##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2006
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from

to
 Commission File Number 0-32041
 
 CITIZENS FIRST BANCORP, INC.
 
  Delaware
    
    38-3573582(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)525 Water Street, Port Huron, Michigan
    
    48060(Address of principal executive offices)
    
    (Zip Code)
  
   
  þ o
  o þ o
 o þ




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##### 



PagePART I FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Consolidated Balance Sheet at
March 31, 2006 (unaudited) and December 31, 2005Condensed Consolidated Statements of Income for the Three
Months Ended March 31, 2006 and 2005 (unaudited)Condensed Consolidated Statements of Changes in Stockholders
Equity
for the Three Months Ended March 31, 2006 and 2005 (unaudited)Condensed Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 2006 and 2005 (unaudited)Notes to Consolidated Financial Statements (unaudited)Item 2. Managements Discussion and Analysis of Financial
Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II OTHER INFORMATIONItem 1. Legal ProceedingsItem 1a. Rick FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Submission of Matters to a Vote of Security HoldersItem 5. Other InformationItem 6. ExhibitsSignaturesCertification of Chief Executive Officer and Chief Financial
Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.Certification of Chief Executive Officer and Chief Financial
Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Certification of Chief Executive Officer Pursuant to Section 302Certification of Chief Financial Officer Pursuant to Section 302Certification of Chief Executive Officer Pursuant to Section 906Certification of Chief Financial Officer Pursuant to Section 906




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##### Table of Contents



PART 1  FINANCIAL INFORMATION
 
 Item 1. Condensed Financial Statements
  
  (IN THOUSANDS, EXCEPT PER SHARE DATA)
 UnauditedMarch 31,
    
    
    December 31,2006
    
    
    2005ASSETSCash and due from depository institutions
    
    $
    32,195
    
    
    $
    38,217Federal funds sold
    
    
    1,332
    
    
    
    2,029Interest-bearing deposits in other depository institutions
    
    
    493
    
    
    
    7,345Total cash and cash equivalents
    
    
    34,020
    
    
    
    47,591Securities available for sale, at fair value
    
    
    83,141
    
    
    
    87,510Federal Home Loan Bank stock, at cost
    
    
    19,502
    
    
    
    17,700Loans held for sale
    
    
    2,602
    
    
    
    2,126Loans  less allowance for loan losses of $13,960 and $13,546 (Note 6)
    
    
    1,494,963
    
    
    
    1,425,036Premises and equipment, net
    
    
    37,524
    
    
    
    36,228Goodwill (Note 5)
    
    
    9,814
    
    
    
    9,814Other intangible assets, net of amortization of $1,340 and $1,221 (Note 5)
    
    
    3,059
    
    
    
    3,179Accrued interest receivable and other assets
    
    
    26,261
    
    
    
    25,039Total assets
    
    $
    1,710,886
    
    
    $
    1,654,223LIABILITIESDeposits:Noninterest-bearing
    
    $
    106,172
    
    
    $
    112,609Interest-bearing
    
    
    1,034,058
    
    
    
    959,586Total deposits
    
    
    1,140,230
    
    
    
    1,072,195Federal Home Loan Bank advances
    
    
    317,939
    
    
    
    346,500Bank line of credit
    
    
    
    
    
    
    3,950Federal funds purchased
    
    
    70,582
    
    
    
    52,013Accrued interest payable and other liabilities
    
    
    11,179
    
    
    
    10,995Total liabilities
    
    
    1,539,930
    
    
    
    1,485,653STOCKHOLDERS EQUITYPreferred stock, $.01 par value, 1,000,000 shares authorized,
no shares issued and outstanding
    
    
    
    
    
    
    Common stock, $.01 par value, 20,000,000 shares authorized,
9,526,761 issued
    
    
    95
    
    
    
    95Additional paid-in capital
    
    
    94,115
    
    
    
    93,848Retained earnings
    
    
    105,340
    
    
    
