| **UNITED                STATES**                      |
|-------------------------------------------------------|
| **SECURITIES                AND EXCHANGE COMMISSION** |
| **WASHINGTON,                D.C. 20549**             |

**FORM      10-QSB**

| x |   |
|---|--------|

| QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|--------------------------------------------------------------------------------------------------------------------------------------|
| For                the quarterly period ended September 30,                2006                                                      |

| o |   |
|---|--------|

| TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|----------------------------------------------------------------------------------------------------------------------------------------|
| For                the transition period from _______ to                _________                                                      |

**333-67435**

**CITIZENS      FIRST CORPORATION**

| **KENTUCKY**                                                                                | **61-0912615**                                                    |
|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| (State                or other jurisdiction ofincorporation                or organization) | (I.R.S.                EmployerIdentification                No.) |

| **1065                Ashley Street**                   |                      |
|---------------------------------------------------------|---------------------------|
| **Bowling                Green, Kentucky**              | **42103**                 |
| (Address                of principal executive offices) | (Zip                Code) |

**(270)      393-0700**

| Check                whether the issuer (1) filed all reports required to be filed by                Section                13 or 15(d) of the Exchange Act during the past 12 months (or for                such                shorter period that the registrant was required to file such reports),                and                (2) has been subject to such filing requirements for the past 90                days. Yes                x                No                o |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate                by check mark whether the registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act). Yes o                No                x                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| State                the number of shares outstanding of each of the issuer’s classes of common                equity, as of the latest practicable                date:                                                                                                                                                                                                                                                                                                          |

| **Class**                                           | **Outstanding                at November 14, 2006** |
|-----------------------------------------------------|-----------------------------------------------------|
| Common                Stock, no par value per share | 1,978,463                shares                     |

----

**CITIZENS      FIRST CORPORATION**

**TABLE      OF CONTENTS**

| PART                I - FINANCIAL INFORMATION |                                                                           |
|-----------------------------------------------|--------------------------------------------------------------------------------|
|                                          |                                                                           |
| ITEM                1                         | FINANCIAL                STATEMENTS                                            | 3 |
|                                          |                                                                           |   |
| ITEM                2                         | MANAGEMENT’S                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION | 13 |
|                                          |                                                                           |   |
| ITEM                3                         | CONTROLS                AND PROCEDURES                                         | 25 |
|                                          |                                                                           |   |
|                                          |                                                                           |   |
| PART                II                        |                                                                           |   |
|                                          |                                                                           |   |
| ITEM                6                         | EXHIBITS                                                                       | 26 |
|                                          |                                                                           |   |
| SIGNATURES                                    | 27                                                                             |

----

**Part      1. Financial Information**

**Item      1. Financial Statements**

| **Citizens                First Corporation**                                                                                                                                                                                                   |                      |   |                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------|--------------------------------------|
| **Consolidated                Balance Sheets**                                                                                                                                                                                                  |                      |   |                                 |
| *(In                Thousands)*                                                                                                                                                                                                                 | (Unaudited)               |   |                                 |
|                                                                                                                                                                                                                                            | **September****30, 2006** |   | **December                31, 2005** |
| **Assets**                                                                                                                                                                                                                                      |                      |   |                                 |
| Cash                and due from banks                                                                                                                                                                                                          | $4,377                    |   | $4,062                               |
| Federal                funds sold                                                                                                                                                                                                               | 7,566                     |   | 11,681                               |
| Cash                and cash equivalents                                                                                                                                                                                                        | 11,943                    |   | 15,743                               |
| Available                for sale securities                                                                                                                                                                                                    | 13,568                    |   | 12,058                               |
| Loans                held for sale                                                                                                                                                                                                              | 958                       |   | 621                                  |
| Loans,                net of allowance of $1,931 and $1,957 at September 30, 2006 and December                31, 2005, respectively                                                                                                            | 159,656                   |   | 155,612                              |
| Premises                and equipment                                                                                                                                                                                                           | 8,967                     |   | 7,608                                |
| Federal                Home Loan Bank (FHLB) stock                                                                                                                                                                                              | 673                       |   | 615                                  |
| Accrued                interest receivable                                                                                                                                                                                                      | 1,326                     |   | 1,086                                |
| Deferred                income taxes                                                                                                                                                                                                            | 231                       |   | 613                                  |
| Goodwill                                                                                                                                                                                                                                        | 1,327                     |   | 1,264                                |
| Other                assets                                                                                                                                                                                                                     | 538                       |   | 282                                  |
| Total                assets                                                                                                                                                                                                                     | $199,187                  |   | $195,502                             |
|                                                                                                                                                                                                                                            |                      |   |                                 |
| **Liabilities                and Shareholders' Equity**                                                                                                                                                                                         |                      |   |                                 |
| Deposits:                                                                                                                                                                                                                                       |                      |   |                                 |
| Non-interest                bearing                                                                                                                                                                                                             | $15,314                   |   | $15,060                              |
| Savings,                NOW and money market                                                                                                                                                                                                    | 53,157                    |   | 55,612                               |
| Time                                                                                                                                                                                                                                            | 93,154                    |   | 85,705                               |
| Total                deposits                                                                                                                                                                                                                   | 161,625                   |   | 156,377                              |
|                                                                                                                                                                                                                                            |                      |   |                                 |
| Securities                sold under repurchase agreements                                                                                                                                                                                      | 4,489                     |   | 2,920                                |
| FHLB                advances                                                                                                                                                                                                                    | 10,317                    |   | 14,500                               |
| Other                borrowings                                                                                                                                                                                                                 | 250                       |   | -                                    |
| Income                taxes payable                                                                                                                                                                                                             | -                         |   | 114                                  |
| Accrued                interest and other liabilities                                                                                                                                                                                           | 1,020                     |   | 1,633                                |
| Total                liabilities                                                                                                                                                                                                                | 177,701                   |   | 175,544                              |
|                                                                                                                                                                                                                                            |                      |   |                                 |
| Shareholders'                equity:                                                                                                                                                                                                            |                      |   |                                 |
| 6.5%                cumulative preferred stock, no par value; authorized 500 shares;                issued                and outstanding 250 shares at September 30, 2006 and at December                31, 2005,                respectively | 7,659                     |   | 7,659                                |
| Common                stock, no par value; authorized 5,000,000 shares; issued and outstanding                943,463 shares at September 30, 2006 and 893,643 shares at December                31,                2005                        | 11,936                    |   | 10,729                               |
| Retained                earnings                                                                                                                                                                                                                | 2,222                     |   | 1,920                                |
| Accumulated                other comprehensive income (loss)                                                                                                                                                                                    | (331)                     |   | (350)                                |
| Total                shareholders' equity                                                                                                                                                                                                       | 21,486                    |   | 19,958                               |
| Total                liabilities and shareholders' equity                                                                                                                                                                                       | $199,187                  |   | $195,502                             |
| **See                accompanying notes to consolidated financial statements.**                                                                                                                                                                 |

