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CITIZENS FIRST BANCORP, INC. REPORTS DRAMATIC INCREASE IN EARNINGS

 CITIZENS FIRST BANCORP, INC. REPORTS DRAMATIC INCREASE IN EARNINGS
 GLEN ROCK, N.J., Oct. 20 /PRNewswire/ -- Citizens First Bancorp, Inc. (AMEX: CFB), continuing its positive earnings trend, today posted its seventh consecutive profitable quarter. With third quarter earnings of $3,154,000, Citizens First more than doubled the profit it reported in the second quarter of 1992.
 Allan D. Nichols, chairman of the board of Citizens First Bancorp, Inc., noted "that for the first nine months of 1992, compared to 1991, net interest income and fee income have shown marked improvement while at the same time operating expenses have decreased. The core earning capability of the company is stronger now than last year."
 Net income for the first nine months of 1992 totalled $5,183,000 or $.23 per share, versus $2,991,000 or $.10 per share for the comparable nine month period in 1991.
 "Our earnings performance demonstrates quite dramatically that not only has Citizens First turned the corner, in terms of profitable operations, but that we are aggressively moving forward to market our services in the retail and corporate segments of the communities we serve," Nichols stated.
 "Additionally", noted Nichols, "we strengthened our balance sheet during the third quarter. Citizens First Bancorp raised $71 million in new equity capital. This was accomplished through the completion of an oversubscribed Shareholder Rights Offering together with standby investor commitments. This new capital has raised the equity/asset ratio to 6.5 percent which is the highest level in the history of the Bancorp."
 The recapitalization of the Bank was the most important step in its rebuilding plan, which was approved by the Office of the Comptroller of the Currency earlier this year.
 Non-performing assets, which include non-performing loans and foreclosed real estate, stood at $185 million as of Sept. 30, 1992, down from $213 million at year end 1991. Through the first nine months of 1992, Citizens First has added $18 million to its loan loss reserve, mirroring its actions for the comparable nine month period of 1991.
 The allowance for loan losses now stands at 4.51 percent of total loans and 65 percent of non-performing loans.
 As of Sept. 30, 1992, total assets stood at $2.4 billion and total deposits were $2.2 billion.
 Citizens First Bancorp, Inc., is a one-bank holding company for Citizens First National Bank of New Jersey. The Bank has 50 branch locations in Bergen, Passaic, Morris, Hudson and Ocean counties.
 CITIZENS FIRST BANCORP, INC. AND SUBSIDIARY
 Digest of Earnings
 (000 omitted)
 Quarter ended Sept. 30 1992 1991
 Net income $3,154 $1,336
 Per Common Share:
 Net income $ .14 $ .06
 Weighted average shares outstanding 22,550 21,425
 Nine months ended Sept. 30
 Net income $5,183 $2,299
 Per Common Share:
 Net income $ .23 $ .10
 Weighted average shares outstanding 21,800 21,368
 Balance Sheet Data
 Sept. 30 1992 1991
 Total Assets $2,438,960 $2,537,897
 Total Deposits $2,333,087 $2,395,308
 Total Shareholders' Equity $ 158,954 $ 85,893
 -0- 10/20/92
 /CONTACT: Allan D. Nichols, chairman of the board of Citizens First Bancorp, 201-670-2202/
 (CFB) CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN


TS -- NY094 -- 2382 10/20/92 14:15 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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