UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event report) April 28, 1999 (April 23, 1999)
CITIZENS FIRST FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-14274 37-1351861
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
2101 N. Veteran Parkway, Bloomington, Illinois 61704
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(Address of principal executive offices)
(309) 661-8700
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(Issuer's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
Total Pages: 5
1 of 5
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Item 5. Other Events
Citizens First Financial Corp., the parent company of Citizens Savings Bank,
F.S.B. announced the completion of a stock repurchase program of 5% of its
outstanding shares of common stock and 1999 first quarter earnings of $341,000.
A press release announcing the approval of the stock repurchase program and
first quarter earnings is attached as Exhibit 99.1.
Exhibit No. Page
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99.1 Press release dated April 23, 1999 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 28,1999 By: /s/ C. William Landefeld
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C. William Landefeld
President and Chief Executive Officer
Dated: April 28, 1999 By: /s/ Dallas G. Smiley
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Dallas G. Smiley
Senior Vice-President and
Chief Financial Officer
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CITIZENS FIRST FINANCIAL CORP.
ANNOUNCES COMPLETION OF STOCK REPURCHASE PROGRAM
AND FIRST QUARTER RESULTS
Bloomington, Illinois, April 23, 1999 -- Citizens First Financial Corp.
(AMEX - CBK), the parent company of Citizens Savings Bank, F.S.B. (the "Bank")
announces completion of the repurchase of 5% of its outstanding shares of common
stock. The 114,426 shares were purchased at an average stock price of $15.60.
Common stock repurchased since January 1997 in total now equals 643,404
shares of common stock at an average price of $16.05 per share.
Citizens First Financial Corp. also announced net income for the three
months ended March 31, 1999 of $341,000 or $0.17 (basic) per share, compared to
net income of $510,000 or $0.22 (basic) per share for the three months ended
March 31, 1998. Interest income was $5,259,000 for the three months ended March
31, 1999, compared to
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page two
FOR IMMEDIATE RELEASE
Citizens First Financial Corp. Announces Completion of Stock Repurchase Program
and First Quarter Results
$5,190,000 for the three months ended March 31, 1998, an increase of $69,000 or
1.3%. Interest expense decreased to $2,883,000 for the three months ended March
31, 1999 from $2,897,000 for the three months ended March 31, 1998, a decrease
of $14,000 or 0.5%. Non interest income decreased to $432,000 for the three
months ended March 31, 1999, from $433,000 for the three months ended March 31,
1998, a decrease of $1,000 or 0.2%. There was a $92,000 decrease in net gains on
loan sales and increases in checking account fees of $29,000 and branch and ATM
service fees of $7,000. Non interest expense was $2,130,000 for the three months
ended March 31, 1999, compared to $1,788,000 for the three months ended March
31, 1998, an increase of $342,000 or 19.1%. Net occupancy and equipment
expenses increased by $123,000 because of the accelerated depreciation of data
processing equipment that will be replaced as part of the Bank's computer
conversion in the third quarter of 1999.
Citizens Savings Bank is headquartered in Bloomington, Illinois and
operates through six full service offices through Central Illinois.
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CITIZENS FIRST FINANCIAL CORP.
SELECTED FINANCIAL INFORMATION
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
(UNAUDITED)
03/31/99 12/31/98 03/31/98
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Total assets $303,799 $287,274 $279,849
Cash and interest-bearing deposits $ 25,517 $ 18,338 $ 17,733
Investment securities $ 5,704 $ 7,735 $ 8,725
Mortgage-backed securities $ 9,634 $ 10,298 $ 9,158
FHLB stock $ 2,417 $ 1,971 $ 2,453
Loans $245,857 $238,130 $230,206
Allowance for loan losses $ 1,324 $ 1,256 $ 936
Deposits $216,467 $208,097 $201,320
FHLB borrowings $ 48,245 $ 39,410 $ 35,660
Equity capital $ 35,832 $ 36,020 $ 38,718
Book value per common share $ 16.38 $ 16.12 $ 15.27
QUARTER ENDED
03/31/99 03/31/98
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Interest income $5,259 $5,190
Interest expense $2,883 $2,897
Net interest income $2,376 $2,293
Provision for loan losses $ 120 $ 105
Non-interest income $ 432 $ 433
Non-interest expense $2,130 $1,788
Net income $ 341 $ 510
Earnings per share:
Basic $ 0.17 $ 0.22
Diluted $ 0.16 $ 0.20