----

| **Citizens                First Corporation**                                                  |                                                       |                                                      |                   |                   |
|------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------------------------|------------------------|------------------------|
| **Consolidated                Statements of Operations (Unaudited)**                           | **For                the three months ended September 30** | **For                the nine months ended September 30** |
| *(Dollars                In Thousands)*                                                        |                                                       |                                                      |                   |                   |
|                                                                                           | **2006**                                                   | **2005**                                                  | **2006**               | **2005**               |
| **Interest                income**                                                             |                                                       |                                                      |                   |                   |
| Loans,                including fees                                                           | $3,298                                                     | $2,766                                                    | $9,505                 | $7,570                 |
| Available                for sale securities                                                   | 142                                                        | 118                                                       | 391                    | 356                    |
| Federal                funds sold                                                              | 150                                                        | 4                                                         | 388                    | 18                     |
| Dividends                on FHLB stock                                                         | 10                                                         | 7                                                         | 28                     | 21                     |
| Total                interest and dividend income                                              | 3,600                                                      | 2,895                                                     | 10,312                 | 7,965                  |
| **Interest                expense**                                                            |                                                       |                                                      |                   |                   |
| Deposits                                                                                       | 1,238                                                      | 766                                                       | 3,391                  | 2,005                  |
| Securities                sold under agreements to repurchase                                  | 29                                                         | 7                                                         | 56                     | 24                     |
| FHLB                advances                                                                   | 136                                                        | 101                                                       | 388                    | 249                    |
| Federal                funds purchased                                                         | -                                                          | 21                                                        | -                      | 43                     |
| Total                interest expense                                                          | 1,403                                                      | 895                                                       | 3,835                  | 2,321                  |
| **Net                interest income**                                                         | 2,197                                                      | 2,000                                                     | 6,477                  | 5,644                  |
| Provision                for loan losses                                                       | 60                                                         | 95                                                        | 60                     | 215                    |
| **Net                interest income after provision for loan losses**                         | 2,137                                                      | 1,905                                                     | 6,417                  | 5,429                  |
| **Non-interest                income**                                                         |                                                       |                                                      |                   |                   |
| Service                charges on deposit accounts                                             | 220                                                        | 210                                                       | 585                    | 616                    |
| Other                service charges and fees                                                  | 38                                                         | 34                                                        | 92                     | 107                    |
| Title                insurance premiums and closing fees                                       | 17                                                         | 22                                                        | 46                     | 52                     |
| Sale                of mortgage loans                                                          | 117                                                        | 100                                                       | 257                    | 265                    |
| Lease                income                                                                    | 61                                                         | 37                                                        | 166                    | 47                     |
| Gain                on sale of fixed assets                                                    | 49                                                         | -                                                         | 49                     | -                      |
| Trust                referral fees                                                             | 4                                                          | 6                                                         | 12                     | 15                     |
| Total                non-interest income                                                       | 506                                                        | 409                                                       | 1,207                  | 1,102                  |
| **Non-interest                expenses**                                                       |                                                       |                                                      |                   |                   |
| Salaries                and employee benefits                                                  | 966                                                        | 751                                                       | 2,741                  | 2,112                  |
| Net                occupancy expense                                                           | 176                                                        | 110                                                       | 486                    | 290                    |
| Equipment                expense                                                               | 129                                                        | 93                                                        | 350                    | 281                    |
| Advertising                                                                                    | 73                                                         | 66                                                        | 242                    | 186                    |
| Professional                fees                                                               | 92                                                         | 183                                                       | 257                    | 418                    |
| Data                processing services                                                        | 106                                                        | 112                                                       | 302                    | 302                    |
| Other                                                                                          | 270                                                        | 193                                                       | 807                    | 688                    |
| Total                non-interest expenses                                                     | 1,812                                                      | 1,507                                                     | 5,185                  | 4,277                  |
| **Income                before income taxes**                                                  | 831                                                        | 806                                                       | 2,439                  | 2,254                  |
| Provision                for income tax                                                        | 253                                                        | 274                                                       | 834                    | 767                    |
| **Net                income**                                                                  | $578                                                       | $532                                                      | $                1,605 | $                1,487 |
| **Preferred                dividends**                                                         | 131                                                        | 131                                                       | 389                    | 389                    |
| **Net                income available for common shareholders**                                | $                447                                       | $                401                                      | $                1,216 | $                1,098 |
| **Basic                earnings per common share**                                             | $0.47                                                      | $0.43                                                     | $1.29                  | $1.17                  |
| **Diluted                earnings per common share**                                           | $0.38                                                      | $0.35                                                     | $1.05                  | $0.98                  |
|                                                                                           |                                                       |                                                      |
| **See                accompanying notes to consolidated financial                statements.** |                                                       |                                                      |

----

| **Citizens                First Corporation**                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Consolidated                Statements of Changes**** ****in                Shareholders' Equity**                (**Unaudited**)(*Dollars                In Thousands*) |
|                                                                                                                                                                            |   |   |   |
| **For                the nine months ended September 30:**                                                                                                                      | **2006** |   | **2005** |
|                                                                                                                                                                            |   |   |   |
| Balance                January 1                                                                                                                                                | $19,958 |   | $18,177 |
| Net                income                                                                                                                                                       | 1,605 |   | 1,487 |
| Issuance                of common stock                                                                                                                                         | 82 |   | 105 |
| Stock-based                compensation                                                                                                                                         | 211 |   | - |
| Payment                of preferred dividends, $1,555.34 per share for 2006 and                2005                                                                             | (389) |   | (389) |
| Other                comprehensive income (loss), net of tax                                                                                                                    | 19 |   | 4 |
| Balance                at end of period                                                                                                                                         | $21,486 |   | $19,384 |
|                                                                                                                                                                            |   |   |   |
| **See                accompanying notes to consolidated financial statements.**                                                                                                 |

