U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                   Form 10-QSB


X        Quarterly  report under Section 13 or 15(d) of the Securities  Exchange
         Act of 1934
         For the quarterly period ended September 30, 2000

___      Transition report under Section 13 or 15(d) of the Exchange Act
         For the transition period from _______ to _________

                        Commission File Number 333-67435

                           CITIZENS FIRST CORPORATION
              (Exact Name of Small Business Issuer as Specified in its Charter)

         Kentucky                                    61-0912615
(State or Other Jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or Organization)

                1805 Campbell Lane, Bowling Green, Kentucky 42101
                     (Address of principal executive offices)

         Issuer's telephone number, including area 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 ___

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 13, 2000

Common Stock, no par value                                    643,053

Transitional Small Disclosure Format:  Yes ___     No   X
                                                      ---


<PAGE>


                           CITIZENS FIRST CORPORATION

                                TABLE OF CONTENTS
                                                                      Page No.

PART I.  FINANCIAL INFORMATION

         ITEM 1.  Financial Statements                                  3-8

         ITEM 2. Management's Discussion and Analysis of Financial
         Condition and Results of Operations                           9-12

PART II.  OTHER INFORMATION

         ITEM 6. Exhibits and Reports on Form 8-K                        13

         Signatures                                                      14

         Exhibits                                                     15-18

<PAGE>


                  Part I - Financial Information

Item 1. Financial Statements

<TABLE>

Consolidated Balance Sheets
 (Unaudited)
<CAPTION>

                                                              September 30, 2000  December 31, 1999
Assets
<S>                                                                <C>             <C>
 Cash and due from banks .......................................   $  1,879,098    $  2,175,135
 Interest-bearing deposits with banks ..........................         26,174          20,204
 Federal funds sold ............................................      1,200,000       3,475,000
 Securities available for sale (amortized cost of $5,862,463 as
of September 30, 2000; $4,472,022 as of December 31, 1999)            5,860,393       4,389,787
Mortgage loans held for sale ...................................         99,000         114,000
 Loans .........................................................     53,136,745      34,126,628
 Less allowance for loan losses ................................        706,620         400,920
                                                                   ------------    ------------
    Net loans ..................................................     52,430,125      33,725,708
 Premises and equipment, net ...................................      1,534,881       1,641,257
 Other assets ..................................................        625,131         432,219
                                                                   ------------    ------------
    Total assets ...............................................   $ 63,654,802    $ 45,973,310
                                                                   ============    ============


 Liabilities and Shareholders' Equity
 Deposits:
   Demand deposits .............................................   $  3,421,385    $  2,877,867
   Savings, NOW and money market deposits ......................      8,984,775       7,675,636
   Time deposits ...............................................     40,151,111      26,576,818
                                                                   ------------    ------------
   Total deposits ..............................................     52,557,271      37,130,321
 Securities sold under agreements to repurchase ................      2,011,110       1,487,878
 Other short-term borrowings ...................................      1,924,000            --
 Other liabilities .............................................        584,383         506,463
                                                                   ------------    ------------
    Total liabilities ..........................................     57,076,764      39,124,662
 Shareholders' equity:
   Preferred stock, no par value authorized 500 shares; issued
   and outstanding 0 and 0, respectively                                     --              --
   Common stock, no par value authorized 1,000,000
     shares; issued and outstanding 643,053 shares, respectively      7,357,477       7,357,477
   Retained earnings ...........................................       (778,073)       (454,554)
    Accumulated other comprehensive income .....................         (1,366)        (54,275)
                                                                   ------------    ------------
    Total shareholders' equity .................................      6,578,038       6,848,648
                                                                   ------------    ------------

    Total liabilities
      and shareholders' equity .................................   $ 63,654,802    $ 45,973,310
                                                                   ============    ============

 See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>

Consolidated Statements of Income
 (Unaudited)

