<PAGE>
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) June 5, 2000 (April 17, 2000)
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CITIZENS FIRST FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-4274 37-1351861
(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: 4
Page 1 of 4
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Item 5. Other Events
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A press release announcing the results of operation for the first quarter of
2000 is attached as Exhibit 99.1.
Exhibit Index
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Exhibit No. Page
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99.1 Press release dated April 17, 2000 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: June 5, 2000 By: /s/ C. William Landefeld
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C. William Landefeld
President and Chief Executive
Officer
Dated: June 5, 2000 By: /s/ Dallas G. Smiley
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Dallas G. Smiley
Senior Vice President and
Chief Financial Officer
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Exhibit 99.1
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Contact:
C. William Landefeld
President & Chief Executive Officer
Citizens First Financial Corp.
(309) 661-8700
CITIZENS FIRST FINANCIAL CORP.
ANNOUNCES 49% INCREASE IN FIRST QUARTER RESULTS
Bloomington, Illinois, April 17, 2000 - Citizens First Financial Corp.
(AMEX: CBK), the parent company of Citizens Savings Bank, announces net income
for the three months ended March 31, 2000 of $509,000, compared to net income of
$341,000 for the three months ended March 31, 1999, an increase of $168,000 or
49%. The Company had basic and fully diluted earnings per share of $0.27 and
$0.26, respectively, for the three months ended March 31, 2000 compared to basic
and fully diluted earnings per share of $0.17 and $0.16, respectively, for the
three months ended March 31, 1999.
Net income increased primarily because of improved net interest income,
related to the restructuring of the Companies earning assets, with a shift from
lower yielding investment securities to the higher yielding loans. Net interest
income was $2,684,000 for the three months ended March 31, 2000, compared to
$2,376,000 for the three months ended March 31, 1999, an increase of $308,000 or
13.0%.
Other income increased to $419,000 for the three months ended March 31,
2000 from $389,000 for the three months ended March 31, 1999, an increase of
$30,000 or 7.7%. The increase was due to increased deposit fees.
Other expenses were $2,152,000 for the three months ended March 31, 2000,
compared to $2,087,000 for the three months ended March 31, 1999, an increase of
$65,000 or 3.1%.
The Bank currently has six offices in Central Illinois. In January, 2000,
the Company entered into a purchase and assumption of liabilities agreement for
the sale of certain fixed assets and assumption of deposit liabilities of a
branch located in Eureka, Illinois. It is anticipated this transaction will be
finalized in the second quarter of 2000.
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CITIZENS FIRST FINANCIAL CORP.
SELECTED FINANCIAL INFORMATION
(In thousands except for per share data)
(Unaudited)
<TABLE>
<CAPTION>
03/31/00 12/31/99 03/31/99
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<S> <C> <C> <C>
Total assets $ 324,030 $ 316,585 $ 303,799
Cash and Interest-bearing deposits $ 5,018 $ 13,176 $ 25,517
Investment securities $ 15,801 $ 16,103 $ 15,338
FHLB stock $ 3,025 $ 2,854 $ 2,417
Loans $ 283,706 $ 268,560 $ 245,857
Allowance for loan losses $ 1,767 $ 1,679 $ 1,324
Deposits $ 224,249 $ 220,237 $ 216,467
FHLB borrowings $ 59,489 $ 57,073 $ 48,325
Equity capital $ 33,743 $ 34,251 $ 35,832
Book value per common share $17.23 $16.92 $16.38
</TABLE>
<TABLE>
<CAPTION>
Quarter Ended
03/31/00 03/31/99
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<S> <C> <C>
Interest income $ 5,886 $ 5,259
Interest expense $ 3,202 $ 2,883
Net interest income $ 2,684 $ 2,376
Provision for loan losses $ 120 $ 120
Non-interest income $ 419 $ 389
Non-interest expense $ 2,152 $ 2,087
Net income $ 509 $ 341
Earnings per share:
Basic $ 0.27 $ 0.17
Diluted $ 0.26 $ 0.16
</TABLE>
FINANCIALS-1ST QUARTER 2000
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