| **Citizens                First Corporation**                                                                            |
|--------------------------------------------------------------------------------------------------------------------------|
| **Consolidated                Statements of Comprehensive Income**(**Unaudited**)(*Dollars                In Thousands*) |
|                                                                                                                     |   |   |   |
|                                                                                                                     |   |   |   |
| **For                the nine months ended September 30:**                                                               | **2006** |   | **2005** |
|                                                                                                                     |   |   |   |
| Net                income                                                                                                | $                1,605 |   | $                1,487 |
| Other                comprehensive income (loss), net of tax:                                                            |   |   |   |
| Unrealized                gain (loss) on available for sale securities, net                                              | 19 |   | 4 |
|                                                                                                                     |   |   |   |
| Comprehensive                income                                                                                      | $                1,624 |   | $                1,491 |
|                                                                                                                     |   |   |   |
|                                                                                                                     |   |   |   |
| **For                the three months ended September 30:**                                                              | **2006** |   | **2005** |
|                                                                                                                     |   |   |   |
| Net                income                                                                                                | $                578 |   | $                532 |
| Other                comprehensive income (loss), net of tax:                                                            |   |   |   |
| Unrealized                gain (loss) on available for sale securities, net                                              | 338 |   | (136) |
|                                                                                                                     |   |   |   |
| Comprehensive                income                                                                                      | $                916 |   | $                396 |
|                                                                                                                     |   |   |   |
| **See                accompanying notes to consolidated financial statements.**                                          |

----

| **Citizens                First Corporation**                                                                          |
|------------------------------------------------------------------------------------------------------------------------|
| **Consolidated                Statements of Cash Flows (Unaudited)**(*Dollars*** ***In                Thousands)* |
| **For                the nine months ended September 30:**                                                             | **2006** | **2005** |
| **Operating                activities:**                                                                               |   |   |
| Net                income                                                                                              | $1,605 | $                1,487 |
| Items                not requiring (providing) cash:                                                                   |   |   |
| Depreciation                and amortization                                                                           | 396 | 284 |
| Stock-based                compensation expense                                                                        | 211 | - |
| Provision                for loan losses                                                                               | 60 | 215 |
| Amortization                of premiums and discounts on securities                                                    | 4 | 10 |
| Gain                on sale of premises and equipment                                                                  | (49) | - |
| Deferred                income taxes                                                                                   | 382 | (40) |
| Sale                of mortgage loans held for sale                                                                    | 18,391 | 19,239 |
| Origination                of mortgage loans for sale                                                                  | (18,470) | (19,371) |
| Gains                on sales of loans                                                                                 | (257) | (265) |
| Losses                (gains) on sale of other real estate owned                                                       | 8 | 7 |
| FHLB                stock dividends received                                                                           | (28) | (21) |
| Changes                in:                                                                                             |   |   |
| Interest                receivable                                                                                     | (240) | (258) |
| Other                assets                                                                                            | (446) | 13 |
| Interest                payable and other liabilities                                                                  | (491) | (260) |
| Net                cash from operating activities                                                                      | 1,076 | 1,040 |
| **Investing                activities:**                                                                               |   |   |
| Net                increase in loans                                                                                   | (3,965) | (11,990) |
| Purchases                of premises and equipment                                                                     | (1,990) | (4,244) |
| Proceeds                from sale of premises and equipment                                                            | 285 | - |
| Purchase                of available-for-sale securities                                                               | (1,935) | - |
| Proceeds                from maturities of available-for-sale securities                                               | 449 | 577 |
| Proceeds                from sale of other real estate                                                                 | 42 | 265 |
| Payment                related to purchase of Commonwealth Mortgage                                                    | (309) | - |
| Purchase                of FHLB stock                                                                                  | (30) | (3) |
| Net                cash from investing activities                                                                      | (7,453) | (15,395) |
| **Financing                activities:**                                                                               |   |   |
| Net                increase (decrease) in demand deposits, money market, NOW, and savings                accounts      | (2,201) | (5,386) |
| Net                increase in time deposits                                                                           | 7,449 | 21,190 |
| Net                increase in other borrowings                                                                        | 250 | - |
| Proceeds                from FHLB advances                                                                             | 12,000 | 4,000 |
| Repayment                of FHLB advances                                                                              | (16,183) | - |
| Net                increase (decrease) in federal funds purchased and                repurchase agreements             | 1,569 | (1,125) |
| Issuance                of common stock                                                                                | 82 | 21 |
| Dividends                paid on preferred stock                                                                       | (389) | (389) |
| Net                cash from financing activities                                                                      | 2,577 | 18,311 |
| **Increase                (Decrease) in cash and cash equivalents**                                                    | (3,800) | 3,956 |
| Cash                and cash equivalents, Beginning of year                                                            | 15,743 | 4,080 |
| **Cash                and cash equivalents, End of year**                                                              | $11,943 | $                8,036 |
| Supplemental                Cash Flows Information:                                                                    |   |   |
| Interest                paid                                                                                           | $3,749 | $2,213 |
| Income                taxes paid                                                                                       | $                745 | $                926 |
| Loans                transferred to other real estate                                                                  | $                140 | $                265 |

----

**Notes      to Unaudited Condensed Consolidated Financial Statements**

**(1)      Basis of Presentation**

** **

**(2)      Recently Issued Accounting Standards**

*“Accounting      for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109”,*

*“Considering      the Effects of Prior Year Misstatements when Quantifying Misstatements in      Current Year Financial Statements”*

*Fair      Value Measurements*

*“Employers’      Accounting for Defined Benefit Pension and Other Postretirement Plans, an      amendment of FASB Statements No. 87, 88, 106, and 132(R).”*

