Citizens First Bancorp, Inc. Announces Earnings for Three Months Ended June 30, 2002.Business Editors 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.--(BUSINESS WIRE)--July 26, 2002
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. (the "Bank"), today announced that it earned $2.8 million, or $.34 per share, for the quarter ended June June: see month. 30, 2002, as compared to net income of $2.7 million, or $0.31 per share, for the quarter ended June 30, 2001. The increase in net income for the three-months was primarily due to increased noninterest income, mainly increased service charges and other fees, which was offset in part by a $296,000 valuation allowance for mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. assets and by increased compensation and benefit costs. The Company's book value per share at June 30, 2002, and March 31, 2002, was $17.00 and $16.73 respectively. Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. On July July: see month. 24, 2002, the Company announced that it had completed the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 476,338 shares of its common stock. Upon completion of this repurchase program, the Company had 8,574,035 shares outstanding. Dividends On July 18, 2002 the Company's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash dividend of $0.08 per share. The dividend is expected to be paid on August 13, 2002 to stockholders of record on August 2, 2002. Financial Condition Total assets increased $16.9 million, or 1.8%, from $946.4 million at March 31, 2002 to $963.3 million at June 30, 2002. Net loans increased $39.0 million, or 5.3%, to $774.5 million from $735.6 million at March 31, 2002. Combined net growth of $45.0 million consisted primarily of a $17.9 million increase in one- to four-family residential loans, a $10.5 million increase in commercial real estate loans and a $10.2 million increase in commercial loans offset by a $6.0 million decline in residential construction loans. Investment securities decreased $10.8 million from $118.5 million at March 31, 2002 to $107.8 million at June 30, 2002, as the proceeds from maturing securities were used to fund loan growth. Total liabilities increased $21.5 million to $816.4 million. Total deposits increased $15.9 million from $634.0 million at March 31, 2002 to $649.9 million at June 30, 2002, primarily due to a $19.1 million increase in NOW checking accounts as a result of increased advertising and product promotion and a $7.8 million increase in money market accounts offset by a $14.5 million decrease in noninterest bearing accounts. FHLB FHLB Federal Home Loan Bank borrowings increased $2.4 million, or 1.6%, to $153.8 million to take advantage of the low rates being offered. Such funds were primarily invested in loans. Non-accrual loans increased $1.0 million, or 55.6%, to $2.8 million at June 30, 2002 from $1.8 million at March 31, 2002. This was primarily due to an increase in non-accruing real estate loans as a result of the slow economy and a rise in personal bankruptcies Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations. . Non-performing assets increased $496,000 to $3.2 million, or .33% of total assets, at June 30, 2002, as compared to $2.7 million, or .24%, at March 31, 2002, due to the increase in non-accruing loans. The allowance for loan losses was $11.1 million at June 30, 2002, or 1.41% of total loans and 394.1% of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. as compared to $11.0 million , or 1.47% of total loans and 554.6% of non-performing loans at March 31, 2002. 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. decreased $4.6 million from $151.4 million at March 31, 2002, to $146.8 million due to the payment of dividends and the effect of the stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. offset by net income and an increase to unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on securities. Results of Operations Net interest income decreased $10,000, to $8,616,000 for the three months ended June 30, 2002, from $8,626,000 for the three months ended June 30, 2001 due to lower overall interest rates on both interest 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 interest bearing liabilities. Total interest income decreased $1.7 million due to reduced rates on adjustable loans and lower rates on securities. Interest expense on deposits declined $1.9 million for the period offset by a $200,000 increase in interest expense on FHLB advances. The provision for loan loss for the three months ended June 30, 2002, was $274,000 compared to $249,000 at June 30, 2001, reflecting the overall increase in non-performing loans and an increase in the total loan portfolio, particularly in higher risk commercial and automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of loans. Non-interest income increased $829,000 for the quarter due to an increase in service charges and other fees, primarily as a result of the increase in the number of accounts and increased fees to deposit accountholders. Income from mortgage banking activities declined $357,000 due to a $296,000 increase in valuation allowances for mortgage servicing assets as a result of increased pre-payment assumptions and due to a change from selling loans service released to service retained. Other noninterest income increased $368,000, or 317.2%, for the three-month period due primarily to fair market valuation adjustments of deferred benefit programs. Non-interest expense increased $568,000 for the three months ended June 30, 2002 primarily due to a $526,000 increase to compensation and benefit expense due to normal increases to wages and fair market value adjustments to employee benefit programs. Professional fees increased $165,000 for the quarter due to the increased costs associated with being a public company and other public reporting expenses. Other non-interest expenses decreased $152,000 for the quarter as a result of accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for outside consultants in the prior period. Citizens First Bancorp, Inc., through its subsidiary Citizens First Savings Bank, currently serves its customers from 15 full service-banking offices 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. and Lapeer Lapeer may refer to:
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. 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.