 For the three months ended September 30:
<CAPTION>

                                               2000          1999
                                              -----          ----
<S>                                       <C>            <C>
 Interest income
  Loans, including fees ...............   $ 1,211,847    $ 367,712
  Federal funds sold ..................         6,648       35,355
  Securities available for sale .......        93,407       57,178
  Interest-bearing deposits with banks            531          529
                                          -----------    ---------
  Total interest income ...............     1,312,433      460,774
Interest expense
  Deposits ............................       675,129      173,344
  Other short-term borrowings .........        26,974        7,165
                                          -----------    ---------
  Total interest expense ..............       702,103      180,509
                                          -----------    ---------
Net interest income ...................       610,330      280,265
  Provision for loan losses ...........       126,000      120,000
Net interest income after
  provision for loan losses ...........       484,330      160,265
Non-interest income
  Service charges on deposit accounts .        62,132       17,794
  Gains (losses) on sales of securities
  available for sale, net .............          (127)        --
  Other ...............................        14,783       16,929
                                          ------------   ----------
  Total non-interest income ...........        76,788       34,723
Non-interest expenses
  Compensation and benefits ...........       305,514      305,214
  Net occupancy expense ...............        43,229       40,495
  Furniture and equipment expense .....        55,574       53,168
  Professional fees ...................        13,625       38,567
  Postage, printing and supplies ......        18,876       15,608
  Bank franchise and license tax ......        24,000       25,132
  Processing fees .....................        39,144       25,304
  Advertising .........................        24,468        9,760
  Other ...............................        52,289       37,704
                                          ------------   ----------
  Total non-interest expenses .........       576,719      550,952
                                          ------------   ----------
Income (loss) before income taxes .....   $   (15,601)   $(355,964)
Income tax expense ....................          --         (2,788)
                                          ------------   ----------
Net income (loss) .....................   $   (15,601)   $(353,176)
                                          ============   ==========

Diluted earnings (loss) per share ......  $     (0.02)   $   (0.55)
Basic earnings (loss) per share ........  $     (0.02)   $   (0.55)

 See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>

<TABLE>

Consolidated Statements of Income
 (Unaudited)
<CAPTION>

 For the nine months ended September 30:      2000           1999
                                             -----           ----
<S>                                      <C>            <C>
 Interest income
  Loans, including fees ..............   $ 3,045,253    $   545,787
  Federal funds sold .................        73,220        101,002
  Securities available for sale ......       283,117        111,291
  Interest-bearing deposits with banks         5,578          6,601
                                         -----------    -----------
  Total interest income ..............     3,407,168        764,681
Interest expense
  Deposits ...........................     1,700,489        253,194
  Other short-term borrowings ........        58,651         19,383
                                         -----------    -----------
  Total interest expense .............     1,759,140        272,577
                                         -----------    -----------
Net interest income ..................     1,648,028        492,104
  Provision for loan losses ..........       333,000        242,500
Net interest income after
  provision for loan losses ..........     1,315,028        249,604
Non-interest income
  Service charges on deposit accounts        155,559         26,366
  Gain (loss) on sales of securities
  available for sale, net ............        (6,827)       889,245
  Other ..............................        35,023         53,053
                                          ----------    -----------
  Total non-interest income ..........       183,755        968,664
Non-interest expenses
  Compensation and benefits ..........     1,004,332        838,400
  Net occupancy expense ..............       118,539        109,710
  Furniture and equipment expense ....       154,750        136,655
  Professional fees ..................        77,371         86,863
  Postage, printing and supplies .....        46,606         62,195
  Bank franchise and license tax .....        72,356         59,507
  Processing fees ....................       107,569         58,395
  Advertising ........................        83,983         64,054
  Other ..............................       156,796        109,857
                                         -----------    -----------
  Total non-interest expenses ........     1,822,302      1,525,636
                                         -----------    -----------
Income (loss) before income taxes ....      (323,519)      (307,368)
Income tax expense ...................          --           60,757
                                         ------------   ------------
Net income (loss) ....................   $  (323,519)   $  (368,125)
                                         ============   ============

Diluted earnings (loss) per share ....   $     (0.50)   $     (0.67)
Basic earnings (loss) per share ......   $     (0.50)   $     (0.67)

 See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>



Consolidated Statements of Changes in Shareholders' Equity
 (Unaudited)

 For the nine months ended September 30:             2000            1999
                                                     ----            ----

Balance January 1 ............................   $ 6,848,648    $   725,042
  Net income (loss) ..........................      (323,519)      (368,125)
  Other comprehensive income (loss) net of tax        52,909       (573,282)
  Issuance of common stock ...................            --      7,336,935
                                                 -----------     -----------

Balance at end of period .....................   $ 6,578,038    $ 7,120,570
                                                 ===========    ===========

 See accompanying notes to consolidated financial statements.



