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Citizens First Q3 net income $775,000, $0.31 per share

Staff writer |
Citizens First Corporation reported results for the third quarter ending September 30, 2015. The company reported net income of $775,000, or $0.31 per diluted common share.

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This represents a decrease of $124,000, or $0.04 per diluted common share from the linked quarter ended June 30, 2015 and a decrease of $155,000, or $0.07 per diluted common share, from the quarter ended September 30, 2014. Included in the third quarter results was a $262,000 pre-tax loss on the disposal of a former branch facility.

For the nine months ended September 30, 2015, net income totaled $2.46 million, or $0.95 per diluted common share. This represents an increase of $102,000, or $0.01 per diluted common share, from the net income of $2.35 million in the first nine months of the previous year.

Non-performing assets totaled $1.0 million, or 0.24% of total assets, at September 30, 2015 compared to $2.2 million, or 0.52% of total assets at September 30, 2014, a decrease of $1.2 million. Non-performing assets decreased $236,000 from the linked quarter ended June 30, 2015.

The company's net interest margin was 3.84% for the quarter ended September 30, 2015 compared to 3.85% for the linked quarter ended June 30, 2015, and 3.91% for the quarter ended September 30, 2014, a decrease of 1 basis point for the linked quarter and a decrease of 7 basis points from the prior year.

The company's net interest margin decreased from the linked quarters due to a reduction in the yield on loans, which was 5.04% for the quarter ended September 30, 2015 compared to 5.15% for the quarter ended June 30, 2015 and 5.16% for the quarter ended September 30, 2014.

Total loans increased 2.7% to $327.1 million at September 30, 2015 compared to $318.5 million at December 31, 2014. Total deposits increased 6.1% to $362.5 million at September 30, 2015 compared to $341.8 million at December 31, 2014.

The board declared a cash dividend of $.08 per common share payable November 16, 2015 to shareholders of record as of October 30, 2015, which marks the first common dividend paid by the Corporation since December, 2008.


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