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EXHIBIT 99.1
Contact:
C. William Landefeld
President & Chief Executive Officer
Citizens First Financial Corp.
(309) 661-8700
FOR IMMEDIATE RELEASE
CITIZENS FIRST FINANCIAL CORP.
ANNOUNCES THIRD QUARTER RESULTS
AND DECLARES DIVIDEND TO BE PAID
Bloomington, Illinois, October 27, 2000-- Citizens First Financial Corp. (Nasdaq
- CFSB), the parent company of Citizens Savings Bank, (the "Bank") announced
that at its meeting held October 23, 2000 the Board of Directors declared a
dividend of $.05 per share to stockholders of record on November 13, 2000,
payable on November 27, 2000.
In addition, Citizens First Financial Corp. announced a net loss for the three
months ended September 30, 2000 of $667,000, compared to net income of $317,000
for the three months ended September 30, 1999. The Company had basic and diluted
loss per share of $0.36, for the three months ended September 30, 2000 compared
to basic and diluted earnings per share of $0.16, for the three months ended
September 30, 1999. The loss was attributable to the previously announced
recording of a $2,000,000 provision for loan losses ($1,224,000 after-tax) for
potential losses related to the Bank's $4.1 million in loans outstanding to a
real estate developer, PAK Builders. On August 3, 2000, PAK Builders, an
Illinois general partnership, filed for Chapter 7 bankruptcy protection. The
establishment of this $2,000,000 reserve is based on preliminary analysis and
additional reserves may be required as additional facts become known. Without
the recording of this reserve, the Company would have had net income of $557,000
for the three months ended September 30, 2000.
Net interest income was $2,640,000 for the three months ended September 30,
2000, compared to $2,280,000 for the three months ended September 30, 1999, an
increase of $360,000 or 15.8%. The increase was due to the increased origination
of higher yielding commercial loans and reduced investment in lower yielding
investment securities.
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Other income increased to $381,000 for the three months ended September 30,
2000, from $346,000 for the three months ended September 30, 1999, an increase
of $35,000 or 10.1%. The change was due to an increased gain on sale of fixed
assets and greater deposit fees.
Non-interest expense was $1,992,000 for the three months ended September 30,
2000, compared to $1,990,000 for the three months ended September 30, 1999 an
increase of $2,000.
For the nine months ended September 30, 2000 the Company had net income of
$1,744,000, compared to $970,000 for the nine months ended September 30, 1999.
Basic and diluted earnings per share for the nine months ended September 30,
2000 were $0.94 and $0.91, respectively, compared to basic and diluted earnings
per share of $0.49 and $0.47 per share for the nine months ended September 30,
1999. In April 2000, the Bank sold a branch facility which resulted in a gain of
$2.4 million ($1.5 million after-tax). In June 2000, the Bank sold approximately
$8.2 million of investment securities which resulted in a loss on sale of
available-for-sale securities of $378,000.
The Bank currently has five offices in Central Illinois.
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CITIZENS FIRST FINANCIAL CORP.
SELECTED FINANCIAL INFORMATION
(In thousands except for per share data)
(Unaudited)
09/30/00 12/31/99 09/30/99
-------- -------- --------
Total assets $328,903 $316,585 $303,251
Cash and interest-bearing deposits $9,221 $13,176 $10,915
Investment securities $15,394 $16,103 $16,937
FHLB stock $4,088 $2,854 $2,533
Loans $287,294 $268,560 $258,788
Allowance for loan losses $3,936 $1,679 $1,560
Deposits $216,170 $220,237 $219,575
FHLB borrowings $69,320 $57,073 $47,158
Equity capital $35,317 $34,251 $34,232
Book value per common share $18.07 $16.92 $16.80
Quarter Ended Nine months ended
09/30/00 09/30/99 09/30/00 09/30/99
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Interest income $6,377 $5,244 $18,470 $15,899
Interest expense $3,737 $2,964 $10,456 $8,747
Net interest income $2,640 $2,280 $8,014 $7,152
Provision for loan losses $2,120 $120 $2,360 $360
Non-interest income $381 $346 $3,546 $1,097
Non-interest expense $1,992 $1,990 $6,349 $6,305
Net income (loss) ($667) $317 $1,744 $970
Earnings (loss) per share:
Basic Diluted ($0.36) $0.16 $0.94 $0.49
($0.36) $0.16 $0.91 $0.47
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