Consolidated Statements of Comprehensive Income
 (Unaudited)

 For the nine months ended September 30:                 2000          1999
                                                         ----          ----

Net income (loss) .................................   $(323,519)   $(368,125)
    Unrealized holding gains on available for sale
        securities arising during the period ......      48,402       13,619
    Reclassification adjustments for gains
       on securities included in net income               4,507     (586,901)
                                                      ---------    ----------

Total other comprehensive income (loss), Net of tax      52,909     (573,282)
                                                      ---------   ----------
Comprehensive income (loss) .......................   $(270,610)   $(941,407)
                                                      ==========   ==========


 See accompanying notes to consolidated financial statements.



<PAGE>


<TABLE>

 Consolidated Statements of Cash Flows
 (Unaudited)
 For the nine months ended September 30:
<CAPTION>

                                                                   2000           1999
                                                                   ----           ----
<S>                                                          <C>             <C>
 Cash flows from operating activities:
 Net income ..............................................   $   (323,519)   $   (368,125)
 Adjustments to reconcile net income to cash
   provided by operating activities:
   Provision for loan losses .............................        333,000         242,500
   (Gain) loss on sale of securities available for sale ..          6,827        (889,245)
   Depreciation and amortization of fixed assets .........        166,116         158,521
 Increase in accrued interest receivable .................       (254,865)       (187,375)
 Decrease (increase) in other assets .....................         12,086         (93,188)
 Increase in accrued interest payable ....................        126,847          62,094
 Decrease in other liabilities ...........................        (76,003)       (326,761)
                                                             ------------    ------------
   Net cash used in operating  activities ................         (9,511)     (1,401,579)

 Cash flows from investing activities:
  Net increase in interest-bearing deposits with banks ...         (5,970)         (8,766)
  Net decrease (increase) in federal funds sold ..........      2,275,000      (2,900,000)
 Proceeds from sale of securities available for sale .....        808,300         971,596
 Proceeds from maturities of securities available for sale      3,271,719         969,463
 Purchase of securities available for sale ...............     (5,463,270)     (5,389,819)
 Net increase in loans ...................................    (19,022,417)    (19,846,267)
Disposal of premises and equipment .......................          1,491              --
 Purchases of premises and equipment .....................        (25,562)       (697,370)
                                                             ------------    ------------
   Net cash used in investing activities .................    (18,160,709)    (26,901,163)

 Cash flows from financing activities:
 Net increase in deposits ................................     15,426,951      21,857,713
 Net increase in short-term borrowings ...................      2,447,232         119,532
 Proceeds from issuance of common stock ..................             --       7,336,935
                                                             ------------    ------------
   Net cash provided by financing activities .............     17,874,183      29,314,180
                                                             ------------    ------------
 Net increase (decrease ) in cash and cash equivalents ...       (296,037)      1,011,438
 Cash and cash equivalents at beginning of period ........      2,175,135          16,817
                                                             ------------    ------------
 Cash and cash equivalents at end of period ..............   $  1,879,098    $  1,028,255
                                                             ============    ============

 See accompanying notes to consolidated financial statements.
</TABLE>



<PAGE>






         Notes to Consolidated Financial Statements

          (1) Summary of Significant Accounting Policies
              The   accounting   and  reporting   policies  of  Citizens   First
         Corporation  (the  "Company") and its  subsidiary  Citizens First Bank,
         Inc. (the "Bank") conform to generally accepted  accounting  principles
         and general  practices  within the banking  industry.  The consolidated
         financial  statements include the accounts of the Company and the Bank.
         All  significant  intercompany  transactions  and  accounts  have  been
         eliminated in consolidation.
              The  preparation  of  financial   statements  in  conformity  with
         generally accepted  accounting  principles  requires management to make
         estimates and  assumptions  that affect the reported  amounts of assets
         and liabilities and disclosure of contingent  assets and liabilities as
         of the date of the  financial  statements  and the reported  amounts of
         revenues and expenses  during the reporting  period.  Estimates used in
         the  preparation  of the  financial  statements  are  based on  various
         factors including the current interest rate environment and the general
         strength of the local  economy.  Changes in the overall  interest  rate
         environment can significantly  affect the Company's net interest income
         and the value of its recorded  assets and  liabilities.  Actual results
         could  differ  from  those  estimates  used in the  preparation  of the
         financial statements.
              The  financial  information  presented  has been prepared from the
         books and records of the Company and is not audited.  The  accompanying
         consolidated financial statements have been prepared in accordance with
         the  instructions  to  Form  10-QSB  and  do  not  include  all  of the
         information and the footnotes required by generally accepted accounting
         principles for complete statements.
              In the opinion of management, all adjustments considered necessary
         for a  fair  presentation  have  been  reflected  in  the  accompanying
         unaudited  financial  statements.  Results of interim  periods  are not
         necessarily indicative of results to be expected for the full year.

