CFSB CFSB Bancorp Inc

Citizens First Financial Corp. Announces First Quarter Results and Dividend to Be Paid BLOOMINGTON, Ill., April 30 /PRNewswire-FirstCall/ -- Citizens First Financial Corp. (the "Company"), the parent company of Citizens Savings Bank (the "Bank"), announced that the Board of Directors has declared a dividend of $0.10 per share to be paid on May 25, 2004, to stockholders of record on May 11, 2004. In addition, the Company announced net income for the three months ended March 31, 2004 of $687,000, compared to net income of $742,000 for the three months ended March 31, 2003, a decrease of $55,000 or 7.4%. The Company had basic and diluted earnings per share of $0.46 and $0.43, respectively, for the three months ended March 31, 2004 compared to basic and diluted earnings per share of $0.51 and $0.46, respectively, for the three months ended March 31, 2003. "Our focus on financial performance improvements and in meeting non- financial operational objectives has provided a promising start to the new year," said C. William Landefeld, President and Chief Executive Officer. Net interest income increased from $2,586,000 for the three months ended March 31, 2003 to $2,756,000 for the three months ended March 31, 2004, an increase of $170,000 or 6.6%. Interest income decreased to $4,669,000 for the three months ended March 31, 2004 from $4,981,000 for the three months ended March 31, 2003. The decrease was attributable to a 21 basis point decrease in the average yield on interest-earning assets and a $5.5 million decrease in the average balance of interest earning assets. Interest expense decreased to $1,913,000 for the three months ended March 31, 2004 from $2,395,000 for the three months ended March 31, 2003. The decrease was due to a 58 basis point decrease in the average rate paid on interest-bearing liabilities and a $7.2 million decrease in the average balance of interest-bearing liabilities. The provision (recovery) for loan losses changed to a recovery of $174,000 for the three months ended March 31, 2004 from a provision of $85,000 for the three months ended March 31, 2003, a change of $259,000. The change was primarily due to the recovery of $389,000 from a loan that had been previously charged-off. Noninterest income decreased from $824,000 for the three months ended March 31, 2003 to $669,000 for the three months ended March 31, 2004, a decrease of $155,000. The decrease was due to a decrease of $299,000 in net gains on loan sales, offset by a $59,000 increase in service charges on deposit accounts, a $54,000 increase in the cash surrender value of life insurance policies and $36,000 in net gains on sale of land in a real estate joint venture. Noninterest expense increased from $2,113,000 for the three months ended March 31, 2003 to $2,508,000 for the three months ended March 31, 2004, an increase of $395,000, primarily because of an increase of $489,000 in net loss on sale or write-down of foreclosed assets. Additional write-downs were taken on commercial properties included in foreclosed assets based on a revised offer for the sale of one property and lower expectations for the sale of another property. The Bank currently has five offices in central Illinois. CITIZENS FIRST FINANCIAL CORP. SELECTED FINANCIAL INFORMATION (In thousands except for per share data) 03/31/04 12/31/03 (Unaudited) Balance Sheet Data Total assets $347,315 $349,51 Cash and cash equivalents $31,703 $16,831 Investment securities $19,774 $20,746 FHLB stock $15,453 $15,206 Loans held for sale $195 $376 Loans $267,897 $282,477 Allowance for loan losses $3,218 $3,072 Deposits $251,706 $250,013 Borrowings $58,900 $63,975 Equity capital $33,671 $32,992 Book value per common share $22.29 $22.00 Three months ended 03/31/04 03/31/03 (Unaudited) (Unaudited) Summary of Operations Interest income $4,669 $4,981 Interest expense 1,913 2,395 Net interest income 2,756 2,586 Provision (recovery) for loan losses (174) 85 Noninterest income 669 824 Noninterest expense 2,508 2,113 Income before income tax 1,091 1,212 Income tax expense 404 470 Net income $687 $742 Earnings per share: Basic $0.46 $0.51 Diluted $0.43 $0.46 Ratios Based on Net Income Return on average stockholders' equity 8.243% 9.25% Return on average assets 0.79% 0.83% Net interest yield on average earning assets 3.38% 3.10% DATASOURCE: Citizens First Financial Corp. CONTACT: C. William Landefeld, President & Chief Executive Officer of Citizens First Financial Corp., +1-309-661-8700

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