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CITIZENS FIRST REPORTS STRONG FINANCIAL RESULTS

 GLEN ROCK, N.J., July 20 /PRNewswire/ -- Allan D. Nichols, chairman of the board and CEO of Citizens First Bancorp, Inc. (AMEX: CFB) announced second quarter earnings of $6,525,000, a 333 percent increase over the $1,506,000 reported in the second quarter of last year. Net income for the first six months of 1993 totalled $21,384,000, a 954 percent increase over the first six months of 1992. The 1993 first half results included $7.2 million of income in the first quarter resulting from the adoption of a new accounting principle. Earnings per share were $.13 for the second quarter and $.43 for the first half versus $.07 and $.09 for the comparable 1992 periods.
 Nichols noted the current net income, excluding the new accounting principle adoption, represents a return of 1.15 percent on average assets, and a 16.44 percent return on average invested capital. "These are important benchmarks in our rebuilding process, and represent significant milestones," he said. "Our sources of income have been right on target, and we have continued to adequately control routine operating expenses."
 Nichols noted that net interest income, after the provision for loan losses, increased $9.8 million or 31.3% compared with the first six months of 1992. As a result, the net interest margin improved significantly this year to 4.63 percent compared to 4.07 percent for the first six months of 1992. Fee income for the first six months increased $4.4 million or 58.4 percent over last year. This rise is attributable to fee enhancement programs, profit from the sale of securities and additional income derived from the sale of annuities and mutual funds.
 "As of June 30, 1993, nonperforming loans and foreclosed real estate totalled $156 million," Nichols said. "This is down $38 million, or 19.6 period, from the same time last year. Work in this area will remain our number one priority until such time these balances reach a significantly reduced level. The provision for loan loss was $4.5 million for the second quarter of 1993, compared with $6.0 million for 1992. The allowance for loan losses of $76.0 million now stands at 4.5 percent of total loans and 75.1% of nonperforming loans," Nichols added.
 "Day to day operating expenses for the first six months of 1993 were $34.7 million, up just 1.9 percent from last year. In addition, foreclosed real estate expense was $3.6 million, up $1.1 million over 1992, as a result of accelerated activity in preparing foreclosed real estate properties for sale," explained Nichols.
 Total shareholders' equity at June 30, 1993 was $184.2 million with the continued retention of second quarter earnings after the payment of preferred dividends. Total assets stood at $2.5 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 offices located throughout Bergen, Morris, Passaic, Hudson and Ocean Counties.
 CITIZENS FIRST BANCORP, INC.
 FINANCIAL HIGHLIGHTS
 (dollars in thousands, except per share data)
 Digest of Earnings
 For the quarter ended June 30 1993 1992
 Income before extraordinary credit $6,525 $1,222
 Extraordinary credit -- 284(A)
 Net Income $6,525 $1,506
 Per Common Share:
 Primary
 Inc. before extraord. credit $ .13 $ .06
 Extraord. credit -- .01(A)
 Net Income $ .13 $ .07
 Fully Diluted
 Inc. bef. extraord. credit $ .12 $ .06
 Extraordinary credit -- .01(A)
 Net Income $ .12 $ .07(C)
 Return on average assets (D) 1.06 pct. .20 pct.
 Return on shareholders' equity (D) 14.50 4.34
 Net interest margin 4.86 4.26
 Digest of Earnings
 Six months ended June 30 1993 1992
 Inc. bef. extraord. credit &
 change in accounting principle $14,216 $1,745
 Extraordinary credit -- 284(A)
 Cumulative effect of change
 in accounting principle 7,168(B) --
 Net Income $21,384 $2,029
 Per Common Share:
 Primary
 Inc. bef. extraord. credit & change
 in accounting principle $ .28 $ .08
 Extraordinary credit -- .01(A)
 Cumulative effect of change
 in accounting principle .15(B) --
 Net Income $ .43 $ .09
 Fully Diluted
 Inc. bef. extraord. credit &
 change in accounting principle $ .27 $ .08
 Extraordinary credit -- .01(A)
 Cumulative effect of change
 in accounting principle .14(B) --
 Net Income $ .41 $ .09(C)
 Return on average assets(D) 1.15 pct. .14 pct.
 Return on shareholders' equity(D) 16.44 4.01
 Net interest margin 4.63 4.07
 (A) Tax benefit arising from utilization of net operating loss carryforward.
 (B) Adoption of SFAS No. 109 Accounting for Income Taxes
 (C) Convertible securities have no dilutive effect for the period.
 (D) Based on income before extraordinary credit and\or change in accounting principle.
 CITIZENS FIRST BANCORP, INC.
 FINANCIAL HIGHLIGHTS
 (dollars in thousands)
 Balance Sheet Data 1993 1992
 At June 30
 Assets $2,472,328 $2,430,957
 Deposits 2,241,680 2,295,829
 Total loans 1,688,733 1,736,755
 Shareholders' equity 184,216 88,579
 Selected Ratios
 Shareholders' equity to
 total assets 7.45 pct. 3.64 pct.
 Leverage capital ratio 7.26 3.38
 Tier 1 capital to
 risk-weighted assets 10.52 4.65
 Total capital to
 risk-weighted assets 12.93 7.02
 Asset Quality
 Nonperforming assets $155,799 $193,818
 Nonperforming assets as a
 percentage of total loans
 & foreclosed real estate 8.94 10.70
 Nonperforming loans as a
 percentage of total loans 5.99 6.87
 Allowance for Loan Losses
 Balance at June 30, $75,954 $77,050
 As a percentage of:
 Total loans 4.50 4.44
 Nonperforming loans 75.05 64.54
 -0- 7/20/93
 /CONTACT: Allan D. Nichols, chairman of the board of Citizens First Bancorp, 201-670-2203/
 (CFB)


CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN

SH -- NY087 -- 3499 07/20/93 15:25 EDT
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Date:Jul 20, 1993
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