    104,054Accumulated other comprehensive loss
    
    
    (872
    )
    
    
    (898
    )Treasury stock, at cost (1,366,008 and 1,364,561 shares)
    
    
    (24,138
    )
    
    
    (24,653
    )Deferred compensation obligation
    
    
    3,228
    
    
    
    3,111Unearned compensation  ESOP
    
    
    (6,812
    )
    
    
    (6,987
    )Total stockholders equity
    
    
    170,956
    
    
    
    168,570Total liabilities and stockholders equity
    
    $
    1,710,886
    
    
    $
    1,654,223
  1




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##### Table of Contents



(IN THOUSANDS, EXCEPT PER SHARE DATA)
 UnauditedThree Months EndedMarch 31,2006
    
    
    2005INTEREST INCOMELoans, including fees
    
    $
    24,942
    
    
    $
    18,390Federal funds sold and interest bearing deposits
    
    
    23
    
    
    
    36Securities:Tax-exempt
    
    
    180
    
    
    
    252Taxable
    
    
    950
    
    
    
    802Total interest income
    
    
    26,095
    
    
    
    19,480INTEREST EXPENSEDeposits
    
    
    7,954
    
    
    
    4,486Short-term borrowings
    
    
    1,075
    
    
    
    375FHLB advances
    
    
    3,735
    
    
    
    2,622Total interest expense
    
    
    12,764
    
    
    
    7,483NET INTEREST INCOME
    
    
    13,331
    
    
    
    11,997PROVISION FOR LOAN LOSSES
    
    
    870
    
    
    
    480NET INTEREST INCOME, after provision for loan losses
    
    
    12,461
    
    
    
    11,517NONINTEREST INCOMEService charges and other fees
    
    
    601
    
    
    
    572Mortgage banking activities
    
    
    514
    
    
    
    467Trust fee income
    
    
    309
    
    
    
    229Other
    
    
    52
    
    
    
    104Total noninterest income
    
    
    1,476
    
    
    
    1,372NONINTEREST EXPENSECompensation, payroll taxes and employee benefits
    
    
    5,842
    
    
    
    4,797Office occupancy and equipment
    
    
    1,830
    
    
    
    1,528Advertising and business promotion
    
    
    186
    
    
    
    373Stationery, printing and supplies
    
    
    526
    
    
    
    422Data processing
    
    
    428
    
    
    
    356Professional fees
    
    
    787
    
    
    
    1,159Core deposit intangible amortization
    
    
    119
    
    
    
    140Other
    
    
    1,146
    
    
    
    1,141Total noninterest expense
    
    
    10,864
    
    
    
    9,916INCOME, before federal income tax expense
    
    
    3,073
    
    
    
    2,973Federal income tax expense
    
    
    1,028
    
    
    
    965NET INCOME
    
    $
    2,045
    
    
    $
    2,008EARNINGS PER SHARE, BASIC AND DILUTED
    
    $
    0.26
    
    
    $
    0.25DIVIDENDS PER SHARE
    
    $
    0.09
    
    
    $
    0.09
  2




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##### Table of Contents



(IN THOUSANDS, EXCEPT PER SHARE DATA)
  AccumulatedAdditional
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    Deferred
    
    
    Unearned
    
    
    TotalCommon
    
    
    Paid-in
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury
    
    
    Compensation
    
    
    Compensation
    
    
    StockholdersStock
    
    
    Capital
    
    
    Earnings
    
    
    Income (Loss)
    
    
    Stock
    
    
    Obligation
    
    

 ESOP
    
    
    EquityThree months ended March 31, 2005Balance, January 1, 2005
    
    $
    95
    
    
    $
    93,409
    
    
    $
    98,068
    
    
    $
    (621
    )
    
    $
    (23,004
    )
    
    $
    2,632
    
    
    $
    (7,685
    )
    
    $
    162,894Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    1Purchase of treasury stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17
    )
    
    
    
    
    
    
    
    
    
