Citizens First Corp. (MM) (CZFC)

Press Release: Citizens First Corporation Announces Fourth Quarter and Year End 2016 Results



Citizens First Corporation Announces Fourth Quarter and Year End 2016 Results

- Increase in 2016 diluted earnings per share of 18.6% compared to 2015

- Increase in 2016 net income of 16.9% compared to 2015

- Growth in outstanding loans of 8.7% compared to 2015

- Non-performing assets down 96% from 2015 to 0.01% of total assets

PR Newswire

BOWLING GREEN, Ky., Jan. 19, 2017

BOWLING GREEN, Ky., Jan. 19, 2017 /PRNewswire/ -- Citizens First Corporation (NASDAQ: CZFC) today reported results for the fourth quarter and year ending December 31, 2016, which include the following:

For the quarter ended December 31, 2016, the Company reported net income of $1.10 million, or $0.43 per diluted common share. This represents a decrease of $48,000, or $0.02 per diluted common share, from $1.15 million, or $0.45 per diluted common share, for the quarter ended December 31, 2015. For the year ended December 31, 2016, net income totaled $4.22 million, or $1.66 per diluted common share. This represents an increase of $610,000, or $0.26 per diluted common share, from the net income of $3.61 million in the previous year.

"Growth in earning assets combined with improved operating efficiency resulted in record earnings in 2016 for our bank," said Todd Kanipe, President and CEO. "Loan volume strengthened, particularly in the latter half of the fourth quarter, and our credit quality metrics continued their positive trends. Maintaining the net interest margin remains challenging; however, quality loan growth has positioned us for a good start to 2017," Kanipe added.

Shares of CZFC closed at $18.00 as of December 31, 2016, an increase of 31.0% from the closing price of $13.74 at December 31, 2015, and an increase of 51.3% from the closing price of $11.90 at December 31, 2014.

Income Statement Fourth Quarter 2016 Compared to Fourth Quarter 2015

Net interest income increased $49,000, or 1.3%, as the volume of loans increased from the prior year. The Company's net interest margin was 3.80% for the quarter ended December 31, 2016, and 3.94% for the quarter ended December 31, 2015, a decrease of 14 basis points. The Company's net interest margin decreased primarily due to a decline in the yield on loans.

There was no provision for loan losses in the fourth quarter of the current year compared to a negative provision of $65,000 in the fourth quarter of the prior year due to the continued reduction in non-performing assets.

Non-interest income decreased $111,000, or 12.1%, primarily due to a reduction in other service charges and fees of $99,000, and gains on the sale of securities of $68,000.

Non-interest expense decreased $73,000, or 2.3%, primarily due to a reduction in professional fees of $126,000, partially offset by an increase in personnel expense of $93,000.

Income Statement Current Year Compared to Prior Year

Net interest income increased $536,000, or 3.6%, as the volume of earning assets increased from the prior year. The Company's net interest margin was 3.87% for the year ended December 31, 2016, and 3.86% for the year ended December 31, 2015, an increase of 1 basis point. The Company's net interest margin increased due to a decline in the cost of average interest-bearing liabilities.

There was a negative provision for the current year of $85,000 compared to a provision of $135,000 in the prior year due to the continued reduction in non-performing assets.

Non-interest income decreased $8,000, or 0.2%, primarily due to an increase in gains on sale of mortgage loans of $142,000, offset by a decline in other service charges of $82,000 and non-deposit brokerage fees of $49,000.

Non-interest expense decreased $240,000, or 1.8%, primarily due to a decrease in other expenses of $205,000 and professional fees of $245,000, partially offset by an increase in personnel expenses of $340,000.

Credit Quality

Non-performing assets totaled $23,000, or 0.01% of total assets, at December 31, 2016 compared to $637,000, or 0.15% of total assets at December 31, 2015, a decrease of $614,000.

The allowance for loan losses at December 31, 2016 was $4.9 million, or 1.35% 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 December 31, 2016 were $455.4 million compared to $432.2 million at December 31, 2015. Total assets increased $23.2 million, or 5.4%, from December 31, 2015 to December 31, 2016 due to a growth in loans and interest-bearing deposits in other financial institutions, partially offset by a decline in federal funds sold and available-for-sale securities.

Loans increased $28.9 million, or 8.7%, from December 31, 2015 to December 31, 2016. Deposits increased $51,000, or 0.01%, from December 31, 2015 to December 31, 2016. Borrowings from the Federal Home Loan Bank increased $20.0 million.

Stockholders' equity increased to $42.4 million at December 31, 2016 from $39.5 million at December 31, 2015. The common equity and tangible common equity ratios were 7.71% and 6.83%, respectively, as of December 31, 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 $17.54 and $15.40, respectively, at December 31, 2016 compared to $16.18 and $13.97, respectively, at December 31, 2015.

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Citizens First Corporation is the bank holding for Citizens First Bank, Inc. (the Bank). The Bank conducts full-service community banking operations from nine locations in the Kentucky counties of Barren, Hart, Simpson and Warren. The Company is primarily engaged in the business of accepting demand, savings and time deposits and providing commercial, consumer and mortgage loans to the general public. It primarily markets its products and services to small and medium-sized businesses and to retail consumers. The Company offers extended drive-through hours, automated teller machines (ATMs), and banking by telephone, mail and personal appointment. As of December 31, 2010, it had 12 ATMs located within its markets. The Company also provides debit cards, credit cards, safekeeping and safe deposit boxes, automated clearing house (ACH) and other direct deposit services, savings bond redemptions, cashier’s checks, travelers’ checks and letters of credit.

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