U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-QSB
X Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2000
___ Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from _______ to _________
Commission File Number 333-67435
CITIZENS FIRST CORPORATION
(Exact Name of Small Business Issuer as Specified in its Charter)
Kentucky 61-0912615
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
1805 Campbell Lane, Bowling Green, Kentucky 42101
(Address of principal executive offices)
Issuer's telephone number, including area code: (270) 393-0700
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes ____ No X
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
Class Outstanding at May 15, 2000
Common Stock, no par value 643,053
Transitional Small Disclosure Format: Yes ___ No X
---
<PAGE>
CITIZENS FIRST CORPORATION
TABLE OF CONTENTS
Page No.
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements 3-7
ITEM 2. Management's Discussion and Analysis or 8-10
Plan of Operation
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K 14
<PAGE>
Part I - Financial Information
Item 1. Financial Statements
<TABLE>
Consolidated Balance Sheets
(Unaudited)
<CAPTION>
March 31, 2000 December 31, 1999
Assets
<S> <C> <C>
Cash and due from banks ...................................... $ 1,516,627 $ 2,175,135
Interest-bearing deposits with banks ......................... 147,987 20,204
Federal funds sold ........................................... 2,325,000 3,475,000
Securities available for sale (amortized cost of $6,923,997 as
of March 31, 2000; $4,472,022 as of December 31, 1999) 6,865,301 4,389,787
Loans, net of unearned income ................................ 37,453,619 34,126,628
Less allowance for loan losses ............................... (463,020) (400,920)
------------ ------------
Net loans ................................................. 36,990,599 33,725,708
Premises and equipment, net .................................. 1,596,116 1,641,257
Other assets ................................................. 502,471 432,219
------------ ------------
Total assets .............................................. $ 50,151,901 $ 45,973,310
============ ============
Liabilities and Shareholders' Equity
Deposits:
Demand deposits ............................................ $ 2,893,217 $ 2,877,867
Savings, NOW and money market deposits ..................... 7,289,498 7,675,636
Time deposits .............................................. 31,710,947 26,576,818
------------ ------------
Total deposits ............................................. 41,893,662 37,130,321
Securities sold under agreements to repurchase ............... 1,143,095 1,487,878
Other liabilities ............................................ 467,293 506,463
------------ ------------
Total liabilities ......................................... 43,504,050 39,124,662
Shareholders' equity:
Preferred stock, Authorized 500 shares; issued and
outstanding 0 and 0, respectively -- --
Common stock, no par value authorized 1,000,000
shares; issued and outstanding 643,053 shares 7,357,477 7,357,477
Retained earnings .......................................... (670,887) (454,554)
Accumulated other comprehensive income .................... (38,739) (54,275)
------------ ------------
Total shareholders' equity ................................ 6,647,851 6,848,648
------------ ------------
Total liabilities
and shareholders' equity ................................ $ 50,151,901 $ 45,973,310
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
<TABLE>
Consolidated Statements of Income
(Unaudited)
<CAPTION>
For the three months ended March 31 2000 1999
---- ----
Interest income
<S> <C> <C>
Loans, including fees ....................................... $ 790,630 $ 11,485
Federal funds sold .......................................... 37,369 35,078
Securities available for sale ............................... 95,352 6,166
Interest-bearing deposits with banks ........................ 2,567 1,847
-------- --------
Total interest income ....................................... 925,918 54,576
Interest expense
Deposits .................................................... 454,314 8,028
Other short-term borrowings ................................. 11,372 11,892
------- --------
Total interest expense ...................................... 465,686 19,920
------- --------
Net interest income ........................................... 460,232 34,656
Provision for loan losses ................................... 88,500 25,000
Net interest income after
provision for loan losses ................................... 371,732 9,656
Non-interest income
Service charges on deposit accounts ......................... 35,943 350
Gains (losses) on sales of securities available for sale, net (6,700) 743,706
Other ....................................................... 6,733 1,467
------- --------
Total non-interest income ................................... 35,976 745,523
Non-interest expenses
Compensation and benefits ................................... 351,150 254,611
Net occupancy expense ....................................... 38,603 31,348
Furniture and equipment expense ............................. 54,851 29,834
Professional fees ........................................... 24,958 20,191
Postage, printing & supplies ................................ 14,375 29,480
Processing fees ............................................. 28,660 13,312
Advertising ................................................. 33,787 40,480
Bank Franchise and License Tax .............................. 24,356 18,750
Other ....................................................... 53,301 21,709
------- --------
Total non-interest expenses ................................. 624,041 459,715
-------- --------
Income (loss) before income taxes ............................. (216,333) 295,464
Income tax expense ............................................ -- 53,863
--------- --------
Net income .................................................... $(216,333) $241,601
========== ========
Diluted earnings per share .................................... $ (0.34) $ 0.68
Basic earnings per share ...................................... $ (0.34) $ 0.68
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
For the three months ended March 31 2000 1999
---- ----
Balance January 1 ............................ $ 6,848,648 $ 725,042
Net income (loss) .......................... (216,333) 241,601
Other comprehensive income (loss) net of tax 15,536 (419,667)
Issuance of common stock - 7,336,935
----------- -----------
Balance at end of period ..................... $ 6,647,851 $ 7,883,911
=========== ===========
See accompanying notes to consolidated financial statements.
Consolidated Statements of Comprehensive Income
(Unaudited)
For the periods ended March 31 2000 1999
---- ----
Net income (loss) .......................... $ (216,333) $ 241,601
Other comprehensive income,(loss) net of tax:
Unrealized holding gains on available for sale
securities arising during the period 15,536 71,178
Reclassification adjustments for gains
on securities included in net income
- (490,845)
-------- --------
Total other comprehensive income (loss), Net of tax
15,536 (419,667)
-------- --------
Comprehensive income (loss) ..................... $ (200,797) $(178,066)
========= =========
See accompanying notes to consolidated financial statements.
<PAGE>
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended March 31 2000 1999
---- ----
Cash flows from operating activities:
<S> <C> <C>
Net income .............................................. $ (216,333) $ 241,601
Adjustments to reconcile net income to cash
provided by operating activities:
Provision for loan losses ............................. 88,500 25,000
(Gain) loss on sale of securities available for sale .. 6,700 (743,706)
Depreciation and amortization of fixed assets ......... 59,781 22,732
Increase in accrued interest receivable ................. (100,292) (10,250)
Decrease (increase) in other assets ..................... 13,699 (68,438)
Increase in accrued interest payable .................... 53,164 5,439
Decrease in other liabilities ........................... (100,517) (50,911)
----------- ------------
Net cash used in operating activities ................ (195,298) (578,533)
Cash flows from investing activities:
Net increase in interest-bearing deposits with banks ... (127,783) (394,514)
Net decrease (increase) in federal funds sold .......... 1,150,000 (5,900,000)
Proceeds from sale of securities available for sale ..... 493,300 817,378
Proceeds from maturities of securities available for sale 1,831,546 0
Purchase of securities available for sale ............... (4,781,640) (1,000,000)
Net increase in loans ................................... (3,447,191) (2,518,649)
Purchases of premises and equipment ..................... 0 670,523
----------- ------------
Net cash used in investing activities ................. (4,881,768) (9,666,308)
Cash flows from financing activities:
Net increase in deposits ................................ 4,763,341 4,221,427
Net decrease in short-term borrowings ................... (344,783) (995,000)
Proceeds from issuance of common stock .................. 0 7,336,935
----------- ------------
Net cash provided by financing activities ............. 4,418,558 10,563,362
----------- ------------
Net increase (decrease ) in cash and cash equivalents ... (658,508) 318,521
Cash and cash equivalents at beginning of period ........ 2,175,135 16,817
----------- ------------
Cash and cash equivalents at end of period .............. $ 1,516,627 $ 335,338
=========== ============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
Notes to Consolidated Financial Statements
(1) Summary of Significant Accounting Policies
The accounting and reporting policies of Citizens First
Corporation (the "Company") and its subsidiary Citizens First Bank,
Inc.(the "Bank") conform to generally accepted accounting principles
and general practices within the banking industry. The consolidated
financial statements include the accounts of Citizens First Corporation
and its wholly-owned subsidiary. All significant intercompany
transactions and accounts have been eliminated in consolidation.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities as
of the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Estimates used in
the preparation of the financial statements are based on various
factors including the current interest rate environment and the general
strength of the local economy. Changes in the overall interest rate
environment can significantly affect the Company's net interest income
and the value of its recorded assets and liabilities. Actual results
could differ from those estimates used in the preparation of the
financial statements
The financial information presented has been prepared from the
books and records of the Company and are not audited. The accompanying
consolidated financial statements have been prepared in accordance with
the instructions to Form 10-QSB and do not include all of the
information and the footnotes required by generally accepted accounting
principles for complete statements.
In the opinion of management, all adjustments considered necessary
for a fair presentation have been reflected in the accompanying
unaudited financial statements. Results of interim periods are not
necessarily indicative of results to be expected for the full year.
(2) Stock Split
On February 5, 1999 the Company's Board of Directors declared a
stock split of 1.043 to 1. All of the per share calculations and
amounts of outstanding shares included herein for all periods presented
have been restated to give retroactive effect to the stock split.
(3) Reclassification of Initial Public Offering Proceeds
On February 17, 1999 the Company completed the initial public
offering for the sale of 536,667 shares of its no par value common
stock. The proceeds from this offering as well as the proceeds from
common stock outstanding prior to the public offering have been
reflected as a component of common stock on the amended balance sheet.
These amounts were previously reported as a component of additional
paid-in capital. The reclassification has no impact on equity, net
income or total assets as of or for the quarter ended March 31, 1999.
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation
General
Citizens First Corporation ("the Company") was incorporated
under the laws of the Commonwealth of Kentucky on December 24, 1975 for
the purpose of conducting business as an investment club, and is
headquartered in Bowling Green, Kentucky. In late 1998 and early 1999,
the Company filed the appropriate regulatory applications and received
regulatory approval to become a bank holding company under the Bank
Holding Company Act of 1956, as amended, through its organization and
ownership of its only subsidiary, Citizens First Bank, Inc.(the
"Bank"). On February 17, 1999 the Company completed the initial public
offering for the sale of 536,667 shares of its no par value common
stock. The proceeds of the sale of the stock were used to pay start up
expenses, liquidate short-term borrowings, and capitalize the Bank. The
Bank opened for business on February 18, 1999.
The Bank operates in two locations. The main office is located
at 1805 Campbell Lane, and one branch office, which opened on March 22,
1999, located at 901 Lehman Avenue.
The Company's primary source of cash requirements are expected
to be met by the anticipated growth of customers deposits, and through
the sale of investment securities. In addition, the Bank is in the
process of arranging for borrowing capabilities through the Federal
Home Loan Bank of Cincinnati. Other than these sources, the Company
does not anticipate the need to raise additional funds in the next
twelve months. Property and equipment needed for the operation of the
Bank have been purchased and no additional significant purchases or
sales of plant and equipment are planned. The Company and Bank are
fully staffed and no significant changes in the number of employees are
planned
The Company follows a corporate strategy which focuses on
providing the Bank's customers with high quality, personal banking
services. The Bank offers a range of products designed to meet the
needs of its customers that include individuals, small businesses,
partnerships and corporations.
Results of Operations
For the three months ended March 31, 2000 the Company reported
a net loss of $216,333, or $0.34 per diluted share, compared to net
income of $241,601, or $0.68 per diluted share for the three months
ended March 31, 1999. These results include a loss on the sale of
securities of $6,700 for the period ended March 31, 2000, and a gain on
the sale of marketable securities of $743,706 for the period ended
March 31, 1999. Excluding these securities transactions, and the
related tax effects, the net losses would have been $209,633 or $0.33
per share, and $448,242, or $1.26 per share for the three months ended
March 31, 2000 and March 31, 1999, respectively.
Net Interest Income
Net interest income was $460,232 in the first quarter of 2000,
compared with $34,656 in the comparable 1999 period. First quarter 2000
interest income of $925,918 includes $790,630 income on loans, $95,352
income on investment securities, and $39,936 income on federal funds
sold and interest-bearing deposits with banks. Interest expense of
$465,686 includes interest on deposits of $454,314, and $11,372 of
interest paid on securities sold under agreement to repurchase.
Non-Interest Income
Non-interest income was $35,976 versus $745,523 for the
periods ended March 31, 2000 and 1999, respectively. Non-interest
income for the first quarter of 2000 includes a loss of $6,700 on the
sale of investment securities. This loss is due to an investment that
was sold and replaced with a higher-yielding security. Non-interest
income for the same period in 1999 included a gain on the sale of
investment securities of $743,706. These investments were sold in part
so that additional capital would be available to be contributed to the
Bank, in order to meet minimum capital requirements of the Federal
Deposit Insurance Corporation. Also, at December 31, 1998, the
investment securities owned by the Company included concentrations in
the stocks of certain publicly traded companies. The partial sale of
these securities in early 1999 was an effort to reduce the Company's
exposure to loss.
Non-Interest Expense
Non-interest expense was $624,041 in the first quarter of
2000, up from $459,715 in the same quarter of 1999, an increase of
$164,326 or 36%. Expenses in the first quarter of 2000 included the
costs of a full quarter of operations of the Bank, which opened on
February 18, 1999. The majority of the year-to-year increase is in
compensation and benefits expenses, which increased $96,539, or 38%,
from $254,611 in 1999 to $351,150 in 2000.
Income Taxes
Income tax expense has been calculated based on the Company's
expected annual rate. Deferred tax liabilities and assets are
recognized for the tax effects of differences between the financial
statement and tax bases of assets and liabilities. A valuation
allowance is established to reduce deferred tax assets if it is more
likely than not that a deferred tax asset will not be realized.
Balance Sheet Review
Overview
Total assets at March 31, 2000 were $50,151,901, up from
$45,973,310 at December 31,1999, and up from $12,813,423 a year ago.
Average total assets increased $40,667,850 over the past year to
$47,432,804. Average earning assets increased $36,431,474 to
$44,027,272.
Loans
The Bank experienced annualized loan growth of 39% from
December 31, 1999 to March 31, 2000. At March 31, 2000 loans net of
unearned income (excluding mortgage loans held for sale) totaled
$37,453,619 compared with $34,126,628 at December 31, 1999 and
$2,493,649 a year ago.
Asset Quality
The allowance for loan losses was $463,020 at March 31, 2000,
an increase of $62,100, or 15% over the December 31, 1999 level of
$400,920. The allowance represents 1.24% of net loans, up from 1.17% of
net loans as of December 31, 1999.
The Bank had no non-performing loans at March 31, 2000, or at
December 31, 1999. Non-performing loans are defined as non-accrual
loans, loans accruing but past due 90 days or more, and restructured
loans. The Bank had no non-performing assets, which are defined as
non-performing loans, foreclosed real estate, and other foreclosed
property, as of March 31, 2000 or December 31, 1999.
The allowance for loan losses is established through a
provision for loan losses charged to expense. The level of the
allowance is based on management's and the Company Board of Directors
Loan Committee's ongoing review and evaluation of the loan portfolio
and general economic conditions on a monthly basis and by the full
Board of Directors on a quarterly basis. Management's review and
evaluation of the allowance for loan losses is based on an analysis of
historical trends, significant problem loans, current market value of
real estate or collateral and certain economic and other factors
affecting loans and real estate or collateral securing these loans.
Loans are charged off when, in the opinion of management, they are
deemed to be uncollectible. Recognized losses are charged against the
allowance and subsequent recoveries are added to the allowance. While
management uses the best information available to make evaluations,
future adjustments to the allowance may be necessary if economic
conditions differ substantially from the assumptions used in making the
evaluation. The allowance for loan losses is reviewed internally by
personnel independent of the loan department. In addition, the
allowance is subject to periodic evaluation by various regulatory
authorities and may be subject to adjustment based upon information
that is available to them at the time of their examination.
The provision for loan losses was $88,500 (0.24% of period end
loans) for the first quarter of 2000. The provision for losses on loans
is being established to provide for losses inherent in the Bank's
portfolio and reflects management's evaluation of the risk in the loan
portfolio.
Securities Available for Sale
Securities (all classified as available for sale) increased
from $4,389,787 at December 31, 1999 to $6,865,301 at March 31, 2000.
At March 31, 1999 securities totaled $1,781,186.
Deposits and Borrowed Funds
Total deposits averaged $39,214,329 in the first quarter of
2000, an increase of $37,994,455 from the comparable 1999 average. As
of March 31, 2000, total deposits were $41,893,662, and included
$39,000,445 of interest bearing deposits. This compares to total
deposits of $37,130,321 at December 31, 1999 which included $34,252,454
of interest bearing deposits. Total deposits at March 31, 1999, were
$4,221,427, and interest bearing deposits were $3,557,355.
The Bank had $1,143,095 of deposits secured by securities sold
under agreements to repurchase as of March 31, 2000. These obligations,
which mature in one business day, are swept daily from customers demand
deposit accounts. The balance averaged $986,658 in the first quarter of
2000.
Capital Resources and Liquidity
The Board of Governors of the Federal Reserve System has
adopted risk based capital and leverage ratio requirements for bank
holding companies. The table below sets forth the Company's capital
ratios as of March 31, 2000, December 31, 1999 and March 31, 1999; the
regulatory minimum capital ratios; and the regulatory minimum capital
ratios for well-capitalized companies:
<PAGE>
March 31, December 31, March 31,
2000 1999 1999
----- ----------- --------
Tier 1 risk based ........... 16.54% 18.82% 66.66%
Regulatory minimum ..... 4.00 4.00 4.00
Well-capitalized minimum 6.00 6.00 6.00
Total risk based ............ 17.68% 19.91% 66.89%
Regulatory minimum ..... 8.00 8.00 8.00
Well-capitalized minimum 10.00 10.00 10.00
Leverage .................... 13.32% 15.00% 60.25%
Regulatory minimum ..... 3.00 3.00 3.00
Well-capitalized minimum 5.00 5.00 5.00
The decrease in capital levels is due in part to the growth in
the Company's total assets, which increases the denominator in the
capital calculation formula. In addition, net operating losses decrease
capital levels, and hence also serve to decrease the capital ratios.
Liquidity is the measure of the Bank's ability to fund
customer's needs for borrowings and deposit withdrawals. In the first
quarter of 2000, the Company's principal source of funds has been the
acquisition of customers' deposits, repayment of loans, and other funds
from bank operations. In the same quarter of 1999, the principal source
of liquidity was the proceeds from the initial public offering in the
February 1999.
Forward-Looking Statements
This report contains certain forward-looking statements,
either expressed or implied, which are provided to assist the reader in
making judgements about the Company's possible future financial
performance. Such statements are subject to certain risks and
uncertainties, including without limitation changes in economic
conditions in the Company's market area, changes in policies by
regulatory agencies, fluctuations in interest rates, demand for loans
in the Company's market area, and competition. The factors listed
above could affect the Company's financial performance and could cause
the Company's actual results for future periods to differ materially
from any opinions or statements expressed with respect to future
periods in any current statements.
<PAGE>
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The exhibits listed on the Exhibit Index of this Form 10-QSB are
filed as a part of this report.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended March 31,
2000. An 8-K was filed on April 27,2000 announcing the appointment
of Bill Wright as the Corporation's Chief Financial Officer effective
May 15,2000. Gregg Hall, the current Chief Financial Officer is
resigning effective June 16,2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CITIZENS FIRST CORPORATION
Date: May 15, 2000 /s/ Mary D. Cohron
------------------
President and Chief Executive Officer
(Principal Executive Officer)
May 15, 2000 /s/ Bill D. Wright
------------------
Bill D. Wright
Vice-President and Chief Financial Officer
(Principal Financial and Accounting Officer)
<PAGE>
Exhibits
3.1 Articles of Restatement and Amendment to Articles of Incorporation of
Bowling Green Investors, Ltd. (now Citizens First Corporation)
(incorporated by reference to Exhibit 3.1 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
3.2 Amended and Restated Bylaws of Citizens First Corporation (incorporated
by reference to Exhibit 3.2 of the corporation's Registration Statement
on Form SB-2 [No. 333-67435]).
3.3 Articles of Amendment to Articles of Restatement and Amendment to
Articles of Incorporation of Citizens First Corporation (incorporated by
reference to Exhibit 3.3 of the corporation's Registration Statement on
Form SB-2 [No. 333-67435]).
4 Articles of Restatement and Amendment to Articles of Incorporation of
Bowling Green Investors, Ltd.(now Citizens First Corporation)
(incorporated by reference to Exhibit 4 of
the corporation's Registration Statement on Form SB-2 [No. 333-67435]).
10.1 Employment Agreement between Citizens First Corporation and Mary D.
Cohron (incorporated by reference to Exhibit 10.1 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
10.2 First Amendment to Employment Agreement between Citizens First
Corporation and Mary D.Cohron (incorporated by reference to Exhibit 10.2
of the corporation's Registration Statement on Form SB-2 [No.
333-67435]).
10.3 Employment Agreement between Citizens First Corporation and John T.
Perkins (incorporated by reference to Exhibit 10.3 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
10.4 Employment Agreement between Citizens First Corporation and Gregg A.
Hall (incorporated by reference to Exhibit 10.4 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
10.5 Bank Contract for Electronic Data Processing Services and Customerfile
System between Fiserv Bowling Green and Citizens First Bank
(incorporated by reference to Exhibit 10.5 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
10.6 Promissory Note secured by Real Estate Mortgage and Security Agreement
and Stock Pledge (issued by Citizens First Corporation for benefit of
First Security Bank of Lexington)(incorporated by reference to Exhibit
10.6 of the corporation's Registration Statement on Form SB-2 [No.
333-67435]).
10.7 Deed of Conveyance from David A. and Karla N. Dozer to Citizens First
Corporation (incorporated by reference to Exhibit 10.7 of the
corporation's Registration Statement on Form SB-2 [No.333-67435]).
10.8 Security Agreement and Stock Pledge between Citizens First Corporation
and First Security Bank of Lexington (incorporated by reference to
Exhibit 10.8 of the corporation's Registration Statement on Form SB-2
[No. 333-67435]).
10.9 Mortgage from Citizens First Corporation to First Security Bank of
Lexington (incorporated by reference to Exhibit 10.9 of the
corporation's Registration Statement on Form SB-2 [No. 333-67435]).
10.10 Commercial Line of Credit Agreement and Note between Citizens First
Corporation and First Security Bank of Lexington (incorporated by
reference to Exhibit 10.10 of the corporation's Registration Statement
on Form SB-2 [No. 333-67435]).
10.11 Assignment of Securities Account by Citizens First Corporation
(incorporated by reference to Exhibit 10.11 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
10.12 Employment Agreement between Citizens First Corporation and Barry D.
Bray (incorporated by reference to Exhibit 10.12 of the corporation's
Registration Statement on Form SB-2 [No. 333-67435]).
10.13 Consulting Agreement between Citizens First Corporation and The
Carpenter Group (incorporated by reference to Exhibit 10.13 of the
corporation's Registration Statement on Form SB-2 [No. 333-67435]).
10.14 Lease Agreement between Citizens First Corporation and Midtown Plaza,
Inc. (incorporated by reference to Exhibit 10.14 of the
corporation's Registration Statement on Form SB-2 [No. 333-67435]).
10.15 Employment Agreement between Citizens First Corporation and M. Todd
Kanipe (incorporated by reference to Exhibit 10.15 of the corporation's
Registration Statement on Form 10-KSB [No. 333-67435]).
11 Statement re: Computation of per share earnings
27 Financial Data Schedule for the quarter ended March 31, 2000
(for SEC use only)
<PAGE>
Exhibit 11.
Statement Regarding Computation of Per Share Earnings
For the periods ended March 31 2000 1999
----- ----
Diluted earnings per common share:
Average common shares outstanding 643,053 356,831
Net income (loss) ................. $(216,333) $ 241,601
Diluted earnings per share: ....... $ (0.34) $ 0.68
Basic earnings per common share:
Average common shares outstanding 643,053 356,831
Net income (loss) ................. $(216,333) $ 241,601
Basic earnings per share: .......... $ (0.34) $ 0.68
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 1073475
<NAME> CITIZENS FIRST CORPORATION
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,516,627
<INT-BEARING-DEPOSITS> 147,987
<FED-FUNDS-SOLD> 2,325,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,865,301
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 37,453,619
<ALLOWANCE> 463,020
<TOTAL-ASSETS> 50,151,901
<DEPOSITS> 41,893,662
<SHORT-TERM> 1,143,095
<LIABILITIES-OTHER> 467,293
<LONG-TERM> 0
0
0
<COMMON> 7,357,477
<OTHER-SE> (709,626)
<TOTAL-LIABILITIES-AND-EQUITY> 50,151,901
<INTEREST-LOAN> 790,630
<INTEREST-INVEST> 95,352
<INTEREST-OTHER> 39,936
<INTEREST-TOTAL> 925,918
<INTEREST-DEPOSIT> 454,314
<INTEREST-EXPENSE> 465,686
<INTEREST-INCOME-NET> 460,232
<LOAN-LOSSES> 88,500
<SECURITIES-GAINS> (6,700)
<EXPENSE-OTHER> 624,041
<INCOME-PRETAX> (216,333)
<INCOME-PRE-EXTRAORDINARY> (216,333)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (216,333)
<EPS-BASIC> (.34)
<EPS-DILUTED> (.34)
<YIELD-ACTUAL> 4.190
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 400,920
<CHARGE-OFFS> 26,400
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 463,020
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 463,020
</TABLE>