         (2) Stock Split
              On February 5, 1999 the  Company's  Board of Directors  declared a
         stock  split  of  1.043 to 1.  All of the per  share  calculations  and
         amounts of outstanding shares included herein for all periods presented
         have been restated to give retroactive effect to the stock split.

         (3) Reclassification of Initial Public Offering Proceeds
               On February  17, 1999 the Company  completed  the initial  public
         offering  for the sale of  536,667  shares of its no par  value  common
         stock.  The proceeds  from this  offering as well as the proceeds  from
         common  stock  outstanding  prior  to the  public  offering  have  been
         reflected as a component of common  stock on the balance  sheet.  These
         amounts were previously  reported as a component of additional  paid-in
         capital.  The  reclassification  has no impact on equity, net income or
         total assets as of or for the quarter ended September 30, 1999.

         (4) State Corporate Income Taxes
              The  Company  incurred a state  corporate  income  tax  benefit of
         $2,788 for the  quarter  ended  September  30,  1999 and tax expense of
         $60,757 for the nine-month  period then ended because the losses of the
         Bank are not deductible for state corporate income tax purposes.  Banks
         in the state of Kentucky are not assessed  corporate  income taxes, but
         are  instead  taxed  based  on the  value of  their  capital  accounts.
         Accordingly,  the  income or loss from bank  subsidiaries  of a holding
         company is not included in the calculation of corporate income tax. The
         Company had taxable income primarily as the result of gains of $889,245
         on the sale of  marketable  securities in the  nine-month  period ended
         September 30, 1999. The Company had no federal income tax liability for
         the three-month or nine-month periods ended September 30, 2000 based on
         its consolidated results of operations.




<PAGE>



         Item 2. Management's Discussion and Analysis of Financial Condition
                       and Results of Operations

         General
                  The   Company   was   incorporated   under  the  laws  of  the
         Commonwealth  of  Kentucky  on  December  24,  1975 for the  purpose of
         conducting  business as an investment  club,  and is  headquartered  in
         Bowling Green, Kentucky. In late 1998 and early 1999, the Company filed
         the  appropriate   regulatory   applications  and  received  regulatory
         approval  to  become a bank  holding  company  under  the Bank  Holding
         Company Act of 1956, as amended, through its organization and ownership
         of its only  subsidiary,  the Bank.  On February 17, 1999,  the Company
         completed the initial public offering for the sale of 536,667 shares of
         its no par value  common  stock.  The proceeds of the sale of the stock
         were used to pay start up expenses,  liquidate  short-term  borrowings,
         and  capitalize  the Bank. The Bank opened for business on February 18,
         1999.
                  The  Company  follows a  corporate  strategy  that  focuses on
         providing  the Bank's  customers  with high quality,  personal  banking
         services.  The Bank  offers a range of  products  designed  to meet the
         needs of its  customers  that include  individuals,  small  businesses,
         partnerships and corporations.
                  The Bank  offers a full  range of deposit  services.  Checking
         account services include regular non-interest bearing checking accounts
         as well as interest  bearing  negotiable  order of  withdrawal  ("NOW")
         accounts.  Savings and certificate of deposit accounts include accounts
         ranging from a daily  maturity  (regular  savings and also money market
         accounts)  to  longer  term  certificates  as  authorized  by  law.  In
         addition,  retirement  accounts  such as IRA's  (Individual  Retirement
         Accounts)  are  available.  All  deposit  accounts  are  insured by the
         Federal Deposit  Insurance  Corporation to the full amount permitted by
         law.  Deposit  accounts are  solicited  from  individuals,  businesses,
         professional organizations and governmental authorities.
                  Lending services include a full range of commercial, personal,
         and mortgage  loans.  The Bank's  primary  lending focus is on business
         lending.  The types of commercial loans that are available include both
         secured and unsecured  loans for working capital  (including  inventory
         and receivables),  business  expansion  (including  acquisition of real
         estate and improvements)  and purchase of machinery and equipment.  The
         types  of  personal  loans  that  are  available  include  secured  and
         unsecured  loans  for such  purposes  as  financing  automobiles,  home
         improvements,  education and personal investments. The Bank originates,
         processes and closes  residential real estate loans which are then sold
         on the secondary market (each individually) to a correspondent.
                  The Bank offers credit cards  (through  correspondent  banking
         services) including  MasterCard (TM) and Visa(TM) as well as a personal
         checking  account  related  line  of  credit.  The  line of  credit  is
         available for both protection  against  unexpected  overdrafts and also
         for the convenience of having a pre-arranged loan that can be activated
         simply by a check drawn on a personal checking account.  Other services
         offered include, but are not limited to, safe deposit boxes, letters of
         credit,  travelers checks,  direct deposit of payroll,  social security
         and dividend payments and automatic  payment of insurance  premiums and
         mortgage loans.  The Bank does not have a proprietary  automated teller
         machine but  participates  in a national ATM network through the FiServ
         EFT network and then through the Visa Debit Card Program.
                  The Bank operates in two locations. The main office is located
         at 1805 Campbell Lane, and the one branch office, which opened on March
         22, 1999, is located at 901 Lehman Avenue.

