Citizens First Corp (CZFC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Exhibit 99.1

Citizens First Corporation Announces Fourth Quarter and Year End 2018 Results, Declares Quarterly Common Dividend

BOWLING GREEN, KY,  January 22, 2019 – Citizens First Corporation (

For the quarter ended December  31, 2018 the Company reported net income of $1.16 million,  or $0.45 per diluted common share (EPS).  This represents a 22%  increase or $211,000 from the  $952,000, or $0.37 per diluted common share, for the quarter ended December  31, 2017.  For the twelve months ended December  31, 2018, net income totaled $4.82 million, or $1.89 per diluted common share.  This represents an increase of $731,000, an  18%  increase, or $0.29 per diluted common share, from the net income of $4.09 million in the previous year. “Despite challenges in the second half of the year, our company produced record earnings per share in 2018,” said Todd Kanipe, President and CEO. “Aided by low credit costs and decreased tax expense, diluted earnings per share improved 18% over 2017,” Kanipe said.  “While funding costs in our markets have moderated, we expect deposit competition and loan demand to remain challenging in 2019,” Kanipe added.

Income Statement Fourth Quarter 2018 Compared to Fourth Quarter 2017

Net interest income decreased $212,000, or 5.2%, for the fourth quarter of 2018 compared to the fourth quarter of the prior year.    The Company’s net interest margin was 3.43% for the quarter ended December  31, 2018, compared to 3.74% for the quarter ended December 31, 2017, a decrease of 31 basis points.  The Company’s net interest margin decreased primarily due to an increase in the cost of interest-bearing liabilities which exceeded the increase in the yield on earning assets.

There was a $70,000 provision for loan losses in the fourth quarter of the current year compared to a $150,000 credit for loan losses in the fourth quarter of the prior year.