Citizens First Corporation (CZFC) has reported 46.45 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.14 million, or $0.45 a share in the quarter, compared with $0.78 million, or $0.31 a share for the same period last year. Revenue during the quarter grew 3.85 percent to $4.77 million from $4.59 million in the previous year period. Net interest income for the quarter rose 4.40 percent over the prior year period to $3.92 million. Non-interest income for the quarter rose 1.43 percent over the last year period to $0.85 million.
Net interest margin contracted 1 basis points to 3.83 percent in the quarter from 3.84 percent in the last year period. Efficiency ratio for the quarter improved to 65.21 percent from 75.43 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
For the quarter ended September 30, 2016, the Company reported net income of $1.14 million, or $0.45 per diluted common share. This represents an increase of $360,000, or $0.14 per diluted common share, from $775,000, or $0.31 per diluted common share, for the quarter ended September 30, 2015. "Continued loan growth, improved operating efficiency, and credit quality were the drivers of third quarter profitability," said Todd Kanipe, president and chief executive officer of Citizens First. "General economic conditions in our markets remain favorable for loan growth. Continued pressure on the net interest margin remains our primary challenge as portfolio loans reprice."
Assets outpace liabilities growthTotal assets stood at $441.68 million as on Sep. 30, 2016, up 4.10 percent compared with $424.28 million on Sep. 30, 2015. On the other hand, total liabilities stood at $399.29 million as on Sep. 30, 2016, up 3.56 percent from $385.55 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $343.18 million as on Sep. 30, 2016, up 6.53 percent compared with $322.13 million on Sep. 30, 2015. Deposits stood at $353.83 million as on Sep. 30, 2016, down 2.39 percent compared with $362.49 million on Sep. 30, 2015. Investments stood at $55.42 million as on Sep. 30, 2016, down 7.73 percent or $4.64 million from year-ago. Shareholders equity stood at $42.39 million as on Sep. 30, 2016, up 9.44 percent or $3.66 million from year-ago.
Return on average assets moved up 30 basis points to 1.02 percent in the quarter from 0.72 percent in the last year period. At the same time, return on average equity increased 278 basis points to 10.75 percent in the quarter from 7.97 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.04 percent in the quarter, down from 0.24 percent in the last year period.
Equity to assets ratio was 9.60 percent for the quarter. Book value per share was $17.56 for the quarter.
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