         Results of Operations
                  For the three months  ended  September  30, 2000,  the Company
         reported a net loss of $15,601, or $0.02 per diluted share, compared to
         a net loss of $353,176, or $0.55 per diluted share, for the same period
         ended September 30, 1999.
                  For the nine months  ended  September  30,  2000,  the Company
         reported a net loss of $323,519,  or $0.50 per diluted share,  compared
         to a net loss of  $368,125,  or $0.67 per diluted  share,  for the same
         period ended  September  30, 1999.  Net loss  includes a loss of $6,827
         during the first nine months of 2000, and a gain of $889,245 during the
         same  period  in 1999,  each  from the sale of  investment  securities.
         Excluding these securities transactions and the related tax effect, the
         net loss for the first nine months of 2000 would have been $316,692, or
         $0.49 per diluted share, compared to a net loss of $1,196,613, or $2.18
         per diluted share, during the same period of 1999.

         Net Interest Income
                  Net interest income was $610,330 in the third quarter of 2000,
         compared with  $280,265 in the  comparable  1999 period.  Third quarter
         2000 interest  income of  $1,312,433,  an increase of $851,659 over the
         same  period in 1999,  includes  $1,211,847  income  on loans,  $93,407
         income on  investment  securities,  and $7,179  income on federal funds
         sold and  interest-bearing  deposits  with  banks.  Interest  income of
         $460,774  during the third quarter of 1999 included  $367,712 of income
         on loans, $57,178 income on investment  securities,  and $35,884 income
         on  federal  funds  sold  and  interest-bearing  deposits  with  banks.
         Interest  expense of $702,103 for third quarter 2000 includes  interest
         on deposits of $675,129,  and $26,974 of other  short-term  borrowings.
         Third quarter 1999 interest expense of $180,509  consists  primarily of
         interest on  deposits.  The growth of the balance  sheet,  particularly
         loans and deposits,  over this period contributed  significantly to the
         increase of net interest income.
                  Net interest  income was  $1,648,028 for the nine months ended
         September  30,  2000,  an  increase  of  $1,155,924  over the  total of
         $492,104 for the same period of 1999. Interest income of $3,407,168 for
         the first  nine  months of 2000  included  $3,045,253  income on loans,
         $283,117 income on investment securities, and $78,798 income on federal
         funds sold and  interest-bearing  deposits with banks.  Total  interest
         income of  $764,681  for the first  nine  months of 1999  consisted  of
         $545,787 income on loans, $111,291 income on investment securities, and
         $107,603  income on federal  funds sold and  interest-bearing  deposits
         with banks.  Interest expense for the first nine months of 2000 totaled
         $1,759,140,  composed of $1,700,489  interest on deposits,  and $58,651
         interest on other short-term borrowings.  The comparable period of 1999
         had  interest  expense of $272,577,  of which  $253,194 was interest on
         deposits, and $19,383 was interest on other short-term borrowings.

