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): July 30, 2003
CITIZENS FIRST CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
KENTUCKY 333-67435 61-0912615
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(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 7. FINANCIAL STATEMENTS AND EXHIBITS.
C. Exhibits
99.1 Press Release dated July 30, 2003.
ITEM 12. RESULTS OF OPERATION AND FINANCIAL CONDITION.
On July 30, 2003, Citizens First Corporation issued a press release, a
copy of which is attached hereto as Exhibit 99.1 and incorporated herein by
reference. The press release announced the Company's operating results for the
quarter and six months ended June 30, 2003.
The information in this Form 8-K and the Exhibit attached hereto shall not
be deemed filed for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, except as shall be expressly set forth by specific
reference in such filing.
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: July 30,2003
EXHIBIT INDEX
Exhibit Number Description of Exhibit
99.1 Press Release dated July 30, 2003
Exhibit 99.1 Press Release dated July 30, 2003
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
July 30, 2003 Bill D. Wright
Chief Financial Officer
Citizens First Corporation Announces Second Quarter 2003 Results
BOWLING GREEN, KY - Citizens First Corporation (OTC Bulletin Board: CZFC) today
reported its results of operations for the quarter and six months ended June 30,
2003. Mary D. Cohron, President and CEO, reported that the company's net loss on
a consolidated basis for the second quarter of 2003 was ($748,086), or ($1.16)
per common share, compared to net income of $207,997 or $0.32 per common share
for the second quarter of 2002. The company recorded a provision for loan losses
of $1,490,000 for the second quarter of 2003. Of this amount, approximately
$1,087,000 was specifically provided for three loans to one borrower, totaling
$1,675,000, which were placed on nonaccrual status during the quarter. "Although
our earnings didn't meet expectations, our asset growth continues to exceed
expectations," said Cohron. "The first quarter 2003 acquisition of Commonwealth
Mortgage, and the recent opening of new branches in Bowling Green and Franklin,
Kentucky, have expanded Citizens First's ability to serve its customers."
For the six months ended June 30, 2003, the company reported a net loss of
($630,337), or ($0.98) per common share, compared to net income of $338,886, or
$0.53 per common share for the same period in 2002. For the first six months of
2003, the company recorded a provision for loan losses of $1,643,000, an
increase of $1,543,000 over the total of $100,000 for the same period of 2002.
The significant increase came from the provision recorded for the second quarter
of 2003, as noted above.
Net interest income for the quarter ended June 30, 2003 was $1,160,403, versus
$898,137 for the same quarter of 2002, an increase of $262,266 or 29.2%.
Non-interest income was $565,972 during the second quarter of 2003, compared to
$220,419 in the same quarter of 2002, an increase of $345,553 or 156.8%.
Included in non-interest income for the second quarter of 2003 is income from
the sale of secondary market loans of $188,808, compared to $1,599 for the same
period of 2002. This increase is attributable to the growth in secondary market
loan sales associated with the acquisition of Commonwealth Mortgage of Bowling
Green, Inc., during the first quarter of 2003. Also included in the non-interest
income total for the second quarter of 2003 are gains on the sale of investment
securities of $134,732, compared to gains of $67,370 from the same period of
2002. Non-interest expense was $1,373,561 for the second quarter of 2003, versus
$732,059 for the same period of 2002, an increase of $641,502 or 87.6%. The
majority of this increase came from the opening of new branches in Bowling Green
and Franklin in the first six months and the acquisition of Commonwealth
Mortgage in January 2003.
For the six months ended June 30, 2003, net interest income was $2,226,735,
compared to $1,746,790 for the same period in 2002, an increase of $479,945 or
27.5%. Non-interest income for the first half of the year totaled $847,932 in
2003, compared to $332,868 for the same period of 2002, an increase of $515,064
or 154.7%. The increase is primarily attributable to the growth in secondary
market loan sales, which increased $269,909 for the period, to $280,746 from
$10,837. Other significant increases came from service charge income, up $91,048
to $320,122 from $229,074, and from gains from the sale of investment
securities, which totaled $144,024 during the first half of 2003, up $76,654
from the total of $67,370 for the same period in 2002. Non-interest expense
during the first half of 2003 was $2,396,254, an increase of $932,492 or 63.7%
over the total of $1,463,762 from the same period of 2002, with the majority of
the increase associated with the Commonwealth Mortgage acquisition and the
opening of two branches in the first half of 2003.