    
    (17
    )Deferred compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    89
    
    
    
    
    
    
    
    89Allocation of ESOP shares
    
    
    
    
    
    
    130
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    174
    
    
    
    304Dividends paid ($.09 per share)
    
    
    
    
    
    
    
    
    
    
    (764
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (764
    )Net income
    
    
    
    
    
    
    
    
    
    
    2,008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,008Change in net unrealized loss on securities available for
sale, net of tax effect of ($95)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (185
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (185
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,823Balance, March 31, 2005
    
    $
    95
    
    
    $
    93,539
    
    
    $
    99,312
    
    
    $
    (806
    )
    
    $
    (23,020
    )
    
    $
    2,721
    
    
    $
    (7,511
    )
    
    $
    164,330Three months ended March 31, 2006Balance, January 1, 2006
    
    $
    95
    
    
    $
    93,848
    
    
    $
    104,054
    
    
    $
    (898
    )
    
    $
    (24,653
    )
    
    $
    3,111
    
    
    $
    (6,987
    )
    
    $
    168,570Exercise of stock options
    
    
    
    
    
    
    100
    
    
    
    
    
    
    
    
    
    
    
    530
    
    
    
    
    
    
    
    
    
    
    
    630Purchase of treasury stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15
    )
    
    
    
    
    
    
    
    
    
    
    (15
    )Deferred compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    117
    
    
    
    
    
    
    
    117Allocation of ESOP shares
    
    
    
    
    
    
    167
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    175
    
    
    
    342Dividends paid ($.09 per share)
    
    
    
    
    
    
    
    
    
    
    (759
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (759
    )Net income
    
    
    
    
    
    
    
    
    
    
    2,045
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,045Change in net unrealized loss on securities available for
sale, net of tax effect of $14
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,071Balance, March 31, 2006
    
    $
    95
    
    
    $
    94,115
    
    
    $
    105,340
    
    
    $
    (872
    )
    
    $
    (24,138
    )
    
    $
    3,228
    
    
    $
    (6,812
    )
    
    $
    170,956
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##### Table of Contents



(IN THOUSANDS)
 UnauditedThree Months EndedMarch 31,2006
    
    
    2005OPERATING ACTIVITIESNet income
    
    $
    2,045
    
    
    $
    2,008Adjustments to reconcile net income to net cash provided by operating activities:Provision for loan losses
    
    
    870
    
    
    
    480Deferred compensation and ESOP
    
    
    459
    
    
    
    393Depreciation
    
    
    642
    
    
    
    544Core deposit intangible amortization
    
    
    119
    
    
    
    140Amortization of securities
    
    
    153
    
    
    
    929Proceeds from sale of mortgage loans held for sale
    
    
    24,847
    
    
    
    25,746Origination of mortgage loans held for sale
    
    
    (25,247
    )
    
    
    (25,442
    )Gain on sale of mortgage loans
    
    
    (76
    )
    
    
    (112
    )Gain on sale of premises and equipment
    
    
    
    
    
    
    (72
    )Changes in assets and liabilities:Increase in accrued interest receivable and other assets
    
    
    (1,561
    )
    
    
    (421
    )Increase in accrued interest payable and other liabilities
    
    
    184
    
    
    
    21Net cash provided by operating activities
    
    
    2,435
    
    
    
    4,214LENDING AND INVESTING ACTIVITIESProceeds from maturities of securities available for sale
    
    
    4,769
    
    
    
    1,413Proceeds from sale of securities available for sale
    
    
    
    
    
    
    95Purchase of securities available for sale
    
    
    (514
    )
    
    
    (6,770
    )Purchase of Federal Home Loan Bank stock
    
    
    (1,802
    )
    
    
    (1,164
    )Net increase in loans
    
    
    (70,470
    )
    
    
    (54,867
    )Proceeds from sale of premises and equipment
    
    
    4
    
    
    
    257Purchase of premises and equipment
    
    
    (1,942
    )
    
