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CITIZENS FIRST CORP

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

Financial table in standard format

Part 1. Financial Information
Item 1. Financial Statements

Citizens First Corporation
Unaudited Consolidated Balance Sheets Dollars in thousands
	June 30, 2010	December 31, 2009
Assets
Cash and due from financial institutions	$5,794	$6,619
Federal funds sold	4,439	3,137
Cash and cash equivalents	10,233	9,756
Available for sale securities	41,782	41,059
Loans held for sale	1,127	295
Loans, net of allowance of $4,458 and $3,988 at June 30, 2010 and December 31, 2009, respectively	260,929	259,934
Premises and equipment, net	10,584	10,846
Bank owned life insurance	6,907	6,760
Federal Home Loan Bank (FHLB) stock, at cost	2,025	2,025
Accrued interest receivable	2,091	2,111
Deferred income taxes	3,843	3,888
Goodwill	2,575	2,575
Core deposit intangible	1,161	1,293
Other assets	3,668	3,689

Total assets	$346,925	$344,231

Liabilities and Stockholders' Equity

Liabilities
Deposits:
Non-interest bearing	$37,056	$36,586
Savings, NOW and money market	70,455	75,244
Time	185,125	176,690
Total deposits	292,636	288,520

Securities sold under repurchase agreements	810	800
FHLB advances	8,500	11,500
Subordinated debentures	5,000	5,000
Accrued interest payable	418	440
Other liabilities	1,671	1,113

Total liabilities	309,035	307,373

Stockholders' Equity:
6.5% cumulative preferred stock, no par value; authorized 250 shares; liquidation preference of $7,998;issued and outstanding 250 shares at June 30, 2010 and at December 31, 2009, respectively	7,659	7,659
5.0% Series A preferred stock; nopar value; authorized 250 shares, liquidation preference of $8,779; issued and outstanding 250 shares at June 30, 2010 and at December 31, 2009, respectively	8,555	8,523
Common stock, no par value; authorized 5,000,000 shares; issued and outstanding 1,968,777 shares at June 30, 2010 andat December 31, 2009, respectively	27,072	27,072
Accumulated deficit	(5,235)	(5,873)
Accumulated other comprehensive loss	(161)	(523)
Total stockholders' equity	37,890	36,858
Total liabilitiesand stockholders' equity	$346,925	$344,231
See Notes to Unaudited Consolidated Financial Statements

CITIZENS FIRST CORP CIK:1073475
	2010-06-30	2009-12-31
Assets
Cash and due from financial institutions	$5,794	$6,619
Federal funds sold	4,439	3,137
Cash and cash equivalents	10,233	9,756
Available for sale securities	41,782	41,059
Loans held for sale	1,127	295
Loans, net of allowance of $4,458 and $3,988 at June 30, 2010 and December 31, 2009, respectively	260,929	259,934
Premises and equipment, net	10,584	10,846
Bank owned life insurance	6,907	6,760
Federal Home Loan Bank (FHLB) stock, at cost	2,025	2,025
Accrued interest receivable	2,091	2,111
Deferred income taxes	3,843	3,888
Goodwill	2,575	2,575
Core deposit intangible	1,161	1,293
Other assets	3,668	3,689
Total assets	$346,925	$344,231
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing	$37,056	$36,586
Savings, NOW and money market	70,455	75,244
Time	185,125	176,690
Total deposits	292,636	288,520
Securities sold under repurchase agreements	810	800
FHLB advances	8,500	11,500
Subordinated debentures	5,000	5,000
Accrued interest payable	418	440
Other liabilities	1,671	1,113
Total liabilities	309,035	307,373
Stockholders' Equity:
6.5% cumulative preferred stock, no par value; authorized 250 shares; liquidation preference of $7,998;issued and outstanding 250 shares at June 30, 2010 and at December 31, 2009, respectively	7,659	7,659
5.0% Series A preferred stock; nopar value; authorized 250 shares, liquidation preference of $8,779; issued and outstanding 250 shares at June 30, 2010 and at December 31, 2009, respectively	8,555	8,523
Common stock, no par value; authorized 5,000,000 shares; issued and outstanding 1,968,777 shares at June 30, 2010 andat December 31, 2009, respectively	27,072	27,072
Accumulated deficit	(5,235)	(5,873)
Accumulated other comprehensive loss	(161)	(523)
Total stockholders' equity	37,890	36,858
Total liabilitiesand stockholders' equity	$346,925	$344,231
See Notes to Unaudited Consolidated Financial Statements

