Citizens First Bancorp, Inc. Announces Earnings for Three and Twelve Months Ended December 31, 2004.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. (the "Bank"), today announced that it earned $2.2 million, or $0.27 per share, for the quarter ended December December: see month. 31, 2004, as compared to net income of $2.9 million, or $0.38 per share, for the quarter ended December 31, 2003. Earnings for the twelve months ended December 31, 2004 were $8.2 million, or $1.04 per share. The decrease in net income for the quarter and the year ending December 31, 2003 was primarily due to a decrease in noninterest income from mortgage banking activities. The Company's book value per share at December 31, 2004 increased to $19.19 from $18.59 at December 31, 2003, an increase of 3.2%. Financial Condition Total assets increased $299.1 million, or 27.3%, from $1.09 billion at December 31, 2003 to $1.39 billion at December 31, 2004. Net loans was the largest contributor to that increase growing both as a result of the acquisition of Metrobank and through originations. Net loans increased $255.8 million, or 27.5%, to $1.2 billion from $931.2 million at December 31, 2003. Total liabilities increased $294.4 million to $1.2 billion. Total deposits increased $184.6 million from $748.5 million at December 31, 2003 to $933.1 million at December 31, 2004. FHLB FHLB Federal Home Loan Bank and other borrowings increased $103.2 million to $287.7 million from $184.5 million at December 31, 2003. 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 $4.7 million from $158.2 million at December 31, 2003, to $162.9 million due to net income and partially offset by the payment of dividends. Results of Operations Net interest income before provision for loan losses increased $2.1 million from $9.4 million at December 31, 2003 to $11.5 million for the three months ended December 31, 2004 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 twelve months ended December 31, 2004 increased $6.9 million, or 18.6%, to $44.0 million from $37.1 million for the same period last year. Non-interest income increased $925,000, or 60.0%, to $2.5 million for the three months ended December 31, 2004 from $1.5 million for the three months ended December 31, 2003 primarily due to an increase in income from service charges and other fees. Non-interest income for the twelve months ended December 31, 2004 decreased $1.5 million, or 14.7%, to $8.8 million from $10.3 million for twelve months ended December 31, 2003 primarily due to decreased income from mortgage banking activities as a result of decreased 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, 2003. Non-interest expense increased $3.2 million, or 48.8%, to $9.8 million for the three months ended December 31, 2004 from $6.6 million for the three months ended December 31, 2003 primarily due to increased compensation and benefit expense and occupancy expense. Non-interest expense increased $11.4 million, or 41.6%, for the twelve months ended December 31, 2004 primarily due to a $2.9 million, or 22.1%, increase in compensation and benefit expenses partially due to increases in staff as a result of the Metrobank acquisition and increased benefit costs. Also contributing to the increase in noninterest expense was a $2.1 million increase in professional expenses primarily legal and auditing expenses as a result of changes required to comply with the Sarbanes-Oxley Act See SOX. , a $1.7 million, or 40.8%, increase in occupancy expense due partially to lease costs at the Metrobank offices and cost related to additional branch offices, a $814,000 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, a $685,000 increase in advertising expenses, $660,000 in core deposit premium amortization and a $2.1 million increase in other non-interest expenses partially offset by a $224,000 decrease in deposit statement preparation expenses. CONTROLS AND PROCEDURES The Company, under the supervision, and with the participation, of its management, including the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of December 31, 2004, pursuant to the requirements of Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of December 31, 2004, in timely alerting them to material information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company (including its consolidated subsidiaries) required to be included in the Company's periodic SEC filings. Management's Annual Report on Internal Control Over Financial Reporting and the related Attestation Report Noun 1. attestation report - a consulting service in which a CPA expresses a conclusion about the reliability of a written statement that is the responsibility of someone else attestation service of BDO Seidman BDO Seidman, LLP is the United States arm of BDO International, one of the largest accounting firms outside of the Big Four. History BDO Seidman, LLP was founded as Seidman and Seidman in New York City in 1910 by Maximillian L. Seidman. , LLP LLP - Lower Layer Protocol , the Company's registered public accounting firm, will not be provided as part of the annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 16, 2005. In reliance upon a 45 day extension granted pursuant to an exemptive order issued by the Securities and Exchange Commission on November November: see month. 30, 2004, management of the Company intends to submit these items as an amendment to this report on Form 10-K by no later than April 29, 2005. There was no change in the Company's internal control over financial reporting that occurred during the Company's fiscal quarter ended December 31, 2004 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Citizens First Bancorp, Inc., through its subsidiaries Citizens First Savings Bank and Metrobank, currently serves its customers from 20 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. , 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
December 31,
2004 2003
--------- ---------
Net Interest Income $ 11,450 $ 9,419
Provision for Loan Losses 797 360
Net Interest income after provision for loan
losses 10,653 9,059
Total Noninterest Income 2,467 1,542
Total Noninterest Expense 9,839 6,614
--------- ---------
Income before Income Taxes 3,281 3,987
Income Tax Expense 1,087 1,129
--------- ---------
Net Income $ 2,194 $ 2,858
========= =========
Net Interest Margin 3.54% 3.55%
Return on Average Assets 0.64% 1.06%
Return on Average Equity 5.42% 7.31%
Basic Earnings Per Share $ 0.27 $ 0.38
Diluted Earnings Per Share $ 0.27 $ 0.37
CITIZENS FIRST BANCORP, INC.
RESULTS OF OPERATIONS (IN THOUSANDS):
For The Year Ended
December 31,
2004 2003
--------- ---------
Net Interest Income $ 44,000 $ 37,108
Provision for Loan Losses 1,555 1,440
Net Interest income after provision for loan
losses 42,445 35,668
Total Noninterest Income 8,791 10,307
Total Noninterest Expense 38,807 27,399
--------- ---------
Income before Income Taxes 12,429 18,576
Income Tax Expense 4,200 6,255
--------- ---------
Net Income $ 8,229 $ 12,321
========= =========
Net Interest Margin 3.51% 3.66%
Return on Average Assets 0.62% 1.15%
Return on Average Equity 5.12% 8.06%
Basic Earnings Per Share $ 1.04 $ 1.58
Diluted Earnings Per Share $ 1.04 $ 1.57
CITIZENS FIRST BANCORP, INC.
CONSOLIDATED BALANCE SHEET
December 31, December 31,
2004 2003
------------ ------------
Balance Sheet (in thousands):
Total Cash and Cash Equivalents $ 27,937 $ 33,647
Securities Available for Sale 97,828 79,672
Loans held for sale 192 1,984
Loans, Net 1,184,968 929,201
Federal Home Loan Bank Stock 13,536 9,416
Accrued Interest and other assets 25,309 17,072
Goodwill 9,814 0
Premises and Equipment, net 33,780 23,268
------------ ------------
Total Assets $ 1,393,364 $ 1,094,260
============ ============
Deposits $ 933,104 $ 748,531
FHLB Advances 232,209 172,534
Bank line of credit 10,000 -
Federal funds purchased 45,527 9,000
Other 9,630 6,008
Total Liabilities 1,230,470 936,073
Stockholders Equity 162,894 158,187
------------ ------------
Total Liabilities and Equity $ 1,393,364 $ 1,094,260
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