         Non-Interest Income
                  Non-interest  income for the three months ended  September 30,
         2000 and 1999,  respectively,  was $76,788 and $34,723. Service charges
         on deposit accounts  comprised the largest part of non-interest  income
         for both time  periods,  totaling  $62,132  during the third quarter of
         2000, and $17,794 for the same period of 1999.
                  Non-interest  income was $183,755 versus $968,664 for the nine
         months ended  September 30, 2000 and 1999,  respectively.  Non-interest
         income for the first nine  months of 2000  includes a loss of $6,827 on
         the sale of  investment  securities.  This loss is due to an investment
         that was sold and replaced with a higher-yielding  security,  and to an
         investment sold to help fund loan growth.  Non-interest  income for the
         same  period  in  1999  included  a gain  on  the  sale  of  investment
         securities of $889,245.  Some of this gain was from investments sold in
         part so that additional capital would be available to be contributed to
         the Bank, in order to meet minimum capital  requirements of the Federal
         Deposit Insurance  Corporation.  In addition, at December 31, 1998, the
         investment  securities owned by the Company included  concentrations in
         the stocks of certain  publicly traded  companies.  The sale of some of
         these  securities  in early 1999 was an effort to reduce the  Company's
         exposure to loss.

         Non-Interest Expense
                  Non-interest  expense  was  $576,719  in the third  quarter of
         2000,  up from  $550,952  in the same  quarter of 1999,  an increase of
         $25,767  or  4.7%.  Non-interest  expense  for the  nine  months  ended
         September  30,  2000  and  1999,   respectively,   was  $1,822,302  and
         $1,525,636,  an increase of $296,666 or 19.4%.  Expenses  for the first
         three  quarters  of 2000  include  the costs of a full  nine  months of
         operations  of the Bank,  compared  to the  comparable  period in 1999,
         during which the Bank opened on February 18, 1999.  The majority of the
         year-to-year  increase is in compensation and benefits expenses,  which
         increased  $165,932,  or 19.8%,  from $838,400 in 1999 to $1,004,332 in
         2000, mainly as a result of a full nine months of operations in 2000.

         Income Taxes
                  Income tax expense has been calculated  based on the Company's
         expected   annual  rate.   Deferred  tax  liabilities  and  assets  are
         recognized  for the tax effects of  differences  between the  financial
         statement  and  tax  bases  of  assets  and  liabilities.  A  valuation
         allowance is  established  to reduce  deferred tax assets if it is more
         likely than not that a deferred tax asset will not be realized.


         Balance Sheet Review

         Overview
                  Total assets at September 30, 2000 were  $63,654,802,  up from
         $45,973,310 at December  31,1999,  and up from  $30,502,183 a year ago.
         Average total assets for the third quarter of 2000 were $59,730,856, up
         $33,265,873 from the third quarter of 1999 average of $26,464,983.

         Loans
                  The  Bank  experienced  annualized  loan  growth  of 74%  from
         December 31, 1999 to September  30, 2000.  At September  30, 2000 loans
         (excluding mortgage loans held for sale) totaled  $53,136,745  compared
         with $34,126,628 at December 31, 1999 and $19,846,267 a year ago.

