CFSB CFSB Bancorp Inc

Citizens First Financial Corp. Announces Third Quarter Unaudited Results and Dividend to Be Paid BLOOMINGTON, Ill., Nov. 1 /PRNewswire-FirstCall/ -- Citizens First Financial Corp. (the "Company") (NASDAQ:CFSB), the parent company of Citizens Savings Bank (the "Bank"), announced that the Board of Directors has declared a dividend of $0.10 per share to be paid on November 26, 2004, to stockholders of record on November 12, 2004. In addition, the Company announced net income for the nine months ended September 30, 2004 of $2,017,000, compared to net income of $1,960,000 for the nine months ended September 30, 2003, an increase of $57,000 or 2.9%. The Company had basic and diluted earnings per share of $1.34 and $1.26, respectively, for the nine months ended September 30, 2004 compared to basic and diluted earnings per share of $1.33 and $1.22, respectively, for the nine months ended September 30, 2003. The Company had net income for the three months ended September 30, 2004 of $599,000, compared to net income of $497,000 for the three months ended September 30, 2003, an increase of $102,000 or 20.5%. The Company had basic and diluted earnings per share of $0.40 and $0.38, for the three months ended September 30, 2004, compared to basic and diluted earnings per share of $0.33 and $0.31, respectively, for the three months ended September 30, 2003. "I feel the Company turned the corner for the year 2004 during the third quarter as witnessed by our net income year to date and for the three months ended September 30," said C. William Landefeld, President and Chief Executive Officer. "Hopefully, we can maintain this momentum for the balance of the year." Net interest income increased from $7,980,000 for the nine months ended September 30, 2003 to $8,073,000 for the nine months ended September 30, 2004, an increase of $93,000 or 1.2%. Interest income decreased to $13,187,000 for the nine months ended September 30, 2004 from $14,704,000 for the nine months ended September 30, 2003. The decrease was attributable to a 49 basis point decrease in the average yield on interest-earning assets and a $7.0 million decrease in the average balance of interest earning assets. Interest expense decreased to $5,114,000 for the nine months ended September 30, 2004 from $6,724,000 for the nine months ended September 30, 2003. The decrease was due to a 67 basis point decrease in the average rate paid on interest-bearing liabilities and a $9.0 million decrease in the average balance of interest- bearing liabilities. There was a negative provision for loan losses of $109,000 for the nine months ended September 30, 2004, compared to a provision for loan losses of $867,000 for the nine months ended September 30, 2003, a change of $976,000. The decrease was primarily due to the recovery in the first quarter of 2004 of $389,000 from a loan that had been previously charged off and the decrease in the size of the loan portfolio. Noninterest income decreased from $2,596,000 for the nine months ended September 30, 2003 to $1,405,000 for the nine months ended September 30, 2004, a decrease of $1,191,000. The decrease was primarily due to a decrease of $996,000 in net gains on loan sales and a decrease of $170,000 in gains on sales of land in a joint venture, offset by an $88,000 increase in service charges on deposit accounts and an $82,000 increase in the cash surrender value of life insurance policies. Noninterest expense decreased from $6,548,000 for the nine months ended September 30, 2003 to $6,377,000 for the nine months ended September 30, 2004, a decrease of $171,000 or 2.6%, because of a decrease of $353,000 in net loss on sale or write-down of foreclosed assets. Additional write-downs were taken in the first quarter of 2004 on commercial properties included in foreclosed assets based on the sales price of one property and lower expectations for the sale of another property. The Bank currently has five offices in central Illinois. CITIZENS FIRST FINANCIAL CORP. SELECTED FINANCIAL INFORMATION (In thousands except for per share data) 09/30/04 12/31/03 (Unaudited) Balance Sheet Data Total assets $327,103 $349,515 Cash and cash equivalents $32,475 $16,831 Investment securities $26,998 $20,746 FHLB stock $15,914 $15,206 Loans held for sale $963 $376 Loans $240,081 $282,477 Allowance for loan losses $3,214 $3,072 Deposits $231,416 $250,013 Borrowings $58,750 $63,975 Equity capital $34,213 $32,992 Book value per common share $22.83 $22.00 Quarter ended Nine months ended 09/30/04 09/30/03 09/30/04 09/30/03 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Summary of Operations Interest income $4,157 $4,882 $13,187 $14,704 Interest expense 1,575 2,137 5,114 6,724 Net interest income 2,582 2,745 8,073 7,980 Provision for loan losses 141 476 (109) 867 Noninterest income 429 1,013 1,405 2,596 Noninterest expense 1,916 2,502 6,377 6,548 Income before income tax 954 780 3,210 3,161 Income tax expense 355 283 1,193 1,201 Net income $599 $497 $2,017 $1,960 Earnings per share: Basic $0.40 $0.33 $1.34 $1.33 Diluted $0.38 $0.31 $1.26 $1.22 Ratios Based on Net Income Return on average stockholders' equity 7.06% 6.00% 7.98% 8.03% Return on average assets 0.72% 0.57% 0.79% 0.74% Net interest yield on average earning assets 3.33% 3.40% 3.37% 3.25% DATASOURCE: Citizens First Financial Corp. CONTACT: C. William Landefeld, President & Chief Executive Officer of Citizens First Financial Corp., +1-309-661-8700

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