Citizens First Corporation (CZFC) has reported a 4.17 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $1.10 million, or $0.43 a share in the quarter, compared with $1.15 million, or $0.45 a share for the same period last year.
Revenue during the quarter went down marginally by 2.61 percent to $4.73 million from $4.86 million in the previous year period. Net interest income for the quarter rose 1.27 percent over the prior year period to $3.92 million. Non-interest income for the quarter fell 12.05 percent over the last year period to $0.81 million.
Net interest margin contracted 14 basis points to 3.80 percent in the quarter from 3.94 percent in the last year period. Efficiency ratio for the quarter improved to 65.59 percent from 66.91 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Growth in earning assets combined with improved operating efficiency resulted in record earnings in 2016 for our bank," said Todd Kanipe, president and chief executive officer. "Loan volume strengthened, particularly in the latter half of the fourth quarter, and our credit quality metrics continued their positive trends. Maintaining the net interest margin remains challenging; however, quality loan growth has positioned us for a good start to 2017,"
Assets outpace liabilities growth
Total assets stood at $455.42 million as on Dec. 31, 2016, up 5.38 percent compared with $432.18 million on Dec. 31, 2015. On the other hand, total liabilities stood at $413.06 million as on Dec. 31, 2016, up 5.20 percent from $392.66 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $354.54 million as on Dec. 31, 2016, up 8.80 percent compared with $325.87 million on Dec. 31, 2015. Deposits were almost flat at $370.44 million as on Dec. 31, 2016, when compared with the last year period. Noninterest-bearing deposit liabilities were $52.32 million or 14.12 percent of total deposits on Dec. 31, 2016, compared with $48.52 million or 13.10 percent of total deposits on Dec. 31, 2015.
Investments stood at $53.55 million as on Dec. 31, 2016, down 11.05 percent or $6.65 million from year-ago. Shareholders equity stood at $42.36 million as on Dec. 31, 2016, up 7.19 percent or $2.84 million from year-ago.
Return on average assets moved down 7 basis points to 0.99 percent in the quarter from 1.06 percent in the last year period. At the same time, return on average equity decreased 137 basis points to 10.29 percent in the quarter from 11.66 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.01 percent in the quarter, down from 0.15 percent in the last year period.
Equity to assets ratio was 9.30 percent for the quarter, up from 9.15 percent for the previous year quarter. Book value per share was $17.54 for the quarter, up 8.41 percent or $1.36 compared to $16.18 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