    
    (2,352
    )Net cash used in lending and investing activities
    
    
    (69,955
    )
    
    
    (63,388
    )DEPOSIT AND FINANCING ACTIVITIESNet increase in deposits
    
    
    68,035
    
    
    
    38,960Net (decrease) increase in federal funds purchased
    
    
    18,569
    
    
    
    (2,962
    )Proceeds from exercises of stock options
    
    
    630
    
    
    
    1Repayment of line of credit
    
    
    (3,950
    )
    
    
    Payment of dividends
    
    
    (759
    )
    
    
    (764
    )Purchase of treasury stock
    
    
    (15
    )
    
    
    (17
    )Repayment of FHLB advances
    
    
    (135,661
    )
    
    
    (6,619
    )Proceeds from FHLB advances
    
    
    107,100
    
    
    
    40,200Net cash provided by deposit and financing activities
    
    
    53,949
    
    
    
    68,799NET CHANGE IN CASH AND CASH EQUIVALENTS
    
    
    (13,571
    )
    
    
    9,625CASH AND CASH EQUIVALENTS,beginning of period
    
    
    47,591
    
    
    
    27,937CASH AND CASH EQUIVALENTS,end of period
    
    $
    34,020
    
    
    $
    37,562SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONCash paid for:Interest
    
    $
    12,510
    
    
    $
    7,493Federal income taxes
    
    
    340
    
    
    
    1,100Supplemental noncash disclosure:Transfers from loans to other real estate
    
    
    327
    
    
    
    182
  4




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Certain amounts in the prior periods financial statements have been reclassified to conform to
the current periods presentation.
    Share Based Payment
 Accounting
Changes and Error Corrections Accounting Changes Reporting Accounting Changes in Interim Financial Statements
 Accounting for Certain Hybrid Instruments
 5




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##### Table of Contents



Accounting for Servicing of Financial Assets- an
amendment of FASB Statement No. 140
  Accounting for
Stock Issued to Employees Share Based Payment Share Based Payment
 Three Months EndedMarch 31, 2005Net income as reported
    
    $
    2,008Deduct: Stock based employee compensation
expense determined under fair-value based
method, net of related tax effects
    
    
    (28
    )Pro forma net income
    
    $
    1,980Earnings per shareBasic and diluted  as reported
    
    $
    0.25Basic and
diluted  pro forma
    
    $
    0.25
  Weighted AverageRemaining
    
    
    
    
    
    AggregateNumber
    
    
    Contractual
    
    Exercise
    
    
    IntrinsicRange of Exercise Prices
    
    Outstanding
    
    
    Life
    
    Price
    
    
    Value$23.00 - $24.00
    
    
    26,324
    
    
    7.9 years
    
    $
    23.90
    
    
    $
    114,773$20.00 - $22.99
    
    
    3,000
    
    
    9.0 years
    
    
    21.91
    
    
    
    19,050$19.00 - $19.99
    
    
    96,408
    
    
    9.0 years
    
    
    19.90
    
    
    
    805,971$18.00 - $18.99
    
    
    100,810
    
    
    7.0 years
    
    
    18.81
    
    
    
    952,655Total
    
    
    226,542
    
    
    
    
    $
    19.91
    
    
    $
    1,892,448
    6




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##### Table of Contents



Three Months EndedMarch 31,2006
    
    2005Net income
    
    $
    2,045
    
    
    $
    2,008Average number of common shares outstanding used to calculate
basic earnings per common share
    
    
    7,903,485
    
    
    
    7,893,239Effect of dilutive securities
    
    
    22,695
    
    
    
    41,914Average number of common shares outstanding used to calculate
diluted earnings per common share
    
    
    7,926,180
    
    
    
    7,935,153Number of antidilutive stock options excluded from diluted earnings
per share computation
    
    
    
    
    
    
    