**(3)      Stock Option Plans**

----

| *Dollars                In Thousands, except per share data*                                                                                                                                                      | **Three                Months**       | **Nine                months**           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|------------------------------------------|
|                                                                                                                                                                                                              | **Ended                September 30** | **Ended****September                30** |
|                                                                                                                                                                                                              | **2005**                              | **2005**                                 |
| Net                income, as reported                                                                                                                                                                            | $                532                  | $                1,487                   |
| Less:                Total stock-based employee compensation cost determined under the                fair                value based method, net of income taxes, not expensed during the                quarter | 26                                    | 96                                       |
|                                                                                                                                                                                                              |                                  |                                     |
| Pro                forma net income                                                                                                                                                                               | $                506                  | $                1,391                   |
|                                                                                                                                                                                                              |                                  |                                     |
| Earnings                per share:                                                                                                                                                                                |                                  |                                     |
| Basic                - as reported                                                                                                                                                                                | $                0.43                 | $                1.17                    |
| Basic                - pro forma                                                                                                                                                                                  | $                0.40                 | $                1.07                    |
| Diluted                - as reported                                                                                                                                                                              | $                0.35                 | $                0.98                    |
| Diluted                - pro forma                                                                                                                                                                                | $                0.33                 | $                0.92                    |

|                                                                          | **2006**               | **2005**               |
|-------------------------------------------------------------------------------|------------------------|------------------------|
| Dividend                yields                                                | 0%                     | 0%                     |
| Volatility                factors of expected market price of common stock    | 21.39%                 | 22.46%                 |
| Risk-free                interest rates                                       | 4.58%                  | 3.77%                  |
| Expected                life of options                                       | 7                Years | 6                Years |
| Weighted-average                fair value of options granted during the year | $                6.74  | $                4.50  |

|   | · | The                dividend yield was estimated using historical dividends paid and                market                value information for the Company’s stock. An increase in dividend yield                will decrease compensation expense. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                volatility was estimated using historical volatility for periods                approximating the expected option                life. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                risk-free interest rate was developed using the U.S. Treasury yield                curve                for periods equal to the expected life of the options on the grant                date.                An increase in the risk-free interest rate will increase stock                compensation expense. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *Dollars                in Thousands, except per share data* | **As                Reported**         | **Effect                of SFAS****123R** | **Pro                Forma**           |
|--------------------------------------------------------------|----------------------------------------|-------------------------------------------|----------------------------------------|
|                                                         | **Three                Months**        | **Three                Months**           | **Three                Months**        |
|                                                         | **Ended                September 30,** | **Ended                September 30,**    | **Ended                September 30,** |
|                                                         | **2006**                               | **2006**                                  | **2006**                               |
| Net                income before income taxes                | $                831                   | $                61                       | $                892                   |
| Provision                for income tax                      | 253                                    | -                                         | 253                                    |
| Net                income                                    | $                578                   | $                61                       | $                639                   |
|                                                         |                                   |                                      |                                   |
| Earnings                per share:                           |                                   |                                      |                                   |
| Basic                                                        | $                0.47                  | $                0.07                     | $                0.54                  |
| Diluted                                                      | $                0.38                  | $                0.04                     | $                0.42                  |

| *Dollars                in Thousands, except per share data* | **As                Reported**         | **Effect                of SFAS****123R** | **Pro                Forma**           |
|--------------------------------------------------------------|----------------------------------------|-------------------------------------------|----------------------------------------|
|                                                         | **Nine                Months**         | **Nine                Months**            | **Nine                Months**         |
|                                                         | **Ended                September 30,** | **Ended                September 30,**    | **Ended                September 30,** |
|                                                         | **2006**                               | **2006**                                  | **2006**                               |
| Net                income before income taxes                | $                2,439                 | $                211                      | $                2,650                 |
| Provision                for income tax                      | 834                                    | 15                                        | 849                                    |
| Net                income                                    | $                1,605                 | $                196                      | $                1,801                 |
|                                                         |                                   |                                      |                                   |
| Earnings                per share:                           |                                   |                                      |                                   |
| Basic                                                        | $                1.29                  | $                0.21                     | $                1.50                  |
| Diluted                                                      | $                1.05                  | $                0.13                     | $                1.18                  |

|                                              | **2006**   | **2005**                                                  |
|---------------------------------------------------|------------|-----------------------------------------------------------|
|                                              | **Shares** | **Weighted-****Average                Exercise****Price** | **Shares** | **Weighted-****Average                Exercise****Price** |
|                                              |       |                                                      |   |   |
| Outstanding,                beginning of year     | 100,383    | $13.64                                                    | 53,582 | $12.85 |
| Granted                                           | 48,300     | $18.97                                                    | 50,715 | $13.76 |
| Exercised                                         | —    | —                                                   | (1,654) | $12.67 |
| Forfeited                                         | (486)      | $15.72                                                    | (12,624) | $13.22 |
| Expired                                           | —    | —                                                   | — | — |
| Outstanding,                end of period         | 148,197    | $15.37                                                    | 90,019 | $13.31 |
| Options                exercisable, end of period | 57,787     | $13.97                                                    | 26,570 | $13.15 |

----

|                                   |              | Options                Outstanding                       | Options                Exercisable            |
|----------------------------------------|-------------------|----------------------------------------------------------|-----------------------------------------------|
| Range                of ExercisePrices | NumberOutstanding | Weighted-AverageRemaining                ContractualLife | Weighted-AverageExercise                Price | NumberExercisable | Weighted-AverageExercise                Price |
|                                   |              |                                                     |                                          |   |   |
| $12.15                                 | 4,410             | 7.67                years                                | $12.15                                        | 4,410 | $12.15 |
| $12.16-$12.93                          | 39,359            | 7.33                years                                | $12.93                                        | 27,709 | $12.93 |
| $12.94                - $13.65         | 39,910            | 8.33                years                                | $13.65                                        | 13,303 | $13.65 |
| $13.66                - $14.47         | 6,064             | 8.58                years                                | $14.47                                        | 6,064 | $14.47 |
| $14.48                - $16.51         | 10,364            | 9.17                years                                | $16.51                                        | - |   |
| $16.52                - $18.82         | 41,790            | 9.42                years                                | $18.82                                        | - |   |
| $18.83                                 | 6,300             | 9.67                years                                | $20.00                                        | 6,300 | $20.00 |

