Citizens First Bancorp, Inc. Announces 13% Increase in Third Quarter Earnings and $0.09 Per Share Cash Dividend.PORT HURON Port Huron (hy  r`ən), city (1990 pop. 33,694), seat of St. Clair co., S Mich., a natural, deepwater port of entry at the junction of the St. Clair River with Lake Huron; inc. 1857. , Mich. -- Citizens First Bancorp
First BanCorp is a financial holding company located in San Juan, Puerto Rico, which offers a full range of financial services in Puerto Rico, US Virgin Islands, the British Virgin Islands, and , Inc. (the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTZN), the holding company for Citizens First Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. ("Citizens First")and Metrobank ("Metrobank"), today announced that it earned $2.5 million, or $.32 per share, for the quarter ended September September: see month. 30, 2005, compared to net income of $2.2 million, or $.28 per share, for the quarter ended September 30, 2004. The increase in net income was due to increased net interest income primarily due to an increase of 200 basis points in the prime rate and increased lending activities. The Company's book value per share at September 30, 2005, and December December: see month. 31, 2004, was $19.81 and $19.19 respectively. Dividends On October October: see month. 27, 2005, the Company's Board of Directors declared a quarterly cash dividend of $0.09 per share. The dividend is expected to be paid on November November: see month. 25, 2005 to stockholders of record on November 11, 2005. Financial Condition Total assets increased $198.9 million, or 14.3%, from $1.393 billion at December 31, 2004 to $1.592 billion at September 30, 2005. The growth in assets was primarily a result of loan growth of $154.9 million, or 13.0%, to $1.347 billion at September 30, 2005 compared to $1.192 billion at December 31, 2004. Total deposits increased $155.4 million from $933.1 million at December 31, 2004 to $1,089 million at September 30, 2005. For the same period, FHLB FHLB Federal Home Loan Bank advances and other borrowings increased $38.8 million, or 13.5%, to $326.5 million as a result of increased borrowings to fund loan growth. Total nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. increased to $21.7 million at September 30, 2005 compared to $11.7 million at December 31, 2004. Nonperforming assets as a percentage of total assets increased to 1.36% at September 30, 2005 compared to 0.84% at December 31, 2004. The majority of the increase in nonperforming assets resulted from the downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of previously recognized "watch" rated credits to nonperforming status. These downgrades were the result of deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the financial condition of certain borrowers. These credits are regularly monitored, have been under the management of an experienced special asset officer and workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. plans are in place to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. any potential
losses. Additionally, the allowance for loan losses as a percentage of
total loans decreased to 1.05% at September 30, 2005 compared to 1.12%
at December 31, 2004. The allowance for loan losses analysis includes
inherent losses in the loan portfolio. Based on our analysis, we believe
that the allowance for loan losses is sufficient to cover potential
losses at September 30, 2005.
Results of Operations Net interest income, after provision for loan losses, for the three months ended September 30, 2005 increased $1.8 million, or 16.7%, to $12.6 million from $10.8 million for the three months ended September 30, 2004. Net interest income, after provision for loan losses, for the nine months ended September 30, 2005 increased $4.1 million, or 12.9%, to $35.9 million from $31.8 million for the nine months ended September 30, 2004. "Our margin for both the three and nine months ended September 30, 2005 demonstrates our competitiveness in the deposit rates that we have recently increased. Our loan officers are aggressively seeking offering rates on the loan products to keep in line with the increased deposit rates. We believe that our margin will continue to improve in the future," said Marshall Marshall. 1 City (1990 pop. 12,711), seat of Saline co., N central Mo.; inc. 1839. In a large farm area, it is a processing center for grain, eggs, meat, and dairy products. Marshall is the seat of Missouri Valley College. J. Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. , Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Noninterest income for the three months ended September 30, 2005 increased to $2.2 million compared to $666,000 for the same period in the prior year. A majority of this increase was a result of the $62 million adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. loan sale that occurred in July 2005 which resulted in a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $937,000. Noninterest income for the nine months ended September 30, 2005 increased $1.2 million, or 31.3%, primarily due to the same reason supplemented by increased trust fee income. Noninterest expense for the three and nine months ended September 30, 2005 increased to $10.9 million and $31.1 million compared to $8.1 million and $26.5 million for the same time periods in the prior year, respectively. Compensation, payroll taxes Payroll Tax Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. and employee benefits increased by $1.5 million for the third quarter and $2.3 million for the nine months ended 2005. These increases were primarily due to increases in wages and additions to staff due the new loan production offices and banking centers and one-time severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
Citizens First Bancorp, Inc., through its subsidiaries Citizens First Savings Bank and Metrobank, currently serves its customers from 23 full service-banking and 1 loan production offices in St. Clair, Sanilac, Huron Huron, city, United States Huron (hy r`än'), city (1990 pop. 12,448), seat of Beadle co., E central S.Dak., on the James River; inc. 1883. , Lapeer, Macomb and Oakland counties.
Statements contained in this news release may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements may be identified by the use of such words as "intend," "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Such forward-looking statements are based on current expectations, but may differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, which are incorporated into this press release by reference. Other factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in the Bank's market area, changes in relevant accounting principles and guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and other factors over which management has no control. The forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
CITIZENS FIRST BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
Unaudited
September 30, December 31,
2005 2004
------------- ------------
Total cash and cash equivalents $54,693 $27,937
Securities available for sale 92,218 93,839
Loans held for sale 8,100 192
Loans, net 1,346,924 1,192,057
Federal Home Loan Bank stock 17,700 13,536
Other assets 36,839 35,123
Premises and equipment, net 35,753 30,680
------------- ------------
Total Assets $1,592,227 $1,393,364
============= ============
Deposits $1,088,499 $933,104
FHLB advances and federal funds purchased 315,501 277,736
Bank line of credit 11,000 10,000
Other Liabilities 9,802 9,630
------------- ------------
Total Liabilities 1,424,802 1,230,470
Stockholders' Equity 167,425 162,894
------------- ------------
Total Liabilities and Stockholders' Equity $1,592,227 $1,393,364
============= ============
CITIZENS FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Unaudited
Three Months Ended
September 30,
2005 2004
--------- --------
Net Interest Income $13,169 $11,275
Provision for Loan Losses 560 470
--------- --------
Net Interest Income after Provision 12,609 10,805
Total Noninterest Income 2,187 666
Total Noninterest Expense 10,927 8,124
--------- --------
Income before Income Taxes 3,869 3,347
Income Tax Expense 1,386 1,142
--------- --------
Net Income $2,483 $2,205
========= ========
Net Interest Margin 3.53% 3.60%
Return on Average Assets 0.64% 0.66%
Return on Average Equity 5.94% 5.49%
Basic Earnings Per Share $0.32 $0.28
Diluted Earnings Per Share $0.31 $0.28
CITIZENS FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Unaudited
Nine Months Ended
September 30,
2005 2004
-------- --------
Net Interest Income $37,720 $32,550
Provision for Loan Losses 1,820 758
-------- --------
Net Interest Income after Provision 35,900 31,792
Total Noninterest Income 5,049 3,847
Total Noninterest Expense 31,089 26,491
-------- --------
Income before Income Taxes 9,860 9,148
Income Tax Expense 3,225 3,113
-------- --------
Net Income $6,635 $6,035
======== ========
Net Interest Margin 3.62% 3.56%
Return on Average Assets 0.60% 0.62%
Return on Average Equity 5.34% 5.02%
Basic Earnings Per Share $0.84 $0.77
Diluted Earnings Per Share $0.84 $0.76
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