      March 31,
    
    
    December 31,2006
    
    
    2005Real estate loans:One-to four-family
    
    $
    461,133
    
    
    $
    427,714Commercial and multi-family
    
    
    429,893
    
    
    
    418,314Residential construction
    
    
    98,548
    
    
    
    82,328Home equity and lines of credit
    
    
    130,526
    
    
    
    131,3781,120,100
    
    
    
    1,059,734Commercial loans
    
    
    283,217
    
    
    
    271,436Consumer loans:Vehicles
    
    
    82,605
    
    
    
    84,189Other
    
    
    24,068
    
    
    
    24,421106,673
    
    
    
    108,610Total loans
    
    
    1,509,990
    
    
    
    1,439,780Less:Allowance for loan losses
    
    
    13,960
    
    
    
    13,546Net deferred loan fees
    
    
    1,067
    
    
    
    1,198Net loans
    
    $
    1,494,963
    
    
    $
    1,425,036
  7




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##### Table of Contents



8




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##### Table of Contents



Summary.
  Portfolio Loans and Asset Quality.
  March 31,
    
    
    December 31,2006
    
    
    2005Nonperforming loans:Real estate
    
    $
    6,264
    
    
    $
    8,467Commercial
    
    
    11,499
    
    
    
    12,094Consumer
    
    
    713
    
    
    
    813Total
    
    
    18,476
    
    
    
    21,374Real estate and other assets owned
    
    
    1,948
    
    
    
    1,471Total nonperforming assets
    
    $
    20,424
    
    
    $
    22,845Total nonperforming loans as a
percentage of total loans
    
    
    1.22
    %
    
    
    1.48
    %Total nonperforming assets as a
percentage of total assets
    
    
    1.19
    %
    
    
    1.38
    %
  9




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##### Table of Contents



Three Monthsended March 31,2006
    
    
    2005Balance, beginning of period
    
    $
    13,546
    
    
    $
    13,472Provision for loan losses
    
    
    870
    
    
    
    480Charge-offs
    
    
    (535
    )
    
    
    (302
    )Recoveries
    
    
    79
    
    
    
    55Balance, end of period
    
    $
    13,960
    
    
    $
    13,705Allowance for loan losses to total loans
    
    
    0.92
    %
    
    
    1.09
    %Allowance for loans losses to nonperforming loans
    
    
    75.56
    %
    
    
    203.37
    %
 Deposits.
  Summary
 Net Interest Income
  10




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##### Table of Contents



For the Three Months Ended March 31,2006
    
    
    2005
    
    
    Change in Net Interest IncomeAverage
    
    
    
    
    
    
    
    
    
    
    AverageAverage
    
    
    Revenue/
    
    
    Yield/
    
    
    Average
    
    
    Revenue/
    
    
    Yield/Balance
    
    
    Cost
    
    
    Rate
    
    
    Balance
    
    
    Cost
    
    
    Rate
    
    
    Volume
    
    
    Yield/Rate
    
    
    NetAssetsLoans (1)
    
    $
    1,473,573
    
    
    $
    24,942
    
    
    
    6.86
    %
    
    $
    1,223,993
    
    
    $
    18,390
    
    
    
    6.11
    %
    
    $
    3,812
    
    
    $
    2,740
    
    
    $
    6,552Securities (2):Taxable
    
    
    56,469
    
    
    
    738
    
    
    
    5.30
    %
    
    
    65,471
    
    
    
    652
    
    
    
    4.05
    %
    
    
    (91
    )
    
    
    177
    
    
    
    86Tax-exempt
    
    
    31,280
    
    
    
    180
    
    
    
    2.33
    %
    
    
    28,350
    
    
    
    268
    
    
    
    3.84
    %
    
    
    28
    
    
    
    (116
    )
    
    
    (88
    )Federal funds sold
    
    
    1,169
    
    
    
    11
    
    
    
    3.82
    %
    
    
    2,334
    
    
    
    16
    
    
    
    2.79
    %
    
    
    (8
    )
    