Total assets at June 30, 2003 were $154,435,574, up $48,749,873 or 46.1%, from
$105,685,701 at June 30, 2002. Loans increased $35,983,162, or 40.5%, from
$88,804,650 at June 30, 2002 to $124,787,812 at June 30, 2003, while the
allowance for loan losses as a percentage of total loans increased from 1.45% at
June 30, 2002 to 2.32% at June 30, 2003. Stockholders' equity of $8,146,028
included approximately $1,026,000 in net proceeds from the sale of Citizens
First Corporation common stock during the second quarter and equaled 5.3% of
total assets as of June 30, 2003.
CITIZENS FIRST CORPORATION
(Unaudited)
FINANCIAL HIGHLIGHTS
QUARTER QUARTER
ENDED ENDED
6/30/2003 6/30/2002
Interest Income ................... $ 1,888,444 $ 1,598,800
Interest Expense 728,041 700,663
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Net Interest Income ............... 1,160,403 898,137
Provision for Loan Losses.......... 1,490,000 70,000
----------- -----------
Net Interest Income after Provision (329,597) 828,137
Non-Interest Income ............... 565,972 220,419
Non-Interest Expenses ............. 1,373,561 732,059
----------- -----------
Income/(Loss) before Taxes ........ (1,137,186) 316,497
Income Tax Provision (Benefit) .... (389,100) 108,500
----------- -----------
NET INCOME (LOSS) ................. $ (748,086) $ 207,997
=========== ===========
NET INCOME (LOSS) PER SHARE ....... $ (1.16) $ 0.32
SIX MONTHS SIX MONTHS
ENDED ENDED
6/30/2003 6/30/2002
Interest Income ................... $ 3,613,144 $ 3,176,398
Interest Expense................... 1,386,409 1,429,608
----------- -----------
Net Interest Income ............... 2,226,735 1,746,790
Provision for Loan Losses.......... 1,643,000 100,000
----------- -----------
Net Interest Income after Provision 583,735 1,646,790
Non-Interest Income ............... 847,932 332,868
Non-Interest Expenses ............. 2,396,254 1,463,762
----------- -----------
Gain before Taxes ................. (964,587) 515,896
Income Tax Provision (Benefit) .... (334,250) 177,010
------------ -----------
NET INCOME (LOSS) ................. $ (630,337) $ 338,886
============ ===========
NET INCOME (LOSS) PER SHARE ....... $ (0.98) $ 0.53
CITIZENS FIRST CORPORATION
(Unaudited)
AS OF AS OF
6/30/2003 6/30/2002
(in 000's) (in 000's)
ASSETS
Cash and cash equivalents ............ $ 7,697 $ 3,661
Investment securities ................ 17,688 11,392
FHLB stock ........................... 417 254
Mortgage loans held for sale ......... 1,500 382
Loans ................................ 124,788 88,805
Allowance for loan losses ............ (2,901) (1,289)
Other assets ......................... 5,247 2,481
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TOTAL ASSETS .................... $ 154,436 $ 105,686
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LIABILITIES
Demand deposits, savings,
NOW and money market accounts ...... $ 59,708 $ 29,959
Time deposits ........................ 68,177 58,509
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TOTAL DEPOSITS ................... 127,885 88,468
FHLB borrowings ...................... 11,000 3,000
Federal Funds Purchased and Securities
sold under agreements to repurchase . 4,431 5,123
Other borrowings ..................... 2,300 875
Other Liabilities .................... 674 797
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TOTAL LIABILITIES ................ 146,290 98,263
STOCKHOLDERS' EQUITY ............. 8,146 7,423
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ............... $ 154,436 $ 105,686
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