Citizens First Corporation Q2 net income up 24%
For the quarter ended June 30, 2018 the company reported net income of $1,374,000, or $0.54 per diluted common share (EPS).
This represents a 24.0% increase or $266,000 from the $1,108,000, or $0.43 per diluted common share, for the quarter ended June 30, 2017.
For the six months ended June 30, 2018, net income totaled $2.46 million, or $0.97 per diluted common share.
This represents an increase of $443,000, a 22.0% increase, or $0.18 per diluted common share, from the net income of $2.02 million in the first six months of the previous year.
"Loan growth and lower income tax expense drove profitability for the first half of the year," said Todd Kanipe, President and CEO. "The challenge continues to be protecting our margin as interest rates increase in the economy. We've successfully grown our deposits this year, but increasing competition for deposits in our region continues to push up our cost of funds," Kanipe added. ■