    
    3
    
    
    
    (5
    )Federal Home Loan Bank stock
    
    
    18,591
    
    
    
    212
    
    
    
    4.62
    %
    
    
    14,554
    
    
    
    134
    
    
    
    3.74
    %
    
    
    38
    
    
    
    40
    
    
    
    78Interest earning deposits
    
    
    2,198
    
    
    
    12
    
    
    
    2.21
    %
    
    
    5,616
    
    
    
    20
    
    
    
    1.45
    %
    
    
    (12
    )
    
    
    4
    
    
    
    (8
    )Total interest-earning assets
    
    
    1,583,280
    
    
    
    26,095
    
    
    
    6.68
    %
    
    
    1,340,318
    
    
    
    19,480
    
    
    
    5.91
    %
    
    
    3,767
    
    
    
    2,848
    
    
    
    6,615Noninterest-earning assets
    
    
    83,215
    
    
    
    
    
    
    
    
    
    
    
    77,621Total assets
    
    $
    1,666,495
    
    
    
    
    
    
    
    
    
    
    $
    1,417,939LiabilitiesDeposits:Savings
    
    $
    105,777
    
    
    $
    314
    
    
    
    1.20
    %
    
    $
    98,926
    
    
    $
    141
    
    
    
    0.58
    %
    
    $
    10
    
    
    $
    163
    
    
    $
    173NOW
    
    
    94,709
    
    
    
    128
    
    
    
    0.55
    %
    
    
    116,473
    
    
    
    147
    
    
    
    0.51
    %
    
    
    (28
    )
    
    
    9
    
    
    
    (19
    )Money market
    
    
    285,698
    
    
    
    2,563
    
    
    
    3.64
    %
    
    
    245,477
    
    
    
    1,260
    
    
    
    2.09
    %
    
    
    210
    
    
    
    1,093
    
    
    
    1,303Certificates of deposit
    
    
    502,978
    
    
    
    4,949
    
    
    
    3.99
    %
    
    
    382,129
    
    
    
    2,938
    
    
    
    3.13
    %
    
    
    946
    
    
    
    1,065
    
    
    
    2,011Total interest bearing deposits
    
    
    989,162
    
    
    
    7,954
    
    
    
    3.26
    %
    
    
    843,005
    
    
    
    4,486
    
    
    
    2.16
    %
    
    
    1,138
    
    
    
    2,330
    
    
    
    3,468Short-term borrowings
    
    
    84,006
    
    
    
    1,075
    
    
    
    5.19
    %
    
    
    47,801
    
    
    
    375
    
    
    
    3.19
    %
    
    
    289
    
    
    
    411
    
    
    
    700FHLB advances
    
    
    321,433
    
    
    
    3,735
    
    
    
    4.71
    %
    
    
    244,979
    
    
    
    2,622
    
    
    
    4.35
    %
    
    
    831
    
    
    
    282
    
    
    
    1,113Total interest-bearing liabilities
    
    
    1,394,601
    
    
    
    12,764
    
    
    
    3.71
    %
    
    
    1,135,785
    
    
    
    7,483
    
    
    
    2.68
    %
    
    
    2,258
    
    
    
    3,023
    
    
    
    5,281Non-interest bearing deposits
    
    
    88,198
    
    
    
    
    
    
    
    
    
    
    
    106,863Other Noninterest-bearing liabilities
    
    
    14,533
    
    
    
    
    
    
    
    
    
    
    
    10,366Total liabilities
    
    
    1,497,332
    
    
    
    
    
    
    
    
    
    
    
    1,253,014Stockholders equity
    
    
    169,163
    
    
    
    
    
    
    
    
    
    
    
    164,925Total liabilities and
stockholders equity
    
    $
    1,666,495
    
    
    
    
    
    
    
    
    
    
    $
    1,417,939Net interest-earning assets
    
    $
    188,679
    
    
    
    
    
    
    
    
    
    
    $
    204,533Net interest income
    
    
    
