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CITIZENS FIRST BANCORP REPORTS HIGHER EARNINGS

 CITIZENS FIRST BANCORP REPORTS HIGHER EARNINGS
 GLEN ROCK, N.J., April 21 /PRNewswire/ -- Allan D. Nichols, chairman


of the board of Citizens First Bancorp, Inc. (AMEX: CFB), today announced that net income for the first quarter of 1992 rose 165 percent to $523,000 or $.02 per share, compared with net income of $197,000 or $.01 per share for the first quarter of 1991. "The recovery process is on schedule with this, our fifth consecutive profitable quarter," Nichols noted. "The stabilization now underway in the New Jersey real estate market will bode well for financial institutions, and Citizens First will be no exception," he added.
 Nichols also announced that the office of the comptroller of the currency (OCC) had recently completed an examination of Citizens First National Bank of New Jersey. The examination included a review of the Bank's loan portfolio and its internal risk-rating system for credits, in addition to the adequacy of its allowance for loan losses.
 "We have not incurred any unexpected credit losses and have decreased the level of nonperforming assets. The nonperforming assets, which ended the quarter at $213 million, were down $40 million from the $253 million for the first quarter of 1991. The condition of the bank has shown continued improvement since the date of the last OCC examination on Dec. 31, 1990," Nichols added.
 Net interest income reached $20.6 million for the first quarter of 1992, the highest total it has been in six quarters. Net interest margin was 3.89 percent for 1992's first quarter compared with the 3.61 percent recorded a year ago. The allowance for loan losses totaled $75.6 million at March 31, 1992, which represents 4.4 percent of total loans and 59.6 percent of nonperforming loans. Equity capital was $87.1 million or 3.59 percent of total assets. Tier 1 and total capital, using fully phased in 1992 rules, was 4.57 percent and 6.94 percent, respectively, of total risk-weighted assets at March 31, 1992.
 As of March 31, 1992, total assets amounted to $2,425,171,000 and total deposits were $2,289,459,000.
 Citizens First Bancorp is a one-bank holding company for Citizens First National Bank of New Jersey. The Bank has over 50 locations in Bergen, Morris, Passaic, Hudson and Ocean Counties.
 CITIZENS FIRST BANCORP, INC.
 Digest of Earnings
 Quarter ended March 31 1992 1991
 Net income $523,000 $197,000
 Per Common Share:
 Net income:
 Primary $ .02 $ .01
 Fully diluted $ .02(A) $ .01
 (A) Convertible securities have no dilutive effect for the period.
 Total Assets Total Deposits
 March 31, 1992 $2,425,171,000 $2,289,459,000
 March 31, 1991 $2,611,742,000 $2,470,663,000
 Citizens Common Stock is listed on the American Stock Exchange under the symbol CFB. Citizens Series A Preferred Stock is listed on the American Stock Exchange under the symbol CFB Pr A.
 -0- 4/21/92
 /CONTACT: Jack M. Blackin, treasurer of Citizens First Bancorp, 201-670-2455/
 (CFB) CO: Citizens First Bancorp Inc. ST: New Jersey IN: FIN SU: ERN


SH -- NY097 -- 0814 04/21/92 15:37 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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