PR Newswire
BOWLING GREEN, Ky., July 21, 2016
BOWLING GREEN, Ky., July 21, 2016 /PRNewswire/ -- Citizens First Corporation (NASDAQ: CZFC) today reported results for the quarter and six months ending June 30, 2016, which include the following:
For the quarter ended June 30, 2016, the Company reported net income of $1,074,000, or $0.42 per diluted common share. This represents an increase of $175,000, or $0.07 per diluted common share, from $899,000, or $0.35 per diluted common share, for the quarter ended June 30, 2015. Todd Kanipe, President & CEO of Citizens First commented, "Improved loan growth and margin in the second quarter combined with low credit costs increased EPS 20% from the same quarter a year ago."
For the six months ended June 30, 2016, net income totaled $1.98 million, or $0.78 per diluted common share. This represents an increase of $298,000, or $0.14 per diluted common share, from the net income of $1.68 million in the first six months of the previous year.
Income Statement Second Quarter 2016 Compared to Second Quarter 2015
Net interest income increased $121,000, or 3.2%, as the volume of earning assets increased from the prior year. The Company's net interest margin was 3.92% for the quarter ended June 30, 2016, and 3.85% for the quarter ended June 30, 2015, an increase of 7 basis points. The Company's net interest margin increased due to a decline in the cost of average interest-bearing liabilities.
The provision for loan losses decreased $205,000 from the second quarter in the prior year due to the continued reduction in non-performing assets.
Non-interest income increased $6,000, or 0.7%, primarily due to gains on the sale of securities, offset by a decline in lease income.
Non-interest expense increased $51,000, or 1.6%, primarily due to an increase in personnel expenses as a result of normal salary adjustments, partially offset by a reduction in professional fees.
Income Statement Current Year Compared to Prior Year
Net interest income increased $322,000, or 4.3%, as the volume of earning assets increased from the prior year. The Company's net interest margin was 3.93% for the six months ended June 30, 2016, and 3.84% for the six months ended June 30, 2015, an increase of 9 basis points. The Company's net interest margin increased due to an increase in the yield on average earning assets coupled with a decline in the cost of average interest-bearing liabilities.
Non-interest income increased $91,000, or 6.0%, primarily due to gains on the sale of securities and gains on sale of mortgage loans, offset by a decline in lease income.
Non-interest expense increased $218,000, or 3.4%, primarily due to an increase in personnel expenses, which were a result of normal salary adjustments.
Credit Quality
Non-performing assets totaled $265,000, or 0.06% of total assets, at June 30, 2016 compared to $1.2 million, or 0.29% of total assets at June 30, 2015, a decrease of $985,000.
The allowance for loan losses at June 30, 2016 was $4.9 million, or 1.43% of total loans, compared to $4.9 million, or 1.49% of total loans as of December 31, 2015. 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, 2016 were $438.3 million compared to $432.2 million at December 31, 2015. Total assets increased $6.1 million, or 1.4%, from December 31, 2015 to June 30, 2016 due to a growth in loans, partially offset by a decline in fed funds and securities.
Loans increased $16.2 million, or 4.9%, from December 31, 2015 to June 30, 2016. Deposits decreased $17.0 million, or 4.6%, from December 31, 2015 to June 30, 2016. The decrease in deposits was offset by an increase in borrowings of $21 million. The reduction in deposits was primarily due to maturing time deposits that were not renewed in favor of lower cost borrowings.
Stockholders' equity increased to $41.4 million at June 30, 2016 from $39.5 million at December 31, 2015. The common equity and tangible common equity ratios were 7.80% and 6.88%, respectively, as of June 30, 2016 compared to 7.37% and 6.43%, respectively, at December 31, 2015. The book value and tangible book value per common share ratios were $17.09 and $14.93, respectively, at June 30, 2016 compared to $16.18 and $13.97, respectively, at December 31, 2015.
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) | | | ||||
| | | ||||
| | | ||||
| | (In Thousands, Except Share Data and ratios) | ||||
| | June 30, | | December 31, | | December 31, |
Assets | | | | | | |
Cash and due from financial institutions | | $ 6,259 | | $ 8,865 | | $ 7,962 |
Federal funds sold | | 1,095 | | 6,390 | | 3,360 |
Interest-bearing deposits in other financial institutions | 2,728 | | 2,728 | | - | |
Available-for-sale securities | | 58,541 | | 60,200 | | 58,986 |
Loans held for sale | | 118 | | - | | - |
Loans | | 347,013 | | 330,782 | | 318,477 |
Allowance for loan losses | | (4,949) | | (4,916) | | (4,885) |
Premises and equipment, net | | 9,543 | | 9,998 | | 10,758 |
Bank owned life insurance (BOLI) | | 8,262 | | 8,174 | | 7,993 |
Federal Home Loan Bank (FHLB) stock, at cost | 2,025 | | 2,025 | | 2,025 | |
Accrued interest receivable | | 1,536 | | 1,680 | | 1,527 |
Deferred income taxes | | 1,177 | | 1,328 | | 1,479 |
Goodwill and other intangible assets | | 4,327 | | 4,362 | | 4,433 |
Other real estate owned | | 66 | | 100 | | 198 |
Other assets | | 514 | | 465 | | 501 |
Total Assets | | $ 438,255 | | $ 432,181 | | $ 412,814 |
Liabilities | | | | | | |
Deposits | | | | | | |
Noninterest bearing | | $ 49,623 Werbung Mehr Nachrichten zur Citizens First Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |