Citizens First Corporation (CZFC) has reported a marginal increase of a 0.22 percent in profit for the quarter ended Mar. 31, 2017. The company has earned $0.91 million, or $0.36 a share, compared with $0.90 million or $0.36 a share, a year ago. Revenue during the quarter dropped 3.39 percent to $4.56 million from $4.72 million in the previous year period. Net interest income for the quarter dropped 2.15 percent over the prior year period to $3.78 million. Non-interest income for the quarter fell 5.45 percent over the last year period to $0.82 million.
Net interest margin contracted 26 basis points to 3.68 percent in the quarter from 3.94 percent in the last year period. Efficiency ratio for the quarter improved to 70.96 percent from 72.64 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“Increased non-performing loans in the quarter negatively impacted net interest margin, resulting in flat earnings compared to the first quarter of 2016,” said Todd Kanipe, president and chief executive officer. “While our credit quality still compares favorably to peer and the industry, we did experience some deterioration in the agricultural portfolio. We believe current reserves are adequate for these loans; however, we anticipate some increased collection expenses as the loans are resolved.” Kanipe added, “Though net interest margin pressures persist, loan growth and operating efficiency improved over the first quarter of 2016. We anticipate steady loan demand and deposit growth in our core markets, reflective of the economic growth in the region.”
Assets outpace liabilities growth
Total assets stood at $464.45 million as on Mar. 31, 2017, up 6.84 percent compared with $434.72 million on Mar. 31, 2016. On the other hand, total liabilities stood at $421.07 million as on Mar. 31, 2017, up 6.79 percent from $394.28 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $360.66 million as on Mar. 31, 2017, up 10.89 percent compared with $325.23 million on Mar. 31, 2016. Deposits stood at $373.40 million as on Mar. 31, 2017, up 2.81 percent compared with $363.18 million on Mar. 31, 2016. Investments stood at $47.12 million as on Mar. 31, 2017, down 23.59 percent or $14.55 million from year-ago. Shareholders equity stood at $43.39 million as on Mar. 31, 2017, up 7.29 percent or $2.95 million from year-ago.
Return on average assets moved down 3 basis points to 0.81 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity decreased 47 basis points to 8.59 percent in the quarter from 9.06 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.65 percent in the quarter, up from 0.16 percent in the last year period.
Equity to assets ratio was 9.34 percent for the quarter. Book value per share was $18.01 for the quarter.
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