Citizens First Bancorp, Inc. Announces Earnings for Three and Six Months Ended June 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)--Aug. 7, 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 $3.3 million, or $0.42 per share, for the quarter ended June June: see month. 30, 2003, as compared to net income of $2.8 million, or $0.32 per share, for the quarter ended June 30, 2002, an increase of 20%. Earnings for the six months ended June 30, 2003 were $6.5 million, or $0.82 per share. The increase in net income for the three-months was primarily due to increased noninterest income from mortgage banking activities offset partially by a decrease in net interest income due to lower market rates and an increase in noninterest expense. The Company's book value per share at June 30, 2003, and December December: see month. 31, 2002, was $18.08 and $17.28 respectively. Dividends On July July: see month. 24, 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, a 12.5% increase. The dividend is expected to be paid on August 21, 2003 to stockholders of record on August 8, 2003. New Branch Location On July 16, 2003, the Bank opened its sixteenth and newest office in Wadhams, Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). . A grand opening celebration will be held at the office on August 21, 2003. Financial Condition Total assets increased $66.8 million, or 6.7%, from $1.0 billion at December 31, 2002 to $1.07 billion at June 30, 2003. Net loans increased $22.7 million, or 2.8%, to $841.9 million from $819.1 million at December 31, 2002. Investment securities increased $34.4 million, or 34.2%, from $100.4 million at December 31, 2002 to $134.7 million at June 30, 2003 as a result of cash being provided from loan sales. Cash and cash equivalents also increased $6.5 million, or 16.1% from $40.4 million at December 31, 2002 to $46.9 million at June 30, 2003. Total liabilities increased $61.5 million to $913.5 million. Total deposits increased $56.8 million from $671.8 million at December 31, 2002 to $728.6 million at June 30, 2003. FHLB FHLB Federal Home Loan Bank borrowings decreased $199,000 to $172.8 million due to maturing advances. Non-accrual loans increased $959,000, or 39.7%, to $3.4 million at June 30, 2003 from $2.41 million at December 31, 2002. Non-performing assets increased $1.2 million to $3.9 million, or 41.6%, at June 30, 2003, as compared to $2.77 million at December 31, 2002, due to an increase in non-accruing real estate and commercial loans due to the slow economy. The allowance for loan losses was $11.5 million at June 30, 2003, or 1.35% of total loans and 340.4% 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 $5.2 million from $148.2 million at December 31, 2002, to $153.4 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 offset by the payment of dividends and buybacks. Results of Operations Net interest income before provision for loan losses decreased $18,000 to $8.6 million for the three months ended June 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 six months ended June 30, 2003 decreased $978,000, or 5.6%, to $16.4 million from $17.3 million for the same period last year. Non-interest income increased $1.9 million for the three months ended June 30, 2003 primarily due to a $1.7 million increase in mortgage banking activities from a loss of $81,000 at June 30, 2002 to $1.6 million for the three-month period ending June 30, 2003 due to an increase in the sale of fixed-rate residential loans to third parties. Non-interest income for the six months ended June 30, 2003 increased $4.9 million, or 159.3%, also due to increased income from mortgage banking activities. Non-interest expense increased $1.3 million, or 24.0%, for the three months ended June 30, 2003 primarily due to a $650,000, or 22.3%, increase in compensation and benefit expenses due to an increase in number of employees, increases in the commissions for lending personnel, bonus paid to employees and an increase in the cost of benefits, A $176,000 increase in advertising, a $225,000 increase in professional fees primarily legal and accounting expenses and a $130,000 increase in appraisal fees due to higher volumes of loans being refinanced. Non-interest expense increased $2.2 million, or 19.4%, for the six months ended June 30, 2003 primarily due to a $1.2 million, or 20.8%, increase in compensation and benefit expenses, a $296,000 increase in advertising, a $378,000 increase in professional fees and a $266,000 increase in appraisal fees due to increased lending activity. 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
June 30,
2003 2002
------ ------
Net Interest Income $8,598 $8,616
Provision for Loan Losses 360 274
Net Interest income after provision 8,238 8,342
Total Noninterest Income 3,462 1,603
Total Noninterest Expense 6,907 5,570
------ ------
Income before Income Taxes 4,793 4,375
Income Tax Expense 1,517 1,544
------ ------
Net Income $3,276 $2,831
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Net Interest Margin 3.40% 3.83%
Return on Average Assets 1.26% 1.19%
Return on Average Equity 8.71% 7.48%
Basic Earnings Per Share $0.42 $0.32
Diluted Earnings Per Share $0.42 $0.32
CITIZENS FIRST BANCORP, INC.
RESULTS OF OPERATIONS (IN THOUSANDS):
Unaudited
For The Six Months Ended
June 30, June 30,
2003 2002
------- -------
Net Interest Income $16,367 $17,345
Provision for Loan Losses 720 523
Net Interest income after provision 15,647 16,822
Total Noninterest Income 7,942 3,063
Total Noninterest Expense 13,704 11,473
------- -------
Income before Income Taxes 9,885 8,412
Income Tax Expense 3,408 2,906
------- -------
Net Income $6,477 $5,506
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Net Interest Margin 3.37% 3.83%
Return on Average Assets 1.25% 1.17%
Return on Average Equity 8.61% 7.03%
Basic Earnings Per Share $0.82 $0.66
Diluted Earnings Per Share $0.82 $0.66
CITIZENS FIRST BANCORP, INC.
CONSOLIDATED BALANCE SHEET
Unaudited
June 30, December 31,
2003 2002
---------- -----------
Balance Sheet (in thousands):
Total Cash and Cash Equivalents $46,866 $40,356
Securities Available for Sale 134,756 100,382
Loans held for sale 823 1,557
Loans, Net 841,872 819,136
Federal Home Loan Bank Stock 9,180 9,180
Accrued Interest and other assets 15,301 14,584
Premises and Equipment, net 18,184 14,989
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Total Assets $1,066,982 $1,000,184
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Deposits $728,638 $671,830
FHLB Advances 172,804 173,003
Other 12,112 7,196
Total Liabilities 913,554 852,029
Stockholders Equity 153,428 148,155
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Total Liabilities and Equity $1,066,982 $1,000,184
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