders was $71,000 or, $0.03 per basic and diluted share this quarter, compared to net income available to common shareholders of $67,000, or $0.03 per basic and diluted common share for the third quarter of 2008. Net income for the year has been impacted negatively by further compression in the net interest margin, provision expense, and a FDIC insurance special assessment in addition to a normal increase in premiums.
For the quarter ended September 30, 2009, net interest income was $2.8 million, consistent with net interest income of $2.8 million for the comparable period in 2008. For the nine months ended September 30, 2009, net interest income was $8.1 million, a decrease of $200,000 from net interest income of $8.3 million for the comparable period in 2008.
The provision for loan losses for the third quarter of 2009 was $300,000, or 0.11% of average loans, compared to $575,000, or 0.21% of average loans for the third quarter of 2008. For the nine months ended September 30, 2009 and 2008, the provision for loan losses was $3.5 million and $852,000, respectively. The increase in the provision expense is reflective of the charge-off of previously classified loans that have experienced further deterioration in the current economic environment. Non-performing assets totaled $3.5 million at September 30, 2009, compared to $3.7 million at December 31, 2008, a decrease of $200,000. The decrease in non-performing assets can be attributed primarily to the sale of other real estate owned since December 31, 2008.
Non-interest income for the nine months ended September 30, 2009 and 2008, respectively, was $2,349,000 and $2,169,000, an increase of $180,000, or 8.3%. Included in non-interest income for the first nine months of 2009 is a decrease in lease income of $58,000, or 32.8%, resulting from the loss of a tenant in the Company s main office building due to the tenant s termination of the lease agreement. Service charges on deposit accounts decreased $231,000 for the first nine months of 2009, or 18.9%, as compared to the first nine months of 2008 due primarily to a reduction in NSF fees. Gain on the sale of mortgage loans increased $44,000, or 20.6%, for the nine months ended September 30, 2009 as compared to the same period for 2008, as mortgage lending increased primarily as a result of first time home buyer tax credits. With lower mortgage rates, home refinancings have also increased.
Non-interest expense was $2.9 million in the third quarter of 2009, up from $2.8 million in the same quarter of 2008, an increase of $19,000, or .7%. Professional fees increased $16,000, or 15.4%, for the three months ended September 30, 2009 as compared to the three months ended September 30, 2008. FDIC insurance increased $74,000 in the third quarter of 2009, or 137.0%, as compared to the same period for 2008. The second quarter of 2009 included a 5 basis point special assessment in addition to the increased premiums implemented in 2009 to replenish the deposit insurance fund.
Non-interest expense was $9.0 million for the nine months ended September 30, 2009, up from $8.4 million in the same period of 2008. Occupancy expense increased $52,000 due to a new branch opening in the first quarter of 2009. Professional fees increased $152,000 or 51.4%, for the nine months ended September 30, 2009 as compared to the same period for 2009. FDIC insurance increased $344,000 for the first nine months of 2009 as compared to the first nine months of 2008 due to the increased FDIC assessments which were significantly impacted by the special assessment in the second quarter. While not announced, additional FDIC special assessments may be necessary in future periods.
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