1073475--3/30/2010--CITIZENS_FIRST

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{stock, price, share}

{condition, economic, financial}

{loan, real, estate}

{regulation, change, law}

{loss, insurance, financial}

{product, market, service}

{control, financial, internal}

{tax, income, asset}

{regulation, government, change}

{competitive, industry, competition}

{customer, product, revenue}

{acquisition, growth, future}

{debt, indebtedness, cash}

Current market developments could continue to adversely affect our industry, business, and results of operations. Current levels of market volatility are unprecedented Since our business is primarily concentrated in the southcentral Kentucky area, a downturn in the local economy may adversely affect our business Our allowance for loan losses may prove to be insufficient to absorb potential losses in our loan Our loan portfolio possesses increased risk due to our relatively high concentration of loans collateralized by real estate. Our operations depend upon our continued ability to access Federal Home Loan Bank advances Impairment of goodwill and/or intangible assets could require charges to earnings, which could result in a negative impact on our results of operations. The Company s securities portfolio performance in difficult market conditions could have adverse effects on the Company s results of operations. Our future success is dependent on our ability to compete effectively in the highly competitive banking industry Our business may be adversely affected by the highly regulated environment in which we operate, including the various capital adequacy guidelines we are required to meet If we are unable to redeem the Series A preferred stock after five years, the cost of this capital to us will increase substantially. We may be adversely affected by further increases in FDIC insurance or special assessments. There can be no assurance that recent legislative and regulatory initiatives to address difficult market and economic conditions will stabilize the United States banking system and the enactment of these initiatives may significantly affect our financial condition, results of operations, liquidity or stock price. We may be adversely affected by interest rate changes We may elect or be compelled to seek additional capital in the future, but that capital may not be available when it is needed Our exposure to operational risks may adversely affect us We continually encounter technological change, and we may have fewer resources than many of our to continue to invest in technological improvements Our accounting policies and methods impact how we report our financial condition and results of operations. Application of these policies and methods may require management to make estimates about matters that are uncertain Changes in accounting standards could materially impact our consolidated financial statements Our internal controls may be ineffective We rely on dividends from the Bank for substantially all of our revenue A small number of customers account for a large percentage of our total deposits. We rely on certificates of deposit in excess of $100,000 for a significant portion of Efforts to comply with the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with the Sarbanes-Oxley Act may adversely affect us. The decline in fair value of our stock could adversely affect our ability to raise capital, dilute current shareholders ownership or make it more expensive to raise capital. Because of our participation in the Capital Purchase Program, we are subject to several restrictions including restrictions on our ability to declare or pay dividends and repurchase our shares as well as restrictions on compensation paid to our executive officers. The Series A preferred stock impacts net income available to holders of our common stock and earnings per share of our common stock, and the Warrant we issued to the Treasury Department may be dilutive to holders of our common stock.

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1073475--3/30/2010--CITIZENS_FIRST_CORP