Citizens First Bancorp, Inc. Announces Earnings for Three and Nine Months Ended September 30, 2003 and $0.09 Per Share Cash Dividend.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)--Nov. 10, 2003
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 $2.99 million, or $0.38 per share, for the quarter ended September September: see month. 30, 2003, as compared to net income of $3.02 million, or $0.38 per share, for the quarter ended September 30, 2002. Earnings for the nine months ended September 30, 2003 were $9.5 million, or $1.20 per share, an increase of 11.0% over the nine months ended September 30, 2002. The decrease in net income for the three-months was due to a decrease in net interest income due to lower market rates accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by an increase in noninterest expense due primarily to an increase in compensation and benefit expenses as a result of branch and department expansion and commissions for loan production along with an increase in the cost of stock-based benefit plans partially offset by increased noninterest income primarily from mortgage banking activities. The increase in net income for the nine-months was due to increased noninterest income primarily from mortgage banking activities partially offset by a decrease in net interest income due to lower market rates accompanied by an increase in noninterest expense due primarily to an increase in compensation and benefit expenses and professional expenses. The Company's book value per share at September 30, 2003 increased to $18.17 from $17.28 at December December: see month. 31, 2002, an increase of 5.2%. Dividends On November November: see month. 3, 2003 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 $0.09 per share. This represents an increase of $0.01, or 12.5%, over the September 2002 dividend. The dividend is expected to be paid on November 24, 2003 to stockholders of record on November 14, 2003. Financial Condition Total assets increased $64.5 million, or 6.4%, from $1.0 billion at December 31, 2002 to $1.06 billion at September 30, 2003. Net loans increased $57.9 million, or 7.1%, to $877.0 million from $819.1 million at December 31, 2002. Investment securities decreased $3.6 million, or 3.6%, from $100.4 million at December 31, 2002 to $96.8 million at September 30, 2003 as those funds were used to fund loan growth. Cash and cash equivalents also increased $1.4 million, or 3.4% from $40.4 million at December 31, 2002 to $41.7 million at September 30, 2003. Premises premises n. 1) in real estate, land and the improvements on it, a building, store, shop, apartment, or other designated structure. The exact premises may be important in determining if an outbuilding (shed, cabana, detached garage) is insured or whether a person and equipment increased $6.3 million, or 42.2%, as a result of the purchase of land for branch expansion, furniture and fixtures and the completion of the new Wadhams facility and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. increased $3.1 million to $17.7 million. Total liabilities increased $57.9 million to $909.9 million. Total deposits increased $55.7 million from $671.8 million at December 31, 2002 to $727.6 million at September 30, 2003. FHLB FHLB Federal Home Loan Bank borrowings increased $288,000 to $173.3 million. Non-accrual loans increased $1.9 million, or 77.9%, to $4.3 million at September 30, 2003 from $2.41 million at December 31, 2002. Non-performing assets increased $2.3 million, or 82.1%, to $5.0 million at September 30, 2003, as compared to $2.77 million at December 31, 2002, due to a $1.4 million increase in non-accruing real estate loans, a $334,000 increase in consumer loans and a $93,000 increase in commercial loans all due to the slow economy. The allowance for loan losses was $11.7 million at September 30, 2003, or 1.32% of total loans and 273.1% 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 1.33% of total loans and 459.07% of non-performing loans at December 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. increased $6.6 million from $148.2 million at December 31, 2002, to $154.8 million due to 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 available for sale securities partially offset by the payment of dividends and the buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may of Company stock. Results of Operations Net interest income before provision for loan losses decreased $694,000 from $9.2 million at September 30, 2002 to $8.5 million for the three months ended September 30, 2003 due primarily to lower overall interest rates on 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 . Net interest income for the nine months ended September 30, 2003 decreased $1.7 million, or 6.3%, to $24.9 million from $26.6 million for the same period last year. Non-interest income increased $2.1 million to $3.6 million for the three months ended