Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - CITIZENS FIRST BANCORP INC | k48826ae8vkza.htm |
Exhibit 99.1
Citizens
First Bancorp, Inc.
Condensed Consolidated
Balance Sheets (in thousands)
Balance Sheets (in thousands)
| Unaudited | ||||||||
| December 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
ASSETS |
||||||||
Cash and due from depository institutions |
$ | 19,182 | $ | 20,826 | ||||
Federal funds sold |
— | — | ||||||
Interest-bearing deposits in other depository institutions |
105,349 | 42,638 | ||||||
Total cash and cash equivalents |
124,531 | 63,464 | ||||||
Certificates of deposit |
320 | 1,571 | ||||||
Securities available for sale, at fair value |
46,579 | 74,332 | ||||||
Securities held to maturity, at book value |
191,321 | 250,008 | ||||||
Federal Home Loan Bank stock, at cost |
31,087 | 31,087 | ||||||
Loans held for sale |
3,218 | 4,310 | ||||||
Loans, less allowance for loan losses of $58,424 and $26,473 |
1,205,647 | 1,403,320 | ||||||
Premises and equipment, net |
40,489 | 42,777 | ||||||
Other intangible assets, net of amortization of $2,869 and $2,486 |
1,531 | 1,914 | ||||||
Accrued interest receivable and other assets |
71,609 | 87,745 | ||||||
Total assets |
$ | 1,716,332 | $ | 1,960,528 | ||||
LIABILITIES |
||||||||
Deposits: |
||||||||
Noninterest-bearing |
$ | 95,198 | $ | 85,828 | ||||
Interest-bearing |
1,342,155 | 1,208,675 | ||||||
Total deposits |
1,437,353 | 1,294,503 | ||||||
Federal Home Loan Bank advances |
273,077 | 497,186 | ||||||
Federal Reserve borrowings |
— | 50,000 | ||||||
Accrued interest payable and other liabilities |
26,008 | 11,131 | ||||||
Total liabilities |
1,736,438 | 1,852,820 | ||||||
STOCKHOLDERS’ EQUITY |
||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, no
shares issued and outstanding |
— | — | ||||||
Common stock, $.01 par value, 500,000,000 and 20,000,000 shares
authorized, respectively, 9,526,761 shares issued |
95 | 95 | ||||||
Additional paid-in capital |
94,384 | 95,041 | ||||||
Retained earnings |
(53,336 | ) | 49,235 | |||||
Accumulated other comprehensive loss |
(28,816 | ) | (3,653 | ) | ||||
Treasury stock, at cost (1,806,989 and 1,689,423 shares) |
(31,544 | ) | (31,541 | ) | ||||
Deferred compensation obligation |
3,306 | 3,424 | ||||||
Unearned compensation — ESOP |
(4,195 | ) | (4,893 | ) | ||||
Total stockholders’ equity |
(20,106 | ) | 107,708 | |||||
Total liabilities and stockholders’ equity |
$ | 1,716,332 | $ | 1,960,528 | ||||
Citizens First Bancorp, Inc.
Condensed
Consolidated
Statements of Income
(in thousands, except per share data)
Statements of Income
(in thousands, except per share data)
| Unaudited | ||||||||
| Twelve Months Ended | ||||||||
| December 30, | ||||||||
| 2009 | 2008 | |||||||
INTEREST INCOME |
||||||||
Loans, including fees |
$ | 74,077 | $ | 92,266 | ||||
Federal funds sold and interest bearing deposits |
177 | 219 | ||||||
Certificates of deposit |
16 | 16 | ||||||
Securities: |
||||||||
Tax-exempt |
243 | 735 | ||||||
Taxable |
26,852 | 24,819 | ||||||
Total interest income |
101,365 | 118,055 | ||||||
INTEREST EXPENSE |
||||||||
Deposits |
36,602 | 39,457 | ||||||
Federal Reserve and short-term borrowings |
218 | 77 | ||||||
FHLB advances |
13,681 | 24,416 | ||||||
Total interest expense |
50,501 | 63,950 | ||||||
NET INTEREST INCOME |
50,864 | 54,105 | ||||||
PROVISION FOR LOAN LOSSES |
93,531 | 36,201 | ||||||
NET INTEREST INCOME, after provision for loan losses |
(42,667 | ) | 17,904 | |||||
NONINTEREST INCOME (LOSS) |
||||||||
Service charges and other fees |
2,453 | 3,161 | ||||||
Mortgage banking activities |
5,680 | 3,327 | ||||||
Trust fee income |
1,272 | 1,452 | ||||||
Other than temporary impairment on securities |
(33,645 | ) | (44,798 | ) | ||||
Gain (loss) on sale of securities available for sale |
704 | (152 | ) | |||||
Gain on sale of securities held to maturity |
— | 590 | ||||||
Other |
1,559 | 935 | ||||||
Total noninterest income (loss) |
(21,977 | ) | (35,485 | ) | ||||
NONINTEREST EXPENSE |
||||||||
Compensation, payroll taxes and employee benefits |
20,268 | 20,924 | ||||||
Office occupancy and equipment |
8,650 | 9,148 | ||||||
Advertising and business promotion |
613 | 727 | ||||||
Stationery, printing and supplies |
1,236 | 1,265 | ||||||
Data processing |
85 | 83 | ||||||
Professional fees |
5,986 | 4,593 | ||||||
Core deposit intangible amortization |
383 | 383 | ||||||
Goodwill impairment |
— | 9,814 | ||||||
Nonperforming asset cost |
7,645 | 6,503 | ||||||
Federal Deposit Insurance Corporation premiums |
7,921 | 1,290 | ||||||
Other |
4,826 | 4,670 | ||||||
Total noninterest expense |
57,613 | 59,400 | ||||||
LOSS, before federal income tax expense (benefit) |
(122,257 | ) | (76,981 | ) | ||||
Federal income tax expense (benefit) |
1,767 | (18,553 | ) | |||||
NET LOSS |
$ | (124,024 | ) | $ | (58,428 | ) | ||
LOSS PER SHARE, BASIC AND DILUTED |
$ | (15.26 | ) | $ | (7.29 | ) | ||
DIVIDENDS PER SHARE |
$ | — | $ | — | ||||