         Asset Quality
                  The  allowance  for loan losses was $706,620 at September  30,
         2000, an increase of $305,700,  or 76% over the December 31, 1999 level
         of $400,920.  The allowance  represents  1.33% of period-end  loans, up
         from 1.17% of loans as of December 31, 1999.
                  The  Bank  had  non-performing   loans  totaling  $518,000  at
         September 30, 2000,  compared to none at December 31, 1999 or September
         30, 1999.  Included in the  non-performing  loan total are two loans to
         one customer, totaling $141,000, that were placed on non-accrual status
         during the third quarter of 2000.  These loans are secured by partially
         developed real estate. The remaining  $377,000 of non-performing  loans
         are comprised of four loans, to the same customer previously mentioned,
         that are  accruing  but past due 90 days or more.  These four loans are
         secured by residential  real estate.  In management's  estimation,  the
         potential  loss to the Bank on these six  non-performing  loans is less
         than $50,000.  Non-performing  loans are defined as non-accrual  loans,
         loans  accruing but past due 90 days or more, and  restructured  loans.
         The Bank had non-performing assets of $518,000,  comprised of the above
         mentioned  non-performing  loans,  at the end of the third  quarter  of
         2000.  Non-performing  assets  are  defined  as  non-performing  loans,
         foreclosed real estate, and other foreclosed property.  The bank had no
         non-performing assets as of December 31, 1999 or September 30, 1999.
                  The  allowance  for  loan  losses  is  established  through  a
         provision  for  loan  losses  charged  to  expense.  The  level  of the
         allowance is based on  management's  and the Company Board of Directors
         Loan  Committee's  ongoing  review and evaluation of the loan portfolio
         and  general  economic  conditions  on a monthly  basis and by the full
         Board of  Directors  on a  quarterly  basis.  Management's  review  and
         evaluation  of the allowance for loan losses is based on an analysis of
         historical trends,  significant problem loans,  current market value of
         real  estate or  collateral  and  certain  economic  and other  factors
         affecting  loans and real estate or  collateral  securing  these loans.
         Loans are charged  off when,  in the  opinion of  management,  they are
         deemed to be  uncollectible.  Recognized losses are charged against the
         allowance and subsequent  recoveries are added to the allowance.  While
         management  uses the best  information  available to make  evaluations,
         future  adjustments  to the  allowance  may be  necessary  if  economic
         conditions differ substantially from the assumptions used in making the
         evaluation.  The  allowance  for loan losses is reviewed  internally by
         personnel  independent  of  the  loan  department.   In  addition,  the
         allowance  is  subject to  periodic  evaluation  by various  regulatory
         authorities  and may be subject to  adjustment  based upon  information
         that is available to them at the time of their examination.
                  The  provision for loan losses was $333,000 for the first nine
         months of 2000.  The  provision for losses on loans is  established  to
         provide  for losses  inherent  in the  Bank's  portfolio  and  reflects
         management's evaluation of the risk in the loan portfolio.

         Securities Available for Sale
                  Securities  (all  classified as available for sale)  increased
         from  $4,389,787  at December 31, 1999 to  $5,860,393  at September 30,
         2000. At September 30, 1999 securities totaled $4,956,621.

         Deposits and Borrowed Funds
                  Total  deposits  averaged  $50,613,318 in the third quarter of
         2000, an increase of  $32,606,257  from the  comparable  1999 quarterly
         average of $18,007,061.  As of September 30, 2000,  total deposits were
         $52,557,271,  and included  $49,135,886 of interest  bearing  deposits.
         This compares to total  deposits of  $37,130,321  at December 31, 1999,
         which included $34,252,454 of interest bearing deposits. Total deposits
         at September 30, 1999, were $21,857,713,  and interest bearing deposits
         were $20,131,670.
                  The Bank had $2,011,110 of deposits secured by securities sold
         under  agreements  to  repurchase  as  of  September  30,  2000.  These
         obligations,  which  mature in one  business  day, are swept daily from
         customers' demand deposit accounts. The balance averaged $1,283,968 for
         the first nine months of 2000.


         Capital Resources and Liquidity
                  The Board of  Governors  of the  Federal  Reserve  System  has
         adopted risk based  capital and leverage  ratio  requirements  for bank
         holding  companies.  The table below sets forth the  Company's  capital
         ratios as of September  30, 2000,  December 31, 1999 and  September 30,
         1999; the regulatory minimum capital ratios; and the regulatory minimum
         capital ratios for well-capitalized companies:
<TABLE>
<CAPTION>

                                                  September 30,               December 31,             September 30,
                                                      2000                      1999                      1999
                                                     -----                      ----                      ----

        <S>                                          <C>                        <C>                       <C>
         Tier 1 risk based ...........               12.31%                     18.82%                    24.61%
              Regulatory minimum .....                4.00                       4.00                      4.00
              Well-capitalized minimum                6.00                       6.00                      6.00
         Total risk based ............               13.56%                     19.91%                    25.48%
              Regulatory minimum .....                8.00                       8.00                      8.00
              Well-capitalized minimum               10.00                      10.00                     10.00
         Leverage ....................               10.34%                     15.00%                    22.69%
              Regulatory minimum .....                3.00                       3.00                      3.00
              Well-capitalized minimum                5.00                       5.00                      5.00