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Row "Liabilities and Stockholders' Equity": Multi-column field in a numeric row
Row "See Notes to Unaudited Consolidated Financial Statements": Multi-column field in a numeric row

Table 1

Financial table in standard format


Citizens First Corporation Unaudited Consolidated Statements of Operations Dollars in thousands, except per share data
	Three months ended June 30,
	2010	2009
Interest and dividend income
Loans	$4,096	$3,848
Taxable securities	149	196
Non-taxable securities	183	189
Federal funds sold and other	27	24
Total interest and dividend income	4,455	4,257
Interest expense
Deposits	1,245	1,422
FHLB advances	55	169
Subordinated debentures	25	36
Short-term borrowings	2	34
Total interest expense	1,327	1,661
Net interest income	3,128	2,596
Provision for loan losses	450	2,900
Net interest income after provision for loan losses	2,678	(304)
Non-interest income
Service charges on deposit accounts	440	340
Other service charges and fees	96	101
Gain on sale of mortgage loans	62	83
Lease income	29	38
BOLI income	73	75
Gain on the sale of investments	0	361
Other income	44	34
Total non-interest income	744	1,032
Non-interest expenses
Salaries and employee benefits	1,121	1,460
Net occupancy expense	324	358
Equipment expense	164	197
Advertising and public relations	86	141
Professional fees	176	173
Data processing services	175	186
Franchise shares and deposit tax	129	124
FDIC Insurance	124	260
Core depositintangible amortization	66	68
Postage and office supplies	37	60
Telephone and other communication	51	46
Other real estate owned expenses	24	27
Other	150	158
Total non-interest expenses	2,627	3,258
Income/(loss) before income taxes	795	(2,530)
Provision/(benefit) for income taxes	178	(953)
Net income/(loss)	$617	$(1,577)
Dividends declared andaccretion on preferred stock	256	256
Net income (loss) available for common stockholders	$ 361	$(1,833)
Basic and diluted earnings (loss) per share	$ 0.18	$(0.93)
See Notes to Unaudited Consolidated Financial Statements

CITIZENS FIRST CORP CIK:1073475
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)
Interest and dividend income
Loans	$4,096	$3,848
Taxable securities	149	196
Non-taxable securities	183	189
Federal funds sold and other	27	24
Total interest and dividend income	4,455	4,257
Interest expense
Deposits	1,245	1,422
FHLB advances	55	169
Subordinated debentures	25	36
Short-term borrowings	2	34
Total interest expense	1,327	1,661
Net interest income	3,128	2,596
Provision for loan losses	450	2,900
Net interest income after provision for loan losses	2,678	(304)
Non-interest income
Service charges on deposit accounts	440	340
Other service charges and fees	96	101
Gain on sale of mortgage loans	62	83
Lease income	29	38
BOLI income	73	75
Gain on the sale of investments	0	361
Other income	44	34
Total non-interest income	744	1,032
Non-interest expenses
Salaries and employee benefits	1,121	1,460
Net occupancy expense	324	358
Equipment expense	164	197
Advertising and public relations	86	141
Professional fees	176	173
Data processing services	175	186
Franchise shares and deposit tax	129	124
FDIC Insurance	124	260
Core depositintangible amortization	66	68
Postage and office supplies	37	60
Telephone and other communication	51	46
Other real estate owned expenses	24	27
Other	150	158
Total non-interest expenses	2,627	3,258
Income/(loss) before income taxes	795	(2,530)
Provision/(benefit) for income taxes	178	(953)
Net income/(loss)	$617	$(1,577)
Dividends declared andaccretion on preferred stock	256	256
Net income (loss) available for common stockholders	$ 361	$(1,833)
Basic and diluted earnings (loss) per share	$ 0.18	$(0.93)
See Notes to Unaudited Consolidated Financial Statements

Row "See Notes to Unaudited Consolidated Financial Statements": Multi-column field in a numeric row

