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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) March 9, 2000 (February 4, 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
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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
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Item 5. Other Events
Citizens First Financial Corp. announces preliminary unaudited 1999 results and
dividend to be paid.
A press release is attached as Exhibit 99.1.
Exhibit No. Page
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99.1 Press release dated February 4, 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: March 9, 2000 By: /s/ C. William Landefeld
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C. William Landefeld
President and Chief Executive Officer
Dated: March 9, 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
[Citizens First Financial Corp. Logo]
Contact:
C. William Landefeld
President & Chief Executive Officer
Citizens First Financial Corp.
(309) 661-8700
FOR IMMEDIATE RELEASE
CITIZENS FIRST FINANCIAL CORP.
ANNOUNCES PRELIMINARY UNAUDITED RESULTS
AND ANNOUNCES DIVIDEND TO BE PAID
Bloomington, Illinois, February 4, 2000--Citizens First Financial Corp.
(AMEX-CBK), the parent company of Citizens Savings Bank, F.S.B. (the "Bank")
announces net income for the twelve months ended December 31, 1999 of
$1,192,000, compared to net income of $2,014,000 for the twelve months ended
December 31, 1998. The company had basic and diluted earnings per share of $0.61
and $0.58, respectively, for the twelve months ended December 31, 1999 compared
to basic and diluted earnings per share of $0.90 and $0.84, respectively, for
the twelve months ended December 31, 1998.
Net income decreased due to a loss on an equity investment, lower net loan sale
gains and higher occupancy expense resulting from the accelerated depreciation
of data processing equipment replaced in a computer conversion.
Net interest income was $10,049,000 for the twelve months ended December 31,
1999, compared to $9,459,000 for the twelve months ended December 31, 1998, an
increase of $590,000 or 6.2%.
Other income decreased to $1,353,000 for the twelve months ended December 31,
1999, from $1,695,000 for the twelve months ended December 31, 1998, a decrease
of $342,000 or 20.2%. The decrease was due to a $718,000 decrease in net gains
on loan sales, offset by income in deposit service fees of $273,000.
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Other expenses were $8,790,000 for the twelve months ended December 31, 1999,
compared to $7,426,000 for the twelve months ended December 31, 1998, an
increase of $1,364,000 or 18.4%. Contributing to the increase were a loss on an
equity investment and increased net occupancy and equipment expenses.
The Board of Directors of Citizens First Financial Corp. have declared a
dividend of $0.05 per share to stockholders of record on February 14, 2000,
payable on February 28, 2000.
The Bank currently has six offices in Central Illinois. A contract has been
signed for the sale of a branch facility. The transaction should occur 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)
12/31/99 12/31/98
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Total assets $316,585 $287,274
Cash and interest-bearing deposits $13,176 $18,338
Investment securities $5,805 $7,735
Mortgage-backed securities $10,298 $10,298
FHLB stock $2,854 $1,971
Loans $268,567 $238,130
Allowance for loan losses $1,679 $1,256
Deposits $220,237 $208,097
FHLB borrowings $57,073 $39,410
Equity capital $34,251 $36,020
Book value per common share $16.92 $16.12
Year Ended
12/31/99 12/31/98
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Interest income $12,856 $21,134
Interest expense $11,807 $11,675
Net interest income $10,049 $9,459
Provision for loan losses $480 $463
Non-interest income $1,353 $1,695
Non-interest expense $8,790 $7,426
Net income $1,192 $2,014
Earnings per share:
Basic $0.61 $0.90
Diluted $0.58 $0.84
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