Citizens First Bancorp, Inc. Announces 2006 Annual Meeting of Shareholders, $0.09 Per Share Cash Dividend and 9.8% Increase in Annual Earnings.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. (Nasdaq:CTZN): ANNUAL MEETING DATE Citizens First Bancorp, Inc. (the "Company")(Nasdaq: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. , today announced that its annual meeting of stockholders will be held on May 25, 2006 at 10:00 a.m., eastern time, at St. Clair County Community College St. Clair County Community College, or "SC4"(as it is known to the locals) is a two-year college located in Port Huron, Michigan. It serves as the primary center of higher education for the Blue Water Area. It has 58 associate degree and certificate programs. , Citizens First M-Tec Center, 323 Erie Erie, indigenous people of North America Erie (ĭr`ē), indigenous people of North America of the Iroquoian branch of the Hokan-Siouan linguistic stock (see Native American languages). Street, Port Huron, Michigan Port Huron is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 32,338. It is the county seat of St. Clair County6. The city is adjacent to Port Huron Township, but is politically independent. . The record date for shareholders entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to vote at the annual meeting is March 27, 2006. Dividends On January January: see month. 26, 2006 the Company's Board of Directors declared a quarterly cash dividend of $0.09 per share. The dividend is expected to be paid on February February: see month. 24, 2006 to stockholders of record on February 10, 2006. The Company also announced today that it earned $2.4 million, or $0.31 per share, for the quarter ended December December: see month. 31, 2005, as compared to net income of $2.2 million, or $0.27 per share, for the quarter ended December 31, 2004, an earnings increase of 9.3%. Earnings for the twelve months ended December 31, 2005 were $9.0 million, or $1.14 per share compared to $8.2 million, or $1.04 par share for the same time period last year, an earnings increase of 9.8%. The Company's book value per share at December 31, 2005 increased to $20.01 from $19.20 at December 31, 2004, an increase of 4.2%. Financial Condition Total assets increased $260.9 million, or 18.7%, from $1.39 billion at December 31, 2004 to $1.65 billion at December 31, 2005. Net loans were the largest contributor to that increase, which increased $233.0 million, or 19.5%, to $1.4 billion at December 31, 2005 from $1.2 billion at December 31, 2004. "Our investment in highly experience and seasoned loan officers is beginning to generate positive results in both the balance sheet and net interest margin growth," expressed 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. . Total liabilities increased $255.2 million to $1.5 billion. Total deposits increased $139.1 million from $933.1 million at December 31, 2004 to $1.1 billion at December 31, 2005 in part due to new markets that we have entered into during 2005. FHLB FHLB Federal Home Loan Bank and other borrowings increased $114.7 million to $402.5 million from $287.7 million at December 31, 2004, primarily to fund loan growth. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased $5.7 million from $162.9 million at December 31, 2004, to $168.6 million primarily due to net income, partially offset by the payment of dividends. Results of Operations Net interest income before provision for loan losses increased $2.2 million from $11.3 million for the three months ended December 31, 2004 to $13.5 million for the three months ended December 31, 2005 due primarily to growth in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and offset by higher overall interest rates paid on deposit accounts. Net interest income before provision for loan losses for the year ended December 31, 2005 increased $7.2 million, or 16.4%, to $51.0 million from $43.8 million for the year ended December 31, 2004. Non-interest income increased $133,000, or 8.4%, to $1.7 million for the three months ended December 31, 2005 from $1.6 million for the three months ended December 31, 2004, primarily due to an increase in trust fee income. Non-interest income for the year ended December 31, 2005 increased $1.3 million, or 24.5%, to $6.8 million from $5.4 million for year ended December 31, 2004, primarily due to an increase in service charges and other fees and income from mortgage banking activities as a result of increased