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Citizens First Corporation net income increased 22%

Staff Writer |
Citizens First Corporation reported results for the year ended December 31, 2018.

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For the quarter ended December 31, 2018 the Company reported net income of $1.16 million, or $0.45 per diluted common share (EPS).

This represents a 22% increase or $211,000 from the $952,000, or $0.37 per diluted common share, for the quarter ended December 31, 2017.

For the twelve months ended December 31, 2018, net income totaled $4.82 million, or $1.89 per diluted common share.

This represents an increase of $731,000, an 18% increase, or $0.29 per diluted common share, from the net income of $4.09 million in the previous year.

"Despite challenges in the second half of the year, our company produced record earnings per share in 2018," said Todd Kanipe, President and CEO.

"Aided by low credit costs and decreased tax expense, diluted earnings per share improved 18% over 2017," Kanipe said.

"While funding costs in our markets have moderated, we expect deposit competition and loan demand to remain challenging in 2019," Kanipe added.


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