Citizens First Corporation
 

CITIZENS FIRST LOGO
 
 
Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-137147
October 10, 2006
Supplementing Preliminary Prospectus
dated September 29, 2006
 
Citizens First Corporation has circulated to potential investors in its common stock a preliminary prospectus dated September 29, 2006, which we refer to as the preliminary prospectus in this free writing prospectus. On October 10, 2006, we filed an amendment to our registration statement on Form S-B2 to correct basic and diluted earnings per share in the unaudited pro forma financial information provided in the preliminary prospectus. This free writing prospectus provides revised Pro Forma Condensed Combined Consolidated Statements of Income for the Six Months Ended June 30, 2006 and the Year Ended December 31, 2005 that supersedes those statements in the preliminary prospectus. You should read this free writing prospectus together with the preliminary prospectus.
 
The issuer, Citizens First Corporation, has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may obtain a copy of the prospectus if you request it by calling toll-free 1-800-635-6871.
 
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CITIZENS FIRST CORPORATION
 
PRO FORMA CONDENSED COMBINED CONSOLIDATED STATEMENT OF INCOME
SIX MONTHS ENDED JUNE 30, 2006
 
                                 
          Kentucky
             
    Citizens
    Banking
          Pro Forma
 
    First     Centers     Adjustments     Combined  
    (Unaudited)
 
    (Dollars in thousands, except per share amounts)  
 
Interest income
                               
Loans
  $ 6,207     $ 3,266     $ 33 E   $ 9,506  
Securities
    249       503               752  
Other
    256       202               458  
                                 
Total interest income
    6,712       3,971       33       10,716  
Interest expense
                               
Deposits
    2,153       1,568       42 G     3,763  
Interest on borrowed funds
    279       33       173 H     485  
                                 
Total interest expense
    2,432       1,601       215       4,248  
                                 
Net interest income
    4,280       2,370       (182 )     6,468  
Provision for loan losses
          (84 )     I     (84 )
                                 
Net interest income after provision for loan losses
    4,280       2,454       (182 )     6,552  
Noninterest income
                               
Service charges on deposit accounts
    365       367               732  
Other noninterest income
    336       192               528  
                                 
Total noninterest income
    701       559               1,260  
                                 
Noninterest expense
                               
Salaries and employee benefits
    1,775       995               2,770  
Occupancy and equipment expense
    531       306       (15 )J     822  
Other
    1,067       786       124 K     1,977  
                                 
Total noninterest expense
    3,373       2,087       109       5,569  
                                 
Income before income taxes
    1,608       926       (291 )     2,243  
Provision for income taxes
    581       254       (99 )L     736  
                                 
Net income
    1,027       672       (192 )M     1,507  
Dividends declared on preferred stock
    258                       258  
                                 
Net income available to common shareholders
  $ 769     $ 672     $ (192 )   $ 1,249  
                                 
Basic earnings per share
  $ 0.82                     $ 0.68  
Diluted earnings per share
  $ 0.67                     $ 0.62  
Weighted average shares:
                               
Basic
    939,169               900,000 N     1,839,169  
Diluted
    1,539,430               900,000 N     2,439,430  


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CITIZENS FIRST CORPORATION
 
PRO FORMA CONDENSED COMBINED CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2005
 
                                 
          Kentucky
             
    Citizens
    Banking
          Pro Forma
 
    First     Centers     Adjustments     Combined  
    (Unaudited)
 
    (Dollars in thousands, except per share amounts)  
 
Interest income
                               
Loans
  $ 10,499     $ 5,956     $ 65 E   $ 16,520  
Securities
    472       1,062       (15 )F     1,519  
Other
    103       172               275  
                                 
Total interest income
    11,074       7,190       50       18,314  
Interest expense
                               
Deposits
    2,906       2,743       135 G     5,784  
Interest on borrowed funds
    447       65       282 H     794  
                                 
Total interest expense
    3,353       2,808       417       6,578  
                                 
Net interest income
    7,721       4,382       (367 )     11,736  
Provision for loan losses
    (200 )     195       I     (5 )
                                 
Net interest income after provision for loan losses
    7,921       4,187       (367 )     11,741  
Noninterest income
                               
Service charges on deposit accounts
    808       744               1,552  
Other noninterest income
    668       326               994  
                                 
Total noninterest income
    1,476       1,070               2,546  
                                 
Noninterest expense
                               
Salaries and employee benefits
    3,005       1,726               4,731  
Occupancy and equipment expense
    801       535       (30 )J     1,306  
Other
    2,198       1,415       276 K     3,889  
                                 
Total noninterest expense
    6,004       3,676       246       9,926  
                                 
Income before income taxes
    3,393       1,581       (613 )     4,361  
Provision for income taxes
    1,156       435       (208 )L     1,383  
                                 
Net income
    2,237       1,146       (405 )M     2,978  
Dividends declared on preferred stock
    520                       520  
                                 
Net income available to common shareholders
  $ 1,717     $ 1,146     $ (405 )   $ 2,458  
                                 
Basic earnings per share
  $ 1.83                     $ 1.34  
Diluted earnings per share
  $ 1.47                     $ 1.23  
Weighted average shares:
                               
Basic
    936,847               900,000 N     1,836,847  
Diluted
    1,516,586               900,000 N     2,416,586  


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