loan originations 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. and sales as compared to the year ending December 31, 2004. Non-interest expense increased $2.4 million, or 27.1%, to $11.3 million for the three months ended December 31, 2005 from $8.9 million for the three months ended December 31, 2004 primarily due to increased compensation and benefit expense and occupancy expense. Non-interest expense increased $6.8 million, or 19.3%, for the year ended December 31, 2005 to $42.1 million, primarily due to an increase in compensation and benefit expenses due to increases in full time equivalents. "We have invested significantly in experienced personnel to generate various efficiencies and to obtain our overall growth that we experienced in 2005. We expect these investments in personnel to continue to add value to our business model," said Mr. Campbell. Also contributing to the increase in noninterest expense was $909,000 increase in occupancy expense due primarily due to costs related to two additional branch offices, a $685,000 increase in professional fees primarily due to compliance with the various requirements of the Sarbanes-Oxley Act See SOX. , a $586,000 increase in data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a expense, primarily related to our successful conversion of the core systems of Metrobank, and a $1.6 million increase in other non-interest expenses, partially offset by a $361,000 decrease in advertising expenses. "We are pleased with our strategic reinvestments into our core business and with our results of operations for the three and twelve months ended December 31, 2005, especially in light of our current interest rate environment. We look forward to generating accretive results in 2006 through customer service, excellent employees and continued focus on shareholder value," concluded Mr. Campbell. Citizens First Bancorp, Inc., through its subsidiary Citizens First Savings Bank, currently serves its customers from 23 full service-banking centers and 1 loan production office in St. Clair Clair , René Originally René Chomette. 1898-1981. French filmmaker. An early exponent of productions with sound, he directed the classics Sous les Toits de Paris (1929) and Le Million (1931). , Sanilac Sanilac can refer to:
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
December 31, December 31,
2005 2004
------------ ------------
Total cash and cash equivalents $47,591 $27,937
Securities available for sale 87,510 93,839
Loans held for sale 2,126 192
Loans, net 1,425,036 1,192,057
Federal Home Loan Bank stock 17,700 13,536
Other assets 38,032 35,123
Premises and equipment, net 36,228 30,680
------------ ------------
Total Assets $1,654,223 $1,393,364
============ ============
Deposits $1,072,195 $933,104
FHLB advances and federal funds purchased 398,513 277,736
Bank line of credit 3,950 10,000
Other liabilities 10,995 9,630
Total Liabilities 1,485,653 1,230,470
Stockholders' Equity 168,570 162,894
------------ ------------
Total Liabilities and Stockholders' Equity $1,654,223 $1,393,364
============ ============
CITIZENS FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Unaudited
Three Months Ended
December 31,
2005 2004
-------- ---------
Net Interest Income $13,544 $11,335
Provision for Loan Losses 570 797
Net Interest income after provision 12,974 10,538
Total Noninterest Income 1,724 1,591
Total Noninterest Expense 11,247 8,848
-------- ---------
Income before Income Taxes 3,451 3,281
Income Tax Expense 1,053 1,087
-------- ---------
Net Income $2,398 $2,194
======== =========
Net Interest Margin 3.42% 3.54%
Return on Average Assets 0.58% 0.64%
Return on Average Equity 5.74% 5.42%
Basic Earnings Per Share $0.31 $0.27
Diluted Earnings Per Share $0.30 $0.27
CITIZENS FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
For The Year Ended
December 31,
2005 2004
--------- --------
Net Interest Income $50,997 $43,816
Provision for Loan Losses 2,390 1,555
Net Interest income after provision 48,607 42,261
Total Noninterest Income 6,773 5,438
Total Noninterest Expense 42,068 35,270
--------- --------
Income before Income Taxes 13,312 12,429
Income Tax Expense 4,278 4,200
--------- --------
Net Income $9,034 $8,229
========= ========
Net Interest Margin 3.53% 3.56%
Return on Average Assets 0.59% 0.62%
Return on Average Equity 5.44% 5.12%
Basic Earnings Per Share $1.14 $1.04
Diluted Earnings Per Share $1.14 $1.04
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion