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CITIZENS FIRST BANCORP REPORTS PROFITABLE YEAR FOR 1991

 CITIZENS FIRST BANCORP REPORTS PROFITABLE YEAR FOR 1991
 GLEN ROCK, N.J., Jan. 22 /PRNewswire/ -- Rodney T. Verblaauw, president of Citizens First Bancorp, Inc. (AMEX: CFB) today announced net income of $657,000 or $.03 per share for the fourth quarter of 1991, and $2,956,000 or $.13 per share for the year ended Dec. 31, 1991. In 1990 Citizens recorded a loss of $64,299,000 or $3.03 per share for the fourth quarter and a loss of $102,366,000 or $4.83 per share for the year. Included in the results for the fourth quarter of 1991 were gains on loan sales of $1,058,000 and profits on securities sales of $3,476,000 which approximately offset foreclosed real estate expense of $3,086,000 and legal fees and other credit and collection expenses of $995,000.
 Verblaauw noted that nonperforming assets, which include nonaccruing loans and foreclosed real estate, ended the year at $213 million, a decrease of $39 million or 15.5 percent from the total at year-end 1990.
 Verblaauw also noted that during 1991's fourth quarter, the loan division took further steps to develop a more structured lending culture. These steps included standardized ratings and evaluations for each credit, greatly improved loan management reporting systems and strengthened monitoring and control procedures.
 "We said during the year that we saw a small light at the end of the tunnel. That light is certainly much brighter as a result of the recovery efforts put in place in 1991, and the results we are reporting today," Verblaauw noted.
 "Although our overall loan portfolio declined in 1991 due to the sluggish economy and reduced loan demand, certain lending areas experienced increased activity during the fourth quarter. We are encouraged by our progress, and we believe that the low interest rates we are experiencing will continue this trend in loan activity into 1992 and beyond," he added.
 As of Dec. 31, 1991, total assets amounted to $2,506,061,000 and total deposits were $2,361,914,000. These amounts were 6.7 percent and 7.1 percent less than the respective figures at year-end 1990.
 Citizens First Bancorp, Inc. is a one-bank holding company for Citizens First National Bank of New Jersey. The bank has 50 locations in Bergen, Morris, Passaic, Hudson and Ocean Counties.
 CITIZENS FIRST BANCORP, INC.
 Digest of Operations
 Quarter ended Dec. 31; 1991 1990
 Net income (loss) $ 657,000 $ (64,299,000)
 Per Common Share:
 Net Income (Loss):
 Primary $ .03 $ (3.03)
 Fully diluted $ .03 $ (3.03)
 Twelve Months ended Dec. 31;
 Net income (loss) $2,956,000 $(102,366,000)
 Per Common Share:
 Net Income (Loss):
 Primary $ .13 $ (4.83)
 Fully diluted $ .13 $ (4.83)
 Total Assets Total Deposits
 Dec. 31, 1991 $2,506,061,000 $2,361,914,000
 Dec. 31, 1990 $2,685,438,000 $2,542,233,000
 -0- 1/22/92
 /CONTACT: Jack M. Blackin, treasurer of Citizens First Bancorp, 201-670-2455/
 (CFB) CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN


JT -- NY060 -- 2298 01/22/92 12:21 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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