Table 2

Financial table in standard format


Citizens First Corporation Unaudited Consolidated Statements of Operations Dollars in thousands, except per share data
	Six months ended June 30,
	2010	2009
Interest and dividend income
Loans	$8,065	$7,866
Taxable securities	304	462
Non-taxable securities	366	377
Federal funds sold and other	53	51
Total interest and dividend income	8,788	8,756
Interest expense
Deposits	2,489	2,998
FHLB advances	122	344
Subordinated debentures	48	74
Short-term borrowings	5	83
Total interest expense	2,664	3,499
Net interest income	6,124	5,257
Provision for loan losses	850	3,200
Net interest income after provision for loan losses	5,274	2,057
Non-interest income
Service charges on deposit accounts	766	641
Other service charges and fees	174	180
Gain on sale of mortgage loans	100	195
Lease income	67	81
BOLI income	147	150
Gain on sale of investments	0	361
Other income	80	65
Total non-interest income	1,334	1,673
Non-interest expenses
Salaries and employee benefits	2,222	2,788
Net occupancy expense	634	674
Equipment expense	325	377
Advertising and public relations	133	227
Professional fees	292	328
Data processing services	383	322
Franchise shares and deposit tax	234	249
FDIC Insurance	248	361
Core depositintangible amortization	132	138
Postage and office supplies	76	115
Telephone and other communication	94	100
Other real estate owned expenses	94	106
Other	302	334
Total non-interest expenses	5,169	6,119
Income/(loss) before income taxes	1,439	(2,389)
Provision/(benefit) for income taxes	291	(1,018)
Net income/(loss)	$1,148	$(1,371)
Dividends declared andaccretion on preferred stock	510	508
Net income (loss) available for common stockholders	$638	$(1,879)
Basic and diluted earnings (loss) per share	$ 0.32	$(0.95)
See Notes to Unaudited Consolidated Financial Statements

CITIZENS FIRST CORP CIK:1073475
	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Interest and dividend income
Loans	$8,065	$7,866
Taxable securities	304	462
Non-taxable securities	366	377
Federal funds sold and other	53	51
Total interest and dividend income	8,788	8,756
Interest expense
Deposits	2,489	2,998
FHLB advances	122	344
Subordinated debentures	48	74
Short-term borrowings	5	83
Total interest expense	2,664	3,499
Net interest income	6,124	5,257
Provision for loan losses	850	3,200
Net interest income after provision for loan losses	5,274	2,057
Non-interest income
Service charges on deposit accounts	766	641
Other service charges and fees	174	180
Gain on sale of mortgage loans	100	195
Lease income	67	81
BOLI income	147	150
Gain on sale of investments	0	361
Other income	80	65
Total non-interest income	1,334	1,673
Non-interest expenses
Salaries and employee benefits	2,222	2,788
Net occupancy expense	634	674
Equipment expense	325	377
Advertising and public relations	133	227
Professional fees	292	328
Data processing services	383	322
Franchise shares and deposit tax	234	249
FDIC Insurance	248	361
Core depositintangible amortization	132	138
Postage and office supplies	76	115
Telephone and other communication	94	100
Other real estate owned expenses	94	106
Other	302	334
Total non-interest expenses	5,169	6,119
Income/(loss) before income taxes	1,439	(2,389)
Provision/(benefit) for income taxes	291	(1,018)
Net income/(loss)	$1,148	$(1,371)
Dividends declared andaccretion on preferred stock	510	508
Net income (loss) available for common stockholders	$638	$(1,879)
Basic and diluted earnings (loss) per share	$ 0.32	$(0.95)
See Notes to Unaudited Consolidated Financial Statements

Row "See Notes to Unaudited Consolidated Financial Statements": Multi-column field in a numeric row

Table 3

Table column format standardization was unsuccessful.

Citizens First Corporation
Notes to Unaudited Consolidated Financial Statements
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies
The accounting and reporting policies of Citizens First Corporation (the Company) and its subsidiary, Citizens First Bank, Inc. (the Bank),
conform to U.S. generally accepted accounting principles and general practices within the banking industry.The consolidated financial statements include the accounts of the Company and the Bank.All significant intercompany transactions and accounts have been eliminated in consolidation.
Certain information and note disclosures normally included in the Companys annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted.These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys 2009 Annual Report on Form 10-K filed with the Securities and Exchange Commission.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.Estimates used in the preparation of the financial statements are based on various factors including the current interest rate environment and the general strength of the local economy.Changes in the overall interest rate environment can significantly affect the Companys net interest income and the value of its recorded assets and liabilities.Actual results could differ from those estimates used in the prepara tion of the financial statements.
In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in the accompanying unaudited financial statements.Those adjustments consist only of normal recurring adjustments. Results of interim periods are not necessarily indicative of results to be expected for the full year.The consolidated balance sheet of the Company as of December 31, 2009 has been derived from the audited consolidated balance sheet of the Company as of that date.