RESULTS OF OPERATIONS (IN THOUSANDS):
For Quarter Ended
June 30,
2002 2001
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Net Interest Income 8,616 8,626
Provision for Loan Losses 274 249
Net Interest income after provision 8,342 8,377
Noninterest Income
Service Charges and other fees 1,029 463
Loan Servicing fees 144 --
Mortgage Banking activities (81) 276
Gain on sale of securities 108
Other 484 116
Total Noninterest Income 1,684 855
Noninterest Expense
Compensation and benefits 2,904 2,378
Office occupancy 873 829
Advertising 163 168
Stationary, printing, supplies 353 291
Data processing 118 111
Deposit Statement processing 179 164
Professional expenses 262 97
Appraisal fees 178 247
Other 626 803
Total Noninterest Expense 5,656 5,088
Income before Income Taxes 4,370 4,144
Income Tax Expense 1,539 1,422
Net Income 2,831 2,722
Net Interest Margin 3.80% 3.83%
ROA 1.19 1.20
ROE 7.52% 7.08%
Basic Earnings Per Share 0.34 0.31
Diluted Earnings Per Share 0.34 0.31
CITIZENS FIRST BANCORP, INC.
CONSOLIDATED BALANCE SHEET
June 30, March 31,
2002 2002
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Balance Sheet (in thousands):
Total Cash and Cash Equivalents $ 45,756 $ 57,926
Securities Available for Sale $107,754 $118,547
Loans held for sale $ 283 $ 126
Loans, Net $774,538 $735,564
Federal Home Loan Bank Stock $ 8,005 $ 7,505
Accrued Interest and other assets $ 16,435 $ 16,688
Premises and Equipment, net $ 10,503 $ 10,000
Total Assets $963,274 $946,356
Deposits $649,892 $634,014
FHLB Advances $153,808 $151,415
Other $ 12,742 $ 9,487
Total Liabilities $816,442 $794,916
Stockholders Equity $146,832 $151,440
CITIZENS FIRST BANCORP, INC
SUPPLEMENTAL INFORMATION
Loan Analysis
One- to four-family mortgage $403,752 $385,765
Commercial Real Estate $155,266 $144,817
Commercial Loans $ 52,331 $ 42,137
Construction $ 21,490 $ 27,541
Home Equity loans and Lines of Credit $ 74,404 $ 71,266
Automobile $ 63,208 $ 61,661
Other Consumer $ 16,874 $ 15,015
Less:
Allowance for loan losses $ 11,117 $ 11,020
Deferred loan origination and other fees $ 1,670 $ 1,618
Net Loans $774,538 $735,564
Deposit Analysis
Interest Bearing
Passbook and Savings deposits $ 79,529 $ 79,527
NOW Checking Accounts $ 95,833 $ 76,735
Money Market Accounts $165,860 $158,085
Certificates of Deposit $292,853 $289,310
Noninterest Bearing $ 15,817 $ 30,357
Nonperforming Assets $ 3,242 $ 2,746
Nonperforming Assets to Total Loans 0.41% 0.24%
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