GLEN ROCK, N.J. - Citizens First Bancorp Inc.'s subsidiary, Citizens First National Bank of New Jersey, has completed the sale of about $42 million of loans and foreclosed real estate to an investor.

The bank said it sold the assets, almost all of which were in New Jersey, at 38% of the unpaid principal balance. As a result of the sale, the level of the bank's nonperforming assets was reduced by about $28 million, the bank said.

Citizens First said "in addition to the cash received from the investor, the sale will generate a charge to the bank's existing allowance for loan losses of approximately $15 million and a charge to earnings of approximately $3 million."

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