**(4)      Earnings Per Share**

*Dollars*
*n      Thousands, except per share data*

|                                                                                                    | **Quarter                ended September 30, 2006** |                              | **Quarter                ended September 30, 2005** |
|---------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------|-----------------------------------------------------|
|                                                                                                    |   **Income**                              | **Weighted****Average****Shares** |  **Per                Share****Amount**        |   |   **Income** | **Weighted-****Average****Shares** |  **Per                Share****Amount** |
| *Basic                earnings per share*                                                               |                                                |                              |                                                |   |   |   |   |
| ***Net                income***                                                                         | **$                578**                            |                              |                                                |   | **$****532** |   |   |
| ***Less:                Dividends on preferred stock***                                                 | **(131****)**                                       |                              |                                                |   | **(131)** |   |   |
|                                                                                                    |                                                |                              |                                                |   |   |   |   |
| ***Net                income available to common shareholders***                                        | **447**                                             | **943,463**                       | **$****0.47**                                       |   | **401** | **938,325** | **$****0.43** |
|                                                                                                    |                                                |                              |                                                |   |   |   |   |
| *Effect                of dilutive securities*                                                          |                                                |                              |                                                |   |   |   |   |
| ***Convertible                preferred stock***                                                        | **131**                                             | **568,890**                       |                                                |   | **131** | **568,890** |   |
| ***Stock                options***                                                                      | ***-***                                             | **22,882**                        |                                                |   | **-** | **10,794** |   |
|                                                                                                    |                                                |                              |                                                |   |   |   |   |
| *Diluted                earnings per share*                                                             |                                                |                              |                                                |   |   |   |   |
|                                                                                                    |                                                |                              |                                                |   |   |   |   |
| ***Net                income available to common shareholders and assumed                conversions*** | **$****578**                                        | **1,535,235**                     | **$****0.38**                                       |   | **$****532** | **1,518,009** | **$****0.35** |

*Dollars*
*in      Thousands, except per share data*

|                                                                                                    | **Nine                months ended September 30, 2006** |                              | **Nine                months ended September 30, 2005** |
|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------|-----------------------------------|---------------------------------------------------------|
|                                                                                                    |   **Income**                                  | **Weighted****Average****Shares** |  **Per                Share****Amount**            |   |   **Income** | **Weighted****Average****Shares** |  **Per                Share****Amount** |
| *Basic                earnings per share*                                                               |                                                    |                              |                                                    |   |   |   |   |
| ***Net                income***                                                                         | **$****1,605**                                          |                              |                                                    |   | **$1,487** |   |   |
| ***Less:                Dividends on preferred stock***                                                 | **(389****)**                                           |                              |                                                    |   | **(389)** |   |   |
|                                                                                                    |                                                    |                              |                                                    |   |   |   |   |
| ***Net                income available to common shareholders***                                        | **1,216**                                               | **940,621**                       | **$****1.29**                                           |   | **1,098** | **936,556** | **$****1.17** |
|                                                                                                    |                                                    |                              |                                                    |   |   |   |   |
| *Effect                of dilutive securities*                                                          |                                                    |                              |                                                    |   |   |   |   |
| ***Convertible                preferred stock***                                                        | **389**                                                 | **568,890**                       |                                                    |   | **389** | **568,890** |   |
| ***Stock                options***                                                                      | ***-***                                                 | **23,891**                        |                                                    |   | **-** | **5,352** |   |
|                                                                                                    |                                                    |                              |                                                    |   |   |   |   |
| *Diluted                earnings per share*                                                             |                                                    |                              |                                                    |   |   |   |   |
|                                                                                                    |                                                    |                              |                                                    |   |   |   |   |
| ***Net                income available to common shareholders and assumed                conversions*** | ***$*****1,605**                                        | **1,533,402**                     | **$****1.05**                                           |   | **$****1,487** | **1,510,798** | **$****0.98** |

**(5)      Pending Business Acquisition- Kentucky Banking Centers,      Inc.**

**(6)      Subsequent Event - Stock Offering/Trust Preferred Issuance**

----

**Item      2. Management’s Discussion and Analysis or Plan of      Operation**

**Forward-Looking      Statements**

**Results      of Operations**

**Net      Interest Income**

----

| **Average                Consolidated Balance Sheets and Net Interest Analysis*****(Dollars In Thousands)*** |
|--------------------------------------------------------------------------------------------------------------|
| **Nine                months Ended September 30,**                                                           |   | **2006** |   |   | **2005** |   |
|                                                                                                         | **Average****Balance** | **Income**/**Expense** | **Average****Rate** | **Average****Balance** | **Income/****Expense** | **Average****Rate** |
| Earning                assets:                                                                               |   |   |   |   |   |   |
| Federal                funds sold                                                                            | $                10,567 | $                388 | 4.91% | $                855 | $                18 | 2.81% |
| Available-for-sale                securities (1)                                                             | 12,907 | 410 | 4.25% | 12,035 | 356 | 3.95% |
| Federal                Home Loan Bank stock                                                                  | 665 | 28 | 5.63% | 591 | 21 | 4.75% |
| Loans,                net (2)                                                                                | 159,845 | 9,505 | 7.95% | 151,926 | 7,570 | 6.66% |
| Total                earning assets                                                                          | 183,984 | 10,331 | 7.51% | 165,407 | 7,965 | 6.44% |
| Non-earning                assets                                                                            | 15,010 |   |   | 11,645 |   |   |
| **Total                Assets**                                                                              | $                198,994 |   |   | $                177,052 |   |   |
|                                                                                                         |   |   |   |   |   |   |
| Interest-bearing                Liabilities:                                                                 |   |   |   |   |   |   |
| Interest-bearing                transaction accounts                                                         | $                48,415 | $                439 | 1.21% | $                50,107 | $                381 | 1.02% |
| Savings                accounts                                                                              | 3,126 | 29 | 1.24% | 3,094 | 17 | 0.73% |
| Time                deposits                                                                                 | 93,387 | 2,923 | 4.18% | 70,764 | 1,607 | 3.04% |
| Total                interest-bearing deposits                                                               | 144,928 | 3,391 | 3.13% | 123,965 | 2,005 | 2.16% |
| Federal                funds purchased                                                                       | 3 | - | 5.09% | 1,627 | 43 | 3.53% |
| Securities                sold under repurchase agreements                                                   | 3,705 | 56 | 2.02% | 3,766 | 24 | 0.85% |
| FHLB                borrowings                                                                               | 12,411 | 388 | 4.18% | 13,434 | 249 | 2.48% |
| Total                interest-bearing liabilities                                                            | 161,047 | 3,835 | 3.18% | 142,792 | 2,321 | 2.17% |
| Non-interest                bearing deposits                                                                 | 15,880 |   |   | 14,297 |   |   |
| Other                liabilities                                                                             | 1,335 |   |   | 996 |   |   |
| Total                liabilities                                                                             | 178,262 |   |   | 158,085 |   |   |
| Shareholders’                equity                                                                    | 20,732 |   |   | 18,967 |   |   |
| **Total                Liabilities and Shareholders’ Equity**                                          | $                198,994 |   |   | $                177,052 |   |   |
| Net                interest income                                                                           |   | $                6,496 |   |   | $                5,644 |   |
| Net                interest spread                                                                           |   |   | 4.33% |   |   | 4.27% |
| Net                interest margin (3)                                                                       |   |   | 4.72% |   |   | 4.56% |
| _______________                                                                                              |   |   |   |   |   |   |