Note 2 -Reclassifications

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Table attributes: balancesheet,assets,date,revenues,liabilities

Table 4

Financial table in standard format

Average Consolidated Balance Sheets and Net Interest Analysis (Dollars in thousands)
Quarter ended June 30,			2010			2009
	Average Balance	Income/ Expense		Average Rate	Average Balance	Income/ Expense	Average Rate
Earning assets:
Federal funds sold	$6,167	$5		0.31%	$3,381	$ 1	0.12%
Available-for-sale securities (1)
Taxable	20,720	149		2.88%	23,429	196	3.32%
Nontaxable (1)	18,767	277		5.93%	19,332	286	5.87%
Federal Home Loan Bank stock	2,025	22		4.45%	2,025	23	4.51%
Loans, net (2)	269,058	4,096		6.11%	262,137	3,848	5.82%
Total interest earning assets	316,737	4,549		5.76%	310,304	4,354	5.57%
Non-interest earning assets	32,771				36,062
Total Assets	$ 349,508				$ 346,366

Interest-bearing liabilities:
Interest-bearing transaction accounts	$65,205	$91		0.57%	$61,018	$96	0.62%
Savings accounts	9,701	7		0.28%	9,017	7	0.31%
Time deposits	185,129	1,148		2.49%	162,337	1,319	3.22%
Total interest-bearing deposits	260,035	1,246		1.92%	232,372	1,422	2.43%
Short-term borrowings	34	0		0.00%	48	0	0.00%
Securities sold under repurchase agreements	962	1		0.94%	4,731	34	2.85%
FHLB borrowings	6,808	55		3.24%	26,582	169	2.52%
Subordinated debentures	5,000	25		1.97%	5,000	36	2.86%
Total interest-bearing liabilities	272,839	1,327		1.95%	268,733	1,661	2.45%
Non-interest bearing deposits	37,222				36,396
Other liabilities	1,682				1,723
Total liabilities	311,743				306,852
Stockholders equity	37,765				39,514
Total Liabilities and StockholdersEquity	$349,508				$346,366
Net interest income		$ 3,222				$ 2,693
Net interest spread (1)				3.81%			3.12%
Net interest margin(1) (3)				4.08%			3.44%
Return on average assets ratio				0.71%			(1.83%)
Return on average equity ratio				6.55%			(16.01%)
Average equity to assets ratio				10.81%			11.41%
_______________

CITIZENS FIRST CORP CIK:1073475

AverageBalance
Earning assets:
Federal funds sold	$6,167	$5	$3,381	$ 1
Available-for-sale securities (1)
Taxable	20,720	149	23,429	196
Nontaxable (1)	18,767	277	19,332	286
Federal Home Loan Bank stock	2,025	22	2,025	23
Loans, net (2)	269,058	4,096	262,137	3,848
Total interest earning assets	316,737	4,549	310,304	4,354
Non-interest earning assets	32,771		36,062
Total Assets	$ 349,508		$ 346,366
Interest-bearing liabilities:
Interest-bearing transaction accounts	$65,205	$91	$61,018	$96
Savings accounts	9,701	7	9,017	7
Time deposits	185,129	1,148	162,337	1,319
Total interest-bearing deposits	260,035	1,246	232,372	1,422
Short-term borrowings	34	0	48	0
Securities sold under repurchase agreements	962	1	4,731	34
FHLB borrowings	6,808	55	26,582	169
Subordinated debentures	5,000	25	5,000	36
Total interest-bearing liabilities	272,839	1,327	268,733	1,661
Non-interest bearing deposits	37,222		36,396
Other liabilities	1,682		1,723
Total liabilities	311,743		306,852
Stockholders equity	37,765		39,514
Total Liabilities and StockholdersEquity	$349,508		$346,366
Net interest income		$ 3,222		$ 2,693
Net interest spread (1)
Net interest margin(1) (3)
Return on average assets ratio
Return on average equity ratio
Average equity to assets ratio

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Table 5

Financial table in standard format

Average Consolidated Balance Sheets and Net Interest Analysis (Dollars in thousands)
Six months ended June 30,			2010			2009
	Average Balance	Income/ Expense		Average Rate	Average Balance	Income/ Expense	Average Rate
Earning assets:
Federal funds sold	$5,219	$8		0.29%	$4,764	$5	0.21%
Available-for-sale securities (1)
Taxable	20,656	304		2.94%	23,246	462	4.01%
Nontaxable (1)	18,787	555		5.96%	19,346	571	5.95%
Federal Home Loan Bank stock	2,025	45		4.52%	2,025	46	4.58%
Loans, net (2)	266,972	8,065		6.09%	269,105	7,866	5.89%
Total interest earning assets	313,659	8,977		5.77%	318,486	8,950	5.67%
Non-interest earning assets	32,945				33,202
Total Assets	$346,604				$351,688