</TABLE>

                  The decrease in capital levels is due in part to the growth in
         the Company's  total assets,  which  increases the  denominator  in the
         capital calculation formula. In addition, net operating losses decrease
         capital levels, and hence also serve to decrease the capital ratios.
                  The Company's primary cash requirements are expected to be met
         by the anticipated growth of customers' deposits,  and through the sale
         of investment  securities.  The Bank has also established federal funds
         guidelines with  correspondent  banks,  giving it short-term  borrowing
         availability,  and  has  established  a  program  allowing  it to  sell
         investment securities under an agreement to repurchase at a later date.
         In addition,  the Bank has borrowing  capabilities  through the Federal
         Home Loan Bank of  Cincinnati.  Other than these  sources,  the Company
         does not  anticipate  the need to  raise  additional  funds in the next
         twelve months.  Property and equipment  needed for the operation of the
         Bank have been  purchased  and no additional  significant  purchases or
         sales of plant and equipment are planned.  The Company and the Bank are
         fully staffed and no significant changes in the number of employees are
         planned.
                  Liquidity  is  the  measure  of the  Bank's  ability  to  fund
         customer's needs for borrowings and deposit  withdrawals.  In the first
         nine months of 2000, the Company's  principal  source of funds has been
         the acquisition of customers'  deposits,  repayment of loans, and other
         funds  from  bank  operations.  In the same nine  months  of 1999,  the
         principal  source of liquidity was the proceeds from the initial public
         offering  in  the  February  1999,  coupled  with  the  acquisition  of
         customer's deposits.



         Forward-Looking Statements
                  This  report  contains  certain  forward-looking   statements,
         either expressed or implied, which are provided to assist the reader in
         making   judgments  about  the  Company's   possible  future  financial
         performance.   Such   statements  are  subject  to  certain  risks  and
         uncertainties,   including  without   limitation  changes  in  economic
         conditions  in the  Company's  market  area,  changes  in  policies  by
         regulatory  agencies,  fluctuations in interest rates, demand for loans
         in  the  Company's  market  area,  competition,  and  those  risks  and
         uncertainties  discussed  under  the  heading  "Risk  Factors"  in  the
         Company's  Registration  Statement  on Form  SB-2  as  filed  with  the
         Securities  and  Exchange  Commission.  The factors  listed above could
         affect  the  Company's  financial   performance  and  could  cause  the
         Company's  actual results for future periods to differ  materially from
         any opinions or statements  expressed or implied with respect to future
         periods in any current statements.




<PAGE>


Part II - Other Information

Item 6. Exhibits and Reports on Form 8-K
        (a) Exhibits
            The exhibits  listed on the Exhibit Index of this Form 10-QSB are
            filed as a part of this report.

       (b)  Reports on Form 8-K
            No reports on Form 8-K were filed  during the quarter  ended
            September 30,2000.





<PAGE>


SIGNATURES


         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                           CITIZENS FIRST CORPORATION



Date:    November 13, 2000                           /s/ Mary D. Cohron
                                                     ------------------

                                           President and Chief Executive Officer
                                              (Principal Executive Officer)



         November 13, 2000                           /s/ Bill D. Wright
                                                     ------------------
                                                     Bill D. Wright

                                      Vice-President and Chief Financial Officer
                                    (Principal Financial and Accounting Officer)



<PAGE>



                                    Exhibits


 3.1    Articles of Restatement and Amendment to Articles of Incorporation of
        Bowling Green Investors, Ltd. (now Citizens First Corporation)
        (incorporated by reference to Exhibit 3.1 of the corporation's
        Registration Statement on Form SB-2 [No. 333-67435]).

 3.3    Articles of  Amendment  to  Articles of  Restatement  and  Amendment  to
        Articles of Incorporation of Citizens First Corporation (incorporated by
        reference to Exhibit 3.3 of the corporation's  Registration Statement on
        Form SB-2 [No. 333-67435]).

 3.4    Articles of Amendment to Restated  Articles of Incorporation of Citizens
        First  Corporation  (incorporated  by  reference  to Exhibit  4.1 of the
        corporation's Form 10-QSB dated June 30,2000).

 4      Articles of Restatement and Amendment to Articles of Incorporation of
        Bowling Green Investors, Ltd.(now Citizens First Corporation)
        (incorporated by reference to Exhibit 4 of
        the corporation's Registration Statement on Form SB-2 [No. 333-67435]).

 4.1    Articles of Amendment to Restated Articles of Incorporation of Citizens
        First Corporation.(incorporated by  reference to Exhibit 4.1 of the
        corporation's Form 10-QSB dated June 30,2000).

10.17   First Amendment to Employment Agreement between Citizens First
        Corporation and  Matthew Todd Kanipe.

11      Statement re: Computation of per share earnings.

27      Financial Data Schedule for the quarter ended September 30, 2000
        (for SEC use only).