----

**Rate/Volume      Analysis**

|                                                                       | **Nine                Months Ended**      |
|----------------------------------------------------------------------------|-------------------------------------------|
| ***(Dollars                In Thousands)***                                | **September                30,**          |
|                                                                       | **2006                vs. 2005**          |
|                                                                       | **Variance                Attributed to** |
|                                                                       |                                      | **Rate** |   | **Volume** |   | **Net** |
| Interest-earning                assets:                                    |                                      |   |   |   |   |   |
| Federal                funds sold                                          |                                      | $                166 |   | $                204 |   | $                370 |
| Available-for-sale-securities                (1)                           |                                      | 28 |   | 26 |   | 54 |
| FHLB                stock                                                  |                                      | 4 |   | 3 |   | 7 |
| Loans,                net                                                  |                                      | 1,540 |   | 395 |   | 1,935 |
| Total                net change in income on earning assets                |                                      | 1,738 |   | 628 |   | 2,366 |
|                                                                       |                                      |   |   |   |   |   |
| Interest-bearing                liabilities:                               |                                      |   |   |   |   |   |
| Interest-bearing                transaction accounts                       |                                      | 71 |   | (13) |   | 58 |
| Savings                accounts                                            |                                      | 12 |   | - |   | 12 |
| Time                deposits                                               |                                      | 802 |   | 514 |   | 1,316 |
| Federal                funds purchased                                     |                                      | - |   | (43) |   | (43) |
| Securities                sold under repurchase agreements                 |                                      | 32 |   | - |   | 32 |
| FHLB                borrowings                                             |                                      | 158 |   | (19) |   | 139 |
| Total                net change in expense on interest-bearing liabilities |                                      | 1075 |   | 439 |   | 1,514 |
|                                                                       |                                      |   |   |   |   |   |
| Change                in net interest income                               |                                      | $                663 |   | $                189 |   | $                852 |
|                                                                       |                                      |   |   |   |   |   |
| Percentage                change                                           |                                      | 77.8% |   | 22.2% |   | 100.0% |

**Provision      for Loan Losses**

**Non-Interest      Income**

| *(                Dollars In Thousands)*                        | **September                30, 2006** | **September                30, 2005** | **Increase****(Decrease)** |
|-----------------------------------------------------------------|---------------------------------------|---------------------------------------|----------------------------|
| Service                charges on deposit accounts              | $585                                  | $616                                  | $(31)                      |
| Other                service charges and fees                   | 92                                    | 107                                   | (15)                       |
| Gain                on the sale of mortgage loans held for sale | 257                                   | 265                                   | (8)                        |
| Title                premium fees                               | 40                                    | 39                                    | 1                          |
| Title                closing fees                               | 6                                     | 13                                    | (7)                        |
| Trust                referral fees                              | 12                                    | 15                                    | (3)                        |
| Gain                on sale of fixed assets                     | 49                                    | -                                     | 49                         |
| Lease                income                                     | 166                                   | 47                                    | 119                        |
|                                                            | $1,207                                | $1,102                                | $                105       |

**Non-Interest      Expense**

| *(In                Thousands)*                  | **September****30, 2006** | **September                30, 2005** | **Increase****(Decrease)** |
|--------------------------------------------------|---------------------------|---------------------------------------|----------------------------|
| Salaries                and employee benefits    | $2,741                    | $2,112                                | 629                        |
| Net                occupancy expense             | 486                       | 290                                   | 196                        |
| Equipment                expense                 | 350                       | 281                                   | 69                         |
| Advertising                                      | 242                       | 186                                   | 56                         |
| Professional                fees                 | 257                       | 418                                   | (161)                      |
| Data                processing services          | 302                       | 302                                   | -                          |
| FDIC                and other insurance          | 52                        | 78                                    | (26)                       |
| Franchise                shares and deposit tax  | 176                       | 153                                   | 23                         |
| Postage                and office supplies       | 95                        | 85                                    | 10                         |
| Telephone                and other communication | 96                        | 95                                    | 1                          |
| Other                operating expenses          | 388                       | 277                                   | 111                        |
|                                             | $5,185                    | $4,277                                | $908                       |

**Income      Taxes**

**Balance      Sheet Review**

**Overview**

**Loans**

| *Dollars                In Thousands*      | **September                30,** | **%                of**        | **December                31,** | **%                of**        |
|--------------------------------------------|----------------------------------|--------------------------------|---------------------------------|--------------------------------|
|                                       | **2006**                         | **Total                Loans** | **2005**                        | **Total                Loans** |
| Commercial                and agricultural | $50,149                          | 31.03%                         | $                41,671         | 26.45%                         |
| Commercial                real estate      | 59,311                           | 36.71%                         | 60,971                          | 38.69%                         |
| Residential                real estate     | 42,549                           | 26.33%                         | 45,108                          | 28.63%                         |
| Consumer                                   | 9,578                            | 5.93%                          | 9,819                           | 6.23%                          |
|                                       | $161,587                         | 100.00%                        | $157,569                        | 100.00%                        |

| **Loan                Maturities and Rate Sensitivity** |                          |                             |
|---------------------------------------------------------|-------------------------------|----------------------------------|
| **September                30, 2006**                   | **Fixed                Rate** | **Variable                Rate** |
| Dollars                In Thousands                     |                          |                             |
|                                                    |                          |                             |
| Three                months or less                     | $                4,948        | $                8,883           |
| Over                three through twelve months         | 8,172                         | 29,622                           |
| Over                one year through three years        | 9,492                         | 13,394                           |
| Over                three through five years            | 21,929                        | 7,879                            |
| Over                five through fifteen years          | 1,795                         | 29,876                           |
| Over                fifteen years                       | 1,311                         | 24,286                           |
| Total                                                   | $                47,647       | $                113,940         |

