SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): April 17, 2003
CITIZENS FIRST CORPORATION
(Exact name of Registrant as specified in its charter)
Kentucky 333-67435 61-0912615
--------------- --------- --------------
(State or other (Commission (IRS employer
jurisdiction of file number) identification
incorporation) number)
1805 Campbell Lane, Bowling Green, Kentucky 42104
(Address of principal executive offices)
(270) 393-0700
(Registrant's telephone number, including area code)
ITEM 9. REGULATION FD DISCLOSURE AND RESULTS OF OPERATIONS AND
FINANCIAL CONDITION.
On April 17, 2003, Citizens First Corporation issued a press release, a
copy of which is attached hereto as Exhibit 99.1 and incorporated herein by
reference, announcing first quarter earnings. This information is being provided
under Items 9 and 12 of Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
C. Exhibits
99.1 Press Release dated April 17,2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CITIZENS FIRST CORPORATION
(Registrant)
By: Bill D. Wright
Vice President and Chief
Financial Officer
Date: April 17,2003
EXHIBIT INDEX
Exhibit Number Description of Exhibit
99.1 Press Release dated April 17, 2003
Exhibit 99.1 Press Release dated April 17, 2003
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
April 17, 2003 Bill D. Wright
Chief Financial Officer
(270) 393-0700
CITIZENS FIRST CORPORATION ANNOUNCES FIRST QUARTER 2003 RESULTS
BOWLING GREEN, KY - Citizens First Corporation (OTC Bulletin Board: CZFC) today
reported its results of operations for the three months ended March 31, 2003.
Mary D. Cohron, President and CEO, reported that the company's net income on a
consolidated basis for the first quarter of 2003 was $117,749, or $0.18 per
common share, compared to net income of $130,889 or $0.20 per common share for
the first quarter of 2002. "Citizens First Bank has experienced extraordinary
loan and deposit growth in the first quarter of 2003," said Cohron. "In fact,
loan growth in the first quarter exceeded loan growth for all of 2002. Also
during the first quarter of 2003, we opened a new branch in Bowling Green,
opened a loan production office in Franklin, Kentucky and finalized the
acquisition of Commonwealth Mortgage and Southern Kentucky Land Title. This
extraordinary loan growth and these initiatives, while increasing non-interest
expense and the provision for loan losses, have contributed substantially to the
Bank's growth." The company's wholly owned subsidiary, Citizens First Bank,
Inc., opened for business on February 18, 1999.
Net interest income for the quarter ended March 31, 2003 was $1,066,332, versus
$848,653 for the same quarter of 2002, an increase of $217,679 or 25.6%.
Non-interest income was $281,960 during the first quarter of 2003, compared to
$112,449 in the same quarter of 2002, an increase of $169,511 or 150.7%.
Non-interest expense was $1,022,693 for the first quarter of 2003, versus
$731,703 for the same period of 2002, an increase of $290,990 or 39.8%.
Total assets at March 31, 2003 were $130,823,195, up $32,878,605 or 33.6%, from
$97,944,590 at March 31, 2002. Stockholders' equity of $7,923,497 equaled 6.1%
of total assets as of March 31, 2003.
CITIZENS FIRST CORPORATION
(Unaudited)
Financial Highlights
Quarter Quarter
Ended Ended
3/31/2003 3/31/2002
Interest Income ................... $1,724,700 $1,577,598
Interest Expense 658,368 728,945
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Net Interest Income ............... 1,066,332 848,653
Provision for Loan Losses 153,000 30,000
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Net Interest Income after Provision 913,332 818,653
Non-Interest Income ............... 281,960 112,449
Non-Interest Expenses ............. 1,022,693 731,703
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Gain before Taxes ................. 172,599 199,399
Income Tax Provision .............. 54,850 68,510
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NET INCOME ........................ $ 117,749 $ 130,889
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NET INCOME PER SHARE .............. $ 0.18 $ 0.20
CITIZENS FIRST CORPORATION
(Unaudited)
As of As of
3/31/2003 3/31/2002
(in 000's) (in 000's)
ASSETS
Cash and cash equivalents $ 4,467 $ 2,545
Investment securities 12,660 9,596
FHLB stock 357 251
Mortgage loans held for sale 1,727 634
Loans 108,728 83,663
Allowance for loan losses (1,442) (1,227)
Other assets 4,326 2,483
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TOTAL ASSETS $130,823 $ 97,945
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LIABILITIES
Demand deposits, savings,
NOW and money market accounts $49,011 $ 26,669
Time deposits 57,987 56,079
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TOTAL DEPOSITS 106,998 82,748
FHLB borrowings 7,000 3,000
Federal Funds Purchased and Securities
sold under agreements to repurchase 6,697 3,541
Other borrowings 1,300 875
Other Liabilities 905 627
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TOTAL LIABILITIES 122,900 90,791
STOCKHOLDERS' EQUITY 7,923 7,154
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $130,823 $ 97,945
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