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Citizens First Corporation Announces Second Partial Repayment Of TARP Investment, $3.3 Million Remaining

BOWLING GREEN, Ky., Feb. 13, 2013 /PRNewswire/ -- Citizens First Corporation (the "Company") (NASDAQ: CZFC), the holding company of Citizens First Bank (the "Bank"),  announced that on February 13, 2013 it repurchased from the United States Department of the Treasury (the "Treasury") an additional 94 shares of the original 250 shares of the Series A Fixed Rate Cumulate Perpetual Preferred Stock that the Company had issued to the Treasury on December 19, 2008 under the TARP Capital Purchase Program of the Emergency Economic Stabilization Act of 2008.  The Company previously repurchased 63 shares in February, 2011.

The Company paid $3.3 million, which was 100% of par value, to repurchase the preferred shares along with the accrued dividend for the shares repurchased.  As a result of the repurchase, the Company will recognize approximately $21,000 of unaccreted discount on the repurchased stock as of the date of the repurchase.  This repurchase will result in an annual reduction of approximately $165,000 of the associated preferred dividends.  The Company funded the repurchase with a loan from another bank, which it expects will be repaid from Bank earnings.

Following the repurchase, the Treasury will continue to own $3.3 million of the Company's Series A Preferred Stock, as well as a warrant to purchase 254,218 shares of the Company's common stock at a per share exercise price of $5.18.  The Company will continue to pay dividends on the remaining 93 shares of Series A Preferred Stock until the Company completes its plan to repurchase all of the remaining shares of Series A Preferred Stock and related warrant, subject to regulatory approval.  "Based on the two partial repayments, we anticipate exiting the TARP Capital Purchase Program by the end of 2013," said Todd Kanipe, President & CEO of Citizens First.

About Citizens First Corporation

Citizens First Corporation is a bank holding company headquartered in Bowling Green, Kentucky and established in 1999.  The Company has branch offices located in Barren, Hart, Simpson and Warren Counties in Kentucky.

Forward-Looking Statements

Certain statements contained in this news release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act (the "Act"). In addition, certain statements in future filings by the Company with the Securities and Exchange Commission (the "SEC"), in press releases, and in oral and written statements made by or with the Company's approval which are not statements of historical fact constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to, projections of revenues, income or loss, earnings or loss per share, the payment or non-payment of dividends, capital structure and other financial items; statements of plans and objectives of the Company or the Company's management or Board of Directors; and statements of future economic performance and statements of assumptions underlying such statements. Words such as "believes," "anticipates," "intends," and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

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