Citizens First Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income before dividends to preferred shareholders of $327,000. Net income available to common shareholders was $71,000 or $0.03 per basic and diluted common share compared to $67,000 or $0.03 per basic and diluted share a year ago. Net interest income increased $45,000 or 1.6%, to $2.8 million compared to $2.8 million the previous year. Net interest income after provision for loan losses was $2.5 million compared to $2.2 million a year ago. Income before taxes was $358,000 compared to $173,000 a year ago. Return on average assets was 0.38% and return on average equity was 3.45% compared to return on average assets of 0.21% and return on average equity of 2.07% a year ago. Return on tangible average equity was to 3.86% compared to 3.14% a year ago. Net interest income for the third quarter was impacted by the decrease in the prime rate which declined from 5.00% at September 30, 2008 to 3.25% at September 30, 2009 and variable rate loans repricing to the lower rate. The company's level of net interest income has also been impacted by the $12.3 million reduction in outstanding loans during the year. For the nine months, the company's net interest income decreased $174,000 or 2.1%, to $8.1 million compared to $8.28 million the previous year. Net loss before dividends to preferred shareholders was $1.0 million. Net loss available to common shareholders was $1.8 million or $0.92 per basic and diluted common share compared to net profit available to common shareholders of $646,000 or $0.33 per basic and diluted share a year ago. Net interest income after provision for loan losses was $4.6 million compared to $7.4 million a year ago. Loss before taxes was $2,031,000 compared to income before taxes of $1,202,000 a year ago. Return on average assets was negative to 0.4% and return on average equity was negative to 3.52% compared to positive return on average assets of 0.38% and positive return on average equity of 3.65% a year ago. Return on tangible average equity was negative to 4.03% compared to positive return on average equity of 5.56% a year ago.

Citizens First Bank announced the appointment of Steve Marcum, CPA as executive vice president and chief financial officer of Citizens First Corp. Marcum served previously in this role with Citizens First from October 2005 through January 2008. Marcum previously served as chairman of the Kentucky State board of accountancy and currently serves as chairman of the trustees for the Warren County Public Library.

Citizens First Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net loss available to common shareholders was $1.8 million or $0.93 per basic and diluted common share compared to net income available to common shareholders of $240,000 or $0.13 per basic and diluted share for the same quarter a year ago. The net loss was primarily attributable to a $2.9 million provision for loan losses in the second quarter. Net interest income was $2.6 million compared to $2.7 million for the same quarter a year ago. Loss before income taxes was $2.5 million compared to profit before income taxes of $436,000 for the same quarter a year ago. The company has recorded a net loss for the second quarter of 2009 due to increased provision expense. For the six months, the company reported net loss available to common shareholders was $1.9 million or, $0.95 per basic and diluted common share compared to net income available to common shareholders of $579,000 or $0.30 basic and diluted share for the same period a year ago. Net interest income was $5.3 million compared to $5.5 million for the same period a year ago. Loss before income taxes was $2.4 million compared to profit before income taxes of $1 million for the same period a year ago. The company's negative return on average equity was 6.79% as of June 30, 2009 compared to a return of 4.44% as of June 30, 2008.