***Asset      Quality and the***
* *
***Allowance      for Loan Losses***

|                                                             | **September                30, 2006** | **December                31, 2005** |
|------------------------------------------------------------------|---------------------------------------|--------------------------------------|
| *(Dollars                in Thousands)*                          |                                  |                                 |
| Non-performing                loans                              | $                481                  | $                257                 |
| Non-performing                assets                             | 631                                   | 257                                  |
| Allowance                for loan losses                         | 1,931                                 | 1,957                                |
| Non-performing                assets to total loans              | 0.39%                                 | 0.16%                                |
| Non-performing                assets to total assets             | 0.32%                                 | 0.13%                                |
| Net                charge-offs to average total loans            | 0.05%                                 | (0.28)%                              |
| Allowance                for loan losses to non-performing loans | 401.46%                               | 754.38%                              |
| Allowance                for loan losses to total loans          | 1.20%                                 | 1.24%                                |

**Summary      of Loan Loss Experience**

|                                                             | **September                30, 2006** | **September                30, 2005** |
|------------------------------------------------------------------|---------------------------------------|---------------------------------------|
| *(Dollars                In Thousands)*                          |                                  |                                  |
| **Balance,                beginning of year**                    | **$1,957**                            | **$1,721**                            |
| **Provision                for loan losses**                     | **60**                                | **215**                               |
| **Amounts                charged off:**                          |                                  | **)**                                 |
| **Commercial**                                                   | **(74)**                              | **(4)**                               |
| **Commercial                real estate**                        | **-**                                 | **-**                                 |
| **Residential                real estate**                       | **(28)**                              | **(79)**                              |
| **Consumer**                                                     | **(****23)**                          | **(33)**                              |
| **Total                loans charged off:**                      | **(125)**                             | **(116)**                             |
| **Recoveries                of amounts previously charged off:** |                                  |                                  |
| **Commercial**                                                   | **37**                                | **119**                               |
| **Commercial                real estate**                        | **-**                                 | **-**                                 |
| **Residential                real estate**                       | **-**                                 | **10**                                |
| **Consumer**                                                     | **2**                                 | **1**                                 |
| **Total                recoveries**                              | **39**                                | **130**                               |
| **Net                charge-offs (recoveries)**                  | **8****6**                            | **(14)**                              |
| **Balance,                end of period**                        | **$****1,****931**                    | **$****1,950**                        |

| **Allocation                of Allowance for Loan Loss** |
|----------------------------------------------------------|
| *(Dollars** **In                Thousands)*         |
|                                                     |
|                                                     | **September                30, 2006** | **December                31, 2005** | **September                30, 2005** |
|                                                     |    Amount | %                ofAllowanceto                Total                Loans |    Amount | %                ofAllowanceTo                TotalLoans |    Amount | %                ofAllowanceTo                TotalLoans |
| Residential                real estate                   | $                539 | 0.33% | $                582 | 0.37% | $                191 | 0.12% |
| Consumer                and other loans                  | 198 | 0.12% | 164 | 0.10% | 201 | 0.13% |
| Commercial                                               | 610 | 0.38% | 548 | 0.35% | 999 | 0.63% |
| Commercial                real estate                    | 584 | 0.36% | 624 | 0.40% | 559 | 0.35% |
| Unallocated                                              | 0 | 0.00% | 39 | 0.02% | 0 | 0.00% |
| Total                allowance for loan losses           | $                1,931 | 1.19% | $                1,957 | 1.24% |  $                1,950 | 1.23% |

**Securities**

|                                               | **September                30, 2006** | **December                31, 2005** |
|----------------------------------------------------|---------------------------------------|--------------------------------------|
|                                               |                                  |                                 |
| U.S.                Government agencies            | $                8,675                | $                8,641               |
| Mortgage-backed                securities          | 2,958                                 | 3,417                                |
| Municipal                securities                | 1,935                                 | -                                    |
| Total                available-for-sale securities | $                13,568               | $                12,058              |

|                                                |                        |                                                                                                                                                                      |                          |                   |
|-----------------------------------------------------|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|------------------------|
| **September                30, 2006**               |                        | **Over**                                                                                                                                                                  | **Over**                      |                   |   |   |
| *Dollars                in thousands*               |                        | **One                Year**                                                                                                                                               | **Five                Years** | **Over**               |   |   |
|                                                | **One                Year** | **Through**                                                                                                                                                               | **Through**                   | **Ten**                | **Total** | **Market** |
|                                                | **or                Less**  | **Five                Years**                                                                                                                                             | **Ten                Years**  | **Years**              | **Maturities** | **Value** |
| U.S.                Government agencies             | $                -          |                                     $      - | $                8,987        | $                -     | $                8,987 | $                8,675 |
| Mortgage-backed                securities:(1)  | -                           | 3,145                                                                                                                                                                     | -                             | -                      | 3,145 | 2,958 |
| Municipal                securities                 | -                           | -                                                                                                                                                                         | 433                           | 1,495                  | 1,938 | 1,935 |
| Total                available for sale securities  | $                -     | $                3,145                                                                                                                                               | $                9,430   | $                1,495 | $                14,070  | $                13,568 |
|                                                |                        |                                                                                                                                                                      |                          |                   |   |   |
| Percent                of total                     | 0.0%                        | 22.4%                                                                                                                                                                     | 67.0%                         | 10.6%                  | 100.0% |   |
| Weighted                average yield(2)       | 0.0%                        | 3.64%                                                                                                                                                                     | 4.32%                         | 5.69%                  | 4.31% |   |

**Deposits**

| **Maturity                of Time Deposit**s                **of                $100,000 or more** |   |                                  |                                         |
|----------------------------------------------------------------------------------------------------|--------|---------------------------------------|----------------------------------------------|
| *Dollars                In Thousands*                                                    |   | **September                30, 2006** | **December                31, 2005****2005** |
|                                                                                               |   |                                  |                                         |
| Three                months or less                                                                |   | $10,394                               | $                5,366                       |
| Over                three through six months                                                       |   | 5,120                                 | 2,770                                        |
| Over                six through twelve months                                                      |   | 9,629                                 | 7,784                                        |
| Over                one year through three years                                                   |   | 7,434                                 | 11,600                                       |
| Over                three years                                                                    |   | 435                                   | 2,030                                        |
| Total                                                                                              |   | $                33,012               | $                29,550                      |

