Citizens First Bancorp, Inc. Announces Earnings First Quarter Results for 2005 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: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")and Metrobank ("Metrobank"), today announced that it earned $2.0 million, or $.25 per share, for the quarter ended March 31, 2005, as compared to net income of $1.9 million, or $0.24 per share, for the quarter ended March 31, 2004. This 6.6% increase in net income was primarily due to increased interest income from commercial loan activities. The Company's book value per share at March 31, 2005, and December December: see month. 31, 2004, was $19.36 and $19.19 respectively. Dividends On April 28, 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 May 20, 2005 to stockholders of record on May 6, 2005. Financial Condition Total assets increased $71.0 million, or 5.1%, from $1.393 billion at December 31, 2004 to $1.464 billion at March 31, 2005. The growth in assets was primarily a result of loan growth of $54.6 million, or 4.6%, to $1.240 billion at March 31, 2005 compared to $1.185 billion at December 31, 2004. "The balanced growth that we have worked diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to achieve in all of our lines of business has positioned us well in the current interest rate environment," 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. . "Our customers, stockholders and employees are benefiting from the investment in our core business." Total deposits increased $39.0 million from $933.1 million at December 31, 2004 to $972.1 million at March 31, 2005. For the same period, FHLB FHLB Federal Home Loan Bank and other borrowings increased $30.6 million, or 10.6%, to $318.4 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. decreased $4.4 million, or 38.0%, to $7.2 million at March 31, 2005 from $11.7 million at December 31, 2004. Nonperforming assets as a percentage of total assets decreased to 0.49% at March 31, 2005 compared to 0.84% at December 31, 2004. Additionally, allowance for loan losses as a percentage of total loans decreased to 1.10% at March 31, 2005 compared to 1.19% at December 31, 2005. The improvements in the Company's asset quality ratios are a result of a revision to our policy on the classification of nonperforming assets. Previous to January 1, 2005, our policy stated that nonperforming loans had to demonstrate a current payment status for a period of 90 days once the credit reached 90 days past due to be reclassified as a performing loan. The Company amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. its policy to reclassify Verb 1. reclassify - classify anew, change the previous classification; "The zoologists had to reclassify the mollusks after they found new species" class, classify, sort out, assort, sort, separate - arrange or order by classes or categories; "How would you the loans as performing, once they become current, as this data provided management more useful information about the quality of our loan portfolio. Results of Operations Net interest income before provision for loan losses increased $1.6 million, or 15.1%, to $12.0 million for the three months ended March 31, 2005, from $10.4 million for the three months ended March 31, 2004. "The increases in our net interest margin were due primarily to the increased volume of activity in the commercial banking department and as a result of rising interest rates. We expect rates to rise slightly during the remainder of 2005 and, as such, continued growth in our net interest margin over last year," commented Mr. Campbell. Noninterest income increased $289,000 for the three months ended March 31, 2005 compared to the same period last year primarily due to a $269,000 increase in service charges and other fees. "Our efforts in increasing this source of income to the Company continue as we develop new products to benefit our customers. Courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. First, our mobile van service that speeds the handling of deposits for our customers, continues to attract new customers to our institution. Additionally, our new internet See Web 2.0 and Internet2. website was recently launched and has exceeded our customers' expectations," stated Mr. Campbell. Noninterest expense increased $1.4 million for the three months ended March 31, 2005 compared to the same period last year primarily due to a $531,000, or 12.5%, increase in 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 benefit expenses. This increase was partially due to increases in staff levels at various loan production offices and one-time costs incurred with the reduction of personnel at Metrobank. As management continues to evaluate the staffing levels necessary for the continued combination of Metrobank processes into Citizens, we expect expenses in compensation to increase through the third quarter of 2005 as a result of severance packages 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:
v. de·part·ed, de·part·ing, de·parts v.intr. 1. To go away; leave. 2. To die. 3. employees, offset by efficiencies obtained as a result of such efforts. Also contributing to the increase in noninterest expense was a $146,000 increase in office occupancy expense due to the construction of additional banking centers and leases in Macomb and Lapeer counties and a $448,000 increase in professional fees as a result of Sarbanes-Oxley Act See SOX. requirements. "We are encouraged about our results of operations for the first quarter of 2005 in relation to our long term growth strategy and our investment in the communities in which we serve. Our focus will continue to manage noninterest expenses in relation to our forecasted growth throughout 2005," concluded Mr. Campbell. Citizens First Bancorp, Inc., through its subsidiaries Citizens First Savings Bank and Metrobank, currently serves its customers from 20 full service-banking and 4 loan productions 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, Livingston 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.
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
Unaudited
March 31, December 31,
2005 2004
----------- -----------
Total cash and cash equivalents $37,562 $27,937
Securities available for sale 101,881 97,828
Loans held for sale - 192
Loans, net 1,239,537 1,184,968
Federal Home Loan Bank Stock 14,700 13,536
Other assets 35,317 35,123
Premises and equipment, net 35,403 33,780
----------- -----------
Total Assets $1,464,400 $1,393,364
=========== ===========
Deposits $972,064 $933,104
FHLB advances and federal funds purchased 308,355 277,736
Bank line of credit 10,000 10,000
Other Liabilities 9,651 9,630
----------- -----------
Total Liabilities 1,300,070 1,230,470
Stockholders' Equity 164,330 162,894
----------- -----------
Total Liabilities and Stockholders' Equity $1,464,400 $1,393,364
=========== ===========
CITIZENS FIRST BANCORP, INC.
RESULTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA):
Unaudited
For Quarter Ended
March 31,
2005 2004
-------- --------
Net Interest Income $12,014 $10,437
Provision for Loan Losses 480 90
Net Interest Income after provision 11,534 10,347
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Total Noninterest Income 2,284 1,995
Total Noninterest Expense 10,845 9,459
-------- --------
Income before Income Taxes 2,973 2,883
Income Tax Expense 965 999
-------- --------
Net Income $2,008 $1,884
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Net Interest Margin 3.61% 3.59%
Return on Average Assets 0.57% 0.59%
Return on Average Equity 4.87% 4.68%
Basic Earnings Per Share $0.25 $0.24
Diluted Earnings Per Share $0.25 $0.24
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