September 30, 2003 from $1.5 million for the three months ended September 30, 2002 primarily due to a $1.7 million increase in mortgage banking activities from $266,000 for the three months ended September 30, 2002 to $2.0 million for the three-month period ending September 30, 2003 due to an increase in the sale of fixed-rate residential loans to third parties. Non-interest income for the nine months ended September 30, 2003 increased $7.0 million, or 151.1%, from $4.6 million to $11.6 million also primarily due to increased income from mortgage banking activities. Non-interest expense increased $1.2 million, or 21.1%, to $7.1 million for the three months ended September 30, 2003 from $5.8 million for the three months ended September 30, 2002 primarily due to a $492,000, or 22.8%, increase in compensation and benefit expenses due to an increase in number of employees as a result of the completion of the Wadhams branch, increases in the commissions for lending personnel due to higher than normal lending volume and an increase in the cost of benefits primarily stock based benefit plans. Advertising, marketing and business promotion expenses increased $117,000, or 53.7%, professional expenses increased $127,000 due primarily to increased legal and accounting expenses due to additional costs related the pending acquisition of Metrobank and a $409,000 increase in other non-interest expenses, primarily outside service expenses as a result of the conversion to a modernized mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. 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 and financial accounting system. Non-interest expense increased $3.5 million, or 20.0%, for the nine months ended September 30, 2003 primarily due to a $1.7 million, or 19.7%, increase in compensation and benefit expenses partially due to increases in staff as a result of new branch openings and an increase in commissions paid for increased loan production, a $505,000 increase in professional expenses primarily legal and auditing expenses as a result of changes required to comply with the Sarbanes-Oxley Act See SOX. and cost associated with the pending acquisition of Metrobank, a $259,000 increase in appraisal fees due to increased lending activity and a $784,000 increase in other non-interest expenses partially offset by a $164,000 decrease in data processing expense due to credits provided by the new vendor. Citizens First Bancorp, Inc., through its subsidiary Citizens First Savings Bank, currently serves its customers from 16 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, 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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.
RESULTS OF OPERATIONS (IN THOUSANDS):
Unaudited
For Quarter Ended
September 30,
2003 2002
--------- ---------
Net Interest Income $ 8,527 $ 9,221
Provision for Loan Losses 360 289
Net Interest income after provision 8,167 8,932
Total Noninterest Income 3,618 1,540
Total Noninterest Expense 7,081 5,845
-------- --------
Income before Income Taxes 4,704 4,627
Income Tax Expense 1,718 1,610
-------- --------
Net Income $ 2,986 $ 3,017
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Net Interest Margin 3.45% 3.83%
Return on Average Assets 1.14% 1.25%
Return on Average Equity 7.88% 8.09%
Basic Earnings Per Share $ 0.38 $ 0.38
Diluted Earnings Per Share $ 0.38 $ 0.38
CITIZENS FIRST BANCORP, INC.
RESULTS OF OPERATIONS (IN THOUSANDS):
Unaudited
For The Nine Months Ended
September 30,
2003 2002
------------ ------------
Net Interest Income $ 24,894 $ 26,566
Provision for Loan Losses 1,080 812
Net Interest income after provision 23,814 25,754
Total Noninterest Income 11,560 4,603
Total Noninterest Expense 20,785 17,318
----------- -----------
Income before Income Taxes 14,589 13,039
Income Tax Expense 5,126 4,516
----------- -----------
Net Income $ 9,463 $ 8,523
=========== ===========
Net Interest Margin 3.38% 3.83%
Return on Average Assets 1.20% 1.18%
Return on Average Equity 8.33% 7.62%
Basic Earnings Per Share $ 1.20 $ 1.04
Diluted Earnings Per Share $ 1.20 $ 1.04
CITIZENS FIRST BANCORP, INC.
CONSOLIDATED BALANCE SHEET
Unaudited
September 30, December 31,
2003 2002
------------- -------------
Balance Sheet (in thousands):
Total Cash and Cash Equivalents $ 41,745 $ 40,356
Securities Available for Sale 96,784 100,382
Loans held for sale 909 1,557
Loans, Net 877,072 819,136
Federal Home Loan Bank Stock 9,180 9,180
Accrued Interest and other assets 17,669 14,584
Premises and Equipment, net 21,319 14,989
------------ ------------
Total Assets $ 1,064,678 $ 1,000,184
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Deposits $ 727,554 $ 671,830
FHLB Advances 173,291 173,003
Other 9,043 7,196
Total Liabilities 909,888 852,029
Stockholders Equity 154,790 148,155
------------ ------------
Total Liabilities and Equity $ 1,064,678 $ 1,000,184
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