**Borrowings      **

*FHLB      Advances.*

| *Dollars                In Thousands* |                            |                        |                                                                                                                                          |
|---------------------------------------|---------------------------------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| **Type**                              | **Maturity**                    | **Rate                (1)** | **Amount**                                                                                                                                    |
| Fixed                Rate             | January                31, 2007 | 5.02%                       | $1,000                                                                                                                                        |
| Fixed                Rate             | February                9, 2007 | 5.07%                       |                  817                                                                                                                     |
| Fixed                Rate             | May                2, 2007      | 4.19%                       |                                     3,000 |
| Fixed                Rate             | October                27, 2008 | 4.83%                       |                  500                                                                                                                     |
| Variable                Rate          | January                31, 2007 | 5.45%                       | 2,000                                                                                                                                         |
| Variable                Rate          | January                31, 2007 | 5.75%                       | 1,000                                                                                                                                         |
| Variable                Rate          | June                27, 2007    | 5.45%                       | 1,000                                                                                                                                         |
| Variable                Rate          | June                27, 2007    | 5.75%                       | 1,000                                                                                                                                         |
|                                  |                            |                        |                                                                                                                                          |
|                                  |                            | Total                       |                                    $ 10,317    |

*Other      Borrowings. *

| *Dollars                in Thousands*                                                                                            |                                  |
|----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|
|                                                                                                                             | **September                30, 2006** |
| **Federal                funds purchased and repurchase agreements:**                                                            |                                  |
| Balance                at period end                                                                                             | $4,489                                |
| Weighted                average rate at period end                                                                               | 2.50%                                 |
| Average                balance during the nine months ended September 30, 2006                                                   | $3,705                                |
| Weighted                average rate for the nine months ending September 30, 2006 during                the                year | 2.02%                                 |
| Maximum                month-end balance                                                                                         | $4,936                                |

**Liquidity**

**Capital      Resources**

|                                               | **September** **30,                2006** | **December                31, 2005** | **Regulatory                Minimum** |
|----------------------------------------------------|------------------------------------------------|--------------------------------------|---------------------------------------|
| **Tier                I leverage ratio**           | 8.82%                                          | 8.40%                                | 4.00%                                 |
| **Tier                I risk-based capital ratio** | 10.45%                                         | 9.91%                                | 4.00%                                 |
| **Total                risk-based capital ratio**  | 13.34%                                         | 13.27%                               | 8.00%                                 |

|                                               | **September                30, 2006** | **December                31, 2005** | **Regulatory                Minimum** | **“Well-capitalized”                Minimum** |
|----------------------------------------------------|---------------------------------------|--------------------------------------|---------------------------------------|-----------------------------------------------------------|
| **Tier                I leverage ratio**           | 10.27%                                | 10.06%                               | 4.00%                                 | 5.00%                                                     |
| **Tier                I risk-based capital ratio** | 12.17%                                | 11.87%                               | 4.00%                                 | 6.00%                                                     |
| **Total                risk-based capital ratio**  | 13.32%                                | 13.09%                               | 8.00%                                 | 10.00%                                                    |

**Quantitative      and Qualitative Disclosures About Market Risk**

**Item      3. Controls and Procedures**

----

**Part      II.**

**Item      6. Exhibits **

| EXHIBIT                INDEX |
|------------------------------|
|                         |   |
|                         |   |
| 3.1                          | Restated                Articles of Incorporation of Citizens First Corporation, as amended                (incorporated by reference to Exhibit 3.1 of the Company’s Registration                Statement on Form SB-2 (No. 333-103238)). |
|                         |   |
| 3.2                          | Articles                of Amendment to Amended and Restated Articles of Incorporation of                Citizens                First Corporation (incorporated by reference to Exhibit 3. 3 of the                Registrant’s Form 10-QSB dated September 30, 2004). |
|                         |   |
| 3.3                          | Amended                and Restated Bylaws of Citizens First Corporation (incorporated by                reference to Exhibit 3 of the Registrant’s Form 8-K filed April 24,                2006). |
|                         |   |
| 4.1                          | Restated                Articles of Incorporation of Citizens First Corporation, as amended                (see                Exhibit 3.1). |
|                         |   |
| 4.2                          | Articles                of Amendment to Amended and Restated Articles of Incorporation of                Citizens                First Corporation (see Exhibit 3.2). |
|                         |   |
| 4.3                          | Amended                and Restated Bylaws of Citizens First Corporation (see Exhibit                3.3). |
|                         |   |
| 10.8                         | Business                Agreement and related Promissory Note between the Bankers Bank and                Citizens First |
|                         | Corporation                dated September 26, 2006 (incorporated by reference to Exhibit 10.4                of the                Registrant’sForm                8-K filed September 27, 2006. |
|                         |   |
| 10.9                         | Second                Amendment to Employment Agreement between Citizens First Corporation                and                Mary D. Cohron                dated August 17, 2006 (incorporated by reference to Exhibit 10 of                the                Registrant’s Form 8-Kfiled                August 23, 2006). |
|                         |   |
| 10.10                        | First                Amendment to Employment Agreement between Citizens First Corporation                and                Matthew ToddKanipe                (incorporated by reference to Exhibit 10.2 of the Registrant’s Form 8-K                filed September 27,2006. |
|                         |   |
| 10.11                        | First                Amendment to Employment Agreement between Citizens First Corporation                and                Steve Marcum(incorporated                by reference to Exhibit 10.1 of the Registrant’s Form 8-K filed September                27,2006. |
|                         |   |
| 10.12                        | First                Amendment to Employment Agreement between Citizens First Corporation                and                Kim M. Thomas(incorporated                by reference to Exhibit 10.3 of the Registrant’s Form 8-K filed September                27,2006. |
|                         |   |
| 31.1                         | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002. |
|                         |   |
| 31.2                         | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002. |
|                         |   |
| 32.1                         | Certification                of Principal Executive Officer Pursuant to 18 U.S.C. Section                1350. |
|                         |   |
| 32.2                         | Certification                of Principal Financial Officer Pursuant to 18 U.S.C. Section                1350. |

----

|   |                             |   | **CITIZENS                FIRST CORPORATION**                       |
|--------|----------------------------------|--------|---------------------------------------------------------------------|
|   |                             |   |                                                                |
|   |                             |   |                                                                |
| Date:  | November                14, 2006 |   | /s/                Mary D. Cohron                                   |
|   |                             |   | Mary                D. Cohron                                       |
|   |                             |   | President                and Chief Executive Officer                |
|   |                             |   | (Principal                Executive Officer)                        |
|   |                             |   |                                                                |
|   |                             |   |                                                                |
|   |                             |   |                                                                |
|   | November                14, 2006 |   | /s/                Steve Marcum                                     |
|   |                             |   | Steve                Marcum                                         |
|   |                             |   | Executive                Vice-President and Chief Financial Officer |
|   |                             |   | (Principal                Financial and Accounting Officer)         |

----