Interest-bearing liabilities:
Interest-bearing transaction accounts	$65,220	$181		0.57%	$60,257	$188	0.63%
Savings accounts	9,530	13		0.28%	8,735	13	0.30%
Time deposits	182,528	2,295		2.54%	167,292	2,797	3.37%
Total interest-bearing deposits	257,278	2,489		1.98%	236,284	2,998	2.56%
Short-term borrowings	18	0		0.00%	25	0	0.00%
Securities sold under repurchase agreements	936	5		0.94%	5,760	83	2.91%
FHLB borrowings	7,735	122		3.19%	26,575	344	2.61%
Subordinated debentures	5,000	48		1.92%	5,000	74	2.98%
Total interest-bearing liabilities	270,967	2,664		1.98%	273,644	3,499	2.58%
Non-interest bearing deposits	36,427				35,457
Other liabilities	1,659				1,859
Total liabilities	309,053				310,960
Stockholders equity	37,551				40,728
Total Liabilities and StockholdersEquity	$346,604				$351,688
Net interest income		$ 6,313				$5,451
Net interest spread (1)				3.79%			3.09%
Net interest margin(1) (3)				4.06%			3.45%
Return on average assets ratio				0.67%			(0.79)%
Return on average equity ratio				6.17%			(6.79)%
Average equity to assets ratio				10.83%			11.58%
_______________

CITIZENS FIRST CORP CIK:1073475

AverageBalance
Earning assets:
Federal funds sold	$5,219	$8	$4,764	$5
Available-for-sale securities (1)
Taxable	20,656	304	23,246	462
Nontaxable (1)	18,787	555	19,346	571
Federal Home Loan Bank stock	2,025	45	2,025	46
Loans, net (2)	266,972	8,065	269,105	7,866
Total interest earning assets	313,659	8,977	318,486	8,950
Non-interest earning assets	32,945		33,202
Total Assets	$346,604		$351,688
Interest-bearing liabilities:
Interest-bearing transaction accounts	$65,220	$181	$60,257	$188
Savings accounts	9,530	13	8,735	13
Time deposits	182,528	2,295	167,292	2,797
Total interest-bearing deposits	257,278	2,489	236,284	2,998
Short-term borrowings	18	0	25	0
Securities sold under repurchase agreements	936	5	5,760	83
FHLB borrowings	7,735	122	26,575	344
Subordinated debentures	5,000	48	5,000	74
Total interest-bearing liabilities	270,967	2,664	273,644	3,499
Non-interest bearing deposits	36,427		35,457
Other liabilities	1,659		1,859
Total liabilities	309,053		310,960
Stockholders equity	37,551		40,728
Total Liabilities and StockholdersEquity	$346,604		$351,688
Net interest income		$ 6,313		$5,451
Net interest spread (1)
Net interest margin(1) (3)
Return on average assets ratio
Return on average equity ratio
Average equity to assets ratio

Table 6

Financial table in standard format

Balance Sheet Review
Overview
Total assets at June 30, 2010 were $346.9 million, up $2.7 million, or 0.8%, from $344.2 million at December 31, 2009.Loans increased $1.5 million, or 0.6%, from $263.9 million at December 31, 2009 to $265.4 million at June 30, 2010.Deposits at June 30, 2010 were $292.6 million, an increase of $4.1 million, or 1.4%, compared to $288.5 million at December 31, 2009.
Loans
At June 30, 2010, gross loans totaled $265.4 million, compared to $263.9 million at December 31, 2009, an increase of $1.5 million, or 0.6%.Total net loans averaged $262.9 million for the first six months of 2010, compared to $261.6 million at December 31, 2009, an increase of $1.3 million, or 0.50%.We experienced an increase in commercial real estate loans during the first six months of the year compared to year-end.The following table presents a summary of the loan portfolio by category:

	(Dollars in Thousands)
	June 30, 2010		December 31, 2009
		% of Total Loans		% of Total Loans
Commercial and agricultural	$74,861	28.21%	$74,944	28.40%
Commercial real estate	106,887	40.28%	104,768	39.70%
Residential real estate	72,679	27.38%	73,166	27.72%
Consumer	10,960	4.13%	11,044	4.18%
	$265,387	100.00%	$263,922	100.00%

CITIZENS FIRST CORP CIK:1073475
	2010-06-30	2010-06-30	2009-12-31	2009-12-31
% ofTotal Loans
Commercial and agricultural	$74,861		$74,944
Commercial real estate	106,887		104,768
Residential real estate	72,679		73,166
Consumer	10,960		11,044
	$265,387		$263,922

Original filing from SEC EDGAR system.