    
    
    
    13,331
    
    
    
    
    
    
    
    
    
    
    
    11,997
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,334Interest rate spread (3)
    
    
    
    
    
    
    
    
    
    
    2.97
    %
    
    
    
    
    
    
    
    
    
    
    3.23
    %Net interest margin as a percentage
of interest-earning assets (4)
    
    
    
    
    
    
    
    
    
    
    3.41
    %
    
    
    
    
    
    
    
    
    
    
    3.63
    %Ratio of interest-earning assets
to interest-bearing liabilities
    
    
    
    
    
    
    
    
    
    
    113.53
    %
    
    
    
    
    
    
    
    
    
    
    118.01
    %
 
 (1)
    
    Balances are net of deferred loan origination fees, undisbursed proceeds of
construction loans in process, and include nonperforming loans.(2)
    
    Securities available for sale are not on a tax equivalent basis.(3)
    
    Net interest rate spread represents the difference between the weighted average yield
on interest-earning assets and the weighted average cost of interest-bearing liabilities.(4)
    
    Net interest margin represents net interest income as a percentage of average
interest-earning assets. Provision for Loan Losses
 11




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Noninterest Income
 Noninterest Expense
        12




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##### Table of Contents



13




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##### Table of Contents



14




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##### Table of Contents



Issuer Purchases of Equity Securities by the Issuer
 Total Number of
    
    Maximum NumberShares Purchased
    
    of Shares that MayTotal Number
    
    
    
    
    
    as Part of Publicly
    
    Yet Be Purchasedof Shares
    
    Average Price
    
    Announced
    
    Under the Plans orPeriod
    
    Purchased
    
    Paid per Share
    
    Programs
    
    Programs1/1/2006 to
1/31/2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    199,4462/1/2006 to
2/28/2006
    
    
    4,100
    
    
    $
    27.86
    
    
    
    
    
    
    
    199,4463/1/2006 to
3/31/2006
    
    
    960
    
    
    $
    29.67
    
    
    
    
    
    
    
    199,446Total
    
    
    5,060
    
    
    $
    28.76
    
    
    
    
    
    
    
    199,446
 
   
   
   
  Exhibit No.
    
    Description3.1
    
    Certificate of Incorporation of Citizens First Bancorp, Inc.
(1)3.2
    
    Bylaws of Citizens First Bancorp, Inc. (1)31
    
    Rule 13a-14(a)/15d-14(a) Certifications31.1
    
    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
    
    Section 1350 Certifications32.1
    
    Certification of Chief Executive Officer Pursuant to 18 U.S.C.
Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 200232.2
    
    Certification of Chief Financial Officer Pursuant to 18 U.S.C.
Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
 
 (1)
    
    Incorporated by reference into this document from the Exhibits filed with the
Registration Statement on Form S-1, and any amendments thereto initially filed with the
commission on November 3, 2000, Registration No. 333-49234. 15




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##### Table of Contents



CITIZENS FIRST BANCORP, INC.Dated: May 8, 2006
    By:
    /s/ Marshall J. CampbellMarshall J. CampbellPresident and Chief Executive Officer
(Principal Executive Officer) Dated: May 8, 2006
    By:
    /s/ Timothy D. ReganTimothy D. ReganSecretary, Treasurer and Director
(Principal Financial and Accounting
Officer) 16




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##### Table of Contents



Exhibit No.
    
    Description3.1
    
    Certificate of Incorporation of Citizens First Bancorp, Inc. (1)3.2
    
    Bylaws of Citizens First Bancorp, Inc. (1)31
    
    Rule 13a-14(a)/15d-14(a) Certifications31.1
    
    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
    
    Section 1350 Certifications32.1
    
    Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 (1)
    
    Incorporated by reference into this document from the Exhibits filed with the
Registration Statement of Form S-1, and any amendments thereto, initially filed with the
Commission on November 3, 2000, Registration No. 333-49234. 17