Citizens First Corporation Announces Fourth Quarter and Year End 2017 Results, Declares Quarterly Common Dividend

Non-interest income decreased $15,000, or 1.7%, from the fourth quarter of the prior year primarily due to a decrease in service charges on deposit accounts of $56,000, partially offset by an increase in other service charges and fees of $43,000.

Non-interest expense decreased $118,000, or 3.7%, from the fourth quarter of the prior year primarily due to a decrease in data processing services of $64,000 and franchise shares and deposit tax expenses of $44,000, partially offset by an increase in professional fees of $36,000.

Income Statement Current Year Compared to Prior Year

Net interest income decreased $56,000, or 0.4%, as the yield on loans decreased and the cost of funds increased from the prior year.  The Company's net interest margin was 3.70% for the year ended December 31, 2017, and 3.87% for the year ended December 31, 2016, a decrease of 17 basis points.  The Company's net interest margin was impacted by a decrease in the yield on average earning assets of eight basis points coupled with an increase in the cost of average interest-bearing liabilities of 12 basis points.

There was a $150,000 credit provision for loan losses in the current year and an $85,000 credit provision in the prior year.

Non-interest income decreased $72,000, or 2.0%, primarily due to a decrease in service charges on deposit accounts of $159,000, a reduction in gains on the sale of securities of $78,000 and a decrease in gains on the sales of mortgage loans of $58,000, offset by an increase in other service charges and fees of $143,000 and non-deposit brokerage fees of $50,000.

Non-interest expense decreased $487,000, or 3.7%, primarily due to reductions in most categories of expenses, including $176,000 in other expenses, $127,000 in data processing services, $123,000 in occupancy expenses, and $73,000 in personnel expenses.

Credit Quality

Non-performing assets totaled $1.3 million, or 0.29% of total assets, at December 31, 2017 compared to $23,000, or 0.01% of total assets at December 31, 2016, an increase of $1.3 million.   The balance is primarily one agricultural-related credit which was moved to non-accrual status during the first quarter of 2017. 

The allowance for loan losses at December 31, 2017 was $4.7 million, or 1.26% 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 December 31, 2017 were $465.4 million, compared to $455.4 million at December 31, 2016, an increase of $10.0 million or 2.2%. Loans increased $14.8 million, or 4.1%, from December 31, 2016 to December 31, 2017, while available-for-sale securities decreased $4.9 million, or 9.2% from December 31, 2016 to December 31, 2017.  Deposits increased $1.9 million, or 0.5%, from December 31, 2016 to December 31, 2017.  Borrowings from the Federal Home Loan Bank increased $5.0 million, or 14.3%, from December 31, 2016 to December 31, 2017.

Stockholders' equity increased to $45.8 million at December 31, 2017 from $42.4 million at December 31, 2016.  The book value per common share and tangible book value per common share ratios were $18.14 and $16.47, respectively, at December 31, 2017 compared to $17.54 and $15.40, respectively, at December 31, 2016. 

Quarterly Common Dividend

On January 18, 2018, the Board of Directors declared a quarterly cash dividend of $0.06 per common share payable February 15, 2018 to shareholders of record on February 2, 2018.  Dividends paid during 2017 totaled $0.18 per common share.  "Converting from a semiannual dividend to a quarterly dividend will minimize some confusion about the timing  of our dividend.  We believe this increased common dividend is consistent with our goal of maximizing total shareholder return," Kanipe added.

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)
		December 31,			December 31,			December 31,
		2017			2016			2015
Assets
Cash and due from financial institutions		$	6,444		$	8,542		$	8,865
Federal funds sold			—			—			6,390
Interest-bearing deposits in other financial institutions			13,532			11,018			2,728
Available-for-sale securities			48,616			53,547			60,200
Loans held for sale			427			264			—
Loans			374,239			359,391			330,782
Allowance for loan losses			(4,724)			(4,854)			(4,916)
Premises and equipment, net			9,140			9,390			9,998
Bank owned life insurance (BOLI)			8,528			8,351			8,174
Federal Home Loan Bank (FHLB) stock, at cost			2,053			2,025			2,025
Accrued interest receivable			1,681			1,622			1,680
Deferred income taxes			670			1,464			1,328
Goodwill and other intangible assets			4,221			4,291			4,362
Other real estate owned			—			—			100
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